Why does 9.6% rate weaker than Vonovia's 7.4%?

Compare the numerators: Vonovia's dividend is still growing modestly under its EBT policy (EUR 1.25, +2.5%) while its price fell; Hamborner's dividend has already been cut 18.75%, with FFO and NAV both falling. A name whose numerator is shrinking prints a headline that is an alarm, however high. This site's ranking order is always: numerator first (the distribution's trend and coverage), denominator second (price), quotient last.

Why is the REIT treaty rate (15%) higher than for ordinary companies (10%)?

It is the express design of the SG–Germany treaty's 2021 protocol: distributions by a 'real estate investment company or trust' (for Germany, a REIT-Act company) carry a 15% special ceiling — the legislative logic being that a REIT is already exempt at company level, so the source state keeps more at distribution. The lesson: treaty treatment follows the payer's legal form word by word; never infer it from the intuition that 'REITs should be favoured'.

EUR 0.39 or 0.287 — which is the dividend?

EUR 0.39 is the pre-tax dividend the AGM approved; 0.287 is EUR 0.39 after the statutory 26.375% withholding (0.39 × (1 − 0.26375) ≈ 0.287). Some aggregator sites print the after-tax figure unlabelled, so one stock appears to have two dividends. This site's uniform convention: headlines print pre-tax, in-hand figures are computed separately with the tax tier named — every yield on this site can be re-derived by that rule.

Opportunity rank #73 (cash-flow board) · Germany

Hamborner REIT: Germany's only true REIT — read the 9.6% headline as 'a dividend already cut'

Our take: Do, with conditions

9.6% Hamborner REIT gross dividend yield (FY2025 dividend, company disclosures) · Verified · Data as of: 2026-11-06

Composite-board score: 6.0 · Where it is strong: Net cash flow, Evidence strength · methodology

Data updated: 2026-11-08

Only one German listed property name is a REIT in the REIT-Act (REIT-Gesetz) sense: Hamborner REIT AG — exempt from corporate and trade tax at company level, holding about EUR 1.3bn of large-scale retail, retail parks, DIY stores and modern offices, with a payout policy of 60–70% of FFO. Its headline is the flashiest in Germany: the FY2025 dividend of EUR 0.39 / the EUR 4.06 share price = 9.6% gross. The decomposition prints on the same screen: EUR 0.39 is a cut dividend — down 18.75% from EUR 0.48, with FFO itself falling (EUR 48.6M, −5.7%; rental income EUR 90.3M, −2.9%) and NAV per share at EUR 9.07 (−7.3%), sliding further to EUR 8.72 by mid-2026. So this 9.6% is the same animal as Vonovia's 7.4%: a falling price divided by a shrinking distribution. Its tax treatment holds a counter-intuitive point: precisely because it is a REIT-Act company, the SG–Germany treaty ceiling for it is 15% — worse than the 10% for ordinary companies — giving about 8.2% in hand once the refund is obtained (this site's derivation); withheld at the statutory 26.375%, the cash is EUR 0.287 per share (the 'DPS 0.287' on aggregator sites is that after-tax figure, not a second dividend or a different basis). Market cap is only about EUR 328M, so liquidity caps position size. Verdict: do, on conditions, positioned as the true-REIT contrast case — it is the only door to Germany's tax-exempt REIT structure in pure form, but the cut has already happened and NAV is still sliding, so its conditions are heavier than entry No. 72's.

In short: four lines first

What it costs to get in

Listed shares, from any amount (Xetra access; small cap — position size limited by liquidity)

Roughly what it earns

9.6%（Hamborner REIT gross dividend yield (FY2025 dividend, company disclosures)）

How much work for you

Very hands-off (listed route)

The biggest catch

The numbers that matter

Hamborner REIT gross dividend yield (FY2025 dividend, company disclosures)

9.6%

Verified As of: 2026-11-06 Source: Vonovia 2025 annual report (management letter): adjusted EBITDA EUR 2,800.8M, organic rent growth 4.1%, occupancy 97.9%, dividend EUR 1.25

Why we think it makes money

Its value as an institutional specimen: it is the only German REIT-Act vehicle a reader can buy — what the German version of company-level exemption plus mandatory high payout looks like is fully visible in this one name (the comparison material against US REITs and French SIICs).

The payout policy has a printed anchor: a 60–70% of FFO band with an actual 65% payout — the cut was the mechanical result of falling FFO, not a policy change; tracking FFO is tracking the dividend.

It turns a treaty subtlety into a practical lesson: REIT-Act 15% versus ordinary-company 10% — in the German tax context the 'REIT' label is not a preference but a special tier. Fail to sort it before buying and the in-hand figure is five points short.

How to actually get in

Listed route: buy Hamborner REIT AG shares through Xetra access, at any amount; the small market cap (about EUR 328M) means entries and exits must be staged with spread budgeted. Withholding and refunds follow entry No. 72 (26.375% withheld at payment; the excess over the 15% ceiling reclaimed via the BZSt).

