Alstria office REIT : Speeches of the management board members

Annual General Meeting of alstria office REIT-AG on May 6, 2021

Speech by the Chief Financial Officer

Alexander Dexne

(convenience translation)

Check against delivery at the Annual General Meeting.

Ladies and gentlemen,

Welcome to the Annual General Meeting of alstria office REIT-AG. I would also like to extend a warm welcome to you on behalf of our employees. Following an eventful year in 2020, we are delighted that we are once again able to hold our Annual General Meeting at the usual time - albeit in a digital format for a second successive year. Before my colleague Olivier Elamine and I go into a little bit more detail about the current situation, let us take a look at our consolidated earnings figures and how the economy performed last year.

Dear shareholders, 2020 was an extraordinary year in every respect. At the beginning of the year, none of us would have foreseen a situation in which public life and economic activity would come to a temporary standstill across the country, GDP would experience a historic slump of 5% and contact with others at both a business and personal level would primarily take place digitally. The pandemic also forced us to hold last year's Annual General Meeting in a digital format for the first time.

While the supportive measures of politics aimed at containing the impact of the coronavirus have so far succeeded in preventing major distortions, we are still experiencing a deep economic crisis that has left no sector unscathed. This can be seen in the increase in unemployment and even more so in the significant rise in short-time working. Economic developments also had an effect on the office market. For example, the volume of new rentals in Germany's seven major office centers declined by around a third. We were also unable to escape this trend. While there was a marked decline in momentum with respect to new rentals, the upward trend in office property prices continued almost unabated. This development is being driven by the further easing of the ECB's monetary policy in the wake of the pandemic as well as a further intensification in investor efforts to identify profitable properties. We were able to benefit from this trend in the form of a revaluation of our real estate portfolio, which I will go into in more detail in a few minutes.

Ladies and gentlemen, how did alstria perform during the challenging year of 2020? To answer this question, I will now take you through the key aspects from last year.

Despite the coronavirus pandemic and the subsequent economic slump, we achieved the objectives that we set ourselves prior to the outbreak of the pandemic in Germany at the start of 2020. At EUR 177.1 million, for example, our revenues came in just slightly below the target figure. This represents a very pleasing performance in light of the difficult economic situation last year. Of course, some of our tenants had to contend with a

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significant drop in turnover. While this was primarily true for small tenants from the restaurant and leisure sectors, hotels and retailers were also hit. We have offered support to these tenants by deferring and, in some cases, also waiving rents in order to enable them to survive economically. Overall, however, rental losses remained within very narrow limits at less than 1% of our rental income.

At the same time, we have reduced our costs. While this is mainly true for travel costs, a reduction has also been achieved in terms of our property operating costs, enabling us to largely compensate for the loss in revenues. At EUR 108.7 million, for example, funds from operations were even slightly higher than forecast by us at the outset of 2020. Thanks to the valuation gain recorded by our real estate portfolio, our consolidated net profit reached EUR 168.5 million, strengthening our Company's equity position once more. As a result, the EPRA Net Tangible Assets per share increased to EUR 18.34 as of December 31, 2020.

Ladies and gentlemen, we have already mentioned several times in the context of Annual General Meetings of years gone by that the real estate business is cyclical in nature and that one should be prepared for financial crises at any time. In this respect, we firmly believe that a real estate company should primarily finance its investments with equity and only utilize a manageable share of debt to this end. This is how we operated even prior to the coronavirus crisis. Based on our Net LTV, which was down slightly once again at 27.0% as of December 31, 2020, we believe we are very well equipped to survive the crisis. This is despite the fact that it cannot yet be foreseen how long the crisis will last and what will await us in its aftermath.

A further aspect worthy of note is our operating profit margin, which increased by 140 basis points relative to the previous year to 61.4% despite the coronavirus crisis, hitting an all-time high in our Company history. The improvement in our operating financial result as well as lower administrative and property operating costs can be cited as the main reasons for this development.

Ladies and gentlemen, the past year was marked by many challenges. These key figures prove, however, that alstria has safely navigated through these turbulent times thanks to the active commitment of all employees.

Ladies and gentlemen, last year we once again had our real estate portfolio valued by independent appraisers, who came to the conclusion that it represented a market value of almost EUR 4.6 billion as of the reporting date of December 31, 2020. On balance, this corresponds to growth relative to the prior year - adjusted for transactions and

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investments - of EUR 61.5 million. In particular, this valuation gain reflects the increase in the value of our ongoing development projects and our properties with rental agreements of an above-average duration. There was, however, a need to devalue our hotel and retail properties, as these are undoubtedly suffering at present due to the situation arising from the pandemic. As already mentioned at the beginning, the valuation had a positive impact on our EPRA Net Tangible Assets, which increased to EUR 18.34 per share last year.

