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DIC Asset AG Maintains its Growth Trajectory with Strong Letting Result and Increase in FFO

·8-min read

DGAP-News: DIC Asset AG / Key word(s): Quarterly / Interim Statement
28.10.2020 / 07:15
The issuer is solely responsible for the content of this announcement.

Press Release

DIC Asset AG Maintains its Growth Trajectory with Strong Letting Result and Increase in FFO

 

Frankfurt am Main, 28 October 2020. During the first nine months of the 2020 financial year, DIC Asset AG (ISIN: DE000A1X3XX4), one of Germany's leading listed property companies, once again demonstrated the strong dynamic of its business model, and has affirmed the short-term objective of increasing its assets under management to c. EUR 10 billion. With a view to the fourth quarter, the FFO forecast for the ongoing year was narrowed down to the upper end of the range of EUR 95-96 million.

"In this time of special challenges, we adapted very flexibly to the market conditions and wasted no time in seizing opportunities. Owing to our continuously strong commitment in our letting and transaction activities, we are not only able - as of today - to reliably achieve our year-end targets again, but are also laying the foundation for the continued long-term success of our company. By expanding our focus to include the logistics asset class, we will further diversify our rental and management cash flows," said Sonja Wärntges, CEO, as she commented on the company's achievements.

 

Milestones of the First Nine Months of 2020:

 

Pipeline Well-Filled for the Fourth Quarter - 2020 Year-End Forecast Refined

The transactions market shows signs that dynamic growth has resumed. As of 30 September 2020, the assets under management stood at a new all-time high of EUR 8.7 billion (31 December 2019: EUR 7.6 billion). The acquisitions in both segments that were notarised since the start of the year approximate EUR 483 million, while sales notarised during the same time add up to c. EUR 354 million across segments.

Meanwhile, the acquisition pipeline of DIC Asset AG remains well-filled, primarily representing further investments in the Institutional Business segment. The strong investor interest makes it reasonable to expect additional equity commitments. Given the sound operating performance outlook for the fourth quarter, it is safe to narrow down the year-end forecast for 2020 as follows: Gross rental income is now expected to reach at least EUR 98 million and thus to approach the upper end of the previous range (EUR 94-98 million). The real estate management fees will prospectively add up to EUR 80-85 million (previously: EUR 80-90 million) and thereby remain within the previous range. The funds from operations (FFO) for 2020 were refined to a forecast of EUR 95-96 million. The transaction targets remain unchanged. The company continues to pursue the short-term growth target of raising its assets under management to EUR 10 billion.

 


Invitation to Attend Investor Call / Webcast on 28 October 2020

The Management Board of DIC Asset AG invites you to attend the presentation of the financial statement for the first nine months of 2020 on 28 October 2020 at 10:00 CET.

Please use the numbers below to dial in: Dial-in numbers:

Germany: +49 (0)69 2222 2018
United Kingdom: +44 (0)330 336 9411
United States: +1 323-794-2093

The confirmation code is: 2255937#

The webcast (incl. replay) is available under the link below:
https://www.webcast-eqs.com/dic20201028/no-audio

For more details on DIC Asset AG, visit the company's homepage at www.dic-asset.de.
 

About DIC Asset AG:

With more than 20 years of experience on the German real estate market, the company maintains a regional footprint on all major German markets through six branch offices, and has 189 assets with a combined market value of c. EUR 8.7 billion under management.

Taking an active asset management approach, DIC Asset AG employs its proprietary, integrated real estate management platform to raise capital appreciation potential company-wide and to boost its revenues.

In its Commercial Portfolio division (EUR 2.1 billion in assets under management), DIC Asset AG 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.

In its Institutional Business division (EUR 6.6 billion in assets under management), which operates under the name GEG German Estate Group, DIC Asset AG generates income by structuring and managing investment vehicles with attractive dividend yields for national and international institutional investors.

DIC Asset AG has been SDAX-listed since June 2006.

IR Contact DIC Asset AG:
Peer Schlinkmann
Head of Investor Relations & Corporate Communications
Neue Mainzer Strasse 20
D-60311 Frankfurt am Main
Phone +49 69 9454858-1492
ir@dic-asset.de

DIC Asset AG at a Glance

 

 

*All per-share figures adjusted in accordance with IFRS. (Number of shares 9M 2020: 79,030k; 9M 2019: 71,545k)
** Not including warehoused assets
*** Per share figures according to shares outstanding as of the balance sheet date (9M 2020: 80,587,028; 9M 2019: 72,213,775)


28.10.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Key financial figures in EUR million

9M 2020

9M 2019

Gross rental income

76.3

75.6

Net rental income

61.7

65.5

Real estate management fees

60.6

38.9

Proceeds from sales of property

9.5

47.5

Total income

163.2

178.8

Profits on property disposals

2.5

4.4

Share of the profit or loss of associates

8.0

17.7

Funds from operations (FFO)

72.7

68.5

EBITDA

96.2

96.1

EBIT

67.7

71.2

Profit for the period

38.4

40.0

Cash flow from operating activities

45.8

50.4

 

 

 

Key financial figures per share in EUR*

9M 2020

9M 2019

FFO

0.92

0.96

Earnings

0.48

0.56

EPRA earnings

0.82

0.88

Balance sheet figures in EUR million

30/09/2020

31/12/2019

Loan-to-value (LtV) in %**

48.2

47.8

Adjusted LtV in %**

42.7

41.8

Investment property

1,726.5

1,623.0

Equity

1,069.6

968.8

Financial liabilities

1,567.3

1,547.2

Total assets

2,765.0

2,657.4

Cash and cash equivalents

317.6

351.2

EPRA-NAV per share (in EUR)***

17.06

17.23

Adjusted NAV per share (in EUR)***

21.56

22.26

Key financial figures in EUR million

9M 2020

9M 2019

Gross rental income

76.3

75.6

Net rental income

61.7

65.5

Real estate management fees

60.6

38.9

Proceeds from sales of property

9.5

47.5

Total income

163.2

178.8

Profits on property disposals

2.5

4.4

Share of the profit or loss of associates

8.0

17.7

Funds from operations (FFO)

72.7

68.5

EBITDA

96.2

96.1

EBIT

67.7

71.2

Profit for the period

38.4

40.0

Cash flow from operating activities

45.8

50.4

 

 

 

Key financial figures per share in EUR*

9M 2020

9M 2019

FFO

0.92

0.96

Earnings

0.48

0.56

EPRA earnings

0.82

0.88

Balance sheet figures in EUR million

30/09/2020

31/12/2019

Loan-to-value (LtV) in %**

48.2

47.8

Adjusted LtV in %**

42.7

41.8

Investment property

1,726.5

1,623.0

Equity

1,069.6

968.8

Financial liabilities

1,567.3

1,547.2

Total assets

2,765.0

2,657.4

Cash and cash equivalents

317.6

351.2

EPRA-NAV per share (in EUR)***

17.06

17.23

Adjusted NAV per share (in EUR)***

21.56

22.26

Language:

English

Company:

DIC Asset AG

Neue Mainzer Straße 20

60311 Frankfurt am Main

Germany

Phone:

+49 69 9454858-1492

Fax:

+49 69 9454858-9399

E-mail:

ir@dic-asset.de

Internet:

www.dic-asset.de

ISIN:

DE000A1X3XX4, DE000A12T648, DE000A2GSCV5, DE000A2NBZG9

WKN:

A1X3XX, A12T64, A2GSCV, A2NBZG

Indices:

S-DAX

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange

EQS News ID:

1143465


 

End of News

DGAP News Service

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