DGAP-News DIC Assets
DGAP-News: DIC Asset AG / Key word(s): Change in Forecast/Preliminary Results
08.10.2018 / 07:30
DIC Asset AG Raises FFO Guidance for 2018 after Strong Third Quarter
Frankfurt am Main, 8. October 2018. DIC Asset AG, one of Germany’s leading listed property companies, anticipates c. EUR 49 million in funds from operations (FFO) for the 2018 nine-month period (previous year: EUR 48.1 million), based on preliminary figures. Income from the company’s investment funds, including the set-up fee for the DIC Office Balance V fund launched in late June, contributed to this result. The consolidated net income for the first nine months of 2018 is expected to top the prior-year result slightly (previous year: EUR 33.4 million).
DIC Asset AG believes that transactions in the second half of the year will cause the FFO contribution of the fund segment to exceed the forecast from the start of the year. On this basis, the group-wide FFO is now predicted to be at c. EUR 68 million for the full year 2018, exceeding the range of EUR 62 to 64 million assumed so far. For gross rental income EUR 98 to 100 million instead of EUR 95 to 98 million is predicted. The acquisition target of EUR 450 to 500 million across segments and the sales target of EUR 100 to 120 million from the proprietary portfolio (Commercial Portfolio) are confirmed.
“The contribution that the fund business will make to the operating income and that is likely to exceed expectations demonstrates impressively that our hybrid business model offers diverse income opportunities that go beyond the portfolio business in a strict sense. It is quite evident to us that DIC Asset AG has increasingly established itself as trading platform in the fund business,” commented Sonja Wärntges, CEO of DIC Asset AG.
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 1.6 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 1.6 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.
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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|
|End of News||DGAP News Service|