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6 months ago
BRIEF-Alstria Office Reit AG sees 2017 revenues 185 mln eur, FFO 108 mln eur
March 2, 2017 / 4:54 PM / 6 months ago

BRIEF-Alstria Office Reit AG sees 2017 revenues 185 mln eur, FFO 108 mln eur

March 2 (Reuters) - Alstria Office Reit AG

* Dividend 0.52 EUR per share

* FY revenue rose 75.8 percent to 202.7 million EUR

* Corporate growth in line with guidance: FFO of EUR116.4 mln (+96.0 percent)

* Value accretion: nav up by 6.7 percent

* Strong letting result: EPRA like-for-like rental growth of 4.6 percent and EPRA vacancy rate down to 9.2 percent

* Improved efficiency: epra cost ratio down from 22.1 percent to 16.6 percent

* Higher dividend: management proposes to increase dividend by 4 percent to EUR0.52 per share for FY 2016

* Result for financial year 2016.

* Growth in line with guidance: FFO up by 96.0 percent to EUR116.4 mln

* Revenues were up by 75.8 percent to EUR202.7 mln (guidance: EUR200 mln)

* Increase in FFO margin by 590 bps to 57.4 percent was mainly driven by efficiency gains and lower financing costs

* Epra cost ratio dropped from 22.1 percent to 16.6 percent and average cost of debt fell to 2.0 percent as per december 31, 2016.

* Nav up by 6.7 percent and net LTV down to 40.9 percent

* Portfolio volume of EUR3.0 bln, gross yield of 6.2 percent

* Value of Alstria's investment properties amounted to EUR3.0 bln as per December 31, 2016 (December 31, 2015: eur 3.3 bn)

* Alstria took profit from strong transaction market in Germany and sold non-core properties worth EUR402 mln, which generated eur 25.8 mln of rental income

* These sales generated a realized gain of EUR29.1 mln.

* In same period company acquired two properties for all-in costs of EUR46.4 mln generating EUR2.9 mln of rental income.

* Dividend proposal: increase of dividend to EUR0.52 per share

* Outlook 2017: revenues of EUR185 mln, FFO of EUR108 mln

* Based on current portfolio and contractually agreed rent, alstria expects revenues of EUR185 mln and funds from operations (FFO) of EUR108 mln for FY 2017.

* Guidance reflects loss in rental income following disposals of non-core properties (-EUR20 mln), which are partly offset by income from net new lettings (EUR2 mln), further efficiency gains and lower financing costs (EUR10 mln) Source text for Eikon: Further company coverage:

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