Intervest Offices & Warehouses NV: Interim statement by the board of directors on the first quarter of 2019

• Acquisition of a built-to-suit centre at the logistics hotspot Borchwerf II in Roosendaal for an acquisition price of € 16,8 million.
  
• Genk Green Logistics (development potential of more than 250.000 m² of logistics real estate on the former Ford site in Genk): demolition and remediation works ongoing, commercialisation fully under way.
• Fair value of the total real estate portfolio: € 891 million as at 31 March 2019 (€ 867 million as at 31 December 2018) or an increase of 3%.
• Stable occupancy rate of the real estate portfolio: 93% as at 31 March 2019 (93% as at 31 December 2018).
• Occupancy rate of the office portfolio remains at 88% as at 31 March 2019 (88% as at 31 December 2018).
• Occupancy rate of the logistics portfolio: 97% as at 31 March 2019 (98% as at 31 December 2018).
• Increase of the EPRA earnings with 37% during the first quarter of 2019 (compared to the first quarter of 2018), chiefly as a result of higher rental income as a result of the acquisitions made in 2018.
• EPRA earnings per share rose by 4%: € 0,38 in the first quarter of 2019 (€ 0,36 in the first quarter of 2018).
• Gross dividend for 2019 planned for a minimum € 1,50 per share.
• Net value (fair value) per share was € 19,98 as at 31 March 2019 (€ 19,62 as at 31 December 2018). EPRA NAV per share was € 20,33 as at 31 March 2019 (€ 19,88 as at 31 December 2018).
• Decrease in the financing costs: average interest rate of the financing is 2,4% in the first quarter of 2019 (2,5% in the first quarter of 2018).
• Duration of the long-term financing: 4,6 years as at 31 March 2019 (4,4 years at the end of 2018).
• Increase of the debt ratio: 44,1% as at 31 March 2019 (43,5% as at 31 December 2018).
• Buffer of available credit lines of € 95 million to pay the dividend for financial year 2018 in May 2019 and to finance of the committed acquisition pipeline.

Full press release:

Attachment

• Results first quarter 2019