Wereldhave Belgium - Results 2023

A POSITIVE YEAR IN CHALLENGING CIRCUMSTANTIAL CONDITIONS

Increase in net rental income by 6.4% to € 62.6M (€ 58.9M end 2022);
Decrease in net result from core activities per share by 3.3% to € 4.71 (€ 4.87 end 2022);
Solid balance sheet with a debt ratio of 29.6% (28.6% end 2022);
Net asset value per share of € 78.07 (- 1.2% vs. 2022: € 78.99);
Increase in EPRA occupancy rate of 0.9% to 96.1% for the entire portfolio (95.2% end 2022);
Dividend proposal: maintaining payout ratio of 87% (€ 4.10 gross - net € 2.87 per share);
Belle-Île weight 18.6% of consolidated assets;
New financings amounting to € 85M.

Compared to 2022, the net rental income increased by 6.4% to € 62.6M partly due to a nice leasing activity with 75 transactions. As a result of rising market interest rates, the impact of bankruptcies on doubtful debtors as well as the effect of uncollectability of certain charges in the office portfolio, the net result from core activities amounted to € 4.71 per share for 2023, in line with the previously issued range.

The EPRA occupancy rate of the retail portfolio was 98.2% at 31 December 2023 compared to 97.7% at 31 December 2022. Especially in the office portfolio, the Company was able to conclude nice transactions thereby increasing the occupancy rate from 81.5% to 84.7% by the end of 2023. For the whole investment property portfolio, the EPRA occupancy rate was 96.1% at 31 December 2023, compared with 95.2% a year earlier.

The net asset value per share before dividend distribution was € 78.07 as at 31 December 2023 (2022: € 78.99).

The debt ratio was 29.6% at 31 December 2023, compared to 28.6% at 31 December 2022.

In December 2023, the Company obtained an extension of its financing with KBC amounting to € 20M and received a credit letter from BNP Paribas for the renewal of the financings expiring in April 2024. This credit letter was signed on behalf of the Company after 31 December 2023.

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