8 August 2013 / 07:31

Corporate News

HAMBORNER REIT AG: Successful business performance continues

HAMBORNER REIT AG / Key word(s): Quarter Results/Half Year Results

08.08.2013 / 07:31

HAMBORNER REIT AG: Successful business performance continues

- Rental and leasing income up 22% in first half of year, net profit for period climbs 49%

- FFO rises 27%

- Forecast for year as a whole raised slightly

Duisburg, 8 August 2013

Rental and leasing income up 22% in first half of year, net profit for the period climbs 49%

Rental and leasing income rose by around 22% in the first six months to a total of EUR22.2 million. The main factor contributing to this increase was the rental income from the property additions of 2012 and the first half of 2013. The vacancy rate is at a relatively low level of 3.7%. The rise as against the previous year (1.7%) is due in particular to the recently acquired and newly built properties in Munich and Berlin, which were not yet fully let when transferred. Multi-year rent guarantees have been agreed with the sellers for the vacant areas in these Munich and Berlin properties, which are now almost fully let. Taking these into account, the vacancy rate as at 30 June 2013 was only 2.4%. In the first half of 2013, HAMBORNER generated an operating result of around EUR11.0 million (previous year: EUR8.9 million) and a net profit for the period of EUR5.5 million, an increase of 49% on the previous year (EUR3.8 million).

Portfolio value increases to EUR674 million
Following the transfer of the LEED platinum 'NuOffice' in Munich and the LEED platinum pre-certified office building on EUREF Campus in Berlin in the first quarter of this year, HAMBORNER signed a purchase agreement for an office and retail property in Bayreuth in April. This property was already added to HAMBORNER's books at the end of May. As at 30 June 2013, the market value of the portfolio was therefore EUR674 million.

FFO increase of 27% - forecast for 2013 as a whole raised slightly:
FFO, a key control parameter of the company, was EUR12.4 million after the first six months. This figure is therefore around 27% higher than the previous year's level. For 2013 as a whole, the Managing Board is striving for growth in rental income of around 20% and intends to increase FFO by 20-25%. NAV amounted to EUR8.01 per share as at 30 June 2013 (EUR8.17 as at 31 December 2012). The company's financial situation remains very comfortable. The REIT equity ratio is 51.9% and the loan-to-value (LTV) ratio 43.8%.


Key figures as at 30 June 2013

  30 June 2013 30 June 2012
Rental and leasing income EUR22.2 million EUR18.2 million
EBITDA EUR19.5 million EUR14.9 million
Earnings before depreciation and amortisation (EBDA) EUR13.7 million EUR9.8 million
Net profit for the period EUR5.5 million EUR3.8 million
Funds from operations (FFO), absolute EUR12.4 million EUR9.8 million
Funds from operations (FFO) per share* EUR0.27 EUR0.29
  30 June 2013 31 Dec. 2012
REIT equity ratio 51.9% 60.3%
Loan-to-value (LTV) 43.8% 34.2%
Net asset value (NAV) per share EUR8.01 EUR8.17

* in 2012: 34,120,000 shares; in 2013: 45,493,333 shares


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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