26 April 2022 / 07:00

Corporate News

HAMBORNER REIT AG: Stable business performance in first quarter of 2022

DGAP-News: HAMBORNER REIT AG / Key word(s): Quarterly / Interim Statement/Quarter Results
HAMBORNER REIT AG: Stable business performance in first quarter of 2022
26.04.2022 / 07:00
The issuer is solely responsible for the content of this announcement.


HAMBORNER REIT AG: Stable business performance in first quarter of 2022

- Rental income of €20.8 million (-4.4%)

- FFO declines to €11.0 million (-13.0%)

- Net asset value (NAV) per share of €12.23 (+1.0%)

- Successful progress in portfolio expansion

- Strong letting performance and consistently low vacancy rate


Duisburg, 26 April 2022 - HAMBORNER REIT AG has continued the positive business performance of the previous year and enjoyed a stable revenue development again in the first quarter. Despite the disposal of a number of properties over the past twelve months in line with strategy, rental income amounted to €20.8 million and was thus only 4.4% lower than the previous year's level. Funds from operations (FFO) fell by around €1.7 million or 13.0% to €11.0 million in the first three months. FFO per share accordingly came to €0.14. Besides the lower rental income, this decline was mainly due to increased maintenance and interest expenses.

The company's financial position remains very comfortable. As at 31 March 2022, the REIT equity ratio was at a consistently high level of 60.8%. The loan-to-value (LTV) ratio was reduced to 41.1%.


During the first quarter of 2022, the portfolio was expanded with a large-scale retail property in Freiburg. This modern DIY store with a garden centre has been leased to the long-standing tenant OBI until 2033 and will contribute around €1.3 million to the company's rental income. The purchase price was €18.8 million. Taking account of the annual ground rents, the gross initial yield is 5.6%. With regard to disposals, another high-street retail asset - the Lemgo property - was transferred to the buyer at the end of the first quarter.

After this disposal and the addition of the property in Freiburg, HAMBORNER had a portfolio of 68 properties with a total value of €1.621 billion as at 31 March 2022. Net asset value (NAV) per share was up by around 1.0% as against the end of 2021 at €12.23 (€12.11).

Over the past weeks, the company systematically continued its portfolio expansion by acquiring a DIY store with a long-term lease in Kempten, Bavaria, which was transferred to the HAMBORNER portfolio on 22 April 2022. The gross initial yield on the investment was 5.1%.


Regarding the leases outstanding for renewal in 2022, the company has already achieved initial successes and agreed follow-on leases or renewals for around 17,500 m² of rental space. The company is also continuing to benefit from the high level of satisfaction among its existing tenants, as reflected again in a high retention rate of around 80%.

Thanks to successful letting activity, the average remaining term of the leases (6.1 years) and the occupancy rate (97.7% according to the EPRA definition) remained at a high level as at 31 March 2022.


Despite the growing uncertainty as a result of the geopolitical and economic developments, the company is standing by its most recently published estimates for business performance over the remainder of the year and still anticipates income from rents and leases between €84.0 million and €86.0 million. Operating earnings (FFO) are expected to be between €46.5 million and €50.5 million, while net asset value (NAV) per share will be roughly on previous year's level as at the end of this year.


  Q1 2022 Q1 2021 Change
Income from rents and leases €20.8m €21.8m -4.4%
Operating result €5.3m €7.3m -27.8%
Period result €2.1m €10.4m -79.9%
Funds from Operations €11.0m €12.7m -13.0%
Funds from Operations (FFO) per share €0.14 €0.16 -13.9%
  31 March 2022 31 Dec. 2021 Change
REIT equity ratio 60.8% 61.0% -0.2%-points
Loan to Value (LTV) 41.1% 41.3% -0.2%-points
EPRA Net Asset Value (NAV) €995.1m €984.9m +1.0%
EPRA Net Asset Value (NAV) per share €12.23 €12.11 +1.0%
EPRA Net Tangible Assets (NTA) €994.6m €984.4m +1.0%
EPRA Net Tangible Assets (NTA) per share €12.23 €12.10 +1.1%
Fair value of the property portfolio €1,621.1m €1,604.0m +1.1%
EPRA vacancy rate 2.3% 2.0% +0.3%-points
Weighted remaining term of leases in years 6.1 years 6.1 years 0.0 years


The full interim statement for the first quarter of 2022 is available for download at https://www.hamborner.de/en/financial-reports/


HAMBORNER REIT AG a public company listed in the SDAX that 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 diversified portfolio of properties distributed throughout Germany with a total value of around €1.5 billion. The portfolio focuses on modern office properties at established locations as well as attractive local supply properties as large-scale retail assets, retail parks and DIY stores in central inner-city locations, district centres and highly-frequented edge-of-town sites of major German cities and mid-sized centres.

HAMBORNER REIT AG is distinguished by its many years of experience on the property and capital market, its consistent and sustainably attractive dividend strategy and its lean and transparent corporate structure. The company is a registered real estate investment trust (REIT) and benefits from corporation and trade tax exemption at company level.


Christoph Heitmann
Head of Investor & Public Relations
Tel.: +49 (0)203 54405-32
Mail: c.heitmann@hamborner.de
Web: www.hamborner.de


This press release has been issued by HAMBORNER REIT AG (hereinafter "HAMBORNER") solely for information purposes. This press release may contain statements, assumptions, opinions and predictions about the anticipated future development of HAMBORNER ("forward-looking statements") that reproduce various assumptions regarding, e.g., results derived from HAMBORNER's current business or from publicly available sources that have not been subject to an independent audit or in-depth evaluation by HAMBORNER and that may turn out to be incorrect at a later stage. All forward-looking statements express current expectations based on the current business plan and various other assumptions and therefore come with risks and uncertainties that are not insignificant. All forward-looking statements should therefore not be taken as a guarantee for future performance or results and, furthermore, do not necessarily constitute exact indicators that the forecast results will be achieved. All forward-looking statements relate solely to the day on which this press release was issued to its recipients. It is the responsibility of the recipients of this press release to conduct a more detailed analysis of the validity of forward-looking statements and the underlying assumptions. HAMBORNER accepts no responsibility for any direct or indirect damages or losses or subsequent damages or losses, as well as penalties that the recipients may incur by using the press release, its contents and, in particular, all forward-looking statements or in any other way, as far as this is legally permissible. HAMBORNER does not provide any guarantees or assurances (either explicitly or implicitly) in respect of the information contained in this press release. HAMBORNER is not obliged to update or correct the information, forward-looking statements or conclusions drawn in this press release or to include subsequent events or circumstances or to report inaccuracies that become known after the date of this press release.

26.04.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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