HAMBORNER REIT AG / Key word(s): Half Year Results/Change in Forecast
HAMBORNER REIT AG: Highly successful first half of 2011, forecasts raised for year as a whole
- Rental and leasing income up 26% as at 30 June 2011, FFO climbs 24%,
- Growth promises kept: new properties acquired for around EUR41 million,
- FFO increase of more than 30% forecast by end of 2011
Duisburg, 11 August 2011 - HAMBORNER REIT AG today presented its report for the first half of 2011 and has had a highly successful first six months. Rental and leasing income for the first half of the year rose by around 26% on the previous year's level to a total of EUR15 million. The increase is essentially due to the new investments. The vacancy rate is still low at 1.8%, or just 1.3% after rent guarantees. In the first six months, HAMBORNER generated an operating result of around EUR6.6 million (previous year: EUR5.6 million) and comprehensive income for the period of EUR3.2 million (previous year: EUR0.1 million). The previous year's earnings were squeezed by the exit tax paid in connection with the transformation into a REIT last year.
The company's financial situation is also still extremely solid and comfortable. The REIT equity ratio is 61% and the loan-to-value (LTV) ratio 34%.
* Influenced by exit tax in 2010
About HAMBORNER REIT AG
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.
Tel.: +49 (0)203 54405-32
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|Company:||HAMBORNER REIT AG|
|Listed:||Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime Standard), Hamburg, München, Stuttgart|
|End of News||DGAP News-Service|