Vastned Retail N.V.

Quarterly Report • Feb 15, 2024

ANNUAL RESULTS

Vastned reports strong operational results in

Bridge financing to facilitate Vastned's transition to future portfolio

Highlights Full Year

• Direct result of . per share . in
• Indirect result of . negative per share . negative in
• IFRS result of . negative per share . positive in
• Occupancy rate up to .% .% yearend
• Likeforlike gross rental income .% positive
• Value of property portfolio decreased by .% compared with yearend
• Loantovalue ratio of .% as at December .% yearend
• Bridge financing to cover million loan maturities as per September
• Total dividend of . per share proposed . per share in ; % payout of direct result
• As Vastned is going through a transition, it provides no guidance on the direct result for the full year at this stage

Hoofddorp, February Vastned, the listed European retail property company, continues its strong operational performance. Vastned reports a direct result for of . per share, in line with the outlook of . . per share. Mainly as a result of a decrease in the property portfolio's value by .%, the IFRS result per share was . negative compared to . positive in . The occupancy rate further improved across the portfolio to .%.

Reinier Walta, Vastned CEO: "Vastned achieved strong operational results for the year . As a result of the high occupancy rate and indexation of rents on existing contracts, Vastned was able to increase gross rental income from . million to . million, mainly driven by an .% likeforlike gross rental growth. This growth was offset by higher financing costs and slightly higher expenses, resulting in a minor decrease of the direct result for the year from . million in to . million."

"The strong operational results are a solid foundation for Vastned for the future and also to execute on the strategic initiatives. The first steps of this strategic reorientation have been taken in and early . Total divestments amounted to . million. The properties were sold at more than % above the book value of the divested properties, which shows the attractiveness of our portfolio. Vastned will continue the process of further divestments in ."

"In parallel, we have been able to realise the refinancing of million of external debt in Belgium with a mix of three and fiveyear extensions of the maturity date. At holding level, we arranged a bridge loan to cover the million of maturities due in September . This provides Vastned with the flexibility to execute its strategic actions, following the strategic reorientation, including the ongoing review of opportunities to adapt the structure of Vastned to work to a preferred single listing."

		Results

Results
Occupancy rate as at December %	.	.
Likeforlike gross rental growth %	.	.
Value movements %	.	.
Value of the property portfolio million	,	,
Direct result per share	.	.
Indirect result per share	.	.
IFRS result per share	.	.

Excluding acquisitions and divestments, but including assets held for sale Including assets held for sale

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

Strategic reorientation

In , Vastned was confronted with a combination of rising interest rates, increasing yields on retail real estate properties and the abolishment of the Fiscal Investment Institution "FII" Dutch: "FBI" regime as per January . As a result, Vastned conducted a strategic reorientation, concluding that divesting specific parts of our portfolio at the right price, will unlock immediate value for all our stakeholders. In addition, the process has led to the decision to review the structure of Vastned in the light of the dual listing and a preferred single listing.

The abolishment of the FII regime, effective January , was passed into law by the Dutch House of Representatives and Senate. Specific amendments were made to allow time for affected companies to restructure their business. Unfortunately, these amendments will not materially mitigate the effect of the abolishment of the FII regime for Vastned, and we currently expect the negative impact to be close to % of the direct result on the current portfolio.

The investment market is a challenging market at the moment, in which Vastned aims to achieve the optimal result for all stakeholders. In , Vastned divested properties in Almelo, Haaksbergen and Mons for a combined value of . million. Sales agreements were concluded in early for properties in Hardenberg, Harderwijk, Namur and Aalst bringing the total divestments to . million. This is more than % above the book value of the divested properties.

Vastned continues the process of further divestments in . The selection of properties that are eligible for sale is the result of an internal analysis, whereby the company has looked at current and expected yields, opportunities to develop and strategic fit with the portfolio. We are currently working on various transactions, which we expect to close throughout . The proceeds will be used to repay part of the external debt and improve our balance sheet and financial ratios.

Given the strong operational results that Vastned has achieved; sufficient liquidity available to finance our operations and projected divestments to reduce our external debt Vastned proposes a dividend payout of . per share, equal to the dividend per share in . The final dividend payout is subject to approval of the Annual General Meeting.

Refinancing of external debt

Together with existing lenders, Vastned has been able to arrange new financing facilities in both Belgium and at holding level. In Belgium, all facilities previously in place to a value of million have been extended with the existing lenders for new periods of three and five years. The independent status of Vastned Belgium, the quality of the real estate portfolio and strong balance sheet ensured that Vastned Belgium, taking into account new concluded Interest Rate Swaps, has secured new unsecured financing at allin rates below %.

Vastned has come to an arrangement for a bridge loan with existing relationship banks. This bridge loan can be drawn upon as from September and serves as a backup to existing facilities to repay the million loan maturities and also depending on the proceeds from divestments. Therewith, Vastned obtains the flexibility it requires to execute the strategic reorientation, while keeping existing financing at attractive rates in place.

