5 May 2015 / 08:05

Corporate News

HAMBORNER REIT AG: successful Q1 2015

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

2015-05-05 / 08:05

HAMBORNER REIT AG: successful Q1 2015

- Rental and leasing income up 1.7%, FFO climbs 4.3%

- Rapid reinvestment of funds from February's 2015 10% capital increase

- Forecast for 2015: 8-10% increase in rents and FFO rise in 2015

Duisburg, 5 May 2015 - HAMBORNER REIT AG has enjoyed a successful and active start in the 2015 financial year. Rental and leasing income for the first three months in 2015 rose by around 1.7% from the previous year's level to a total of EUR 11.9 million. The vacancy rate is still at a low level of 2.5%. The net profit for the period as at 31 March 2015 amounted to EUR 2.4 million.

While the same period of the previous year was characterised by the sale of properties no longer consistent with strategy, HAMBORNER intensified its continued focus in the first three months of 2015 on the strategy of profit-oriented growth. The job centre in Aachen that was acquired back in 2014 was added to our books at the end of March. As at 31 March 2015, the value of the company's portfolio was thus EUR 745 million (31 December 2014: around EUR 717.5 million).

The funds realised from the 10% capital increase carried out in February 2015 of around EUR 41 million were reinvested quickly. For example, the company already signed a purchase agreement in March for a retail centre in Celle that was comprehensively modernised in 2014 and has real,-, Aldi, tedox and Fressnapf as its main tenants. Transfer of ownership of the property of around EUR 35.2 million, annual rental income of around EUR 2.3 million and gross initial yield of around 6.6% began just a short time later on 16 April 2015.

As part of its strategy of simultaneously selling small properties no longer consistent with strategy, HAMBORNER signed a sales agreement for a small commercial property in Kassel in the first quarter. However, the property valued at around EUR 0.7 million will remain in HAMBORNER's portfolio until the end of the year since the transfer of ownership to the buyer will not take place until 2016.

FFO for the first three months 2015 amounted to EUR 6.6 million. This figure is around 4.3% higher than the previous year's level. NAV amounted to EUR 8.81 per share as at 31 March 2015 (EUR 8.67 as at 31 December 2014). The company's financial situation remains comfortable. The REIT equity ratio is 57.4% and the loan-to-value (LTV) ratio 39.0%.

For 2015 as a whole, the Managing Board adheres to its basic assessment regarding future business prospects as published in the 2014 annual report. However, it now expects - after the acquisition of the property in Celle - an increase of rental and leasing income by 8-10% and the FFO on a similar scale.

The Annual General Meeting of the company will be held on Thursday, 7 May 2015 in Mülheim/Ruhr.
A dividend of 40 cents per share for the past 2014 financial year will be proposed to the shareholders.

Key figures as at 31 March 2015

  31 March 2015 31 March 2014
Income from rents and leases EUR 11.9 million EUR 11.7 million
Operating result EUR 5.6 million EUR 5.2 million
Net profit for the period EUR 2.4 million EUR 6.3 million
Funds from operations (FFO), absolute EUR 6.6 million EUR 6.4 million
Funds from operations (FFO) per share EUR 0.13 EUR 0.14
Number of shares 50,042,665 45,493,333
  31 March 2015 31 December 2014
REIT equity ratio 57.4% 53.1%
Loan-to-value (LTV) 39.0% 43.3%
Net asset value (NAV) per share EUR 8.81 EUR 8.67



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.


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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