Highlights 2019

• EPRA earnings per share rose to € 3.28 in 2019, up 11% from 2018 (€2.95)
• Proposed gross dividend of €2.54 per share, an increase of 12% compared with 2018 (€ 2.26)
• Fair value of the property portfolio increased by €248 million, or 27% compared with 2018, to €1.159 million
• Strong portfolio fundamentals with an occupancy rate of 99.3% at the end of 2019 and average term of leases on first expiry date of 8 years (exclusive of term of solar panel certificates)
• Debt ratio of 39.4% at the end of 2019 – Investment potential of ca. €400 million before a debt ratio of 55% is reached
• EPRA NAV of €44.5 per share (+ 29% compared with the end of 2018)

Outlook for 2020-2021

• Growth in EPRA earnings per share of €3.60 in 2021 (+10% compared with 2019)
• Dividend per share will grow in line with the EPRA earnings per share, from €2.54 to €2.80 (+ 10% compared with 2019) in 2021, based on a pay-out ratio of 80%
• Further growth of the property portfolio by 25%, which will result in a portfolio of €1,450 million at the end of 2021 – 61% of this growth (€178 million) has already been identified