annual report 2009 - bei der Hamborner REIT AG

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to our sHareHolders management report Financial statements supplementary inFormation 48 Hamborner reit ag | annual report 2009 The new investments were financed for 40% from own funds and otherwise through the acceptance of bank loans. Depending on the developments on the property transactions market, HAMBORNER will grow further in the asset categories of office and retail trade properties in 2010. In 2009, a purchase agreement had already been concluded regarding a recently constructed office property, fully let for the long-term, in Erlangen at a purchase price of €14.8 million. This property transferred into the ownership of the company in the middle of February 2010. Sales from the asset portfolio We sold one portfolio property in the financial year 2009. The office building located in the pedestrian zone of Bad Oeynhausen no longer matched our current requirement profile due to the property size, high residential ratio and associated high administration requirement. The property was sold at a price in line with market conditions with a slight book profit to the extent of €23,000. We will continue to monitor the market intently in order to sell further portfolio properties where appropriate, which are classified as no longer conforming to the strategy, for instance due to the position, tenant structure, property size, the administration requirement or poten- tial for a rent increase. Explanatory notes on the property portfolio As of December 31, 2009, the company had a property portfolio of 4,738,669 m² overall. This involves predominantly agricultural areas or forest land, which were acquired during our earlier mining period. The portfolio of this existing holding that still remains today is located in the area of the municipalities of Dinslaken, Hünxe and Duisburg. Only 204,404 m², or 4.3% of the total portfolio, is apportionable to developed inner-city properties, which were acquired from scratch after mining was discontinued. The portfolio register contains more detailed information on these properties. The property portfolio as of December 31, 2009 breaks down as follows by types of usage compared with the previous year: in m 2 31.12.2009 31.12.2008 Properties with business or commercial premises 204,404 172,185 Undeveloped residential properties * 4,600 4,600 Undeveloped commercial and industrial sites 6,000 6,000 Land for agriculture and forestry 4,523,665 4,548,905 Total 4,738,669 4,731,690 * identified by means of the development plan or suitable for building in accordance with Section 34 of the German Federal Building Code [BauGB] The areas shown as land for agriculture and forestry with approximately 4.5 million m² are for the large part in the peripheral outer area. In this regard, there are also only occasionally prospects for future rezoning to commercial or residential building land in the long-term. The undeveloped real estate was valued at the original acquisition and construction costs in the balance sheet (at approximately €0.52/m² on average).
to our sHareHolders management report Financial statements supplementary inFormation In 2009 the financial year we sold land areas of approximately 25,000 m² from our existing holding and in the process achieved income to the extent of approximately €0.4 million. The five sales in total involve land in Duisburg-Beeck, Duisburg-Marxloh and Dinslaken. Investments The company shares in Montan GmbH Assekuranz-Makler, Düsseldorf, were sold at the start of 2009. Thus, HAMBORNER has also divested itself of its last investment against the background of the REIT conversion. Workforce Our employees shape the image of the company for our clients and business partners. They have contributed quite considerably in their respective assignment areas to the success of our company in the 2009 financial year as well, with great personal commitment and a high willingness to assume responsibility. HAMBORNER employed 25 employees on an annual average, including the two members of the Managing Board. The remuneration arrangements for the members of the Managing Board are shown in detail in the remuneration report. Proposal for the appropriation of profits The basis for the dividend distribution is the unappropriated surplus under commercial law. The profit for the financial year determined in accordance with the provisions of the German Commercial Code amounted to €7,076,050.31 in the reporting year. An unappropriated surplus of €27,236,550.31 arises in addition to the profit carried forward from the previous year to the extent of €20,160,500. The Managing Board will propose to the general shareholders' meeting of the company on 10 June 2010 the distribution of a dividend of €0.37 for each no-par-value share from the unappropriated surplus of the 2009 financial year amounting to €27,236,550.31 and the carrying forward of the remaining amount of €18,811,650.31 to new account. annual report 2009 | Hamborner reit ag 49
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