German listed property company DIC Asset saw funds from operations rise 6% during the first three months of the year.
German listed property company DIC Asset saw funds from operations rise 6% during the first three months of the year.
Funds from operations (FFO) rose to €11.2 mln from €10.6 mln in the year-earlier period. Consolidated profit for the three-month period rose by €1.1 mln to €3.7 mln year-on-year.
Earnings per share also increased slightly on a year-on-year basis to €0.25 per share.
The first quarter saw gross rental income fall slightly to €30.3 mln, down from the €31.1 mln registered in Q1 2012. The decrease was due to a number of property disposals at the end of 2012 and was offset by an increase in income from the company’s asset management and property management operations.
The company’s assets under management now stand at some €3.4 bn, whilst its total assets remain unchanged at €2.2 bn. Earnings across 2013 as a whole are projected to remain stable at between €45 mln and €47 mln.
DIC Asset chairman Ulrich Holler is confident the company can meet its 2013 forecasts. ‘We have started the year with a solid increase in earnings, thanks to which we are firmly on track to deliver our full-year targets,’ he said.
