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Annual Company Report 2018 Alstria COMPANY Real Estate Portfolio Performance & Performance Portfolio Estate Real ANNUAL Financial Development Financial BUILDING YOUR FUTURE alstria office REIT-AG Hamburg Düsseldorf Frankfurt Stuttgart Berlin ANNUAL alstria COMPANY REPORT Real Estate Portfolio Performance & Financial Development Annual Company Report 2018 alstria office REIT-AG www.alstria.com [email protected] ANNUAL Steinstr. 7 COMPANY REPORT 20095 Hamburg, Germany + 49 (0) 40 / 22 63 41-300 Real Estate Portfolio Performance & Financial Development Elisabethstr. 11 40217 Düsseldorf, Germany + 49 (0) 211 / 30 12 16-600 Platz der Einheit 1 60327 Frankfurt / Main, Germany + 49 (0) 69 / 153 256-740 Danneckerstr. 37 70182 Stuttgart, Germany + 49 (0) 711 / 33 50 01-50 Rankestr. 17 10789 Berlin, Germany + 49 (0) 30 / 89 67 795-00 CONTENT 4 14 46 58 ALSTRIA AT A GLANCE PORTFOLIO PERFORMANCE IT’S ALL ABOUT LOCAL EXPERTISE FINANCIAL PERFORMANCE Company profile Letting Interviews with alstria’s local office P&L, FFO and cash flow Key figures – five year overview Capital expenditure managers about their markets, Balance sheet and NAV challenges and operations Financial highlights Transactions EPRA KPI’s Management letter Valuation Our progress in 2018 Portfolio overview Portfolio key information 78 88 94 134 SHARE PRICE PERFORMANCE CSR PERFORMANCE ADDITIONAL SHAREHOLDER APPENDIX alstria’s investor relations activities, alstria’s CSR approach: INFORMATION shareholder structure and analyst improvement, innovation and Calculation of EPRA KPI’s and yields Glossary coverage long-term orientation Buy, manage, recycle – Imprint Achieved UIRR 2006 – 2018 Valuation reports Management compensation scheme 4 alstria at a glance alstria Annual Company Report 2018 alstria Annual Company Report 2018 alstria at a glance 5 COMPANY PROFILE WHAT WE DO Our corporate strategy is based on three pillars: Letting real estate: Leasing up our assets enables OPERATE Real estate, when professionally managed, us to generate income that forms the basis of our Lease up offers reliable long-term returns. ability to pay out attractive dividends over the 203,300 m² Acquiring, developing and leasing up buildings long term. are our core competencies. Risk-adjusted corporate growth: Through acqui- RECYCLE sitions and continuous portfolio optimization, we Acquisitions constantly grow the company and create synergies EUR 107 m € in the management of our portfolio. Disposals WHO WE ARE WHAT WE OFFER EUR 79 m alstria office REIT-AG is Germany’s lead- Through our local presence, we offer our Exploiting value creation potential: We increase REPOSITION ing real estate company, with a focus on tenants modern and efficient office space rental income and property values by making sub- Capex /Opex € office properties. As of December 31, as well as comprehensive local services. stantial and steady investments in our portfolio. EUR 86 m 2018, we own and manage a portfo- Our company’s listing on the German lio of 118 buildings with a lettable area stock exchange gives our shareholders of 1.6 million m² and a total value of access to a first-class, professionally and HOW WE ARE FINANCED EUR 4.0 billion. Our properties are sustainably managed portfolio of office located in the large and liquid German properties in the most attractive cities EQUITY Our business is based on a solid balance sheet. office markets of Hamburg, Düsseldorf, of Europe’s strongest economy. To our REIT equity ratio Our company’s net LTV is 30.4 % and this limits Frankfurt, Stuttgart and Berlin, where we employees, we offer secure and attrac- 67.2 % the impact of potential interest rate increases on are represented by alstria’s local operat- tive jobs, on the basis of our sustainable our future earnings situation. With an operating ing offices. As a fully integrated company, strategy. profit margin of 59.4 %, our business model is oriented toward the long term, alstria’s € DEBT highly profitable and allows us to invest our oper- 149 employees actively manage our Net LTV ating cash flow in maintaining the value of our buildings throughout their entire life cycle. 30.4 % properties, while paying attractive and sustainable dividends. OFFICE PORTFOLIO INTEGRATED OPERATIONS Value EUR 4.0 bn 149 Employees WHAT WE ACHIEVE Yield 4.9 % Our business is a total return business. Our three- pillar strategy has generated an average unlevered IRR of 7.5 % per annum for all of the portfolio € assets that we have acquired, managed and sold over the market cycles since the company was founded twelve years ago. Due to our strict disci- 7. 