Q1 2012 INTERIM REPORT

Essen, Alfredstraße

CONTENT

Interim Group Management Report	5
Share	26
Consolidated Financial Statements as at 31 March 2012	29
Notes	38
Review Report	40
Quarterly Financial Data	42
Portfolio Overview	44

OVERVIEW

Key figures EUR million	Q1 2012	Q1 2011
Gross rental income	31.1	27.6	+13%
Net rental income	28.1	25.3	+11%
Management fee income	1.2	1.0	+20%
Property disposal proceeds	2.8	0.0	N/A
Total revenues	39.4	32.7	+20%
Profits on property disposals	0.5	0.0	N/A
Share of the profit of associates	0.8	0.4	+100%
Funds from Operations (FFO)	10.5	10.0	+5%
FFO per share in EUR	0.23	0.25	-8%
EBITDA	24.6	22.0	+12%
EBIT	16.6	15.1	+10%
Cash flow from operating activities	12.7	9.4	+36%

		Balance sheet data EUR million	31.03.2012	31.12.2011
		Equity ratio in %	27.7	27.8	0%
		Investment property	1,920.1	1,902.1	+1%
		Debt	1,632.9	1,624.0	+1%
		Total assets	2,257.7	2,248.1	0%
Essen, Alfredstraße
		Key facts letting	Q1 2012	Q1 2011
CONTENT		Letting result in sqm	51,900	48,300	+7%
		Vacancy rate in %	12.3	14.3	-2.0 pp
Foreword	2	Like-for-like rental income growth in %	0.0	-0.5	+0.5 pp

The Management Board of DIC Asset AG (from left): Markus Koch, Ulrich Höller

Dear Shareholders, Business Partners, Employees and Friends,

DIC Asset AG got off to a good start in 2012. In the first quarter, we continued the expansionary course we adopted in 2011 and, in doing so, generated sound results. Here are the most important results first of all:

n At 52,000 sqm, we have let approximately 7% more than in the first quarter of the previous year, which has helped us reduce our vacancy rate by two percentage points to 12.3% compared with the same quarter in the previous year despite more tenancy agreements usually expiring at the beginning of the year.
n We are continuously expanding our portfolio. The most recent acquisition, involving two office properties in Frankfurt and entailing investment of some EUR 40 million, will strengthen our existing commercial portfolio and will contribute an additional total of around EUR 0.7 million to FFO in 2012.
n Last year's growth in the portfolio and a strong letting performance have increased our rental income sharply by 13% to EUR 31.1 million and boosted FFO by 5% to EUR 10.5 million.

The implementation of our pioneering project developments in two major German cities is progressing on schedule, which is growing the visibility and perception of DIC across Germany. At the MainTor project in Frankfurt, we have started construction of the second sub-project; marketing of the residential projects will follow over the course of the year. In Hamburg, the forward sale of the Opera Offices Klassik sub-project allowed us to kick off the entire development. Opera Offices will provide attractive office space next to the Hamburg Opera. Thanks to the current urban regeneration of the Hamburg "Opera Boulevard", the area is set to become even more attractive.

Our share price reflects this positive start to 2012 in a very gratifying manner: in a broadly based recovery, our share has significantly outperformed the market in the first months of the year.

Today, we assume that the generally positive trend, under which we started 2012, will also continue over the course of the year in Germany. The turbulence on the financial markets has eased and politicians have succeeded in getting to grips with the risk of contagion from the debts of individual euro countries for the time being. Assuming that this policy of stabilisation will be maintained, the first economic research institutes have expressed somewhat more optimistic forecasts for 2012 once again.

Against this backdrop, DIC Asset AG will consistently pursue its targets for the current year. It will focus on sound, organic growth and on increasing the quality of its portfolio. In plain language, that means:

n We shall cut the vacancy rate, which was already reduced significantly in 2011, to 11.5% through active property management and thus increase the quality and profitability of our portfolio even further.
n We shall supplement this quality growth with further acquisitions, primarily for our property portfolio and the funds sector, meaning that we will continuously broaden the portfolio basis.

INTERIM GROUP MANAGEMENT REPORT

All our activities will be focused on continuously improving the profitability of DIC Asset AG and developing our company successfully with solid growth in its various segments. As far as our shareholders are concerned, this will create the basis for sustained added value combined with a good return on your investment. The attractive dividend payment at the imminent General Shareholders' Meeting, which we have already announced, will also provide our shareholders with visible evidence of this. Thank you for your continued support.

Yours sincerely,

Ulrich Höller Markus Koch

GENERAL ECONOMIC CONDITIONS

German economy: a moderate start to 2012

The German economy is likely to have continued its sideways trend of recent months with its start to 2012, since the indications are that there was no significant growth momentum in economic output in the first quarter. Even without the slight loss of momentum, confidence in and expectations of the German economy remain positive among companies: the ifo index rose again in April 2012, for the sixth time in succession. The employment market remains strong: the number of unemployed fell by approximately 65,000 to 3.0 million in April. The number of unemployed people decreased by 115,000 compared with the previous year. In March, the number of people employed rose by 0.6 million compared with the previous year to 41.2 million. As a result, the unemployment rate was 7.0% in April 2012 (previous year: 7.3%). The prospect of substantial pay rises is also increasing private households' willingness to spend and to invest.

Low interest rate strategy remains in force

Since December 2011, the euro zone's key interest rate has remained at 1.0%. It is expected that the low interest rate strategy will continue until well into 2012 due to the ongoing difficulties faced by some European countries in obtaining funding. For the moment, the massive government support measures seem to have calmed financial markets somewhat. Nevertheless, Europe is still faced with the huge challenge of maintaining monetary union despite striking differences between the contributing countries – the possible repercussions on the German economy are not

EXPECTED GDP GROWTH IN EUROPE 2012 in %

Source: eurostat, German Federal Government

foreseeable at present either. The most likely impact of the debt crisis on the German real estate sector will be more restrictive lending, particularly with higher loan volumes.

GDP growth of 0.7% expected

Future expectations for the German economy in 2012 are slightly positive, which is mainly due to a slowdown in the global economy and the impact of the sovereign debt crisis in Europe. The federal government expects GDP growth of 0.7% for 2012, while a fall of 0.3% is expected for the euro zone.

Office letting market sound but with mixed results

Letting results in the seven office centres covered a broad range in the first quarter of 2012. In Frankfurt and Stuttgart, the previous year's result was far exceeded with increases of 26% and 120% respectively, while the previous year's volume was not achieved at the other locations. In total, some 680,000 sqm were let, which represents a fall of around 9%. However, sentiment on the market remains intact and on the basis of sound economic development and the good situation on the employment market, negotiations to let substantial volumes are ongoing.

