DGAP-News DIC Assets
DGAP-News: DIC Asset AG / Key word(s): 9-month figures
08.11.2018 / 07:30
DIC Asset AG: Strong Third Quarter 2018 Reaffirms Guidance Increase
Frankfurt am Main, 08 November 2018. DIC Asset AG, one of Germany’s leading listed property companies, demonstrated its profitability once more in all of its business lines during the first nine months of 2018. Especially the dynamic of the fund business, the subsequently growing transaction fees and the quality of the property portfolio drove the FFO of EUR 49 million at the end of nine months (9M 2017: EUR 48.1 million). With EUR 33.9 million, the consolidated income is also higher than in the prior-year period. For the full year, the targets were raised due to the successes already achieved and anticipated yet. The forecast for the gross rental income is up from between EUR 95 and 98 million to between EUR 98 and 100 million now, and the FFO forecast from between EUR 62 and 64 million to now EUR 68 million.
By 30 September, the assets under management reached EUR 5.1 billion, a 24% increase compared to the prior-year period. Especially the assets managed by the fund business continued to increase during this time (+27%) and grew to EUR 1.9 billion through acquisitions and appreciation of existing funds. All in, the acquisition volume to date approximates EUR 322 million, driven by the expansion of the Commercial Portfolio with acquisitions worth c. EUR 268 million and additional acquisitions in the fund business totalling c. EUR 54 million. Sales from the Commercial Portfolio since the start of the year added up to c. EUR 67 million.
“The net income of the third quarter has reaffirmed the profitability of our hybrid model. Outstanding transactions in the fund business, growth of the Commercial Portfolio, rising like-for-like rents and a significant reduction of the vacancy rate – all achieved by our excellent teams – have been and continue to be our success factors,” said Sonja Wärntges, CEO of DIC Asset AG.
Like-for-Like Rental Income in the Commercial Portfolio up 2.6%
Successful Transactions Strengthen FFO Contribution
TLG Dividend Defines the Net Income of the Other Investments Segment
Financing Costs Remain on very Low Level
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 1.9 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.
DIC Asset AG at a Glance
*All per-share figures adjusted according to IFRS
** adjusted for warehoused assets
*** not including warehoused assets and property developments
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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|