Wereldhave N : Kepler-Chevreux Pan-European Real Estate Conference, London

Kepler Cheuvreux

Pan-European Real Estate

Conference

London, 16 November 2023

Table of contents

1. Key Messages & Highlights 9M 2023
2. Results H1 2023
3. LifeCentral, ESG
4. Financing & Valuations
5. Management Agenda
6. Appendices

2

Key Messages 9M 2023

• Direct result per share (DRPS) outlook raised to € 1.70- 1.75 from € 1.65-1.75
• Indexation driving 10% like-for-like growth in rental income
• Footfall thriving: 9% footfall growth in our core portfolio vs. 2022
• Sixth Full Service Center completed: Vier Meren in Hoofddorp, 94% let
• Three additional Full Service Centers on track to be delivered in Q4
• USD 50m of new USPP financing signed in Q3
• GRESB five-star rating maintained in 2023 and top of our retail peer group

3

Highlights 9M 2023

Solid results despite higher interest rates

	9M 2022	9M 2023	Change
Direct result per share (€)	1.24	1.30	0.06
Indirect result per share (€)	0.02	0.33	0.31
Total result per share (€)	1.26	1.63	0.37
	31 Dec 2022	30 Sep 2023	Change
EPRA NTA per share (€)	21.73	22.28	0.55
Net LTV	42.4%	43.6%	1.2pp
NPS (Benelux)	+24	+25	1
Proportion of mixed-use Benelux (in m²)	13.2%	13.6%	0.4pp

4

Table of contents

1. Key Messages & Highlights 9M 2023
2. Results H1 2023
3. LifeCentral, ESG
4. Financing & Valuations
5. Management Agenda
6. Appendices

5

Highlights H1 2023

Total result up more than 50% compared to H1 2022

	H1 2022	H1 2023	Change
Direct result per share (€)	0.81	0.89	0.08
Indirect result per share (€)	0.03	0.40	0.37
Total result per share (€)	0.84	1.29	0.45
	FY 2022	H1 2023	Change
EPRA NTA per share (€)	21.73	21.85	0.12
Net LTV	42.4%	43.9%	1.5pp
NPS (Benelux)	+24	+25	1
Proportion of mixed-use Benelux (in m²)	13.2%	13.3%	0.1pp

6

Highlights H1 2023

LFL NRI growth driven by indexation, lower energy costs and sales-based rents

Like-for-Like Net Rental Income Growth

H1 2023 vs. H1 2022; %
			27.1%
	12.5%	10.2%			10.5%
7.9%
				(11.3%)
Belgium	Netherlands	Core Portfolio	France	Office Belgium	Total
7

Operations H1 2023

ERVs remain conservative; leasing +9%

Country

Belgium

Netherlands

• of
  Contracts1)

34

46

Leasing

Volume2)

4.9%

5.9%

MGR Uplift3)

1.4%

(4.9%)

vs ERV

9.1%

9.0%

Occupancy

Rate

96.4%

95.6%

Core Portfolio	80	5.4%	(2.4%)	9.0%	96.0%
France	4	1.5%	13.1%	11.0%	94.6%
Total	84	5.1%	(2.3%)	9.1%	95.8%

8 1) New leases and renewals; excluding other commercial activities such as temporary leases, pop-up contracts and COVID-related discounts

1. As % of the annualized contract rent excluding discounts (MGR)
2. On top of indexation

Continued strong FSC performance

		Four assets will be
		completed as FSC in H2
KPI	Full Service Center	In Transformation	Shopping Center
# Assets	5	6	6
Mixed Use Percentage	16%	16%	9%
MGR Uplift1)	(0.4%)	(6.2%)	(0.7%)
MGR vs. ERV	+10.4%	+8.4%	+7.3%
Tenant Sales vs. 2022	+12.4%	+10.2%	+12.1%
Footfall vs. 2019	+22.6%	(5.5%)	(2.3%)
Direct Result	6.4%	6.2%	6.9%
Valuation Result	2.1%	0.9%	1.7%
Total Property Return2)	8.5%	7.1%	8.6%

Note: core portfolio only

9 1) On top of indexation

2) According to MSCI definition, annualized

Footfall continuous to improve

Footfall growth vs. same period 2019: Belgium

H1 2023; %
20
0
-20	February	March			June
January	April	May

Wereldhave Belgium

Belgium SC Market

10 Source: PFM, BLSC, Wereldhave

Footfall growth vs. same period 2019: Netherlands

H1 2023; %
20
0
-20	February	March			June
January	April	May

Wereldhave NL

NL Retail Market