5 May 2014 / 07:00

Corporate News

HAMBORNER REIT AG: First quarter of 2014 – pleasing start to the year

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

05.05.2014 / 07:00


Press Release

HAMBORNER REIT AG: First quarter of 2014 - pleasing start to the year

- Rental and leasing income up around 8%

- FFO increases by around 4%

- Use of market opportunities for portfolio adjustment

Duisburg, 5 May 2014 - HAMBORNER REIT AG has enjoyed a successful start to operations in the 2014 financial year. Rental and leasing income for the first three months rose by around 8% on the previous year's level to a total of EUR11.7 million. The vacancy rate is still at a low level at 2.5%. The result from the sale of investment property was EUR4.4 million as at 31 March 2014 compared with EUR351 thousand in the previous year, and stems from the disposal of the properties in Moers, Wuppertal and Hanover at the start of the year. Net profit for the period rose by around 70% to EUR6.3 million in the first quarter (previous year: EUR3.7 million).

In line with its strategy of buying larger properties while selling smaller ones that are no longer consistent with strategy, HAMBORNER made successful use of market opportunities. In January, a further property was added to the company's portfolio with a high-street store in Bad Homburg. The purchase price was EUR7.9 million. The properties in Moers, Wuppertal and Hanover were transferred to their new owners in January and February 2014. The total sales prices amounted to EUR10.9 million. The market value of the developed property portfolio taking into account the above changes was EUR689.8 million as at the end of the quarter under review (31 December 2013: EUR691.8 million).

In March 2014, HAMBORNER signed an agreement for the sale of a further property in Frankfurt/Main, Cronstettenstraße, at a price of EUR5.3 million. Transfer of ownership took place in April. The agreement for the sale of a property on Schloßstraße in Berlin was also signed at a sale price of EUR4.9 million. Furthermore, HAMBORNER signed a purchase agreement in April for the T-Damm-Center in Berlin, which currently still under construction. The purchase price after full letting is EUR19.0 million, and transfer of ownership is scheduled for the second half of 2015.

FFO for the first three months amounted to EUR6.4 million. This figure is around 4% higher than the previous year's level. For 2014 as a whole, the Managing Board currently expects growth in rental income of around 4% to 5%, and aims to increase FFO to a comparable extent. NAV amounted to EUR8.37 per share as at 31 March 2014 (EUR8.25 as at 31 December 2013). The company's financial situation remains comfortable. The REIT equity ratio is 53.4% and the loan-to-value (LTV) ratio 42.9%.

The Annual General Meeting of the company will be held tomorrow - Tuesday, 6 May 2014 - in Mülheim/Ruhr. A dividend of 40 cents per share for the past 2013 financial year will be proposed to the shareholders.

Key figures as at 31 March 2014

  31 March 2014 31 March 2013
Rental and leasing income EUR11.7 million EUR10.9 million
EBITDA EUR12.9 million EUR10.3 million
Earnings before depreciation and amortisation (EBDA) EUR10.1 million EUR7.5 million
Net profit for the period EUR6.3 million EUR3.7 million
Funds from operations (FFO), absolute EUR6.4 million EUR6.1 million
Funds from operations (FFO) per share EUR0.14 EUR0.14
  31 March 2014 31 December 2013
REIT equity ratio 53.4% 52.5%
Loan-to-value (LTV) 42.9% 43.7%
Net asset value (NAV) per share EUR8.37 EUR8.25



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.

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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