Obbligazione Alstria Office Properties 1.5% ( XS1717584913 ) in EUR

Emittente Alstria Office Properties
Prezzo di mercato 100 EUR  ▲ 
Paese  Germania
Codice isin  XS1717584913 ( in EUR )
Tasso d'interesse 1.5% per anno ( pagato 1 volta l'anno)
Scadenza 15/11/2027 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Alstria Office REIT XS1717584913 in EUR 1.5%, scaduta


Importo minimo 100 000 EUR
Importo totale 350 000 000 EUR
Descrizione dettagliata Alstria Office REIT è una società immobiliare tedesca quotata in borsa che si concentra su uffici di alta qualità in città principali in Germania e nel Nord Europa.

The Obbligazione issued by Alstria Office Properties ( Germany ) , in EUR, with the ISIN code XS1717584913, pays a coupon of 1.5% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 15/11/2027








14 November 2017


Not for distribution in the United States of America

alstria office REIT-AG
(incorporated in Germany as a stock corporation)
EUR 350,000,000 1.500 % Fixed Rate Notes due 2027
alstria office REIT-AG, Hamburg, Germany (the "Issuer" or the "Company", and together with
its fully consolidated subsidiaries, the "Group", "alstria" or the "alstria Group") will issue on
15 November 2017 EUR 350,000,000 1.500 % Fixed Rate Notes due 2027, ISIN XS1717584913 (the
"Notes").
The Notes will bear interest at a rate of 1.500 % per year, payable annually in arrears on
15 November and commencing on 15 November 2018. The Notes are governed by the laws of the Federal
Republic of Germany ("Germany") and will be issued in a denomination of EUR 100,000.
Unless previously redeemed or purchased and cancelled in accordance with the terms and
conditions of the Notes ("Terms and Conditions"), the Notes will be redeemed at par on
15 November 2027 (the "Maturity Date").
Application has been made to the Luxembourg Stock Exchange for the Notes to be listed on the
Official List of the Luxembourg Stock Exchange and to be admitted to trading on the Luxembourg Stock
Exchange's Regulated Market. The Luxembourg Stock Exchange's Regulated Market is a regulated market
for the purposes of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004
on Markets in Financial Instruments, as amended.
Joint Bookrunners
BNP PARIBAS
UBS Investment Bank