HA Hoofddorp

PO BOX CG Amsterdam

NOTES TO THE PROPERTY PORTFOLIO

Occupancy rate

Vastned considers its high overall occupancy rate as evidence of the quality and attractiveness of its property portfolio. At yearend , the occupancy rate of the total portfolio was .%.

Occupancy rate %	December	June	December	June
The Netherlands	.	.	.	.
France	.	.	.	.
Belgium	.	.	.	.
Spain	.	.	.	.
Total	.	.	.	.

Leasing activity

In , Vastned concluded leases for a total annual amount of . million, or .% of the total annual theoretical rental income. In , in comparison, Vastned concluded leases for a total annual amount of . million, or .% of the total annual theoretical rental income.

Leasing activity
Number of leases
Rental income million	.
% of total theoretical annual rent	.
Rental change million	.
% rental change	.
% rent above ERV	.

Value of the property portfolio

The value of the property portfolio was , million at yearend yearend : , million, taking into account the assets held for sale.

Portfolio breakdown million	December	% of total
The Netherlands		%
France		%
Belgium		%
Spain		%
Total	,	%

Like for like value of the property portfolio

All properties in operation are appraised at least once per year by independent certified appraisers. As per December , the portfolio has been appraised. The likeforlike value of the property portfolio excluding acquisitions and divestments but including assets held for sale as at the end of December decreased by .% compared with yearend . The value of the portfolios in the Netherlands, France and Spain decreased by .%, .%, and .%, respectively, while Belgium remains unchanged at .%.

Value of the property portfolio likefor

like
million	FY	% vs FY	FY	% vs FY	FY
The Netherlands		.		.
France		.		.
Belgium		.		.
Spain		.		.
Total	,	.	,	.	,

HA Hoofddorp

PO BOX CG Amsterdam

Acquisitions and divestments

The investment market is a challenging market at the moment, in which Vastned aims to achieve the optimal result for all stakeholders. In , Vastned divested properties in Almelo, Haaksbergen and Mons for a combined value of . million. Sales agreements were concluded in early for properties in Hardenberg, Harderwijk, Namur and Aalst bringing the total divestments to . million. The properties were sold at more than % above book value.

NOTES TO THE FINANCIAL RESULTS

Financial results million
Direct result	.	.
Indirect result	.	.
IFRS Result attributable to Vastned Retail shareholders	.	.
Result attributable to noncontrolling interests	.	.
IFRS Result after taxes	.	.

IFRS Result attributable to Vastned Retail shareholders

The IFRS result attributable to Vastned's shareholders, which comprises the direct and indirect results, was . million negative in : . million positive. The main cause was the decrease in the indirect result from . million negative in to . million negative in . Within the indirect result, the decrease in value of the property portfolio in amounted to . million : decrease of . million. As a result of the changed market interest rates and the shorter remaining term of duration of the interest rate derivates, the value movements of the financial derivatives were . million negative in : . million positive.

The direct result decreased slightly from . million in to . million in . Net rental income came out higher . million in compared to . million in . However, the higher net rental income was negatively impacted by an increase in financing costs, general expenses and income taxes.

IFRS Result per share

The IFRS result per share attributable to Vastned Retail shareholders was . negative for : . positive. The result comprises the direct result per share of . : . and the indirect result per share of . negative : . positive.

HA Hoofddorp

PO BOX CG Amsterdam

NET INCOME FROM PROPERTY

Gross rental income

The gross rental income was . million in compared with . million in . A breakdown of the movements per country is provided in the table below.

Total thousands	Netherlands	France	Belgium	Spain	Total	In % of amounts =
Gross rental income	,	,	,	,	,	.
Acquisitions						.
Divestments						.
Likeforlike rental growth	,	,	,		,	.
Gross rental income	,	,	,	,	,	.
Other income
Operating expenses	,	,	,		,
Net rental income	,	,	,	,	,	.
Net rental income	,	,	,	,	,	.
Operating expenses as % of gross rental income	.	.	.	.	.
Operating expenses as % of gross rental income	.	.	.	.	.

Percentage calculated based on the standing portfolio gross rental income minus the effect of divestments. Including net service charge expenses

Acquisitions

In , no acquisitions were made. In , Vastned acquired a property located at Zuidplein Hoog in Rotterdam. As a result of the acquisition, gross rental income increased by thousand.

Divestments

In , Vastned sold . million worth of properties bookvalue at the time of divestment. In , properties with a bookvalue of . million were sold. These divestments, which were from the Dutch and Belgian property portfolios caused the gross rental income for to fall by thousand compared with .

