Slide 1: FY 2017 Results
FY 2017 RESULTS WERELDHAVE
Slide 2: Company profile: key facts
CONVENIENCE SHOPPING CENTRES IN NORTH-WEST EUROPE COMPANY PROFILE KEY FACTS 1 16 • Numbers of shopping centres 30 7 • Average size 27,500m² • Numbers of shopping centre 150m visitors (2017) 6 • Loan to value ratio1 40.7% • Occupancy shopping centres 95.5% • EPRA NIY shopping centres 5.0% • WALT2 4.7
Slide 3: Company profile: portfolio breakdown
CONVENIENCE SHOPPING CENTRES IN NORTH-WEST EUROPE COMPANY PROFILE PORTFOLIO BREAKDOWN 3% 23% 39% € 3.8 bn € 3.8 bn 15% 23% 97% Belgium Finland Shopping centres Offices France Netherlands 3
Slide 4: Highlights 2017
HIGHLIGHTS 2017 4
Slide 5: Highlights 2017
HIGHLIGHTS 2017 2016 2017 CHANGE Direct result per share 3.45 3.43 (0.6%) Indirect result per share (0.95) (1.75) EPRA NAV per share 51.47 50.00 (2.9%) Dividend per share 3.08 3.08 0% LTV 39.0% 40.7% +170bps • Outlook FY2018 direct result € 3.30-3.40 • Change in dividend policy to a pay-out ratio of
Slide 6: Highlights 2017: net rental income
HIGHLIGHTS 2017 NET RENTAL INCOME (€M) 2016 2017 GROWTH LFL GROWTH Belgium 37.6 37.6 0% (1.1%) Stable market in 2017, negative impact from free-parking (-1.6%) in Genk Finland 27.5 27.9 2% 5.5% High LFL due to strong leasing Former Anttila unit in redevelopment for Finnkino France 45.9 40.8 (11%) (7
Slide 7: Operational Performance
OPERATIONAL PERFORMANCE 7
Slide 8: Leasing performance
LEASING PERFORMANCE # OF LEASING MGR OCCUPANCY LFL RENT COUNTRY REMARKS CONTRACTS VOLUME UPLIFT RATE GROWTH Belgium 88 16.7% 4.6% 94.9% (1.1%) Positive with some friction vacancy Finland 62 13.7% 0.0% 96.7% 5.5% Improved MGR during 2017 France 63 13.8% (1.7%) 93.2% (7.0%) Rents under pressure due to
Slide 9: Positive in the Netherlands & Finland, negative in France & Belgium
POSITIVE IN THE NETHERLANDS & FINLAND, NEGATIVE IN FRANCE & BELGIUM LFL NRI GROWTH LFL NRI GROWTH (% YOY) 8.6% 7.6% 5.5% 4.9% 1.8% 1.0% 1.4% 1.0% 0.8% 0.8% 0.8% 1.0% 1.0% 1.0% 0.3% 0.1% 0.4% 0.0% -1.0%-1.1% -0.7% -2.7% -5.4% -5.1% -7.0% Belgium Finland France Netherlands Shopping centres H1 2016 FY
Slide 10: Stable occupancy year-on-year
STABLE OCCUPANCY YEAR-ON-YEAR OCCUPANCY EPRA OCCUPANCY RATE SHOPPING CENTRES (%) 96.7% 96.5% 96.3% 96.2% 95.9% 95.8% 95.7% 95.7% 95.5% 95.4% 95.5% 95.3% 95.2% 95.1% 94.9% 94.8% 94.4% 93.2% 93.3% 93.2% Belgium Finland France Netherlands Shopping centres H1 2016 H2 2016 H1 2017 H2 2017 10
Slide 11: Outperforming the market
OUTPERFORMING THE MARKET FOOTFALL 12M CHANGE IN VISITORS (%) 2.7% 2.7% 2.6% 2.9% 2.3% 2.3% 1.4% 1.4% 1.4% 1.2% 1.0% 0.8% 0.7% 0.8% 0.5% 0.5% 0.6% 0.2% 0.4% -0.3% -0.7% -0.7% -1.3% -1.8% -2.4% Belgium Finland France Netherlands Shopping centres H1 2016 H2 2016 H1 2017 H2 2017 Market 2017 11
Slide 12: Improved in H2 versus H1
IMPROVED IN H2 VERSUS H1 TENANT SALES 1 LIKE-FOR-LIKE 12M TENANT SALES (%) 3.5% 1.3% 1.5% 0.5% 0.0% -0.3% -1.0% -0.9% -1.8% -1.6% Belgium Finland France Shopping centres 2016 2017-to-May 2017 2017 1 Excluding hypermarkets and supermarkets 12
Slide 13: Financial Performance
FINANCIAL PERFORMANCE 2017 13
Slide 14: Stable direct result
