Retail Estates : 05/06/2024 Roadshow KBC Securities

Roadshow KBC Securities

5 June 2024

2

Highlights

Our portfolio

ESG

Financials

Financing

Outlook

Appendix

RETAIL ESTATES 2024

2023-2024: Resilience of retail parks supports operating results of the past financial year and provides stable valuation

	EPRA earnings
EPRA earnings	per share
€ 88.37 million	€ 6.18
+9.77%	+6.81%1

Fair value	Occupancy rate	EPRA NTA
€ 2,028.32 million	97.89%	€ 78.15
		per share

Debt-to-assets ratio	Gross dividend
44.62%	€ 5

CONTINUING OUR GROWTH PATH BY STRENGTHENING OUR PORTFOLIO

• Acquisition of Alexandrium Megastores (retailpark NL), units
  in Woonmall Alexandrium (NL) units on Gouden Kruispunt (BE)
• Disposal of individual units in BE
• € 12.5 million spent on ESG to improve energy efficiency and increase the share of renewable energy

3

RETAIL ESTATES 2024

1 Compared to the EPRA earnings of 2022-2023 excluding non-recurring results as a consequence of various refunds of Dutch taxes relating to the previous financial year

Echoes from the retailers

WHAT HAPPENED IN THE PAST PERIOD

• Period up to 31 March 2024
• Consumer mood: indexation wages and residential property market
• Have and havenots
• Food retailers
• Non-foodretailers
• Weather
• Travel and horeca

4

RETAIL ESTATES 2024

Echoes from the retailers

WHAT DO WE EXPECT IN THE COMING PERIOD

1. Inflation
2. • Full indexation Belgium/the Netherlands: slowing down but still positive
   • Evolution contractual rent versus ERV
   • Rent reviews : renewals/break date
3. Energy crisis
4. • SME versus larger

➣ Alternatives

C. Salary costs

D. Logistics

E. Circular economy

F. Click and collect

5

RETAIL ESTATES 2024

Retail Estates in the past period and looking ahead

1. PROFITABILITY
2. • Rental income - incasso
   • Vacancy
   • Maintenance costs
   • Personnel costs
   • Interest costs
   • Taxes
   • Dividend

6

RETAIL ESTATES 2024

Retail Estates in the past period and looking ahead

B. BALANCE SHEET

1. • Property value
   • Investment capacity
   • Financing capacity
   • Capital markets
2. MITIGATING FACTORS
3. • Low unemployment
   • Indexation of wages/ real growth

7

RETAIL ESTATES 2024

8

Highlights

Our portfolio

ESG

Financials

Financing

Outlook

Appendix

RETAIL ESTATES 2024

Portfolio changes

PIPELINE UPDATE

1	Alexandrium Megastores (17 units)
2	Woonmall Alexandrium (2 winkelunits)
3	Gouden Kruispunt (2 units) (Sint-Joris-Winge/Leuven)
4	Sold 14 individual properties

ROTTERDAM

SINT-JORIS-WINGE

9

RETAIL ESTATES 2024

Portfolio changes

11.98 MIO EUR	92.23 MIO EUR	4.16 MIO EUR
SELL	BUY	BUILD
Solitary	Retail park properties

ASSETS UNDER CONSTRUCTION (IN 000 €)
		0.94
Landbank
Prospective	8.84
Pre-development	0.10
In progress	2.90
Sustainability	0.96
TOTAL	13.74

10 RETAIL ESTATES 2024

SUM

Maintaining a debt ratio below internal target of 45%