10 May 2012 / 07:00

Press Releases

HAMBORNER REIT AG: Q1 2012 – operating performance positive as anticipated

HAMBORNER REIT AG / Key word(s): Enterprise/

10.05.2012 / 07:00


Press Release

HAMBORNER REIT AG: Q1 2012 - operating performance positive as anticipated

- Rental and leasing income up around 27%

- FFO increases around 22%

- Shares listed in EPRA Index

Duisburg, 10 May 2012 - HAMBORNER REIT AG has enjoyed a successful start to operations in the 2012 financial year. Rental and leasing income for the first three months rose by around 27% on the previous year's level to a total of approximately EUR9.0 million. This increase is essentially due to new investments in the past year, though rents were also up 1.1% as against the same quarter of the previous year on a like-for-like basis. The vacancy rate is still at an extremely low level of around 1.8%. In the first quarter, HAMBORNER generated an operating result of around EUR4.4 million (previous year: EUR3.3 million) and net income for the period of around EUR1.9 million (previous year: EUR1.7 million).

The three commercial properties in Erfurt that were no longer consistent with the strategy were sold in the first quarter. The property in Geldern that was previously a leasehold property was acquired. As at 31 March 2012, the market value of the portfolio was therefore around EUR502 million. Including the OBI DIY store transferred to HAMBORNERs ownership in April 2012, the market value is now around EUR518 million. FFO for the first three months amounted to around EUR4.9 million. The figure is therefore up around 22% on the previous year's level. For 2012 as a whole, the Managing Board is aiming for growth in rental income of around 10% and intends to increase FFO by 5-10%. NAV amounted to EUR8.92 per share as at 31 March 2012 (31 December 2011: EUR8.77). The company's financial situation remains highly solid and comfortable. The REIT equity ratio is 56.8% and the loan-to-value (LTV) ratio 37.6%.

The shares of HAMBORNER REIT AG were added to the EPRA Index on 19 March 2012. EPRA is an organisation based in Brussels that represents the interests of the major European property companies to the public and supports the development and market presence of the European property corporations. The most important property companies in Europe are represented in its FTSE EPRA/NAREIT Developed Europe index.

The Annual General Meeting of the company will be held on 15 April 2012 in Mülheim an der Ruhr. A dividend of 40 cents per share for the past 2011 financial year will be proposed to the shareholders here. This marks an increase of around 8% as against the previous year.

Key figures as at 31 March 2012

  31 March 2012 31 March 2011
Income from rents and leases EUR9.0 million EUR7.0 million
EBITDA EUR7.4 million EUR5.5 million
Earnings before depreciation and amortisation (EBDA) EUR4.9 million EUR4.0 million
Net income for the period EUR1.9 million EUR1.7 million
Funds from operations (FFO), absolute EUR4.9 million EUR4.0 million
Funds from operations (FFO) per share EUR0.14 EUR0.12
  31 March 2012 31 December 2011
REIT equity ratio 56.8% 55.7%
Loan-to-value (LTV) 37.6 39.1%
Net asset value (NAV) per share** EUR8.92 EUR8.77



HAMBORNER REIT AG is a listed corporation in the form of a Real Estate Investment Trust (REIT) operating in the real estate sector and is positioned as a portfolio holder for high-yielding commercial properties. The Company holds an attractive diversified property portfolio which consists mainly of large-scale retail properties in busy areas, commercial buildings in prime locations (so-called high-street-objects) and high quality office buildings in well-established office locations. Despite the historic regional focus in North Rhine-Westphalia the portfolio includes properties across Germany which have high occupancy rates compared to market standards, yielding sustainable rental incomes.

HAMBORNER REIT AG stands out due to extensive experience in the German real estate market and the acquisition and managing of commercial properties as well as long-standing capital market expertise. The Company has a balanced tenant structure with comparatively low vacancy rates and long-standing business relationships with its tenants. HAMBORNER can build on a sound financial structure and has currently comparatively low financing costs and benefits from advantages of the REIT-status, such as exemption from corporation and trade tax. In addition, the Company shows a lean and efficient corporate structure.

Investor Relations:

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 Media Release

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169020  10.05.2012

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