annual report 2009 - bei der Hamborner REIT AG

to our sHareHolders management report Financial statements supplementary inFormation
reduction in the asset portfolio year-on-year due to a revaluation of approximately €4.5 million
on balance.
The continuing strained situation on the property markets is reflected in the fair value calculations
for the properties, which results in a tendency for lower valuations. In this environment,
the value of the HAMBORNER property portfolio appeared to be very stable. Moreover,
on the basis of our conservative accounting at amortised acquisition and construction
costs – and not at higher market values – we depreciate our portfolio according to the
schedule, so that revaluation reductions are borne by the hidden reserves, but do not inevitably
have a negative impact on the result. However, there is even write-up potential with
constant or increasing fair values for properties subjected to a non-scheduled depreciation
in previous years. Due to the comparatively stable performance of our portfolio, we have
therefore recorded write-ups amounting to €1.3 million in the reporting year, which are
offset by non-scheduled depreciations to the extent of just €0.7 million. The overall result
is therefore positively influenced by approximately €0.6 million in total.
Successful new investments at HAMBORNER
The objective of our company remains profitable growth. As the transactions markets have
only slowly got off the ground again in 2009, we have consciously acted cautiously in the
reporting year, as in the previous year , and conserved our high liquidity. Due to the crisis
in the property and financial markets, the range of offers for quality properties was rather
small in the first half of the year 2009. Many owners have either simply not put their properties
up for sale at all due to the market imponderables, have offered problem properties
or, in the case of good properties, have gone into the market with clearly excessive price
ideas. Since the third quarter of 2009, however, a perceptible increase in quality and quantity
of the offerings has been seen.
New investments, including additional purchase expenses, to the extent of €40.0 million,
were transacted in the financial year 2009. Conforming to the strategy, we have concentrated
with the new investments on commercial buildings in A1 locations, specialist stores
in highly frequented locations and high-quality office properties.
In 2008, purchase agreements had already been recorded for two mixed-usage properties
in Hamburg and a further office building in an excellent position in Münster. All properties
transferred into our ownership at the start of 2009. Furthermore, a recently constructed
retail centre with long-term rental agreements was purchased in the second half of the
year in a highly frequented position in the Duisburg location. Transfer of ownership was in
August 2009.
More specifically, the following new investments were transacted in the financial year 2009
with transfer of ownership:
City Address Use Space in m² Rental income p. a.
in T€
Hamburg Fuhlsbüttler Straße Office /
Commercial
Hamburg Ziethenstraße Office /
Manufacturing
2,961 472
2,095 170
Münster Martin-Luther-King-Weg Office 13,799 1,709
Duisburg Kaßlerfelder Kreisel Commercial 5,119 659
annual report 2009 | Hamborner reit ag 47