184561-4-21413-v13.2
- 1-
41-
40665477







NOTICE
This prospectus (the "Prospectus") should be read and construed with any supplement thereto and
with any documents incorporated by reference in relation to the Notes. Any website referred to in this
Prospectus is referred to for information purposes only and does not form part of this Prospectus.
This Prospectus is being furnished by BNP Paribas ("BNP Paribas") and UBS Limited ("UBS")
(together, the "Joint Bookrunners") solely for the purpose of enabling prospective investors to consider
the purchase of the Notes described herein. The information contained in this Prospectus has been provided
by alstria and other sources identified herein. To the fullest extent permitted by law, no representation or
warranty is made or implied by the Joint Bookrunners or any of their affiliates, and neither the Joint
Bookrunners nor any of their affiliates make any representation or warranty or accept any responsibility, as
to the accuracy or completeness of the information contained in this Prospectus or for any statement
purported to be made by or on behalf of the Joint Bookrunners. Investors in the Notes must rely only on the
information contained in this Prospectus.
No person has been authorized to give any information or to make any representation concerning
alstria or the Notes (other than as contained in this Prospectus) and, if given or made, any such other
information or representation should not be relied upon as having been authorized by alstria or the Joint
Bookrunners. In making an investment decision, investors must rely on their own examination of the Issuer,
and the terms of the offering, including the merits and risks involved. Any decision to purchase Notes
should be based solely on this Prospectus.
The Issuer has confirmed to the Joint Bookrunners that this Prospectus is true and accurate in all
material respects and is not misleading; that any opinions and intentions expressed herein are honestly held
and based on reasonable assumptions; that there are no other facts with respect to the Issuer the omission
of which would make this Prospectus as a whole or any statement herein or opinions or intentions expressed
herein misleading in any material respect; and that all reasonable enquiries have been made to verify the
foregoing.
To the fullest extent permitted by law, the Joint Bookrunners do not accept any responsibility for
the contents of this Prospectus or for any other statements made or purported to be made by the Joint
Bookrunners or on their behalf in connection with the Issuer or the Notes. The Joint Bookrunners
accordingly disclaim all and any liability whether arising in tort or contract or otherwise which they might
otherwise have in respect of this Prospectus or any such statement.
The Joint Bookrunners are acting exclusively for the Issuer and no one else in connection with the
offering of the Notes. The Joint Bookrunners will not regard any other person (whether or not a recipient
of this Prospectus) as their client in relation to the offering of the Notes and will not be responsible to
anyone other than the Issuer for providing the protections afforded to their client or for giving advice in
relation to the offering or any transaction or arrangement referred to herein.
Neither the delivery of this Prospectus nor the offering, sale or delivery of the Notes shall, in any
circumstances, create any implication that the information contained in this Prospectus is true subsequent
to the date upon which this Prospectus has been published or most recently supplemented or that there has
been no adverse change in the financial position of the Issuer since the date hereof or, as the case may be,
the date upon which this Prospectus has been most recently supplemented or the balance sheet date of the
most recent financial statements which are deemed to be incorporated into this Prospectus by reference or
that any other information supplied in connection with the Notes is correct at any time subsequent to the
date on which it is supplied or, if different, the date indicated in the document containing the same.
None of the Issuer or the Joint Bookrunners, or any of their respective representatives, is making
any representation to any offeree or purchaser of the Notes regarding the legality of an investment in the
Notes by such offeree or purchaser under the laws applicable to such offeree or purchaser. Prospective
investors should not construe anything in this Prospectus as legal, tax, business or financial advice. Each
investor should consult with his or her own advisors as to the legal, tax, business, financial and related
aspects of a purchase of the Notes.
On issue, the Notes are expected to be rated BBB by S&P Global Ratings, acting through Standard
& Poor's Credit Market Services Europe Limited ("S&P"). At the date of this Prospectus, the Issuer has a
long-term corporate rating of BBB assigned by S&P. A rating is not a recommendation to buy, sell or hold

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securities and may be subject to suspension, change or withdrawal at any time by the assigning rating
agency. At the date of this Prospectus, S&P is established in the European Union, registered under
Regulation (EC) no. 1060/2009 of the European Parliament and of the Council dated 16 September 2009
on credit rating agencies, as amended (the "CRA Regulation") and included in the list of registered credit
rating agencies published by the European Securities and Markets Authority on its website
(www.esma.europa.eu) in accordance with the CRA Regulation.
The Notes will initially be represented by a temporary global bearer note (the "Temporary Global
Note"), without interest coupons. The Notes are issued in new global note ("NGN") form and will be
delivered on or around the issue date (the "Issue Date") to a common safekeeper ("Common Safekeeper")
for Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking, S.A., Luxembourg ("CBL", and
together with Euroclear, the "Clearing System"). The Temporary Global Note will be exchangeable in
whole or in part for a permanent global bearer note (the "Permanent Global Note" and, together with the
Temporary Global Note, the "Global Notes") without interest coupons, not earlier than 40 days after the
Issue Date, upon certification as to non-U.S. beneficial ownership. The Global Notes are intended to be
eligible collateral for Eurosystems monetary policy. Whether NGNs are recognisable as eligible collateral
for Eurosystem monetary policy and intra-day credit operations will depend upon satisfaction of the
Eurosystem eligibility criteria.
Prospective investors should be aware that an investment in the Notes involves risks and that if
certain risks, in particular those described under "Risk Factors", occur, the investors may lose all or
a very substantial part of their investment.
This Prospectus has been prepared on the basis that all offers of the Notes to the public will be
made pursuant to an exemption under European Union Directive 2003/71/EC, as amended ("Prospectus
Directive"), from the requirement to produce a prospectus in connection with offers of the Notes and is
thus, for the purposes of the offering of the Notes, not a prospectus within the meaning of the Prospectus
Directive. Accordingly, any person making or intending to make any offer within the European Economic
Area ("EEA") of the Notes which are the subject of the offering contemplated in this Prospectus should
only do so in circumstances in which no obligation arises for the Issuer or the Joint Bookrunners to produce
a prospectus for such offers. None of the Issuer or the Joint Bookrunners has authorized, nor does it or do
they authorize, the making of any offer of the Notes through any financial intermediary, other than offers
made by the Joint Bookrunners which constitute the final placement of the Notes contemplated in this
Prospectus.
The Notes are not intended, from 1 January 2018, to be offered, sold or otherwise made available
to and, with effect from such date, should not be offered, sold or otherwise made available to any retail
investor in the EEA. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail
client as defined in point (11) of Article 4(1) of Directive 2014/65/EU ("MiFID II") or (ii) a customer
within the meaning of Directive 2002/92/EC ("IMD"), where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key information
document required by Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for offering or selling the
Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore
offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be
unlawful under the PRIIPS Regulation.
Application has been made to the Luxembourg Stock Exchange for the Notes to be listed on the
Official List of the Luxembourg Stock Exchange and to be admitted to trading on the Luxembourg Stock
Exchange's Regulated Market (the "Listing"). The Luxembourg Stock Exchange's Regulated Market is a
regulated market for the purposes of Directive 2004/39/EC of the European Parliament and of the Council
of 21 April 2004 on Markets in Financial Instruments, as amended. Only for purposes of the Listing, does
this Prospectus constitute a prospectus within the meaning of the Prospectus Directive, i.e. a listing
prospectus according to Article 5 (3) of the Prospectus Directive. By approving a prospectus, the
Commission de Surveillance du Secteur Financier (the "CSSF") shall give no undertaking as to the
economic and financial soundness of the operation or the quality or solvency of the issuer pursuant to
Article 7(7) Loi relative aux prospectus pour valeurs mobilières.
This Prospectus does not constitute an offer or an invitation to subscribe for or purchase the Notes
and should not be considered as a recommendation by the Issuer or the Joint Bookrunners that any recipient
of this Prospectus should subscribe for or purchase Notes. Each recipient of this Prospectus shall be taken
to have made its own investigation and appraisal of the condition (financial or otherwise) of the Issuer.

