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: