DGAP-News DIC Assets
DGAP-News: DIC Asset AG / Key word(s): Annual Results
08.02.2019 / 07:30
DIC Asset AG increases FFO to a record level of EUR 68 million in 2018; dividend raised to 48 Cents (previous year: 44 Cents)
Frankfurt am Main, 08 February 2019. This Friday, DIC Asset AG, one of Germany’s leading listed property companies, published its figures for the 2018 financial year, looking back on a decidedly successful year in business.
Funds from Operations (FFO) grew by a significant 13 % to EUR 68.0 million (previous year: EUR 60.2 million) and thereby attained a new record level. This is attributable specifically to the outstanding performance of the funds trading platform and the resulting noticeably higher transaction-related income from management fees. The profit for the period is at EUR 47.6 million and rose by 6 % – without the one-off effect in 2017 of the share swap in which the company traded its WCM Beteiligungs- und Grundbesitz AG stock in for shares in TLG Immobilien AG. The assets under management (AuM) totalled EUR 5.6 billion as of 31 December 2018 (previous year: EUR 4.4 billion).
In response to the successful financial year, the Management Board of DIC Asset AG will propose an increased dividend of EUR 0.48 per share for 2018-with the option to choose a scrip dividend instead-to the annual general meeting on 22 March 2019. The dividend yield relative to the year-end 2018 share price thus equals 5.3 %.
“Just like the year before, we reliably matched or indeed exceeded the forecast in 2018 and once again demonstrated the profitability and dynamic of our hybrid business model. We made good progress toward our strategic goals to keep enhancing the quality and balance of our portfolio and to generate growth. We were able to showcase our real estate competence across segments, especially through the like-for-like increase in the rental income of our Commercial Portfolio by 2.7 % as well as through the drastically reduced vacancy rate and extended average lease terms. The brisk growth in the fair market value of our real estate created sustainable values that are reflected not least in the improved loan-to-value ratio. For the first time ever, our net asset value has topped EUR 1 billion and thereby set a new high-water mark. In our investment fund division, we expanded our trading platform by launching two new special funds and by completing advantageous exits, boosting income by 73 %. Meanwhile, we kept moving forward with our strategic reorganisation by further expanding the third-party business in our Other Investments segment, finalising the wind-down of our joint ventures, and selling our equity interest in TLG as planned. With EUR 5.6 billion in assets under management, we considerably widened the foundation for stable and sustainable cash flows once again,” said Sonja Wärntges, CEO, as she commented the financial year concluded.
Commercial Portfolio with strong Reduction in Vacancy Rate and Increase in Market Value
Seventh and Eighth Special Fund Launched, Highly Profitable Exits
Growing Third-Party Business in the Other Investments Segment
Funding Structure further Optimised, Loan-to-Value Brought down to 53.1 %
Outlook for 2019
For more details on DIC Asset AG, visit the company’s homepage at www.dic-asset.de.
About DIC Asset AG:
In its Commercial Portfolio division (EUR 1.7 billion in assets under management), DIC acts as proprietor and property asset holder, and thus generates revenues both from the management of the assets and through the value optimisation of its own real estate portfolio. The Funds division (EUR 1.8 billion in assets under management) generates its revenues by acting as issuer and manager of special real estate funds for institutional investors. Gathered in the business unit Other Investments (EUR 2.1 billion in assets under management) are strategic financial investments, the management of properties in which the company holds no equity stakes, equity investments in property developments and joint venture investments. DIC Asset AG has been included in the SDAX segment of the Frankfurt Stock Exchange since June 2006. The Company’s shares are also included in the EPRA index, which tracks the performance of the most important European real estate companies. (as of: 31/12/2018)
DIC Asset AG at a Glance
* not including third-party business, warehoused assets and properties to be repositioned
*** adjusted for warehousing
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|DIC Asset AG
|Neue Mainzer Straße 20 * MainTor
|60311 Frankfurt am Main
|+49 69 9454858-1462
|+49 69 9454858-9399
|DE000A1X3XX4, DE000A1TNJ22, DE000A12T648
|A1X3XX, A1TNJ2, A12T64
|Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange
|End of News
|DGAP News Service