11 August 2011 / 08:05

Corporate News

HAMBORNER REIT AG: Highly successful first half of 2011, forecasts raised for year as a whole

HAMBORNER REIT AG / Key word(s): Half Year Results/Change in Forecast

11.08.2011 / 08:05


Press Release

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.
After four properties were already added to the portfolio in Brunnthal, Bad Homburg, Regensburg and Leipzig in the first quarter of 2011, the company also succeeded in acquiring further attractive properties and keeping its growth promise in the second quarter as well. Agreements were signed for high street properties in Langenfeld and Offenburg and for a DIY store in Aachen. These properties have an investment volume of EUR41 million. The building in Langenfeld was already added to the books as at 30 June 2011.
With the properties that have already been added to the books and the purchase agreements that have been signed, HAMBORNER will achieve a portfolio value of around EUR500 million by the end of the year. The forecast issued at the start of the year for a 20% rise in rental and leasing income and a 25-30% increase in FFO by the end of the year will therefore probably be exceeded. The members of the Managing Board Dr. Rüdiger Mrotzek and Hans Richard Schmitz are now anticipating growth in rents of at least 25% and an improvement in FFO of more than 30%. FFO for the first six months amounted to around EUR8.0 million, an increase of approximately 24% on the previous year's level.

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%.
Key figures as at 30 June 2011

  H1 2011 H1 2010
Rental and leasing income EUR15.0 million EUR11.9 million
EBITDA EUR11.4 million EUR9.3 million
Earnings before depreciation and amortisation (EBDA)* EUR8.0 million EUR3.7 million
Earnings in the first half-year* EUR3.2 million EUR0.1 million
Funds from operations (FFO), absolute EUR8.0 million EUR6.5 million
Funds from operations (FFO) per share** EUR0.23 EUR0.28
  30 June 2011 31 December 2010
REIT equity ratio 61.0% 74.4%
Loan-to-value (LTV) 34.0% 19.3%
Net asset value (NAV) per share EUR8.51 EUR8.74

 * Influenced by exit tax in 2010
** 50% increase in number of shares in 2011


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 Corporate News

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134960  11.08.2011

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