8 November 2012 / 08:00

Corporate News

HAMBORNER REIT AG: Excellent business performance – Forecast raised for year as a whole

HAMBORNER REIT AG / Key word(s): Quarter Results/Interim Report

08.11.2012 / 07:00


Press Release

HAMBORNER REIT AG: Excellent business performance - Forecast raised for year as a whole

- Rental and leasing income up 17%, FFO up 21% after first nine months

- Advised investment projects fully implemented

- Significant increases in rent and FFO forecast for 2012 financial year

Duisburg, 8 October 2012 - HAMBORNER REIT AG today presented its report for the third quarter of 2012 and has had a successful first nine months. As at 30 September 2012, rental and leasing income increased by around 17% as against the same period of the previous year to EUR27 million. In particular, this rise was due to the property acquisitions of 2011 and the addition of the OBI store in Aachen in April 2012. Like-for-like rental income climbed by around 0.9%. The vacancy rate is still at an extremely low level of 1.8%. Net income for period amounted to EUR5.8 million as at 30 September 2012 (previous year: EUR5.5 million). FFO, which describes the operating result before depreciation and amortisation and not including gains from disposals - and is also the company's key performance indicator - amounted to EUR14.9 million as at the end of the reporting period (previous year: EUR12.3 million). The REIT equity ratio is 67.4% and the loan-to-value (LTV) ratio 27.1%.

As at the end of September, HAMBORNER held 67 properties with a total volume of around EUR518 million. Furthermore, in the period from August to the start of November, further purchase agreements were signed for an OBI store in Hamburg, an E-Center in Tübingen, a retail and office property in Karlsruhe and an office property in Berlin. These properties have a total investment volume of around EUR110 million. Thus, the investment project pipeline presented as part of the capital increase has been fully implemented in just a short time. The E-Center in Tübingen was already added to the company's books in October. The other properties are currently undergoing construction or conversion and for the most part - like NuOffice in Munich acquired last year - will be added to the HAMBORNER portfolio over the course of 2013.
'We are delighted to have been able to implement our planned investments in full under the currently favourable financing conditions, and to have done so as quickly as promised,' said Managing Board member Hans Richard Schmitz. Even though the newly acquired properties will mostly not contribute to rental income for this year, the company is adjusting its previous outlook for 2012 as a whole upwards. Board member Dr. Rüdiger Mrotzek commented: 'We are now forecasting growth of around 13.5% in rental and leasing income for the 2012 financial year, and that FFO will increase by a similar percentage.'

HAMBORNER sold around 500,000 m² of undeveloped land in October. The sale price was EUR1.6 million, the book profit EUR900 thousand.
Key figures as at 30 September 2012

  Q3 2012 Q3 2011
Rental and leasing income EUR27.3 million EUR23.4 million
EBITDA EUR22.5 million EUR18.6 million
Earnings before depreciation and amortisation (EBDA) EUR14.9 million EUR13.1 million
Net profit for the period EUR5.8 million EUR5.5 million
Funds from operations (FFO), absolute EUR14.9 million EUR12.3 million
Funds from operations (FFO) per share * EUR0.33 EUR0.36
  30 September 2012 31 December 2011
REIT equity ratio 67.4% 55.7%
Loan-to-value (LTV) 27.1% 39.1%
Net asset value (NAV) per share * EUR8.15 EUR8.77


* Number of shares in Q3 2011: 34,120,000
Number of shares in Q3 2012: 45,493,333


HAMBORNER REIT AG is a stock exchange-listed public limited company that today 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, apartments and parking spaces.

Furthermore, the company still has approximately 0.9 million m² of undeveloped land areas, which are located predominantly in Duisburg North and in the adjacent municipalities of Dinslaken and Hünxe.

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.


Sybille Schlinge
Tel.: +49 (0)203 54405-32
Fax: +49 (0)203 54405-49
E-Mail: s.schlinge@hamborner.de
Web: www.hamborner.de

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