Vitura : Inside Information / News release on accounts, results

Press release

2021 Annual Results - Regulated Information Paris, March 3, 2022 - 8:00 a.m.

Vitura: 2021 Annual Results

• No. 1 worldwide for its sustainable development strategy in 2021 GRESB ranking
• 100% collection rate
• Acquisition of an asset with high value-creation potential
• Green loan signed for €525 million
• Portfolio value up 7.7%
• EPRA NTA stable at €49.0 per share
• Dividend payout of €1.25 per share

Jérôme Anselme, Chief Executive Officer of Vitura, commented: "Despite the ongoing global pandemic and uncertain environment, 2021 was a very active year for Vitura, with the acquisition of our second Parisian real estate asset, solid rental transactions and the success of our CSR strategy rewarded by the GRESB and marked by the signature of a €525 million green loan. Driven by the new Vitura identity, we are reimagining sustainable, flexible office spaces of the future that will continue to meet the high expectations of our users. We are confident that 2022 will be another very dynamic year for our teams, with plans to carry out extensive work on our properties in order to improve the quality of our assets and create long-termvalue for our shareholders."

A new identity that reflects Vitura's asset management strategy

In 2021, shareholders approved Vitura's new identity, a name that conveys the notions of vitality, agility, and sustainability - the values that guide the Company on a daily basis. The accompanying brand vision, "Workplaces for People. By people." emphasizes the trust-based partnerships Vitura forges with its stakeholders, who share its goal of long-term value creation.

This goal was illustrated throughout the year, in particular with the acquisition of the Office Kennedy property, an iconic 10,000-sq.m asset with strong value creation potential. Adjacent to the Passy Kennedy building acquired in 2018, it gives the Company the opportunity to offer modern amenities and connected spaces redesigned as living areas where lessees can meet and interact.

1

Strong letting activity

In 2021, leases were signed, extended or renewed on 26,500 sq.m, i.e., 15% of the portfolio's total surface area. Thanks to these lettings, the average remaining lease term was unchanged at 4.9 years and rental income remained stable over the period, totalling 63.3 million in 2021. This amount takes into account termination indemnities paid by lessees, covering the rental income due under their lease. Excluding termination indemnities, rental income amounted to €55.4 million, compared with €63.0 million in 2020.

The momentum has continued into 2022, with leases signed on 16,000 sq.m since September 30, 2021 (of which 9,000 sq.m in early 2022). In particular, the Arcs de Seine building will welcome two new tenants: the Idex group, a leader in the local and renewable energy market, and BaByliss, a subsidiary of the Conair group. Existing tenant Huawei, a world leader in telecoms currently accounting for 7.5% of the portfolio's surface area, has chosen to extend the non-cancellable term of its lease to 2026.

Vitura's portfolio occupancy rate stood at 78.5% at December 31, 2021, with the Office Kennedy building fully let, and 77.3% on a like-for-like basis, compared with 90.1% at December 31, 2020. This decrease is mainly attributable to Canal+'s departure from the Arcs de Seine building, Vinci's departure from the Hanami campus and Crédit Foncier de France's partial departure from Rives de Bercy. Crédit Foncier de France will continue to occupy half the surface area of Rives de Bercy until December 31, 2022, having extended its lease for an additional year. Potential tenants have already expressed an interest in the vacant units, which are either recently renovated or currently undergoing redevelopment, reflecting the properties' attractiveness and the portfolio's solid fundamentals.

Vitura places the continuous improvement of its assets at the heart of its asset management strategy. Following the repositioning of the Europlaza tower, the Arcs de Seine building's entrance hall has been completely redesigned to provide trendy new spaces where tenants can meet and interact.

The estimated value (excluding transfer duties) of Vitura's assets stood at €1,560 million at December 31, 2021, up 7.7% as reported and 0.6% like for like from €1,448 million at December 31, 2020, reflecting the portfolio's resilience.

EPRA "topped-up" NIY stood at 4.0% at December 31, 2021.

Solid financial fundamentals

Vitura's EPRA earnings totaled €38.7 million for 2021 and €39.0 million like for like, down €3.4 million as reported. This decrease was mainly attributable to refinancing costs and the impact of the temporary vacancy of certain units.

Recurring cash flow, supported by the financial strength of our tenants who have paid 100% of their rent, stood at €45.7 million at December 31, 2021, compared with €46.6 million in 2020.

IFRS net attributable income rose sharply, coming in at €36.9 million in 2021, compared with €16.1 million in 2020. The increase mainly results from an increase in property values in 2021, after a decrease in 2020.

EPRA NTA stood at €824.1 million at December 31, 2021, up from €779.3 million one year earlier. The increase reflects growth in IFRS consolidated net income (positive €35.6 million impact), the dividend payout (negative €31.8 million impact) and capital increase carried out in October 2021 (positive €33.4 million). At December 31, 2021, EPRA NTA stood at €49.0 per share.

The Group's IFRS consolidated net debt stood at €830 million at December 31, 2021, up €62 million compared to the previous year. This change is mainly due to €66 million in financing taken out for the acquisition of the Office Kennedy building. A €525 million sustainable refinancing agreement was also signed in November 2021 extending the maturity of the Group's debt and strengthening its financial structure. The loan-to-value ratio remains stable at 53.2%, with an average maturity of nearly 4 years, and an average interest rate of 1.6%.

Strong commitment to sustainable development

Vitura has always been firmly committed to environmental, social and governance (ESG) issues.

This year, Vitura stood out once again for its high quality sustainable development approach, which was recognized by renowned ESG organizations. In 2021, the Company was named Global Sector Leader in the Global Real Estate Sustainability Benchmark's (GRESB) listed office property companies category, with a score of 96/100, up two points versus last year's ranking.

