HAMBORNER REIT AG recorded operational performance largely in line with expectations in the first nine months of the 2026 financial year. Income from rents and leases stood at EUR 67.3 million, down 0.9 per cent on the previous year. This slight decline was primarily driven by property disposals in both the current and preceding financial years. On a like-for-like basis, rental income rose by EUR 1.0 million, or 1.5 per cent, as a result of contractual rent adjustments.
Operating earnings before taxes and interest under the REIT standard (funds from operations, FFO) declined by 6.0 per cent to EUR 34.5 million in the nine-month period. This corresponds to an FFO per share of EUR 0.42, compared with EUR 0.45 in the prior-year period. Alongside disposal-related reductions in rental income, higher financing costs as well as increased expenditure for property operations and maintenance weighed on earnings.
Transactions and portfolio structure
The balance sheet structure remained robust as at the reporting date. The REIT equity ratio increased to 55.2 per cent as at 30 September 2026, compared with 54.7 per cent at the end of the 2025 financial year. The EPRA loan-to-value ratio stood at 44.2 per cent, following 44.3 per cent at the end of 2025. At the end of the quarter, the overall portfolio comprised 62 properties with an unchanged market value of approximately EUR 1.3 billion. Net asset value stood at EUR 8.85 per share.
On the transaction side, following the transfer of a retail property in Ditzingen completed in the first quarter, the company completed the transfer of possession of an office property in Neu-Isenburg on 1 September 2026. This step serves the strategic reduction of the office share and creates financial scope for reinvestment in high-yield retail properties with a reliable cash-flow profile.
Operating portfolio metrics remained stable during the reporting period. The average remaining lease term was 5.0 years, while the reporting-date EPRA vacancy rate stood at 4.4 per cent. Since the start of the year, the company has completed lease agreements covering a total floor space of around 27,500 square metres. Contract renewals with office tenants in particular resulted in a tenant retention rate of approximately 85 per cent.
Upward revision to full-year guidance
On the basis of business performance to date and a reassessment of cost structures, the Management Board has adjusted its forecast for 2026. Income from rents and leases is now expected to be in a range of EUR 88.5 million to EUR 90.0 million, compared with the previously projected EUR 87.5 million to EUR 89.5 million. The forecast for funds from operations was increased to between EUR 42.0 million and EUR 44.0 million, up from the previously expected EUR 38.0 million to EUR 42.0 million. Key factors behind this revision included lower expenses for tenant incentives, fit-outs and maintenance measures.
- —Income from rents and leases after nine months at EUR 67.3 million (like-for-like: up 1.5 per cent)
- —REIT equity ratio at 55.2 per cent; EPRA LTV stable at 44.2 per cent
- —New 2026 full-year FFO guidance range raised to EUR 42.0 to 44.0 million
- —High tenant retention rate of around 85 per cent across 27,500 square metres of letting activity
