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Annual Report 2008 Alstria Office REIT-AG

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Annual Report 2008 Alstria Office REIT-AG PROFILE alstria office REIT-AG is an internally managed Real Estate Investment Trust (REIT) solely focused on acquiring, owning and managing office real estate in Germany. alstria was founded in January 2006 and was converted into the first German REIT in October 2007. Its headquarters are based in Hamburg. First German alstria office REIT-AG owns a diversified portfolio of properties across attractive German office real Real estate markets. Its current portfolio comprises 89 properties with an aggregate lettable space of Estate approx. 944,000 sqm and is valued at approx. EUR 1.8 billion. Investment alstria intends to expand its portfolio in the upcoming years as part of a sustainable growth strategy. This strategy is based on selective investments and active asset and portfolio management as well as on establishing and maintaining good relationships with its key customers and decision makers. KEY FIGURES alstria office REIT-AG Annual Report 2008 alstria office REIT-AG Change in EUR k 2008 2007 in % Revenues and Earnings Revenues 102,055 82,552 23.6 Net rental income 93,222 76,192 22.4 EBITDA -6,542 85,911 -107.6 Consolidated net profit -56,000 52,810 -206.0 Funds from operations (FFO) 39,415 31,540 25.0 Assets Investment properties 1,805,265 1,693,718 6.6 Total assets 1,873,493 1,835,520 2.1 Equity 729,667 870,875 -16.2 Net Asset Value 729,667 870,875 -16.2 G-REIT Key Figures G-REIT equity ratio 40.3% 51.4% -11.1 pp Revenues plus other income from investment properties 100% 100% 0 pp NNNAV per share in EUR 13.03 15.55 -16.2 Earnings per share in EUR -1.00 0.94 -206.0 SHARE ISIN DE000A0LD2U1 Symbol AOX Prime sector Financial Services Industry group Real Estate Market segment Prime Standard, Frankfurt Indices S-DAX, EPRA, German REIT Index, S&P/Citigroup Global REIT Index Number of shares 56,000,000 Share capital (notional) in EUR 56,000,000 ANNUAL REPORT 2008 Market capitalisation (Dec. 31, 2008) in EUR 277,200,000 Free float 39% PROFILE alstria office REIT-AG is an internally managed Real Estate Investment Trust (REIT) solely focused on acquiring, owning and managing office real estate in Germany. alstria was founded in January 2006 and was converted into the first German REIT in October 2007. Its headquarters are based in Hamburg. First German alstria office REIT-AG owns a diversified portfolio of properties across attractive German office real Real estate markets. Its current portfolio comprises 89 properties with an aggregate lettable space of Estate approx. 944,000 sqm and is valued at approx. EUR 1.8 billion. Investment alstria intends to expand its portfolio in the upcoming years as part of a sustainable growth strategy. This strategy is based on selective investments and active asset and portfolio management as well as on establishing and maintaining good relationships with its key customers and decision makers. KEY FIGURES alstria office REIT-AG Annual Report 2008 alstria office REIT-AG Change in EUR k 2008 2007 in % Revenues and Earnings Revenues 102,055 82,552 23.6 Net rental income 93,222 76,192 22.4 EBITDA -6,542 85,911 -107.6 Consolidated net profit -56,000 52,810 -206.0 Funds from operations (FFO) 39,415 31,540 25.0 Assets Investment properties 1,805,265 1,693,718 6.6 Total assets 1,873,493 1,835,520 2.1 Equity 729,667 870,875 -16.2 Net Asset Value 729,667 870,875 -16.2 G-REIT Key Figures G-REIT equity ratio 40.3% 51.4% -11.1 pp Revenues plus other income from investment properties 100% 100% 0 pp NNNAV per share in EUR 13.03 15.55 -16.2 Earnings per share in EUR -1.00 0.94 -206.0 SHARE ISIN DE000A0LD2U1 Symbol AOX Prime sector Financial Services Industry group Real Estate Market segment Prime Standard, Frankfurt Indices S-DAX, EPRA, German REIT Index, S&P/Citigroup Global REIT Index Number of shares 56,000,000 Share capital (notional) in EUR 56,000,000 ANNUAL REPORT 2008 Market capitalisation (Dec. 31, 2008) in EUR 277,200,000 Free float 39% First German Real Estate Investment OMV OF INVESTMENT ABOUT ALSTRIA PROPERTIES Key facts 2008 As the first German REIT, ● Revenues increased more than EUR 100 m we have between EUR 50 m and EUR 100 m by 23.6% to EUR 102,055 k ANNUAL REPORT 2008 between EUR 25 m and EUR 50 m between EUR 10 m and EUR 25 m ● a unique business model: between EUR 5 m and EUR 10 m ● Funds from operations up 25% between EUR 1 m and to EUR 5 m The word TRUST on the cover we buy and manage to EUR 39,415 k was formed using aerial photographs of the following office real estate ● Successful lease-ups alstria properties: ● a clear focus on one country of more than 30,000 sqm ● a long-term orientation ● Vacancy rate brought down Buxtehuder Str. 9,11 T Hamburg toward our tenant relationships Hamburg from 6.5% to 5.9% Kaiser-Wilhelm-Str. 79-87 R Hamburg ● an entrepreneurial view Berlin Potsdam Max-Brauer-Allee 41-43 Hanover Hamburg Magdeburg U of market opportunities Detmold Essen Dortmund Leipzig Gorch-Fock-Wall 15 Dusseldorf Halle S Hamburg Wuppertal Dresden Neuss Cologne Erfurt Zwickau Buxtehuder Str. 9,11 Bonn Jena T Hamburg Frankfurt Wiesbaden Darmstadt Wuerzburg Nuremberg Mannheim Stuttgart Augsburg Munich IMPRINT The key metrics for the portfolio as of Dec. 31, 2008 Concept & Design TOtaL POrtFOLIO BROKEN DOWN BY USE ALSTRIA`S CORE TENANTS 2008 Berichtsmanufaktur GmbH, Hamburg Metric Value PrasserSander Markengestaltung, Hamburg ● ● Office 93% City of Hamburg 36% Number of properties 89 ● Retail 3% ● Daimler 14% Market value (EUR bn) 1.8 Realisation ● Residential 1% ● Barmer 10% Berichtsmanufaktur GmbH, Hamburg ● Other 3% ● Bilfinger Berger 6% Contractual rent (EUR m/annum) 106.5 ● Siemens 5% Valuation yield 5.9% Photos ● Deutsche Approximate lettable area (in sqm) 944,000 Rentenversicherung 3% Jan Northoff, Hamburg ● Rheinmetall 3% Vacancy (% of lettable area) 5.9% ● HUK 2% WAULT (years) 10 Patrick Piel, Hamburg ● City of Hanover 1% Average rent/sqm/month (in EUR) 9.41 ● Others 20% First German Real Estate Investment OMV OF INVESTMENT ABOUT ALSTRIA PROPERTIES Key facts 2008 As the first German REIT, ● Revenues increased more than EUR 100 m we have between EUR 50 m and EUR 100 m by 23.6% to EUR 102,055 k ANNUAL REPORT 2008 between EUR 25 m and EUR 50 m between EUR 10 m and EUR 25 m ● a unique business model: between EUR 5 m and EUR 10 m ● Funds from operations up 25% between EUR 1 m and to EUR 5 m The word TRUST on the cover we buy and manage to EUR 39,415 k was formed using aerial photographs of the following office real estate ● Successful lease-ups alstria properties: ● a clear focus on one country of more than 30,000 sqm ● a long-term orientation ● Vacancy rate brought down Buxtehuder Str. 9,11 T Hamburg toward our tenant relationships Hamburg from 6.5% to 5.9% Kaiser-Wilhelm-Str. 79-87 R Hamburg ● an entrepreneurial view Berlin Potsdam Max-Brauer-Allee 41-43 Hanover Hamburg Magdeburg U of market opportunities Detmold Essen Dortmund Leipzig Gorch-Fock-Wall 15 Dusseldorf Halle S Hamburg Wuppertal Dresden Neuss Cologne Erfurt Zwickau Buxtehuder Str. 9,11 Bonn Jena T Hamburg Frankfurt Wiesbaden Darmstadt Wuerzburg Nuremberg Mannheim Stuttgart Augsburg Munich IMPRINT The key metrics for the portfolio as of Dec. 31, 2008 Concept & Design TOtaL POrtFOLIO BROKEN DOWN BY USE ALSTRIA`S CORE TENANTS 2008 Berichtsmanufaktur GmbH, Hamburg Metric Value PrasserSander Markengestaltung, Hamburg ● ● Office 93% City of Hamburg 36% Number of properties 89 ● Retail 3% ● Daimler 14% Market value (EUR bn) 1.8 Realisation ● Residential 1% ● Barmer 10% Berichtsmanufaktur GmbH, Hamburg ● Other 3% ● Bilfinger Berger 6% Contractual rent (EUR m/annum) 106.5 ● Siemens 5% Valuation yield 5.9% Photos ● Deutsche Approximate lettable area (in sqm) 944,000 Rentenversicherung 3% Jan Northoff, Hamburg ● Rheinmetall 3% Vacancy (% of lettable area) 5.9% ● HUK 2% WAULT (years) 10 Patrick Piel, Hamburg ● City of Hanover 1% Average rent/sqm/month (in EUR) 9.41 ● Others 20% OTHER INformatioN FINANCIAL CALENDAR 2009 TABLE OF CONTENTS Date Event 2 Letter from the Board of Management Mar. 31, 2009 Publication of annual financial results for 2008 (Frankfurt) May 15, 2009 Publication of financial results for Q1 2009 (Hamburg) 6 TRUST May 27 - 28, 2009 Roadshow, 7th Kempen European Property Seminar (Amsterdam) June 3 - 5, 2009 NAREIT week (New York) 18 alstria Stock June 10, 2009 Annual General Meeting (Hamburg) Aug. 14, 2009 Publication of financial results for Q2 2009 (Hamburg) 22 Group Management Discussion and Analysis Sep. 3 - 4, 2009 EPRA Annual Conference (Brüssel) 22 Economics and Strategy Oct. 1, 2009 Roadshow, 4th Pan European Real Estate Conference (London) Oct. 5, 2009 Trade Fair, EXPO REAL (Munich) 30 Financial Analysis Oct. 20 - 21, 2009 Conference Real Estate Share Initiative (Frankfurt) 36 Risk and Opportunity Management 152 Nov. 9 -11, 2009 Messe German Equity Forum (Frankfurt) 41 Disclosure Requirements Nov. 13, 2009 Publication of financial results for Q3 2009 (Hamburg) 44 Additional Group Disclosures 47 Subsequent Events and Outlook 49 Consolidated Financial Statements CONTACT 49 Consolidated Income Statement 50 Consolidated Balance Sheet alstria office REIT-AG Bäckerbreitergang 75, 52 Consolidated Statements of Changes in Equity 20355 Hamburg, Germany 53 Consolidated Cash Flow Statement Phone: +49 (0) 40 22 63 41 - 300, 54 Notes Fax: +49 (0) 22 63 41 - 310 www.alstria.com 117 Auditors’ Report 118 Management Investor Relations Phone: +49 (0) 40 22 63 41 - 329 118 Report from the Supervisory Board Fax: +49 (0) 22 63 41 - 310 122 Corporate Governance Report e-mail: [email protected] 128 Compensation Report http://investor-relations.alstria.com 131 REIT Declaration 132 REIT Memorandum alstria office REIT-AG is a member of DIRK (Deutscher Investor Relations Verband, 133 Valuation Report the German Investor Relations Association).
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