Alstria Office REIT reported revenues increased by 12.7% in the first six months of 2012 to EUR 49.2 mln compared to the year-earlier period, mainly due to acquisitions in 2011 and 2012. Net profit was 15.4% higher at EUR 21.7 mln.
Alstria Office REIT reported revenues increased by 12.7% in the first six months of 2012 to EUR 49.2 mln compared to the year-earlier period, mainly due to acquisitions in 2011 and 2012. Net profit was 15.4% higher at EUR 21.7 mln.
Funds from operations (FFO) improved by an even higher margin of 25.3% to EUR 20.8 mln, reflecting efficiency gains as well as increased revenue.
Alstria's investment portfolio totalled EUR 1.6 bn at end-June 2012, reflecting an increase of 6.5% compared to December 31, 2011 due mainly to the acquisition of the Dive portfolio, which was consolidated from 1 May 2012.
The addition of the Dive portfolio boosted Alstria’s total vacancy rate from 10.7% at end March to 11.5% at the end of Q2. The vacancy rate has since fallen by 40 basis points to around 11.1%, the company said in a press release.
CEO Olivier Elamine said the solid cash flows generated over the past 18 months demonstrated the company's ability to source accretive acquisitions. 'Operationally, we remain focused on continuing the successful lease up of the new vacant space that we have acquired, providing even further upside to the FFO.'
The Hamburg-based company is maintaining its full-year forecast of revenues up 10% year-on-year at EUR 100 mln and FFO up 15% at EUR 40 mln.
Alstria office REIT is an internally managed real estate investment trust (REIT) focused solely on acquiring, owning and managing office real estate in Germany.
