HAMBORNER REIT AG / Key word(s): Preliminary Results/Final Results
HAMBORNER REIT AG: Provisional earnings figures confirm successful 2013 financial year
- Rental and leasing income up around 22%
- Rise in operating result (FFO) of around 26%
- Dividend proposal: Dividend of 40 cents per share
Duisburg, 6 February 2014 - HAMBORNER REIT AG can look back on another successful financial year. For instance, the company managed to acquire a number of attractive properties. HAMBORNER assumed ownership of the NuOffice office building in Munich - which now has platinum LEED certification - back at the start of January 2013. This was followed in March by the office building on the EUREF Campus in Berlin. At the end of May, a mixed-use property in Bayreuth was added to the portfolio, followed by a newly constructed OBI DIY store in Hamburg in December. Due to this new objects, the portfolio value rose by around EUR114.6 million to EUR691.8 million as at 31 December 2013. In addition, a purchase agreement for a commercial property in Bad Homburg's pedestrianised zone was signed in December. This property was added on 10 January 2014.
As a key indicator of operating performance and for the company's controlling system, FFO (funds from operations) and FFO per share climbed by around 26% to EUR23.8 million (previous year: EUR18.9 million) and EUR0.52 (previous year: EUR0.41) respectively. The company's net asset value (NAV) per share is EUR8.25 (previous year: EUR8.17 per share).
The company's financial position remains very healthy. Bank deposits and cash balances stand at EUR28.2 million, in line with the previous year (EUR29.3 million). The loan-to-value (LTV) ratio is 43.7% (previous year: 34.2%). The REIT equity ratio of 52.5% is also still well in excess of the 45% required under the German REIT Act.
In light of the consistently good business performance in 2013, the Managing Board intends - subject to the approval of the Supervisory Board - to propose to the Annual General Meeting on 6 May 2014 a dividend of EUR0.40 per share. Based on the year-end price of shares of the year of EUR7.34, this marks a dividend yield of 5.4%. The company will publish its final figures on 26 March 2014.
(*) Proposal to the AGM, subject to the approval of the Supervisory Board
About HAMBORNER REIT AG
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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|Company:||HAMBORNER REIT AG|
|Listed:||Regulierter Markt in Düsseldorf, Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, Hannover, München, Stuttgart|
|End of News||DGAP News-Service|