DGAP-News

DIC Asset AG: promising start in 2013 - Seite 3

year-on-year (Q1 2012: EUR 2.2 million).

At EUR 11.2 million, FFO (funds from operations, defined as earnings before
interest and taxes, and excluding profits from disposals and development
projects) for the first quarter of 2013 was up year-on-year (Q1 2012: EUR
10.6 million), despite lower rental income - thanks to the marked reduction
in financing costs and higher fees from real estate management. FFO per
share increased to EUR 0.25 (Q1 2012: EUR 0.23).

At EUR 3.7 million, consolidated profit for the period rose by a marked EUR
1.1 million compared to the previous year's Q1 figure of EUR 2.6 million.
DIC Asset AG thus more than offset the lower earnings base (following
disposals) and the reduced profit contributions from co-investments,
through financing cost savings and sales profits of EUR 1.7 million.

Cash flow from operating activities rose to EUR 12.2 million (Q1 2012: EUR
10.2 million). Cash and cash equivalents increased significantly, to EUR
77.9 million as at 31 March 2013 (31 Dec 2012: EUR 56.7 million); the rise
was predominantly due to the disposals recognised.

Real estate assets under management currently stand at around EUR 3.4
billion, whilst DIC Asset AG's total assets of EUR 2.2 billion were in line
with the level at year-end 2012 (31 Dec 2012: EUR 2.2 billion). The net
debt equity ratio (based on net liabilities, and adjusted for effects of
derivatives) rose to 32.0 per cent as at 31 March 2013 (31 Dec 2012: 31.2
per cent).

At the beginning of 2013, DIC Asset AG launched its second real estate
special fund 'DIC HighStreet Balance', with a planned investment volume of
up to EUR 250 million. The retail real estate fund invests in first-class
retail properties in prime inner-city locations and pedestrian areas of
prosperous regional centres and conurbations within Germany. An additional
attractive retail property involving an investment of some EUR 22 million
was purchased during the first quarter: the property, which is located in a
top retail area in Passau, Bavaria, has around 8,000 sqm of floor space
which is almost fully let on long-term contracts to tenants of high credit
standing.

DIC Asset AG holds significant co-investment in both special funds, with a
20 per cent stake; on top of investment income, this generates regular and
stable income from real estate management fees. The resulting profit
contributions keep growing; they amounted to EUR 0.9 million during the
first quarter of 2013 (Q1 2012: EUR 0.7 million).

Development of the MainTor quarter in Frankfurt, in which DIC Asset AG