10 November 2016 / 08:00

Corporate News

HAMBORNER REIT AG enjoys successful nine months and raises forecast for current 2016 financial year

DGAP-News: HAMBORNER REIT AG / Key word(s): 9-month figures/Quarterly / Interim Statement

2016-11-10 / 07:00
The issuer is solely responsible for the content of this announcement.

Press Release

HAMBORNER REIT AG enjoys successful nine months and raises forecast for current 2016 financial year

- Positive development in operating activities (rental income up 18.7%, FFO up 20.9%)

- Successful capital increase in third quarter serves as foundation for further growth

- Forecasts for full year 2016 raised

Duisburg, 10 November 2016 - HAMBORNER REIT AG continued the good business performance of the first half of the year in the third quarter of 2016 and systematically pursued its growth targets.

Income from rents and leases for the first nine months rose by 18.7% on the previous year's level to a total of EUR45.3 million. The rental income from properties that were in the company's portfolio in both the first nine months of the previous year and the reporting period (like-for-like) similarly increased by 1.6%. The vacancy rate including agreed rent guarantees was an extremely low 1.4% (previous year: 2.2%). Not including rent guarantees the vacancy rate was 1.7%. FFO climbed by 20.9% in the first three quarters to EUR26.5 million. Net asset value (NAV) was up at EUR9.03 per share (previous year: EUR8.65). The company's financial position remains very comfortable. The REIT equity ratio is 68.3% and the loan-to-value (LTV) ratio 28.5%.

After the transfers of possession to HAMBORNER in the first half of this year of the properties in Lübeck and Ditzingen acquired in 2015, the company laid the foundation for further portfolio growth in the past third quarter of the year. In July the purchase agreement was signed for an office property in Kiel, which will be built at an attractive and established office location in the city centre in the coming months. The purchase price for the property is EUR20.9 million. In September the purchase agreement was concluded for the "Rondo Steinheim" retail centre in Hanau. The purchase price for the property under construction is EUR37.5 million. Transfer of possession of the two newly built properties is expected to be in mid-2017.

Furthermore, the purchase agreement for the "DOMI" high street building in the centre of Dortmund was notarised in September. The property is located on Ostenhellweg, one of the main shopping streets in Dortmund's pedestrian zone, and has a purchase price of EUR30.9 million. A highly attractive and established retail centre - the "Kurpfalz Center" in Mannheim - was already acquired in August. The purchase price for the property is EUR80 million, making it the largest property investment in the company's history to date. While transfer of possession of the property in Dortmund is scheduled to be at the end of the year, the Kurpfalz Center has already been contributing to rental income and FFO since 1 October 2016.

As a basis for further future growth, HAMBORNER carried out a capital increase in September. All 17.7 million new shares were successfully placed, thereby generating gross proceeds of EUR166.5 million. HAMBORNER's growth course with further increases in rental income and FFO can thus continue in future as well.

Given the solid business performance after the acquisitions in the first half of the year and the quick transfer of the ownership of the Kurpfalz Center in Mannheim, HAMBORNER is in a position to raise its forecast for the current 2016 financial year. While an increase in rental income and FFO of between 13% and 15% had previously been assumed, the Management Board is now projecting growth in rental income of around 18% and an FFO increase of around 20%. Taking into account the significantly higher number of shares following the capital increase of 79.7 million, this would correspond to FFO per share of approximately 44 cents.

Key figures

  Q1-Q3 2016 Q1-Q3 2015
Income from rents and leases EUR45.3 million EUR38.2 million
EBITDA EUR41.3 million EUR32.3 million
Earnings before depreciation and amortisation (EBDA) EUR30.6 million EUR22.4 million
Net profit for the period EUR14.1 million EUR8.6 million
Funds from operations (FFO), absolute EUR26.5 million EUR21.9 million
Funds from operations (FFO) per share EUR0.33 EUR0.35
  30/09/2016 30/09/2015
REIT equity ratio 68.3% 61.4%
Loan to Value (LTV) 28.5% 35.2%
Net asset value (NAV) per share EUR9.03 EUR8.53
Number of shares 79,717,645 62,002,613


HAMBORNER REIT AG is a stock exchange-listed public limited company that exclusively operates in the property sector and is positioned as a portfolio holder for high-yielding commercial properties. The company has sustainable rental incomes, with a nationally-dispersed substantial property portfolio as its foundation. Attractive retail trade spaces in key town centre sites of German cities and intermediate centres form the focal point of the portfolio. In addition, the property portfolio includes highly-frequented specialist stores and profitable office buildings, as well as spaces for medical practices.

HAMBORNER REIT AG stands out due to its many years of experience in the property and capital market, its lean and transparent corporate structure as well as its special proximity to the tenants. Since February 18, 2010 HAMBORNER has been a registered Real Estate Investment Trust (REIT) and benefits at company level from exemption from corporation and trade tax.

Investor & Public Relations:

Christoph Heitmann
Tel.: +49 (0)203 54405-32
Fax: +49 (0)203 54405-49
E-mail: c.heitmann@hamborner.de
Web: www.hamborner.de

2016-11-10 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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