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FRANKFURT (Dow Jones) – Real estate company Alstria Office REIT-AG has increased sales and operating profit in the first nine months of the current year and confirmed the annual forecast. Due to an exceptional profit recorded in the same period last year, however, net income declined, as announced by Hamburg.
Sales for the first nine months of last year increased by 0.8% compared to the same period last year, reaching 144.9 million euros. Funds from operations (FFO) – the standard operating performance indicator of the real estate sector – rose by 3.1% to EUR 88.6 million. The consolidated result rose from 111.7 million euros to 94.5. During the same period of the previous year, Alstria realized a single capital gain of 23.3 million euros on the sale of the "Kaisergalerie" (Hamburg).
Since the beginning of the year, Alstria has acquired five office buildings located in the main markets of Frankfurt, Berlin, Stuttgart and Hamburg, for a total leasable area of 51,700 m², for a total of € 133.2 million. # 39; euros. At the same time, the company further rationalized its real estate portfolio and sold five properties located in the non-strategic sites of Bremen, Neuss, Dresden and Wuppertal for a total amount of 74.2 million euros. The value of the entire property portfolio amounted to 3.5 billion euros at September 30, 2018 and will be revalued as part of the 2018 financial statements.
Based on the results of the first nine months, Alstria has confirmed the forecast for fiscal year 2018. It is expected a turnover of 190 million euros and cash flow related to the operations of 113 million euros.
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DJG / jhe / sha
(END) Dow Jones Newswires
05 November 2018 11:54 ET (16:54 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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