Hamburg (pta045/03.05.2021/17:40) - alstria shows a resilient first quarter in 2021
* Revenues at EUR 44.7 m and funds from operations (FFO) at EUR 29.4 m
* Strong balance sheet: Net LTV at 27.3% and REIT equity ratio at 70.8%
* EPRA NTA at EUR 18.49 per share
* Rent collection rate at 99% in Q1 2021
* Guidance 2021 confirmed: Revenues of EUR 177 m, FFO of EUR 108 m
* Dividend of EUR 0.53 per share proposed at alstria's AGM on May 6th
Hamburg, May 3, 2021 - alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1) ("alstria") announces its result for the first three months of 2021.
Revenues of EUR 44.7 m and FFO at EUR 29.4 m
alstria's portfolio has proven its resilience in the first quarter 2021 with a rent collection rate at 99%. Rental income amounted to EUR 44.7 million in the reporting period, compared to EUR 44.3 million in the same period of the previous year. The increase in rental income is mainly due to the start of new leases, which overcompensated the loss of rental income resulting from the sale of properties in 2020.
The operating result (FFO after minorities) amounted to EUR 29.4 million in the reporting period and remained at the previous year's level (3M 2020: EUR 29.4 million). In line with previous years reporting, the first quarter FFO is positively impacted by lower real estate operating expenses. The FFO margin remained at a high level with 65.7% (3M 2020: 66.3%). Consolidated net income for the period under review amounted to EUR 26.2 million (3M 2020: EUR 28.2 million).
EPRA NTA per share up to EUR 18.49
The fair value of investment property amounted to EUR 4,614 million as of March 31, 2021, compared to EUR 4,556 million as of December 31, 2020. The increase by EUR 58 million resulted from the acquisition of an asset in Frankfurt (AIC: EUR 32.3 million) and the capex into the portfolio (EUR 25.4 million) within the first quarter of 2021. As of March 31, 2021, alstria's cash and cash equivalents amounted to EUR 453 million (December 31, 2020: EUR 461 million). Taking into consideration the dividend payment of 0.53 cent per share, the cash position of the company net of dividend is EUR 359 million.
Within the first three months of 2021, alstria's equity increased by 0.8% to EUR 3,279 million, reflecting the positive profit contribution in the first quarter of 2021. Accordingly, the company's EPRA NTA per share improved to EUR 18.49. The G-REIT equity ratio amounted to 70.8% and the Company's Net LTV stood at 27.3% as per March 31, 2021.
With the planned dividend payment of EUR 0.53 per share after the AGM on May 6, 2021, the EPRA NTA will adjust to EUR 17.96 per share and the Net LTV will adjust to around 29%.
Letting results in line with expectations
In line with the company's guidance, the leasing performance recorded a slow start in 2021. This reflects the overall loss of momentum in the leasing market as a result of the lockdowns. alstria signed new leases for 4,300 square meters, as well as lease extensions of around 12,600 square meters in the first three months of 2021. The EPRA vacancy rate stood at 8.2% (December 31, 2020: 7.6%). The increase is mainly the result of the acquisition of the Frankfurt asset with a vacancy rate of 55% (5,800 sqm of vacancy). alstria does not expect that the letting market will be restarting prior to the clear end of the pandemic emergency and is planning for low letting activities in 2021.
Full-year guidance confirmed
Based on the results of the first quarter, alstria confirms its guidance for the full year 2021 with expected revenues of around EUR 177 million and an operating profit (FFO) of EUR 108 million.
"2021 has developed according to our plans" says Olivier Elamine, CEO of alstria. "We are assuming that the letting market will remain subdue as long as there is no clear visibility on the end of the health crisis. Despite the lockdowns, alstria's portfolio remains resilient with a rental payment rate close to 100%. Investment markets, albeit on lower volume, continue to show strong momentum with yields remaining at historical lows and showing little signs of easing."
Invitation to the conference call on May 4, 2021
The alstria management board, CEO Olivier Elamine and CFO Alexander Dexne, will present the Q1 results during a conference call at 10:00 a.m. (CEST).
Please use one of the following dial-in numbers:
Germany: +49 69 201 744 220
UK: +44 203 009 2470
PIN: 22156649 #
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.
20095 Hamburg, Germany
Tel: +49 40 22 63 41 - 344
20095 Hamburg, Germany
Tel: +49 40 22 63 41 - 389
More information on:
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 March 31, 2021, the portfolio comprises 110 buildings with a lettable area of 1.4 million square meters and a total portfolio value of EUR 4.6 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.(end)
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