Wereldhave N : Half-Year Results 2021 to USPP Investors

Results H1 2021

27 July 2021

USPP Investors

Highlights H1 2021

	H1 2020	H1 2021	Change
Direct result per share (€)	0.97	0.93	(0.04)
Indirect result per share (€)	(3.73)	(1.79)	1.94
Total result per share (€)	(2.76)	(0.86)	1.90
	FY 2020	H1 2021	Change
EPRA NTA per share (€)	27.74	26.33	(1.41)
Net LTV	46.7%	46.1%	-0.6pp
NPS (Benelux)	+4	+16	+12
Proportion of mixed-use Benelux (in m²)	10.0%	10.3%	+0.3pp

2

Highlights H1 2021

Like-for-like NRI growth positive despite Covid-19 related store closures, lower sales-based rents and variable parking income in the Shopping Centers, and departures in our Belgium Offices

Net Rental Income	H1 2020	H1 2021	Growth	LFL Growth
(€ m)
Belgium	17.7	19.8	12.2%	12.5%
France	10.1	13.2	29.9%	23.2%
Netherlands	32.5	26.1	(19.7%)	(9.4%)
Shopping centers	60.3	59.1	(2.0%)	4.3%
Offices Belgium	3.3	2.4	(25.7%)	(25.5%)
Total	63.6	61.5	(3.2%)	2.5%

3

Key terms French transaction

• Assets sold:	Docks 76 (Rouen)
	Docks Vauban (Le Havre)
	Rivetoile (Strasbourg)
	Saint Sever (Rouen)

• Gross Proceeds: € 305m, including estimated CAPEX of € 5m (implied net yield1) of 7.5%)

•	Buyer:	Lighthouse Capital Limited
•	SPA Signing:	26	July 2021
•	Closing Date:	30	September 2021
•	Transaction:	Share deal
•	Conditions:	No rental guarantee provided, no CAPEX obligations, no
		vendor loan provided

• Transaction Costs: c. € 4m
• Annual Cost Savings: To start as per 2022

• Use of Proceeds:

Repayment of debt, LifeCentral investments

4 1. Based on annualized NOI as of 30/06/2021

Financial Impact French transaction

LTV
%
47%	-4%
46%
		42%
			30-40%
FY 2020	Pre Lighthouse	Pro-forma	Target
	Deal 30/06/2021	30/09/2021
5

DRPS Full Year Outlook

€

1.80 - 2.00	-0.13	1.75 - 1.85
2021 (Q1 FC)	Lighthouse Deal	2021 Post
		Lighthouse Deal

EPRA NTA per Share

€

26.33
-5.06	21.27

Q2 21Lighthouse Deal Q2 2021 Post Lighthouse Deal