Germany's DIC Asset posts stable 1Q09 operating, but EPS falls

German quoted commercial real estate investor DIC Asset reported first quarter stable operating performance before depreciation and amortisation of e9.9m, just below the e10.2m of 1Q08, in a market environment that it said is increasingly challenging. Earnings per share declined to e0.09 from e0.11. Funds from operations fell slightly to e10.3m from e11.0m a year earlier, while operating profit at e9.9m (EBDA) almost matched first quarter 2008, and corresponded to an unchanged e0.33 per share. At e43.9m, total first quarter revenues rose from e39.1m in 1Q08. This mainly reflected stable rental income of e33.2m on a portfolio of 1.3m sq.m. comprising 64% office, 15% logistics, 14% retail, and 7% hotels, residential, and other. Most profitability was generated through real estate management, and an expansion of these resources boosted total expenses to e23.9m. Total assets reached e2.2bn. (Full story to be published in Property Finance Europe 121 on Monday 18 May)