Home Invest Belgium : Results 1st quarter 2017

Under embargo till 02 May 2017 Regulated information

PRESS RELEASE RESULTS 1ST QUARTER 2017

• Quarterly results

  • Growth of the fair value of the portfolio to over € 415 million

  • Increase of the net rental result to € 5.4 million

  • Further decrease of the funding cost to 2.27%

• Approval by the General Meeting of the dividend of € 4.25 for the year 2016

Jourdan 95

Boulevard de la Woluwe 60, box 4

1

B - 1200 Brussels

The property portfolio

The fair value of the investment properties(1 ) amounts to € 416.2 million on 31 March 2017 and increases by 1.8% in comparison with the situation on 31 December 2016 (€ 408.8 million).

The current gross rents augmented by the estimated rental value (ERV) on vacant surfaces amount to € 23.8 million.

The breakdown of this portfolio of investment properties, calculated based on the fair value of the buildings, is illustrated by the graphs below.

The investment properties located in the Brussels-Capital Region represent 61.4% of the portfolio of Home Invest Belgium, those in Wallonia 17.9%, those in Flanders 10.0% and those in the Netherlands

10.7 %.

11,25% 3,09%

1,66%

0,81%

1,87%

11,20%

0,54%

12,81%

7,20%

63,98%

85,58%

Apartments Furnished apartments

Houses Nursing homes

Shops Offices

Development projects being studied Development projects in progress

Investment properties being renovated Investment properties in operation

Properties to be sold

(1) This fair value comprises the item "Investment properties" of the balance sheet that also includes the development projects in accordance with IAS 40, and does not take into account the buildings held for sale.

The occupancy rate of the buildings in operation amounts to 89.9% in the course of the 1st quarter, a level that comes close to that for the entire year 2016 (90.18%). This occupancy rate, that is slightly lower than the historical occupancy rate, is in line with the outlook of the company, and is mainly the consequence of actively managing the RREC's portfolio:

• on the one hand, the letting of the developed projects takes a certain amount of time, which temporarily weighs on the occupancy rate. In the course of this first quarter this is for example the case for the building The Horizon (reception on 30/6/2016, average occupancy rate of 57.8% over the 1st quarter and in the meanwhile let for ± 80%). It is important to mention that this effect is temporary taken into account the success these buildings have on the rental market.

• on the other hand, the active arbitrage policy on a part of the portfolio implies that the buildings held for sale are not re-let(2). In the course of this quarter, this relates to the buildings Mélèzes, Birch House and Bosquet-Jourdan.

The occupancy rate for residential buildings in current operation(3) remains at a very high level of 95.8%.

Charles Woeste after renovation of the façades

(2) At an accounting level these buildings have not been reclassified to the item Buildings held for sale, as they are not the object of an immediate entire sale.

(3) This relates to the buildings in operation excluding those that

• are the object of a first commercialization during the year (The Horizon)

• or those under renovation (Oudenaarde, Leopold and Saint-Hubert 4)

• or those that are being sold

• or those let based on short term rental contracts (Résidences du Quartier Européen and La Résidence)

Consolidated key figures

The total value of Home Invest Belgium's shareholders' equity amounts to € 206.2 million on 31 March 2017 compared to € 205.2 million on 31 December 2016, or a net value per share of € 65.51, in comparison with € 65.19 per share at the closing of the 2016 financial year.

The debt ratio slightly increases in comparison with the situation on 31 December 2016 (49.44% on 31 March 2017 compared to 48.51% on 31 December 2016). This increase is mainly due to the acquisition of the project Jourdan 95 (see hereunder).

(1) IAS 34 was not applied to the content of the abovementioned accounting data.

(2) Figures checked by the Auditor.

(3) This relates to the fair value of the interest rate hedges.

(4) The total number of shares fully entitled to dividends amounts to 3 147 897 on 31 March 2016, after excluding 12 912 shares held in auto-control at the same dates.