DGAP-News DIC Assets
DGAP-News: DIC Asset AG / Key word(s): Quarter Results
05.05.2017 / 07:15
DIC Asset Starts into the Year with Great Quarterly Result and Places its Fifth Institutional Real Estate Fund
– Successful launch of the DIC Office Balance IV as successor product of the fully placed DIC Office Balance III
– Property disposals worth EUR 157 million – already achieved three-quarter mark of the year-end target
– Rental income shows 0.9 percent like-for-like growth
– FFO of EUR 15.8 million (Q1 2016: EUR 14.5 million)
– Forecast for 2017 upheld
Frankfurt am Main, 05 May 2017. DIC Asset AG (German securities code number WKN A1X3XX / ISIN DE000A1X3XX4) presented its quarter-end figures for Q1 2017 today. The company started into the financial year with solid figures, and just started placing its fifth institutional real estate fund, DIC Office Balance IV, having fully placed its DIC Office Balance III. With the disposal of a real estate portfolio in German A- and B-class cities in a volume of EUR 143 million, among other disposals, the company has already passed the three-quarter mark en-route to its set sales target for 2017. The FFO increased to EUR 15.8 million year on year (Q1 2016: EUR 14.5 million) and thus reflect the reduced interest expenses above all, which were brought down by the refinancing arranged in late 2016. The assets under management showed a modest increase compared to the year-end total of 2016 at EUR 3.6 billion (31 December 2016: EUR 3.5 billion). The profit for the period added up to EUR 7.6 million (Q1 2016: EUR 11.8 million), which is essentially explained by a drop in sales profits over prior-year quarter, and was thus right on target. The Management Board reaffirmed the targets set for 2017.
“These latest funds from operations show that we are right on track, and as a result of the portfolio sale at the beginning of the year, we have far advanced toward our sales target for 2017. As far as our business lines go, we continued to optimise the performance of our Commercial Portfolio through active asset management, on the one hand, and expanded our fund business by launching the DIC Office Balance IV after fully placing the DIC Office Balance III, on the other hand,” said Aydin Karaduman, CEO of DIC Asset AG.
Operating Performance Indicators on Target
Fund Business off to a Successful Start
Financial Indicators Further Improved
For more details on DIC Asset AG, please visit the company’s homepage at www.dic-asset.de.
About DIC Asset AG:
Key Performance Indicators
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|Company:||DIC Asset AG|
|Neue Mainzer Straße 20 * MainTor|
|60311 Frankfurt am Main|
|Phone:||+49 69 9454858-1221|
|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|
|End of News||DGAP News Service|