DIX Deutscher Immobilien Index

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The DIX Deutscher Immobilien Index is a German property performance index published annually by DID Deutsche Immobilien Datenbank GmbH. For the real estate sector the index is nearly equally established as the DAX for the finance sector. It is based on evaluations of a database, which contains detailed property-referred information. Currently the database covers approximately 3.400 directly held properties of different types of use, i.e. office, retail, residential and also mixed use objects (retail/office). To be able to process the information for every object in the database, the owner of the objects deliver coherent defined data on a yearly basis, as for example information about:

• Property master data as address, date of acquisition etc.
• Rental income and operating costs
• More than 35 relevant data of the valuation of the property
• Information on modernisations and developments
• Information on purchases and sellings of properties.

For every property in the databank the market value is ascertained by an appraiser on a yearly basis.

[edit] Apportionment

The DIX® can be split up into different components. The Total Return measures the total payment of interest of the average capital employed of all standing investments during the whole period under review. The Total Return can be divided into two return components. One of the return components is the Income Return, which is calculated as the achieved rental income minus the net operating costs of the portfolio in relation to the capital employed. The other return component is the capital growth, which measures the changes of the object market values considering value affecting investments. Both components only take standing investments into account, which means only objects, which have been in the portfolio of the data delivering clients over the whole period under review.

The DIX® has two substantial advantages compared to other indices, which often use fictitious objects, because of the underlying databank. On the one hand all analysis tools of the DID Deutsche Immobilien Datenbank GmbH are based on the original data of the delivering clients, that means there is no second-hand data used and additionally no already existing data set will be aggregated. On the other hand the index can be split up if needed and therefore regional market segments, user groups or a combination of selection criteria can be used. This enables a direct comparison and a benchmarking with the own portfolio.

[edit] Advantages

Another substantial advantage of the DIX® is based on the quantity of information and the level of detail, which enables a huge number of different analyses of the objects in the databank to compare portfolio components of the data delivering investors. Possible analyses of the databank are only restricted to single object and single investor level because of confidentiality reasons. On the other hand the coherent data definitions, which the tenants have contractually agreed to respect, in cooperation with the ongoing plausibility and validity checks guarantee that the database is consistent. Concerning the “value-growth of the German real estate market” the DIX® enables very concrete statements in reference to the value-growth and the influence factors, because of the detailed incoming data. Henceforth all expenditures as management-, operating- and maintenance costs as well as value affecting investments corresponding to the object are recorded. This clear categorization and calculation of the DIX® makes the advantage, that the growth of value has not to be interpreted, as other indices do it, by unclear defined considerations of purchase prices, rents and other expenditures, which can be seen as incomplete measures or price indices.

The DIX® with its large-scale data material, its high detailed data and the accuracy of valuation complies with all requirements to an index, which enables specially for the real estate market customized, comprehensive und precise statements of the development of the market and its sectors.

[edit] Investors

National investors outweigh at the moment, but recently international investors have been customers of the DID Deutsche Immobilien Datenbank. The following clients have agreed to deliver data periodically to DID:

Asset Management

• REDEVCO Services Deutschland GmbH

• Vivico Real Estate GmbH

Real Estate Limited Companies

• IVG Immobilien AG

Open-Ended Funds

• Commerz Grundbesitz Investmentgesellschaft mbH

• Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH

• DB Real Estate Investment GmbH

• DEFO Deutsche Fonds für Immobilienvermögen GmbH

• DEGI Deutsche Gesellschaft für Immobilienfonds mbH

• Deka Immobilien Investment GmbH

• DIFA Deutsche Immobilien Fonds AG

• HANSAINVEST Hanseatische Investment-GmbH

• iii-investments.

• SEB Immobilien-Investment GmbH

• WestInvest Gesellschaft für Investmentfonds mbH

Pension funds

• BASF Pensionskasse

Insurances

• Allianz Immobilien GmbH

• AMB Generali Immobilien GmbH

• AXA Real Estate Managers Deutschland GmbH

• Bayerische Versorgungskammer

• GERLING Investment Kapitalanlage GmbH

• MEAG MUNICH ERGO AssetManagement GmbH

• R+V Allgemeine Versicherung AG

• Zurich Group Invest Europe Deutschland GmbH