In the cities, there is continuing demand for top-quality properties but space that falls short of modern standards often needs modernising before it can be let. This is leading to higher prices in the peak rentals segment, but this only applies to this limited segment. As in recent months, there was relatively little new space coming

LETTING VOLUME IN MAJOR GERMAN OFFICE LOCATIONS in sqm million

Source: Jones Lang LaSalle, BNPPRE

onto the market in the first quarter. Of this space, only one fifth could actually be marketed; the rest was already pre-let. Consequently, vacancy rates are falling slightly overall. Completions are expected to remain low over the rest of 2012, meaning that there will be no pressure on the market from the supply side.

Transaction market makes a steady start to the year

Transaction volume of EUR 5.2 billion was achieved with commercial properties in the first quarter. Admittedly, this is some 10% down on the previous year, but it should be noted that no mega deals have taken place in Q1 2012, while EUR 1.2 billion was generated with two retail properties alone in the previous year. Viewed as a whole, the positive progress of recent months continued. As has been the case recently, the majority of transactions were individual transactions and around half of the activities took place in the major office locations. Investor interest also continues to be focused on core properties and good retail properties.

Greater focus on office properties again

However, for the first time in a long time, far more office properties changed hands than retail properties. Office properties came to around 45% (EUR 2.4 billion), while some 28% (EUR 1.5 billion) was accounted for by retail properties. This shift is also attributable to two large-scale transactions last year, which involved the retail sector. Occasionally, there are signs that yields on office properties have fallen, but yields are generally stable in other asset classes. Over the rest of 2012, market analysts expect the buoyant transaction market to continue even if financing conditions are

TRANSACTION VOLUME OF GERMAN COMMERCIAL REAL ESTATE EUR billion

Source: Jones Lang LaSalle

becoming more difficult and transaction processes more drawn-out. This will be supported by the general demand for property and by the fact that the German market remains very attractive. Overall, transaction volume is expected to match the level of the previous year.

OSTPASSAGE, LANGENHAGEN

Attractive tenant strengthens usage mix

Floor plan consolidated and optimised
Let over 15 years

The mixed use property in Langenhagen comprising some 11,000 sqm of rental space has many tenants involved in healthcare. The property contained a number of spaces which were unmarketable as they were small and awkwardly shaped. We have been able to find a tenant, who has invested significant amounts in combining two units to accommodate a practice totalling more than 500 sqm and has concluded a long-term tenancy agreement for this space. We are assisting the tenant with the investment involved in fitting out the interior. By attracting a well-known local health service provider, the

property has acquired a far greater profile, which has enhanced its appeal to potential tenants. The vacancy rate has fallen from 12% to approximately 7%.

PORTFOLIO BY REGIONS*

BUSINESS DEVELOPMENT

Highlights of the first quarter of 2012

➜ Letting volume increased by 7% to 52,000 sqm, improvement in the occupancy rate already in the first quarter
➜ Operating earnings (FFO) up 5% on the previous year, at EUR 10.5 billion
➜ Profit for the period of EUR 2.5 million

DIC Asset AG got off to a good start in 2012. With letting volume of some 52,000 sqm, we have increased our previous year's performance by around 7% in a somewhat better market environment. Growth is mainly attributable to new tenancies, which we increased by 23% to around 30,000 sqm. As a result of last year's acquisitions and few properties being sold, the pro rata portfolio volume increased yearon-year by around 6% to EUR 2,218 million. This growth and the reduction in the vacancy rate are now having an impact on income: gross rental income rose by EUR 3.5 million (+13%) to EUR 31.1 million. Total revenues increased significantly by 20% to EUR 39.4 million. With the larger portfolio, and after deducting the higher financing costs due to the expansion in volume, we achieved FFO of EUR 10.5 million (+5%) as at 31 March 2012. The profit for the period was EUR 2.5 million.

Q1 2012	North	East	Central	West	South	Total Q1 2012	Total Q1 2011
Number of properties	49	34	57	62	71	273	289
Market value in EUR million **	233.8	267.3	667.8	641.3	407.9	2,218.1	2,083.3
Lettable area in sqm	178,100	157,100	256,600	340,700	302,300	1,234,800	1,190,300
Portfolio proportion after rental space	14%	13%	21%	28%	24%	100%
Annualised rental income in EUR million	15.1	19.9	34.7	41.5	29.4	140.6	129.9
Rental income per sqm in EUR	7.70	11.20	13.20	11.40	8.70	10.50	10.30
Lease maturity in years	6.7	4.5	6.4	5.4	3.9	5.4	5.6
Rental yield	6.5%	7.5%	6.0%	6.5%	7.2%	6.6%	6.6%
Vacancy rate	8.5%	8.3%	16.8%	13.5%	11.5%	12.3%	14.3%

* all figures pro rata, except number of properties; all figures without developments except number of properties and market values

** Market value as at 31.12.2011, later acquisitions considered at cost

Real estate assets under management stable at EUR 3.3 billion

At the end of March 2012, our real estate portfolio comprised 273 properties with a total rental space of 1.9 million sqm and a total value of approximately EUR 3.3 billion. The pro rata value of the properties came to EUR 2.2 billion. There were no material changes in the regional distribution compared with the end of 2011. Our properties generate annual rental income (pro rata, including the co-investments) of EUR 140.6 million. The gross rental return across the portfolio as a whole is stable at 6.6%.

Letting volume 7% up on the previous year

At 51,900 sqm, we let approximately 7% more space in the first quarter than in the previous year. This figure is divided into new tenancies of 29,600 sqm, which we increased by 23% compared with the first quarter of 2011. It also includes renewals of existing tenancies of 22,300 sqm, which are virtually the same as in the previous year (24,200 sqm). In total, the letting volume corresponds to annualised rental income of some EUR 5.6 million.

Tenancy agreements reinforce portfolio quality

We have kept annualised rental income in a like-for-like comparison (excluding changes to the portfolio caused by acquisitions/disposals or project developments) stable compared with the fourth quarter of 2011. This is a significant improvement on the previous year: in the first quarter of 2011, it was still 0.5% down. In the first quarter of 2012, we have also made considerable progress in reducing the volume of tenancy agreements that may expire. The volume of tenancies that may expire

LETTING VOLUME

	Q1 2012	Q1 2011	Q1 2012	Q1 2011
		in sqm after signing		in EUR million

Office	36,100	23,800	4.4	2.4
Retail	3,400	6,000	0.5	0.6
Other commercial	11,200	17,400	0.6	1.3
Residential	1,200	1,100	0.1	0.1

Total	51,900	48,300	5.6	4.4
Parking (units)	606	482	0.4	0.3

GROWTH IN RENTAL INCOME like-for-like in %, excluding project developments

in 2012 was reduced by some EUR 4.5 million from 9.9% to 6.5% of annualised rental income. We have also already reduced tenancies expiring in 2013 by approximately EUR 1.0 million from 9.6% to 8.9%.

