6 May 2013 / 07:00

Corporate News

HAMBORNER REIT AG: First quarter of 2013 positive as forecast

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

06.05.2013 / 07:00


Press Release

HAMBORNER REIT AG: First quarter of 2013 positive as forecast

- Rental and leasing income up 21%

- FFO climbs 47%

- Portfolio value increases to EUR655 million

Duisburg, 6 May 2013 - HAMBORNER REIT AG has enjoyed a successful start to operations in the 2013 financial year. Rental and leasing income for the first three months rose by around 21% on the previous year's level to a total of EUR10.9 million. The increase was essentially as a result of the new investments performed last year and the addition of NuOffice in Munich at the start of January and the object in Berlin at the beginning of March. The vacancy rate is now at a relatively low level of 3.8%. The expansion as against the previous year (1.8%) is due in particular to the recently acquired and newly built properties in Munich and Berlin, which were not yet fully let when transferred. However, there are multi-year rent guarantees for these vacant areas. Taking these guarantees into account, the vacancy rate as at 31 March 2013 was just 2.5%. In the first quarter, HAMBORNER generated an operating result of around EUR6.1 million (previous year: EUR4.4 million) and comprehensive income for the period of EUR3.7 million (previous year: EUR1.9 million).

Two new properties were transferred to us in the first quarter - NuOffice in Munich and the office building on the EUREF Campus in Berlin. As at 31 March 2013, the fair value of the portfolio was therefore EUR655 million. In April 2013, HAMBORNER also signed a purchase agreement for an office and retail property in Bayreuth. The agreed purchase price is EUR18.5 million. FFO for the first three months amounted to EUR7.1 million, a surge of around 47% on the previous year's level. For 2013 as a whole, the Managing Board is striving from growth in rental income of around 20% and intends to increase FFO by the same degree. NAV amounted to EUR8.29 per share as at 31 March 2013 (EUR8.17 as at 31 December 2012). The company's financial situation remains very comfortable. The REIT equity ratio is 55.1% and the loan-to-value (LTV) ratio 40.0%.

The company's Annual General Meeting will be held tomorrow, Tuesday, 7 May 2013, in Mülheim an der Ruhr. Here it will be proposed to pay the shareholders a dividend of EUR0.40 per share for the past 2012 financial year.

Key figures as at 31 March 2013

  31 Mar. 2013 31 Mar. 2012
Rental and leasing income EUR10.9 million EUR9.0 million
EBITDA EUR10.3 million EUR7.4 million
Earnings before depreciation and amortisation (EBDA) EUR7.5 million EUR4.9 million
Comprehensive income for the period EUR3.7 million EUR1.9 million
Funds from operations (FFO), absolute EUR7.1 million EUR4.9 million
Funds from operations (FFO) per share EUR0.16 EUR0.14
  31 Mar. 2013 31 Dec. 2012
REIT equity ratio 55.1% 60.3%
Loan-to-value (LTV) 40.0% 34.2%
Net asset value (NAV) per share EUR8.29 EUR8.17


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.

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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209610  06.05.2013

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