Home Invest Belgium : Half-Year Report 2021

Under embargo untill 09/09/2021 5.40 pm

Regulated information

Under embargo untill 09/09/2021 5.40 pm

Regulated information

• • Qualitative residential real estate portfolio
• Increase in the fair value of the real estate portfolio to € 667.82 million on 30 June 2021.
• The investment properties available for rent consist for 90.4% of residential real estate.
• More than 50% of the investment properties available for rent are younger than 10 years; more than 70% are younger than 20 years.
• Delivery of the residential project The Felicity with 48 housing units in Laken (Brussels).
• Agreement for the acquisition, subject to conditions precedent, of the building land PLOT 4 of the project CITY DOX in Anderlecht (Brussels) in view of the construction of a building with 171 new housing units.
• Agreement for the acquisition, subject to conditions precedent, of the plot of land of building A of the project Key West in Anderlecht (Brussels) in view of the construction of a building with 101 new housing units.
• Agreement for the acquisition, subject to conditions precedent, of 100 % of the shares in The Ostrov, owner of a building located at Het Eilandje in Antwerp.
• • Strong letting market results in a record occupancy rate
• Accelerating residential letting market with strong demand for qualitative housing.
• Increase of the average occupancy rate to 96.9 % in the first six months of 2021 (compared to
  94.5 % million in the first half of 2020.
• • Increase of the operating margin
• Increase of the operating margin to 64,5 % in the first half of 2021 (compared to 58,3 % during the first three months of 2020).
• • Increase in the EPRA earnings and distributable result
• 11.4 % increase in the EPRA earnings to € 6.94 million (compared to € 6.23 million in the first half of 2020).
• 11.4 % increase in the EPRA earnings per share to € 2.11 (compared to € 1.90 in the first half of 2020).
• Increase in the distributable result to € 8.73 million during the first six months of 2021 (compared to € 7.57 million during the first half of 2020.
• Increase in the distributable result per share to € 2.66 during the first six months of 2021(compared to € 2.30 during the first half of 2020).
• • Net Asset Value per share (NAV)
• Increase in the EPRA NTA per share to € 102.61 on 30 June 2021 (+ 6.3 % compared to € 96.50 on
  31 December 2020).

1	HALF YEAR FINANCIAL REPORT 2021

Under embargo untill 09/09/2021 5.40 pm

Regulated information

• • Stable debt ratio and strong liquidity position
• Debt ratio amounts to 51.29% (RREC Royal Decree) and 49.99% (IFRS) on 30 June 2021.
• The average cost of debt amounts to 1.58 % in the first half year of 2021.
• 92.5 % of the financial debts have a fixed interest rate with a weighted average remaining duration of 6.2 years.
• Home Invest Belgium has € 40.00 million available credit lines.
• The company does not have credit lines or bonds maturing in 2021. The first coming maturity date is in the second half of 2022.
• • Dividend
• The Ordinary General Meeting of 4 May 2021 approved the distribution of a gross dividend of € 4.95 per share for the financial year 2020, which is an increase for the 21nd consecutive year.
• The board of directors expects that for 2021 and the coming yearthe board of directors will uphold a dividend policy which aims at a yearly dividend increase equal to or higher than the inflation.

2	HALF YEAR FINANCIAL REPORT 2021

Under embargo untill 09/09/2021 5.40 pm

Regulated information

1.	Real estate portfolio .....................................................................................................................	3
2.	Consolidated key figures .............................................................................................................	5
3.	Notes to the consolidated key figures........................................................................................	7
	3.1	Notes to the consolidated income statement...................................................................	7
	3.2	Notes to the consolidated balance sheet .........................................................................	8
	3.3	Funding structure ...................................................................................................................	9

4. Activity Report …………………………………………………………………………………………..11

	4.1	Acquisitions ...........................................................................................................................	11
	4.2	Development and refurbishment projects .......................................................................	12
	4.3	Sales.......................................................................................................................................	14
	4.4	Rental activities ....................................................................................................................	14
	4.5	Corporate governance ......................................................................................................	14
5.	Stock market activity ..................................................................................................................	15
6.	Outlook .........................................................................................................................................	18
7.	Consolidated income financial statements ............................................................................	19
8.	Alternative performance measures..........................................................................................	38
9.	Shareholder's calendar..............................................................................................................	43

3	HALF YEAR FINANCIAL REPORT 2021

Under embargo untill 09/09/2021 5.40 pm

Regulated information

On 30 June 2021, Home Invest Belgium holds a real estate portfolio1 of € 667.82 miljoen, compared to

• 645.63 miljoen on 31 December 2020, or an increase of 3.4%.

VASTGOEDPORTEFEUILLE	30/06/2021	31/12/2020
Fair value of investment properties	€ 645.73 m	€ 623.88 m
Investment properties available for rent	€ 619.36 m	€ 592.89 m
Development projects	€ 26.37 m	€ 30.99 m
Investments in associates and joint ventures	€ 22.09 m	€ 21.75 m
TOTAL	€ 667.82 m	€ 645.63 m

The fair value of the investment properties available for rent amounts to € 645.73 million across 49 sites.

The total contractual annual rents and the estimated rental value of vacant space is € 30.39 million as of 30 June 2021.

The investment properties available for rent are valued by independent real estate experts at an average gross rental yield2 of 4.9%.

Residential properties accounted for 90.4 % of investment properties available for rent on 30 June 2021. On 30 June 2021, 69.4 % of the investment properties available for rent are located in the Brussels Capital Region, 12.5 % in the Walloon region, 10.0% in the Flemish Region and 8,1 % in The Netherlands.

Investment properties available for rent By type of property

Investment properties available for rent Geographical distribution

1. The real estate portfolio includes (i) investment properties and (ii) investments in associated companies and joint ventures equity method.
2. Gross rental yield = (contractual gross rents on a yearly basis + estimated rental value on vacant spaces) / (fair value of the investment properties available for rent).

4	HALF YEAR FINANCIAL REPORT 2021