Further reduction in the vacancy rate

Thanks to our success in letting, vacancy rates in our portfolio fell, particularly in the northern, eastern and western regions. The vacancy rate fell to 12.3%, down 0.1 percentage points on the end of 2011 and down 2 percentage points on the same quarter in the previous year. At 5.4 years, the average lease period remains largely stable compared with the end of 2011 (5.5 years), as does the average monthly rental per sqm, at EUR 10.50. Additional portfolio data can be found in the overview on pages 44 and 45 at the end of the quarterly report.

LEASE MATURITIES: INCREASE OF LONGER LEASES

Distribution of annual rental income by lease maturities, in %

31.12.2011
	2012	2013	2014	2015	2016 ff
	9.9	9.6	8.9	11.7	59.9

31.03.2012

6.5	8.9	9.5	12.5	62.6
2012 2013		2014	2015	2016 ff

TOP LETTING DEALS

Top 3 New Lettings
Industrial company	South region	9,400 sqm
Floor Direct (online trader)	Mannheim	4,700 sqm
Excon (consultancy company)	Neu-Isenburg	1,200 sqm

Top 3 Renewals
Industrial company	South region	6,500 sqm
Bayer CropScience	Langenfeld	3,700 sqm
Media Design University for Design and Computer Science

HARDENBERGSTRASSE, BERLIN

Repositioned as a multi-tenant property

Investment for use by several tenants
Vacancy rate significantly reduced

The H20 office property offering some 5,800 sqm of rental space was previously designed and used as a single-tenant property. Following the departure of the prime tenant, we have established a multi-tenant concept and gradually added value to the property with investments of EUR 1.4 million for refurbishment and tenants' fittings. As a result, the vacancy rate of around 85% has been gradually reduced. An attractive tenant mix has been created through various lettings to, among others, the Fraunhofer Institute, the chamber of commerce Berlin and a tax consultancy, as well as an attractive retail concept on

the ground floor. Some 2,800 sqm have been let within the last 12 months. The vacancy rate currently still stands at 15%. Thanks to the property's good location and tenant mix, we expect to be able to increase the occupancy rate even further this year.

Acquisitions continuing

At the end of April 2012, we completed the acquisition of two office properties for some EUR 40 million for the commercial portfolio. The contribution to FFO generated from these transactions already amounts to some EUR 0.7 million in 2012 and will double thereafter to around EUR 1.4 million per year.

In December 2011, we acquired the "Red Square" office property at Frankfurt airport for around EUR 22 million and title was transferred, as planned, at the end of the first quarter. The property, which offers rental space of approximately 11,500 sqm, was just completed recently and generates a rental yield of 7.3% with initial rental income of some EUR 1.6 million. The average rental term amounts to some 7 years.

The purchase agreement for an office property of 7,200 sqm at Frankfurt's main station was also signed in April 2012. The investment volume amounts to EUR 17 million. The property generates an initial rental yield of 7.6% with annual rental income of EUR 1.3 million. With an average rental term of around 9 years, over 90% of the property is currently let long-term to prime tenants (including ZIRAAT Bank International).

First sales agreed

Up to April 2012, we sold a total of three properties and three apartments under shared ownership for a total of EUR 9.5 million. In the first quarter of 2012, sales involved a property in Düsseldorf from the Co-Investment portfolio and three apartments in Berlin, which were placed for EUR 2.7 million in total. In April, these were followed by the sale of two properties in Hamburg for around EUR 6.8 million. The sale of these smaller properties serves primarily to optimise our portfolio structure and took place on a par with or above the market values established at the end of 2011.

Project developments: Opera Offices started after forward sale

In March, DIC sold the sub-project "Opera Offices Klassik" comprising a rental space of over 4,500 sqm to a North German pension fund as part of a forward deal. The sale allows us to make a start on the development measures for the entire Opera Offices complex. The refurbishment of the "Opera Offices Klassik" project should be completed by autumn 2013. Subsequently, the building will be handed over to the new owner, who will assume responsibility for letting. While "Opera Offices Klassik" is a listed building and its basic structure will be preserved, "Opera Offices Neo" is a new building designed by "Störmer Murphy and Partners" providing some 8,500 sqm of office space. Demolition and the works needed to prepare for construction are also expected to start from spring 2012. The entire Opera Offices complex will cost around EUR 55 million. DIC Asset AG has a 20% stake in the project development.

MainTor: letting MainTor Porta, financing and start of construction

We were able to announce the pre-letting of the MainTor Porta sub-project to Union

Investment at the beginning of January 2012. Union Investment will rent some 14,000 sqm over 10 years, which means that the office complex is 70% let. The tenancy will start in spring 2014. This lease has fulfilled the preconditions for the start of the second sub-project of the MainTor quarter with a volume of some EUR 140 million. We structured the financing for the project in the first quarter of 2012 and started construction. The interna-

tional recognition of our project is also gratifying: at the beginning of March, the development of the quarter received a MIPIM Award as "Best German Project".

Frankfurt, MainTor Porta

MARTINBEHAIMSTRASSE, NEUISENBURG

Vacancy rate significantly reduced

Two new tenants found
Rental income increased significantly

We acquired the office property in Neu-Isenburg comprising some 11,000 sqm of rental space, much of which was vacant. The property's location and fixtures/fittings are attractive and marketable but the environment is highly competitive. By offering flexible terms and conducting an intensive dialogue with suitable companies, we have now been able to conclude long-term tenancy agreements covering a total of 2,200 sqm with two new tenants. We succeeded in securing one of the property's tenants for an above-average term with a tenyear tenancy agreement. The tenancies will substantially increase our

rental income, while reducing the vacancy rate significantly from 65% to around 25%.

Expansion of employee base

To manage our increased portfolio and the additional business areas adequately, we have also increased the number of employees by seven to 134 compared with the end of 2011. The growth took place most notably in the area of asset and property management, where the majority of our employees are involved in letting and optimising our properties in our local branches.

