Germany's Alstria Office REIT posted higher than expected results in 2011 mainly due to EUR 169 mln worth of acquisitions including the EUR 85 mln purchase of offices from Vastned O/I. The Hamburg-based real estate investment trust posted total revenues of nearly EUR 91 mln last year, up 1.9% on the year before and slightly ahead of analysts' expectations of EUR 89 mln. In 2012, the company is forecasting a further increase in revenues to EUR 95 mln.

In a presentation of its full year 2011 results, Germany's first real estate investment trust said funds from operations rose sharply to EUR 35 mln, an increase of nearly 26% on the previous year's volume. Alstria's net profit for the year 2011 amounted to over EUR 27 mln versus break-even in 2010.

The company's EUR 1.5 bn portfolio saw writedowns of EUR 17 mln partially attributable to the increase in transfer tax in some German states (EUR 7.5 mln). Alstria is proposing to pay a full-year 2011 dividend of EUR 0.44 per share.

In the course of 2011, Alstria further strengthened its balance sheet following a capital increase which lifted equity by 10.9% to EUR 768 mln.