2

More recently, Vitura's commitment to the energy transition was illustrated by its decision to connect its Hanami campus to the geothermal energy network currently under construction and set to go live from 2023. Hanami will then be able to provide its tenants with competitive renewable energy while at the same time eliminating 430 metric tons of CO2 emissions per year.

Vitura has also decided to officially demonstrate its commitment to the environment by gaining AFNOR (the French International Organization for Standardization member body) certification for its property business' environmental management system under ISO 14001.

2022 distribution: €1.25 per share

At the next Annual General Meeting of Shareholders, on May 18, 2022, Vitura will propose a dividend of 1.25 euro per share. This dividend will enable the Company to continue its continuous improvement process by maintaining a high level of investment in its assets.

Key figures

	In € millions (as reported)			2021			2020			Change
	Rental income (IFRS)	55.4		63.0		-12.2%
	Adjusted rental income(1)	63.3		63.0		0%
	EPRA earnings	38.7		42.1		-8.0%
	Portfolio (excl. transfer duties)	1560		1448		+7.7%
	Occupancy rate	78.5%		90.1%			-11.6 pts
	LTV ratio	53.2%		53.0%			+0.2 pts
	EPRA NTA (in €)	49.0		49.0		0%

1. Taking into account termination indemnities paid by lessees covering the rental income due under their lease, rental income came to €63.3 million in 2021.

***

Vitura's Board of Directors met on March 2, 2022 to approve the 2021 audited consolidated financial statements for issue. The annual results presentation can be viewed on the Company's website: www.vitura.fr

***

Investor Calendar

• May 18, 2022: General Shareholders' Meeting
• May 19, 2022: First-quarter 2022 revenue
• May 25, 2022: Dividend payment date

For more information, please contact:
Investor relations	Media relations
Charlotte de Laroche	Aliénor Miens/Marion Bouchut
[phone]	[phone]
[e-mail]	[e-mail]

About Vitura

Created in 2006, Vitura is a listed real estate company ("SIIC") that invests in prime office properties in Paris and Greater Paris. The total value of the portfolio was estimated at €1,560 million at December 31, 2021 (excluding transfer duties).

Thanks to its strong commitment to sustainable development, Vitura was named the number one Global Sector Leader in the 2021 Global Real Estate Sustainability Benchmark's (GRESB) listed office property companies category and received two Gold Awards from the European Public Real Estate Association (EPRA) for the quality and transparency of its financial and non-financial reporting.

Vitura is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096). The Company had a market capitalization of €`559 million at March 2, 2022.

Visit our website to find out more: www.vitura.fr

3

APPENDICES

IFRS Income Statement (consolidated)

	In thousands of euros, except per share data
			2021		2020
			12 months		12 months
	Rental income	55,362	63,032
	Income from other services	29,558	21,845
		(21,249)	(21,552)
	Building-related costs
	Net rental income	63,671	63,324
		0	0
	Sale of building	0	0
	Administrative costs	(18,204)	(8,983)
	Other operating expenses	40	(61)
	Other operating income	0	600
	Increase in fair value of <	24,694	29,129
	Decrease in fair value of investment property	(23,346)	(55,103)
	Total change in fair value of investment property	1,348	(25,974)
		0	0
	Net operating income		46 855		28 906
		0	0
	Financial income	5,487	230
	Financial expenses	(15,409)	(13,042)
	Net financial expense	(9,922)	(12,812)
		0	0
	Corporate income tax	0	0
		0	0
	CONSOLIDATED NET INCOME		36,932		16,094
	of which attributable to owners of the Company	36,932	16,094
	of which attributable to non-controlling interests	0	0
		0	0
	Other comprehensive income	0	0
		0	0
	TOTAL COMPREHENSIVE INCOME		36,932		16,094
	of which attributable to owners of the Company	36,932	16,094
	of which attributable to non-controlling interests	0	0
		-	-
	Basic earnings per share (in euros)		2.29		1.00
	Diluted earnings per share (in euros)		2.21		0.97

4

IFRS Balance Sheet (consolidated)

	In thousands of euros
		Dec. 31, 2021	Dec. 31, 2020
	Non-current assets
	Property, plant and equipment	17	25
	Investment property	1,559,790	1,448,170
	Non-current loans and receivables	14,741	17,780
	Financial instruments	5,330	8
	Total non-current assets	1,579,878	1,465,983
	Current assets
	Trade accounts receivable	11,634	11,474
	Other operating receivables	14,032	11,459
	Prepaid expenses	432	366
	Total receivables	26,098	23,299
	Cash and cash equivalents	57,480	62,836
	Total cash and cash equivalents	57,480	62,836
	Total current assets	83,578	86,135
	TOTAL ASSETS	1,663,456	1,552,118
	Shareholders' equity
	Share capital	64,000	60,444
	Legal reserve and additional paid-in capital	71,445	74,206
	Consolidated reserves and retained earnings	600,558	583,574
	Net attributable income	36,932	16,094
	Total shareholders' equity	772,935	734,318
	Non-current liabilities
	Non-current borrowings	727,855	671,322
	Other non-current borrowings and debt	9,429	8,585
	Non-current corporate income tax liability	0	0
	Financial instruments	0	658
	Total non-current liabilities	737,284	680,565
	Current liabilities
	Current borrowings	96,205	96,821
		453	0
	Financial Instruments
	Trade accounts payable	22,319	10,056
	Corporate income tax liability	0	0
	Other operating liabilities	15,459	8,916
	Prepaid revenue	18,801	21,442
	Total current liabilities	153,237	137,235
	Total liabilities	890,521	817,800
	TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	1,663,456	1,552,118

5