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This Prospectus does not constitute an offer to sell, or the solicitation of an offer to buy Notes in
any jurisdiction where such offer or solicitation is unlawful.
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended
(the "Securities Act") and are being offered and sold in transactions outside the United States of
America ("United States") to non-U.S. persons (as defined in Regulation S under the Securities Act
("Regulation S")) in reliance on Regulation S.
The Notes are subject to U.S. tax law requirements and may, subject to certain exceptions, not be
offered, sold or delivered within the United States or to U.S. persons.
This document may only be communicated or caused to be communicated in circumstances in
which Section 21 para 1 of the Financial Services and Markets Act 2000, as amended ("FSMA") does not
apply.
The distribution of this Prospectus as well as the offering, sale, and delivery of the Notes in certain
jurisdictions may be restricted by law. Persons into whose possession this Prospectus comes are required
by the Issuer and the Joint Bookrunners to inform themselves about and to observe any such restrictions.
None of the Issuer or the Joint Bookrunners accepts any legal responsibility for any violation by any person,
whether or not a prospective investor, of any such restrictions.
This Prospectus may not be used for the purpose of an offer or solicitation by anyone in any
jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is
unlawful to make such an offer or solicitation.
For a further description of certain restrictions on the offering and sale of the Notes and on the
distribution of this Prospectus, see "Subscription and Sale--Selling Restrictions" below.
IN CONNECTION WITH THE ISSUE OF THE NOTES, THE JOINT BOOKRUNNERS (OR
PERSONS ACTING ON BEHALF OF THE JOINT BOOKRUNNERS) MAY OVER-ALLOT THE
NOTES OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET
PRICE OF THE NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE
PREVAIL. HOWEVER, STABILISATION MAY NOT NECESSARILY OCCUR. ANY
STABILIZATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE
PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE NOTES IS MADE AND, IF
BEGUN, MAY CEASE AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER
OF 30 DAYS AFTER THE ISSUE DATE AND 60 DAYS AFTER THE DATE OF THE
ALLOTMENT OF THE NOTES. ANY STABILIZATION ACTION OR OVER-ALLOTMENT
MUST BE CONDUCTED BY THE JOINT BOOKRUNNERS (OR PERSON(S) ACTING ON
BEHALF OF THE JOINT BOOKRUNNERS) IN ACCORDANCE WITH ALL APPLICABLE
LAWS AND RULES.
This Prospectus contains assessments of market data and information derived therefrom which
could not be obtained from any independent sources. Such information is based on the Issuer's own internal
assessments and may therefore deviate from the assessments of competitors of alstria or future statistics by
independent sources. As regards the market positions of alstria, alstria's own estimations are mainly based
on company data which is either derived from information by competitors or from data provided by
independent research companies.
The language of this Prospectus is English. The German text of the Terms and Conditions is
controlling and binding; the English text of the Terms and Conditions is a non-binding translation. The
financial statements listed in the section "Documents Incorporated by Reference" under (1) to (3) are
translations of the respective German-language financial statements. The auditor's reports listed in this
section under (1) to (3) are translations of the respective German language auditor's reports issued on the
respective German-language financial statements and refer to the respective financial statements and the
corresponding management report as a whole in each case.



