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PRESS RELEASE: HAMBORNER REIT AG: Business performance remains stable in first quarter of 2021

04/27/2021 | 01:02am EDT
DGAP-News: HAMBORNER REIT AG / Key word(s): Quarter Results/Acquisition 
HAMBORNER REIT AG: Business performance remains stable in first quarter of 2021 
2021-04-27 / 07:00 
The issuer is solely responsible for the content of this announcement. 
HAMBORNER REIT AG: Business performance remains stable in first quarter of 2021 
- Rental income on previous year's level at EUR21.8 million 
- FFO declines to EUR12.7 million (down 4.6%) due to pandemic 
- Net asset value (NAV) per share of EUR11.26 (up 1.9%) 
- Successful progress in portfolio expansion and optimisation 
- Strong letting performance and consistently extremely low vacancy rate 
Duisburg, 27 April 2021 - HAMBORNER REIT AG has continued the positive business performance of the previous year and 
enjoyed a stable revenue development in the first quarter. Income from rents and leases reached the level of previous 
year's first quarter and amounted to EUR21.8 million. Funds from operations (FFO) decreased by around EUR0.6 million or 
4.6% to EUR12.7 million in the first three months. The decline is essentially related to adjustments on rent receivables 
in connection with possible defaults due to COVID-19 and retroactive debt waivers for tenants hit especially hard by 
the pandemic. Furthermore, the result is affected by an increase in personnel expenses. Despite this, the company's 
financial and liquidity situation remains very comfortable. The REIT equity ratio was 55.6% as at 31 March 2021 and the 
loan-to-value (LTV) ratio 44.0%. 
Six further High-Street retail properties that were sold in the second half of 2020 were transferred to their 
respective buyers during the first quarter of 2021. 
Ownership of the property acquired in Mainz was transferred at the end of March 2021. The gross initial yield of the 
investment is 7.0%. Currently fully let for a period of around three years, the office property has substantial value 
potential that will be realised as part of the "manage to core" approach, on the basis of a comprehensive modernisation 
and re-letting concept as well as in line with HAMBORNER's ESG strategy. 
Taking into account the disposals in the first quarter and the addition of the property in Mainz, HAMBORNER had a 
portfolio of 75 properties with a total value of EUR1.621 billion as at 31 March 2021. Net asset value (NAV) per share 
was EUR11.26, around 1.9% higher than at the end of fiscal year 2020 (EUR11.05). 
The company systematically continued to grow its portfolio in recent weeks, and yesterday signed the purchase agreement 
for a further office property in Münster. 
This property is a project development that was acquired in an off-market transaction and is located at the growing 
"Dreieckshafen" office site. It was built using CO[2]-reducing methods and has a rental area of around 6,300 m², of 
which approximately 80% has already been let to anchor tenants of good credit standing. Currently, the average term of 
the leases is around 7.5 years. 
The purchase price is around EUR23.9 million. The gross initial yield is 4.5%. Ownership of the property will be 
transferred immediately after the property has been completed, provisionally at the end of 2021. 
As part of its ongoing portfolio optimisation in the first quarter of 2021, the company signed an agreement for the 
sale of two High-Street properties in Bad Homburg with a sales volume of around EUR27.1 million. 
In addition, three further sales agreements with a cumulative transaction volume of EUR41.4 million have been signed in 
March and April 2021. The properties are a centrally located retail centre in Fürth, a smaller wholesale property in 
Villingen-Schwenningen and mixed-used office and retail property in Hamburg. The properties were sold in line with the 
expected location and letting perspective in conjunction with the company's active portfolio management approach. 
On average, the contractually agreed purchase prices for the five properties sold were around 7.7% higher than their 
fair values as determined by the most recent expert appraisal. The properties are expected to be transferred to their 
buyers in the course of the second quarter. 
Despite the consistently lower overall take-up on the letting markets, the company has had a number of successes in its 
letting operations since the start of the year, including renewing the lease with one of its biggest office tenants in 
O[3] property in Cologne. 
Regarding the leases up for renewal in 2021, follow-on leases have already been signed for around 78% of the expiring 
lease volume. The company is also continuing to benefit from the high level of satisfaction among its existing tenants, 
as reflected by its recent retention rate of more than 80%. 
Thanks to successful letting activity, the average remaining term of the leases (6.4 years) and the occupancy rate 
(98.3% according to the EPRA definition) remained at a high level as at 31 March 2021. 
In the current market environment, HAMBORNER is continuing to benefit from its stable and diversified portfolio and its 
high share of tenants of good credit, particularly in the area of food retail. 
As a result of the ongoing lockdown, individual tenants affected by closures are still curtailing or have suspended 
their rent payments. Across the portfolio as a whole, the ratio of incoming rent payments (including ancillary costs 
and VAT) was 95.8% in April. The rent collection rate in the period from January to April 2020 is thus 94.7% on 
average. Depending on the duration and extent of the official restrictions, the company anticipate that a number of 
tenants will still not be able to (fully) honour their payment obligations. HAMBORNER is continuing its dialogue with 
the tenants concerned HAMBORNER and is confident of finding mutual and fair solutions. 
                                              Q1 2021      Q1 2020       Change 
Income from rents and leases                   EUR21.8m       EUR21.8m        +0.0% 
Operating result                                EUR7.3m        EUR7.1m        +3.3% 
Profit for the period                          EUR10.4m        EUR3.3m          n/a 
Funds from Operations                          EUR12.7m       EUR13.3m        -4.6% 
Funds from Operations (FFO) per share           EUR0.16        EUR0.17        -5.9% 
                                         31. Mar 2021 31. Dec 2020       Change 
REIT equity ratio                               55.6%        54.5% +1.1%-points 
Loan to Value (LTV)                             44.0%        44.5% -0.5%-points 
EPRA Net Asset Value (NAV)                    EUR907.2m      EUR890.7m        +1.8% 
EPRA Net Asset Value (NAV) per share           EUR11.26       EUR11.05        +1.9% 
EPRA Net Tangible Assets (NTA)                EUR906.7m      EUR890.2m        +1.9% 
EPRA Net Tangible Assets (NTA) per share       EUR11.25       EUR11.05        +1.8% 
Fair value of property portfolio            EUR1,621.4m    EUR1,624.8m        -0.2% 
EPRA vacancy rate                                1.7%         1.9% -0.2%-points 
WALT                                        6.4 years    6.3 years   +0.1 years 

