German commercial real estate developer DIC Asset reported this week that consolidated net income over the first nine months of 2007 came to EUR 24 mln, more than three times the figure recorded for the same period in 2006. The company attributed the result primarily to stable rental income from a much larger portfolio and to gains realised on the sale of properties. Earnings per share more than doubled, from EUR 0.39 to EUR 0.83. At EUR 167.4 mln, total revenues were almost six times the figure recorded for the first three quarters of 2006. Rental income was also up strongly, and 89% of the portfolio is currently let.
German commercial real estate developer DIC Asset reported this week that consolidated net income over the first nine months of 2007 came to EUR 24 mln, more than three times the figure recorded for the same period in 2006. The company attributed the result primarily to stable rental income from a much larger portfolio and to gains realised on the sale of properties. Earnings per share more than doubled, from EUR 0.39 to EUR 0.83. At EUR 167.4 mln, total revenues were almost six times the figure recorded for the first three quarters of 2006. Rental income was also up strongly, and 89% of the portfolio is currently let.
Reflecting the strong portfolio expansion, DIC Asset's total assets stood at EUR 1.8 bn at the end of the period, up 32% compared with the end of last year. The company's aggregate EUR 1.4 bn of real estate investments during the period exceeded the its own investment targets. It realised profits of EUR 13.4 mln on the sale of EUR 91.2 mln of its properties. With an aggregate floor space in excess of a million square metres, DIC Asset’s real estate portfolio also had a value of around EUR 1.8 bn at the end of September.