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NOTICE TO CERTAIN EUROPEAN INVESTORS
Notice to Prospective Investors in the European Economic Area
This Prospectus has been prepared on the basis that all offers of the Notes will be made pursuant
to an exemption under the Prospectus Directive from the requirement to produce a prospectus in connection
with offers of the Notes and is thus, for the purposes of the offering of the Notes, not a prospectus within
the meaning of the Prospectus Directive. Accordingly, any person making or intending to make any offer
within the EEA of the Notes which are the subject of the offering contemplated in this Prospectus should
only do so in circumstances in which no obligation arises for the Issuer or the Joint Bookrunners to produce
a prospectus for such offers. None of the Issuer or the Joint Bookrunners has authorized, nor does it or do
they authorize, the making of any offer of the Notes through any financial intermediary other than offers
made by the Joint Bookrunners which constitute the final placement of the Notes contemplated in this
Prospectus.
Notice to Prospective Investors in the United Kingdom
In the United Kingdom, this Prospectus is for distribution only to persons (i) who are investment
professionals falling within Article 19(5) of Financial Services and Markets Act 2000 (as amended, the
"Financial Promotion Order") or (ii) falling within Article 49(2)(a) to (d) of the Financial Promotion
Order (high net worth companies, unincorporated associations, etc.) or (iii) other persons to whom it may
be lawfully communicated in accordance with the Financial Promotion Order (all such persons falling
within (i) ­ (iii) together being referred to as "Relevant Persons"). This Prospectus is directed only at
Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. In the
United Kingdom, any investment or investment activity to which this Prospectus relates is available only
to Relevant Persons and will be engaged in only with Relevant Persons.
FORWARD-LOOKING STATEMENTS
This Prospectus contains certain forward-looking statements. A forward-looking statement is a
statement that does not relate to historical facts and events. They are based on analyses or forecasts of future
results and estimates of amounts not yet determinable or foreseeable. These forward-looking statements are
identified by the use of terms and phrases such as "anticipate", "believe", "estimate", "expect", "intend",
"plan", "predict", "project" and similar terms and phrases, including references and assumptions.
Forward-looking statements in this Prospectus are based on current estimates and assumptions that
the Issuer makes to the best of its present knowledge. These forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results, including alstria's financial condition and
results of operations, to differ materially from and be worse than results that have expressly or implicitly
been assumed or described in these forward-looking statements. alstria's business is also subject to a number
of risks and uncertainties that could cause a forward-looking statement, estimate or prediction in this
Prospectus to become inaccurate.
In this Prospectus, forward-looking statements include, in particular, statements relating to:
the development of aspects of alstria's results of operations;
certain financial targets alstria has set for itself;
alstria's expectations of the impact of risks that affect its business, including those set
forth in the section "Risk Factors";
the Company's "pipeline" regarding future acquisitions of real estate and interests in real
estate investment vehicles;
alstria's business plan and outlook;
other statements relating to alstria's future business development and economic
performance and general economic trends and developments as well as the regulatory
environment.

