Retail Estates : 22/11/2021 - Half-Year report 2021-2022

HALF-YEARLY

FINANCIAL REPORT

2021 2022

2| RETAIL ESTATES

YEARLY FINANCIAL	REPORT 2021 - 2022
HALF-

| 3

TABLE OF CONTENTS

1	KEY FIGURES	4
2	MANAGEMENT REPORT	6
3	HALF-YEARLY FINANCIAL REPORT	16
4	REPORT ON THE SHARE	48
5	REAL ESTATE REPORT	54
6	MISCELLANEOUS	64
7	INFORMATION SHEET	79

2021-2022|

4| RETAIL ESTATES
YEARLYFINANCIAL	REPORT2021 - 2022	'21-'22
					FIRST SEMESTER
-	GEOGRAPHICAL DISTRIBUTION	TYPE OF BUILDING		COMMERCIAL ACTIVITIES OF TENANTS
HALF		32.21%		0.64%		7.31% Other
			Other	2.01% Horeca
		The Netherlands
30.28%		11.77%
Wallonia			Individual	1.58% Leisure
				peripheral retail
				properties
					15.43%
				12.85%	Commodities
				+ Food
				Retail clusters
			74.73%
					57.14%
		37.51%	Retail parks		16.53%
				Home
				Fashion
		Flanders			improvement

RETAIL PROPERTIES		NUMBER OF EMPLOYEES
		988 RETAIL PROPERTIES
		The real estate portfolio of
		Retail Estates nv consists
		of retail properties located	13	23
		outside the largest cities of
		Belgium and
737	251	the Netherlands.
Retail properties	Retail properties in
in Belgium	The Netherlands

36

employees

GROWTH PORTFOLIO RETAIL ESTATES NV BETWEEN 1998 AND 2021

Area m2

Fair value (in thousands EUR)

'98

'99

'00

'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

'11

'12

'13

'14

'15

'16

'17

'18

'19

'20

'21

1 176 886 m2	1 725 159 K€
RETAIL AREA	FAIR VALUE

Retail Estates invests in acquisitions, investments in project developments and investments in the optimisation of its real estate portfolio.

Retail Estates nv has concentrated on continuously improving the quality of its properties and the expansion of its real estate portfolio.

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KEY FIGURES 2021 _____________________________________________

Since the 2020-2021 financial year was characterized by exceptional circumstances, comparative key figures are also shown below for the periods September 30, 2020 and September 30, 2019 (pre-corona).

REAL ESTATE PORTFOLIO	30.09.21	30.09.20	30.09.19
Number of properties	988	1 004	965
Total lettable area in m²	1 176 886	1 193 401	1 128 130
Estimated fair value (in EUR)	1 725 159 000	1 722 277 000	1 639 836 584
Estimated investment value (in EUR)	1 796 172 000	1 783 046 000	1 685 980 936
Average rent prices per m²	100.85	101,02	100.23
Occupancy rate	97.61%	97.10%	97.97%
BALANCE SHEET INFORMATION	30.09.21	30.09.20	30.09.19
Shareholders' equity	795 938 000	770 429 000	762 205 000
Debt ratio (RREC legislation, max. 65%)*	52.93%	53.87%	51.79%
RESULTS	30.09.21	30.09.20	30.09.19
Net rental income	57 385 000	49 823 000	52 842 000
Property result	56 354 000	48 782 000	52 119 000
Property costs	-4 694 000	-2 587 000	-4 136 000
Operating corporate costs	-3 103 000	-2 865 000	-2 774 000
Other current operating income and expenses	0	0	0
Operating result before result on portfolio	48 558 000	43 330 000	45 208 000
Result on portfolio	3 165 000	-2 994 000	678 000
Operating result	51 723 000	40 335 000	45 886 000
Financial result	-5 800 000	-14 093 000	-22 002 000
Net result	44 218 000	24 641 000	21 998 000
EPRA earnings	37 426 000	31 509 000	33 770 000
INFORMATION PER SHARE	30.09.21	30.09.20	30.09.19
Number of shares	12 665 763	12 665 763	12 630 414
Number of dividend bearing shares	12 665 763	12 665 763	12 630 414
Net asset value (NAV) per share IFRS	62.84	60.83	60.35
EPRA NTA	64.19	63.19	63.02
Net asset value per share (investment value) excl. dividend
excl. the fair value of authorised hedging instruments	67.87	66.13	65.51
EPRA result per share	2.95	2.49	2.79
Share price on closing date	63.20	55.60	85.70
Over-/undervaluation compared to net asset value IFRS	0.57%	-8.59%	42.01%

• The Royal Decree of 13 July 2014 (the "RREC R.D."), last modified by the Royal Decree of 23 April 2018 in execution of the Law of 12 May 2014 on regulated real estate companies (Belgian REITs) (the "RREC Law"), last modified by the Law of 2 June 2021.

2021-2022|