DIC Asset's revenues grow by 113% in 2007

German property company DIC Asset said it invested EUR 1.2 bn across 126 properties in 2007, raising its total real estate assets by 71% to EUR 2.2 bn. DIC Asset's revenues came to EUR 236 mln last year, up 113% over the previous year's figure of EUR 111 mln. Rental income grew by 144% to EUR 94 mln from EUR 38 mln a year earlier. The increase in rental income was mostly a result of the significant expansion of the company's real estate portfolio, which now stands at more than 1.2 million m².

DIC Asset said it plans to further increase profit generated from its existing portfolio this year. 'This will be supported by active asset and property management, together with realised profits from sales of real estate', the company said in a statement. The company expects results after interest, taxes, depreciation and amortisation to range between EUR 39 mln and EUR 41 mln. 'With dividends set to more than double to EUR 1.65 per share, our investors participate in DIC Asset's success', said Ulrich Höller, chairman of the Management Board.

The company said that financing resources have been secured on a long-term horizon, at attractive terms: of EUR 1.46 bn in financial debt, approx. 1.1% is due in 2008, and a further 3% in the years 2009 and 2010. Net asset value per share comes to EUR 23.04 from EUR 21.34 in 2006. EBITDA (earnings before interest, income taxes, depreciation and amortisation) rose by 170% to EUR 100 mln from EUR 37 in 2006.

The board is proposing to distribute a dividend of EUR 1.65 per share, more than double the payout for 2006.