2 May 2019 / 07:00

Corporate News

HAMBORNER REIT AG enjoys successful start to 2019

DGAP-News: HAMBORNER REIT AG / Key word(s): Quarterly / Interim Statement/Quarter Results

02.05.2019 / 07:00
The issuer is solely responsible for the content of this announcement.

Press Release

HAMBORNER REIT AG enjoys successful start to 2019

- Income from rents and leases: up 3.6%

- Funds from operations: up 5.1%

- NAV per share: EUR10.92

Duisburg, 2 May 2019 - Following its positive performance in 2018, HAMBORNER REIT AG has also had a successful start to the 2019 financial year and increased its revenue and earnings figures once again.

Income from rents and leases amounted to EUR21.1 million, up EUR0.7 million or 3.6% on the same quarter of the previous year. Funds from operations (FFO) climbed by 5.1% to EUR12.2 million in the first three months. The operating result was EUR7.4 million and net profit for the period amounted to EUR3.6 million. The vacancy rate remained at a low level of 2.0% in the first quarter. The company's financial situation remains comfortable. The REIT equity ratio was 56.7% and the loan-to-value (LTV) ratio was 42.0%.

There were no changes in the property portfolio in the first quarter. The company had a portfolio of 78 properties with a fair value of more than EUR1.5 billion as at 31 March 2019. NAV per share was EUR10.92 as at the end of the quarter and therefore 1.2% higher than at the end of 2018 (EUR10.79).

The company has again utilised its impressive acquisition network in the last few weeks and signed the purchase agreement for an office property currently under construction at an established office location in Neu-Isenburg. The main tenant of the approximately 4,500 m² property is a renowned IT service provider of good credit standing that has signed a long-term lease. The purchase price of the property will be around EUR16.1 million. With annual rental income of around EUR0.9 million, the gross initial yield is 5.4%. The purchase price will be paid and ownership of the property transferred at the start of 2020.

After last year's acquisition of office properties in Aachen and Bonn, also under construction, three modern and high quality, newly built properties will be transferred to the HAMBORNER portfolio and contribute to a further increase in rental income and FFO from the start of 2020.

For 2019 as a whole, the Management Board is standing by its assessment for future business prospects as published in the 2018 annual report. The Management Board is assuming an increase in income from rents and leases of between 1% and 2% and FFO on par with the previous year's high level.

The company's Annual General Meeting will be held in Mülheim an der Ruhr on 7 May 2019. A 2.2% increase in the dividend to 46 cents per share, to be paid out on 10 May 2019, will be proposed to the shareholders for the 2018 financial year. Based on the share price as at 31 March 2019, this would mean a dividend yield of 4.9%. In light of the consistently positive business performance, the company intends to continue its dependable dividend policy in the coming year as well, raising its distribution to 47 cents per share.

The financial report for the first quarter is available for download at https://www.hamborner.de/en/investor-relations/financial-reports.html.

Key figures as of 31 March 2019

  Q1 2019 Q1 2018 Change
Income from rents and leases EUR 21.1 million EUR 20.4 million +3.6%
Operating result EUR 7.4 million EUR 7.2 million +2.8%
Net profit for the period EUR 3.6 million EUR 3.5 million +3.2%
Funds from operations (FFO) EUR 12.2 million EUR 11.6 million +5.1%
Funds from operations (FFO) per share EUR 0.15 EUR 0.15  
  31 March 2019 31 December 2018 Change
REIT equity ratio 56.7% 56.4% + 0.3 %-points
Loan-to-value (LTV) 42.0% 42.5% - 0.5 %-points
Net asset value (NAV) per share EUR 10.92 EUR 10.79 +1.2%


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 Relations/Public Relations

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

02.05.2019 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.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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