Home Invest Belgium : Half-Year Results 2019

Under embargo until 05/09/2019 5.40 pm

Regulated information

• • Portfolio growth
• Increase in the fair value of the real estate portfolio to € 574.01 million.
• Delivery of The Crow'n building in Kraainem.
• • Increase in the EPRA earnings
• Net result of € 32.09 million in the first half of 2019 (compared with € 24.92 million in the first half of 2018).
• Net result per share of € 9.76 in the first half of 2019 (compared with € 7.58 in the first half of 2018).
• 5.7% increase in the EPRA earnings to € 4.61 million (compared with € 4.36 million in the first half of 2018).
• 5.7% increase in the EPRA earnings per share to € 1.40 (compared with € 1.33 in the first half of 2018).
• • Increase in the Net Asset Value per share (NAV)
• 12.5% increase in the EPRA NAV per share to € 95.73 on June 30th 2019 (as compared with €
  85.06 on December 31st 2018).
• 10.7% increase in the IFRS NAV per share to € 90.57 on June 30th 2019 (as compared to € 81.81 on December 31st 2018).
• • Decrease of debt ratio
• Decrease of debt ratio to 46.93% (RREC Act) and 45.75% (IFRS) on June 30th 2019.
• • Outlook
• The Board of Directors expects the gross dividend of the financial year 2019 to be at least equal to that of the previous financial year. During the financial year 2018, the gross dividend amounted to € 4.75.

The Pulse, Molenbeek

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1. Real Estate Portfolio………………………………………………………………………………..3

2.	Consolidated income statement.....................................................................	..................5
3.	Notes to the consolidated income statement.................................................................	7

1. • 3.1 Notes to the consolidated statement………………………………………………..7
   • 3.2 Notes to the consolidated balance sheet…………………………………………..8
   • 3.3 Funding structure…………………………………………………………………………9
2. Activity Report…………………………………………………………………………………….12
3. • 4.1 Acquisitions………………………………………………………………………………12
   • 4.2 Development projects…………………………………………………………………12
   • 4.3 Sales……………………………………………………………………………………….14
   • 4.4 Portfolio Management…………………………………………………………..........14
   • 4.5 Corporate governance……………………………………………………………….14
4. Stock Market Activity.............……..………………...………………………………………… 16
5. Outlook……………………………………………………………………………………………..19
6. Consolidated income statement during the first half of 2019………...…………… …...20
7. APM - Alternative Performance Measures…………………………………………………..39
8. Shareholder's calendar………………………………………………………………………….43

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At June 30th 2019, Home Invest Belgium holds a real estate portfolio1 of € 574.01 million, compared to € 543.51 million on December 31st 2018, or an increase of 5.6%.

REAL ESTATE PORTFOLIO	30/06/2019	31/12/2018
Fair value of investment	€ 554.91 m	€ 524.51 m
properties
Investment properties available	€ 526.77 m	€ 490.36 m
for rent
Development projects	€ 28.15 m	€ 34.14 m
Investments in associated	€ 19.10 m	€ 19.00 m
companies and joint ventures
TOTAL	€ 574.01 m	€ 543.51 m

The fair value of the investment properties available for rent amounts to € 526.77 million across 50 sites.

The total contractual annual rents and the estimated rental value of vacant space is € 27.14 million as at June 30th 2019.

The investment properties available for rent are valued by independent real estate experts at an average gross rental yield2 of 5.2%.

On June 30th 2019, 63.3% of the investment properties available for rent are in the Brussels Capital Region, 14.5% in the Walloon region, 12.3% in the Flemish Region and 9.9% in The Netherlands.

Residential properties accounted for 88.1% of investment properties available for rent on June 30th 2019.

1 The real estate portfolio includes (i) investment properties and (ii) investments in associated companies and joint ventures.

2 Gross rental yield = (contractual rents on a yearly basis + estimated value on vacant spaces / (fair value of the investment properties available for rent).

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Investment properties available for rent by type of property

9.5%

2.3%

88.1%

Residential

Offices

Retail

Investment properties available for rent by geographical distribution

Netherlands

10%

Flemish

Region

12%

	Brussels Capital
Walloon
Region		Region
15%		63%

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