DIC Asset AG / Quarter Results10.05.2010 07:28Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted byDGAP - a company of EquityStory AG.The issuer is solely responsible for the content of this announcement.---------------------------------------------------------------------------DIC Asset AG (German Securities ID 509840 / ISIN DE0005098404) todaypresented its interim report for the first three months of the 2010financial year. The Company performed well in what continued to be adifficult market environment: The quarterly profit of EUR 2.8 millionexceeded last year's figure (Q1 2009: EUR 2.6 million). Key drivers werereal estate operations, with rental income of EUR 31.7 million (Q1 2009:EUR 33.2 million), higher earnings contributions from co-investments, and afurther improvement in the net financial result.FFO (funds from operations, comprising earnings before interest and taxes,profits from disposals and development projects) was up year-on-year, toEUR 10.9 million (Q1 2009: EUR 10.2 million). FFO per share for the firstthree months amounted to EUR 0.35 (Q1 2009: EUR 0.34). Backed by itsexisting real estate portfolio, DIC Asset AG affirms its projections for2010 of approximately EUR 126 million in rental income, and FFO of EUR39-41 million.Detailed review of results for the quarter:DIC Asset AG's total revenues for the first quarter of 2010 amounted to EUR38.4 million, down 12 per cent compared with the first quarter of 2009 (Q12009: EUR 43.7 million). The decline was largely attributable to the lowervolume of sales: at EUR 1.5 million, this fell short of the previous year'sfigure by approx. EUR 3 million. Rentals during the first three months of2010 amounted to an aggregate 31,200 square metres (Q1 2009: 65,000 sq.m.).The 52 per cent decline was due primarily to the lower rate of follow-uprentals: following the very strong fourth quarter of 2009, during whichseveral large-volume rentals were renewed early, this was to be expected.In contrast, new rentals of approximately 19,000 square metres exceeded theprevious year's figure (Q1 2009: 15,700 sq.m.). New rentals during thefirst quarter of 2010 were equivalent to annualised rental income of EUR3.2 million (Q1 2009: EUR 6.0 million).Administrative expenses for the period decreased to EUR 2.0 million (downEUR 0.6 million), whilst staff expenses increased by EUR 0.2 million, toEUR 2.3 million.DIC Asset AG's total assets amounted to approx. EUR 2.3 billion as at 31March 2010. Long-term assets remained stable, at EUR 2.1 billion. Long-termfixed interest rate agreements or hedges are in place for 84 per cent offinancial debt of EUR 1.6 billion, with 53 per cent having a maturity ofover four years. Only approx. 4 per cent of overall financial debt willfall due within the next 12 months. Having continuously optimised thefinancings in place for its portfolio, the Company succeeded in improvingits net financial result by EUR 1.6 million year-on-year, based oncomparable financing volume.Operating profit before depreciation and amortisation (EBDA) of EUR 10.5million exceeded the EUR 9.9 million figure posted in the first quarter ofthe previous year. Consolidated net income of EUR 2.8 million is equivalentto unchanged earnings per share of EUR 0.09 (Q1 2009: EUR 0.09).DIC Asset AG also made progress in its operating business divisions duringthe first months of the year. For instance, the design phase of its debutspecial fund was completed and marketing has commenced, with initialsuccess. The 'DIC Office Balance' Fund will be launched with coreproperties from DIC Asset AG's proprietary portfolio. This will offerinstitutional investors the benefit of immediate investment - and hence,distributions - from day one. The Fund is scheduled for full placement bythe end of this year. Additionally, DIC Asset AG already realised sales ofEUR 17 million with a portfolio transaction in April comprising propertiesin Berlin. With regard to another positive development, the finalresolution adopted by the City of Frankfurt to approve planning for theMainTor project means that the significant extension to this inner-citydevelopment has been successfully implemented.Investor Relations & Corporate Communications:Immo von HomeyerEschersheimer Landstraße 22360320 Frankfurt am MainFon +49-69-9454858-86Fax +49-69-9454858-99i.vonhomeyer@dic-asset.de10.05.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.Media archive at www.dgap-medientreff.de and www.dgap.de--------------------------------------------------------------------------- Language: EnglishCompany: DIC Asset AG Eschersheimer Landstr. 223 60320 Frankfurt DeutschlandPhone: +49 69 9454858-0Fax: +49 69 9454858-99E-mail: info@dic-asset.deInternet: www.dic-asset.deISIN: DE0005098404WKN: 509840Indices: S-DAXListed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, München, Hannover, Düsseldorf, Stuttgart, Hamburg End of News DGAP News-Service ---------------------------------------------------------------------------