Home Invest Belgium : Half-Year Report 2022

Under embargo untill 07/09/2022 5.40 pm

Regulated information

Under embargo untill 07/09/2022 5.40 pm

Regulated information

• • Qualitative residential real estate portfolio
• Increase in the fair value of the real estate portfolio to € 743,84 million on 30 June 2022.
• The investment properties available for rent consist of 91,3% 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 Fairview with 42 residential units in Sint-Lambrechts-Woluwe (Brussels).
• Delivery of the renovation project RQE with 38 residential units and a co-living area with 24-rooms located in the European district of Brussels.
• Obtaining the building permit for the redevelopment of an existing office located at Rue Jourdan 95 in Sint-Gillis (Brussels) into 46 new residential units.
• • Strong letting market results in a record occupancy rate
• Strong residential letting market with high demand for qualitative housing.
• Increase of the average occupancy rate to 98,3% in the first half of 2022 (compared to 96,9 % in the first half of 2021).
• • Further increase of the EPRA earnings
• 11,5 % increase in the EPRA earnings to € 7,75 million in the first half of 2022 (compared to € 6,94 million in the first half of 2021).
• 11,5 % increase in the EPRA earnings per share to € 0,47 in the first half of 2022 (compared to € 0,42 in the first half of 2021).
• • Increase in Net Asset Value per share (NAV)
• Increase in the EPRA NTA per share to € 21,31 on 30 June 2022 (+1,5% compared to € 21,00 on 31 December 2021).
• • Home Invest Belgium share split
• In view of the increased tradability, accessibility and attractiveness of the Home Invest Belgium share, the share was split on 15 June 2022 by a factor of 5.
• • ABB - Strengthening of shareholders' equity by € 30,00 million
• On 28 June 2022, the company issued 1 417 770 new shares in the context of a capital increase through accelerated bookbuilding (ABB). The gross proceeds of the transaction amounted to € 30,00 million.

1	HALF YEAR FINANCIAL REPORT 2022

Under embargo untill 07/09/2022 5.40 pm

Regulated information

• • Well balanced capital structure and strong liquidity position
• Debt ratio amounts to 50,56% (RREC Royal Decree) and 49,35% (IFRS) on 30 June 2022.
• The average cost of debt amounts to 1,67% in the first half year of 2022.
• 96,8% of the financial debts have a fixed interest rate with a weighted average remaining duration of 5,8 years.
• Home Invest Belgium has € 33,50 million available credit lines.
• The company has no credit lines or bonds maturing in 2022. The first coming maturity date is in the second half of 2023.
• • Outlook 2022 and distribution to shareholders
• For 2022 Home Invest Belgium expects an increase of the EPRA earnings per share to € 1,04 (compared to € 0,99 in 2021).
• The Ordinary General Meeting and the Extraordinary General Meeting approved on 3 May 2022 a total distribution to shareholders of € 1,06 per share, an increase for the 22nd consecutive year. The distribution consists of the combination of a gross dividend of € 0,99 per share on the one hand and a reduction of equity by € 0,07 per share on the other.
• For the coming years the board of directors foresees a distribution policy based on a yearly increase equal to or higher than the inflation.

2	HALF YEAR FINANCIAL REPORT 2022

Under embargo untill 07/09/2022 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 ....................................................................................................................................................................................	10
4.1		Rental activity.........................................................................................................	Error! Bookmark not defined.
4.2	Development and refurbishment projects ......................................	Error! Bookmark not defined.1
4.3	Share split...............................................................................................................	Error! Bookmark not defined.3
4.4	ABB - Reinforcement of own funds by € 30.00 million..............................................................................	13
5.	Stock market activity ......................................................................................................................................................................	14
6.	Distribution to shareholders ......................................................................................................................................................	17
7.	Outlook.......................................................................................................................................................................................................	18

8. Short consolidated financial statements of the first half of 2022…………………………………………………………19

9.	APM - Alternative performance measures ..................................................................................................................	38
10.	Shareholders' calendar ................................................................................................................................................................	42

3	HALF YEAR FINANCIAL REPORT 2022

Under embargo untill 07/09/2022 5.40 pm

Regulated information

On 30 June 2022, Home Invest Belgium holds a real estate portfolio1 of € 743,84 million, compared to € 725,47 million on 31 December 2021, or an increase of 2,5%.

REAL ESTATE PORTFOLIO	30/06/2022	31/12/2021
Fair value of investment properties	€ 719,45 m	€ 702,23 m
Investment properties available for rent	€ 687,62 m	€ 659,81 m
Development projects	€ 31,83 m	€ 42,42 m
Investments in associated companies and joint ventures	€ 24,39 m	€ 23,23 m
TOTAL	€ 743,84 m	€ 725,47 m

The fair value of the investment properties available for rent amounts to € 687,62 million across 50 sites.

The total contractual annual rents and the estimated rental value of vacant space is € 33,19 million as of 30 June 2022.

The investment properties available for rent are valued by independent real estate experts at an average gross rental yield2 of 4,8%.

Residential properties accounted for 91,3% of the investment properties available for rent on 30 June 2022. On 30 June 2022, 68,1% of the investment properties available for rent are located in the Brussels Capital Region, 11,1% in the Walloon region, 10,9% in the Flemish Region and 9,9% 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 2022