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Hamburg, May 1, 2023 – alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1) (“alstria”) announces its result for the first three months of 2023.
Revenues of EUR 45.5 million and FFO at EUR 25.4 million
alstria’s revenues developed as planned in the reporting period and reached EUR 45.5 million in the first quarter of 2023 (Q1 2022: EUR 45.9 million). The slight decrease by 0.9% is mainly due to the impact of disposals in 2022.
The operating result (FFO after minorities) was EUR 25.4 million in the reporting period. To streamline its operations, starting with the first quarter of 2023 alstria adjusted its reporting to the policy of its main shareholder. The main impact of the new accounting policies results from the capitalisation of interest and costs of development activities. Based on the previous accounting policies, under which these costs were expensed, FFO would have been EUR 22.4 million. The consolidated net income for the period under review amounted to EUR -7.3 million (Q1 2022: EUR 20.7 million) and was impacted by a negative valuation result of EUR 28.9 million. The value adjustment resulted mainly from the increase in land transfer tax (from 4.5% to 5.5%) in Hamburg.
Stable portfolio value
The fair value of investment property amounted to EUR 4,610 million as of March 31, 2023, compared to EUR 4,607 million as of December 31, 2022. The fair value adjustment was balanced by capex of EUR 31.5 million invested into the portfolio in Q1 2023. Furthermore, an asset in Eschborn was sold for EUR 3.2 million at a book gain of 10.7% compared to the Dec. 31, 2022 IFRS value.
EPRA NTA at EUR 14.40 per share
As of March 31, 2023 alstria’s equity stood at EUR 2,559 million and was almost stable compared to December 31, 2022 (EUR 2,571 million). Accordingly, the company’s EPRA NTA amounted to EUR 14.40 per share. The G-REIT equity ratio was unchanged at 55.2% (Dec. 31, 2022: 55.3%). The Company’s Net LTV remained at 43.7% as per March 31, 2023. As per the reporting date alstria’s cash and cash equivalents amounted to EUR 382.1 million.
Strong letting results
With 35,600 sqm of new and extended leases alstria’s overall letting performance was in line with the performance in the first quarter 2022. This represents new leases for 2,900 sqm, as well as lease extensions of around 32,700 sqm. The EPRA vacancy rate was 7.4% (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.
Subsequent events
alstria entered into three separate mortgage loans for a total amount of EUR 330 million in April 2023 to refinance its EUR 325 million bond maturing on April 12, 2023. This includes the increase of an existing loan by EUR 42 million to EUR 90 million with a maturity of 7 years, and two additional new loans of EUR 188 million/7 years maturity and EUR 100 million/5 years maturity respectively. The bond (ISIN XS1346695437) was fully repaid on its maturity date.
Invitation to the conference call on May 2, 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 www.alstria.com. Shortly before the start of the conference call, the presentation slides will be available for download.
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