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Revenues at EUR 142.1 million and funds from operations (FFO) at EUR 67.5 million
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EPRA NTA at EUR 14.50 per share
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Publication of Sustainability Report 2022/2023
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EUR 250 m of special dividend proposed to the EGM on December 1, 2023
Hamburg, November 6, 2023 – alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1) (“alstria”) announces its result for the first nine months of 2023.
Revenues of EUR 142.1 million and FFO at EUR 67.5 million
alstria’s revenues developed as planned in the reporting period. They reached EUR 142.1 million in the first nine months of 2023 (9M 2022: EUR 137.1 million). The increase of 3.7% is mainly due to revenues from indexations and new leases.
The operating result (FFO after minorities) was EUR 67.5 million in the reporting period (9M 2022: EUR 86.3 million). The decline by 21.7% compared to the prior year period was mainly due to the net financial result, which increased from EUR –21.3 million to EUR –38.0 million due to the Group’s higher level of debt and higher refinancing costs.
The consolidated result for the period under review amounted to EUR –24.6 million (9M 2022: EUR 75.4 million). The significant decline is primarily attributable to a negative net result from the investment property valuation, which at EUR –91.8 million was significantly higher than the corresponding prior-year figure of EUR –5.4 million. The devaluation mainly reflects market-related price adjustments due to changes in the overall macro environment.
EPRA NTA at EUR 14.50 per share
The fair value of investment property amounted to EUR 4,625.3 million as of September 30, 2023. The slight increase by 0.4% compared to December 31, 2022 (EUR 4,606.8 million) is the result of the net effect of investments into the portfolio as part of the company’s refurbishment program (EUR 113.6 million) and the devaluation of the portfolio (EUR -91.8 million). As of September 30, 2023, alstria’s cash and cash equivalents amounted to EUR 300.6 million (December 31, 2022: EUR 365.0 million).
alstria’s consolidated equity decreased by EUR 34.1 million to EUR 2,537.3 million as of September 30, 2023 (December 31, 2022: EUR 2,571.4 million). This reflects the consolidated net loss for the period of EUR -24.6 million and the payment of the regular dividend of EUR 10.7 million. The G-REIT equity ratio amounted to 54.6%, and the Company’s Net LTV stood at 44.5% as of September 30, 2023.
EUR 100 million of new mortgage debt agreed
alstria secured an additional EUR 100 million of secured debt in the third quarter of 2023. On October 20, 2023, S&P reaffirmed alstria’s outstanding bonds BBB- credit rating, while alstria’s issuer rating was revised to BB+ with a negative outlook.
Stable letting results
With 76,100 sqm alstria’s letting performance was stable in 9M 2023 compared to the prior year reporting period (76.300 sqm). This represents signed new leases for 16,300 sqm and lease extensions of around 59,800 sqm. The EPRA vacancy rate was 7.3% (December 31, 2022: 7.2%).
New Sustainability Report 2022/23 published
alstria is pleased to present its annual Sustainability Report 2022/23. This report provides a comprehensive overview of the company’s non-financial performance with reference to the Global Reporting Initiative (GRI) standards and the European Public Real Estate Association (EPRA) recommendations for the real estate sector. To ensure accuracy and transparency, all environmental and social indicators presented in the report have been verified by a third party.
Key highlights of the report include the following areas:
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The energy intensity of our buildings has decreased by approx. 26% in 2022. At the same time, our operational GHG intensity has decreased by around 27%.
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Our development projects reuse on average 68% of the existing building fabric. By extending the life of our buildings, we reuse carbon embedded in the building structure equivalent to 20,000 tCO2e in 2022.
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On average, primary energy demand is improved by 47% after a redevelopment.
The report can be downloaded at www.alstria.com/sr
Full-year guidance confirmed
alstria confirms the forecast for the expected revenues for the financial year 2023 of approximately EUR 190 million. As already announced in the ad hoc announcement of October 13, 2023, alstria revised the forecast for the operating profit (FFO) of 2023 from EUR 79 million to now EUR 84 million due to a more favourable cost development.
Extraordinary General Meeting called for December 1, 2023
On April 8, 2022, the Company announced its intention to return approx. EUR 1 billion of capital to the shareholders in the form of a share buyback or subject to a decision by a general meeting of the Company in the form of a special dividend payment. Accordingly, the Company has so far distributed approx. EUR 750 million of special dividend based on a corresponding resolution of the extraordinary general meeting in August 2022.
The repayment of further approx. EUR 250 million shall be made subject to a decision by an extraordinary general meeting of the Company to be held on December 1, 2023 in the form of a special dividend payment.
Invitation to the conference call on November 7, 2023
alstrias CEO Olivier Elamine will present the 9M 2023 results during a conference call at 2:00 p.m. (CEST).
Registration Link
Dial in only Link
Please note that you can watch the management’s presentation live via webcast on our website www.alstria.com. As soon as the conference call begins, the presentation slides will be available for download.
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