9 November 2011 / 08:00

Corporate News

HAMBORNER REIT AG: Third quarter also successful, forecast for year as a whole confirmed

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

09.11.2011 / 07:00

HAMBORNER REIT AG: Third quarter also successful, forecast for year as a whole confirmed

- Rental and leasing income and FFO up 28% as at 30 September 2011

- Portfolio reaches value of around EUR500 million

- FFO increase of at least 30% forecast by end of 2011

Duisburg, 9 November 2011 - HAMBORNER REIT AG today presented its report for the third quarter of 2011 and has had a highly successful first nine months. Rental and leasing income for the first nine months rose by around 28% on the previous year's level to a total of EUR23 million. The increase is essentially due to the new investments. The vacancy rate is still low at 1.8% or just 1.3% after rent guarantees. In the first three quarters, HAMBORNER generated an operating result of around EUR10.3 million (previous year: EUR9.3 million) and comprehensive income for the period of EUR5.5 million (previous year: EUR2.6 million). The previous year's earnings were squeezed by the exit tax paid in connection with the transformation into a REIT last year.

HAMBORNER systematically implemented its growth activities in the first nine months of the year. After seven properties in Brunnthal, Bad Homburg, Regensburg, Leipzig, Langenfeld, Erlangen and Offenburg with a total volume of around EUR111 million were already added to the HAMBORNER portfolio by the end of September, the E-Center in Freiburg acquired last year and now completed was also handed over at the start of November. In addition, the agreement for the 'NuOffice' in Munich - a further highly attractive property with advanced energy features - was signed in October. An OBI DIY store in Aachen is expected to be added to the portfolio in February 2012.

With the properties that have been added to the books to date, HAMBORNER has achieved its growth target for this year - a portfolio value of around EUR500 million. And the prospects for 2011 as a whole are also still positive at an operational level. The members of the Managing Board Dr. Rüdiger Mrotzek and Hans Richard Schmitz can now confirm the forecast for the year of growth in rents of at least 25% and an increase in FFO of at least 30%. FFO for the first nine months amounted to around EUR12.3 million, an increase of approximately 28% on the previous year's level.

The company's financial situation is also still extremely solid and highly comfortable. The REIT equity ratio is 56% and the loan-to-value (LTV) ratio 38%.
Key figures as at 30 September 2011

  Q3 2011 Q3 2010
Rental and leasing income EUR23.4 million EUR18.3 million
EBITDA EUR18.6 million EUR14.6 million
Earnings before depreciation and amortisation (EBDA)* EUR13.1 million EUR7.4 million
Comprehensive income for the period* EUR5.5 million EUR2.6 million
Funds from operations (FFO), absolute EUR12.3 million EUR9.6 million
Funds from operations (FFO) per share** EUR0.36 EUR0.42
  30 September 2011 31 December 2010
REIT equity ratio 56.1% 74.4%
Loan-to-value (LTV) 38.2% 19.3%
Net asset value (NAV) per share EUR8.60 EUR8.74


* Influenced by exit tax in 2010

** Number of shares 50% higher in 2011


HAMBORNER REIT AG is a public limited company listed on the stock exchange which today works exclusively in the real estate sector and occupies a position as a portfolio holder for high-yield commercial properties. The basis of the company's sustainable rental income is a substantial real estate portfolio that is spread throughout the country. The main focus of the portfolio consists of attractive retail space in central city centre locations in Germany and resources centres. Furthermore, the property portfolio comprises highly frequented specialist stores and profitable office buildings, as well as doctors' surgeries, apartments and car parks.

Additionally, the company possesses around 2.4 million m² of undeveloped land, which is mainly located in the north of Duisburg and the neighbouring local authority districts of Dinslaken and Hünxe.

The outstanding features of HAMBORNER REIT AG are its many years of experience in the real estate and capital market, its lean and transparent corporate structure and its particular proximity to the tenants. The company is a registered Real Estate Investment Trust (REIT) and benefits at the company level from exemption from corporation and trade tax.

Sybille Albeser
Tel.: +49 (0)203 54405-32
Fax: +49 (0)203 54405-49
E-Mail: s.albeser@hamborner.de
Web: www.hamborner.de

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