DGAP-News: HAMBORNER REIT AG / Key word(s): Quarter Results/Real
Estate
HAMBORNER REIT AG: First quarter of 2014 - pleasing start to the year
05.05.2014 / 07:00
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Press Release
HAMBORNER REIT AG: First quarter of 2014 - pleasing start to the year
- Rental and leasing income up around 8%
- FFO increases by around 4%
- Use of market opportunities for portfolio adjustment
Duisburg, 5 May 2014 - HAMBORNER REIT AG has enjoyed a successful start to
operations in the 2014 financial year. Rental and leasing income for the
first three months rose by around 8% on the previous year's level to a
total of EUR11.7 million. The vacancy rate is still at a low level at 2.5%.
The result from the sale of investment property was EUR4.4 million as at 31
March 2014 compared with EUR351 thousand in the previous year, and stems
from the disposal of the properties in Moers, Wuppertal and Hanover at the
start of the year. Net profit for the period rose by around 70% to EUR6.3
million in the first quarter (previous year: EUR3.7 million).
In line with its strategy of buying larger properties while selling smaller
ones that are no longer consistent with strategy, HAMBORNER made successful
use of market opportunities. In January, a further property was added to
the company's portfolio with a high-street store in Bad Homburg. The
purchase price was EUR7.9 million. The properties in Moers, Wuppertal and
Hanover were transferred to their new owners in January and February 2014.
The total sales prices amounted to EUR10.9 million. The market value of the
developed property portfolio taking into account the above changes was
EUR689.8 million as at the end of the quarter under review (31 December
2013: EUR691.8 million).
In March 2014, HAMBORNER signed an agreement for the sale of a further
property in Frankfurt/Main, CronstettenstraÃe, at a price of EUR5.3
million. Transfer of ownership took place in April. The agreement for the
sale of a property on SchloÃstraÃe in Berlin was also signed at a sale
price of EUR4.9 million. Furthermore, HAMBORNER signed a purchase agreement
in April for the T-Damm-Center in Berlin, which currently still under
construction. The purchase price after full letting is EUR19.0 million, and
transfer of ownership is scheduled for the second half of 2015.
FFO for the first three months amounted to EUR6.4 million. This figure is
around 4% higher than the previous year's level. For 2014 as a whole, the
Managing Board currently expects growth in rental income of around 4% to
5%, and aims to increase FFO to a comparable extent. NAV amounted to
EUR8.37 per share as at 31 March 2014 (EUR8.25 as at 31 December 2013). The
company's financial situation remains comfortable. The REIT equity ratio is
53.4% and the loan-to-value (LTV) ratio 42.9%.
The Annual General Meeting of the company will be held tomorrow - Tuesday,
6 May 2014 - in Mülheim/Ruhr. A dividend of 40 cents per share for the past
2013 financial year will be proposed to the shareholders.
Key figures as at 31 March 2014
<pre>
31 March 2014 31 March 2013
Rental and leasing income EUR11.7 EUR10.9
million million
EBITDA EUR12.9 EUR10.3
million million
Earnings before depreciation and amortisation EUR10.1 EUR7.5
million
(EBDA) million
Net profit for the period EUR6.3 EUR3.7
million
million
Funds from operations (FFO), absolute EUR6.4 EUR6.1
million
million
Funds from operations (FFO) per share EUR0.14 EUR0.14
31 March 2014 31 December
2013
REIT equity ratio 53.4% 52.5%
Loan-to-value (LTV) 42.9% 43.7%
Net asset value (NAV) per share EUR8.37 EUR8.25
</pre>
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.
PR/IR:
Sybille Schlinge
Tel.: +49 (0)203 54405-32
Fax: +49 (0)203 54405-49
E-mail: s.schlinge@hamborner.de
Web: www.hamborner.de
End of Corporate News
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Language: English
Company: HAMBORNER REIT AG
GoethestraÃe 45
47166 Duisburg
Germany
Phone: 0203/54405-0
Fax: 0203/54405-49
E-mail: info@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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266152 05.05.2014
DGAP-News: HAMBORNER REIT AG: First quarter of 2014 - pleasing start to the year
| Source: EQS Group AG