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Hamburg, November 7, 2022 – alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1) (“alstria”) announces its result for the first nine months of 2022.
Revenues of EUR 137.1 million and FFO at EUR 86.3 million
alstria’s revenues developed as planned in the reporting period and reached EUR 137.1 million in the first nine months of 2022 (9M 2021: EUR 135.9 million). The increase by 0.8% is mainly due to revenues from new leases and indexations.
The operating result (FFO after minorities) was EUR 86.3 million in the reporting period (9M 2021: EUR 87.5 million). The higher rental income and other operating income was partly offset by higher SG&A expenses and a lower net financial result. Consolidated net income for the period under review amounted to EUR 75.4 million (9M 2021: EUR 82.0 million).
EPRA NTA at 15.32 per share
The fair value of investment property amounted to EUR 4,768.3 million as of September 30, 2022. The slight decrease compared to December 31, 2021 (EUR 4,775.8 million) is the result of the net effect of asset disposals during the reporting period which is compensated by further investments in the portfolio as part of the company’s refurbishment program. As of September 30, 2022, alstria’s cash and cash equivalents amounted to EUR 207.8 million (December 31, 2021: EUR 313.7 million).
alstria’s total equity decreased by EUR 650,4 million to EUR 2,716.7 million as of September 30, 2022 (December 31, 2021: EUR 3,367.1 million). This was essentially reflecting the impact of the company’s capital repayment. It was done through a special dividend of EUR 749.5 million resolved by the Extraordinary General Meeting on August 31, 2022, in addition to the dividend of EUR 7.1 million already paid in June 2022 at the ordinary Annual General Meeting. Accordingly, the company’s EPRA NTA adjusted to EUR 15.32 per share. The G-REIT equity ratio amounted to 56.0% and the Company’s Net LTV stood at 43.0% as per September 30, 2022.
EUR 260 million of new mortgage debt agreed – Investment Grade rating (BBB -/Outlook Stable) confirmed by S&P
alstria was able to secure an additional EUR 260 m of secured debt in the third quarter 2022, through one new mortgage loan and by increasing the amount available under two existing credit facilities. In addition, on October 5th, 2022, S&P reaffirmed alstria’s BBB -/stable credit rating.
Increased letting results
alstria’s letting performance improved from 70,400 sqm in 9M 2021 to 76,300 sqm in the reporting period. This represents signed new leases for 32,700 sqm, as well as lease extensions of around 43,600 sqm. The EPRA vacancy rate stood at 7.3% (December 31, 2021: 6.9%).
New ESG Report 2021/2022 published
In addition to the interim report, alstria publishes the annual ESG report for the financial year 2021/2022, which takes a closer look at alstria’s non-financial performance. The GRI standards and the EPRA guidelines for real estate served as basis for the report. In addition, the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) were addressed and all environmental and social indicators were independently audited and confirmed by third parties (KPMG).
The core elements of alstria’s sustainability strategy are:
- Built emissions from the construction of buildings account for the majority of a building’s total lifecycle emissions. Operational emissions are becoming increasingly smaller due to the decarbonization of energy grids.
- The most efficient way to address CO2 emission reduction in the real estate space is to refurbish existing buildings for energy efficiency and to use them for as long as possible. New commercial buildings are now part of the problem, not the solution.
- There are no net-zero buildings – compensation and offsetting which are widely used are not rooted in science and do not work.
- The best operational measures for existing buildings are to replace fossil fuel heating methods (gas/oil) with decarbonizing and renewable energy (district heating and heat pumps) and to advance, when relevant building electrification.
Full-year guidance confirmed
alstria confirms its guidance for the full year 2022 with expected revenues of around EUR 183 million and an operating profit (FFO) of EUR 106 million.
Invitation to the conference call on November 8, 2022
The alstria management board, CEO Olivier Elamine and CFO Alexander Dexne, will present the 9M results during a conference call at 2:00 p.m. (CEST).
Please use one of the following dial-in numbers:
Germany: + 49 69 201 744 220
UK: + 44 203 009 2470
PIN: 98217469#
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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