HAMBORNER REIT AG / Key word(s): Quarter Results/Interim Report
11.11.2010 08:26
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Press release
HAMBORNER REIT AG: Positive business trend also continues in 3rd quarter of
2010
- Income from rent and leases further increased
- Operating result (FFO) increased by 20.0 %
- Altogether around EUR 62 million invested in attractive property
Duisburg, 11 November 2010 - Die HAMBORNER REIT AG is also able to report
good progress in its operating result for the 3rd quarter of 2010. The
total management earnings were EUR 18.3 million in the first nine months of
the year, representing a 9% increase on the figures for the previous year.
The increase was primarily thanks to new investments that were made. As of
the end of September the vacancy rate is 2.3%, hence 1.4% down on the
comparable figure for the previous year (3.7%). When the figure is adjusted
to account for rent guarantees it is only 1.2%. In the first nine month
HAMBORNER secured an operating result (FFO) of around EUR 9.5 million, an
increase of 20.0% on the previous year (EUR 8.0 million). An increase of
15-20% on the previous year's figures is also estimated for the year 2010
as a whole, which is better than previous expectations.
With the assumption of REIT status as of 01.01.2010 and the resulting
permanent exemption from corporation tax and local trade tax, the hidden
reserves had to be calculated and tax paid on them (exit tax). This
resulted in a one-time special effect in the 1st quarter of 2010 which had
a negative impact of EUR 2.8 million on the result. However, this had
already been absorbed by the 1st half year of 2010 and this led to a
balanced result on 30.06.2010. As of 30.09.2010 the result for the period
was EUR 2.5 million (EUR 4.4 million in the previous year).
Regarding investments HAMBORNER continued its successful acquisition
course. Following the acquisition and transfer of office property in
Erlangen, an OBI supermarket in Hilden, a high street building in
Kamp-Lintfort and an EDEKA center in Stuttgart by the middle of the year,
another office property was acquired in Ingolstadt in the 3rd quarter. The
investment volume as of 30.09.2010 is hence EUR 61.8 million. In the 3rd
quarter two retail properties in Lemgo and Bad Homburg were officially
recorded. With these investments HAMBORNER is successfully implementing its
strategy of profit-oriented growth particularly in Southern Germany.
Further interesting properties are currently being examined. The net issue
proceeds of around EUR 76 million from the successfully placed increase in
capital in October also laid the foundation stone for further growth and
continued increase in the FFO.
As of 30.09.2010 the NAV was EUR 9.64 per share. The financial situation of
the company continues to be extremely stable and positive. The REIT capital
ratio is 54.2 % and the Loan to Value (LTV) is 42.1%. HAMBORNER REIT AG is
hence perfectly positioned for future value-creating growth.
Key figures as of 30.09.2010
|[![CDATA[|[pre|]]]|]
30.09.2010 30.09.2009
Income from rent and leases EUR 18.3 EUR 16.7
million million
EBITDA EUR 14.5 EUR 13.4
million million
Profit for the financial year before EUR 7.2 EUR 9.3
depreciation (EBDA)* million million
Result for period* * EUR 2.5 EUR 4.4
million million
Funds from Operations (FFO) EUR 9.5 EUR 8.0
million million
30.09.2010 31.12.2009
REIT EC ratio 54.2 % 67.2 %
Loan to Value (LTV) 42.1 % 34.3 %
Net Asset Value (NAV) per share EUR 9.64 EUR 10.37
|[![CDATA[|[/pre|]]]|]
* in 2010 influenced by exit tax
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 2.4 million m² of
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.
Investor Relations:
Sybille Albeser
Tel.: +49 (0)203 54405-32
Fax: +49 (0)203 54405-49
E-Mail: s.albeser@hamborner.de
Web: www.hamborner.de
11.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: HAMBORNER REIT AG
GoethestraÃe 45
47166 Duisburg
Deutschland
Phone: 0203/54405-0
Fax: 0203/54405-49
E-mail: info@hamborner.de
Internet: www.hamborner.de
ISIN: DE0006013006
WKN: 601300
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hamburg,
München, Düsseldorf, Berlin, Stuttgart
End of Announcement DGAP News-Service
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DGAP-News: HAMBORNER REIT AG: Positive business trend also continues in 3rd quarter of 2010
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