8 February 2022 / 08:00

Corporate News

HAMBORNER REIT AG: Preliminary figures confirm stable revenue and income development in 2021 – dividend proposal in line with previous year

DGAP-News: HAMBORNER REIT AG / Key word(s): Preliminary Results
08.02.2022 / 07:00
The issuer is solely responsible for the content of this announcement.


HAMBORNER REIT AG: Preliminary figures confirm stable revenue and income development in 2021 - dividend proposal in line with previous year

- Income from rents and leases of €84.4 million (-4.3%) and FFO of €53.1 million (-4.5%)

- Revenue and income targets for 2021 financial year achieved or outperformed

- Increase in value of like-for-like portfolio of 4.8%

- Significant increase in NAV per share to €12.11 (+9.6%)

- Vacancy rate with 1.9% still on extremely low level

- Dividend proposal on previous year's level at €0.47 per share


Duisburg, 8 February 2022 - HAMBORNER REIT AG has enjoyed another successful financial year according to the preliminary and unaudited figures published today. Despite the disposal of numerous retail properties over the course of 2021 in line with strategy, rental income amounted to €84.4 million and was thus only 4.3% lower than the previous year's level. Funds from operations (FFO), the key operating performance indicator, were down 4.5% year-on-year at €53.1 million. FFO per share was €0.65. The targets for revenue and income for the 2021 financial year were therefore fully met or even outperformed.

The company's financial and liquidity situation remains very comfortable. The REIT equity ratio was 61.0% as at 31 December 2021, an increase of 6.5 percentage points as against the end of 2020. The loan-to-value (LTV) ratio declined to 41.3% during the year (31 December 2020: 44.5%).

The company also had a successful year in terms of its operating activities. Despite the consistently difficult market conditions, the company had a number of successes in its letting operations, some of them substantial, and agreed follow-on leases or renewals for around 140,000 m² of rental area (previous year: 102,000 m²). Thanks to successful asset management activities, both the occupancy rate (98.1% according to the EPRA definition) and the average remaining term of leases (6.1 years) remained at a consistently high level as at the end of 2021.


In line with strategy, the company added three attractive office properties and a modern DIY store with a garden centre to its portfolio in 2021. The total investment volume was €79.6 million. While the office properties in Mainz, Stuttgart and Münster have already been transferred to HAMBORNER's portfolio, the DIY store in Freiburg is expected to be transferred during the first quarter of 2022.

At the same time, HAMBORNER systematically continued the optimization of its property portfolio and signed sales contracts for two more high street assets in Siegen and Lemgo. The total sale price is at fair value level of the properties at the time of their last appraisal at around €13.6 million. Following the closing of the transactions, the share of high street retail properties will be reduced to just three assets, accounting for 2.3% of the total portfolio volume.

The total investment volume in the 2021 financial year was €132.3 million. In addition to six high street assets, three local supply properties have been sold for a total of €41.9 million in conjunction with HAMBORNERs active portfolio management approach. On average, the sale prices were 4.1% above the fair values determined as at 31 December 2020.

As usual, the company commissioned the third-party expert Jones Lang LaSalle to appraise its property portfolio as at the end of 2021. On the basis of the reappraisal, the market value of the portfolio (on a like-for-like basis) was up by €70.0 million or 4.8%. The increase is particularly due to a positive development in value of the local supply properties.

Taking into account the reappraisal and the transactions already completed, HAMBORNER had 68 properties with a total value of €1,604 million as at 31 December 2021. Net asset value (NAV) per share was up significantly by 9.6% as against the end of 2020 at €12.11 (€11.05).

"The results of this year's appraisal, which are reflected in a pleasant increase in NAV per share, highlight the high quality of our property portfolio and corroborate our strategic direction, especially with regard to the intended ongoing expansion of the portfolio," said Niclas Karoff, CEO of HAMBORNER REIT AG.

The company will release its final figures for 2021 and its forecast for the 2022 financial year within the framework of the publication of its annual report on 17 March 2022.


In line with the consistently solid business performance in 2021, the Management Board intends to propose to the Annual General Meeting a dividend on previous year's level of €0.47 per share. Based on the current share price, this would correspond to a dividend yield of approximately 4.8%.


2020 Change
Income from rents and leases €84.4m €88.2m -4.3%
Operating result €31.8m -€0.9m n/a
Profit for the period €54.3m -€9.3m n/a
thereof income from the disposal of properties €36.4m €7.1m n/a
Funds from Operations €53.1m €55.6m -4.5%
Funds from Operations (FFO) per share €0.65 €0.69 -5.4%
REIT equity ratio 61.0% 54.5% +6.5%-points
Loan to Value (LTV) 41.3% 44.5% -3.2%-points
EPRA Net Asset Value (NAV) €984.9m €890.7m +10.6%
EPRA Net Asset Value (NAV) per share €12.11 €11.05 +9.6%
EPRA Net Tangible Assets (NTA) €984.4m €890.2m +2.4%
EPRA Net Tangible Assets (NTA) per share €12.10 €11.05 +9.5%
Fair value of property portfolio €1,604.0m €1,624.8m -1.3%
EPRA vacancy rate 1.9% 1.8% +0.1%-points
WALT 6.1 years 6.3 years -0.2 years


HAMBORNER REIT AG is a public company listed in the SDAX that 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 diversified portfolio of properties distributed throughout Germany with a total value of around €1.6 billion. The portfolio focuses on modern office properties at established locations as well as attractive local supply properties as large-scale retail assets, retail parks and DIY stores in major German cities and mid-sized centres.

HAMBORNER REIT AG is distinguished by its many years of experience on the property and capital market, its consistent and sustainably attractive dividend strategy and its lean and transparent corporate structure. The company is a registered real estate investment trust (REIT) and benefits from corporation and trade tax exemption at company level.


Christoph Heitmann
Head of Investor & Public Relations
Tel.: +49 (0)203 54405-32
Mail: c.heitmann@hamborner.de
Web: www.hamborner.de

08.02.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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