8 November 2018 / 08:00

Corporate News

HAMBORNER REIT AG enjoys successful nine months and raises forecast for current 2018 financial year

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

08.11.2018 / 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 2018 financial year

- Positive development in operating activities (rental income up 14.4%, FFO up 18.8%)

- Vacancy rate at 1.1%

- FFO forecast raised for 2018

Duisburg, 8 November 2018 - HAMBORNER REIT AG continued the good business performance of the first half of the year in the third quarter of 2018 as well. Income from rents and leases for the first nine months rose by 14.4% on the previous year's level to EUR62.5 million. FFO even climbed by 18.8% in the first three quarters to EUR40.2 million. Net asset value (NAV) per share increased to EUR10.15 (previous year: EUR9.51). Including agreed rent guarantees, the vacancy rate was still at an extremely low level of 1.1% (previous year: 1.4%). The company's financial position is very comfortable. The REIT equity ratio is 55.5% and the loan-to-value (LTV) ratio 43.7%.

After ownership of three retail properties in Cologne, Bonn and Düsseldorf was transferred to HAMBORNER at the beginning of the year, the company added another property in Darmstadt to its portfolio in the second quarter. This is a retail and office property that has been let to the food retailer REWE on a long-term lease and other office tenants of good credit standing. The property was transferred to HAMBORNER on 20 April 2018. The total investment volume in the current year amounts to EUR86.5 million. The total value of the HAMBORNER portfolio was EUR1.45 billion as at 30 September 2018.

As at the end of the third quarter of 2018, contract negotiations were completed for the purchase of a further retail and office property in Bamberg and the corresponding purchase agreement was signed on 1 October 2018. The purchase price of the property was EUR15.0 million. Transfer of ownership of the property is provisionally scheduled for the middle of 2019. HAMBORNER likewise took advantage of its good contacts with project developers in recent months and, on 24 October 2018, signed the purchase agreement for two office properties that will be built at attractive office locations in Aachen and Bonn in the coming months. The transfer of ownership and the payment of the purchase price of EUR51.1 million in total will take place after the properties are completed - presumably at the end of 2019/start of 2020.

The company has continued to make sales as well. An agreement for the sale of a property in Brunnthal was signed in the middle of October. The sale price was EUR11.2 million. With a residual carrying amount of EUR10.2 million, the book profit will amount to EUR1.0 million. Ownership of the property is expected to transfer before the end of this year. Furthermore, contracts were signed for the sale of around 200,000 m² of undeveloped land in total at a price of EUR0.8 million in October. The gain on the disposal will amount to around EUR0.6 million and is also expected to be recognised before the end of this year.

Given the positive business performance in the first nine months, HAMBORNER is once again raising the forecast for its business prospects that was already raised after the first half of the year. The company is projecting an increase in income from rents and leases of around 12% and growth in FFO of 13% to 15% for 2018 as a whole. This would correspond to FFO per share of between around EUR0.63 and EUR0.65.

Key figures as at 30 September 2018

  9M 2018 9M 2017 Change
Income from rents and leases EUR62.5 million EUR54.6 million +14.4%
EBITDA EUR51.6 million EUR48.1 million +7.3%
Operating result EUR26.6 million EUR23.6 million +12.4%
Net profit for the period EUR15.1 million EUR15.7 million -3.6%
thereof as a result from sales EUR0.0 EUR3.2 million
Funds from operations (FFO) EUR40.2 million EUR33.9 million +18.8%
Funds from operations (FFO) per share EUR0.50 EUR0.42 +18.8%
  30 Sep 2018 30 Sep 2017  
Net asset value (NAV) per share EUR10.15 EUR9.51 +6.7%
REIT equity ratio 55.5% 59.0% -3.5%-points
Loan to Value (LTV) 43.7% 39.6% +4.1%-points



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

08.11.2018 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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