DGAP-News: HAMBORNER REIT AG: Highly successful first half of 2011, forecasts raised for year as a whole
(firmenpresse) - DGAP-News: HAMBORNER REIT AG / Key word(s): Half Year Results/Change
in Forecast
HAMBORNER REIT AG: Highly successful first half of 2011, forecasts
raised for year as a whole
11.08.2011 / 08:05
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Press Release
HAMBORNER REIT AG: Highly successful first half of 2011, forecasts raised
for year as a whole
- Rental and leasing income up 26% as at 30 June 2011, FFO climbs 24%,
- Growth promises kept: new properties acquired for around EUR41 million,
- FFO increase of more than 30% forecast by end of 2011
Duisburg, 11 August 2011 - HAMBORNER REIT AG today presented its report for
the first half of 2011 and has had a highly successful first six months.
Rental and leasing income for the first half of the year rose by around 26%
on the previous year's level to a total of EUR15 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 six months,
HAMBORNER generated an operating result of around EUR6.6 million (previous
year: EUR5.6 million) and comprehensive income for the period of EUR3.2
million (previous year: EUR0.1 million). The previous year's earnings were
squeezed by the exit tax paid in connection with the transformation into a
REIT last year.
After four properties were already added to the portfolio in Brunnthal, Bad
Homburg, Regensburg and Leipzig in the first quarter of 2011, the company
also succeeded in acquiring further attractive properties and keeping its
growth promise in the second quarter as well. Agreements were signed for
high street properties in Langenfeld and Offenburg and for a DIY store in
Aachen. These properties have an investment volume of EUR41 million. The
building in Langenfeld was already added to the books as at 30 June 2011.
With the properties that have already been added to the books and the
purchase agreements that have been signed, HAMBORNER will achieve a
portfolio value of around EUR500 million by the end of the year. The
forecast issued at the start of the year for a 20% rise in rental and
leasing income and a 25-30% increase in FFO by the end of the year will
therefore probably be exceeded. The members of the Managing Board Dr.
Rüdiger Mrotzek and Hans Richard Schmitz are now anticipating growth in
rents of at least 25% and an improvement in FFO of more than 30%. FFO for
the first six months amounted to around EUR8.0 million, an increase of
approximately 24% on the previous year's level.
The company's financial situation is also still extremely solid and
comfortable. The REIT equity ratio is 61% and the loan-to-value (LTV) ratio
34%.
Key figures as at 30 June 2011
H1 2011 H1 2010* Influenced by exit tax in 2010
Rental and leasing income EUR15.0 EUR11.9
million million
EBITDA EUR11.4 EUR9.3 million
million
Earnings before depreciation and EUR8.0 EUR3.7 million
amortisation (EBDA)* million
Earnings in the first half-year* EUR3.2 EUR0.1 million
million
Funds from operations (FFO),absolute EUR8.0 EUR6.5 million
million
Funds from operations (FFO) per share** EUR0.23 EUR0.28
30 June 2011 31 December
2010
REIT equity ratio 61.0% 74.4%
Loan-to-value (LTV) 34.0% 19.3%
Net asset value (NAV) per share EUR8.51 EUR8.74
** 50% increase in number of shares in 2011
About HAMBORNER REIT AG
HAMBORNER REIT AG is a listed public limited company that now operates
exclusively in the property sector and is positioned as a portfolio holder
for high-yield commercial properties. The company generates sustainable
rental income on the basis of a solid portfolio of properties distributed
throughout Germany. Attractive retail trade spaces in key city centre
locations in 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
doctors' surgeries.
The company also owns approximately 2.4 million m²of undeveloped land,
located predominantly in Duisburg North and in the adjacent municipalities
of Dinslaken and Hünxe.
HAMBORNER REIT AG stands out due to many years of experience in the
property 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 company level from
exemption from corporation and trade tax.
Investor Relations:
Sybille Albeser
Tel.: +49 (0)203 54405-32
Fax: +49 (0)203 54405-49
E-Mail: s.albeser(at)hamborner.de
Web: www.hamborner.de
End of Corporate News
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11.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: HAMBORNER REIT AG
Goethestraße 45
47166 Duisburg
Germany
Phone: 0203/54405-0
Fax: 0203/54405-49
E-mail: info(at)hamborner.de
Internet: www.hamborner.de
ISIN: DE0006013006
WKN: 601300
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, München, Stuttgart
End of News DGAP News-Service
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134960 11.08.2011
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