PRESS RELEASE : DIC Asset AG: Fast growth during first half of 2021. Excellent full-year outlook

DGAP-News: DIC Asset AG / Key word(s): Half Year Report/Half Year Results 
DIC Asset AG: Fast growth during first half of 2021. Excellent full-year outlook 
2021-08-11 / 07:30 
The issuer is solely responsible for the content of this announcement. 
----------------------------------------------------------------------------------------------------------------------- 
Press Release 
DIC Asset AG: Fast growth during first half of 2021. Excellent full-year outlook. 
  . Profit for the period at EUR 37.7 million: plus 32% 
  . Assets under management at EUR 11.3 billion: plus 33% 
  . Real estate management fees at EUR 50.5 million: plus 20% 
  . Funds from operations (FFO) at EUR 53.0 million: plus 5% 
  . Transactions volume close to EUR 900 million 
Frankfurt am Main, 11 August 2021. DIC Asset AG (ISIN: DE000A1X3XX4), one of Germany's leading listed property 
companies, published its half-year results for 2021 today. 
The company looks back on a successful first six months, achieving robust growth for all of its key performance 
indicators. The profit for the period rose by 32 %. Assets under management, having experienced a 33 % increase, now 
add up to EUR 11.3 billion and keep growing steadily, so that the company upholds its medium-term goal of bringing the 
assets under management up to c. EUR 15 billion. The key earnings ratio of funds from operations (FFO) gained 5 %, 
thereby clearing a new high-water mark of EUR 53.0 million by mid-year. 
"The first half-year demonstrated once again how effective our real estate platform is, how strong an earnings dynamic 
it develops, and that it has tremendous potential going forward. That is exactly what the term 'dynamic performance' 
means for us," said Sonja Wärntges, CEO of DIC Asset AG. "With our own momentum we will implement promising 
transactions during the second half of the year. With this in mind, let me renew our promise: We will keep growing and 
will achieve the goals we set for ourselves this year." 
Although the market environment was defined by restraint during the first six months, DIC Asset AG successfully 
completed significant lettings and transactions. They include several large-scale leases signed for office and 
logistics properties. 
The balance sheet portfolio (Commercial Portfolio excl. Warehousing) was further strengthened through acquisitions of 
two assets that will boost the portfolio's cash flow, one being "MBC" in Cologne, the other "Campus C" in Munich. 
In the Institutional Business, revenues continued to rise, driven by the growth in assets under management. Backed by 
more than EUR 700 million in additional investor equity commitments, DIC faces the second half of the year with a 
secured investment volume of c. EUR 1.3 billion for the steady enlargement of existing investment vehicles. 
Moreover, DIC Asset AG takes a highly active approach to the onward placement of its warehoused properties towards 
institutional investors. After just four months, the company successfully completed the fundraising for its third 
logistics fund, having collected more than EUR 210 million in investor capital. A seed portfolio stocked with 
profitable logistics assets is already earmarked for the fund. One of the currently most attractive investment 
opportunities for institutional investors inside and outside Germany is the "Uptown Tower," the tallest office 
high-rise in Munich. DIC Asset AG is planning to place it with an attractive and profitable core investment product 
during the months ahead. 
Results and milestones of the first half year of 2021: 
  . As one of the biggest active players on Germany's commercial real estate market, DIC Asset AG increased its assets 
    under management by 33 % to a new record volume of EUR 11.3 billion 
  . The transaction volume of c. EUR 900 million to date means that the company is right on target and achieved its 
    mid-year goal 
  . The balance sheet portfolio (Commercial Portfolio excl. Warehousing) stands out with excellent metrics and a 
    rock-solid foundation. The gross rental yield was at 5.0 % at the balance sheet date, while the EPRA vacancy rate 
    was 6.1 %, and the average remaining lease term (WALT) 5.9 years 
  . The gross rental income equalled EUR 48.3 million and slightly lags behind last year's figure, mainly because of 
    disposals and transfers of warehousing assets (H1 2020: EUR 51.4 million) 
  . The rapid increase in assets under management in the Institutional Business and the structuring efforts and 
    transactions completed during the first half of 2021 caused the real estate management fees to rise to EUR 50.5 
    million (H1 2020: EUR 42.1 million), with fees from asset management, property management and developments climbing 
    to EUR 18.8 million (H1 2020: EUR 18.1 million). Transaction fees and performance fees increased by 32 % to EUR 
    31.7 million during H1 2021 
  . The share of the profit or loss of associates dropped by EUR 2.5 million down to EUR 3.8 million year on year. The 
    prior-year figure was influenced in particular by high transaction-related investment income 
  . The operating costs predictably exceeded those of the previous year at EUR 29.0 million (H1 2020: EUR 24.4 million) 
    as a result of the RLI takeover in early 2021 and of the targeted personnel development for the growth of the real 
    estate management platform 
  . The net interest expense declined slightly year on year, down to EUR -14.6 million (H1 2020: EUR -14.2 million). 
    Optimisation of the funding terms pushed the average interest expenses down to 1.9 % as of 30 June 2021 (30 June 
    2020: 2.1 %) 
  . The funds from operations (FFO) rose by 5 % to EUR 53.0 million, thereby achieving the highest half-year result to 
    date. Taking EUR 16.3 million in profits from disposals into account (H1 2020: EUR 2.5 million) the FFO II rose by 
    31 % up to EUR 69.3 million (H1 2020: EUR 53.1 million) 
  . As of 30 June 2021, the NAV amounted to EUR 17.43 per share (31 December 2020: EUR 17.49). The Adjusted NAV, 
    supplemented by the full economic value-added of the Institutional Business, stood at EUR 21.91 per share (31 
    December 2020: EUR 22.04) 
  . The LTV ratio (loan-to-value) - warehoused assets not included - rose to 48.1 % as of 30 June 2021 (31 December 
    2020: 44.5 %), mainly because of acquisitions during the first six months of 2021, and because of the cash dividend 
    distributed. The Adjusted LTV (factoring in the full value of the Institutional Business) equalled 43.2 % (31 
    December 2020: 39.2 %) 
 