Likeforlike gross rental growth

The likeforlike rental growth of the gross rental income was . million positive compared to . The likeforlike gross rental growth in the Netherlands, France, Belgium and Spain was . million, . million, . million and . million respectively, mainly as a result of rental indexations and a higher occupancy rate during . Likeforlike growth of the gross rental income was .% positive for the total property portfolio in .

Operating expenses including net service charge expenses

Total operating expenses increased from . million in to . million in . Higher maintenance costs and other operating expenses mainly caused the increase of . million. The operating expenses expressed as a percentage of the gross rental income in was .% : .%.

Value movements in property

The value movements in property in totaled . million negative : . million negative. The value decreases in the French, Dutch, Spanish and Belgian property portfolios were . million, . million, . million and . million respectively.

Net result on divestments of property

The net result on the divestments realised in after the deduction of sales costs was . million positive.

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

EXPENDITURE

Net financing costs

Net financings costs, including value movements of financial derivatives, decreased from . million positive in to . million negative in . Developments regarding net financing costs are detailed in the table below.

Development of net financing costs million
Net financing costs	.
Decrease due to lower average interestbearing debts	.
Net increase due to higher average interest rate and changes in fixed/floating interest rates and working capital	.
Increase due to negative value movements in financial derivatives	.
Net financing costs	.

Net financing costs decreased by . million due to lower average interestbearing debts resulting from divestments and changes in working capital. The ratio fixed/floating interest within the loan portfolio at yearend was .%/.%. Due to the higher market interest rate, the average interest rate increased by basis points from .% in to .% in , pushing interest expenses up by . million. As a result of the changed market interest rates and the shorter remaining term of the interest rate derivatives, the value movements of the interest rate derivatives were . million negative in compared with . million positive in .

General expenses

General expenses were . million in compared with . million in . The increase of . million is mainly due to higher consultancy, legal and audit costs, among other matters related to the strategic reorientation, price indexations and the consequences of the abolishment of the FII regime as of .

Current income tax expense

In , income tax payable on the reporting period for the regularly taxed entities in the Netherlands, Belgium and Spain was . million : . million.

Movement in deferred tax assets and liabilities

The movement in deferred tax assets and liabilities was . million positive in : . million negative. The decrease in the provision for deferred tax in was mainly due to value decreases of assets in Spain that are held by regularly taxed entities.

ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES

As at December , Vastned had a total accounts receivable position of . million December : . million, of which . million was provided for December : . million. The total value of the accounts receivable, after deduction of the provision for expected credit losses, can be broken down according to the nature of the receivable as follows:

Accounts receivable and other receivables thousand	Gross amounts	Provision for expected credit losses	Net amounts
Overdue accounts receivable	,	,	,
Accounts receivable for which deferment has been granted
Accounts receivable regarding preinvoiced rent	,		,
Other receivables
Total	,	,	,

Part of the total accounts receivable position are receivables overdue by more than one year that are fully provided for but cannot yet be written off in connection with bankruptcies that have not yet been fully settled.

HA Hoofddorp

PO BOX CG Amsterdam

FINANCING STRUCTURE

Vastned strives to maintain a conservative financing structure, with a maximum loantovalue ratio of % on the longterm and good diversification of financing sources; e.g. by placing longterm loans with institutional investors including through private placements.

In July a . million expired term loan within Vastned Belgium was repaid; in December a Green RCF Facility of . million expired; the amount drawn on this facility, being . million was repaid.

Together with existing lenders Vastned has been able to secure new financing arrangements in both Belgium and at holding level. In Belgium all the facilities previously in place of million have been extended with the existing lenders for new periods of three and five years.

Vastned has come to an arrangement for a bridge loan with existing relationship banks. Subject to future divestments, the bridge loan can be used to repay the million loan maturities in and provide Vastned with the flexibility it requires to execute the strategic reorientation, while keeping existing financing at very attractive rates in place.

Financing structure	December	December
Loantovalue %	.	.
Solvency %	.	.
Interest coverage ratio	.	.

Group equity plus deferred tax liabilities divided by the balance sheet total

As at December , Vastned's balance sheet showed a financing structure with a loantovalue ratio of .% yearend : .% and a solvency ratio, being group equity plus deferred tax liabilities divided by the balance sheet total, of .% yearend : .%. The interest coverage ratio for the past months was ..

With a solvency ratio of .% and an interest coverage ratio of ., Vastned complied with the loan covenants as at December . All financing agreements stipulate a .% minimum solvency ratio and usually require a minimum . interest coverage ratio. Most financing agreements include a negative pledge clause, with a limited threshold for putting up security.

million	Fixed interest	Floating interest	Total	% of total
Longterm debt	.	.	.	.
Shortterm debt	.	.	.	.
Total	.	.	.	.
% of total	.	.	.

Taking account of interest rate derivatives

At the end of December , .% of the loan portfolio comprised fixed interest loans as a result of the use of interest rate derivatives and fixed coupon private placements.

