EQS-News DIC Assets
EQS-News: DIC Asset AG / Key word(s): Quarterly / Interim Statement
DIC Asset AG well-positioned and stable – net take-up increased by 31%
Frankfurt am Main, 9 November 2022. DIC Asset AG (“DIC”), ISIN: DE000A1X3XX4, one of Germany’s leading listed property companies, published its financials for the first nine months of the year today. In a globally turbulent environment, DIC remained successfully on course. The company was able to increase the value of its assets under management by 27% and the net take-up by 31%. By year-end, DIC expects to see EUR 114 to 117 million in FFO, which would imply a year-on-year increase by 7-10%.
“Our business model has proven stable and robust. This is where our forward-looking management pays off, which prepared early on for the challenges we are now seeing. Based on the fast growth of our attractive proprietary portfolio with its focus on office and logistics real estate, we are generating a steady cash flow, create reliable values for our stakeholders, and expect this to be another year with FFO growth,” said Sonja Wärntges, CEO of DIC Asset AG
Due to its high share of recurring cash flows from rents and management fees, DIC managed to earn EUR 76.1 million (previous year: EUR 79.6 million) in funds from operations (FFO) by the end of the first nine months of this year in spite of the current slowdown of the transaction business. When adjusted for the one-off expenses of the majority acquisition of VIB Vermögen AG, the consolidated net income adds up to EUR 44.8 million (previous year: EUR 51.2 million).
Results and milestones of the first nine months of 2022:
Annual forecast for 2022 adjusted – FFO growth by 7% to 10% year-on-year
On 2 November 2022, DIC adjusted its forecast for the ongoing financial year of 2022, and now expects its funds from operations (FFO) (before tax, after non-controlling interests) to equal EUR 114 to 117 million (previously: EUR 130 to 136 million) and real estate management fees to equal EUR 90 to 95 million (previously: EUR 105 to 115 million). The reason for the adjustment are the changed parameters on the real estate investment market, which have caused some of the planned acquisitions and disposals to be delayed and rescheduled. In the case of DIC, this concerns the Institutional Business (third-party business on behalf of institutional investors) whose revenues and earnings from management fees depend more strongly on the transactions market than the Commercial Portfolio (real estate held in the proprietary portfolio) whose revenues are essentially generated by rent payments. Following the consolidation of VIB and given the persistently strong volume of lettings and lease renewals, DIC anticipates a gross rental income in the amount of EUR 170 to 180 million, which implies a considerable increase compared to the year-end total of 2021. With VIB taken into account, the plans call for acquisitions in an amount of EUR 2,950 to 3,000 million across segments: Thereof, proprietary portfolio (Commercial Portfolio) accounts for acquisitions in the amount of c. EUR 2.3 billion, and the Institutional Business for acquisitions worth EUR 650 to 700 million. The acquisition target for the Commercial Portfolio has already been achieved due to the acquisition of the majority interest in VIB. In addition, disposals of EUR 400 to 500 from the Commercial Portfolio are planned. No further disposals are planned for the Institutional Business during the 2022 financial year.
Invitation to attend conference call on 9 November 2022
The Management Board of DIC Asset AG invites you to attend the presentation of the financial statement for the first nine months of 2022 on 9 November 2022 at 10:00 CET.
Please use the link below to register for the conference call:
The webcast (incl. replay) is available under the link below:
For more details on DIC Asset AG, visit the company’s homepage at www.dic-asset.de.
About DIC Asset AG:
DIC Asset AG is Germany’s leading listed specialist for office and logistics real estate with more than 20 years of experience on the real estate market and access to a broad-based network of investors. Our business is based on a regional and inter-regional real estate platform with nine offices on the ground in all major German markets (with VIB Vermögen AG included). We currently manage a total of 359 assets with a combined market value of EUR 14.5 billion on site, always close to our properties and their occupiers.
The Commercial Portfolio segment comprises real estate held for our own account. Here, we generate steady cash flows from stable rent revenues on long-term leases while also optimising the value of our portfolio assets through active management, and realising gains from sales.
In the Institutional Business segment, we earn recurrent fees from real estate services we provide to national and international institutional investors by structuring and managing investment products that return attractive dividend yields.
DIC Asset AG has been SDAX-listed since June 2006.
IR Contact DIC Asset AG:
DIC Asset AG at a Glance
* Per-share figures adjusted in accordance with IFRS (number of shares 9M 2022: 82,533k 9M 2021: 81,834k)
*** Incl. full value of the Institutional Business
**** Commercial Portfolio without properties to be repositioned and warehoused assets
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|DIC Asset AG
|Neue Mainzer Straße 20
|60311 Frankfurt am Main
|+49 69 9454858-1492
|+49 69 9454858-9399
|DE000A1X3XX4, DE000A12T648, DE000A2GSCV5, DE000A2NBZG9
|A1X3XX, A12T64, A2GSCV, A2NBZG
|Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange
|EQS News ID:
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