9 November 2017 / 08:00

Corporate News

HAMBORNER REIT AG: Successful first nine months and FFO increase of 27.6%

DGAP-News: HAMBORNER REIT AG / Key word(s): 9-month figures/Interim Report

09.11.2017 / 07:00
The issuer is solely responsible for the content of this announcement.

Press Release

HAMBORNER REIT AG: Successful first nine months and FFO increase of 27.6%

- Significant growth in rental income (+ 20.5%) and FFO (+ 27.6%)

- Consistently low vacancy rate of 1.5%

- Forecast for current financial year confirmed

Duisburg, 9 November 2017 - HAMBORNER REIT AG continued the good business performance of the first half of the year in the third quarter of 2017 and systematically pursued its growth targets. Income from rents and leases for the first nine months rose by 20.5% on the previous year's level to a total of EUR54.6 million. FFO climbed by 27.6% in the first three quarters to EUR33.9 million. Net asset value (NAV) per share increased to EUR9.51 (previous year: EUR9.03). The vacancy rate including agreed rent guarantees was at a consistently low level of 1.5% (previous year: 1.4%). Not including rent guarantees the vacancy rate was 1.7%. The company's financial position remains very comfortable. The REIT equity ratio is 58.7% and the loan-to-value (LTV) ratio 40.0%.

After taking ownership of three properties in the first half of this year - the "O³" in Cologne, "Market Oberfranken" in Hallstadt/Bamberg and "Kaufland" in Berlin-Marzahn, HAMBORNER expanded its portfolio again in the third quarter. Ownership of an office property in Ratingen was transferred in July. The purchase price of the property is EUR34.4 million. "Rondo Steinheim", a new build in Hanau, was transferred to the HAMBORNER portfolio in mid-August. The purchase price for the retail centre completed in the summer was EUR37.5 million. The total investment volume by the end of September was therefore already EUR180.6 million.

In terms of sales, ownership of the retail property in Minden was transferred to the buyer in the third quarter. The selling price was EUR4.5 million. Including the additions and disposals in the first nine months, HAMBORNER had a portfolio of 72 properties with a fair value of around EUR1.3 billion as at 30 September 2017.

Ownership of the office property in Kiel, for which the purchase agreement was signed in the previous year, was transferred at the start of November. The purchase price for the newly built property is EUR22.2 million. Furthermore, the shopping centre under construction in Passau is expected to be added to the portfolio in the fourth quarter of 2017.

Given the positive business performance after the acquisitions in the first nine months, HAMBORNER is standing by the forecast for its future business prospects that it raised after the first half of the year. The company is projecting an increase in income from rents and leases at the upper end of the previously forecast range of 18% to 20% for 2017 as a whole. The company anticipates FFO of between around EUR44 million and EUR45 million. This would correspond to FFO per share of between around EUR0.55 and EUR0.56.

Key figures as at 30 September 2017

  Q1-Q3 2017 Q1-Q3 2016 Change
Income from rents and leases EUR54.6 million EUR45.3 million +20.5%
EBITDA EUR48.1 million EUR41.3 million +16.6%
Operating result EUR23.6 million EUR20.6 million +14.4%
Net profit for the period EUR15.7 million EUR14.1 million +11.6%
Funds from operations (FFO) EUR33.9 million EUR26.5 million +27.6%
Funds from operations (FFO) per share EUR0.42 EUR0.33  
  30 Sep 2017 30 Sep 2016  
Net asset value (NAV) per share EUR9.51 EUR9.03 +5.3%
REIT equity ratio 58.7% 68.3% -9.6%-points
Loan to Value (LTV) 40.0% 28.5% +11.5%-points


HAMBORNER REIT AG is a stock exchange-listed public limited company that 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.

Investor- & Public Relations:

Christoph Heitmann
Tel.: +49 (0) 203 54405-32
Fax: +49 (0) 203 54405-49
E-Mail: c.heitmann@hamborner.de
Web: www.hamborner.de

09.11.2017 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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