STABLE DIRECT RESULT DIRECT RESULT BRIDGE (IN € M) € -0.9 €151.0 €150.1 -€4.2 -€1.1 €2.5 €2.6 -€3.6 €1.4 €0.4 €2.8 -€1.7 1 2 Direct result Sale de Heuvel Purchase Indemnities Standing One-off Savings due to Basilix / Interest costs Tax Direct result 2016 / Pathe / Hudson& portfolio restructuring res
Slide 15: Net rental income decreased due to disposals
NET RENTAL INCOME DECREASED DUE TO DISPOSALS NET RENTAL INCOME BRIDGE (IN € M) € -6.3 €201.5 -€4.2 -€1.4 €2.6 -€1.1 -€2.2 €195.2 1 NRI 2016 Sale de Heuvel / Indemnities Purchase Like for Like Other NRI 2017 Pathe / Oosterheem Hudson& Hema / Stadshagen MAIN OTHER MOVEMENTS DUE TO 1 Adjustments of imp
Slide 16: NAV declined due to revaluations
NAV DECLINED DUE TO REVALUATIONS EPRA NAV BRIDGE: 2016 TO 2017 (IN € PER SHARE) -€ 1.75 € 3.43 € 51.47 -€ 3.08 € 0.16 -€ 0.23 € 50.00 H2 2016 Direct result Indirect result Dividend Hedge reserve FV adjustment H2 2017 derivatives & def tax 16
Slide 17: Net asset value
NET ASSET VALUE NET ASSET VALUE (€ PER SHARE) 55.20 57.57 55.01 54.02 56.41 53.92 57.00 52.07 54.35 52.19 50.05 52.10 50.38 51.70 49.80 49.16 51.47 48.32 47.92 50.00 47.41 41.80 42.76 40.00 2012* 2013* 2014 2015 2016 2017 IFRS NAV EPRA NAV EPRA NNNAV Year-end share price • 2012-2013: Restructuring p
Slide 18: Lower indirect result from revaluations
LOWER INDIRECT RESULT FROM REVALUATIONS INDIRECT RESULT BRIDGE (IN € M) €0.2 €0.2 -€65.0 -€1.2 -€65.8 Valuation results Results on disposal Other income & expenses Taxes on indirect result Total indirect result 2017 18
Slide 19: Revaluations
REVALUATIONS VALUE (€ M)1 REVALUATION 20172 NIY (%) EPRA NIY (%) 2016 2017 €M % 2016 2017 2016 2017 Belgium 696 750 19.8 2.7% 5.7% 5.5% 5.6% 5.3% Finland 566 572 (8.9) (1.5%) 4.9% 4.9% 4.8% 4.7% France 900 877 (45.5) (4.9%) 5.1% 4.7% 4.7% 4.6% Netherlands 1,517 1,471 (25.2) (1.7%) 5.5% 5.4% 5.2% 5.3
Slide 20: Revaluations: rents & yield shift
REVALUATIONS: RENTS & YIELD SHIFT BREAKDOWN OF VALUATION RESULT Belgium 1.5% 1.2% Finland -3.6% 2.1% France -5.9% 1.0% Netherlands -4.6% 2.9% Shopping centres -3.6% 2.0% Belgium offices -2.6% -1.6% Total portfolio -3.6% 1.9% Yield shift Market rent & other 20
Slide 21: Financing
FINANCING 21
Slide 22: Debt profile
DEBT PROFILE 2016 2017 COVENANTS POLICY Interesting bearing debt1 € 1,570 € 1,562 Average cost of debt 1.90% 1.96% Undrawn committed € 182m € 240m Cash position € 41m € 14m Fixed vs floating debt 79%/21% 82%/18% 75%/25% LTV 39.0% 40.7% <60% <40% ICR 6.6X 6.6X >2.0X >2.0X 1 Nominal value of interest
Slide 23: Debt mix and expiry profile
DEBT MIX Q4 2016 Q4 2017 16% 1%16% 35% 32% • RCF refinancing for EUR 300m in February € 1,570m € 1,562m • Launch of EMTN program in May 49% 51% • Baa1 with a stable outlook credit rating by EMTN Convertible bond USPP Bank loans (incl. RCF) Moody’s confirmed in August DEBT EXPIRY PROFILE • EUR 76m US
Slide 24: Keeping the front position
KEEPING THE FRONT POSITION SUSTAINABILITY ACHIEVEMENTS GRESB FIVE STARS DJSI - EUROPE CARBON 4th year in a row 3th year in a row DISCLOSURE PROJECT top 10% 2012-2017 BREEAM VERY GOOD SATISFACTION EPRA sBPR GOLD OR HIGHER Our retailers: 6.8 2nd year in a row 76% of shopping centre value Our customers
