29 March 2011 / 08:15

Press Releases

HAMBORNER REIT AG: Final earnings figures published – successful performance in 2010 confirmed

HAMBORNER REIT AG / Key word(s): Enterprise/

29.03.2011 / 08:15

Press release

HAMBORNER REIT AG: Final earnings figures published - successful performance in 2010 confirmed

- Rental and leasing income up around 11%

- Strong rise in operating result (FFO) of around 25%

- Properties with an investment volume of around EUR160 million acquired

Duisburg, 29 March 2011 - HAMBORNER REIT AG today confirmed all the advance figures it announced in February at its press conference in Frankfurt/Main to mark the publication of its annual report. The continuing strong operating performance of the last few years is reflected in the significant year-on-year increases in many of its key figures. Net rental income of around EUR22.1 million (previous year: EUR19.9 million) rose by 11% largely as a result of new acquisitions (previous year: 14.2%). The average vacancy rate remained low at 2.5% (1.5% including rent guarantees).

The operating result was EUR 12.3 million after EUR 10.4 million in the previous year. This rise of around 18% is due in particular to the higher net rental income. EBIT amounted to EUR14.6 million, around 34% higher than in the previous year (EUR10.9 million). At around EUR5.5 million, net profit for the year rose roughly 8% on the previous year's level (EUR5.1 million). This already takes into account the exit taxation as part of the company's transformation into a REIT, as a result of which it will be exempt from trade tax and corporation tax going forward.

As a key figure for operating performance, FFO (funds from operations) climbed significantly by roughly 25% to EUR12 million in absolute terms (previous year: EUR9.6 million). Following the capital increase - in which the number of shares rose by 50% - FFO per share was EUR0.35 as at 31 December 2010 (previous year: EUR0.42 per share on 22.77 million shares).

The company's net asset value (NAV) is EUR8.80 per share after the capital increase, down from the previous year's level of EUR10.37. This is essentially due to the exit tax paid in the first half of 2010 and the attractive conditions for investors in the capital increase carried out in autumn 2010. The value of the property portfolio proved highly stable, as confirmed by third-party experts in the annual revaluation. The total value of the portfolio rose by 22% to EUR376 million as a result of the addition of new properties in 2010; several new properties have already been added in the opening months of 2011.

The company's cash in hand of around EUR83.6 million, its loan-to-value (LTV) ratio of 19.3% and REIT equity ratio of 74.9% - significantly higher than the 45% required by the REIT Act - mean that it is comfortably equipped for further growth.

Given the solid performance in 2010 and the positive prospects for 2011 with double-digit growth again forecast for rental revenues and strong FFO growth, the Managing Board will propose the distribution of a dividend of EUR0.37 per share at the Annual General Meeting on 17 May 2011, thereby increasing the total dividend amount by 50%.

Overview of key figures 2010 2009 Change
Net rental income EUR22.1 million EUR19.9 million +11%
EBIT EUR14.6 million EUR10.9 million +34%
Net profit for the year EUR5.5 million EUR5.1 million +8%
REIT equity ratio 74.9% 67.1% +7.8 percentage points
Loan-to-value (LTV) 19.3% 22.9% +3.7 percentage points
Funds from operations EUR12.0 million EUR9.6 million +25%
Funds from operations (FFO) per share EUR0.35(*)/EUR0.47(**) EUR0.42 -
Net asset value (NAV) per share EUR8.80 EUR10.37 -15%
Dividend per share (***) EUR0.37 EUR0.37 0%

(*) with 50% increase in number of shares as against the previous year
(**) with time-weighted number of shares in the financial year
(***) proposal to AGM


HAMBORNER REIT AG is a listed public limited company that now operates exclusively in the property sector and is positioned as a portfolio holder for high-yield commercial properties. The company generates sustainable rental income on the basis of a solid portfolio of properties distributed throughout Germany. Attractive retail trade spaces in key city centre locations in 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 doctors' surgeries.

The company also owns approximately 2.4 million m² of undeveloped land, located predominantly in Duisburg North and in the adjacent municipalities of Dinslaken and Hünxe.

HAMBORNER REIT AG stands out due to many years of experience in the property and capital market, its lean and transparent corporate structure and its particular proximity to the tenants. The company is a registered Real Estate Investment Trust (REIT) and benefits at company level from exemption from corporation and trade tax.

Investor Relations:

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

End of Media Release

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117246  29.03.2011

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