HAMBORNER REIT AG Records Stable Performance in H1 2024

HAMBORNER REIT AG has reported stable business performance for the first half of 2024, consistent with previous planning. The company saw an increase in rental income by 4.1%, reaching EUR 46.7 million, driven by property acquisitions and inflation-adjusted rent increments. Funds from operations (FFO) rose slightly by 0.7% to EUR 28.3 million, equivalent to EUR 0.35 per share.

The financial position of the company remains strong with a REIT equity ratio of 54.1% as of June 30, 2024. However, the loan-to-value ratio increased to 45.1% following a dividend distribution in Q2. Despite portfolio adjustments, the net asset value (NAV) per share saw a decline, settling at EUR 9.75.

The company secured agreements for around 25,000 m² of rental space, predominantly in retail. The EPRA vacancy rate stayed low at 2.9%, and the average lease term now stands at 6.1 years.

HAMBORNER maintains its forecast for 2024, anticipating rental income between EUR 91.0 million and EUR 92.5 million and FFO between EUR 49.0 million and EUR 50.5 million. The company refrains from property transactions given current market conditions.