HAMBORNER REIT AG / Key word(s): Final Results/Real Estate
HAMBORNER REIT AG - Publication of annual report - Prompt reinvestment of funds from capital increase
- Significant rise in earnings and increase in net asset value in 2014
- Further growth through acquisition
- Positive outlook for 2015
The key indicator of operating performance and the company's controlling system, FFO (funds from operations) amounted to EUR24.6 million for 2014 (previous year: EUR23.8 million). This corresponds to FFO per share of EUR0.54 (previous year: EUR0.52). The company's net asset value (NAV) per share is EUR8.67 and therefore up 5.1% on the previous year (EUR8.25 per share). The property portfolio was valued at around EUR717 million as at the end of the year. The like-for-like change in the fair value of the portfolio was around EUR12.4 million year-on-year, an increase of 1.9%.
Investment in the 2014 financial year amounted to approximately EUR32 million. HAMBORNER added three new properties to its portfolio in Bad Homburg, Siegen and Koblenz, and also signed purchase agreements for two properties with a volume of a further approximately EUR46 million. 2014 was extremely successful in terms of the sale of smaller properties with intensive management requirements. Thus, the result from the sale of investment property was EUR10.7 million as at 31 December 2014 after EUR0.4 million in the previous year. The company's financial position remains very healthy. Cash and cash equivalents amounted to EUR10.4 million (previous year: EUR28.2 million). The loan-to-value (LTV) ratio is 43.3% (previous year: 43.7%). The REIT equity ratio of 53.1% is also still well in excess of the 45% required under the German REIT Act.
Furthermore, as a result in particular of securing the RAG Foundation as a stable, long-term shareholder and the associated inflow of funds from the capital increase, the way ahead for the company's continuing growth is clear. With yesterday's signing of a purchase agreement for the acquisition of a large-scale retail property in Celle with a volume of around EUR35 million, the utilisation of most of the funds generated has also been quickly finalised.
ANNUAL GENERAL MEETING 2015
(*) Proposal to the AGM, subject to the approval of the Supervisory Board
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.
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|Company:||HAMBORNER REIT AG|
|Listed:||Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart|
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