9 February 2017 / 08:00

Corporate News

HAMBORNER REIT AG – Preliminary figures for 2016 show further value-adding growth with significant increases in income and earnings

DGAP-News: HAMBORNER REIT AG / Key word(s): Preliminary Results

09.02.2017 / 07:00
The issuer is solely responsible for the content of this announcement.

Press Release

HAMBORNER REIT AG - Preliminary figures for 2016 show further value-adding growth with significant increases in income and earnings

- Income from rents and leases: +17.9%

- FFO: +23.5%

- NAV per share: +5.8%

- Dividend increases to EUR0.43 per share

Duisburg, 9 February 2017 - HAMBORNER REIT AG has had a highly successful 2016 financial year. According to preliminary annual financial figures that have not yet been audited, income from rents and leases amounted to EUR61.8 million, up by EUR9.4 million or 17.9% on 2015 as a result of new investments in particular. On a like-for-like basis - comparing the properties that were in the portfolio throughout the whole of 2015 and 2016 - income from rents and leases was 1.8% higher than the previous year's level. The economic vacancy rate including agreed rent guarantees was 1.3%, and therefore below the already very low level of the previous year (1.9%).

EBIT was EUR31.7 million in the year under review (previous year: EUR27.1 million). After deducting the financial result, the net profit for the year amounted to EUR17.4 million, up significantly by 26.5% on the previous year's level (EUR13.8 million). Funds from operations (FFO), a key indicator of the company's operating performance, climbed to EUR36.1 million in 2016 (previous year: EUR29.2 million). At 23.5%, the rise in FFO was even higher than projected in the interim report on the third quarter (20%). This growth is due in particular to higher rental income as a result of property acquisitions in 2015 and 2016. With 17.7 million more shares than in the previous year, FFO per share amounted to EUR0.45.

The value of the property portfolio also rose substantially in 2016. The annual revaluation of the property portfolio revealed a like-for-like increase in value of EUR36.5 million or 4.1%. In the past financial year, HAMBORNER made investments in five properties for a total amount of EUR179.7 million, which also created value. The total fair values of the properties added was EUR189.4 million as at the end of the year, and therefore EUR9.7 million more than the purchase prices of the five properties. Taking into account the new investments and the increased fair values, the total value of HAMBORNER's portfolio as at 31 December 2016 is EUR1,115 million (previous year: EUR900 million).

The company's financial situation remains very comfortable as well. The loan-to-value (LTV) ratio is 30.1% (previous year: 35.0%). The REIT equity ratio of 67.8% (previous year: 61.5%) is still well in excess of the 45% required under the German REIT Act.

In light of the consistently good business performance, the company intends to propose to the Annual General Meeting on 10 May 2017 to increase the dividend for the 2016 financial year from 42 cents to 43 cents per share. The company will publish its final figures and its forecast for the current year on 28 March 2017.

Overview of key figures 2016 preliminary figures 2015 Change
Income from rents and leases EUR61.8 million EUR52.4 million +17.9%
EBIT EUR31.7 million EUR27.1 million +17.2%
Net profit for the year EUR17.4 million EUR13.8 million +26.5%
REIT equity ratio 67.8% 61.5% +6.3 %-points
Loan-to-value (LTV) 30.1% 35.0% -4.9 %-points
Funds from operations EUR36.1 million EUR29.2 million +23.5%
Net asset value (NAV) EUR768.5 million EUR564.7 million +36.1%
Number of shares 79,717,645 62,002,613 +17.7 million
Funds from operations (FFO) per share EUR0.45 EUR0.47 n/a
Net asset value (NAV) per share EUR9.64 EUR9.11 +5.8%
Dividend per share (*) EUR0.43 EUR0.42 +2.4%
(*) proposal to AGM 2017      


HAMBORNER REIT AG is a stock exchange-listed public limited company that 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.

Investor Relations/Public Relations

Christoph Heitmann
Tel.: +49 (0)203 54405-32
Fax: +49 (0)203 54405-49
E-Mail: c.heitmann@hamborner.de
Web: www.hamborner.de

09.02.2017 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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