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

PRESS RELEASE

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

• Solid operating performance
• Income from rents and leases up 3.1% to €23.4 million
• FFO rises by 2.6% to €14.0 million
• Net asset value (NAV) per share of €10.19 (up +1.7% YTD)
• Confirmation of forecast for full-year 2024

OVERVIEW OF KEY FIGURES FOR THE FIRST QUARTER OF 2024

Duisburg, 23 April 2024 – Building on its positive business performance in the previous year, HAMBORNER REIT AG recorded further growth in revenue and earnings in the first quarter of 2024.

Income from rents and leases amounted to €23.4 million, up 3.1% on the same period of the previous year. The company benefited from the property acquisitions in the previous year and additional contractually agreed rent adjustments as a result of the inflation development (indexation clauses). On a like-for-like basis, rental income in the first three months increased by 2.1% year-on-year.

Funds from operations (FFO) rose by 2.6% to €14.0 million in the first quarter, positively influenced by the rent increases. FFO per share was therefore €0.17.

The company’s financial position remains comfortable. The REIT equity ratio was at a consistently high level of 56.1% as at 31 March 2024. The loan-to-value (EPRA LTV) ratio declined to 42.6% as against the end of 2023.

PORTFOLIO DEVELOPMENT

There were no changes within the property portfolio in the first quarter of 2024. As previously, the portfolio therefore comprises 67 office and retail properties with a total volume of €1,471.0 million. Net asset value (NAV) per share amounted to €10.19 as at 31 March 2024, up around 1.7% as against the end of 2023 (€10.02).

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

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.

ABOUT HAMBORNER REIT AG

HAMBORNER REIT AG 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 €1.5 billion. The portfolio focuses on modern office properties at established locations as well as attractive local supply properties as large-scale retail assets, retail parks and DIY stores in central inner-city locations, district centres and highly frequented edge-of-town sites of 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.

CONTACT

Christoph Heitmann
Head of Investor Relations, Financing & Corporate Communications
T.: +49 (0)203 54405-32
M: info@ir.hamborner.de
W: www.hamborner.de

DISCLAIMER

This press release has been issued by HAMBORNER REIT AG (hereinafter "HAMBORNER") solely for information purposes. This press release may contain statements, assumptions, opinions and predictions about the anticipated future development of HAMBORNER ("forward-looking statements") that reproduce various assumptions regarding, e.g., results derived from HAMBORNER's current business or from publicly available sources that have not been subject to an independent audit or in-depth evaluation by HAMBORNER and that may turn out to be incorrect at a later stage. All forward-looking statements express current expectations based on the current business plan and various other assumptions and therefore come with risks and uncertainties that are not insignificant. All forward-looking statements should therefore not be taken as a guarantee for future performance or results and, furthermore, do not necessarily constitute exact indicators that the forecast results will be achieved. All forward-looking statements relate solely to the day on which this press release was issued to its recipients. It is the responsibility of the recipients of this press release to conduct a more detailed analysis of the validity of forward-looking statements and the underlying assumptions. HAMBORNER accepts no responsibility for any direct or indirect damages or losses or subsequent damages or losses, as well as penalties that the recipients may incur by using the press release, its contents and, in particular, all forward-looking statements or in any other way, as far as this is legally permissible. HAMBORNER does not provide any guarantees or assurances (either explicitly or implicitly) in respect of the information contained in this press release. HAMBORNER is not obliged to update or correct the information, forward-looking statements or conclusions drawn in this press release or to include subsequent events or circumstances or to report inaccuracies that become known after the date of this press release.