5 % pline in the acquisition of new buildings, we antic- ipate the continued achievement of such returns. UIRR HOW WE REPORT alstria strives to be as transparent as is reasonably possible. We publish all relevant information about FINANCIAL YEAR 2018 every building we buy, own and sell. We are firmly convinced that only an open and reliable informa- REVENUES FFO FFO FFO DIVIDEND EPRA NAV tion policy can form a solid basis for trust and a EUR 193.2 m EUR 114.7 m MARGIN per share per share per share long-term partnership between our company and 59.4 % EUR 0.65 EUR 0.52 EUR 15.14 its stakeholders. 6 alstria at a glance alstria Annual Company Report 2018 alstria Annual Company Report 2018 alstria at a glance 7 KEY FIGURES FINANCIAL FIVE YEAR OVERVIEW HIGHLIGHTS EUR k 2018 2017 2016 2015 2014 Dividend EPRA NAV Revenues and earnings Revenues 193,193 193,680 202,663 115,337 101,782 Net rental income 169,068 172,911 179,014 102,140 90,020 0.52 15.14 Consolidated profit for the period 527,414 296,987 176,872 – 110,970 36,953 EUR per share EUR per share FFO (after minorities) 114,730 113,834 116,410 59,397 47,626 Earnings per share (EUR) 3.02 1.94 1.16 – 1.15 0.47 FFO per share (EUR) 0.65 0.74 0.76 0.61 0.60 Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 0.50 0.50 0.52 0.52 0.52 15.14 Balance sheet 2018 2017 2016 2015 2014 12.71 Investment property 3,938,864 3,331,858 2,999,099 3,260,467 1,645,840 11.22 10.91 11.31 Total assets 4,181,252 3,584,069 3,382,633 3,850,580 1,769,304 Equity 2,684,087 1,954,660 1,728,438 1,619,377 846,593 Liabilities 1,497,165 1,629,409 1,654,195 2,192,916 922,711 NAV per share (EUR) 15.13 12.70 11.28 10.64 10.71 Net LTV (%) 30.4 40.0 40.9 49.3 50.4 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Proposal G-REIT key figures 2018 2017 2016 2015 2014 G-REIT ratio (%) 67.2 57.1 56.7 49.4 50.2 Revenues plus other income from investment properties (%) 100 100 100 100 100 Revenues FFO EPRA key figures1) 2018 2017 2016 2015 2014 EPRA earnings per share (EUR) 0.62 0.68 0.57 0.42 0.59 193.2 114.7 EPRA cost ratio A (%)2) 23.0 19.6 20.6 26.1 22.9 million EUR million EUR EPRA cost ratio B (%)3) 19.0 16.4 16.6 22.1 19.8 Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 202.7 2018 2017 2016 2015 2014 193.7 193.2 116.4 113.8 114.7 EPRA NAV per share (EUR) 15.14 12.71 11.31 10.91 11.22 EPRA NNNAV per share (EUR) 14.96 12.45 10.81 10.66 10.58 EPRA net initial yield (%) 4.0 4.6 5.0 5.0 4.8 EPRA ‘topped-up’ initial yield (%) 4.4 5.0 5.4 5.3 5.0 115.3 101.8 EPRA vacancy rate (%) 9.7 9.4 9.2 11.2 11.0 59.4 47.6 1) For further information please refer to EPRA Best Practices Recommendations, www.epra.com. 2) Incl. vacancy costs. 3) Excl. vacancy costs. 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 8 alstria at a glance alstria Annual Company Report 2018 alstria Annual Company Report 2018 alstria at a glance 9 Dear ladies and gentlemen, shareholders, MANAGEMENT business partners and tenants LETTER Where do we stand in the cycle? How much longer might it be before the next downturn? If we look back at our 2018 investor meetings, or at business discussions in the real estate universe, these were the main two questions that kept coming back. The politically correct (accepted) answer to these questions seems to be ‘we are closer to the top than to the bottom’ and ‘this cannot last forever.’ Both acknowledge that we do not hold a crystal ball (yet). Both acknowledge the ever-increasing dissonance between what we see in the marketplace and what experience tells us. And yet, in an echo of the (in)famous words of Charles Prince (former Chairman Citigroup), the small voice behind the increased activity in the investment market keeps on whispering, ‘As long as the music is playing, you’ve got to get up and dance.’ 2018 was a very good year for alstria. The company booked a net income of EUR 527 million. This is the highest annual profit booked in the history of the com- pany, essentially driven by a substantial increase in the value of the company’s assets. At the same time, the net LTV and net debt to EBIDTA have reached a historical low (at 30.4 % and 8.3). Since 2007, alstria’s portfolio has grown by EUR 1,800 million, while at the same time, our debt has increased by only EUR 200 million.
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