Result for the first half of 2023


Result for the first half of 2023 

  • Revenues at EUR 92.8 million and funds from operations (FFO) at EUR 47.9 million  

  • EPRA NTA at EUR 14.65 per share  

  • Letting result of 63,400 sqm 


Hamburg, August 7, 2023 – alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1) (“alstria”) announces its result for the first six months of 2023. 

Revenues of EUR 92.8 million and FFO at EUR 47.9 million  

alstria’s revenues developed as planned in the reporting period and reached EUR 92.8 million in the first half of 2023 (HY 2022: EUR 91.6 million). The increase by 1.4% is the net impact of, on one hand, additional income from lease-up and indexation and planned lease expiry on the other hand.  

Over the reporting period, alstria generated an operating result (FFO after minorities) of EUR 47.9 million, compared to EUR 59.5 million in H1 2022. The decline in FFO was due to higher leverage and increased financing costs. alstria’s average cost of debt increased from 1.4% in HY 2022 to 2.7% in HY 2023. 

To streamline its reporting processes, alstria adjusted its reporting to the policy of its main shareholder in 2023. One of the impacts of the new accounting policies results from the capitalisation of interest and costs of development activities. For more details on the accounting policy changes please refer to the H1 2023 report. Based on the previous accounting policies, under which these costs were expensed, FFO in H1 2023 would have been EUR 41.0 million. The consolidated net income is not impacted by the new accounting policies, as the capitalised costs are immediately written down in the valuation result. For the period under review, the net consolidated result amounted to EUR 9.2 million (H1 2022: EUR 47.3 million) and was impacted by a negative valuation result of EUR 35.5 million, mainly resulting from the increase in land transfer tax (from 4.5% to 5.5%) in Hamburg, already reported in Q1 2023. 

Stable Portfolio value  

The fair value of investment property amounted to EUR 4,645 million as of June 30, 2023, compared to EUR 4,607 million as of December 31, 2022. The negative fair value adjustment was counterbalanced by capex of EUR 76.9 million invested into the portfolio in H1 2023.  

Furthermore, an asset in Eschborn was sold for EUR 3.2 million in the first quarter 2023 at a premium of 10.7% compared to the December 31, 2022 IFRS value.  

EPRA NTA at EUR 14.65 per share 

As of June 30, 2023 alstria’s equity stood at EUR 2,569 million and was stable compared to December 31, 2022 (EUR 2,571 million). The company’s EPRA NTA amounted to EUR 14.65 per share and the G-REIT equity ratio was almost unchanged at 55.1% (Dec. 31, 2022: 55.3%). The Company’s Net LTV stood at 44.2% as per June 30, 2023. As per the reporting date alstria’s cash and cash equivalents amounted to EUR 307.4 million, while the next refinancing in the amount of EUR 150 million is due in June 2024. 

Increased letting result  

With 63,400 sqm of new and extended leases, alstria’s overall letting performance improved compared to the first half of 2022 (55,400 sqm). This represents new leases for 10,100 sqm and lease extensions of around 53,300 sqm. The EPRA vacancy rate was slightly down to 7.1% (December 31, 2022: 7.2%).  

Full-year guidance confirmed 

Based on the first quarter’s results, alstria confirms its guidance for the full year 2023 with expected revenues of around EUR 190 million and an operating profit (FFO) of EUR 79 million.  

Invitation to the conference call on August 8, 2023 

CEO Olivier Elamine will present the results during a conference call at 2:00 p.m. (CEST) followed by a Q&A session. 

Registration Link
Please note that the presentation and the Q&A session can also be followed live via webcast on our website Shortly before the start of the conference call, the presentation slides will be available for download. 


alstria Investor Relations                                    
Steinstr. 7
20095 Hamburg, Germany                                                                        
+49 40 226 341 329                   

[email protected]

Further information on

About alstria
alstria office REIT AG is the leading real-estate operator focusing solely on German office property in selected German markets. Our strategy is based on the ownership and an active management of our properties throughout their entire life cycle, strong added-value services to our customers and deep knowledge of the markets in which we operate. alstria strives for sustainable long-term value creation while taking advantage of short-term arbitrage of inefficiencies in the real estate markets. 

This release constitutes neither an offer to sell nor a solicitation of an offer to buy any shares. As far as this press release contains forward-looking statements with respect to the business, financial condition and results of operations of alstria office REIT-AG (alstria), these statements are based on current expectations or beliefs of alstria’s management. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or performance of the Company to differ materially from those reflected in such forward-looking statements. Apart from other factors not mentioned here, differences could occur as a result of changes in the overall economic situation and the competitive environment – especially in the core business segments and markets of alstria. Also, the development of the financial markets and changes in national as well as international provisions particularly in the field of tax legislation and financial reporting standards could have an effect. Terrorist attacks and their consequences could increase the likelihood and the extent of differences. 

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