DGAP-Media: HAMBORNER REIT AG: 1st Quarter 2010 - Operational Business Development Remains Good
(firmenpresse) - HAMBORNER REIT AG / Enterprise
12.05.2010 09:13
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Press Release
HAMBORNER REIT AG:
1st Quarter 2010 - Operational Business Development Remains Good
- Rental and leasing revenues continue to rise,
- Purchases of attractive properties,
- REIT conversion completed
Duisburg, May 12, 2010 - The operational business of HAMBORNER REIT AG
enjoyed a good start to the new business year. In the first three months
property management revenues are around 7% higher than for the same period
of the previous year at EUR5.8 million. The rise essentially results from
the new investments that have been carried out. The vacancy rate is 2.3%,
or just 1.2% after being adjusted to take into account rental guarantees.
In the first quarter HAMBORNER generated an operating profit of around
EUR2.7 million (previous year: EUR2.4 million). As expected, the overall
result is negatively affected by the exit tax. Upon the achievement of REIT
status as of January 1, 2010 and the associated permanent exemption from
corporation and trade tax, there is a one-off obligation to determine and
pay tax on the undisclosed reserves (final tax assessment). For this
non-recurring item and the advance tax payment effected at the beginning of
May, the company's tax liability in the first quarter was EUR16.6 million,
which compares with EUR13.8 million for the release of deferred taxes.
Overall therefore, the final tax assessment shows an extraordinary negative
effect on earnings amounting to -EUR2.8 million. When this special effect
is taken into consideration, the overall result is
-EUR1.4 million, compared to +EUR1.4 million for the same period of the
previous year.
With the announcement of three acquisitions in the first quarter of the
year, HAMBORNER was able to continue the course of growth on which it had
already embarked. Besides an office property in Erlangen, an OBI market in
Hilden and a high-street property in Kamp-Lintfort were acquired. The three
properties, all of which are in good locations, have been let over the long
term and offer attractive initial rates of return. The calculated FFO as
the operating result before depreciation and excluding sales revenues is
EUR0.14 per share as of March 31, 2010 (previous year: EUR0.11 per share).
For the whole of 2010 a further increase in the FFO is planned (previous
year EUR0.42 per share). The NAV is calculated as EUR9.77 per share as of
March 31, 2010. The financial situation of the company continues to be
sound and comfortable. The REIT equity ratio is 63.4% and the loan to value
(LTV) 32.4%. HAMBORNER REIT AG therefore remains excellently positioned for
future value-creating growth.
Key Data as of March 31, 2010
Mar 31, 2010 Mar 31, 2009* in 2010 affected by exit tax
Rental and leasing income EUR5.8 million EUR5.4
million
EBITDA EUR4.5 million EUR4.2
million
Net income for the year before depreciation EUR0.4 million EUR3.0
(EBDA)*million
Profit/loss in the first quarter* -EUR1.4 EUR1.4
million million
Funds from operations (FFO) per share EUR0.14 EUR0.11
Mar 31, 2010 Mar 31, 2009
REIT equity capital ratio 63.4% 67.2%
Loan to value (LTV) 32.4% 34.3%
Net asset value (NAV) per share EUR9.77 EUR10.37
About HAMBORNER REIT AG
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 4.5 million m²of 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.
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
12.05.2010 09:13 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: HAMBORNER REIT AG
Goethestraße 45
47166 Duisburg
Deutschland
Internet: www.hamborner.de
End of News DGAP-Media
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