NUMBER OF EMPLOYEES

	31.03.12	31.12.11	31.03.11
Portfolio management, investment and funds	14	14	10
Asset and portfolio management	103	97	91
Group management and administration	17	16	17
Total	134	127	118

REVENUES AND RESULTS

Rental income increased by 13%

The expansion of the portfolio last year and the increase in the occupancy rate are having a significant impact on rental income. At EUR 31.1 million, gross rental income in the first quarter of 2012 was EUR 3.5 million (+13%) up on the previous year's result. Net rental income of EUR 28.1 million exceeded the first quarter of the previous year by EUR 2.8 million (+11%).

Higher income from real estate management

We increased income from real estate management by EUR 0.2 million (+20%) compared with the previous year to EUR 1.2 million. Growth in this recurring income from real estate management was primarily attributable to growth in the fund volume of "DIC Office Balance I".

Total revenues increased to EUR 39.4 million

With sales from the commercial portfolio, our direct portfolio, we achieved revenues of EUR 2.8 million and an attractive profit of EUR 0.5 million, having accrued no income from property sales in the first quarter of 2011. As a result of the sales and the increase in rental income, total revenues rose by EUR 6.7 million to EUR 39.4 million (+20%).

OVERVIEW OF REVENUES

EUR million	Q1 2012	Q1 2011

Rental income	31.1	27.6	+13%
Fees from real estate management	1.2	1.0	+20%
Proceeds from disposals of properties	2.8	0.0	N/A
Other	4.3	4.1	+5%

Total revenues	39.4	32.7	+20%

Operating costs increased

In the first quarter, our operating costs were up on the previous year overall due to the increase in portfolio volume. Personnel expenses rose by EUR 0.6 million (+25%) to EUR 3.0 million as we boosted our workforce to manage the portfolio and increased business activities, while the provision for virtual share options increased thanks to the positive price trend (EUR +0.2 million). Administrative expenses remained stable at EUR 2.2 million. At 12.7%, the operating cost ratio (administrative and personnel expenses to gross rental income, adjusted for real estate management income) is lower than in the same quarter of the previous year (13.0%). Over the course of the year, we are aiming for an operating cost ratio within a target range of 11% to 12%. Following the increase in the size of the portfolio, depreciation rose by EUR 1.2 million (+17%) to EUR 8.1 million.

Higher financing costs

As at 31 March 2012, the interest result totalled EUR -14.5 million and was consequently EUR 2.1 million (-17%) down on the previous year. Interest income increased, most notably because of a loan to the project company involved in the MainTor Porta construction phase, which has now started, by EUR 0.6 million to EUR 2.4 million. Interest expense rose by EUR 2.7 million (-19%) to EUR 16.9 million mainly because of the increase in financing and the interest expenses for the bond included in this quarter, which were not yet included in the same quarter of the previous year.

DERIVATION OF FFO

EUR million	Q1 2012	Q1 2011
Net rental income	28.1	25.3	+11%
Administrative expenses	-2.2	-2.2	0%
Personnel expenses	-3.0	-2.4	-25%
Result of other operating income/expenses	0.0	0.3	-100%
Fees from real estate management	1.2	1.0	+20%
Share of the profits from associates	0.8	0.4	100%
Interest result	-14.5	-12.4	-17%

Funds from operations	10.5	10.0	+5%

Co-Investments: income increased

At EUR 0.8 million, share of the profit of associates (earnings from the Co- Investments segment) was EUR 0.4 million (+100%) up on the previous year. Income consists of fees from real estate management, sales and earnings from our fund respectively. The increase is mainly attributable to the growth and results of our special fund DIC Office Balance I.

At EUR 10.5 million, FFO is up 5% on the previous year

In the first quarter of 2012, operating earnings, FFO, was EUR 10.5 million. This equates to growth of EUR 0.5 million (+5%), which is mainly attributable to the increase in the portfolio. FFO per share stood at EUR 0.23 (previous year: EUR 0.25).

Profit for the period of EUR 2.5 million

In the first quarter of 2012, the profit for the period amounted to EUR 2.5 million, which equates to a slight fall of EUR 0.3 million (-11%). This is mainly due to the increase in interest expenses and scheduled depreciation, which in total exceeded growth in rental income and higher profits on sales. Earnings per share stood at EUR 0.05 (previous year: EUR 0.07).

NET ASSETS AND FINANCIAL POSITION

Financing volume of EUR 1,529.0 million

As at 31 March 2012, debt amounted to EUR 1,529.0 million, which is EUR 9.4 million (+1%) more than at the end of 2011 and around EUR 160 million more than on 31 March 2011. The vast majority of our debt, 96%, consists of loans from financial institutions, while the remaining funds were provided by our bond. In the first quarter, we raised EUR 13.1 million worth of loans for the acquisition of the "Red Square" property, among other things, and repaid EUR 9.3 million after sales and scheduled repayments. We provide detailed disclosures of the principles of our financial management in the Annual Report 2011.

Refinancing spread over several individual loans

At the end of the first quarter, the average term of financial liabilities was 3.2 years. Some 21% of financial liabilities (some EUR 315 million) are due to be refinanced over the next twelve months. In this year and 2013, refinancings are spread over several loans that are independent of each other with the two largest single re financing packages amounting to some EUR 90 million each.

EARNINGS OVERVIEW

EUR million	Q1 2012	Q1 2011
Operating cost ratio	12.7%	13.0%	-0.3pp
FFO	10.5	10.0	+5%
Profit for the period	2.5	2.8	-11%
Earnings per share (EUR)	0.05	0.07	-29%
FFO per share (EUR)	0.23	0.25	-8%

DEBT MATURITIES Financial debt as at 31.03.2012

Hedging against rising interest rates

At 81%, the vast majority of our debt is hedged against interest rate rises – either by taking out fixed-rate loans or simply constructed derivative interest rate hedging instruments. As a result, we can plan our long-term interest payments with certainty and avoid interest rate risks. Possible changes in the fair value of hedging instruments do not impact on income at DIC Asset AG but only on the equity reported in the balance sheet. 19% of our primarily short-term liabilities are agreed at variable rates.

Higher financing expenses

The average interest rate payable on our debt was 4.20% as at 31 March 2012. This is 15 basis points less than a year ago and at the end of 2011. Net financing expenses rose in the first quarter of 2012: the interest result amounted to EUR -14.5 million (Q1 2011: EUR -12.4 million). This is primarily attributable to the increase in financing, due to acquisitions, and expenses for the bond. Interest income rose from EUR 1.8 million to EUR 2.4 million, while interest expenses increased from EUR -14.2 million to EUR -16.9 million. At 166%, the interest cover ratio, the ratio of net rental income to interest payments, is virtually the same as at the end of 2011 (167%).

