Hamborner REIT AG

Latest Results (06.02.2026):

Hamborner REIT AG — interim statement for the third quarter of 2025 (reporting period 1 Jan–30 Sep 2025): the company reported lower rental income and operating performance versus the prior-year period but remained profitable and reiterated full‑year guidance. Key 9‑month results: income from rents and leases €67.878m (down from €69.835m), net rental income €55.208m, FFO €36.674m, period result €9.188m and basic EPS €0.11. NAV was €785.0m (NAV/share €9.65) and the portfolio fair value was €1,406.3m across 64 properties.

Key financials (1 Jan–30 Sep 2025)

Income from rents and leases €67.878m (–2.8% y/y), net rental income €55.208m (–5.5% y/y). Operating result (EBIT) €18.579m; period result (net profit) €9.188m (prior year €11.554m). Basic/diluted EPS €0.11 (prior year €0.14).

FFO and cash generation

Funds from operations (FFO) €36.674m for the nine months (–12.2% y/y), or €0.45 per share (prior year €0.51). Cash and cash equivalents stood at €20.8m (31 Dec 2024: €51.8m), reflecting disposals, repayments and normal financing flows.

Portfolio & valuation

Investment property carrying amount €1,009.6m; expert fair value €1,406.3m (down ~€34.7m vs 31 Dec 2024, mainly due to sales of Lübeck and Osnabrück and market adjustments). Portfolio reduced to 64 properties (was 66).

Occupancy and leasing

Vacancy remains low: EPRA vacancy rate 3.4% (company text also cites 2.1% at 30 Sep in places). Weighted remaining lease term ~5.5 years.

Balance sheet and leverage

Total assets €1,047.7m; equity €381.5m (equity ratio 36.4%). EPRA Loan-to-value (LTV) 43.3% (31 Dec 2024: 43.7%). Average borrowing rate ~2.0% with average remaining term ~3.0 years.

Expenses, impairments and one‑offs

Net rental income decline partly due to disposals. Administrative and personnel expenses rose; depreciation and impairments reduced fair values and included specific impairments (e.g., Münster, Stuttgart). Result from property disposals was positive €2.165m (previous year –€0.25m).

Dividend & corporate actions

At the AGM on 26 June 2025 the company paid a dividend of €0.48 per share (distribution of 2024 net distributable profit). Number of shares outstanding: 81,343,348.

Outlook

Management reiterated its 2025 guidance: expected full‑year income from rents and leases €89.5–90.5m and FFO €44.0–46.0m, citing completed sales and signed leases as reasons for the raised rent guidance versus the prior outlook.