The share of nonbank loans was .%, significantly above the target of a minimum of %.

Taking the unused credit facilities of . million as at December into account, there is ample liquidity to fulfil short term payment obligations.

DEVELOPMENT OF NET ASSET VALUE PER SHARE

As a result of the combined direct and indirect result per share of . negative, the other movements of . negative, the final dividend distribution of . per share and the interim dividend distribution of . per share, the net asset value per share decreased from . at yearend to . at yearend .

The EPRA NRV per share as at December was . compared with . as at yearend .

HA Hoofddorp

PO BOX CG Amsterdam

DIVIDEND PROPOSAL FOR

The total dividend Vastned proposes to its shareholders accumulates . per share, representing a payout ratio of % of the direct result of . Following the interim dividend of . per share paid in August , the final dividend is proposed at . per share. If this dividend proposal for is approved, the Vastned share is expected to quote exdividend on April , and the final dividend will be made payable on May .

OUTLOOK

Will be a year of transition for Vastned. Therefore, Vastned does not provide guidance on the direct result for the full year at this stage.

WEBCAST

On February at am CET, Vastned will provide an analyst presentation on the Annual Results that will be broadcast in the form of a webcast. Access to the webcast will be available through our website at: https://vastned.com/en/investorrelations/investor\_relations.

You will be able to download the presentation from our website one hour before the webcast here: https://vastned.com/publicationsandpresentations/

FINANCIAL CALENDAR

February	before trading	Publication Annual Results
March	before trading	Publication Annual Report
April		Annual General Meeting of shareholders
May	before trading	Q Trading Update
July	before trading	HalfYear Results
October	before trading	M Trading Update

ABOUT VASTNED

Vastned is a European publicly listed property company Euronext Amsterdam: VASTN focusing on the best property in the popular shopping areas of selected European cities with a historic city centre where shopping, living, working and leisure meet. Vastned's property clusters have a strong tenant mix of international and national retailers, food & beverage entrepreneurs, residential tenants, and office tenants. The company's property portfolio had a value of , million as at December .

Further information:

Remko Bakker Manager Treasury & Investor Relations

remko.bakker@vastned.com Tel: +

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

KEY FIGURES

Results thousand	December	December
Gross rental income	,	,
Direct result	,	,
Indirect result	,	,
IFRS Result	,	,
Balance sheet thousand
Property value	,,	,,
Equity	,	,
Equity Vastned Retail shareholders	,	,
Longterm liabilities	,	,
Solvency definition lenders %	.	.
Loantovalue %	.	.
Interest coverage ratio	.	.
Financial occupancy rate property portfolio %	.	.
Average number of shares in issue	,,	,,
Number of shares in issue end of period	,,	,,
Per share
Equity Vastned Retail shareholders at beginning of period including final dividend	.	.
Final dividend previous financial year	.	.
Equity Vastned Retail shareholders at beginning of period excluding final dividend	.	.
Direct result	.	.
Indirect result	.	.
IFRS Result	.	.
Remeasurement of defined benefit obligation	.	.
Interim dividend	.	.
Equity Vastned Retail shareholders at end of period including final dividend	.	.
Share price end of period	.	.
Premium/Discount %	.	.

HA Hoofddorp

PO BOX CG Amsterdam

DIRECT AND INDIRECT RESULT

Direct result thousand	Year	Year	HY	HY
Gross rental income	,	,	,	,
Other income
Net service charge expenses
Operating expenses	,	,	,	,
Net rental income	,	,	,	,
Financial income
Financial expenses	,	,	,	,
Net financing costs	,	,	,	,
General expenses	,	,	,	,
Direct result before taxes	,	,	,	,
Current income tax expense	,
Movement in deferred tax assets and liabilities
Direct result after taxes	,	,	,	,
Direct result attributable to noncontrolling interests	,	,	,	,
Direct result attributable to Vastned Retail shareholders	,	,	,	,
Indirect result
Value movements in property in operation	,	,	,	,
Total value movements in property	,	,	,	,
Net result on divestments of property
Value movements in financial derivatives	,	,	,	,
Abortive purchase costs
Indirect result before taxes	,	,	,	,
Current income tax expense
Movement deferred tax assets and liabilities
Indirect result after taxes	,	,	,	,
Indirect result attributable to noncontrolling interests
Indirect result attributable to Vastned Retail shareholders	,	,	,	,
IFRS Result attributable to Vastned Retail shareholders	,	,	,	,
Per share
Direct result attributable to Vastned Retail shareholders	.	.	.	.
Indirect result attributable to Vastned Retail shareholders	.	.	.	.
IFRS Result attributable to Vastned Retail shareholders	.	.	.	.