Slide 25: Actions on climate change & local social impact
ACTIONS ON CLIMATE CHANGE & LOCAL SOCIAL IMPACT SUSTAINABILITY HIGHLIGHTS 2017 Creating Kiss & Reduced The longest dining Ride parking spot environmental table 7 shopping centres for E-wheels impact Shopping centre Sterrenburg (Dordrecht) Dining event to enhance community Improve energy efficiency w
Slide 26: Actions on climate change & local social impact
ACTIONS ON CLIMATE CHANGE & LOCAL SOCIAL IMPACT SUSTAINABILITY HIGHLIGHTS 2017 International Over 175 retail jobs maintenance Opening solar roof created contract with 444 panels Redevelopment of Tilburg City Centre 161 elevators, 91 escalators Shopping centre Koningshoek and 66 travellators Strength
Slide 27: Country Updates
COUNTRY UPDATES 27
Slide 28: Belgium: steady performance in a stable market
STEADY PERFORMANCE IN A STABLE MARKET BELGIUM MARKET SITUATION FOOTFALL GROWTH TENANT SALES GROWTH 2.7% 2.3% • Steady growth of the economy (+1.7% for 2017 0.5% 1.4% 1.3% and 20181) -0.3% • Retail sales flattish on consumer confidence that 2016 2017 -2.4% is near the highest level in five years 1H16
Slide 29: Belgium: performance driven by larger centres
PERFORMANCE DRIVEN BY LARGER CENTRES BELGIUM PERFORMANCE LFL NRI GROWTH CHANGE IN MGR 8.6% ROTATIONS & RENEWALS • LFL NRI growth -1.1% (index +1.8%), due to free 4.9% parking in Genk (-1.6% impact) 1.8% 5.1% • Upward momentum in H2 in MGR uplift 4.6% -1.0% -1.1% 1H16 FY16 1H17 FY17 FY17 • Occupancy
Slide 30: Belgium: recent shop openings
RECENT SHOP OPENINGS BELGIUM SHOPPING 1 GENK SHOPPING NIVELLES • Celio NIVELLES • 270 m2 • Superdry • September 2017 • 236 m2 • September 2017 SHOPPING 1 RING SHOPPING GENK KORTRIJK • Kaffee Genk • F&B • River Woods • 273 m2 • 175 m2 • February 2017 • August 2017 30
Slide 31: Redevelopments: Les Bastions is well on track
REDEVELOPMENTS: LES BASTIONS IS WELL ON TRACK BELGIUM Les Bastions: • Adding 15,000 sqm and refurbishment • Pre-leasing 95% already achieved • Expected to be nearly fully leased at opening (April 2018) Belle-Ile: • 8,000 sqm expansion plans for Belle-Ile shelved • Focus on reconversion of Carrefour
Slide 32: 95% pre-leasing in one picture
95% PRE-LEASING IN ONE PICTURE FLOOR PLAN LES BASTIONS 32
Slide 33: Finland: higher occupancy leads to strong like-for-like
HIGHER OCCUPANCY LEAD TO STRONG LIKE-FOR-LIKE FINLAND MARKET SITUATION FOOTFALL GROWTH TENANT SALES GROWTH • Economy is gradually picking up, 2.9% 2.7% 2.6% unemployment set to decrease further 2.3% 3.5% 1.2% 1.5% • Retail sales are growing on record-high consumer confidence, but to a lesser extent
Slide 34: Finland: contracted rent levels are improving
CONTRACTED RENT LEVELS ARE IMPROVING FINLAND PERFORMANCE LFL NRI GROWTH CHANGE IN MGR 7.6% ROTATIONS & RENEWALS • LFL NRI growth +5.5% (index 0.3%), driven by 5.5% 0.3% occupancy increase from leases signed at the end 0.0% of 2016 -2.7% -5.4% -13.7% • Positive momentum throughout the year on 1H16 FY
Slide 35: Finland: recent shop openings
