EQS-News

HAMBORNER REIT AG starts 2024 with further growth in revenue and earnings - Seite 2

OPERATING PERFORMANCE

The company continued its positive performance at an operating level as well. Lease contracts for rental space of around 19,000 m² were signed in the first three months of the financial year (Q1 2023: around 23,000 m²), with retail space accounting for around 74% of this figure. The retention rate remained at a very high level at 90%, thereby demonstrating considerable satisfaction of existing tenants.

The weighted average lease term (WALT) showed stable development and was 6.3 years as at 31 March 2024, breaking down as 7.6 years for the retail portfolio and 4.6 years for the office portfolio. The EPRA vacancy rate remained at a low level of 3.0%.

OUTLOOK

With business progressing positively and in line with planning in the first quarter, the company is confirming the estimates for business performance over the remainder of the year published in its 2023 annual report and anticipates income from rents and leases of between €91.0 million and €92.5 million. Funds from operations (FFO) are expected to amount to between €49.0 million and €50.5 million.

DIVIDEND & ANNUAL GENERAL MEETING

This year’s Annual General Meeting will be held in person in Mülheim/Ruhr on 25 April 2024. The Management Board and the Supervisory Board propose the distribution of an increased dividend of €0.48 per share. Based on the current share price, this would translate into a dividend yield of around 7.0%. The dividend will be paid out on 30 April 2024.

KEY FINANCIAL AND PORTFOLIO FIGURES AS OF 31 MARCH 2024

	Q1 2024	Q1 2023	Change
Income from rents and leases	€23.4m	€22.7m	+3.1%
Operating result	€7.7m	€7.7m	-0.4%
Period result	€4.7m	€4.5m	+2.6%
Funds from Operations	€14.0m	€13.6m	+2.6%
Funds from Operations (FFO) per share	€0,17	€ 0.17	+2.6%
	31 March 2024	31 Dec 2023	Change
REIT equity ratio	56.1%	55.1%	+1.0%-points
Loan to Value (EPRA LTV)	42.6%	43.5%	-0.9%-points
EPRA Net Asset Value (NAV)	€828.5m	€814.9m	+1.7%
EPRA Net Asset Value (NAV) per share	€10.19	€10.02	+1.7%
EPRA Net Tangible Assets (NTA)	€828.2m	€814.6m	+1.7%
EPRA Net Tangible Assets (NTA) per share	€10.18	€10.01	+1.7%
Number of properties	67	67	0
Fair value of the property portfolio	€1.471,0m	€1.471.0m	0.0%
EPRA vacancy rate	3.0%	2.7%	+0.3%-points
Weighted remaining term of leases (WALT)	6,3 years	6,4 years	-0.1 years

The full interim statement for the first quarter of 2024 is available to download from the Financial Reports section of the company’s website. Further information on the key performance indicators presented can be found in the Glossary.