View Annual Report
Total Page:16
File Type:pdf, Size:1020Kb
KEY FIGURES EUR k 2009 2008 Change (%) Annual Report 2009 Revenues and earnings Revenues 102,510 102,055 0.4 Net rental income 91,964 93,222 – 1.4 Consolidated loss / profi t for the period – 79,651 – 56,000 – 42.2 ce REIT-AG ce FFO 32,690 39,415 – 17.1 Loss per share (EUR) – 1.44 – 1.02 – 41.2 alstria offi Balance sheet Investment property 1,425,440 1,805,265 – 21.0 Total assets 1,766,134 1,873,493 – 5.7 Equity 634,185 729,667 – 13.1 Equity ratio 35.9% 38.9% – 3.0 pp Liabilities 1,131,949 1,143,826 – 1.0 NAV/share (EUR) 11.32 13.03 – 13.1 NNNAV/share (EUR) 11.32 13.03 – 13.1 REIT key fi gures REAL ESTATE ... REIT ratio 40.3% 40.3% 0.0 pp ANNUAL REPORT 2009 Revenues plus other income from investment properties 100% 100% 0.0 pp Stock fi gures Number of shares (excluding own shares) 55,997,626 54,624,245 2.5 Number of treasury shares 2,374 1,375,755 – 99.8 Total 56,000,000 56,000,000 0 CONTENTS Letter from the Board of Management 2 Management Compliance Statement 81 Through Our Eyes 6 Auditors’ Report 82 alstria Stock 16 Corporate Governance 83 Report of the supervisory board 83 Group Management Report (separate content) 19 Corporate governance statement 86 Economics and strategy 20 Remuneration report 90 Financial analysis 25 REIT Disclosures and Portfolio 92 Report on risks and opportunities 29 REIT declaration 92 Sustainability report 33 REIT memorandum 93 Mandatory disclosure 33 Valuation report 94 Additional Group disclosures 35 List of all properties 102 Subsequent events and outlook 36 Other Information 108 Glossary 108 Consolidated Financial Statements (separate content) 37 Financial calendar/Contact/Imprint alstria offi ce REIT-AG Consolidated income statement 38 Bäckerbreitergang 75 Consolidated statement of comprehensive income 39 20355 Hamburg Consolidated statement of fi nancial position 40 Germany Consolidated statement of changes in equity 42 Phone: +49 (0) 40 226341-300 Fax: +49 (0) 40 226341-310 Consolidated statement of cash fl ow 43 www.alstria.com Notes to the consolidated fi nancial statements 44 KEY FigurEs Annual Report 2009 EUR k 2009 2008 Change (%) Revenues and earnings Revenues 102,510 102,055 0.4 Net rental income 91,964 93,222 – 1.4 Consolidated loss / profit for the period – 79,651 – 56,000 – 42.2 FFO 32,690 39,415 – 17.1 Loss per share (EUR) – 1.44 – 1.02 – 41.2 alstria office REIT-AG alstria office Balance sheet Investment property 1,425,440 1,805,265 – 21.0 Total assets 1,766,134 1,873,493 – 5.7 Equity 634,185 729,667 – 13.1 Equity ratio 35.9% 38.9% – 3.0 pp Liabilities 1,131,949 1,143,826 – 1.0 NAV/share (EUR) 11.32 13.03 – 13.1 NNNAV/share (EUR) 11.32 13.03 – 13.1 REIT key figures ReAl eStATE ... REIT ratio 40.3% 40.3% 0.0 pp AnnuAl RepoRt 2009 Revenues plus other income from investment properties 100% 100% 0.0 pp Stock figures Number of shares (excluding own shares) 55,997,626 54,624,245 2.5 Number of treasury shares 2,374 1,375,755 – 99.8 Total 56,000,000 56,000,000 0 CONTENTs Letter from the Board of Management 2 Management Compliance Statement 81 Through Our Eyes 6 Auditors’ Report 82 alstria Stock 16 Corporate Governance 83 Report of the supervisory board 83 Group Management Report (separate content) 19 Corporate governance statement 86 Economics and strategy 20 Remuneration report 90 Financial analysis 25 REIT Disclosures and Portfolio 92 Report on risks and opportunities 29 REIT declaration 92 Sustainability report 33 REIT memorandum 93 Mandatory disclosure 33 Valuation report 94 Additional Group disclosures 35 List of all properties 102 Subsequent events and outlook 36 Other Information 108 Glossary 108 Consolidated Financial Statements (separate content) 37 Financial calendar/Contact/Imprint alstria office REIT-AG Consolidated income statement 38 Bäckerbreitergang 75 Consolidated statement of comprehensive income 39 20355 Hamburg Consolidated statement of financial position 40 Germany Consolidated statement of changes in equity 42 Phone: +49 (0) 40 226341-300 Fax: +49 (0) 40 226341-310 Consolidated statement of cash flow 43 www.alstria.com Notes to the consolidated financial statements 44 ... THROUGH OUR EYES ! ‘ As we see it, the German property market looks very stable at the moment.’ ‘ Just recently, we concluded an investment in Frankfurt that we think is most interesting.’ ‘ Offi ces are relatively easy to manage.’ Germany Real Estate Yearbook 2010, Leading Investors’ Market Commentary, October 2009 Well, we respect anyone’s point of view. But that does not mean we share it. Take a different view to German real estate. OPEN MARKET VALUE OF PROFILE INVESTMENT PROPERTIES KEY FACTS 2009 FINANCIAL CALENDAR alstria offi ce REIT-AG is an internally managed Real Estate Investment Trust (REIT) solely > Revenues increased to EUR 102,510 k Date Event focused on acquiring, owning and managing offi ce real estate in Germany. alstria was Feb. 25, 2010 Analysts’ Conference > Funds from operations at EUR 32,690 k 5th HSBC S&M Real Estate and Infrastructure Conference (Frankfurt) founded in January 2006 and was converted into the fi rst German REIT in October 2007. Mar. 16–19, 2010 Trade fair mipim (Cannes) Its headquarters are based in Hamburg. Hamburg > Vacancy rate brought down from Mar. 24–25, 2010 Analysts’ Conference 5.9% to 5.7% 10th Annual Pan European Small and Mid Cap Conference (Deutsche Bank) (London) alstria offi ce REIT-AG owns a diversifi ed portfolio of properties across attractive German Mar. 31, 2010 Publication of Annual Report Berlin > Outstanding exposure of its main syndicated Publication of the full year 2009 fi nancial results (Frankfurt) offi ce real estate markets. Its current portfolio comprises 77 properties with an aggregate Hanover Potsdam Magdeburg loan facility reduced by around EUR 241 m Mar. 31, 2010 Annual Press Conference lettable space of approx. 867,000 sqm and is valued at approx. EUR 1.6 bn. Detmold Annual Press Conference (Frankfurt) Essen Dortmund Halle Leipzig > Binding and notarised sales agreements for Apr. 20–21, 2010 Analysts’ Conference Dusseldorf Wuppertal Dresden Global Real Estate Conference (Credit Suisse) (London) alstria intends to expand its portfolio in the upcoming years as part of a sustainable growth Neuss Erfurt 14 properties concluded of around EUR 226 m Cologne Jena May 11, 2010 Publication of Q1 Report Bonn Zwickau strategy. This strategy is based on selective investments and active asset and portfolio Interim Report (Hamburg) management, as well as on establishing and maintaining good relationships with its key May 26–27, 2010 Roadshow Wiesbaden Frankfurt European Property Seminar (Kempen) (Amsterdam) customers and decision-makers. Darmstadt Wurzburg Jun. 9, 2010 Analysts’ Conference Mannheim Nuremberg Pan European Real Estate Conference (Credit Suisse) (London) Jun. 16, 2010 Annual General Meeting Stuttgart AS THE FIRST GERMAN REIT, WE HAVE Shareholders’ Meeting (Hamburg) Augsburg Aug. 11, 2010 Publication of Q2 Report Munich > a unique business model: Half-Year Interim Report (Hamburg) Oct. 4–6, 2010 Trade fair we buy and manage offi ce real estate EXPO REAL (Munich) Nov. 10, 2010 Publication of Q3 Report > a clear focus on one country: Germany Interim Report (Hamburg) More than EUR 100 m > a long-term orientation toward our tenant relationships Between EUR 50 m and EUR 100 m Between EUR 25 m and EUR 50 m > an entrepreneurial view of market opportunities Between EUR 10 m and EUR 25 m Between EUR 5 m and EUR 10 m Between EUR 1 and EUR 5 m CONTACT alstria offi ce REIT-AG alstria offi ce REIT-AG is a member of DIRK (Deutscher Investor Bäckerbreitergang 75 Relations Verband, the German Investor Relations Association). 20355 Hamburg, Germany Other reports issued by alstria offi ce REIT-AG are posted on the Phone: +49 (0) 40 226341-300 Company’s homepage. Fax: +49 (0) 40 226341-310 www.alstria.com Forward-looking statements This Annual Report contains forward-looking statements. These Investor Relations statements represent assessments which we have made on the TOTAL PORTFOLIO BY UTILISATION basis of the information available to us at the time. Should ALSTRIA’S CORE TENANTS 2009 THE KEY METRICS FOR THE PORTFOLIO Phone: +49 (0) 40 226341-329 the assumptions on which the statements are based not occur, as of Dec. 31 2009 2008 % % Fax: +49 (0) 40 226341-310 or if risks should arise – as mentioned in the risk report – the Number of properties 77 89 E-mail: [email protected] actual results could differ materially from the results currently Offi ce 93 City of Hamburg 40 Number of joint ventures 1 – http://investor-relations.alstria.com expected. Retail 2 Daimler AG 15 Market value (EUR bn) 1.6 1.8 Residential 1 Bilfi nger Berger AG 6 Note Contractual rent (EUR m/annum) 97.5 106.5 This report is published in German (original version) and English Others 4 Siemens AG 5 Valuation yield (contractual rent/OMV) 6.2% 5.9% (non-binding translation). Barmer EK 4 IMPRINT Deutsche Renten- Lettable area (k sqm) 867 944 versicherung Bund 4 Vacancy (% of lettable area) 5.7% 5.9% Rheinmetall 4 WAULT (years) 9.6 10 Concept, design and realisation HUK-COBURG 2 Average rent/sqm (EUR/month) 9.93 9.41 Kirchhoff Consult AG, Hamburg, Germany City of Hanover 1 Others 19 Photography Denz, Hamburg, Germany OPEN MARKET VALUE OF PROFILE INVESTMENT PROPERTIES KEY FACTS 2009 FINANCIAL CALENDAR alstria offi ce REIT-AG is an internally managed Real Estate Investment Trust (REIT) solely > Revenues increased to EUR 102,510 k Date Event focused on acquiring, owning and managing offi ce real estate in Germany.