HA Hoofddorp

PO BOX CG Amsterdam

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Contents

• Consolidated profit and loss account, starting on page
• Consolidated statement of comprehensive income, starting on page
• Consolidated balance sheet, starting on page
• Consolidated statement of movements in equity, starting on page
• Consolidated cash flow statement, starting on page
• Selected notes, starting on page

Consolidated profit and loss account

thousand
Net income from property
Gross rental income	,	,
Other income
Net service charge expenses
Operating expenses	,	,
Net rental income	,	,
Value movements in property in operation	,	,
Total value movements in property	,	,
Net result on divestments of property
Total net income from property	,	,
Expenditure
Financial income
Financial expenses	,	,
Value movements in financial derivatives	,	,
Net financing costs	,	,
General expenses	,	,
Abortive purchase costs
Total expenditure	,	,
Result before taxes	,	,
Current income tax expense	,
Movement deferred tax assets and liabilities
Total income tax	,	,
Result after taxes	,	,
Result attributable to Vastned Retail shareholders	,	,
Result attributable to noncontrolling interests	,	,
Result after taxes	,	,
Per share
Result	.	.
Diluted result	.	.

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

Consolidated statement of comprehensive income

thousand
Result after taxes	,	,
Items not reclassified to the profit and loss account
Remeasurement of defined benefit obligation		,
Other comprehensive income after taxes		,
Total comprehensive result	,	,
Attributable to:
Vastned Retail shareholders	,	,
Noncontrolling interests	,	,
Total comprehensive result	,	,

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

Consolidated balance sheet

thousand
Assets
Property in operation	,,	,,
Accrued assets in respect of lease incentives	,	,
Total property	,,	,,
Intangible fixed assets
Tangible fixed assets
Rightsofuse assets
Financial derivatives	,	,
Total fixed assets	,,	,,
Assets held for sale	,
Financial derivatives
Debtors and other receivables	,	,
Cash and cash equivalents	,
Total current assets	,	,
Total assets	,,	,,
Equity and liabilities
Paidup and calledup capital	,	,
Share premium reserve	,	,
Other reserves	,	,
Result attributable to Vastned Retail shareholders	,	,
Equity Vastned Retail shareholders	,	,
Equity noncontrolling interests	,	,
Total equity	,	,
Deferred tax liabilities	,	,
Provisions in respect of employee benefits	,	,
Longterm interestbearing loans	,	,
Longterm lease liabilities	,	,
Financial derivatives
Guarantee deposits and other longterm liabilities	,	,
Total longterm liabilities	,	,
Payable to banks	,	,
Redemption of longterm interestbearing loans	,	,
Shortterm lease liabilities
Income tax
Other liabilities and accruals	,	,
Total shortterm liabilities	,	,
Total equity and liabilities	,,	,,

HA Hoofddorp

PO BOX CG Amsterdam

Consolidated statement of movements in equity

	Capital paid up and	Share premium	Other	attributable to Vastned Retail	Equity Vastned Retail	Equity non controlling
thousand	called	reserve	reserves	shareholders	shareholders	interests	Total equity
Balance as at January	,	,	,	,	,	,	,
Result				,	,	,	,
Other comprehensive income			,		,		,
Comprehensive income			,	,	,	,	,
Final dividend for previous financial year in cash				,	,	,	,
Interim dividend in cash			,		,		,
Contribution from profit appropriation			,	,
Balance as at December	,	,	,	,	,	,	,
Result				,	,	,	,
Other comprehensive income
Comprehensive income				,	,	,	,
Final dividend for previous financial year in cash				,	,	,	,
Interim dividend in cash			,		,		,
Contribution from profit appropriation			,	,
Balance as at December	,	,	,	,	,	,	,

Result

HA Hoofddorp

PO BOX CG Amsterdam

Consolidated cash flow statement

thousand
Cash flow from operating activities
Result after taxes	,	,
Adjustments for:
Value movements in property	,	,
Net result on divestments of property
Net financing costs	,	,
Income tax	,	,
Cash flow from operating activities before changes in working capital and provisions	,	,
Movement in current assets
Movement in shortterm liabilities
Movement in provisions
Cash flow from operating activities after changes in working capital and provisions	,	,
Interest received
Interest paid	,	,
Income tax paid	,	,
Cash flow from operating activities	,	,
Cash flow from investing activities
Property acquisition		,
Capital expenditure on property	,	,
Divestments of property	,	,
Cash flow from property		,
Movement in other fixed assets
Cash flow from investing activities		,
Cash flow from financing activities
Dividend paid	,	,
Dividend paid to noncontrolling interests	,	,
Interestbearing loans drawn down	,
Interestbearing loans redeemed	,	,
Movements in guarantee deposits and other longterm liabilities
Cash flow from financing activities	,	,
Net increase/decrease in cash and cash equivalents
Cash and cash equivalents as at January
Cash and cash equivalents as at December	,

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

Selected notes

General

Vastned Retail N.V. hereinafter also referred to as 'the company' or 'Vastned', with its registered office in Amsterdam, the Netherlands, is a European listed property company Euronext Amsterdam: VASTN focusing on the best property on the popular high streets of selected European cities with a historic city centre, where shopping, living, working and leisure converge. Vastned's property clusters have a strong tenant mix of international and national retailers, hospitality businesses, residential tenants and office tenants. The properties are located in the Netherlands, France, Belgium and Spain.

