HAMBORNER REIT AG: 1st Quarter 2010 – Operational Business Development Remains Good

HAMBORNER REIT AG / Enterprise12.05.2010 09:13Dissemination of a Media Release, transmitted byDGAP - a company of EquityStory AG.The issuer is solely responsible for the content of this announcement.--------------------------------------------------------------------------- Press ReleaseHAMBORNER REIT AG: 1st Quarter 2010 - Operational Business Development Remains Good  - Rental and leasing revenues continue to rise,   - Purchases of attractive properties,  - REIT conversion completedDuisburg, May 12, 2010 - The operational business of HAMBORNER REIT AGenjoyed a good start to the new business year. In the first three monthsproperty management revenues are around 7% higher than for the same periodof the previous year at EUR5.8 million. The rise essentially results fromthe new investments that have been carried out. The vacancy rate is 2.3%,or just 1.2% after being adjusted to take into account rental guarantees.In the first quarter HAMBORNER generated an operating profit of aroundEUR2.7 million (previous year: EUR2.4 million). As expected, the overallresult is negatively affected by the exit tax. Upon the achievement of REITstatus as of January 1, 2010 and the associated permanent exemption fromcorporation and trade tax, there is a one-off obligation to determine andpay tax on the undisclosed reserves (final tax assessment). For thisnon-recurring item and the advance tax payment effected at the beginning ofMay, the company's tax liability in the first quarter was EUR16.6 million,which compares with EUR13.8 million for the release of deferred taxes.Overall therefore, the final tax assessment shows an extraordinary negativeeffect on earnings amounting to -EUR2.8 million. When this special effectis taken into consideration, the overall result is-EUR1.4 million, compared to +EUR1.4 million for the same period of theprevious year.With the announcement of three acquisitions in the first quarter of theyear, HAMBORNER was able to continue the course of growth on which it hadalready embarked. Besides an office property in Erlangen, an OBI market inHilden and a high-street property in Kamp-Lintfort were acquired. The threeproperties, all of which are in good locations, have been let over the longterm and offer attractive initial rates of return. The calculated FFO asthe operating result before depreciation and excluding sales revenues isEUR0.14 per share as of March 31, 2010 (previous year: EUR0.11 per share).For the whole of 2010 a further increase in the FFO is planned (previousyear EUR0.42 per share). The NAV is calculated as EUR9.77 per share as ofMarch 31, 2010. The financial situation of the company continues to besound and comfortable. The REIT equity ratio is 63.4% and the loan to value(LTV) 32.4%. HAMBORNER REIT AG therefore remains excellently positioned forfuture value-creating growth.  Key Data as of March 31, 2010
                                              Mar 31, 2010   Mar 31, 2009Rental and leasing income                    EUR5.8 million        EUR5.4                                                                  millionEBITDA                                       EUR4.5 million        EUR4.2                                                                  millionNet income for the year before depreciation  EUR0.4 million        EUR3.0(EBDA)*                                                           millionProfit/loss in the first quarter*                  -EUR1.4         EUR1.4                                                   million        millionFunds from operations (FFO) per share              EUR0.14        EUR0.11                                              Mar 31, 2010   Mar 31, 2009REIT equity capital ratio                            63.4%          67.2%Loan to value (LTV)                                  32.4%          34.3%Net asset value (NAV) per share                    EUR9.77       EUR10.37
* in 2010 affected by exit tax About HAMBORNER REIT AGHAMBORNER REIT AG is a public limited company listed on the stock exchangewhich today works exclusively in the real estate sector and occupies aposition as a portfolio holder for high-yield commercial properties. Thebasis of the company's sustainable rental income is a substantial realestate portfolio that is spread throughout the country. The main focus ofthe portfolio consists of attractive retail space in central city centrelocations in Germany and resources centres. Furthermore, the propertyportfolio comprises highly frequented specialist stores and profitableoffice buildings, as well as doctors' surgeries, apartments and car parks.Additionally, the company possesses around 4.5 million m² of undevelopedland, which is mainly located in the north of Duisburg and the neighbouringlocal authority districts of Dinslaken and Hünxe.The outstanding features of HAMBORNER REIT AG are its many years ofexperience in the real estate and capital market, its lean and transparentcorporate structure and its particular proximity to the tenants. Thecompany is a registered Real Estate Investment Trust (REIT) and benefits atthe company level from exemption from corporation and trade tax.Investor Relations:Sybille AlbeserTel.: +49 (0)203 54405-32Fax: +49 (0)203 54405-49E-Mail: s.albeser@hamborner.deWeb: www.hamborner.de12.05.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.Media archive at www.dgap-medientreff.de and www.dgap.de--------------------------------------------------------------------------- Language:     EnglishCompany:      HAMBORNER REIT AG              Goethestraße 45              47166 Duisburg              DeutschlandInternet:     www.hamborner.de End of News                                     DGAP-Media ---------------------------------------------------------------------------