Q3 2024 Hamborner REIT AG Earnings Call Transcript
Key Points
- Income from rents and leases increased by 2.8% to EUR69.8 million, indicating growth despite a challenging environment.
- Operational figures such as walls and vacancy rates remained stable, with a solid level of 6 years and 3.1% respectively.
- The company successfully sold a non-strategic office property in Hamburg at a 27% premium over its most recent market value.
- Loan to value (LTV) ratio decreased to 44.4% as of September 30, 2024, reflecting a positive development in financial stability.
- The company expects both income from rents and leases and FFO to be at the upper end of their forecast ranges for the full year 2024.
- FFO slightly decreased by 1% due to income and cost effects, highlighting some financial pressure.
- Income from incidental costs passed on to tenants decreased by around 6% due to increased vacancy and outstanding settlements.
- Maintenance expenses increased by around 10% year-on-year, indicating higher operational costs.
- Admin expenses rose due to digitalization efforts, particularly software license costs.
- The letting result for the first nine months showed a significant decline compared to the previous year, reflecting challenges in the rental market.
Welcome to the Hamborner REIT AG third quarter 2024 results conference call. My name is Allen and I'll be your coordinator for today's event. Please note this call is being recorded and for the duration your lines will be on listen-only. However, you will have the opportunity to ask questions at the end. (Operator Instructions). I will now hand you over to your host, Niclas Karoff to begin today's conference. Thank you.
Yeah, good morning, ladies and gentlemen and welcome to the presentation of our third quarter results. As usual, I'm accompanied by our team, including my colleagues, Sarah and Christoph.
So before we start, I would like to draw your attention once again to the transmission of this event. As described in the invitation, We ask you to dial in either via the webcast link or by telephone.
And as usual, active participation in the Q&A session is only possible via phone.
But before we start the Q&A let's move on to the presentation
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