RECENT SHOP OPENINGS FINLAND ITIS ITIS HELSINKI HELSINKI • Ape Gelato • Ego By YA • Kiosk • 123 m2 • Specialty leasing • November 2017 ITIS ITIS HELSINKI • Eurokangas HELSINKI • 682 m2 • Zizzi • March 2017 • 169 m2 • August 2017 35
Slide 36: Strengthening leisure: Finland cinema project
STRENGTHENING LEISURE FINLAND – CINEMA PROJECT • Rental contract with Finnkino signed for a 9-cinema screen cinema • The first IMAX® in Finland • Scheduled opening in December 2018 • Construction company signed within budget • Plans in preparation a renewed F&B area opposite to the cinema Artist imp
Slide 37: France: secured anchor positions behind LFL impact
SECURED ANCHOR POSITIONS BEHIND LFL IMPACT FRANCE MARKET SITUATION FOOTFALL GROWTH TENANTS SALES GROWTH 0.8% 0.7% • Modest economic growth projected, labour market recovers on improved business confidence -0.7% -1.0% -1.3% -1.6% 2016 2017 • Retail sales show a stable picture 1H16 2H16 1H17 -1.8% 2H1
Slide 38: France: stabilisation expected during 2018
STABILISATION EXPECTED DURING 2018 FRANCE PERFORMANCE LFL NRI GROWTH CHANGE IN MGR ROTATIONS & RENEWALS • LFL NRI growth -7.0% (index 1.0%) caused by 1.0% 1.4% 1.0% securing fashion anchor positions (-2.4%), -1.7% occupancy & rent decline (-1.9%) and an increase in bad debts (-2.7%) -7.5% -5.1% 2016
Slide 39: France: recent shop openings
RECENT SHOP OPENINGS FRANCE MERIADECK BORDEAUX RIVETOILE • Sostrene Grene STRASBOURG • 331 m2 • Parfois • November 2017 • 104 m2 • September 2017 DOCKS 76 DOCKS 76 ROUEN • Nonna ROUEN • F&B • Levi’s • 102 m2 • 202 m2 • September 2017 • November 2017 39
Slide 40: France: development projects
DEVELOPMENT PROJECTS FRANCE Primark in Docks Vauban (Le Havre) • Shell delivered in Summer 2017 • Opening 21 Feburary 2018 Le Verrerie area (Saint Sever, Rouen) • Pre-leasing at 66% • Demolition started in October 2017 • Opening scheduled 2019 Docks Vauban, Le Havre - Waffle Factory > 40
Slide 41: Netherlands: a healthier retail climate
A HEALTHIER RETAIL CLIMATE THE NETHERLANDS MARKET SITUATION FOOTFALL GROWTH 1.4% 1.4% • Solid economic growth expected with GDP growth 3.2%/3.1% for 2017/20181 0.2% 0.4% • Retail sales solid on high consumer confidence -0.7% 1H16 2H16 1H17 2H17 Market • Indexation is on the rise again to 1.4%2 2017
Slide 42: Netherlands: investing in our centres drives relocations
INVESTING IN OUR CENTRES DRIVES RELOCATIONS THE NETHERLANDS PERFORMANCE LFL NRI GROWTH CHANGE IN MGR ROTATIONS & RENEWALS • LFL NRI growth +0.8% (index +0.8%) 0.8% 0.8% 0.8% • Momentum positive in signed lease levels 0.4% -2.9% 0.1% -9.2% • Occupancy +0.7% yoy in to 96.5% 1H16 FY16 1H17 FY17 Index 2
Slide 43: Netherlands: recent shop openings
RECENT SHOP OPENINGS THE NETHERLANDS EGGERT PURMEREND CITY CENTRE • Sports World TILBURG • 2,366 m2 • Scotch & Soda • November 2017 • 198 m2 • November 2017 PIETER VREEDEPLEIN PIETER VREEDEPLEIN TILBURG TILBURG • Costes • Decathlon • 958 m2 • 2,930 m2 • September 2017 • November 2017 43
Slide 44: Asset rotation: disposals
