Hamborner REIT AG

Latest Results (04.05.2026):

Hamborner REIT AG — third quarter of 2025: For the nine months to 30 September 2025 the company reported lower operating activity versus the prior year: income from rents and leases fell to €67.9m (9M 2024: €69.8m), net rental income was €55.2m (‑5.5% YoY), operating result (EBIT) €18.6m and FFO €36.7m (‑12.2% YoY). Period result was €9.19m (9M 2024: €11.55m) and basic earnings per share €0.11 (FFO per share €0.45). Total assets were €1,047.7m, equity €381.5m (NAV €785.0m; NAV per share €9.65). The portfolio fair value was €1,406.3m across 64 properties, EPRA LTV 43.3% and EPRA vacancy 3.4% (contractual vacancy reported at 2.1% at 30 Sep 2025). The company maintained guidance for 2025, raising rent income guidance to €89.5–90.5m and FFO guidance to €44.0–46.0m.

Key headline figures (9M to 30 Sep 2025)

Income from rents and leases €67.9m (9M 2024: €69.8m); net rental income €55.2m (‑5.5%); EBIT €18.6m; FFO €36.7m (‑12.2% YoY); period result €9.19m (9M 2024: €11.55m); basic EPS €0.11; FFO/share €0.45.

Balance sheet and NAV

Total assets €1,047.7m, equity €381.5m; NAV €785.0m (NAV per share €9.65; down from €9.79 at 31 Dec 2024). REIT equity ratio 55.8% (31 Dec 2024: 55.2%). EPRA LTV 43.3% (31 Dec 2024: 43.7%).

Portfolio and occupancy

Portfolio fair value €1,406.3m across 64 properties (down from 66). EPRA vacancy rate 3.4% (reporting date); contractual vacancy reported at 2.1% as at 30 Sep 2025. Weighted remaining lease term ~5.5 years.

Liquidity, debt and financing

Cash and cash equivalents €20.8m (31 Dec 2024: €51.8m). Total financial liabilities ~€629.8m (current + non‑current). Average borrowing rate ~2.0%; average remaining term on loans ~3.0 years. Company reduced gross debt vs 31 Dec 2024 by scheduled repayments and specific loan paydowns.

Operating costs and margins

Administrative & personnel costs totaled €7.50m (up 16.7% YoY); operating cost ratio rose to 11.0% of rental income (prior year: 9.2%). Depreciation & amortisation ~€29.7m (slightly lower YoY). Other operating expenses and one‑off advisory/IT/sustainability costs contributed to margin pressure.

Disposals and valuation movements

Sales completed (ownership transfers effected 1 April 2025) included properties in Lübeck and Osnabrück (Lübeck sales price €20.9m; Osnabrück €6.5m). Result from sale of investment property contributed €2.17m (9M 2024: −€0.25m). Portfolio fair value fell ~€34.7m vs 31 Dec 2024, partly due to disposals and market‑related adjustments (net expert valuation decline ~€7.3m).

Profitability drivers and impairments

Impairment losses recognized include valuations for Münster (Robert‑Bosch‑Straße) and Stuttgart (Schockenriedstraße); impairments and valuation effects reduced period profitability. Interest expense was €9.97m (slightly lower YoY), with net financial result roughly stable vs prior year.

Guidance and outlook

Company confirms confidence for remainder of 2025 and updated guidance: expected full‑year income from rents and leases €89.5–90.5m (previously €87.5–89.0m) and operating result/FFO €44.0–46.0m, driven by portfolio sales timing and newly signed tenancy income.