12 November 2013 / 07:45

Corporate News

HAMBORNER REIT AG: Significant growth in earnings and progress with sales

HAMBORNER REIT AG / Key word(s): Quarter Results/Real Estate

12.11.2013 / 06:45


Press Release

HAMBORNER REIT AG: Significant growth in earnings and progress with sales

- Rental and leasing income up 23% as at 30 September 2013, net profit for period climbs 32%

- FFO rises 25%

- Sales of smaller properties in Moers und Oberhausen that were not consistent with the strategy

Duisburg, 12 November 2013

Rental and leasing income up 23% as at 30 September 2013, net profit for period climbs 32%:
Rental and leasing income was increased by 23% to a total of EUR33.7 million in the first nine months. This growth was primarily attributable to rental income from property acquisitions in 2012 and the first nine months of the current financial year. The vacancy rate as at 30 September 2013 - taken into account of rent guarantees - is at a comparatively low level of 2.5%. HAMBORNER generated an operating result of around EUR16.2 million (previous year: EUR13.4 million) and a net profit for the period of EUR7.7 million, up 32% on the previous year (EUR5.8 million).

Portfolio expanded further and progress in selling smaller properties not consistent with the strategy:
Following the transfer of the LEED platinum 'NuOffice' in Munich and the office building on the EUREF Campus in Berlin in the first quarter of this year and that of an office and retail property in Bayreuth at the end of May, the portfolio had a market value of EUR674 million as at 30 September 2013. Including the OBI store in Hamburg, which is expected to be added in early December, the market value of the portfolio will amount to approximately EUR690 million at the end of the year. With regard to sales, in the third quarter of 2013 the company succeeded in selling two smaller properties in Moers and Oberhausen that were no longer consistent with its strategy. With total annual rental income of EUR0.3 million on six commercial units and 23 residential units, these sales are in line with our strategy of selling smaller properties with high administrative requirements.

FFO increase of 25%:
FFO, a key control parameter of the company, amounted to EUR18.6 million after the first nine months. This figure is around 25% higher than the previous year's level. For 2013 as a whole, the Managing Board is aiming for growth in rental income of around 20% with the vacancy rate to remain low. In addition, the company is anticipating a stable performance in operating business and intends to increase FFO by 25% to EUR0.52 per share after EUR0.41 in the previous year. NAV amounted to EUR8.14 per share as at 30 September 2013 (EUR8.17 as at 31 December 2012). The company's financial position remains very comfortable. The REIT equity ratio is 52.9% and the loan-to-value (LTV) 43.2%.


Key figures as at 30 September 2013

  30 Sept. 2013 30 Sept. 2012
Rental and leasing income EUR33.7 million EUR27.3 million
BITDA EUR28.8 million EUR22.5 million
Earnings before depreciation and amortisation (EBDA) EUR20.0 million EUR14.9 million
Net profit for the period EUR7.7 million EUR5.8 million
Funds from operations (FFO), absolute EUR18.6 million EUR14.8 million
Funds from operations (FFO) per share EUR0.41 EUR0.33
  30 Sept. 2013 31 Dec. 2012
REIT equity ratio 52.9% 60.3%
Loan-to-value (LTV) 43.2% 34.2%
Net asset value (NAV) per share EUR8.14 EUR8.17



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

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