DGAP-News

DIC Asset AG exceeded its targets for 2015 - Seite 2

exceeded the anticipated range of between EUR 134-136 million. The
year-on-year decline of approximately 7 per cent was almost inevitable,
given the sales of properties from the Commercial Portfolio during the
financial years 2014 and 2015. The volume of property disposals in 2015
totalled around EUR 220 million, exceeding the most recent forecast of EUR
180 million by more than 20 per cent The disposals achieved an average
mark-up of around 5 per cent over the most recently determined market
value. Accordingly, profits on property disposals rose to EUR 14.9 million
(2014: EUR 6.8 million). Fees from real estate management also showed a
marked increase, to EUR 7.3 million - up 40 per cent year-on-year. Total
income amounted to EUR 372.4 million in 2015, up 34 per cent over the
previous year's figure of EUR 277.6 million. Consolidated profit for the
period rose by 48 per cent year-on-year, to EUR 20.7 million (2014: EUR
14.0 million), thanks in particular to profits on disposals and to positive
profit contributions from our development projects.

FFO of EUR 49 million was within the target corridor of between EUR 48
million and EUR 50 million, benefiting from a marked improvement in the net
interest result and a higher FFO contribution from the growing funds
business. FFO per share amounted to EUR 0.72 (2014: EUR 0.70).

Due to extensive disposals, the pro-rata market value of the portfolio
declined to EUR 2.2 billion (2014: EUR 2.4 billion). The net asset value
(NAV) increased to EUR 884.1 million at year-end (2014: EUR 864.8 million).
NAV per share thus amounted to EUR 12.89 (2014: EUR 12.61).

DIC Asset AG's letting performance during 2015 amounted to some 203,000 sqm
(2014: 242,000 sqm), comprising around 136,000 sqm in renewed rental
agreements and around 67,000 sqm in new rentals. Taking the increased
volume of disposals into account, the vacancy rate was 11.3 per cent at the
end of 2015 (2014: 10.9 per cent).


Funds business growing significantly

At EUR 160 million, the volume of purchases in the Company's very
successful funds business exceeded the originally-planned range of between
EUR 130 million to EUR 150 million by more than 20 per cent. At the same
time, at the beginning of 2016, real estate worth approximately EUR 270
million - largely properties held by the Company - was placed with the new
institutional real estate fund "DIC Office Balance III", bringing assets
under management within DIC's funds business above the one billion euro
threshold for the first time, to approximately EUR 1.1 billion (2014: EUR