27 April 2016 / 07:00

Corporate News

HAMBORNER REIT AG: Successful Q1 2016

DGAP-News: HAMBORNER REIT AG / Key word(s): Quarterly / Interim Statement/Quarter Results

2016-04-27 / 07:00
The issuer is solely responsible for the content of this announcement.

Press Release

HAMBORNER REIT AG: Successful Q1 2016

- Income from rents and leases increased by 23.2%

- FFO increased by 35.8%

- Vacancy rate declined to 1.2%

Duisburg, 27 April 2015 - After its positive performance in 2015, HAMBORNER REIT AG also had a great start to the current financial year 2016 and consistently pursued its strategy of yield-oriented growth.

Income from rents and leases was approximately EUR14.7 million in the first three months, and was therefore up by 23.2% year-on-year. FFO, the company's key control parameter, even rose by 35.8% in the first quarter of 2016 and amounted to approximately EUR9.0 million. Net profit for the period of EUR6.1 million was significantly higher as compared with the same quarter of the previous year (EUR2.4 million). In comparison to 2015 (1.9%), the already very low vacancy rate has declined even further and amounted to 1.2% as at 31 March 2016 taking into account rent guarantees received. NAV per share as at the end of the quarter was EUR9.22 (EUR9.11 as at 31 December 2015). The financial situation of the company also remains comfortable. The REIT equity ratio was 59.6% and the loan to value (LTV) was 37.6%.

A particular highlight in the first quarter of the current financial year was the transfer of the Haerder Centre in Lübeck acquired in 2015. The shopping centre was transferred to the company on 29 February 2016 and, with an investment volume of approximately EUR50 million, is the largest single acquisition by the company to date. The property built in 2008 offers a rental area of around 13,200 m² and its core tenants include H&M, New Yorker, REWE and mytoys. With annual rental income of approximately EUR3.3 million, gross initial yield is 6.5%.

In addition, the purchase agreement for an office building in Münster was signed in February 2016. The property is part of the Deilmann Office Park and is in the immediate vicinity of the properties acquired in 2009. The purchase price amounts to around EUR6.1 million at a gross initial yield of 6.8%. The total volume of our properties in Deilmann Park is therefore around EUR30 million. Furthermore, the properties in Duisburg, Dinslaken and Solingen, which were sold in 2015 as part of the sale of smaller properties that no longer conform to the strategy, were transferred on 29 January 2016. After the additions and disposals in the first quarter, HAMBORNER had a portfolio of 67 properties with a fair value of around EUR943 million as at 31 March 2016. The company still has scope for acquisitions of around EUR100 million to EUR120 million.

For 2016 as a whole, the Managing Board is standing by its basic estimates for future business prospects as published in the 2015 annual report. After the addition of the Haerder Centre in Lübeck and the upcoming transfers of the do-it-yourself market in Ditzingen, which was acquired in 2015, as well as the office property in Münster, the Managing Board expects an increase of income from rents and leases of between 13 % and 15 %. Growth of a similar amount is expected in FFO. The forecast does not take into account any further additions or disposals that are not yet substantiated.

The company's Annual General Meeting will be held on Thursday, 28 April 2016 in Mülheim/Ruhr. A dividend of 42 cents per share for the 2015 financial year will be proposed to the shareholders.

Key figures as at 31 March 2016

  31 March 2016 31 March 2015
Income from rents and leases
EUR 14.7 million EUR 11.9 million
Operating result EUR 7.0 million EUR 5.6 million
Net profit for the period EUR 6.1 million EUR 2.4 million
Funds from operations (FFO), absolute EUR 9.0 million EUR 6.6 million
Funds from operations (FFO) per share EUR 0.15 EUR 0.13
Number of shares 62,002,613 50,042,665
  31 March 2016 31 December 2015
REIT equity ratio 59.6 % 61.5 %
Loan-to-value (LTV) 37.6 % 35.0 %
Net asset value (NAV) per share EUR 9.22 EUR 9.11


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.


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

2016-04-27 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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