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In addition, forecasts and estimates contained in this Prospectus that have been derived from third-
party reports may prove inaccurate. Accordingly, investors are strongly advised to read the sections "Risk
Factors" and "Issuer Related Information". These sections include more detailed descriptions of factors
that might have an impact on alstria's business and the markets in which it operates.
The Issuer bases these forward-looking statements on its current plans, estimates, projections and
expectations after careful examination. These statements are based on certain assumptions that, although
considered reasonable at the date of publication of this Prospectus, may prove to be erroneous. Investors
should not place undue reliance on these forward-looking statements. Many factors could cause alstria's
actual results, performance or achievements to be materially different from any future results, performance
or achievements that may be expressed or implied by such forward-looking statements contained in all
sections of this Prospectus. These factors include, in particular:
changes in general economic and business conditions;
demographic changes, in particular in Germany;
changes in the international, national and local real estate markets;
alstria office REIT-AG's ability to comply with the requirements under the REITG in
order to maintain the G-REIT status;
alstria's ability to meet its financial obligations;
alstria's ability to acquire and sell new property portfolios;
the success of alstria's acquisitions;
alstria's ability to lease the properties in its portfolio or those acquired in the future;
changes affecting interest rate levels;
changes in the competitive environment;
changes in the taxation regime for companies, in particular changes of the GrESt rate;
changes in governmental policy and the regulatory framework, in particular changes of
laws and regulations relating to leases and the environment, as well as in political and
social conditions;
other factors that are discussed in more detail in the section "Risk Factors", and
factors that are not known to alstria at the date of this Prospectus.
If one or more of these risks or uncertainties materialize, or underlying assumptions prove to be
incorrect, then events described in this Prospectus might not occur or actual results may deviate materially
from those described in this Prospectus as anticipated, believed, estimated or expected, and alstria may not
be able to achieve its financial targets and strategic objectives.
Accordingly, the Company cannot assume responsibility for the future accuracy of the forward-
looking statements expressed in this Prospectus or as to the actual occurrence of any predicted
developments. In addition, except as required by law, the Company does not intend or assume any
obligation to update forward-looking statements set forth in this Prospectus or to conform them to future
events or developments.


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TABLE OF CONTENTS
RISK FACTORS ........................................................................................................................................ 1
TERMS AND CONDITIONS ................................................................................................................. 31
DESCRIPTION OF RULES REGARDING RESOLUTIONS OF HOLDERS ................................. 75
ISSUER RELATED INFORMATION ................................................................................................... 78
TAXATION ............................................................................................................................................ 111
SUBSCRIPTION AND SALE ............................................................................................................... 124
GENERAL INFORMATION ............................................................................................................... 126
DOCUMENTS INCORPORATED BY REFERENCE ...................................................................... 131



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RISK FACTORS
In addition to the other information set out in this Prospectus, prospective investors should consider
carefully the information set out below before making an investment in the Notes. If any of these risks
materialize, individually or together with other circumstances, they may materially impair the business of
alstria office REIT-AG and/or of its consolidated subsidiaries or the ability of the Company to fulfil its
obligations under the Notes and may have material adverse effects on alstria's business, assets and
liabilities, as well as on its financial condition and results of operations. The risks described below do not
purport to be exhaustive, and these risks do not constitute the only risks to which alstria is exposed. The
order in which the individual risks are presented below is not intended to reflect the likelihood of their
occurrence nor the extent or significance of the individual risks. Furthermore, other risks may be of
significance of which alstria is currently unaware but which may also have material adverse effects on
alstria's business and business prospects, the ability of the Company to fulfil its obligations under the Notes
or on alstria's assets and liabilities, financial condition and results of operations. The Company may be
unable to pay interest, principal or other amounts on or in connection with the Notes and the market price
of the Notes may decline if any of these or other risks materialize, and investors could lose all or part of
their investment.
alstria as a Real Estate Investment Trust under German law ("REIT" or "G-REIT") being engaged in the
real estate business is exposed to a variety of risks. As a matter of the nature of its business it is exposed to
risks related to the general economic environment and its development in general and their effects on the
real estate sector and the particular markets alstria is engaged in. Risks may derive from alstria's portfolio,
its management and its strategy plan and business plan. Further, alstria faces certain legal risks including
risks which may result from its status as a G-REIT, therefore being subject to a number of legal restrictions
that may affect its business, but also from risks of general legal nature relating to the real estate business.
These risks are described below in the section "A. Risks Relating to the Issuer". Section "B. Risks Relating
to the Notes" describes specific risks relating to the Notes.
A. Risks Relating to the Issuer
Risks Related to the Real Estate Industry
alstria may be adversely affected by economic and other developments in the general real estate
market. The German real estate market depends on the macroeconomic development and on the demand
for real estate. The sluggish and uncertain recovery of the global economy from the recent financial and
economic crisis may result in economic instability, limited access to debt and equity financing and
potential defaults of alstria's business partners.
alstria's business success is dependent on the performance of the German real estate market. The
German real estate market developed in a slightly negative manner in 2016 after six years (2010-2015) of
continued rises. The total investment volume on the commercial real estate market dropped to
approximately EUR 52.9 b, which was 4% lower than in 2015. This volume reduction was caused by a
shortage of adequate commercial real estate (source: Jones Lang Lasalle press release dated 5 January 2017,
page 3). alstria expects that the German real estate market will offer limited growth in terms of rent and
capital value in the future due to the existence of sufficient office space to meet the office space demand
and vacancy rates which are expected to remain relatively stable on average. Generally, the real estate
market in turn is dependent in particular on the macroeconomic development and the demand for real estate
in Germany. Among the significant factors for the performance of the overall economic development in
Germany are the conditions of the global economy, the development of rental rates, the inflation rate, levels
of public debt and interest rates as well as factors specific to regional markets. As an example, the
macroeconomic development could be adversely affected by a further intensification of the recent financial
and economic crises in various countries within the Euro area or at various system-relevant banks, extreme
fluctuations in the price of oil, an increased inflation rate (possibly resulting from events such as further
monetary support measures from central banks, or interest rates remaining low for an extended period) as
well as deflationary trends. Excessive public debt could result in rising taxes, an increase in the inflation
rate, lower economic output, and a declining proclivity to invest among private and institutional investors.
Similar effects could be triggered by deflation. Fluctuations in exchange rates, especially the Euro-to-US-

