DGAP-News DIC Assets
DGAP-News: DIC Asset AG / Key word(s): Half Year Results
30.07.2018 / 07:30
H1 2018: DIC Asset AG with strong operating performance set to continue on growth trajectory – EUR 5 bn Assets under Management for the first time
Frankfurt am Main, 30 July 2018. DIC Asset AG, one of Germany’s leading listed property companies, continued to see brisk and profitable growth during the first half-year of 2018. Compared to the prior-year period, the consolidated income rose by 20% during the first six months of the year, up from EUR 20.0 million to EUR 23.9 million. Stable revenues from operating activities and the generation of dividend income from the company’s strategic equity investment in TLG Immobilien AG increased the FFO by 7% to EUR 32.0 million over the prior-year result (H1 2017: EUR 29.8 million).
The company continued to expand its assets under management, which reached the threshold of EUR 5 billion by 30 June 2018 for the first time. The acquisition volume this year to date adds up to c. EUR 105 million and includes, inter alia, the successful acquisition of a property in Leverkusen for the Commercial Portfolio in the amount of c. EUR 52 million as well as two acquisitions for the investment fund “DIC OB IV” in Eschborn and Mannheim, respectively, for c. EUR 17 million each. Due to the well-filled pipeline, the next acquisitions for both business units are to be expected during the second half of the year. Sales from the Commercial Portfolio added up to c. EUR 49 million by 30 June 2018.
“The result of the first six months impressively illustrates the efficiency of our teams. The increase in the letting result of 60% and the corresponding significant reduction of the vacancy rate as well as the growth in like-for-like rental income, lead to a sustainable increase in the company value, through value uplift of the properties on the one side and the increase in management fees on the other side. Despite global economic threats, the German office rental markets and investment markets remain stable, making it safe for us to reaffirm all targets we defined for the 2018 financial year in our various business areas,” said Sonja Wärntges, CEO of DIC Asset AG.
Like-for-Like Rental Income in the Commercial Portfolio up 2.3%
Seventh Institutional Fund Launched, Fund Business Acts as Growth Driver
Strategic Equity Investment in TLG Yields Major Contribution to Operating Income
An outstanding contribution to the profits of DIC Asset AG during the reporting period took the form of dividend income from the company’s strategic equity investment in TLG Immobilien AG in the amount of EUR 10.2 million.
Improved Interest Expense for the Commercial Portfolio
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.
DIC Asset AG at a Glance
*All figures per share adjusted according to IFRS
** adjusted for warehousing
*** excluding warehousing and repositioning/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|