alstria office REIT (AOX) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues reached EUR 49.0 million, up 0.2% year-over-year, with FFO at EUR 18.0 million and FFO per share at EUR 0.10, both up 1.7% year-over-year.

• Consolidated profit increased 11.9% year-over-year to EUR 31.7 million, mainly due to bond repurchases at a discount.

• Leasing volume nearly tripled year-over-year to 66,300 m², securing EUR 68.7 million in future income.

• Disposed of two non-core assets, exiting Dortmund, with a combined WALT of 2.9 years and 16% vacancy.

• Portfolio comprised 106 properties valued at EUR 4.2 billion, with an EPRA vacancy rate of 8.6%.

Financial highlights

• Gross rental income for Q1 2025 was EUR 49.0 million, up 0.2% year-over-year; FFO margin improved to 36.6%.

• Net asset value (NAV) per share increased 2.3% to EUR 8.63 from December 2024; EPRA NTA per share was EUR 9.14, nearly flat year-over-year.

• Net LTV increased to 57.6% from 56.5% at year-end 2024; net financial debt rose to EUR 2,403 million.

• Cash and cash equivalents increased to EUR 146.3 million from EUR 80.2 million at year-end 2024.

• Total equity grew 2.3% to EUR 1.54 billion, driven by Q1 profit and fair value adjustments on derivatives.

Outlook and guidance

• Full-year 2025 guidance confirmed: revenues of EUR 192 million and FFO of EUR 52 million.

• Investment markets expected to remain weak through 2025, with gradual recovery anticipated towards year-end and normalization in 2026.

• Leasing market remains strong, with robust tenant demand and large corporates returning.