Operating cash flow up 36% to EUR 12.7 million

In the first quarter of 2012, cash flow was influenced by portfolio growth and the fall in acquisition activities.

OVERVIEW OF CASH FLOW

EUR million	31.03.2012 31.03.2011

Net profit for the period	2.5	2.8
Cash flow from operating activities	12.7	9.4
Cash flow from investing activities	-24.4	-75.6
Cash flow from financing activities	2.3	44.3
Net changes in cash and cash equivalents	-9.4	-22.0
Cash and cash equivalents as at 31 March	90.8	95.3

Cash flow from operating activities rose sharply by EUR 3.3 million (+36%) to EUR 12.7 million, mainly due to higher earnings from an enlarged property portfolio. Cash flow from investment activities amounted to EUR 24.4 million, a large proportion of which is accounted for by the acquisition of the "Red Square" property (approx. EUR 21 million). In addition, portfolio investments increased by EUR 3.2 million to EUR 5.2 million, primarily due to more extensive rental activities. In the previous year, our investment activities were dominated by the purchase of the Kaufhof properties. In the first quarter of 2012, cash flow from financing activities totalled EUR 2.3 million. This figure is mainly made up of new borrowings worth EUR 13.1 million and repayments worth EUR 9.3 million. In the previous year, focus had been on financing a significantly greater starting volume as well as on the capital increase.

Cash and cash equivalents fell in comparison with the same quarter in the previous year, down by EUR 4.5 million (-5%) to EUR 90.8 million. In the previous year, cash and cash equivalents amounted to EUR 95.3 million.

Total assets virtually unchanged

Apart from a number of transfers between non-current and current debt, there were no significant changes in the balance sheet ratios at the end of the previous year. Total assets increased slightly, up by EUR 9.6 million (+0.4%) to EUR 2,257.7 million.

OVERVIEW OF BALANCE SHEET

EUR million	31.03.2012 31.12.2011

Total assets	2,257.7	2,248.1
Non-current assets	2,015.6	1,997.3
Current assets	242.1	250.8
Equity	624.8	624.2
Non-current debt	1,298.4	1,406.7
Current debt	334.5	217.2

Equity ratio in % (on balance sheet)	27.7	27.8
Debt ratio in % (on balance sheet)	72.3	72.2
Net debt equity ratio in % (adjusted for effects of derivatives)	31.5	31.7

Property acquisition boosts assets

Non-current assets increased by EUR 18.3 million (+1%) to EUR 2,015.6 million, mainly due to the inclusion of the "Red Square" property in our commercial portfolio. Current assets fell by EUR 8.7 million (-3%) to EUR 242.1 million, essentially due to the outflow of cash which was used to pay the purchase price of the newly acquired property.

Equity ratio stable at around 28%

As at 31 March 2012, equity had increased slightly in comparison with the end of 2011, up by EUR 0.6 million (+0.1%) to EUR 624.8 million. The current profit for the period boosted equity, although this was offset in part by the rise in the hedging reserve due to low interest rates. At 27.7%, the equity ratio on the balance sheet remained virtually the same as in the previous quarter (31 December 2011: 27.8%), as did the net equity ratio (adjusted for the effects of derivatives) at 31.5% (31 December 2011: 31.7%).

Shifts in maturities restructure debt

At the end of the first quarter, the debts of DIC Asset AG totalled EUR 1,632.9 million, some 1% higher than on 31 December 2011. Non-current debt fell by EUR 108.3 million (-8%) to EUR 1,298.4 million, while current debt grew by EUR 117.2 million (+54%) to EUR 334.5 million. These changes were mainly due to the terms of loans being shortened. In contrast, the increase and decrease in liabilities had a significantly smaller impact.

EVENTS AFTER THE BALANCE SHEET DATE

In April, we acquired an office property at Frankfurt's main station for some EUR 17 million. Transfer of title is expected to take place in June 2012. Two properties in Hamburg from the Co-Investments segment were also sold for some EUR 6.8 million in total.

OPPORTUNITIES AND RISKS

We highlighted the opportunities and risks of our business activities in detail in the Annual Report for 2011 and provided information on the risk management system and the internal control system. There have been no material changes to DIC Asset AG's overall risk profile compared with the situation as at 31 December 2011.

TRANSACTIONS WITH RELATED PARTIES

In principle, the same conditions apply to transactions with related parties as to comparable transactions with third parties. Apart from those mentioned in the management report for the year 2011, no additional material transactions were executed with related parties in the first quarter.

FORECAST

German economy in good shape

The German economy is in a good position but it lacks momentum at the beginning of the second quarter. So far, we have not yet returned to the high levels of activity seen last summer. Nevertheless, sentiment and expectations among companies remain persistently positive; the ifo index recently rose for the sixth time in succession. This is due to the strength of the domestic economy combined with the steady improvement in the employment market, which may together be able to offset the lack of impetus from the European economy. Internationally, there are also the first signs of recovery in the global economy. The federal government expects growth in gross domestic product of 0.7% in 2012, while the German Institute for Economic Research (IW) is expecting growth of 1.25%. The German economy is, however, still exposed to increased risks, most notably from the as yet unresolved sovereign debt crisis in Europe. Its future development and the type, extent and repercussions of government interventions are not foreseeable at present.

Letting and investment market well on course

Overall, the commercial real estate market made a good start to 2012, which was also helped by the temporary easing on financial markets. In the first quarter of 2012, earnings on both the letting and the transaction market were slightly down on the previous year, which is partly attributable to non-recurring items in 2011. The market structure is healthy by and large, with early indicators implying that letting and transaction activity will remain buoyant. Since the economic conditions in Germany are intact, brokers expect stable letting figures combined with falling vacancies and letting volume equivalent to the previous year's level. We expect continuing strong interest in the investment market for commercial real estate because of the relative strength of the German economy. Overall, transactions at a similar level to 2011 are expected. However, the same is true for the commercial property market: the sovereign debt crisis is not over and risks still remain.

Operating targets on schedule

Our operating targets, which we described in detail in the 2011 Annual Report, still apply:

n We expect letting volume to match the previous year more or less. With an increase of 7% in letting income, we have enjoyed a successful start in the first quarter.
n We have reduced vacancies by 0.1% to 12.3% in the first quarter and are expecting a further reduction to 11.5% at year end.
n We are planning direct and indirect investment of at least EUR 200 million some EUR 20 million of this figure is already invested and further acquisitions are currently being investigated.
n We would like to achieve a volume of around EUR 80 million with our sales. In the first few months up to the end of April, we sold properties worth EUR 10 million in what is traditionally a quieter period in the market.
n We are making good progress with our preparations for placing the equity of our second fund. We also plan to expand our fund activities through further acquisitions.

