Qrf : Présentation H1 2023 Résultats

Half Year Results

2023

Key takeaways

•1 Qrf has been able to roll through leases for a total like for like Rental Income of +5% compared to the same period last year. The increase in like for like Rental Income, demonstrates the current state of the rental market, which -in line with expert reports- has been favourable;

• Qrf has no forward commitments for new investments, on the contrary: our financial

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participation of 20 MEUR in the Century Center, Qrf gives Qrf an opportunity to reduce its nominal debt in the future from 126 MEUR today to 105 MEUR upon realisation, without any negative impact on Net Rental Income, and with a recurring positive effect on EPRA by reducing interest costs. As a result, Qrf has no need to increase its capital in order to mitigate risk;

•3 Qrf's Net Asset Value has shown resilience throughout the last three years, proven our ability to counter turbulent times (COVID, supply chain issues, inflation) by unlocking value in the existing portfolio through asset management, preventing attrition thanks to asset rotation and investing in qualitative value add assets (Veldstraat, Korenmarkt and State Archives);

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Qrf has no refinancing risk for the coming 24 months, and thus has neutralised any refinancing risk if credit tightening would occur over the next two years;

Qrf is looking forward to the delivery of the Veldstraat 88, a mixed-useretail and office building, and by doing so will prove its ability to create shareholder value through a "buy, redevelop, and hold" strategy;

• Our team is committed and incentivized alongside our shareholders to create shareholder value.

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Belgian Real Estate Investment Trust (BE-REIT)

Listed on Euronext since 2013, reference shareholder (30%) since 2019

Invest, redevelop and rent out commercial properties in dominant cities in Belgium and The Netherlands

245.75 MEUR in real estate assets, of which 11,9% are currently in redevelopment

Active and opportunistic diversification strategy towards mixed-use real estate assets and balanced portfolio of retail, culture and leisure tenants

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Brugge (BE) - state archives

Acquired 2020

Portfolio statistics