DGAP-News DIC Assets
DGAP-News: DIC Asset AG / Key word(s): Quarterly / Interim Statement
03.05.2019 / 07:30
DIC Asset AG Increases its FFO by 25% and Decreases its LtV below 50%
Frankfurt am Main, 03 May 2019. DIC Asset AG, one of Germany’s leading listed property companies, has enhanced the quality of its real estate portfolio with strong operating performance indicators while maintaining its growth trajectory. At EUR 17.0 million, the FFO exceeded the prior-year figure of EUR 13.6 million by EUR 3.4 million or 25%, a result to which the increased income from property management in the amount of EUR 9.2 million (previous year: EUR 8.9 million) contributed, as did a reduction of operating expenses. The consolidated income of EUR 9.2 million matched the prior-year level despite lower profits on property disposals.
Assets under management (AuM) totalled EUR 5.6 billion as of 31 March 2019 (31 December 2018: EUR 5.6 billion). Compared to the figure of EUR 4.8 billion as of 31 March 2018, their value increased by 17%, which is essentially attributable to positive valuation effects and to the growth in third-party business. The acquisition volume is already up to c. EUR 92 million this year to date; disposals from the Commercial Portfolio since the start of the year add up to c. EUR 22 million.
With the first quarter of the year brought to an excellent conclusion, the Management Board reaffirmed its forecast for the 2019 financial year.
The option to choose between a payment of the cash dividend in the amount of EUR 0.48 per share or a payment in the form of new shares, which the annual general meeting on 22 March 2019 resolved to offer to the shareholders, had an acceptance rate of 50%, thus exceeding the rate of 2018 by 13% (44%). More than EUR 16 million will be retained by the company to boost its continued growth and will thus help to optimise its financial structure.
“The net income of the first quarter continues our earnings growth where 2018 left off. We are getting tailwind from our company’s operating achievements as much as from the faith that our investors have shown in our business model. As a result of the TLG shares transaction, the LtV ratio is now below 50%, and given our well-filled pipeline, we can at this time reaffirm the targets we defined for the 2019 financial year in all areas,” said Sonja Wärntges, CEO of DIC Asset AG, as she commented the quarterly financial statements.
Increase in Value of the Properties Held in the Commercial Portfolio
Income from Funds Business up 27%
Growing Third-Party Business in the Other Investments Segment
Loan-to-Value (LtV) below 50% for the First Time
For more details on DIC Asset AG, go to the internet 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 1.6 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 2.3 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(R) 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: 31/03/2019)
DIC Asset AG at a Glance
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|Company:||DIC Asset AG|
|Neue Mainzer Straße 20 * MainTor|
|60311 Frankfurt am Main|
|Phone:||+49 69 9454858-1462|
|Fax:||+49 69 9454858-9399|
|ISIN:||DE000A1X3XX4, DE000A1TNJ22, DE000A12T648|
|WKN:||A1X3XX, A1TNJ2, A12T64|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange|
|EQS News ID:||806731|
|End of News||DGAP News Service|