10 November 2015 / 07:55

Press Releases

HAMBORNER REIT AG: Q3 2015 – Review of successful first nine months – Forecast raised for 2015 as a whole

(DGAP-Media / 2015-11-10 / 06:55)

HAMBORNER REIT AG: Q3 2015 - Review of successful first nine months - Forecast raised for 2015 as a whole

- Income from rents and leases up around 9%, FFO climbs 17.3%

- Growth and active portfolio management: acquisition of six properties and sale of three properties

- Forecast raised for 2015 as a whole, dividend increase of 42 cents per share planned

Duisburg, 10 November 2015 - HAMBORNER REIT AG has had a successful first three quarters of 2015.

Key figures
Income from rents and leases for the first nine months rose by 9.3% on the previous year's level to a total of EUR38.2 million. Like-for-like rental income was also up slightly by 0.8%. The vacancy rate is still at a low level of 2.2%. The result from the disposal of properties as at 30 September 2015 was around EUR0.5 million and resulted from the sale of areas of undeveloped land holdings. Net profit for the period amounted to EUR8.6 million (previous year: EUR16.2 million, influenced by book gains from the sale of properties in the amount of EUR10.3 million in 2014).

FFO climbed by 17.3% to around EUR21.9 million in the first nine months (previous year: EUR18.7 million). With 16.5 million more shares than in the same period of the previous year, this corresponds to FFO per share of 35 cents (previous year: 41 cents).
NAV also increased and was EUR8.53 per share as at 30 September 2015 (previous year: EUR8.22). The company's financial situation remains comfortable. The REIT equity ratio is 61.4% and the loan-to-value (LTV) ratio 35.2%.

In the first nine months of the year the company has so far acquired or signed contracts for six properties in Aachen, Celle, Fürth, Gießen, Ditzingen and Neu-Isenburg with a total value of EUR149 million. As part of ongoing portfolio optimisation, we sold three smaller properties no longer consistent with strategy with a volume of around EUR5.8 million in the third quarter. We also signed sales agreements for around 0.3 million m² of undeveloped land for a sales price of EUR0.7 million. The updated fair value of the developed property portfolio taking into account the above changes in the portfolio was EUR843.4 million as at 30 September 2015 (31 December 2014: EUR717.5 million).

The previous forecasts for income from rents and leases and operating earnings (FFO) published were raised due to good business performance. Following the investments in the first half of 2015 the prompt transfer of the properties in Fürth and Gießen after the capital increase in July, the Managing Board is now forecasting an increase in income from rents and leases of around 11% and FFO per share of around 46 cents for 2015 as a whole.

In light of this, and subject to the final figures in the annual financial statements, the company intends to propose to the Annual General Meeting for the 2015 financial year to increase the dividend from 40 cents to 42 cents.

Key figures as at 30 September 2015

  30 September 2015 30 September 2014
Income from rents and leases EUR 38.2 million EUR 34.9 million
EBITDA EUR 32.3 million EUR 38.9 million
Earnings before depreciation and amortisation (EBDA) EUR 22.4 million EUR 29.0 million
Net profit for the period EUR 8.6 million EUR 16.2 million
Funds from operations (FFO), absolute EUR 21.9 million EUR 18.7 million
Funds from operations (FFO) per share EUR 0.35 EUR 0.41
Net asset value (NAV) per share EUR 8.53 EUR 8.22
Number of shares 62,002,613 45,493,333
  30 September 2015 31 December 2014
REIT equity ratio 61.4% 53.1%
Loan-to-value (LTV) 35.2% 43.3%


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 Media Release

Key word(s): Real estate

2015-11-10 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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

410523  2015-11-10 

Do you have questions about this or any other area?

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