ASSET ROTATION: DISPOSALS THE NETHERLANDS • H1 2017: Stadshagen (Zwolle) and Oosterheem (Zoetermeer) for € 74.2m (above book value) • H2 2017: Strip adjacent to Cityplaza (Nieuwegein) for € 3.8m (at book value) • Q1 2018: 89 residential units on top of Koperwiek (Capelle aan den IJssel) for € 12.9m
Slide 45: Redevelopments on track for completion in 2018-2019
REDEVELOPMENTS ON TRACK FOR COMPLETION IN 2018-2019 NETHERLANDS • Koningshoek (Maassluis): pre-leasing at 90%, completion expected in 2018 • In de Koperwiek (Capelle a/d IJssel) pre-leasing reached 64%, completion expected 2019 • Presikhaaf’s pre-leasing reached 69%, completion expected in 2019 Koni
Slide 46: Outlook
OUTLOOK 46
Slide 47: 2018 direct result will be slightly below 2017
2018 DIRECT RESULT WILL BE SLIGHTLY BELOW 2017 OUTLOOK DIRECT RESULT (€ PER SHARE) DIVIDEND (€ PER SHARE) € 3.45 € 3.43 € 3.01 € 3.08 € 3.08 € 3.23 € 3.30-3.40 € 2.87 € 2.87 € 2.86* € 2.97 € 2.52 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 * Restated for rights issue • Outlook FY 201
Slide 48: Heading for higher quality and sustainability
HEADING FOR HIGHER QUALITY AND SUSTAINABILITY RESETTING THE DIVIDEND LEVEL Dividend reset to a long-term sustainable level • A one-off reset of the dividend level to EUR 2.52 per share from 2018 onwards • Quarterly cash dividend of EUR 0.63 per quarter • Delivers a yield of just over 6% at current s
Slide 49: Optimising the customer journey
OPTIMISING THE CUSTOMER JOURNEY 49
Slide 50: Starting the customer journey with a vision
STARTING THE CUSTOMER JOURNEY WITH A VISION Vision 2025 Explore Customer Journey • Long term proposition Identify Key Trends 2025 • Short Term Customer Journey targets • Determine Personas 1 Socio-Demographic Trends • Research behavior and gather feedback 2 Consumer Behavior Trends • Explore improve
Slide 51: Customer focus
CUSTOMER FOCUS THIS IS INCLUDED IN WERELDHAVE’S PROPOSITION FOR 2025 Wereldhave brings people together in a mixed-use space, taking convenience to the next level and playing a vital role for local communities through direct and indirect investments MIXED ROUTINE CUSTOMER ONE STOP SHOP BRINGING HOME
Slide 52: Our concept: extremely functional with a distinctive local touch
OUR CONCEPT: EXTREMELY FUNCTIONAL WITH A DISTINCTIVE LOCAL TOUCH Our customers’ We are uniquely positioned expectations are clear to answer their needs We are “I want to live my daily life ‘We are unpretentious’ and do my tasks as simple We are big in running shopping centres in and enjoyable as pos
Slide 53: The basics to the next level
THE BASICS TO THE NEXT LEVEL THESE FOUNDATIONAL ROLLING PROJECTS WILL RUN UNTIL 2019 # Centres PROJECTS 2018 2019 2018 2019 2018 2019 impacted QUALITY & HASSLE 2 1 - - 2 3 8 FREE PARKING WAYFINDING 1 2 3 - 2 8 16 INSIDE & OUT QUALITY - 2 - - 4 3 9 RESTROOMS FAMILY PLAY 1 3 1 3 3 5 16 & RELAX AREA EN
Slide 54: Preparing for the execution of the essentials
PREPARING FOR THE EXECUTION OF THE ESSENTIALS THE PROCESS OVER THE PAST QUARTER Execute Plan Create military-style RfP process playbook Determine optimal Find partners roll-out approach Ensure high quality Establish Project Define proposals Management Office Collect existing and Define financial (PM
Slide 55: Focus areas for the next 3-5 years
