Vastned Retail Belgium : Annual results 2015

Continued execution of the strategy to ensure that the share of premium city high street shops in the real estate portfolio exceeds 75% in the long term.

As at 31 December 2015, 58% of the real estate portfolio consisted of premium city high street shops, 17% of high street shops and 25% of non-high street shops (retail parks and retail warehouses).

Acquisition of four premium city high street shops in the historic city centre of Antwerp for a total investment amount of € 18 million.

Start of prominent redevelopment and thorough restoration of a premium city high street shop of 3.000 m² on Zonnestraat in Ghent.

Divestment of 14 non-strategic retail properties, i.e. retail warehouses and inner-city shops at secondary locations, accounting for € 31 million or 9% of the overall real estate portfolio.

Realisation of 24 rental transactions representing approx. 15% of the total annual rental income, resulting in an average increase in rent of 15%.

Occupancy rate as at 31 December 2015: 98% (98% as at 31 December 2014).

Increase in fair value by approximately 1% of the existing real estate portfolio in financial year 2015, mainly as a result of the stronger yields of the premium city high street shops and new lettings.

Gross dividend amounts to € 2,51 per share for financial year 2015 (€ 2,72 for  financial year 2014). Gross dividend yield of 4,5% based on the closing share price as at 31 December 2015, i.e. € 55,97.

Decrease in the operating distributable result to € 2,52 per share for financial year 2015 (€ 2,72 for financial year 2014), primarily due to the divestment at the end of 2014 of 19 non-strategic properties, approximately 12% of the real estate portfolio.

Further optimisation of the spreading of expiry dates for the credit lines.

Limited debt ratio of 28% as at 31 December 2015.

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