Vastned is registered in the trade register of the Chamber of Commerce under number . Vastned is listed on the Euronext stock exchange in Amsterdam. The financial statements of Vastned comprise the Company and its subsidiaries jointly referred to as 'the Group'.

PRINCIPLES APPLIED IN THE PRESENTATION OF THE CONDENSED FINANCIAL STATEMENTS

The accounting policies used in this press release comply with the International Financial Reporting Standards IFRS as endorsed by the European Union.

The financial statements are presented in euros; amounts are rounded off to thousands of euros, unless stated differently. Property and financial derivatives are valued at fair value. The other items in the financial statements are valued at historical or amortised cost.

In the presentation of the annual accounts the Executive Board has made judgements concerning estimates and assumptions which impact the figures included in the financial statements. The estimates and underlying assumptions concerning the future are based on historical experience and other relevant factors, given the circumstances on the balance sheet date. The actual results may deviate from these estimates. The estimates and underlying assumptions are evaluated regularly. Any adjustments are recognised in the period in which the estimate was reviewed, or if the estimate also impacts future periods, also in these future periods.

During , none of the members of the Supervisory Board and Executive Board of Vastned Retail had a personal interest in the investments made by Vastned Retail. To Vastned Retail's best knowledge, no property transactions were effected during the period under review involving persons or institutions that could be regarded as parties with direct interests in Vastned Retail.

This press release is based on the financial statements that were prepared on February and for which Ernst & Young Auditors LLP has issued an unqualified opinion. The press release concerns only part of the financial statements. The financial statements have not yet been published in accordance with the statutory provisions and have not yet been adopted. The General Meeting of Shareholders at which the financial statements will be adopted is scheduled for April .

HA Hoofddorp

PO BOX CG Amsterdam

Segmented information

The segmented information is only presented based on the countries where the properties are located.

thousand		Netherlands		France		Belgium		Spain		Total
Result
Net rental income	,	,	,	,	,	,	,	,	,	,
Value movements in property in operation	,	,	,	,		,	,		,	,
Net result on divestments of property
Total net income from property	,	,	,	,	,	,		,	,	,
Net financing costs									,	,
General expenses									,	,
Abortive purchase costs
Income tax									,	,
Result after taxes									,	,
thousand
Property in operation
Balance as at January	,		, ,		, ,	,	,	,	,,	,,
Acquisitions		,								,
Investments	,	,							,	,
Transferred to Assets held for sale	,				,				,
Divestments	,	,							,	,
Other
Value movements	,	,	,	,		,	,		,	,
Balance as at December	,	,		, ,		, ,	,	,	,,	,,
Accrued assets in respect of lease incentives	,	,							,	,
Appraisal value as at December		, ,		, ,	,	,	,		, ,, ,,
Ground lease	,	,							,	,
Total property	,	,		, ,		, ,	,	,	,,	,,

The gross rental income includes waivers of past due rent in arrears of thousand and other rent concessions of thousand related to the Covidpandemic. In , no waivers and other rent concessions related to the Covidpandemic were given.

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

Fair value

The assets and liabilities valued at fair value on the balance sheet are divided into a hierarchy of three levels:

Level : The fair value is determined based on published listings in an active market

Level : Valuation methods based on information observable in the market

Level : Valuation methods based on information that is not observable in the market, which has a more than significant impact on the fair value of the asset or liability.

The table below shows according to which level the assets and liabilities of the Group are valued at fair value.

Assets valued at fair value
thousand	Level	Book value	Fair value	Book value	Fair value
Assets
Property in operation including accrued assets in respect of lease incentives		,,	,,	,,	,,
Financial derivatives		,	,	,	,
Assets held for sale		,	,
Liabilities valued at fair value
Longterm liabilities
Longterm interestbearing loans		,	,	,	,
Lease liabilities		,	,	,	,
Financial derivatives

Debtors and other receivables

thousand	December	December
Debtors and preinvoiced amounts	,	,
Provision for expected credit losses	,	,
Net total	,	,

The total debtors and preinvoiced amounts, after deduction of the provision for expected credit losses, can be broken down as follows by the nature of the receivable:

thousand			December
	Gross amounts	Provision for expected credit losses	Net amounts
Overdue accounts receivable	,	,	,
Accounts receivable for which deferment has been granted
Accounts receivable regarding preinvoiced rent	,		,
Other receivables
Balance as at December	,	,	,

thousand			December
	Gross amounts	Provision for expected credit losses	Net amounts
Overdue accounts receivable not COVIDrelated	,	,	,
Overdue accounts receivable related to COVID
Accounts receivable for which the debtor has been granted a deferment due to COVID
Accounts receivable regarding preinvoiced rent	,		,
Other receivables
Balance as at December	,	,	,

In the accounts receivables are not split by COVID and non COVID related anymore.

