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DIC Asset AG: successful operative business in the third quarter of 2016

DGAP-News: DIC Asset AG / Key word(s): Quarterly / Interim Statement
DIC Asset AG: successful operative business in the third quarter of 2016

04.11.2016 / 06:59
The issuer is solely responsible for the content of this announcement.

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Press Release
Frankfurt, 4 November 2016

DIC Asset AG: successful operative business in the third quarter of 2016

- FFO of EUR 36.9 million stable at the previous year's level
(9m 2015: EUR 36.8 million)

- Projected sales target of EUR 80-100 million already reached

- Letting performance significantly improved, to EUR 22.2 million
(9m 2015: EUR 13.6 million)

- Marked decline in vacancy rate to 11.9 per cent
(down 1.3 percentage points)

- Higher FFO forecast for 2016 of EUR 46 million - EUR 47 million


DIC Asset AG (German Securities ID A1X3XX / ISIN DE000A1X3XX4) published
today its quarterly statement for the first nine months of the 2016
financial year. DIC Asset AG generated FFO (funds from operations) of EUR
36.9 million, almost identical to the previous year's level of EUR 36.8
million and in line with projections. At the same time, DIC Asset AG's
Management Board confirmed the FFO forecast for 2016, which it had raised
from EUR 43-45 million to EUR 46-47 million in September, as well as
expected higher rental income of between EUR 109 million and EUR 111
million. The positive development was mainly due to the successful letting
performance and a delayed transfer of possession, benefits and associated
risks for the planned sales of properties from the Commercial Portfolio.
Additional rental income from the properties notarised in July 2016 in
conjunction with the warehousing for the planned new retail property fund
is expected.

FFO per share for the first nine months amounted to EUR 0.54 (9m 2015: EUR
0.54). Taking into account dividend payments of EUR 0.37 in July, EPRA NAV
amounted to EUR 12.83 per share as at 30 September 2016. As such, EPRA
NAV per share was slightly below the year-end 2015 level of EUR 12.89(1).
EBIT during the period under review totalled EUR 62.5 million (9m 2015: EUR
64.7 million).

Aydin Karaduman, CEO of DIC Asset AG: "The positive quarterly figures
confirm our growth targets in the funds business, and highlight the fact
that we can realise potential in our portfolio by pursuing active asset
management. Thus, we expect positive year-end results, and anticipate
reaching our recently adjusted targets for 2016."

At EUR 22.5 million, consolidated profit for the period was higher than the