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Dollar rate, could have material effects on German exports and consequently also on the performance of
the German economy as a whole. Particularly because of the currently uncertain economic situation in
Germany and Europe, it cannot be foreseen whether the real estate market in Germany will evolve favorably
for alstria. Furthermore, the economic development of the EU is at risk, for example due to high
governmental debt in some countries such as Ireland, Spain, Greece or Portugal and due to the expected
exit of Great Britain from the EU which has been decided in the referendum of 23 June 2016 and officially
applied for by the British government with the European Commission on 29 March 2017. In addition, there
are current geopolitical crises like those in Syria, the Middle East and Africa which have led to the current
refugee crisis, the one in the Ukraine where far-reaching economic sanctions have been imposed on the
Russian Federation which, in turn, introduced retaliation measures, or the current North Korea crisis leading
to a general global political and economic uncertainty in view of a possible military conflict with the United
States. All these factors may have a negative impact on the European economy as a whole. This instability,
together with the resulting market volatility, entails a risk of contagion also for economically sound
countries like Germany and may spread to the German financial sector and the German office real estate
market.
Real estate markets tend to fluctuate, with asset values and rents reflecting positive and negative
economic and other developments, such as demographic development and inflation, affecting the markets
in general and/or the particular markets in which alstria's properties and development projects are located,
in particular the German office real estate market with a focus on Rhine-Ruhr, Hamburg, Rhine-Main,
Stuttgart and Berlin. Factors such as trend towards urbanization, changes in disposable income or industrial
activity, unavailability of credit financing due to an economic crisis, volatile interest rates and changes in
taxation policies, levels of economic growth, expected declines in the birth rate, unemployment, consumer
confidence and other factors all directly or indirectly affect the local levels of supply and demand for real
estate. Changes in supply and demand may cause fluctuations of the market values of real estate, of rent
levels and of occupancy levels. Therefore, fluctuations can have a significant influence on the return on
investment generated from such properties and as well as on the value of the underlying real estate assets
in general. Most of the factors that could result in an adverse development are beyond alstria's control.
Declining revenues from rents or lower rent increases than expected or a decline of the market value of real
estate assets resulting from a lower demand than anticipated or the realization of any of the other factors
mentioned above in the markets in which alstria operates, could adversely affect alstria's business, assets
and liabilities, as well as its financial condition and results of operations.
alstria's dependency on access to the financial markets to refinance its liabilities, the persistent
instability or the danger of the further deterioration of the economic environment or the capital markets
could have a negative impact on alstria's ability to refinance its existing and future liabilities. Moreover,
alstria's business partners, in particular its hedging counterparties, may suffer insufficient liquidity,
operational failures, insolvencies or may for other reasons become unable to continue to meet their
obligations under the agreements with alstria.
If any of these risks materialize, this could have material adverse effects on alstria's business, cash
flow, assets and liabilities, as well as on its financial condition and results of operations.
The present macroeconomic environment in Germany is characterized by low interest rates and
relatively high valuations of property portfolios. Any rise in interest rates could have adverse effects on
the German real estate market and alstria.
Due to the global financial and economic crisis and the sluggish recovery of the global economy,
the investment opportunities which ensure stable and largely predictable cash flows, such as investments
in German real estate, have turned into an interesting alternative for many investors. Low interest rates in
Europe further support this trend. The above-mentioned factors have led to an increase in the prices and
value of real estate.
A rise in interest rates could reverse these developments. Should the economic conditions lead to
a rise in interest rates, investors may take a stronger interest in investments with a higher risk profile while
investments in real estate may appear less attractive. Rising interest rates may have various negative effects
on alstria, such as the following:
When negotiating or renewing financing agreements, alstria depends on its ability to
negotiate interest rates and terms and conditions which do not impair its targeted earnings
levels as well as repayment schedules that allow for distribution of the envisaged

