DGAP-News DIC Assets
DGAP-News: DIC Asset AG / Key word(s): Quarterly / Interim Statement
04.05.2018 / 07:30
DIC Asset AG with strong Q1 result – growth course continued
– Successful sale of share certificates of the DIC HighStreet Balance fund generates EUR 5.9 million transaction fees; income from property management more than doubled
– Consolidated income increased by 21% to EUR 9.2 million;
– Assets under management rose to EUR 4.8 billion
– Like-for-like rental income increased by 1.7%
– LTV further reduced to 56.2%
– DIC Asset AG confirms forecast for 2018
Frankfurt am Main, 4 May 2018. DIC Asset AG, one of Germany’s leading listed property companies, continued to see strong and profitable growth during the first quarter of 2018. The consolidated income rose by 21% to EUR 9.2 million, up from EUR 7.6 million during the prior-year quarter. The assets under management stood at EUR 4.8 billion by 31 March 2018, which implies an increase by EUR 0.4 billion since year-end 2017 (31 December 2017: EUR 4.4 billion). This is primarily due to the growing third-party business. Together with the successful sale of the shares certificates of the DIC HighStreet Balance fund to an institutional investor, the fees from real estate management were more than doubled at EUR 8.9 million. At EUR 13.6 million, the FFO was slightly lower than in the previous year as planned (Q1 2017: EUR 15.8 million). The acquisition volume approximates EUR 35 million year to date and includes the recently completed acquisition of a property in Eschborn for the DIC Office Balance IV fund. Sales from the Commercial Portfolio added up to EUR 37 million by 31 March 2018. The Management Board reaffirmed the targets set for 2018.
In the meantime, the option to choose between a disbursement of the cash dividend in the amount of EUR 0.64 per share or payment in the form of new shares, which the annual general meeting on 16 March 2018 resolved to offer to the shareholders for the first time, was successfully approved with an acceptance rate of around 44%. Approximately EUR 19 million remain with the company to boost its continued growth and will thus help to optimise its financial structure.
Like-for-like rental income in the Commercial Portfolio up 1.7%
Fees from Funds property management more than doubled
Growing third-party business in the segment Other Investments
Upward trend in financial indicators during Q1 2018
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 1.6 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 1.6 billion in assets under management) are joint venture investments, equity investments in property developments, strategic financial investments, and the management of properties in which the company holds no equity stakes. 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
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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; Luxemburg|
|End of News||DGAP News Service|