HAMBORNER REIT AG / Key word(s): Half Year Results/Real Estate
HAMBORNER REIT AG: Operating activities healthy in first half of 2015
- Income from rents and leases up around 6%
- FFO increases by around 10%
- Capital increases in H1 serve as foundation for further growth
Duisburg, 12 August 2015 - HAMBORNER REIT AG has enjoyed a successful first half of 2015. Income from rents and leases for the first six months rose by 6.1% on the previous year's level to a total of EUR24.7 million. The vacancy rate is still at a low level of 2.5%. Like-for-like rental income was up slightly by 0.5%. The operating result was EUR11.6 million after EUR10.6 million in the previous year. The net profit for the period amounted to EUR5.0 million in the first half of the year.
In the first half of the year, HAMBORNER carried out one capital increase and initiated a second capital increase. In February, the company had increased its share capital by 10% to enhance its equity base and to serve as a foundation for the company's further growth, and in doing so secured a new, long-term shareholder in the RAG Foundation. The income of around EUR41 million was then invested almost entirely in a retail centre in Celle.
In June 2015, HAMBORNER resolved a second, larger capital increase, which was concluded at the beginning of July 2015. It generated gross issue proceeds of approximately EUR102 million, which opened up new investment funds for the company of a total of around EUR200 million. On 16 July 2015, a few days after this capital increase was completed, the purchase agreement worth around EUR30 million for the "Hornschuch-Center", a retail centre in Fürth, was signed. This was followed by the purchase agreement for another retail centre in Gießen on 31 July 2015. The purchase price is around EUR32 million. HAMBORNER expects both properties will be transferred before the end of the second half of 2015.
The fair value of the developed property portfolio, including the addition of the job centre in Aachen in April 2015 and the retail centre in Celle that was already transferred, was around EUR780.8 million as at the end of the first half of the year (31 December 2014: EUR717.5 million). FFO climbed by 10.3% to around EUR14.0 million or EUR0.28 per share in the first six months.
After the capital increase in February, HAMBORNER expected an increase in income from rents and leases of between 8% and 10% as well as an absolute increase in FFO of a comparable amount. This would have resulted in FFO per share of a similar amount to previous years (54 cents). After the second capital increase implemented in July, the number of shares increased by around 12.0 million to a total of approximately 62.0 million. Without changes in rental income as a result of further sales or acquisitions, FFO per share would notionally amount to around 44 cents on account of the higher number of shares. An increase in this figure depends on the time purchased properties are added to the portfolio following the capital increase was completed in July.
NAV amounted to EUR8.47 per share as at 30 June 2015 (EUR8.09 as at 30 June 2014). The company's financial situation remains comfortable. The REIT equity ratio was 52.9% as at 30 June 2015 and the loan-to-value (LTV) ratio 43.9%.
Key figures as at 30 June 2015
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.
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