Half Year 2024 alstria office REIT AG Earnings Call Transcript
Key Points
- Revenue increased by 6.3% year-on-year, indicating strong operational performance.
- Substantial number of new leases signed, totaling around 32,000 square meters, reflecting robust leasing activity.
- EPRA NTA stands at EUR9.45 per share, showing stability in asset valuation.
- Net LTV slightly decreased to 57.6% from 58.3% at year-end 2023, indicating improved leverage.
- SG&A expenses reduced by 10.5% to EUR9.2 million, reflecting cost-saving measures.
- FFO decreased by 13% to EUR41.5 million, primarily due to increased financing costs.
- Current vacancy rate stands at 7.9%, which may indicate challenges in tenant retention or acquisition.
- G-REIT equity ratio is still below the required 45%, posing a risk to REIT status.
- Cost of debt increased by 0.3%, reflecting higher interest expenses in the current environment.
- Uncertainty around maintaining REIT status due to free float requirement not being met, which could lead to additional tax liabilities.
Hello, and welcome to the alstria results H1 conference call. (Operator Instructions) Please note this call is being recorded.
Today, I am pleased to present Olivier Elamine. Please begin your meeting.
Thank you very much, and welcome from sunny and hot Hamburg this afternoon. My name is Olivier Elamine. I'm the CEO of alstria, and I'm here today with Ralf Dibbern, which you know well is heading our Investor Relation presentation.
Jumping into the presentation itself, a very short disclaimer on the duty to update and the forward-looking statement. And without undue delay, moving into the presentation itself. The operating business has moved according to our plan so far with the revenue up 6.3% year-on-year. The FFO is down to EUR41.5 million, 13% as expected, which is mainly reflected the increase in financing costs.
And we have a reasonably busy year on the letting activity with substantial number of new leases around 32,000 square meters
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
