Intervest Offices & Warehouses NV: Interim statement third quarter 2022

Intervest Offices & Warehouses NV

9M 2022

• EPRA earnings per share: € 1,34 for 9M 2022, an increase of 3% or € 0,04 year-on-year

• ESG in 9M 2022: KPI’s on track or already achieved in line with #connect2022-strategy, ESG-roadmap drawn up and Green Finance Framework implemented

• Future value creation: 400.000 m² of (potential) projects, mainly in the logistics segment, with a real estate value of approximately € 480 million, of which € 200 million invested already

• Share price: Intervest share performs significantly better than EPRA Eurozone index, despite turbulent and volatile stock market climate

• Successful #connect2022-strategy proves its power:

  • Solid basis through presence in two real estate segments (logistics real estate 74%; offices 26%) and sectoral spread of a qualitative tenant base

  • Over € 155 million sustainable logistics acquisitions: € 92 million in logistic acquisitions creating clusters on strategic (maritime) axes and € 63 million sustainable project developments

  • Start-up of the sale of non-strategic properties (mainly offices) as part of a well-considered asset rotation process

  • Standard lease contract with indexation clause linked to the health index

  • Sufficient liquidity buffer due to €138 million unused credit lines; 63% of debt is hedged against rising interest rates in the long term (average 5 years)

• Confidently looking forward, despite current turbulent macroeconomic and geopolitical situations:

  • Normal and stable tenant payment patterns, long-term leases, significant leasing transactions and low vacancy rates provide reliable, recurring and growing income streams

  • Risk management profile as RREC: continuous monitoring of market risks, operational, financial, compliance and ESG risks in order to monitor results and financial situation

Guidance

• Expected EPRA earnings per share for 2022: € 1,70 - € 1,72

• Confirmation of target gross dividend 2022 of at least € 1,53 per share which means a gross dividend yield of 6,6% based on the closing price of the share as at 30 September 2022

Attachment

• PR_Q3 2022