DGAP-News: HAMBORNER REIT AG: HAMBORNER continues on course for growth in the first half of 2010
(firmenpresse) - HAMBORNER REIT AG / Half Year Results/Half Year Results
12.08.2010 08:36
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HAMBORNER REIT AG:
HAMBORNER continues on course for growth in the first half of 2010
- Rental and lease revenues continue to rise,
- Results from operations (FFO ) increase by 21.7%,
- Approximately EUR83 million invested overall in attractive properties.
Duisburg, August 12, 2010 - In the first half of 2010 the firm HAMBORNER
REIT AG can again announce continuing positive progress in its operational
business activities. The management revenues in the first six months are
approximately 7% above those for the same period the previous year at
around EUR11.8 million. The increase essentially results from the new
investments carried out at the end of 2009 and in the first six months of
2010. The vacancy rate of the period under review is 2.3%, thereby
improving by 1.4% points with respect to the comparable value for the
previous year (3.7%). When adjusted to take into account rent guarantees,
however, the level is only 1.2%. During the first half of the year
HAMBORNER's results from operations (FFO) were around EUR6.3 million, which
is 21.7% above the previous year's level (EUR5.3 million). An increase is
also expected for the whole of 2010 compared to last year.
Upon the company's acquisition of REIT status as of January 1, 2010 and the
associated permanent exemption from corporation and trade tax, the
undisclosed reserves had to be determined and the tax due on them paid
(final tax assessment). With the tax liability of EUR16.6 million formed
for this in the first quarter of 2010 it was possible to release deferred
taxes of EUR13.8 million on balance, so that the resulting negative effect
on earnings was EUR2.8 million. In spite of this one-off special effect,
the period result overall in the first six months of 2010 is balanced,
after a figure of -EUR1.4 million in the first quarter of 2010.
In terms of investments, HAMBORNER continued on the course of growth which
it had already started. After the acquisition of an office building in
Erlangen, an OBI market in Hilden and a high street property in
Kamp-Lintfort in the first three months of the year, HAMBORNER invested in
two attractive EDEKA centres in Stuttgart and Freiburg during the course of
the second quarter. This was followed in August by the notarisation of a
commercial building in Bad Homburg and an office property in Ingolstadt.
With these investments totalling approximately EUR83 million, HAMBORNER is
successfully implementing its strategy of yield-oriented growth,
particularly in the area of south Germany, thereby laying the foundation
stone for a further increase in the FFO.
The NAV as of June 30, 2010 is EUR9.51 per share. The financial situation
of the company remains extremely sound and comfortable. The REIT equity
ratio is 58.0 % and the loan to value (LTV) 37.2%. HAMBORNER REIT AG
therefore remains in an ideal position for future value-creating growth.
Key data as of June 30, 2010
June 30, 2010 June 30, 2009* affected by exit tax in 2010
Rental and lease revenues EUR11.8 EUR11.1
million million
EBITDA EUR9.2 million EUR9.2 million
Net income for the year before depreciation EUR3.7 million EUR6.5 million
(EBDA)*
Net profit for the period* EUR0.05 EUR3.3 million
million
Funds from Operations (FFO) EUR6,371 EUR5,325
million million
June 30, 2010 Dec 31, 2009
REIT equity capital ratio 58.0 % 67.2 %
Loan to Value (LTV) 37.2 % 34.3 %
Net Asset Value (NAV) per share EUR9.51 EUR10.37
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's
base consists of sustainable rental incomes via a nationally-dispersed
substantial property portfolio. 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 doctors' offices, apartments and parking spaces.
Furthermore, the company still has approximately 4.5 million m²of
undeveloped land areas, which are 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
as well as the special closeness 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.
Press contact:
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
12.08.2010 08:36 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: HAMBORNER REIT AG
Goethestraße 45
47166 Duisburg
Deutschland
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 Frankfurt (Prime Standard), Hamburg,
München, Düsseldorf, Berlin, Stuttgart
End of News DGAP News-Service
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