27 March 2013 / 08:01

Press Releases

HAMBORNER REIT AG: Successful financial year 2012, provisional figures confirmed

(DGAP-Media / 27.03.2013 / 07:01)


Press Release

HAMBORNER REIT AG: Successful financial year 2012, provisional figures confirmed

- Rental and leasing income up around 15%

- Rise in operating result (FFO) of around 18%

- Dividend proposal of 40 cents per share

- Further increase in rent and FFO of around 20% forecast for 2013


Duisburg, 27 March 2013 - HAMBORNER REIT AG today confirmed all the advance figures it announced in February at its press conference in Frankfurt/Main to mark the publication of its annual report. The growth trajectory of the last few years continued and was also reflected in increases in key figures. Rental and leasing income amounted to approximately EUR37.0 million (previous year: EUR32.2 million). This represents a rise of 15% as at 31 December 2012 (previous year: 29%), chiefly as a result of new acquisitions in the past two years. The increase in rental and leasing income also resulted in a rise in the operating result, which amounted to EUR17.5 million (previous year: EUR14.9 million). At EUR18.4 million, EBIT was around 7% higher than in the previous year (EUR17.1 million). After deducting net financing costs and taxes, the net profit for the year amounted to around EUR7.7 million, roughly on par with the previous year's figure (EUR7.9 million).

The average vacancy rate remained at a very low level of 1.9% (1.7% including rent guarantees). Across the entire portfolio, the weighted average remaining term of the rental agreements is 7.2 years.

As a key indicator of operating performance and one of the company's main performance indicators, FFO (funds from operations) climbed significantly by around 18% to EUR18.9 million in absolute terms (previous year: EUR16.0 million). FFO per share amounted to EUR0.41 as at 31 December 2012 (previous year: EUR0.47). In July 2012, the company performed a capital increase and raised its share capital to EUR45,493,333. The higher number of shares is also reflected in the key figures per share.

The company's net asset value (NAV) is EUR8.17 per share (previous year: EUR8.77 per share). The revaluation of the properties as at 31 December 2012 underlines the stable value of the HAMBORNER property portfolio. As in the previous year, no impairment losses were required. The addition of three new properties in Aachen, Tübingen and Karlsruhe (total investment volume of approximately EUR75 million) led to a 15% rise in the total portfolio value to EUR580 million. Between January and March 2013, another two properties in Munich and Berlin were added to the books, increasing the current portfolio value to approximately EUR655 million. In addition, a contract for an OBI store in Hamburg with a volume of around EUR17 million was signed in 2012. This property is currently under construction and is expected to be added to the books in autumn 2013.

The company's financial situation remains very sound, with cash and cash equivalents of around EUR29.3 million as at 31 December 2012 , a loan-to-value (LTV) ratio of 34.2% and a REIT equity ratio of 60.3%, well in excess of the 45% required under the German REIT Act. Liabilities to banks totalled EUR231 million as at 31 December 2012, with an average remaining term of 7.9 years for the fixed-rate interest agreements. Further loan agreements for a total of EUR33.3 million were concluded in the first two months of 2013. Together with loan funds of EUR63.1 million not yet utilised as at the end of the reporting period, the average interest rate on these loans is 2.99% as against 4.42% on existing financial liabilities.

In light of the strong business performance in 2012, the distribution of a dividend of EUR0.40 per share will be proposed at the Annual General Meeting on 7 May 2013.

The company is also optimistic for the current financial year, particularly due to the investments made in recent years. The Managing Board anticipates growth in rents of around 20% in 2013. FFO is also expected to rise significantly by around 20% as against the previous year.

Overview of key figures 2012 2011 Change
Rental and leasing income EUR 37.0 million EUR 32.2 million + 15 %
Operating result EUR 17.5 million EUR 14.9 million + 18 %
EBIT EUR 18.4 million EUR 17.1 million + 7 %
Net profit for the year EUR 7.7 million EUR 7.9 million - 2 %
REIT capital ratio 60.3 % 55.7 % + 4.6 percentage points
Loan-to-value (LTV) 34.2 % 39.1 % - 4.9 percentage points
Funds from operations EUR 18.9 million EUR 16.0 million + 18 %
Funds from operations (FFO) per share EUR 0.41 EUR 0.47  
Net asset value (NAV) EUR 371.8 million EUR 299.3 million +24 %
Net asset value (NAV) per share EUR 8.17 EUR 8.77 -6.8 %
Dividend per share (**) EUR 0.40 EUR 0.40 +/- 0 %


(*) 31.12.2011: 34,120,000 shares
31.12.2012: 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.

Furthermore, the company still has approximately 0.9 million m² of undeveloped land areas, which are located predominantly in Duisburg North and in the adjacent municipalities of Dinslaken and Hünxe.

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): Enterprise

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