Press Release


First half 2020 – Resilient operating business in a COVID-19 environment 

  • Revenues at EUR 87.2 m and funds from operations (FFO) at EUR 54.4 m 
  • Guidance 2020 confirmed: revenues of EUR 179 m and FFO of EUR 108 m 
  • EPRA NTA per share at EUR 17.73, Net LTV at 26.3%
  • Rent collection back to 99.7% in July 2020 
  • Dividend proposal for FY 2019: EUR 0.52 (plus EUR 0.01 “green dividend”) 

Hamburg, August 10, 2020 – alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1) reports on a successful first half of 2020. Lockdown measures related to the COVID-19 pandemic had only little impact on alstria’s operating business in the reporting period. 

Revenues of EUR 87.2 m and FFO of EUR 54.4 m 

Revenues and operating results (FFO) developed as planned in the first six months of 2020. Rental income amounted to EUR 87.2 million in the first half of 2020, compared to EUR 93.1 million for the first six months of the previous year. The EUR 5.9 million decline was primarily due to the sale of properties and planned lease terminations. 

The direct impact on the revenues in the reporting period following the lockdown measures was limited to the voluntary rent waiver in favour of small tenants, which amounted to EUR 0.126 million and value adjustments on rent receivables in the amount of EUR 1.2 million.

The operating result (FFO after minorities) was EUR 54.4 million in the reporting period (H1 2019: EUR 55.7 million). The EUR 1.3 million decline in FFO is however significantly lower than the decline in revenues, as a reduction in property operating costs and an improvement in net financial result largely compensated for the lower rental income.  

Revaluation loss of 2.0% driven by valuation adjustments mainly for hotel and retail assets

The consolidated result for the period under review amounted to EUR -33.3 million and was impacted by the valuation result of the property portfolio. A markdown of EUR 88.4 million (or 2.0% of the total portfolio value) was recognized during the first half of 2020. The office portfolio saw a limited impact on values of -1.6%, essentially reflecting more conservative reletting assumptions on future vacancy. Three properties, which are more exposed to the hotel and/or retail segment, have seen steeper value adjustments of more than 10%, as a result of the impact on the COVID-19 pandemic on the underlying tenant business.   

As of the reporting date, alstria owned 111 properties valued at EUR 4.4 billion (average value per sqm: EUR 3,027) and a yield of 4.6%.

Net LTV at 26.3%, EPRA NTA per share at EUR 17.73

As of June 30, 2020, alstria’s cash and cash equivalents amounted to EUR 619.6 million (December 31, 2019: EUR 298.2 million), and its current financial assets amounted to EUR 249.7 million (December 31, 2019: EUR 199.8 million). The issuance of a capital market bond with a volume of EUR 350 million on June 16, 2020 contributed to the significant increase in cash and cash equivalents and short-term financial assets. The proceeds further improved the company’s financial flexibility. In addition, a promissory note (Schuldschein) with a volume of EUR 37 million was repaid during the reporting period. 

alstria’s total equity decreased slightly by 1.0% (EUR 32.2 million) to EUR 3,143 million as of June 30, 2020 (December 31, 2019: EUR 3,176 million). This decrease was primarily due to the devaluation of the real estate portfolio (EUR 88.4 million), which more than compensated the positive operating result (EUR 54.4 million). alstria’s EPRA NTA per share stood at EUR 17.73 as per June 30, 2020. The strength of alstria’s balance sheet is demonstrated by a G-REIT equity ratio of 71.7% and a Net LTV of 26.3%. Net debt to EBITDA remained at a comfortable 8.1x multiple.

Letting volume of 80,100 sqm – EPRA vacancy rate dropped to 7.9%

In the first half of 2020 alstria signed new leases for a lettable area of 42,000 sqm (H1 2019: 81,800 sqm) and lease extension for 38,100 sqm (H1 2019: 66,700 sqm). The EPRA vacancy rate further improved by 20 bps to 7.9% as per June 30, 2020. 

Confirmation of guidance for FY 2020  

alstria confirms its guidance for the full year 2020, with expected revenues of around EUR 179 million and an operating result (FFO) of EUR 108 million. 

“Nobody was prepared to face the speed and the depth of the economic shock that came with the COVID-19 lockdown. Our conservative financing structure and the strength of our portfolio and operational capabilities allowed us to adapt rapidly to the new environment”, says Olivier Elamine, CEO of alstria. “We have been able to capitalize on our balance sheet strength to reinforce our cash position which allows us to be even better prepared to navigate potentially future headwind, but also to be reactive to potential market opportunities to come. We are looking into the future with a mix of cautiousness and excitement as uncertainty will bring risks to manage while market changes will offer opportunities to seize”.

The H1 financial report is available on

Invitation to the conference call on August 11, 2020

The alstria management board, CEO Olivier Elamine and CFO Alexander Dexne, will present the H1 results during a conference call at 10:00 am (CET). 

Please use one of the following dial-in numbers:
Germany:     + 49 69 201 744 220
UK:              + 44 20 300 92 470
PIN:             99596924# 

Please note that you can watch the management’s presentation live as a webcast on our website As soon as the conference call begins, the presentation slides will be available for download on our website.

Ralf Dibbern                          
Steinstrasse 7                                      
20095 Hamburg, Germany                  
+49 40 22 63 41-329                   
[email protected]

Further information





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. As of June 30, 2020, the portfolio comprises 111 buildings with a lettable area of 1.4 million square meters and a total portfolio value of EUR 4.4 billion.  

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. 

The current COVID-19 outbreak is creating substantial uncertainty in the marketplace. Although alstria has diligently reviewed the information contained in this release it is based on its own analysis and estimate, as well as available public sources and not on active discussion with tenants. As such the current liquidity risk of the tenants can materially differ from alstria’s own estimate, and the actual impact of the COVID 19 outbreak may differ substantially from the current previsions.

alstria undertakes no obligation to publicly release any revisions or updates to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Copyright © 2020 alstria office REIT-AG, All rights reserved.

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.

Privacy statement