FFO between EUR 43 and 45 million planned

Our forecast for the 2012 financial year remains unchanged. On the basis of our current portfolio and the targeted reduction in the vacancy rate, we are expecting rental income of between EUR 124 and 126 million including planned acquisitions. On this basis, we expect an operating profit (FFO) of between EUR 43 and 45 million (around EUR 1 per share) in 2012.

At the beginning of 2012, forecasts are also fraught with uncertainties in view of the risks to economic development in Germany. This is why our plans may differ from actual events, particularly if general conditions or underlying assumptions change significantly.

DIC Asset share outperforms the market

Our share significantly outperform the market with a convincing performance in the first quarter of 2012. The first trading days in the new year were weaker initially, meaning that our share fell to an annual low of EUR 5.14 on 9 January 2012. In a generally benign environment, in which uncertainty regarding the European debt crisis retreated into the background, an upward trend started and then persisted until the end of March. The DIC Asset share closed the first quarter at a price of EUR 7.35. As a result, our share has risen by some 38% in the first three months. The EPRA sector index gained 9%, while the German indices, the DAX and SDAX, each closed 18% up. As at 31 March 2012, the market capitalisation of DIC Asset AG stood at EUR 336 million.

Majority of analysts recommend purchasing the DIC Asset share

Even in view of the share's positive performance in recent months, analysts still see potential for value enhancement. 14 analysts (93%) currently recommend buying the share. One analyst gives DIC Asset AG a neutral rating (equals 7%). The performance of the DIC Asset share is monitored by 15 institutions in total (as at May 2012). An up-to-date overview and selected studies can be found on the Internet at www.dic-asset.de/ir.

Focus of our IR activities

In the first quarter, IR activities focused on reporting on the past financial year. On 13 March 2012, we published the 2011 Annual Report and subsequently participated in conferences and roadshows in New York, Frankfurt, Munich, Zurich, Amsterdam and Geneva, where we explained the 2011 results and provided information on current business development and strategic objectives.

SHARE PERFORMANCE

Coverage by 15 banks (as at May 2012) ANALYSTS' COVERAGE

CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 MARCH 2012

KEY FIGURES

EUR (1)	Q1 2012	Q1 2011
Share capital in EUR/number of shares	45,718,747	39,958,905
FFO per share	0.23	0.25
52-week high	9.36	10.65
52-week low	4.90	5.43
Closing price for quarter	7.35	9.25
Market capitalisation (in EUR million) (2)	336	423
Price on 14.05.2012	6.39

(1) closing prices in Xetra trading (2) after capital increase in March 2011

IR-CALENDA R 2012

03.05.	Roadshow	London
31.05.	Kempen European Property Seminar	Amsterdam
21.06.	Morgan Stanley EMEA Property Conference	London
26.06.	Close Brothers Seydler Small & Mid Cap Conference	Paris
03.07.	General Shareholders' Meeting for the 2011 financial year	Frankfurt
15.08.	Publication of Q2 2012 interim report
05.09.	Real Estate Share Initiative Conference	Berlin
06.-07.09.	EPRA Annual Conference	Berlin
12.-13.09.	BoA Merrill Lynch Global Real Estate Conference	New York
25.09.	Berenberg Bank/Goldman Sachs German Corporate Conference	Munich
26.09.	UniCredit German Conference 2012	Munich
27.09.	Baader Investment Conference	Munich
04.10.	Société Générale Pan European Real Estate Conference	London
13.11.	Publication of Q3 2012 interim report
14.11.	UBS European Conference 2012	London

CONSOLIDATED PROFIT AND LOSS ACCOUNT

TEUR	01.01.- 31.03.2012	01.01.- 31.03.2011

Total Revenues	39,437	32,707
Total Expenses	-22,839	-17,619
Gross rental income	31,078	27,556
Ground rents paid	-221	-193
Service charge income on principal basis	4,193	3,673
Service charge expenses on principal basis	-4,854	-3,988
Other real estate related operating expenses	-2,094	-1,752
Net rental income	28,102	25,296
Administrative expenses	-2,184	-2,207
Personnel expenses	-2,966	-2,426
Depreciation expense	-8,062	-6,921
Fees from real estate management	1,201	1,058
Other income	169	420
Other expenses	-161	-132
Net other income	8	288
Investment property disposal proceeds	2,796	0
Carrying value of investment property disposals	-2,298	0
Profit on disposal of investment ptoperty	498	0
Net operating profit before financing activities	16,597	15,088
Share of the profit of associates	819	413
Interest income	2,396	1,787
Interest expense	-16,903	-14,169
Profit before tax	2,909	3,119
Income tax expense	-631	-416
Deferred income tax expense	267	104
Profit for the period	2,545	2,807
Attributable to equity holders of the parent	2,492	2,764
Attributable to minority interest	53	43
Basic (=diluted) earnings per share	0.05	0.07

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TEUR	Q1 2012	Q1 2011
Fair value of hedge instruments
Cash flow hedges*	-1,777	17,729
Cash flow hedges from associates*	-123	1,261
Recorded directly in equity	-1,900	18,990
Profit for the period	2,545	2,807
Comprehensive income	645	21,797
Equity holders of the parent	592	21,754
Minority interests	53	43

* after deferred taxes

CONSOLIDATED STATEMENT OF CASH FLOW

TEUR	31.03.2012	31.03.2011
Operating activities
Net operating profit before interest and taxes paid	17,172	13,269
Realised gains on disposals	-498	0
Depreciation and amortisation	8,062	6,921
Movements in receivables, payables and provisions	925	556
Other non-cash transactions	-2,335	-934
Cash generated from operations	23,326	19,812
Interest paid	-11,794	-12,878
Interest received	122	1,626
Income taxes received	1,095	790
Cash flow from operating activities	12,749	9,350
Investing activities
Proceeds from disposals of investment property	3,120	7,950
Aquisition of investment property	-20,993	-108,966
Capital expenditure on investment property	-5,170	-1,967
Repurchase/disposal of own shares	884	602
Loans to other entities	-2,251	26,871
Acquisition of office furniture and equipment	-34	-128
Cash flow from investing activities	-24,444	-75,638
Financing activities
Proceeds from the issue of share capital	0	52,250
Proceeds from other noncurrent borrowings	13,053	41,576
Repayment of borrowings	-9,283	-48,465
Deposits	-1,500	0
Payment of transaction costs	0	-1,025
Cash flow from financing activities	2,270	44,336
Net change in cash and cash equivalents	-9,424	-21,952
Cash and cash equivalents at 1 January	100,244	117,292
Cash and cash equivalents at 31 December	90,820	95,340

