DGAP-News: HAMBORNER REIT AG: Significant growth in earnings and progress with sales
(firmenpresse) - DGAP-News: HAMBORNER REIT AG / Key word(s): Quarter Results/Real
Estate
HAMBORNER REIT AG: Significant growth in earnings and progress with
sales
12.11.2013 / 06:45
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Press Release
HAMBORNER REIT AG: Significant growth in earnings and progress with sales
- Rental and leasing income up 23% as at 30 September 2013, net profit
for period climbs 32%
- FFO rises 25%
- Sales of smaller properties in Moers und Oberhausen that were not
consistent with the strategy
Duisburg, 12 November 2013
Rental and leasing income up 23% as at 30 September 2013, net profit for
period climbs 32%:
Rental and leasing income was increased by 23% to a total of EUR33.7
million in the first nine months. This growth was primarily attributable to
rental income from property acquisitions in 2012 and the first nine months
of the current financial year. The vacancy rate as at 30 September 2013 -
taken into account of rent guarantees - is at a comparatively low level of
2.5%. HAMBORNER generated an operating result of around EUR16.2 million
(previous year: EUR13.4 million) and a net profit for the period of EUR7.7
million, up 32% on the previous year (EUR5.8 million).
Portfolio expanded further and progress in selling smaller properties not
consistent with the strategy:
Following the transfer of the LEED platinum 'NuOffice' in Munich and the
office building on the EUREF Campus in Berlin in the first quarter of this
year and that of an office and retail property in Bayreuth at the end of
May, the portfolio had a market value of EUR674 million as at 30 September
2013. Including the OBI store in Hamburg, which is expected to be added in
early December, the market value of the portfolio will amount to
approximately EUR690 million at the end of the year. With regard to sales,
in the third quarter of 2013 the company succeeded in selling two smaller
properties in Moers and Oberhausen that were no longer consistent with its
strategy. With total annual rental income of EUR0.3 million on six
commercial units and 23 residential units, these sales are in line with our
strategy of selling smaller properties with high administrative
requirements.
FFO increase of 25%:
FFO, a key control parameter of the company, amounted to EUR18.6 million
after the first nine months. This figure is around 25% higher than the
previous year's level. For 2013 as a whole, the Managing Board is aiming
for growth in rental income of around 20% with the vacancy rate to remain
low. In addition, the company is anticipating a stable performance in
operating business and intends to increase FFO by 25% to EUR0.52 per share
after EUR0.41 in the previous year. NAV amounted to EUR8.14 per share as at
30 September 2013 (EUR8.17 as at 31 December 2012). The company's financial
position remains very comfortable. The REIT equity ratio is 52.9% and the
loan-to-value (LTV) 43.2%.
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Key figures as at 30 September 2013
30 Sept. 2013 30 Sept.--------------------------------------------------------------------------
2012
Rental and leasing income EUR33.7 EUR27.3
million million
BITDA EUR28.8 EUR22.5
million million
Earnings before depreciation and amortisation EUR20.0 EUR14.9
(EBDA) million million
Net profit for the period EUR7.7 EUR5.8
million million
Funds from operations (FFO), absolute EUR18.6 EUR14.8
million million
Funds from operations (FFO) per share EUR0.41 EUR0.33
30 Sept. 2013 31 Dec. 2012
REIT equity ratio 52.9% 60.3%
Loan-to-value (LTV) 43.2% 34.2%
Net asset value (NAV) per share EUR8.14 EUR8.17
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About HAMBORNER REIT AG
HAMBORNER REIT AG is a stock exchange-listed public limited company that
today 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.
Contact:
Sybille Schlinge
Tel.: +49 (0)203 54405-32
Fax: +49 (0)203 54405-49
E-mail: s.schlinge(at)hamborner.de
Web: www.hamborner.de
End of Corporate News
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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
Indices: SDAX
Listed: Regulierter Markt in Düsseldorf, Frankfurt (Prime
Standard); Freiverkehr in Berlin, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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239159 12.11.2013
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