UPDATE 1-Corio Q1 opg profit drops 5 pct, sees stable 2009

* Q1 operating profit 49.7 mln euros vs 52.1 mln last year

* Value of property continued to fall

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AMSTERDAM, May 19 (Reuters) - Dutch property group Corio (COR.AS) reported on Tuesday a 5 percent fall in operating profit mainly due to the sale some assets, and it expected its full year operating profit to be similar as in 2008.

Corio, the Netherlands second largest listed property group after French-Dutch Unibail-Rodamco (UNBP.PA), said its operating profit -- rental income minus expenses -- was 49.7 million euros ($67.7 million) or 0.75 euros per share for the January-March period.

Two analysts had expected the company to report an operating profit, which is largely paid out as dividends, of 0.74 and 0.72 euros per share, Reuters Estimates showed.

Corio, which manages 6 billion euros in European and Turkish property, said it expected its full year operating profit to be in line with the result in 2008, which was 204.1 million euros.

Corio, which competes with French Klepierre (LOIM.PA), said the value of its assets, mostly retail property, fell 154.8 million euros in the first quarter due to market revaluations. Its assets fell 443.7 million euros in value in 2008. ($1=.7337 Euro) (Reporting by Gilbert Kreijger; Editing by Hans Peters)