What it costs, what it earns

Entry amount: Listed shares, from any amount (Xetra access; small cap — position size limited by liquidity)
How much work for you: Very hands-off (listed route)

Costs & taxes, item by item:

Small-cap liquidity: bid-ask spreads and market impact are a fixed tax on names of this size, most visible on large entries and exits.
Refund friction as in entry No. 72, at a worse tier (15%): the 8.2% in-hand figure presumes the refund is completed; without it, the cash basis is EUR 0.287 per share.

Basis: this site uses full-cost net returns only — income minus vacancy, management, maintenance, taxes and insurance, then financing interest, with entry costs in the denominator. See the methodology。

Identity & tax

Status (residency / citizenship)

无购房/买股换居留通道

This asset does not count toward the channel No status channel

Threshold: 不适用

德国没有投资换居留：买 apartment、买上市房东股票都不产生任何居留权益。居留只能走工作、学习、家庭等常规通道；本页所有条目按纯现金流评估。

Source: 德国居留法（Aufenthaltsgesetz）一般框架

Tax (investor level)

上市公司分派的法定预扣 26.375%（25% 资本收益税 + 5.5% 团结附加税）；星德协定（2021 年议定书）上限：普通上市公司组合投资者 10%，REIT 法公司 15%——超额部分经 BZSt 退税或预先豁免证书回收，券商未必源头减免。

Vonovia 的 FY2025 股息源自 §27 KStG 税务出资账户：支付环节不预扣，但定性为资本返还、削减成本基础——是递延，不是免除。

Double-tax treaties: 星德协定 2021 年议定书 2021-03-29 生效、2022-01-01 起适用；REIT 的 15% 特别档只适用于 REIT 法 §1(1) 定义的公司（Hamborner 属之，Vonovia/LEG 不属）。

Source: IRAS 协定文本；§43a EStG

This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.

Risks: what could go wrong

FFO's trend is the dividend's trend: rental income −2.9% with FFO −5.7%, continued, makes the next cut under a 60–70% band an arithmetic certainty rather than a risk hypothesis. The verification point is FY2026 FFO. If these happen, our take changes: If FY2026 FFO stabilises or recovers (company disclosure basis), the trend judgment is upgraded; a further dividend cut demotes this entry to explainer.

NAV still sliding (9.07 to 8.72): the asset side (retail parks and DIY stores) is not yet stable under e-commerce and rate pressure — part of the high yield is the mirror image of a shrinking NAV. If these happen, our take changes: If NAV stabilises for two consecutive reporting periods, this entry's asset-side warning is lifted.

Retail tenant exposure: large-format retail and DIY tenants' credit and renewal terms are this name's distinctive risk versus the residential landlords — checked annually against occupancy and lease-expiry structure. If these happen, our take changes: None (tracking discipline).

What we have not verified yet

The following key figures have not yet been verified; the reason is noted for each item.

The ~8.2% in-hand figure is this site's derivation at the 15% treaty ceiling, premised on a completed refund: broker withholding practice varies by case.
FY2026 FFO and distributions follow company disclosures; this page's cut and NAV series run to mid-2026 disclosures.

FAQ

Why does 9.6% rate weaker than Vonovia's 7.4%?: Compare the numerators: Vonovia's dividend is still growing modestly under its EBT policy (EUR 1.25, +2.5%) while its price fell; Hamborner's dividend has already been cut 18.75%, with FFO and NAV both falling. A name whose numerator is shrinking prints a headline that is an alarm, however high. This site's ranking order is always: numerator first (the distribution's trend and coverage), denominator second (price), quotient last.
Why is the REIT treaty rate (15%) higher than for ordinary companies (10%)?: It is the express design of the SG–Germany treaty's 2021 protocol: distributions by a 'real estate investment company or trust' (for Germany, a REIT-Act company) carry a 15% special ceiling — the legislative logic being that a REIT is already exempt at company level, so the source state keeps more at distribution. The lesson: treaty treatment follows the payer's legal form word by word; never infer it from the intuition that 'REITs should be favoured'.
EUR 0.39 or 0.287 — which is the dividend?: EUR 0.39 is the pre-tax dividend the AGM approved; 0.287 is EUR 0.39 after the statutory 26.375% withholding (0.39 × (1 − 0.26375) ≈ 0.287). Some aggregator sites print the after-tax figure unlabelled, so one stock appears to have two dividends. This site's uniform convention: headlines print pre-tax, in-hand figures are computed separately with the tax tier named — every yield on this site can be re-derived by that rule.

Related opportunities

Get the free one-page brief

Get the one-page brief / subscribe for updates

Leave a contact and this page will immediately show a time-limited download link for the brief (valid 24 hours). This site only sends information — it will never pitch you a specific project or pass your contact to any project party.

Data dates are marked per metric; page updated 2026-11-08. This site publishes information and is not investment advice; the corrections channel is in the Disclaimer。