Annual forecast for 2021 upheld 
The management board of DIC Asset AG believes the company is optimally positioned for the remainder of the year. The 
second half-year has traditionally been characterised by numerous big-ticket transactions. With this in mind, DIC Asset 
AG upholds its stated targets for 2021. DIC Asset AG is planning to top last year's FFO total by around 10 % this year. 
The successful performance is essentially driven by several dynamic elements of DIC Asset AG's unique real estate 
platform. Once again, the platform delivered growing revenues from four business areas: For one thing, from real estate 
management, secondly from the day-to-day management (asset and property management as well as development), thirdly 
from transaction fees for acquisitions and dispositions and the structuring of investment products, and fourthly from 
performance fees whenever stated return hurdles are topped. The further expansion of the Commercial Portfolio 
(excluding Warehousing) to a volume larger than EUR 2 billion is also contributing to growth in 2021. In sum, DIC Asset 
AG anticipates funds from operations within a range of EUR 106 million to EUR 110 million by the end of 2021. With its 
mid-year financials and the outlook for the year as a whole, the company has proven itself as one of the most active 
players on the market for commercial real estate in the DACH region (Germany, Austria, Switzerland). 
 
Invitation to Attend Investor Call / Webcast on 11 August 2021 
The Management Board of DIC Asset AG invites you to attend the presentation of the financial statement for the first 
half-year of 2021 on 11 August 2021 at 11:00 CEST. 
Please use the phone numbers below to dial in. Dial-in numbers: 
Germany: [phone] 
United Kingdom: [phone] 
United States: [phone] 
France: [phone] 
Switzerland: [phone] 
The confirmation code is: 1720902# 
The webcast (incl. replay) is available under the link below: 
https://www.webcast-eqs.com/dic20210811/no-audio 
For more details on DIC Asset AG, visit the company's homepage at www.dic-asset.de. 
 
About DIC Asset AG: 
DIC Asset AG is Germany's leading listed specialist for commercial real estate with more than 20 years of experience on 
the real estate market and access to a broad-based network of investors. Our business is based on a regional and 
inter-regional real estate platform with eight offices on the ground in all major German markets. We manage 234 assets 
with a combined market value of c. EUR 11.3 billion on site, always close to our properties and their occupiers. 
The Commercial Portfolio segment represents the proprietary real estate portfolio of DIC Asset AG. Here, we generate 
steady cash flows from stable rent revenues on long-term leases while also optimising the value of our portfolio assets 
through active management, and realising gains from sales. 
In the Institutional Business segment, we earn recurrent fees from real estate services we provide to national and 
international institutional investors by structuring and managing investment vehicles that return attractive dividend 
yields. 
DIC Asset AG has been SDAX-listed since June 2006. 
IR Contact DIC Asset AG: 
Peer Schlinkmann 
Head of Investor Relations & Corporate Communications 
Neue Mainzer Strasse 20 
D-60311 Frankfurt am Main 
Phone [phone] 
[e-mail] 
DIC Asset AG at a Glance 
                                           H1 2021 H1 2020 
Financial ratios, in EUR million 

(MORE TO FOLLOW) Dow Jones Newswires

August 11, 2021 01:30 ET (05:30 GMT)