CONSOLIDATED BALANCE SHEET

ASSETS in TEUR	31.03.2012	31.12.2011
Investment property	1,920,097	1,902,129
Office furniture and equipment	526	538
Investments in associates	69,413	70,057
Intangible assets	173	152
Deferred tax assets	25,405	24,441
Total non-current assets	2,015,614	1,997,317

Receivables from the disposal of property	33	358
Trade receivables	2,652	2,692
Receivables due from related parties	130,773	128,058
Income taxes receivables	5,938	7,837
Other receivables	4,762	4,390
Other current assets	6,946	4,950
Cash and cash equivalents	90,820	100,244

	241,924	248,529

Non-current assets held for sale	160	2,300
Total current assets	242,084	250,829

Total assets 2,257,698 2,248,146

EQUITY AND LIABILITIES in TEUR	31.03.2012	31.12.2011
Equity
Issued Capital	45,719	45,719
Share premium	614,312	614,312
Hedging reserve	-61,977	-60,077
Retained earnings	25,231	22,739
Total shareholders´equity	623,285	622,693
Minority interest	1,558	1,497
Total equity	624,843	624,190
Liabilities
Corporate bond	68,647	68,589
Interest-bearing loans and borrowings	1,145,068	1,256,165
Deferred tax liabilities	12,044	11,649
Derivatives	72,628	70,254
Total non-current liabilities	1,298,387	1,406,657
Interest-bearing loans and borrowings	315,343	194,923
Trade payables	6,116	5,323
Liabilities to related parties	19	347
Provisions	33	33
Income taxes payable	1,912	2,086
Other liabilities	10,771	12,356
	334,194	215,068
Liabilities in content with non-current assets held for sale	274	2,231
Total current liabilities	334,468	217,299
Total liabilities	1,632,855	1,623,956
Total equity and liabilities	2,257,698	2,248,146

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

TEUR	Issued capital	Share premium	Hedging reserve	Deposits for executing the agreed capital increase	Retained earnings	Total sharholders' equity	Minority interest	Total
Status as of 31 December 2010	39,187	569,288	-51,111	0	28,243	585,607	1,473	587,080
Profit for the period					2,764	2,764	43	2,807
Loss from cash flow hedges*			17,729			17,729		17,729
Gains from cash flow hedges from associates*			1,261			1,261		1,261
Comprehensive Income			18,990		2,764	21,754	43	21,797
Capital increase				51,552		51,552		51,552
Repayment of minority interest						0	-48	-48
Status as of 31 March 2011	39,187	569,288	-32,121	51,552	31,007	658,913	1,468	660,381
Profit for the period					7,733	7,733	62	7,795
Gains from cash flow hedges *			-27,470			-27,470		-27,470
Gains from cash flow hedges from associates*			-486			-486		-486
Comprehensive income			-27,956		7,733	-20,223	62	-20,161
Dividends					-16,001	-16,001		-16,001
Capital increase	6,531	45,024		-51,556	-51,556	0	0	0
Repayment of minority interest						0	-33	-33
Status as of 31 December 2011	45,719	614,312	-60,077	0	22,739	622,693	1,497	624,190
Profit for the period					2,492	2,492	53	2,545
Loss from cash flow hedges*			-1,777			-1,777		-1,777
Gains from cash flow hedges from associates*			-123			-123		-123
Comprehensive income			-1,900		2,492	592	53	645
Repayment of minority interest						0	8	8
Status as of 31 March 2012	45,719	614,312	-61,977	0	25,231	623,285	1,558	624,843

* deferred taxes deducted

SEGMENT REPORTING

Segments Q1 2012

EUR million	North	East	Central	West	South	Total Q1 2012	Total Q1 2011	Rental income Q1 2012 (P&L)
Annualised rent
Commercial Portfolio	11,937	17,802	33,078	38,694	24,604	126,115	112,700	31,078
Co-Investments	3,149	2,150	1,647	2,780	4,808	14,534	13,899
	15,086	19,952	34,725	41,474	29,412	140,649	126,599	31,078
Segment assets
Number of properties	49	34	57	62	71	273	289
Market value (in EUR million)	233.8	267.3	667.8	641.3	407.9	2,218.1	2,083.3
Rental term*	6.7 years	4.5 years	6.4 years	5.4 years	3.9 years	5.4 years	5.7 years
Rental yield*	6.5%	7.5%	5.9%	6.5%	7.2%	6.6%	6.6%
Vacancy rate*	8.5%	8.3%	16.8%	13.5%	11.5%	12.3%	14.3%

Segments Q1 2011

EUR million	North	East	Central	West	South	Total Q1 2012	Total Q1 2011	Rental income Q1 2011 (P&L)
Annualised rent
Commercial Portfolio	11,672	10,734	27,611	37,190	25,494	112,700	126,295	27,556
Co-Investments	3,003	1,700	1,639	2,724	4,833	13,899	15,407
	14,675	12,433	29,251	39,914	30,327	126,599	141,702	27,556
Segment assets
Number of properties	53	40	57	61	78	289	316
Market value (in EUR million)	232.2	209.7	604.6	620.7	416.1	2,083.3	2,195.3
Rental term*	7.3 years	5.3 years	6.6 years	5.7 years	4.0 years	5.7 years	5.5 years
Rental yield*	6.4%	7.1%	6.0%	6.4%	7.4%	6.6%	6.6%
Vacancy rate*	11.4%	15.8%	18.2%	15.3%	11.0%	14.3%	13.9%

* operating figures excluding project developments

NOTES AS AT 31 MARCH 2012

General disclosures on reporting

In accordance with § 37 x Para. 3 of the Wertpapierhandelsgesetz (WpHG = German Securities Trading Act), the quarterly financial statements comprise interim consolidated financial statements and an interim Group Management Report. The interim consolidated financial statements were compiled in accordance with the provisions of International Financial Reporting Standards (IFRS), as applicable in the EU, for interim financial reporting. The quarterly financial statements of the companies included are based on uniform accounting and measurement policies. The interim Group Management Report was compiled in compliance with the applicable provisions of the WpHG.

