14. Februar 2012 
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Hamborner REIT: Operating result increases about 19%
Hamborner REIT AG has again enjoyed a highly successful financial year. 2011 was largely defined by a clear implementation of strategy and further growth through attractive investments. This is also reflected in the improved results as against the previous year, with some figures rising significantly:
According to provisional annual financial statement figures that have not yet been audited, rental and leasing income amounted to around €32.2 million, an increase of approximately 29% as against the previous year (€25.0 million). The average vacancy rate remained at an extremely low level of 1.3% (1.8% not including rent guarantees). The operating result was €14.9 million after €12.5 million in the previous year. This rise of around 19% is due in particular to the higher rental income. EBIT amounted to €17.1 million, around 16% higher than in the previous year (€14.8 million).
After deducting net financing costs and taxes, the net profit for the year amounted to around €7.9 million, up roughly 39% on the previous year’s figure (€5.7 million). Taxes of around ‐ €1.3 million resulted from the tax audit preformed in the period under review for the 2007 to 2009 period and relate to additional payments in connection with the company’s exit taxation on attaining REIT status.
As a key indicator of operating performance, FFO (funds from operations) climbed significantly by around 32% to €16 million in absolute terms (previous year: €12.2 million). FFO per share as at 31 December 2011 amounted to €0.47 (previous year: €0.36). The company’s net asset value (NAV) has risen slightly year‐on‐year to €8.77 (€8.74) per share.
The company’s financial position remains very healthy. Owing new investments, cash and cash equivalents declined by €64.9 million as against the previous year to €18.7 million. The loan‐to‐value (LTV) ratio is 39.1% (previous year: 19.3%). The REIT equity ratio of 55.7% is also still well in excess of the 45% required under the German REIT Act.
In light of the good business performance in 2011, the Managing Board intends – subject to the approval of the Supervisory Board – to propose to the Annual General Meeting on 15 May 2012 an 8.1% higher dividend of €0.40 per share. Based on the price of shares as at the end of the year of €6.40, this marks a dividend yield of 6.3%. The company will publish its finalised figures on 29 March 2012.
According to provisional annual financial statement figures that have not yet been audited, rental and leasing income amounted to around €32.2 million, an increase of approximately 29% as against the previous year (€25.0 million). The average vacancy rate remained at an extremely low level of 1.3% (1.8% not including rent guarantees). The operating result was €14.9 million after €12.5 million in the previous year. This rise of around 19% is due in particular to the higher rental income. EBIT amounted to €17.1 million, around 16% higher than in the previous year (€14.8 million).
After deducting net financing costs and taxes, the net profit for the year amounted to around €7.9 million, up roughly 39% on the previous year’s figure (€5.7 million). Taxes of around ‐ €1.3 million resulted from the tax audit preformed in the period under review for the 2007 to 2009 period and relate to additional payments in connection with the company’s exit taxation on attaining REIT status.
As a key indicator of operating performance, FFO (funds from operations) climbed significantly by around 32% to €16 million in absolute terms (previous year: €12.2 million). FFO per share as at 31 December 2011 amounted to €0.47 (previous year: €0.36). The company’s net asset value (NAV) has risen slightly year‐on‐year to €8.77 (€8.74) per share.
The company’s financial position remains very healthy. Owing new investments, cash and cash equivalents declined by €64.9 million as against the previous year to €18.7 million. The loan‐to‐value (LTV) ratio is 39.1% (previous year: 19.3%). The REIT equity ratio of 55.7% is also still well in excess of the 45% required under the German REIT Act.
In light of the good business performance in 2011, the Managing Board intends – subject to the approval of the Supervisory Board – to propose to the Annual General Meeting on 15 May 2012 an 8.1% higher dividend of €0.40 per share. Based on the price of shares as at the end of the year of €6.40, this marks a dividend yield of 6.3%. The company will publish its finalised figures on 29 March 2012.
