Home Invest Belgium : Results of the 1st quarter of 2021

Under embargo until 19/05/2021 5:40 PM

Regulated information

• • Qualitative residential real estate portfolio
• Increase in the fair value of the real estate portfolio to € 656,51 million at 31 March 2021.
• The investment properties available for rent consist for 90.0% of residential real estate.
• More than 50% of the investment properties available for rent are younger than 10 years; more than 70% are younger than 20 years.
• • High occupancy rate
• Increase of the average occupancy rate to 96,6% in the first three months of 2021 (compared to 94,3 % for the whole financial year 2020.
• • Increase of the operating margin
• Increase of the operating margin to 48,5 % in the three first moths of 2021 (compared to 41,7 % during the first three months of 2020)
• • Increase in the EPRA earnings and the distributable result
• 14.9% increase in the EPRA earnings to € 2.37 million during the first three months of 2021 (compared to € 2.06 million during the first three months of 2020).
• 14.9% increase in the EPRA earnings per share to € 0.72 in the first three months of 2021 (compared to € 0.63 in the first three months of 2020).
• Increase in the distributable result to € 3.98 million during the first three months of 2021 (compared to €2.21 million during the first three months of 2020).
• Increase in the distributable result per share to € 1,21 during the first three months of 2021(compared to € 0,67 during the first three months of 2020).
• • Net Asset Value per share (NAV)
• Increase in EPRA NTA per share to € 99.48 at 31 March 2021 (+ 3.1% compared to € 96.50 at 31 December 2020).
• • Stable debt ratio and strong liquidity position
• Stable debt ratio of 51.59% (RREC Royal Decree) and 50.27% (IFRS) at 31 March 2021.
• The average cost of debt amounts to 1.58% in the first three months of 2021.
• Home Invest Belgium has € 35 million available credit lines.
• The company does not have credit lines or bonds maturing in 2021. The first coming maturity dates fall in 2022.
• • Dividend
• The general meeting of shareholders of 4 May 2021 has approved the distribution of a gross dividend of € 4.95 per share for financial year 2020, which implies an increase for the 21st consecutive year.

1	RESULTS OF THE 1ST QUARTER 2021

1. Real estate portfolio………………………………………………………………………………. p.3

2.	Consolidated key figures…………………………………………………………………………	p.4
3.	Notes to the consolidated key figures…………………………………………………………	p.6

1. Notes to the consolidated income statement…………………………………….. p.6
2. Notes to the consolidated balance sheet…………………………………………. p.7
3. Funding structure…………………………...……………………………………………. p.8

4. Activities in the first three months of 2021…………………………………………………… p.10

1. Rental activities………………………………………………………………………….. p.10
2. Development and refurbishment projects …………..…………………………….. p.10
3. Sales………………………………………………………………………………………… p.11

5. Outlook……………………………………………………………………………………………… p.12

6 APM - Alternative Performance Measures…………………………………………………… p.12

7. Shareholder's calendar………………………………………………………………………….. p.17

2	RESULTS OF THE 1ST QUARTER 2021

At 31 March 2021, Home Invest Belgium holds a real estate portfolio1 of € 656.51 million, compared to € 645.63 million at 31 December 2020, or an increase of 1.7%.

REAL ESTATE PORTFOLIO	31/03/2020	31/12/2020
Fair value of investment properties	€ 634,27 m	€ 623,88 m
Investment properties available for rent	€ 600,27 m	€ 592,89 m
Development projects	€ 34,00 m	€ 30,99 m
Investments in associated companies and joint ventures	€ 22,23 m	€ 21,75 m
TOTAL	€ 656.51 m	€ 645.63 m

The fair value of the investment properties available for rent amounts to € 600.27 million across 49 sites.

The total contractual annual rents and the estimated rental value of vacant space is € 29.62 million as at 31 March 2021.

The investment properties available for rent are valued by independent real estate experts at an average gross rental yield2 of 4.9%.

Residential properties accounted for 90.0% of investment properties available for rent at 31 March 2021.

At 31 March 2021, 68.5% of the investment properties available for rent are located in the Brussels Capital Region, 12.9% in the Walloon Region, 10.3% in the Flemish Region and 8.3% in The Netherlands.

Investment properties available for rent		Investment properties available for rent
By type		By geographical distribution
					The Nethelands
		8,3%
			Flemish Region
		10,3%
		Walloon Region
		12,9%

Brussels

Capital Region

68,5%

1. The real estate portfolio consists of (i) investment properties and (ii) investments in associated companies and joint ventures equity method.
2. Gross rental yield = (contractual gross rents on a yearly basis + estimated rental value on vacant spaces) / (fair value of the investment properties available for rent).

3	RESULTS OF THE 1ST QUARTER 2021

CONSOLIDATED KEY FIGURES		(in k €)
INCOME STATEMENT	31/03/2021	31/03/2020
NET RENTAL INCOME	6.530	6.623
OPERATING RESULT BEFORE PORTFOLIO RESULT	3.165	2.759
OPERATING MARGIN3	48,5%	41,7%
XVI. Result on the sale of investment properties	61	94
XVIII. Changes in fair value of investment properties	7.001	-1.548
XIX. Other portfolio result	1.006	-132
PORTFOLIO RESULT	8.069	-1.586
OPERATING RESULT	11.234	1.173
XX. Financial income	4	4
XXI. Net interest charges	-1.087	-994
XXII. Other financial charges	-37	-5
XXIII. Changes in fair value of financial assets and liabilities	1.187	-1.968
FINANCIAL RESULT	68	-2.962
XXIV. Share in the profit of associated companies and joint ventures	484	737
TAXES	-61	-61
NET RESULT	11.724	-1.114
Exclusion of portfolio result	-8.069	+1.586
Exclusion of changes in fair value of financial assets and liabilities	-1.187	+1.968
Exclusion of non-EPRA elements of the share in the result of associated companies and joint	-103	-383
ventures
EPRA EARNINGS4	2.365	2.058
Average number of shares5	3.288.146	3.288.146
NET RESULT PER SHARE (in €)	3,57	-0,34
EPRA EARNINGS PER SHARE (in €)	0,72	0,63

3 Operating margin = (operating result before portfolio result)/( net rental income)

1. EPRA earnings is the net result excluding the (i) portfolio result (ii) the changes in the fair value of financial assets and liabilities and (iii) the non-EPRA elements of the share in the result of associated companies and joint ventures. This term is used in accordance with the Best Practices Recommendations of EPRA.
2. The average number of shares is calculated excluding the 11.712 shares held by the company.

4	RESULTS OF THE 1ST QUARTER 2021