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

Interestbearing debts

thousand	December	December
Longterm liabilities
Unsecured loans	,	,
Lease liabilities	,	,
Total longterm liabilities	,	,
Shortterm liabilities
Payable to banks	,	,
Redemption longterm interest bearing loans	,	,
Lease liabilities
Total shortterm liabilities	,	,
Total	,	,

Interests of major investors

In compliance with the Financial Supervision Act and the Act on the Disclosure of Major Holdings in Listed Companies WMZ, the following parties are known to Vastned as shareholders holding a capital position of % or more and/or joint voting rights of % or more of the shares in issue at yearend :

Major investors

Van Herk Investments B.V.	.%
Lebaras Belgium BVBA	.%
BlackRock, Inc.	.%
ICAMAP Real Estate Securities Fund S.A.	.%
Tikehau Capital Advisors SAS	.%
JGHM Niessen	.%
J.G. de Jonge	.%

As per October four shareholders have notified AFM and the company that they have decided to prepare a joint communication and voting strategy, defined as "Acting in concert". Last notification of .% joint voting rights.

EPRA PERFORMANCEINDICATORS

The EPRA Best Practices Recommendations 'BPR' published by EPRA's Reporting and Accounting Committee contain recommendations for the determination of key performance indicators of the property portfolio. Vastned acknowledges the importance of standardising the reporting on performance indicators for the sake of comparability and improving the quality of the information provision to investors and other users. The financial statements in this chapter are presented in euros; amounts are rounded off to thousands of euros, unless stated differently.

			thousand	per share
EPRA performance indicator	Table
EPRA Earnings		,	,	.	.
EPRA NRV		,	,	.	.
EPRA NTA		,	,	.	.
EPRA NDV		,	,	.	.
EPRA Net Initial Yield NIY	i	.%	.%
EPRA 'toppedup' NIY	ii	.%	.%
EPRA Vacancy Rate		.%	.%
EPRA Cost Ratio including direct vacancy costs	i	.%	.%
EPRA Cost Ratio excluding direct vacancy costs	ii	.%	.%
Capital expenditure		,	,
EPRA LTV		.%	.%

The EPRA performance indicators have been calculated based on definitions as published by EPRA

. EPRA EARNINGS

thousand

Result as stated in consolidated IFRS profit and loss account	,	,
Value movements in property	,	,
Net result on divestments of investment properties
Financial expenses
Value movements in financial derivatives	,	,
Movement in deferred tax assets and liabilities
Attributable to noncontrolling interests	,	,
EPRA Earnings A	,	,
Abortive purchase costs
Company specific adjusted earnings	,	,
EPRA Earnings per share EPS A divided by .. shares	.	.
Company specific adjustments:
Abortive purchase costs		.
Company specific adjusted earnings per share	.	.

HA Hoofddorp

PO BOX CG Amsterdam

. EPRA NET ASSET VALUE METRICS

thousand	December			December
	EPRA NRV	EPRA NTA	EPRA NDV	EPRA NRV	EPRA NTA	EPRA NDV
Equity Vastned Retail shareholders	,	,	,	,	,	,
Hybrid instruments
Diluted NAV	,	,	,	,	,	,
Diluted NAV at fair value	,	,	,	,	,	,
Deferred taxes in relation to fair value gains of
property	,	,		,	,
Fair value of financial derivatives	,	,		,	,
Intangible fixed assets
Fair value of fixedrate interestbearing debts			,			,
Realestate transfer tax	,			,
NAV	,	,	,	,	,	,
Fully diluted number of shares	,,	,,	,,	,,	,,	,,
NAV per share	.	.	.	.	.	.
	December				December
	Fair value	% of total portfolio	% of excluded deferred taxes	Fair value	% of total portfolio	% of excluded deferred taxes
Portfolio that is subject to deferred tax and intention is to hold and not to sell in the long run	,			,

