DGAP-News

DIC Asset AG sees further FFO growth in 2015 - Seite 2

million). Consolidated profit for the period of EUR 14.0 million (2013: EUR
16.0 million) was in line with expectations and reflected non-recurring
effects related to the placement of corporate bonds.

FFO was within the target corridor between EUR 47 million and EUR 49
million, at EUR 47.9 million, benefiting from the strong rise in rental
income and stable income from the funds business. FFO per share was EUR
0.70 (2013: EUR 0.94). Based on the comparable number of shares outstanding
in 2014, FFO per share 2013 would have been EUR 0.67, implying a 4% rise in
2014.

After extensive disposals, investments and the change in value (-0.2 per
cent), the pro-rata market value of the portfolio declined by 5.6 per cent,
to EUR 2,396.9 million (2013: EUR 2,538.3 million). The net asset value
(NAV) per share remained stable as at year-end at EUR 864.8 million (2013:
EUR 862.4 million). NAV per share, based on the higher number of shares,
was EUR 12.61 (2013: EUR 12.58).

Successful real estate management lays solid groundwork

DIC Asset AG continued to improve its letting performance in 2014,
generating annualised rental income of EUR 33.2 million through its rental
agreements (2013: EUR 19.3 million). This corresponds to an aggregate
letting performance of approximately 242,000m², of which 114,000m² was in
new rentals. The strong letting performance resulted in the vacancy rate
developing as expected. After a reduction by 3 percentage points over the
previous four years, the vacancy rate has now stabilised at 10.9 per cent
(2013: 10.7 per cent). The sales volume at year-end exceeded the EUR 150
million target, reaching EUR 162 million (2013: EUR 99 million). The
selling prices achieved an average mark-up of around six per cent over the
most recent market value determined. The volume of acquisitions amounted to
approximately EUR 180 million (2013: EUR 600 million). As expected,
acquisitions were centred around the growing funds business, with seven
properties and EUR 135 million (2013: EUR 119 million).

Attractive additional income

Share of profit of associates (co-investments in funds business, project
developments and other joint ventures) increased strongly on the previous
year, by EUR 5.0 million, to reach EUR 6.6 million. In particular, realised
gains on project developments posted major contributions, totalling EUR 3.9
million in 2014. Funds business, as another attractive source of income,
grew strongly and developed successfully. With an aggregate investment