6 February 2014 / 08:00

Corporate News

HAMBORNER REIT AG: Provisional earnings figures confirm successful 2013 financial year

HAMBORNER REIT AG / Key word(s): Preliminary Results/Final Results

06.02.2014 / 07:00

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.
HAMBORNER also made progress with the sale of smaller properties with high administrative requirements. A property in Oberhausen were sold and sale agreements for properties in Moers, Wuppertal and Hanover were signed in 2013. Annual rental income of around EUR0.8 million stemmed from around 13 commercial and 31 residential rental agreements here. The administrative capacity freed up as a result of this can now be put to good use elsewhere in the asset portfolio.

The company's successful business policy is reflected by the key performance indicators.
According to provisional annual financial statement figures that have not yet been audited, rental and leasing income for 2013 again posted a double-digit increase of around 22% to EUR45.2 million (previous year: EUR37.0 million). The average vacancy rate remained at a low level of 3.4% (2.5% including rent guarantees). The operating result was EUR20.4 million after EUR17.5 million in the previous year. This rise of around 17% is attributable in particular to the higher rental income. At EUR20.8 million, EBIT was around 13% higher than in the previous year (EUR18.4 million).
After deducting net financing costs and taxes, the net profit for the year amounted to around EUR8.5 million, up 10% on the previous year's figure (EUR7.7 million).

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.

Overview of key figures 2013 preliminary figures 2012 Change
Income from rents and leases EUR45.2 million EUR37.0 million + 22%
Operating result EUR20.4 million EUR17.5 million + 17%
EBIT EUR20.8 million EUR18.4 million + 13%
Net profit for the year EUR8.5 million EUR7.7 million + 10%
REIT equity ratio 52.5% 60.3% - 7.8 percentage points
Loan-to-value (LTV) 43.7% 34.2% + 9.5 percentage points
Funds from operations EUR23.8 million
EUR18.9 million + 26%
Funds from operations (FFO) per share EUR0.52 EUR0.41 + 26%
Net asset value (NAV) EUR375.3 million EUR371.8 million + 1%
Net asset value (NAV) per share EUR8.25 EUR8.17 + 1%
Dividend per share (*) EUR0.40 EUR0.40 +/- 0%

(*) Proposal to the AGM, subject to the approval of the Supervisory Board


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

End of Corporate News

06.02.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

251239  06.02.2014

Do you have questions about this or any other area?

You can find an overview of all contacts on our contact page