NSI N.V., - NSI Results: Q3 2021

TRADING UPDATE

Q1 2021

• Acquisition of two office assets in Amsterdam and one in Rotterdam for €79.8m, at an attractive 5.8% gross yield
• Continued asset rotation further strengthens overall investment portfolio, Amsterdam now 55% of assets
• Rent collection for Q1 2021 at 97.8%; Office/HNK rent collection at 99.6%
• EPRA vacancy rate 7.8%; 6.1% excluding strategic vacancy
• EPRA EPS €0.47 per share, down €0.07 vs 20Q1; Guidance remains €2.25 - €2.35 for full year 2021
• LTV at 33.0%, vs 29.2% at December 2020

2 TRADING UPDATE - Q1 2020

INDEX

NSI HIGHLIGHTS	3
SPOTLIGHT: ATLANTA BUILDING	4
CEO COMMENTS	7
INCOME, COSTS AND RESULT	8
REAL ESTATE PORTFOLIO	9
BALANCE SHEET, NAV AND FINANCING	11

FINANCIAL CALENDAR

Publication half year results 2021	14	July 2021
Publication trading update Q3 2021	14	October 2021
Publication preliminary results 2021	25	January 2022
Publication annual report 2021	4 March 2022
Publication trading update Q1 2022	14	April 2022
AGM	21	April 2021
Ex-dividend date (final dividend 2020)	23	April 2021
Record date	26	April 2021
Stock dividend election period	27	April - 10 May 2021
Payment date	13 May 2021
Ex-dividend date (interim dividend 2021)	18	July 2021

For additional info please contact: NSI N.V.

Investor Relations

Laura Gomez Zuleta

T [phone]

E [e-mail]

Publication date: 15 April 2021

3 TRADING UPDATE - Q1 2020

NSI HIGHLIGHTS

KEY FINANCIAL METRICS1

REVENUES AND EARNINGS

					Q1 2021		Q1 2020	Change (%)
Gross rental income				19,356	19,283	0.4%2
Net rental income				13,224	14,235	-7.1%2
Direct investment result				9,018	10,238	-11.9%
Indirect investment result				-392	-997	-60.7%
Total investment result				8,626	9,242	-6.7%
Earnings per share				0.45	0.49	-8.5%
EPRA earnings per share				0.47	0.54	-13.6%
EPRA cost ratio (incl. direct vacancy costs)				30.1%	27.1%	3.0 pp
EPRA cost ratio (excl. direct vacancy costs)				28.3%	27.0%	1.2 pp
BALANCE SHEET
					31 March 2021		31 December 2020	Change (%)
Investment property				1,319,250	1,240,192	6.4%
Net debt				-440,153	-366,194	20.2%
Equity				863,064	854,438	1.0%
IFRS equity per share				44.74	44.29	1.0%
EPRA NTA per share				44.87	44.44	1.0%
Net LTV				33.0%	29.2%	3.8 pp
Number of ordinary shares outstanding				19,291,415	19,291,415
Weighted average number of ordinary shares outstanding			19,291,415	19,138,717	0.8%
KEY PORTFOLIO METRICS
			31 March 2021				31 December 2020
		Offices	HNK	Other	TOTAL
Number of properties	43	13	4	60	60
Market value3 (€m)	1,005	250	77	1,332	1,253	6.3%
Annual contracted rent4 (€m)	60	19	7	86	84	1.5%
ERV (€m)	67	23	7	96	93	3.3%
Lettable area (sqm k)	302	124	53	479	473	1.2%
Average rent / sqm (€/p.a.)	210	192	154	200	197	1.4%
EPRA vacancy	4.6%	17.6%	6.6%	7.8%	7.0%	0.8 pp
EPRA net initial yield	4.3%	4.6%	5.3%	4.4%	4.5%	-0.1 pp
Reversionary yield	6.7%	9.0%	9.1%	7.3%	7.5%	-0.2 pp
Wault (yrs)	4.5	3.2	5.0	4.2	4.0	6.0%

1. The trading update is based on unaudited results.
2. On a like-for-like basis GRI growth is 0.7% negative and NRI growth is 7.6% negative.
3. Reported in the balance sheet at book value including right of use leasehold (IFRS 16), excluding lease incentives and part of NSI HQ (own use).
4. Before free rent and other lease incentives.