The full interim statement for the first quarter of 2021 is available for download at https://www.hamborner.de/en/ investor-relations/financial-reports.html.


HAMBORNER REIT AG is a public company listed in the SDAX that operates exclusively in the property sector and is positioned as a portfolio holder for high-yield commercial properties. The company generates sustainable rental income on the basis of a diversified portfolio of properties distributed throughout Germany with a total value of around EUR1.6 billion. The portfolio focuses on modern office properties at established locations as well as local supply properties as large-scale retail assets, retail parks, DIY stores and attractive high street properties in major German cities and mid-sized centres.

HAMBORNER REIT AG is distinguished by its many years of experience on the property and capital market, its consistent and sustainably attractive dividend strategy and its lean and transparent corporate structure. The company is a registered real estate investment trust (REIT) and benefits from corporation and trade tax exemption at company level.


Christoph Heitmann Head of Investor & Public Relations Tel.: +49 (0)203 54405-32 Mail: c.heitmann@hamborner.de Web: www.hamborner.de -----------------------------------------------------------------------------------------------------------------------

2021-04-27 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de -----------------------------------------------------------------------------------------------------------------------

Language:     English 
Company:      HAMBORNER REIT AG 
              Goethestraße 45 
              47166 Duisburg 
Phone:        0203/54405-0 
Fax:          0203/54405-49 
E-mail:       info@hamborner.de 
Internet:     www.hamborner.de 
ISIN:         DE000A3H2333 
WKN:          A3H233 
Indices:      SDAX 
Listed:       Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, 
              Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange 
EQS News ID:  1188386 
End of News   DGAP News Service 

1188386 2021-04-27

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(END) Dow Jones Newswires

April 27, 2021 01:01 ET (05:01 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.42% 34935.47 Delayed Quote.14.63%
HAMBORNER REIT AG 0.31% 9.282 End-of-day quote.3.05%
SDAX -0.21% 16531.16 Delayed Quote.11.96%
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