3 FOCUS AREAS FOR THE NEXT 3-5 YEARS IN ORDER TO REALISE OUR VISION 2025 AND DIFFERENTIATE OURSELVES BEING THE BEST OWNING NEIGHBOUR THE BEST PLACE FOR EVERY THE LAST MILE Fresh Street NEEDS THROUGH MIXED USE Last mile delivery Develop an area close to the supermarkets that Leverage our shopping cen
Slide 56: Piloting initiatives help explore opportunities
PILOTING INITIATIVES HELP EXPLORE OPPORTUNITIES OUR AGILE APPROACH HELPS MANAGING RISK AND BUILD SUCCESS IN AN ITERATIVE WAY Fresh Street ‘The Point’ Shuttle services Conveniently located Collaborating with mobility concentration of (local) A central point for services E-Wheels fresh food & specialt
Slide 57: Real-time data to measure customer satisfaction
REAL-TIME DATA TO MEASURE CUSTOMER SATISFACTION NET PROMOTOR SCORE 1 TO JUDGE IMPACT OF ACTIONS 8.4 8.5 8.1 8.2 8.2 8.0 8.0 7.7 7.7 7.8 7.8 7.8 7.8 7.8 7.5 7.6 7.6 7.4 7.4 7.2 7.0 6.7 6.4 6.0 Average NPS Parking Wayfinding Restrooms Playgrounds F&B Current portfolio average 75th Percentile Top Quart
Slide 58: The promises that we make
THE PROMISES THAT WE MAKE A POSITIVE IMPACT TO ALL STAKEHOLDERS TO VISITORS TO RETAILERS TO SHAREHOLDERS • Easy-in & easy-out • Growing consumer markets • A focused strategy • Easy to find your way • High traffic and strong customer loyalty • A clear philosophy • Being connected to you • Have a stan
Slide 59: Wereldhave
W WERELDHAVE
Slide 60: Appendices
APPENDICES 60
Slide 61: Top properties
TOP 10 PROPERTIES VALUE PER DECEMBER 2017 1 2 3 4 5 Helsinki Nieuwegein Liège Strasbourg Rouen € 572m, 103,600 m² € 221m, 50,300m² € 194m, 30,300m² € 188m, 28,500m² € 182m, 37,100m² 6 7 8 9 10 Rouen Nivelles Arnhem Heerhugowaard Hoofddorp € 162m, 33,600m² € 158m, 28,900m² € 149m, 38,000m² € 148m, 35
Slide 62: Tenant mix
TENANT MIX BREAK-DOWN BY CATEGORY CONTRACT RENT BY CATEGORY 4% Food 4% 15% 9% Services 4% F&B / Leisure 5% Fashion & assecories Health & Beauty 13% Homeware & household 10% Sport Multimedia & Electronics 6% Department & Variety 29% Shoe & Leatherware 62
Slide 63: Like-for-like tenant sales by branche
LIKE-FOR-LIKE TENANT SALES BY BRANCHE (% YOY) EXCLUDING HYPER/SUPERMARKETS BELGIUM FINLAND FRANCE TOTAL Department & variety stores 13.0% 13.0% Fashion & accessoires 0.2% 0.1% -1.2% -0.6% Food -1.2% 8.7% -4.9% 3.8% Health & beauty -0.2% -1.1% -1.6% -1.0% Homeware & household 1.5% 11.3% -4.9% 3.2% Le
Slide 64: Development pipeline
DEVELOPMENT PIPELINE CAPEX CAPEX YIELD TOTAL PLANNED (IN €M) SPENT SPENT ON PRE-LET INVESTMENT DELIVERY (NET) 2017 COST RATE Itis Cinema 24 9 9 4.8% 100% Q4 2018 Tournai - Les Bastions extension 74 55 31 5.8% 95% Q1 2018 Docks Vauban - Primark & Sealing 17 16 11 9.0% 98% Q1 2018 Saint Sever - Verrer
Slide 65: Reconciliation of EPRA NAV
RECONCILIATION OF EPRA NAV € 50.00 € 2.08 € -2.59 € 47.92 € 47.41 IFRS NAV EPRA adjustments EPRA NAV Triple adjustments EPRA NNNAV EPRA adjustments add back the liabilities related to: ▪ Fair value of interest rate derivatives ▪ Deferred tax Triple adjustments subtract the liabilities related to: ▪
Slide 66: aaa
aaa wy WERELDHAVE Bringing people together