QRF : Results for the first six months of 2014

PRESS RELEASE Regulated information Embargo: 21/08/2014 at 6:00PM

QRF: results fully on schedule

Results for the first six months of 2014, from 31/12/2013 to 30/06/2014:
• The rental income for the first half of 2014 amounted to 3,832 KEUR1.
• The total Fair Value of the property portfolio on 30/06/2014 was 129,448
KEUR2; it represented an annual rental revenue of 8,213 KEUR3.
• The financial occupancy rate was 99.75%, the physical occupancy 96.09%.
• The debt ratio of QRF was 46.65%.
• Five new inner-city sites were purchased at a Fair Value of 16,330 KEUR with an annual rental income of 1,042 KEUR.
• The NAV per share was € 22.73 (IFRS).
• After the balance sheet closing, a site was acquired in Leuven with a Fair Value of 7,100 KEUR4.
• QRF continues its growth strategy, with still several acquisitions currently being
investigated.
• QRF expects to offer the proposed gross dividend of 1.3 EUR per year.

For more information:Qrf Comm VA

Anneleen Desmyter, CEO Francis Hendrickx, CFO

[e-mail] [e-mail]

+ 32 3 233 52 46 + 32 3 233 52 46

1 The rental income is the sum of the rental income, after rent rebates, effectively or contractually billed by

QRF, over the period of (part of) the financial year.

2 Including minority interests in Century Center Freehold.

3 The rental revenue consists of the Contractual Rent plus the Rental Guarantee on Vacancy on a Yearly Basis. The latter is the Rental Guarantee on a Yearly Basis received on 30/06/2014 for non-leased parts of sites.

4 At the time of transaction determined by the independent expert.

Qrf Comm. VA • Openbare bevak naar Belgisch recht • Leopold de Waelplaats 8/1 • B-2000 Antwerpen

Tel. [phone] • Fax [phone] • [e-mail] • www.qrf.be • Ondernemingsnummer 537 979 024 • RPR Antwerpen

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About Qrf:

Qrf is a Belgian fixed-capital real estate investment trust that focuses on City Retail, and more specifically on investing in, and the (re)development and leasing of inner-city retail

sites within the so-called "Golden Mile"- the streets that are dominant for their catchment area. Qrf is listed on Euronext Brussels (QRF:BB) as of December 2013. For more

information, please visit: www.qrf.be

Warning:

This press release contains forward-looking statements that involve risks and

uncertainties, including statements concerning Qrf's plans, objectives, expectations and

intentions. Readers are cautioned that such forward-looking statements include known and unknown risks and are subject to significant business, economic and competitive uncertainties, that to a large extent are not controlled by Qrf. If one or more of these risks, uncertainties or contingencies materialise, or should any underlying assumptions

prove incorrect, the actual results could materially vary from those anticipated, expected, estimated or projected. Consequently, Qrf shall not assume responsibility for the

accuracy of these forward-looking statements.

Qrf Comm. VA • Openbare bevak naar Belgisch recht • Leopold de Waelplaats 8/1 • B-2000 Antwerpen

Tel. [phone] • Fax [phone] • [e-mail] • www.qrf.be • Ondernemingsnummer 537 979 024 • RPR Antwerpen

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