DGAP-News

DIC off to dynamic start into 2021 - Seite 2

Milestones of the first three months of 2021:

• The letting performance during the first quarter rose by 50% year on year, up to 55,800 sqm (Q1 2020: 37,100 sqm). The sum includes 26,100 sqm of logistics space, let primarily by RLI Investors. The leases signed represent an annualised rent of EUR 6.6 million (Q1 2020: EUR 5.0 million).
• The gross rental income equalled EUR 23.4 million and thus trailed last year's figure, mainly because of sales and disposals of warehousing assets (Q1 2020: EUR 26.0 million). Real estate management fees rose by 18% to EUR 24.0 million (Q1 2020: EUR 20.4 million), with asset management, property management and development fees growing by 25% to a total of EUR 8.5 million (Q1 2020: EUR 6.8 million). The transaction and performance fees increased by 14% to EUR 15.5 million in Q1 2021, especially due to completed transfers of benefits and burden for the investment fund launched in late 2020. The share of the profit of associates equalled EUR 2.5 million, maintaining last year's level (Q1 2020: EUR 2.7 million).
• The operating costs increased as planned year on year, totalling EUR 14.4 million (Q1 2020: EUR 12.1 million). They were driven by the growth of the property management platform and the takeover of RLI Investors GmbH at the start of the financial year. The net interest expense improved slightly over prior year, rising to EUR -6.8 million (Q1 2020: EUR -7.1 million).
• The funds from operations (FFO) matched the prior-year level at EUR 26.5 million. Taking EUR 12.0 million in profits from sales into account (Q1 2020: EUR 2.5 million) will raise the FFO II ratio by 33% up to EUR 38.5 million (Q1 2020: EUR 28.9 million).
• The Adjusted NAV amounted to EUR 22.32 per share as of 31 March 2021 (31 December 2020: EUR 22.04).
• The LTV ratio (loan-to-value) - warehoused assets not included - equalled 44.8% as of 31 March 2021 (31 December 2020: 44.5%). The Adjusted LTV (factoring in the full value of the Institutional Business) equalled 39.6% (31 December 2020: 39.2%).
• The holdings of cash and cash equivalents increased to EUR 457.7 million (31 December 2020: EUR 371.4 million), primarily due to the subscription of initial tranches of the ESG-linked promissory note.