HAMBORNER REIT AG Reports Growth in 2023 Despite Market Challenges

HAMBORNER REIT AG has released its annual financial statements for 2023, revealing a year of successful business performance amid a challenging market environment. The company reported a 4.6% increase in rental income to €91.1 million and a 7.2% rise in FFO (funds from operations) to €54.7 million. Despite these gains, the net asset value (NAV) per share saw a decrease of 15.5% to €10.02, reflecting the broader market's challenges.

The firm’s financial stability was maintained with a REIT equity ratio of 55.1% and a loan-to-value (LTV) ratio of 43.5%. In addition to the financial growth, HAMBORNER REIT AG bolstered its portfolio by adding two large-scale retail properties with long-term leases. However, reflecting the changing interest rate environment, the property portfolio underwent a fair value adjustment, resulting in a 10.5% like-for-like reduction.

Despite these adjustments, the company signaled confidence in its continuing success by proposing a dividend increase of 2.1% to €0.48 per share for the 2023 fiscal year. This proposal will be presented at the Annual General Meeting scheduled for 25 April 2024.

Looking ahead, HAMBORNER REIT AG remains optimistic, underpinned by the quality of its property portfolio and solid financial, earnings, and liquidity position. The company has reaffirmed its guidance for 2024, expecting income from rents and leases between €91.0 million to €92.5 million and FFO in the range of €49.0 million to €50.5 million, pending market conditions and further asset transactions.