DGAP-News: DIC Asset AG / Key word(s): Quarterly / Interim Statement 
DIC off to dynamic start into 2021 
2021-05-06 / 07:30 
The issuer is solely responsible for the content of this announcement. 
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Press Release 
DIC off to dynamic start into 2021 
  . Assets under management grow to EUR 10.6 billion 
  . Transactions totalling EUR 274 million completed (EUR 101 million in acquisitions, EUR 173 million in disposals) 
  . Increase of letting performance by about 50% year on year 
  . Real estate management fees grow by 18% to EUR 24.0 million 
  . Funds from operations (FFO) maintain high prior-year level at EUR 26.5 million 
  . 33% growth up to EUR 38.5 million when including profits from sales (FFO II) 
 
Frankfurt am Main, 6 May 2021. Today, DIC Asset AG (ISIN: DE000A1X3XX4), one of Germany's leading listed property 
companies, publishes its figures for the first quarter of 2021. Following a strong finish at the end of last year, DIC 
Asset AG started into 2021 with the same momentum. With the 360 degrees' approach covering all aspects of the property 
it continues to demonstrate the stability and crisis-resilience of its business model. During the opening weeks of the 
year, the integration of logistics expert RLI Investors was concluded and the first joint logistics fund "RLI-GEG 
Logistics & Light Industrial III" with a target volume of EUR 400 million was started. On top of that, the company 
concluded the fourth scrip dividend (with an acceptance rate of around 47%) and the placement of the first ESG-linked 
promissory note in a volume of EUR 250 million, thereby completing two significant projects on the financing side that 
will further boost the planned growth of the business. 
"The earnings of the first quarter, seen in context with our targets for 2021, show that we very much continued to 
prosper and that we are right on target. We are also setting the stage for our medium-term goal of EUR 15 billion in 
assets under management, and for the future of our sector: The strategic expansion of our investments in the logistics 
sector and the intensification of our ESG activities present a number of opportunities that we intend to exploit. With 
the recently completed placement of our ESG-linked promissory note, we already demonstrated that financial and 
non-financial performance go hand in hand for us," said Sonja Wärntges, CEO, as she commented on the concluded quarter. 
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. 
 
Annual forecast upheld 
Although the transactions markets were generally off to a more subdued start into the year 2021 as a result of the 
lockdown situation, and although the cross-market transaction volume in Germany lags behind the strong prior-year 
quarter, all major drivers of market growth remain intact, as far as DIC Asset AG can see. Against the background of 
the robust office markets and the unexhausted potential of the logistics sector, DIC Asset AG considers itself well 
positioned with its strategic focus on these two asset classes. 
In terms of its annual targets, DIC Asset AG concluded the first quarter of 2021 as planned: For one thing, group-wide 
transactions with total investment costs (TIC) of c. EUR 274 million were notarised since the beginning of the year. On 
the acquisition side, two assets earmarked for the Commercial Portfolio were acquired for c. EUR 101 million, while two 
assets from third-party mandates were sold for c. EUR 173 million on the disposal side. With the integration of RLI 
Investors GmbH completed, the assets under management climbed to a new record level of EUR 10.6 billion (RLI Investors 
accounting for EUR 0.7 billion thereof). The forecast announced for the 2021 financial year as a whole was upheld after 
the great start to the year. 
Invitation to Attend Investor Call / Webcast on 6 May 2021 
The Management Board of DIC Asset AG invites you to attend the presentation of the financial statement for the first 
three months of 2021 on 6 May 2021 at 10:00 CEST. 
Please use the phone numbers below to dial in. 
Dial-in numbers: 
Germany: +49 (0)69 2222 25577 
United Kingdom: +44 (0)330 336 9128 
United States: +1 323-794-2094 
France: +33 (0)1 76 77 22 88 
Switzerland: +41 (0)44 580 7206 
The confirmation code is: 1183735# 
The webcast (incl. replay) is available under the link below: 
https://www.webcast-eqs.com/dic20210506/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 231 assets 
with a combined market value of c. EUR 10.6 billion on site, always close to our properties and their occupiers. 
The Commercial Portfolio segment (EUR 2.0 billion in assets under management) represents the proprietary real estate 
portfolio of DIC Asset AG. Here, we generate constant 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 (EUR 8.6 billion in assets under management), 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 +49 69 9454858-1492 
ir@dic-asset.de 
DIC Asset AG at a Glance 
Financial ratios, in EUR million                        Q1 2021 Q1 2020 
Gross rental income                                        23.4    26.0 
Net rental income                                          19.6    22.6 
Real estate management fees                                24.0    20.4 
Proceeds from sales of property                           106.5     9.5 
Total income                                              160.6    61.5 
Profits on property disposals                              12.0     2.5 
Share of the profit or loss of associates                   2.5     2.7 
Funds from operations (FFO)                                26.5    26.4 
Funds from operations incl. profits from sales (FFO II)    38.5    28.9 
EBITDA                                                     45.3    36.0 
EBIT                                                       34.6    26.8 
Consolidated earnings                                      22.2    16.1 
Cash flow from operating activities                        16.5    15.4 
 
Key financial figures per share, in EUR*                Q1 2021 Q1 2020 
FFO                                                        0.33    0.34 
FFO II (incl. profits from sales)                          0.48    0.37 
Consolidated earnings                                      0.27    0.21 
EPRA earnings                                              0.28    0.30 
Balance sheet figures in EUR million  31/03/2021 31/12/2020 
Loan-to-value (LtV) in %**                  44.8       44.5 
Investment property                      1,669.1    1,600.0 
Shareholder equity                       1,130.4    1,108.4 
Financial liabilities***                 1,599.7    1,474.4 
Total assets                             2,884.6    2,724.2 
Cash and cash equivalents                  457.7      371.4 
Adjusted NAV (per share, in EUR)*          22.32      22.04 

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May 06, 2021 01:31 ET (05:31 GMT)