12 August 2014 / 07:45

Corporate News

HAMBORNER REIT AG: Operating activities healthy in first half of 2014

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

12.08.2014 / 07:45

HAMBORNER REIT AG: Operating activities healthy in first half of 2014

- Rental and leasing income up around 5%

- Further market opportunities being leveraged to streamline portfolios

- Net profit for the period doubles, FFO increases around 2%

Duisburg, 12 August 2014 - HAMBORNER REIT AG has enjoyed a successful first half of 2014. Rental and leasing income for the first six months rose by around 5.2% on the previous year's level to a total of EUR23.3 million. The vacancy rate is still at a low level of 2.5%. The result from the disposal of properties as at 30 June 2014 was EUR7.9 million after EUR351 thousand in the previous year and results from the sale of properties in Moers, Wuppertal and Hanover in the first quarter and an office property in Frankfurt in the second quarter of the reporting year. The net profit for the period was up in the first half of the year and more than doubled to EUR11.8 million (previous year: EUR5.6 million).

As part of its strategy of buying larger properties while at the same time selling smaller properties no longer consistent with strategy, HAMBORNER continued to successfully leverage market opportunities. Along with the addition of the property in Bad Homburg reported in the first quarter of the reporting year, the purchase agreement for a retail property ("T-Damm Center") in Berlin was signed for around EUR16.4 million. The property is expected to be handed over at the end of 2015. Furthermore, the purchase agreement for an office property in Aachen with a purchase price of EUR26.9 million was signed in April. Ownership is expected to transfer at the start of 2015.

In terms of sales, the properties in Moers, Wuppertal and Hanover were handed over to their respective owners in January and February 2014. They were followed by a property in Frankfurt in April. Total proceeds of EUR16.2 million were generated from these sales, offset by residual carrying amounts and costs to sell of EUR8.3 million. Furthermore, the sale agreement for a property in Berlin for EUR4.9 million was sold in April. The property was transferred after 30 June 2014 in early July. The contract to sell a smaller office property in Hamburg was also closed after the end of the reporting period. The sale price is EUR1.9 million.

The updated market value of the developed property portfolio taking into account the above changes in the portfolio was EUR686.0 million as at the end of the first half of the year (31 December 2013: EUR691.8 million).

FFO was around EUR12.7 million or EUR0.28 per share in the first six months. It was therefore up 2.2% on the previous year's level.

The Managing Board is standing by its last basic estimates regarding future business prospects as published in the 2013 annual report. The sale of smaller properties no longer consistent with strategy has been highly successful to date. According to current estimates and depending of further acquisitions and sales, the Managing Board is aiming for a rise of around 3% to 4% in rental income, with FFO for the current financial year to rise by a similar amount.

After the payment of the dividend of 40 cents per share in May, NAV amounted to EUR8.09 per share as at 30 June 2014 (EUR8.25 as at 31 December 2013). The company's financial situation remains comfortable. The REIT equity ratio is 51.6% and the loan-to-value (LTV) ratio 44.1%.

Key figures as at 30 June 2014

  30 Jun. 2014 30 Jun. 2013
Rental and leasing income EUR23.3 million EUR22.2 million
EBITDA EUR27.1 million EUR19.5 million
Earnings before depreciation and amortisation (EBDA) EUR20.5 million EUR13.7 million
Net profit for the period EUR11.8 million EUR5.6 million
Funds from operations (FFO), absolute EUR12.7 million EUR12.4 million
Funds from operations (FFO) per share EUR0.28 EUR0.27
  30 Jun. 2014 31 Dec. 2013
REIT equity ratio 51.6% 52.5%
Loan-to-value (LTV) 44.1% 43.7%
Net asset value (NAV) per share EUR8.09 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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