. EPRA NET INITIAL YIELD EPRA TOPPEDUP NET INITIAL YIELD AS AT DECEMBER thousand

		Netherlands	France		Belgium		Spain		Total
Investment property addition:	,	,	,	,	,	,	,	,		,, ,,
Estimated transaction fees	,	,	,	,	,	,	,	,	,	,
Investment value of property B		, , ,		,	,	,	,		, ,, ,,
Annualised gross rental income	,	,	,	,	,	,	,	,	,	,
Property outgoings	,	,			,	,			,	,
Annualised net rental income A	,	,	,	,	,	,	,	,	,	,
Effect of rentfree periods and other lease incentives	,				,				,	,
Toppedup annualised net rental income C	,	,	,	,	,	,	,	,	,	,
i EPRA Net Initial Yield A/B	.%	.%	.%	.%	.%	.%	.%	.%	.%	.%
ii EPRA Toppedup Net Initial Yield C/B	.%	.%	.%	.%	.%	.%	.%	.%	.%	.%

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

. EPRA VACANCY RATE

thousand December

	Gross rental income	Net rental income	Lettable floor area m	Annualised gross rental income	Estimated rental value ERV of vacant properties	Estimated rental value ERV	EPRA Vacancy Rate
Netherlands	,	,	,	,		,	.%
France	,	,	,	,		,	.%
Belgium	,	,	,	,		,	.%
Spain	,	,	,	,		,	.%
Total property	,	,	,	,		,	.%

Difference compared to prior year due to sales, the creation of apartments during FY as well as the addition of all residential sqm to this figure. We are placing a stronger emphasis on residential metres because we believe they provide a more accurate representation of our overall portfolio. Additionally, creating homes that add value to local communities aligns with our strategic objectives. This reflects our increased focus on creating residential units above retail spaces. Difference compared to prior year due to remeasurements performed during .

thousand							December
	Gross rental income	Net rental income	Lettable floor area m	Annualised gross ental income	Estimated rental value ERV of vacant properties	Estimated rental value ERV	EPRA Vacancy Rate
Netherlands	,	,	,	,		,	.%
France	,	,	,	,		,	.%
Belgium	,	,	,	,		,	.%
Spain	,	,	,	,		,	.%
Total property	,	,	,	,	,	,	.%

As at yearend , the EPRA vacancy rate was .%, .% lower compared to . The lower vacancy was mainly attributable to lower financial vacancy in France and Belgium.

. EPRA COST RATIOS

thousand
General expenses	,	,
Operating expenses	,	,
Net service charge expenses
EPRA costs including vacancy costs A	,	,
Vacancy costs
EPRA costs excluding vacancy costs A	,	,
Gross rental income	,	,
i EPRA Cost Ratio including vacancy costs A/C	.%	.%
ii EPRA Cost Ratio excluding vacancy costs B/C	.%	.%

Including other income of thousand : thousand

In , no operating expenses were capitalised : nil. Vastned capitalises the operating expenses directly attributable to property under renovation during the period that the property under renovation is not available for letting. General expenses overheads are not capitalised.

HA Hoofddorp

PO BOX CG Amsterdam

. CAPITAL EXPENDITURE

thousand
Acquisitions		,
Development	,
Likeforlike portfolio	,	,
Other
Total	,	,

This amount concerns the acquisition of property in The Netherlands

This amount represents the capex spent on the development of multiple residential units in the Netherlands property Concerns improvements to several assets already held in various countries. Of this total amount, EUR thousand is related to Vastned Belgium of which Vastned Retail owns appr. % of the

shares fully consolidated.

Vastned has no interests in joint ventures.

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam

December

. EPRA LTV

	LTV under IFRS as reported without EPRA	Adjustments to arrive at EPRA	Group EPRA LTV before share of JV's, material associates and	NonControlling
thousand	adjustments	Group LTV	NCI adjustment	Interests NCI	EPRA LTV
Equity	,		,	,	,
Net debt include:
Borrowings from Financial Institutions	,		,	,	,
Net payables		,	,		,
Owneroccupied property debt
Other lease liabilities	,	,
Exclude:
Cash and cash equivalents		,	,
Net debt a	,	,	,	,	,
Investment property portfolio and other eligible assets
Owneroccupied property
Investment properties at fair value	,,		,,	,	,,
Ground lease	,	,
Properties held for sale	,		,		,
Intangibles
Total property portfolio and other eligible assets b	,,	,	,,	,	,,
Group LTV a/b	.%		.%		.%
					December
Equity	,		,	,	,
Net debt include:
Borrowings from Financial Institutions	,		,	,	,
Net payables		,	,		,
Owneroccupied property debt
Other lease liabilities	,	,
Exclude:
Cash and cash equivalents
Net debt a	,	,	,	,	,
Investment property portfolio and other eligible assets
Owneroccupied property
Investment properties at fair value	,,		,,	,	,,
Ground lease	,	,
Intangibles
Total property portfolio and other eligible assets b	,,	,	,,	,	,,
Group LTV a/b	.%		.%		.%

Line added to EPRA template in order to present Vastned's LTV under IFRS calculation factually the calculation as agreed with the lenders

Vastned Retail N.V. Mercuriusplein

HA Hoofddorp

PO BOX CG Amsterdam