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dividends. Moreover, alstria may in future not at all or only subject to considerable
additional expense be in a position to acquire the hedging instruments that are necessary
in the case of variable interest rates. A rise in interest rates after the end of the current
low-interest phase could lead to an increase in alstria's funding costs including costs for
hedging instruments.
In an environment of rising interest rates, the discounting rate which, in accordance with
International Accounting Standard ("IAS") 40 in conjunction with International Financial
Reporting Standard ("IFRS") 13, is used for calculating the value of alstria's real estate
recorded in the balance sheet of the Company ("Fair Value"), in most cases rises, too,
which in turn could reduce the Fair Value of alstria's real estate. For more information see
the section "Risk Factors ­ A. Risks Relating to the Issuer ­ Risks Related to the Real
Estate Industry ­ alstria is exposed to the risk of revaluation losses of real estate
properties due to market volatility.".
In addition, any rise in interest rates may have material adverse effects on alstria's business, assets
and liabilities, as well as on its financial condition and results of operations.
alstria is exposed to significant competition in the markets in which it operates, which may
intensify in the future.
alstria's business model depends on its continuing ability to both acquire property portfolios, as
well as dispose or lease them under conditions that are beneficial for alstria. With respect to both the
acquisition and the leasing of real estate assets, alstria is exposed to competition from local and international
investors in all of the markets in which it is active. alstria competes with other property companies,
investment funds, institutional investors, building contractors and individual owners of office properties to
attract and retain suitable tenants on favorable conditions. The Company also competes to acquire attractive
properties with other investors, such as international real estate funds, German open-ended and closed-
ended funds, German real estate investment trust stock corporations (REIT-Aktiengesellschaft; "REIT-
AG") and other European listed companies that may have greater resources or better access to financing
than alstria. In addition, potential changes in tax laws or other laws or regulations could create a legal
environment in which potential sellers of real estate would benefit from selling their real estate properties
to entities that have a legal status that alstria does not have. Competition for property portfolios is generally
intense and could further intensify in the future.
In addition, even though alstria may be able to acquire property portfolios on favorable terms and
agree on favorable rents, no assurance can be given that alstria will be able to generally compete
successfully in the market in the future. If alstria is no longer able to purchase property portfolios or to lease
premises on terms and conditions that are economically beneficial for alstria, this could have material
adverse effects on its ability to implement its strategy and, as a result, on its business, assets and liabilities,
as well as on its financial condition and results of operations.
alstria is exposed to risks inherent in the business of acquiring, owning, managing, maintaining
and refurbishing / re-developing real estate.
alstria is exposed to risks inherent in the business of acquiring, owning, managing, maintaining
and refurbishing / re-developing real estate. These risks include, among others, the following:
Negative developments in the German economy and in the local economies in which
alstria's current and future properties are located, including increased unemployment
rates, negative business climate, high inflation, and deflationary pressures;
Negative developments of the real estate market;
Change in demand, e.g. from a pressure to sell on lenders or other real estate owners (e.g.
open-ended funds);
The investment activity of other real estate companies and the general purchasing power
which may affect alstria's opportunities to invest in the real estate markets;

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