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HAMBORNER REIT AG Earnings Release 2015
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Earnings Release
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Media | 10 November 2015 06:55
HAMBORNER REIT AG: Q3 2015 – Review of successful first nine months – Forecast raised for 2015 as a whole
(DGAP-Media / 2015-11-10 / 06:55)
HAMBORNER REIT AG: Q3 2015 – Review of successful first nine months – Forecast raised for 2015 as a whole
– Income from rents and leases up around 9%, FFO climbs 17.3%
– Growth and active portfolio management: acquisition of six properties and sale of three properties
– Forecast raised for 2015 as a whole, dividend increase of 42 cents per share planned
Duisburg, 10 November 2015 – HAMBORNER REIT AG has had a successful first three quarters of 2015.
Key figures
Income from rents and leases for the first nine months rose by 9.3% on the previous year’s level to a total of EUR38.2 million. Like-for-like rental income was also up slightly by 0.8%. The vacancy rate is still at a low level of 2.2%. The result from the disposal of properties as at 30 September 2015 was around EUR0.5 million and resulted from the sale of areas of undeveloped land holdings. Net profit for the period amounted to EUR8.6 million (previous year: EUR16.2 million, influenced by book gains from the sale of properties in the amount of EUR10.3 million in 2014).
FFO climbed by 17.3% to around EUR21.9 million in the first nine months (previous year: EUR18.7 million). With 16.5 million more shares than in the same period of the previous year, this corresponds to FFO per share of 35 cents (previous year: 41 cents).
NAV also increased and was EUR8.53 per share as at 30 September 2015 (previous year: EUR8.22). The company’s financial situation remains comfortable. The REIT equity ratio is 61.4% and the loan-to-value (LTV) ratio 35.2%.
Portfolio
In the first nine months of the year the company has so far acquired or signed contracts for six properties in Aachen, Celle, Fürth, Gießen, Ditzingen and Neu-Isenburg with a total value of EUR149 million. As part of ongoing portfolio optimisation, we sold three smaller properties no longer consistent with strategy with a volume of around EUR5.8 million in the third quarter. We also signed sales agreements for around 0.3 million m² of undeveloped land for a sales price of EUR0.7 million. The updated fair value of the developed property portfolio taking into account the above changes in the portfolio was EUR843.4 million as at 30 September 2015 (31 December 2014: EUR717.5 million).
Forecast
The previous forecasts for income from rents and leases and operating earnings (FFO) published were raised due to good business performance. Following the investments in the first half of 2015 the prompt transfer of the properties in Fürth and Gießen after the capital increase in July, the Managing Board is now forecasting an increase in income from rents and leases of around 11% and FFO per share of around 46 cents for 2015 as a whole.
In light of this, and subject to the final figures in the annual financial statements, the company intends to propose to the Annual General Meeting for the 2015 financial year to increase the dividend from 40 cents to 42 cents.
Key figures as at 30 September 2015
| 30 September 2015 | 30 September 2014 | |
| Income from rents and leases | EUR 38.2 million | EUR 34.9 million |
| EBITDA | EUR 32.3 million | EUR 38.9 million |
| Earnings before depreciation and amortisation (EBDA) | EUR 22.4 million | EUR 29.0 million |
| Net profit for the period | EUR 8.6 million | EUR 16.2 million |
| Funds from operations (FFO), absolute | EUR 21.9 million | EUR 18.7 million |
| Funds from operations (FFO) per share | EUR 0.35 | EUR 0.41 |
| Net asset value (NAV) per share | EUR 8.53 | EUR 8.22 |
| Number of shares | 62,002,613 | 45,493,333 |
| 30 September 2015 | 31 December 2014 | |
| REIT equity ratio | 61.4% | 53.1% |
| Loan-to-value (LTV) | 35.2% | 43.3% |
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: [email protected]
Web: www.hamborner.de
End of Media Release
Issuer: HAMBORNER REIT AG
Key word(s): Real estate
2015-11-10 Dissemination of a Press Release, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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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: | [email protected] |
| Internet: | www.hamborner.de |
| ISIN: | DE0006013006 |
| WKN: | 601300 |
| Indices: | SDAX |
| Listed: | Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart |
| End of News | DGAP Media |
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| 410523 2015-11-10 |