HAMBORNER REIT AG recorded operating performance in line with its own planning during the first nine months of the 2026 financial year. The business environment remained challenging, both in terms of industry-specific conditions and the broader macroeconomic climate. Income from rents and leases stood at EUR 67.3 million, down 0.9 per cent on the previous year's figure. This slight decline was primarily driven by scheduled property disposals in the previous year as well as in the current reporting period. On a like-for-like basis, however, rental income increased by EUR 1.0 million, or 1.5 per cent, which was mainly attributable to contractually agreed inflation adjustments.
The operating result, measured by Funds from Operations (FFO), decreased by 6.0 per cent to EUR 34.5 million in the nine-month period. This corresponds to an FFO of EUR 0.42 per share, compared with EUR 0.45 in the prior-year period. In addition to the disposals, higher financing costs and increased expenditure on ongoing property operations and maintenance had an impact. Balance sheet ratios remained solid at the same time: the REIT equity ratio improved to 55.2 per cent as at 30 September 2026, up from 54.7 per cent at year-end 2025. At 44.2 per cent, the EPRA loan-to-value was virtually unchanged from the level of 44.3 per cent at the end of the previous year.
Progress in strategic portfolio streamlining
As part of its strategic alignment, the company is pressing ahead with reducing its office allocation. Following the completion of the transfer of possession of a divested retail property in Ditzingen in the first quarter, the transfer of an office property in Neu-Isenburg took place on 1 September 2026. The released funds are to be reinvested selectively into high-yielding retail assets with stable cash flows. As at the reporting date of 30 September 2026, the portfolio comprised 62 properties with an unchanged total value of around EUR 1.3 billion. Net asset value stood at EUR 8.85 per share.
Operating metrics for the standing portfolio remained stable. The weighted average lease term stood at 5.0 years at the end of the third quarter. The EPRA vacancy rate as at the reporting date showed a slight increase to 4.4 per cent, but remained at a consistently moderate level. Since the beginning of the year, the company has concluded lease agreements covering an area of around 27,500 square metres. Driven by successful lease renewals in the office segment, the tenant retention rate was 85 per cent.
Increase in full-year guidance for operating result
Based on leasing successes to date and a revised cost estimate, management has adjusted its full-year targets for 2026 upwards. Income from rents and leases is now expected to be in a range between EUR 88.5 million and EUR 90.0 million, compared with the previous expectation of EUR 87.5 million to EUR 89.5 million. For FFO, HAMBORNER REIT AG now anticipates between EUR 42.0 million and EUR 44.0 million, instead of the EUR 38.0 million to EUR 42.0 million originally forecast.
Decisive factors for the improved earnings outlook, alongside concluded leasing transactions, include lower expenses for tenant fit-outs, incentives and maintenance compared with the original annual plan.
