DGAP-News

HAMBORNER REIT AG completes 2020 financial year with further growth in revenue and earnings - Preliminary figures underline profitability and portfolio stability - Seite 2

Over the course of the second half of 2020, the company had its first successes in conjunction with its ongoing portfolio optimisation by successively selling off high street retail assets. As a result, contracts were signed to sell a total of eleven mostly smaller properties that are no longer consistent with strategy. The cumulative sale prices amounted to around €59.1 million in total and are therefore approximately 2% higher than the fair value of the eleven properties as at 30 June 2020. The annualised total rent of the properties last amounted to around €3.9 million. The earnings contribution from their sale amounted to around €23.8 million. Ownership of three of the properties was already transferred in the fourth quarter of 2020. The other properties are expected to be transferred to their buyers in the first quarter of 2021.

As usual, the company commissioned a third-party expert to reappraise its property portfolio as at the end of 2020. The revaluation resulted in the fair value of the properties already in the portfolio as at 31 December 2019 being reduced by 3.5%. The reduction essentially related to retail properties in city centre locations that were hit particularly hard by the coronavirus pandemic. Taking into account the revaluation and the property additions and disposals over 2020, the fair value of the portfolio as a whole was €1.625 billion as at 31 December 2020. Net asset value (NAV) per share declined by 4.7% as against the end of 2019 to €11.05 (31 December 2019: €11.59).

The company will release its final figures for 2020 when it publishes its annual report on 22 March 2021.

DIVIDEND

In line with the positive business performance in 2020, the Management Board and the Supervisory Board intend to propose the payment of a dividend to this year's Annual General Meeting, which is expected to be at the level of the dividend distributed last year.

CURRENT BUSINESS PERFORMANCE

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. However, given the current developments in connection with the coronavirus pandemic and the associated nationwide lockdown since the middle of December 2020, individual tenants affected by closures curtailed or suspended their rent payments in the month of January. Across the portfolio as a whole, rental payments (including ancillary costs and VAT) declined to 92.6% in total in January. The rate of incoming rent payments is therefore above the level of the first lockdown in March/April (around 90%). Depending on the duration and extent of the official restrictions, it must be anticipated that a number of tenants will still not be able to (fully) honour their payment obligations. HAMBORNER is continuing its trusting dialogue with the tenants and is confident of finding mutual and fair solutions.