4 TRADING UPDATE - Q1 2020

ATLANTA BUILDING

AN ICONIC BUILDING WITH HISTORIC GRANDEUR, READY FOR THE FUTURE

The circa 6,500 sqm Atlanta building at Stadhouderskade 5-6 in the city centre of Amsterdam was completed in 1929. Plans dating back to 1919 were to create a hotel on the site, but they were not approved by the municipality. The original development company subsequently went into receivership and in 1926 the site was acquired by the 'N.V. Amsterdamsche Maatschappij tot Exploitatie van Etagewoningen' (AMEE), controlled by Dutch architect F.A. Warners (1888-1952).

The decision was made to build an office instead of a hotel. Whilst the asset is in an excellent central location nowadays, as the city has sprawled over the years, it was a far from ideal office location at the time: it was a relatively fringe location, outside the historic city centre and far from the stock exchange area, where most economic activity was concentrated. AMEE managed to control the rather high development risk by pre-letting part of the building to REO Motor Car Company, an US car manufacturer. At completion in April 1929 the construction costs were 785,000 guilders (356,000 euros).

The foundation stone was laid on March 31, 1928, by Warners' son Allert and his father-in-law Allert de Lange. The building height, originally 10 floors high, was exceptional at the time, as three extra floors were permitted in

x

Atlanta building in 1931 - unknown photographer via Amstelodamum

exchange for a small strip of land being returned to the municipality. On top of the building, a tower was built adorned by two large wings: the emblem of REO Motor Car Company.

A novel concept: flexible office in the 1930's

The extra floors lowered the construction and operating costs of the building, supporting the financial case for the building. As a matter of fact, F.A. Warners was far ahead of his time: the property was built on an almost square plot with a concrete structure. This ensured that a flexible layout was possible so that tenants could organise their space according to their own requirements.

5 TRADING UPDATE - Q1 2020

ATLANTA BUILDING

FUN FACTS

1. The name Atlanta: The site was originally owned by N.V. Atlanta, a hotel company jointly founded by the 'Amsterdamse Scheepsvaartmaatschappijen' during the First World War. Hotel Atlanta was never built, but the name was kept and used to name the office building.
2. The Chrysler Coupe Windson: The building still has an elevator to move cars from the basement to the mezzanine floor, a remnant from the time REO Car Motor Company used the building. The elevator was in active use up to a few years ago. The construc- tion company responsible for the latest renovation gifted a 1949 burgundy Chrysler Coupe Windson to the previous owner and it was placed in the elevator as a tribute to the history of Atlanta and American automotive history in general. This car can now no longer be removed from the building, following the latest renovation.
3. The concierge's house: The design of Atlanta fea- tured a concierge's house behind the main entrance. The concierge lived in the building and took care of the reception activities and the maintenance of the building.

AMSTERDAM

Central Station

Atlanta building

Vondelpark	Canal district

Window-shopping for large American cars

REO Motor Car Company leased the basement, ground floor and first four floors. The ground floor was used as showroom for its latest models and the back of the ground floor, two entresol levels and basement as a garage. The large glass facade gave locals the opportunity to catch a glimpse of the latest American cars. Alas, REO would end up only occupying the space for a relatively short period of time. It turned out that the average price tag of a car of 2,000 guilders (900 euro) was far too tall an order for Amsterdammers.

Multiple tenants over the years

In addition to REO Motor Car Company the building has had many occupiers, larger and smaller, as it was in fact a multi-let building from the start. Major tenants over the years were 'Koninklijke Emballage Industrie van Leer', DAF trucks, whilst the ground floor has also been used by Indonesian Restaurant Raden Mas. Tommy Hilfiger has occupied this building for most of the past two decades, whilst part of the building was also used by Paradiso to stage concerts. Most recently Atlanta has been entirely leased to the international operator WeWork, so the building has come full circle as a flex office.

Main entrance Atlanta in 1932 - unknown photographer via Photo archive F.A. Warners, Amsterdam