12 May 2011 / 08:00

Corporate News

HAMBORNER REIT AG: Q1 2011 – operating business performance remains positive

HAMBORNER REIT AG / Key word(s): Quarter Results/Interim Report

12.05.2011 / 08:00


Press release

HAMBORNER REIT AG: Q1 2011 - operating business performance remains positive

- Rental and leasing income up 22%, FFO climbs 27%

- Further properties added to portfolio,

- Shares admitted to SDAX,

Duisburg, 12 May 2011 - HAMBORNER REIT AG has enjoyed a successful start to operations in the new financial year. Management income for the first three months was up around 22% on the previous year's level at a total of EUR7.1 million. The increase is essentially due to the new investments that have been performed. The vacancy rate is 2.1%, or only 1.3% after adjustment for rent guarantees. In the first quarter, HAMBORNER generated an operating result of around EUR3.3 million (previous year: EUR2.7 million) and comprehensive income for the period of EUR1.7 million (previous year: EUR-1.3 million). The previous year's earnings were squeezed by the exit tax paid in connection with the transformation into a REIT last year.
Thanks to the addition to the portfolio of properties in Bad Homburg, Regensburg, Leipzig and Brunnthal with a total investment value of around EUR59 billion, HAMBORNER continued its growth in the first quarter as well. Situated at good locations, the properties have long-term rental agreements already in place, offer attractive initial returns and are contributing to increases in FFO early on as they have already been added to the portfolio. FFO for the first three months amounted to EUR4.0 million. The figure is therefore up 27% on the previous year's level. An increase in FFO of 25-30% is planned for 2011 as a whole with a rise in rental income of around 20%. NAV per share as at 31 March 2011 amounted to EUR8.79. The company's financial situation remains solid and comfortable. The REIT equity ratio is 65.8% and the loan-to-value (LTV) ratio 29.8%. HAMBORNER REIT AG is therefore still excellently positioned for value-adding growth moving forward; further investments are currently being examined.

Key figures as at 31 March 2011

  31/03/2011 31/03/2010
Rental and leasing income EUR7.1 million EUR5.8 million
EBITDA EUR5.5 million EUR4.6 million
Earnings before depreciation and amortisation (EBDA)* EUR4.0 million EUR0.4 million
Earnings in the quarter* EUR-1.7 million EUR-1.3 million
Funds from operations (FFO), absolute EUR4.0 million EUR3.1 million
Funds from operations (FFO) per share** EUR0.12 EUR0.14
  31/03/2011 31/12/2010
REIT equity ratio 65.8% 74.4%
Loan-to-value (LTV) 29.8% 19.3%
Net asset value (NAV) per share** EUR8.79 EUR8.74


* Influenced by exit tax in 2010

** 50% increase in number of shares in 2011


HAMBORNER REIT AG is a listed public limited company that now 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 solid portfolio of properties distributed throughout Germany. Attractive retail trade spaces in key city centre locations in 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 doctors' surgeries.

The company also owns approximately 2.4 million m² of undeveloped land, located predominantly in Duisburg North and in the adjacent municipalities of Dinslaken and Hünxe.

HAMBORNER REIT AG stands out due to many years of experience in the property and capital market, its lean and transparent corporate structure and its particular proximity to the tenants. The company is a registered Real Estate Investment Trust (REIT) and benefits at company level from exemption from corporation and trade tax.

Investor Relations:

Sybille Albeser

Tel.: +49 (0)203 54405-32
Fax: +49 (0)203 54405-49
E-Mail: s.albeser@hamborner.de
Web: www.hamborner.de

End of Corporate News

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124074  12.05.2011

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