alstria office REIT-Aktiengesellschaft

Latest Results (07.12.2025):

alstria office REIT-Aktiengesellschaft — results for Q4 2023 (full-year 2023): alstria reported FY 2023 revenues of EUR 192.0m and net rental income of EUR 163.9m, but recorded a large negative consolidated result of EUR −653.4m driven by valuation markdowns. Funds from operations (FFO) were EUR 88.0m (EUR 0.49 per share), slightly above management’s raised forecast, while earnings per share were EUR −3.66. The year saw significant portfolio write‑downs, higher net LTV and active refinancing and dividend payments that reduced cash balances.

Earnings and cash operating performance

Revenues: EUR 192.0m (up 5% y/y). Net rental income: EUR 163.9m (up ~7% y/y). Consolidated profit: EUR −653.4m, largely due to fair-value adjustments. FFO after minorities: EUR 87.97m (EUR 0.49/share), above the initial EUR 79m guidance and the mid-year raised target.

Valuation impact on result

Fair-value write-downs of investment property totaled EUR −769.5m in 2023 (vs −179.6m in 2022), driven mainly by higher discount rates/market yields. Investment property carrying value fell to EUR 3.97bn from EUR 4.61bn at year-start.

Balance sheet, NAV and gearing

Equity fell to EUR 1.618bn and NAV per share to EUR 9.06 (from EUR 14.42). Net LTV increased to 58.3% (from 43.7%), while the G‑REIT equity ratio stood at 43.0% (below the 45% statutory minimum that must be restored by 31 Dec 2025).

Liquidity, financing and cash flow

Cash and equivalents dropped to EUR 116.3m (from EUR 365.0m). alstria repaid bonds/promissory notes (approx. EUR 377.6m) and drew new loans (~EUR 430.9m), paid dividends of EUR 262.5m (special dividend ~EUR 251.8m), and reported higher net financing costs (net financial result EUR −47.4m).

Portfolio activity and capital expenditure

alstria manages 106 buildings (1.4m m² lettable), invested ~EUR 129m in the existing portfolio in 2023 (≈EUR 65m in development projects). Development pipeline: 20 projects, ~154,300 m². Disposals were minimal due to weak transaction markets.

Management commentary and outlook cues

Management notes FFO and revenues beat guidance but stressed the impact of market interest-rate moves on valuations. Strategy remains focused on hands‑on asset management, selective development capex and restoring REIT ratio by the regulatory deadline.