- Revenue growth of 3.3% to EUR 198.4 million, supported by rent indexation and new leases
- FFO after minorities at EUR 81.2 million, impacted by higher refinancing costs
- Improved Net LTV down by 180 bps to 56.5%
- Letting volume reached 158,600 sqm, with a strong increase in new leases
- Exit from the REIT status as of December 31, 2024
- Extraordinary General Meeting approved squeeze-out
- EUR 164.5 million of new financing secured
Hamburg, March 3, 2025 — alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1) (“alstria”) announces its results for the financial year 2024, reporting revenue growth, continued leasing success, and key structural changes.
Key Highlights:
- Revenue Growth: Revenues rose to EUR 198.4 million in the financial year 2024, a 3.3% increase compared to EUR 192.0 million in FY 2023. The growth is attributed to rent indexation and the start of new leases, which more than offset the losses from terminated rental agreements.
- Net result: Consolidated loss for FY 2024 stood at EUR -104.5 million, compared to EUR -653.4 million in the same period last year. The FY 2024 negative net result was caused by tax expenses of EUR -223.4 million due to the exit from the REIT status as per December 31, 2024, which required the recognition of a non cash deferred tax liability of EUR 230.4 million.
- Funds From Operations (FFO): FFO after minorities reached EUR 81.2 million. The expected decline of 7.7% from EUR 88.0 million in the previous year is mainly due to the expected development of the company’s financing costs.
- Total equity: alstria’s total equity declined by 6.8% to EUR 1,506.9 million (Dec. 31, 2023: EUR 1,617.5 million) due to the negative net result in FY 2024. EPRA Net Tangible Assets (NTA) per share remained stable at EUR 9.15 (Dec. 31, 2023: EUR 9.10).
- Net LTV: The Company’s Net LTV improved to 56.5% as of December 31, 2024 (58.3% as of December 31, 2023). As per the reporting date, alstria’s cash and cash equivalents amounted to EUR 80.2 million. As of the reporting date, alstria has complied with all its financial covenants.
- Squeeze-out: On September 18, 2024, the majority shareholder submitted a transfer request pursuant to sections 327a et seq. to alstria via its subsidiary BPG Holdings Bermuda Limited. Accordingly, alstria held an extraordinary general meeting on February 11, 2025, which passed the corresponding resolutions on the transfer of the shares of all other shareholders to BPG Holdings Bermuda Limited or one of its subsidiaries in return for a cash compensation of EUR 5.11 per share (squeeze-out under stock corporation law). The squeeze-out process will be closed and the company delisted when the squeeze-out resolution is entered into the commercial register, which is expected to happen in the second half of the year.
- Exit from the REIT regime: Against the background of the squeeze-out under stock corporation law, alstria no longer met the requirements of the German Act on Real Estate Stock Corporations with Listed Shares (REITG), with the result that its status as a REIT stock corporation ended on December 31, 2024. As a result, the company lost its exemption from the obligation to pay corporation and trade tax starting with the 2025 financial year. The corresponding amendment to the Articles of Association was also resolved at the Extraordinary General Meeting on February 11, 2025, including the change in the company name into alstria office AG. These changes will be effective upon entry of the resolutions in the commercial register, which is expected to happen in the second half of the year.
Portfolio Performance:
- Portfolio Value: The fair value of investment property as of December 31, 2024, was EUR 4,127 million, up from EUR 3,971 million as of December 31, 2023. This growth reflects capital expenditures invested in the real estate portfolio over the year 2024 (EUR 103.2 million) and a net gain from fair value adjustments in the property portfolio (EUR 52.7 million). The new portfolio value represents an average value per sqm of EUR 2,970 and a portfolio yield of 4.9% (contractual rent/OMV of the portfolio).
- Letting performance: alstria secured 158,600 sqm of lease agreements in 2024, doubling the new leases signed to 52,100 sqm (FY 2023: 23,400 sqm) and 106,500 sqm of lease extensions (FY 2023: 110,000 sqm).
Guidance for FY 2025
For 2025, alstria expects a decline in revenues to around EUR 192 million. This decline in revenue is mainly linked to the assets which are being vacated as the company is preparing for the next development cycle. FFO is expected to decline significantly to EUR 52 million. In addition to the expected decline in revenues, this development reflects the expected increase in financing costs, as legacy debt is maturing and the company refinances at a higher cost of debt.
New financing reinforces liquidity position.
As part of its refinancing plans for 2025, the company has secured EUR 164.5 million of new mortgage loans in two independent transactions. The two loans have an average maturity of 6.1 years and are priced at a weighted average margin of 153 bps above Euribor. Including the cash on the balance sheet and the undrawn RCF, the total liquidity available to the company as of the reporting date is approximately EUR 437 million.
Invitation to the conference call on March 4, 2025
CEO Olivier Elamine will detail the results and discuss future expectations during a conference call at 2:00 p.m. (CET) on March 4, 2025. Interested parties are invited to join the call, including a Q&A session. Registration details and access to the live webcast are available on our website at https://alstria.com. Presentation slides will be available for download shortly before the call begins.
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