In line with IAS 34, a shorter report compared with the consolidated financial statements was chosen for the presentation of the consolidated interim financial report of DIC Asset AG as at 31 March 2012. The same methods of consolidation, currency translation, accounting and measurement are applied in the consolidated interim financial report as in the consolidated financial statements for the 2011 financial year. Income taxes were deferred on the basis of the tax rate anticipated for the entire year. Please refer to the consolidated financial statements as at 31 December 2011, which form the basis for the present interim financial statements, for more detailed information. We also refer to the interim management report in this document with regard to key changes and transactions up to 31 March 2012.

As was outlined in the 2011 consolidated financial statements, segment reporting is no longer carried out in accordance with the potential added value of investments from which the distinction into the Core plus and Value added segments emerged but on the basis of the operational business segments in which DIC Asset AG operates, subdivided into regions. The portfolio properties are combined as the Commercial Portfolio and the investments as Co-Investments. The balance sheet and profit and loss account-related key indicators were also gradually supplemented or replaced by operating key figures of internal company management. The segment reporting was consequently presented in the amended form in this quarterly report. The comparative figures for the first quarter of 2011 were restated.

The annualised rental figures indicated for the annual rent naturally differ from those specified in the profit and loss account.

DIC Asset AG has implemented all accounting standards adopted and revised by the EU, application of which is compulsory from 1 January 2012. Application of the accounting standards to be applied for the first time can be found in the Notes for the financial year.

In preparing the financial statements, the management must make estimates and assumptions. These influence both the amount of the figures recognised for assets, liabilities and contingent liabilities on the balance sheet date and the amount of income and expenses recognised in the reporting period. Actual amounts accruing may deviate from these estimates. There were no adjustments on the basis of changes to estimates or assumptions in the first quarter of 2012.

Notes to the consolidated financial statements

DIC Asset AG acquired a commercial property in Zeppelinheim from Red Square Zeppelinheim GmbH with effect from 31 March 2012. The investment volume amounts to around EUR 22 million. The property is let long-term and the annual rental income amounts to some EUR 1.6 million, which equates to a rental yield of around 7% in relation to the property purchase price.

Up to March 2012, external loans of EUR 13.1 million were taken up. These serve to finance the property in Zeppelinheim. The loan is protected through a fixed interest-rate agreement.

Other information

There were no changes to the composition of the Management Board or the Supervisory Board during the period under review.

To allow shareholders to participate commensurately in the success and appreciation in value of DIC Asset AG, the Management Board will propose a dividend of EUR 0.35 per share for the financial year 2011 at the General Shareholders' Meeting on 3 July 2012.

With regard to the disclosures on opportunities and risks and on events after the balance sheet date, please refer to the interim management report in this document.

TO DIC ASSET AG, FRANKFURT AM MAIN

We have reviewed the condensed interim consolidated financial statements – comprising the income statement, statement of comprehensive income, statement of financial position, cash flow statement, statement of changes in equity and selected explanatory notes – together with the interim group management report of DIC Asset AG, Frankfurt am Main for the period from January 1 to March 31, 2012, which are part of the quarterly financial report according to § 37x (3) WpHG ("Wertpapierhandelsgesetz": German Securities Trading Act). The preparation of the condensed interim consolidated financial statements in accordance with those International Financial Reporting Standards (IFRS) applicable to interim financial reporting as adopted by the EU, and of the interim group management report in accordance with the requirements of the WpHG applicable to interim group management reports, is the responsibility of the Company´s management. Our responsibility is to issue a report on the condensed interim consolidated financial statements and on the interim group management report based on our review.

We conducted our review of the condensed interim consolidated financial statements and the interim group management report in accordance with the German generally accepted standards for the review of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the review so that we can preclude through critical evaluation, with a certain level of assurance, that the condensed interim consolidated financial statements have not been prepared, in material aspects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU, and that the interim group management report has not been prepared, in material aspects, in accordance with the requirements of the WpHG applicable to interim group management reports. A review is limited primarily to inquiries of company employees and analytical assessments and therefore does not provide the assurance attainable in a financial statement audit. Since, in accordance with our engagement, we have not performed a financial statement audit, we cannot issue an auditor´s report.

Based on our review, no matters have come to our attention that cause us to presume that the condensed interim consolidated financial statements have not been prepared, in material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU or that the interim group management report has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group management reports.

Nuremberg, 11 May 2012

Rödl & Partner GmbH Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft

Hübschmann Danesitz

German public auditor German public auditor

QUARTERLY FINANCIAL DATA

EUR million	Q1 2011	Q2 2011	Q3 2011	Q4 2011	Q1 2012
Gross rental income	27.6	28.9	29.3	31.0	31.1
Net rental income	25.3	26.9	26.6	28.0	28.1
Fees from real estate management	1.1	1.2	1.3	1.7	1.2
Investment property disposal proceeds	0.0	9.3	0.0	8.4	2.8
Gains from investment property disposals	0.0	0.6	0.0	1.0	0.5
Share of the profits of associates	0.4	0.5	0.7	0.8	0.8
Funds from Operation (FFO)	10.0	10.1	9.7	10.8	10.5
EBITDA	22.0	23.9	23.9	26.1	24.6
EBIT	15.1	16.7	16.5	17.8	16.6
Profit for the period	2.8	3.4	1.9	2.5	2.5
Cash generated from operating activities	9.4	9.9	12.8	6.3	12.7
Market value of investment property *	2,083.3	2,071.0	2,069.9	2,202.3	2,218.1
Total assets	2,109.4	2,155.2	2,134.0	2,248.1	2,257.7
Equity	660.4	657.6	622.7	624.2	624.8
Equity ratio in %	31.3	30.5	29.2	27.8	27.7
Total liabilities	1,449.0	1,497.6	1,511.3	1,624.0	1,632.9
Debt ratio in %	68.7	69.5	70.8	72.2	72.3
FFO per share (in EUR)	0.25	0.22	0.21	0.24	0.23

* Acquisitions during the year are taken into account at the cost of acquisition

PORTFOLIO OVERVIEW* PORTFOLIO BY REGIONS

	Commercial Portfolio	Co- Investments	Total Q1 2012	Total Q4 2011
Number of properties	158	115	273	278
Market value in EUR million**	1,906.7	311.4	2,218.1	2.202,3
Lettable area in sqm	1,083,200	151,600	1,234,800	1,228,000
Portfolio proportion after rental space	88%	12%	100%
Annualised rental income in EUR million	126.1	14.5	140.6	139.5
Rental income per sqm in EUR	10.80	8.80	10.50	10.50
Lease maturity in years	5,4	5,1	5,4	5,5
Rental yield	6.7%	6.4%	6.6%	6.6%
Vacancy rate	12.1%	13.6%	12.3%	12.4%