QRF Comm. VAEURONEXT: QRF

Presentatie 2024 Resultaten

· Issued by QRF Comm. VA

Full Year Results

2024

Qrf's reduced risk profile is the result of a long term commitment to executing on strategy accelerated by 2024 achievements

• Asset rotation of non-core assets to the

• Like-for-like rental growth of 1.67%

amount of 52,39 MEUR over the period 2019-

2024

• 70% of assets in "main six" cities in Belgium

• Sale of the Dutch real estate portfolio

• Realisation of Joint Venture projects in

• 100% occupancy rate

Antwerp and Leuven, returning 12-15% IRR at

exit

• Reduced debt ratio from 52.19% to 43.60%

• Active asset management to ensure tenant

(-859bps) without forward investment commit

partnership

• Conscious debt maturity and hedging

• Increased EPRA NTA +0.6 EUR per share

management

(+3.94%) to 15.85 EUR per share

• 100% hedging ratio till mid-2027 and predictability of financial costs

Risk reducing actions have reduced the Net Rental income with 12.39%, but the EPRA result per share has only reduced with 6.95% resulting in a substantial downward risk adjustment and a 43.6% debt ratio

2

3

Belgian Real Estate Investment Trust (BE-REIT)

Listed on Euronext since 2013, reference shareholder (30%) since 2019

Invest, redevelop and rent out commercial properties in dominant cities in Belgium

219,75 MEUR in real estate assets, of which 9,2% are currently in redevelopment

Active and opportunistic diversification strategy towards mixed-use real estate assets and balanced portfolio of retail, culture and leisure tenants

4

Brugge (BE) - state archives

Acquired 2020

Portfolio statistics

6

219,75 MEUR real estate assets in Belgium

"Main Six"- cities

Gent24%

Antwerpen20%

Hasselt16%

Brugge10%

∑ 70%

As a percentage of Fair Value of real estate assets, including redevelopment projects (both fixed assets and financial assets)

7

Diversified tenants across sectors and counterparties

Top 10 represent 63,29% of Rental Income

(in % of Contractual Rents)

13.1%

9.0%

7.0% 6.9%

6.1%

5.2%

4.3% 4.2% 4.0% 3.6%

Regie der Gebouwen

Galeria Inno

The Sting

Casa International

H&M

Kruidvat

Hema

Stellantis & You

Nike

Just Retail

Fashion

4.22%

Department Store

4.89%

Culture

5.44%

26.14%

Beauty & Care

7.77%

Interior & Decoration

Shoes

Leisure

8.83%

Car

Food

Convenience Store

10.28%

13.26%

Services

Residential

13.08%

8

Maintaining high occupancy rate as a key driver for EPRA

99,35%

99,24%

99,74%

100,00%

98,90%

99,01%

98,45%

98,02%

98,20%

97,59%

97,32%

97,39%

30/06/2019

31/12/2019

30/06/2020

31/12/2020

30/06/2021

31/12/2021

30/06/2022

31/12/2022

30/06/2023

31/12/2023

30/06/2024

31/12/2024

Occupancy rate excluding redevelopment projects

9

Korenmarkt 1, Gent - acquired on 30 December 2022 for 21 MEUR, representing 1,87 MEUR net rental income

2024 Highlights

10

QRF Comm. VA on 6ix

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