Ladies and gentlemen, let us now have a look at how our key balance sheet positions fared during the financial year. I will start with the investment assets on our balance sheet, which I am pleased to report grew by 2.6% in 2020. While this increase can primarily be attributed to investments in an amount of around EUR 145 million, it is also thanks to the uplift in the portfolio value of EUR 61.5 million. It should also be taken into account here that we sold a total of eight properties with a book value of approximately EUR 97 million during the course of 2020. Together with the operating profit, the value gain also had a positive impact on our Company's equity, which saw solid growth of 2.4% to almost EUR 3.3 billion. Our REIT equity ratio reached a new record level of 71.1% at the end of 2020, far exceeding the 45% required by law. At around EUR 1.2 billion, our Company's net financial debt remained almost at the prior-year level, while our net loan-to-value ratio even fell further to 27.0%.

Despite all the uncertainties in the past year, not only did our balance sheet develop pleasingly, but the earnings situation also corresponded to our expectations. Last year, we once again exploited the continuing demand for German office properties in order to divest ourselves of weaker properties in our portfolio. These were primarily situated on the periphery of our core markets. Due to the property sales and the corresponding reduction in our lettable space, rental income declined slightly during the course of the last year to EUR 177.1 million. Rent losses owing to the coronavirus pandemic remained within narrow limits, on the other hand, with a figure of only around EUR 700,000 being recorded here in 2020. Funds from operations (FFO) totaled EUR 108.7 million and were thus slightly above our forecast of EUR 108 million. The decline in funds from operations of around EUR 4 million relative to the prior-year period is directly related to the reduced rental income. However, this was largely compensated for by lower operating expenses and financing costs. This is clearly illustrated by the development of our personnel and administrative costs, which were reduced by 3.4% last year. We thus still find ourselves at a very competitive level in terms of costs. If the operating profit is considered in relation to rental income, this gives rise to a new record-high FFO margin of 61.4%, which represents an increase of 140 basis points on the already strong margin of the previous year.

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Dear shareholders, on the following slide I will provide a summary of our Company's financial performance last year. As already mentioned, both our revenues of EUR 177.1 million and funds from operations at EUR 108.7 million were in line with what we had forecast despite the pandemic. Our cost items were mostly down, with this being due in part to the coronavirus pandemic. Our consolidated net profit reached EUR 168.5 million and was once again influenced by our real estate portfolio's positive valuation result.

The result achieved last year, which was in line with our guidance, is also reflected in our dividend proposal for the past financial year. Last year, we paid out a stable dividend of EUR 0.52 and supplemented this with a further EUR 0.01 in the form of a "green dividend". This year, we would like to proceed similarly and are proposing the distribution of a dividend in the amount of EUR 0.53. Linked to this dividend proposal is the request to vote on two projects with which we want to improve our Company's carbon footprint.

After all, it is the unanimous opinion of the scientific community that climate change remains a systemic threat that we need to confront. Should today's Annual General Meeting approve the implementation of these projects, the dividend for the current financial year, which will be paid out next year in 2022, would be reduced accordingly by EUR 0.01. In this respect, we are remaining true to our concept of a "green dividend" that we introduced last year but are making it much simpler and more pragmatic.

The dividend for the 2020 financial year corresponds to a total distribution of EUR 94 million and thus represents a dividend yield of around 4%. I am also very pleased to be able to confirm once again this year that the dividend for our shareholders domiciled in Germany can once again be paid out without deduction of capital gains tax.

Ladies and gentlemen, let us now look ahead together to the future. How will our Company perform during the current year? On 25 February this year, upon the publication of our annual result, we also presented our forecast for 2021. Despite the continuing economic uncertainty, we expect stable revenues for 2021 in the order of around EUR 177 million. This forecast once again takes account of the sale of some properties as well as the fact that rental agreements are set to expire, and it may possibly take somewhat longer than usual to re-let these areas. On the other hand, however, we have a number of new rental agreements that have already been signed and which will make a positive contribution to revenues this year. Overall, we can therefore expect stable revenues. As we are also maintaining our stringent cost discipline, we anticipate an FFO that should also reach the prior-year level of EUR 108 million.

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