Skip to contentHome page Seeking Alpha - Power to InvestorsStock IdeasGermanyApr 27, 2026, 6:00 PM ETHamborner REIT AG (HMBRF) StockTruth Finder Investment152 FollowersCommentsSummaryHamborner REIT offers an ~8% dividend yield, but rising costs threaten dividend sustainability and future returns.I project cost increases of ~€12m by FY-29, mainly from higher interest expenses, pressuring FFO and reducing dividend payouts.Despite a ~47% NAV discount, HAB faces risks from potential property value declines, higher vacancies, and challenging office asset disposals.A 4.3% CAGR over the next years is insufficient; I recommend selling HAB and seeking yield elsewhere.Felix Geringswald/iStock Editorial via Getty ImagesInvestment Thesis OverviewHamborner REIT’s (“HAB”) dividend yield is around ~8%, and REIT status guarantees 90% of net income to be returned to shareholders via dividend. However, in my view, HAB’s dividend is not safe at current levels and will comeThis article was written byTruth Finder Investment152 Followers"Finding the truth for better investment decisions." Worked in long-short equity/credit. Investing >10 years. Best idea return 25x ROI over 5 years. Chanos, Buffett, Loeb = Rockstars.Analyst’s Disclosure: I/we have a beneficial short position in the shares of HMBRF either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.CommentsTo ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.Is this happening to you frequently? Please report it on our feedback forum.If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.