Regulated information Embargo until 11.02.2021, 6 p.m.

Antwerp, 11 February 2021

Kerncijfers 2020 H1¹ Key figures 2020¹

Vastgoedportefeuille € 961 miljoen: groei met 8%, of € 68 miljoen ■ Real estate portfolio From € 893 million to € 1.018 million, growth of 14% or 125 million
Yield Blijft stabiel in de totale portefeuille ■ EPRA resultaat per aandeel ■ Yield Increase in value due the sharpening of yields in logistics real estate in the Netherlands by 52 bp
€ 0,76 (€ 1,03 2019 H1, resp. € 0,83 excl. Medtronic) ■ EPRA NAV ■ EPRA earnings per share € 1,60 (€ 1,91 2019, resp. € 1,68 excl. the one-off indemnity Medtronic)
€ 21,06 per aandeel (€ 21,79) ■ Bezettingsgraad ■ EPRA NTA € 22,40 per share (€ 21,77)
92% (93%) ■ Occupancy rate: 93% (93%)
WALL 4,3 jaar volledige portefeuille (4,3 jaar) ■ WALB 4,0 years (4,3 years)
Beperkte schuldgraad 44% (39%) ■ Limited debt ratio 43% (39%)
Gemiddelde rentevoet van de financieringen ■ Average interest rate of the financing 2,0% (2,1% 2019)
2,0% (2,3% 2019 H1) ■ Beoogd brutodividend per aandeel ■ Non-withdrawn credit lines € 150 million
- voor 2020 € 1,53, op hetzelfde peil als voor 2019 ■ Intended gross dividend per share € 1,53 at the same level as for 2019
Verwacht EPRA resultaat per aandeel 2020 op basis van huidige forecasts: 1 Compared to 31 December 2019

tussen € 1,60 en € 1,65

1 Ten opzichte van 31 december 2019

Activiteiten 2020 H1 Activities 2020

Realisatie belangrijke verhuurtransacties: 14% van contractuele jaarhuur verlengd of vernieuwd; toename bezettingsgraad logistiek segment België naar 99% door verhuringen in Puurs; ■ Acquisitions and investments € 110 million in sustainable logistics sites (Eindhoven, Roosendaal and Merchtem) and in real estate with future development potential (Venlo, 's-Hertogenbosch, Herentals, Genk and Antwerp)
verhuring recente nieuwbouwrealisatie Gold Forum in Eindhoven (NL) ■ Genk Green Logistics First state-of-the-art logistics new construction project of about 25.000 m² delivered in Q4 2020
Toekomstige waardecreatie ■ Sustainability Active commitment to sustainability: 21%¹ of buildings certified as at least BREEAM 'Very Good'

■ Acquisities en investeringen: € 68 miljoen in duurzame logistieke ■ Realisation of important rental transactions: 19% of contractual annual rent extended or renewed

sites (Eindhoven, Roosendaal en Merchtem) en in vastgoed met toekomstig ontwikkelingspotentieel (Venlo, 's-Hertogenbosch, Herentals en Genk) ■ Strengthening of shareholders' equity by € 16,3 million through the optional dividend, with 62% of shareholders opting for shares
Versterking eigen vermogen met € 16,3 miljoen door keuzedividend waarbij 62% van de aandeelhouders gekozen heeft voor aandelen ■ #connect2022 Growth strategy based on four closely linked pillars: value creation, customer focus, sustainability and Team Intervest
- Corporate governance Conversion into dual management

Ontwikkelingspotentieel voor logistiek vastgoed in België met Genk Green Logistics van 250.000 m²;

1 Based on fair value

via telewerken

■ Duurzaamheid Actieve inzet op duurzaamheid: 30% van de gebouwen wordt minstens Corona impact

'BREEAM Very Good' gecertifi-

ceerd tegen 2022; in 2020 H1 reeds 17% gerealiseerd ■ Solid basis due to activities in two real estate segments, sectoral spread of the tenants, sufficient financing capacity and a strong balance sheet
Corona-impact ■ Solide basis door sectorale spreiding ■ Collection of lease receivables in line with normal payment pattern; 99% received from Q4 2020

van huurders, € 84 miljoen onge-

werken eerste gebouw van circa 25.000 m² ver gevorderd met oplever-■ Stable occupancy rate

■ Ontwikkelingspotentieel

ing in Q4 2020 ■ Team Intervest Operational and for all stakeholders available via teleworking

■ Beperkt betalingsuitstel toegekend voornamelijk aan huurders logistiek

bruikte kredietlijnen en sterke balans met solide financiële ratio's vastgoed in Nederland ■ Team Intervest Operationeel en beschikbaar The outlook is based on the current knowledge and estimate of the fluctuations in the interest rates, the strategic growth plan #connect2022, the possible effects of the corona crisis and the accompanying government measures

1		Operating activities in 2020	5
	1.1	2020 in brief	5
	1.2	Real estate portfolio	11
	1.3	Investments in 2020	17
	1.4	Development potential	23
	1.5	Rental activity	24
	1.6	Duration of lease agreements	25
2	Financial annual results for 2020	28
	2.1	Key figures	28
	2.2	EPRA key figures	28
	2.3	Consolidated income statement	29
	2.4	Consolidated balance	33
	2.5	Financial structure	35
3		Outlook 2021	38
4	Financial calendar 2021
		Annexes: Financial statements	44

Alternative performance measures

Alternative performance measures are criteria used by Intervest to measure and monitor its operational performance. The measures are used in this press release, but they are not defined by an Act or in the generally accepted accounting principles (GAAP). The European Securities and Markets Authority (ESMA) issued guidelines which, as of 3 July 2016, apply on the use and explanation of the alternative performance measures. The concepts that Intervest considers to be alternative performance measures are included in a lexicon on the www.intervest.be website, called "Terminology and alternative performance measures". The alternative performance measures are indicated with ★ and provided with a definition, objective and reconciliation as required by the ESMA guideline.

1 Operating activities in 2020

1.1 2020 in brief

Introduction

The global health crisis triggered by the outbreak of the coronavirus has had an impact on how people live and work. This period is also leaving its mark on the real estate sector which more than ever depends on flexibility and agility in extremely rapidly changing circumstances. The health and well-being of our employees, their families, our customers and their employees was and remains Intervest's first priority.

In this unprecedented context, Intervest has paid the necessary attention to the risk factors that can be linked to the corona crisis. The company thus took on its responsibility by safeguarding the availability of offices and warehouses, and by helping and supporting its customers and their employees where necessary.

In this context, it also ensured that Team Intervest has remained operational via teleworking in order to assist all stakeholders with comprehensive services and flexible solutions.

Operating in two real estate segments with their own cyclical dynamic, the sectoral spread of the tenants, adequate financing capacity and a strong balance sheet have provided the company with a solid basis and limited the impact of the corona crisis on Intervest in 2020.

However, during 2020, the results both in the traditional office segment, with less effective occupancy due to mandatory teleworking, and in the logistics sector, characterised by strongly increasing e-commerce activities, do not display any negative impact

In the Greenhouse hubs, however, the mandatory teleworking and the 1,5 m distance rule have had an impact on the use of co-working lounges and meeting rooms. However, this has not had a significant impact on the 2020 EPRA earnings.

The total occupancy rate has also remained stable compared to the end of 2019 and the collecting of rental receivables is still in line with the normal payment pattern, despite the corona crisis.

Strategy

In June 2020, under the name #connect2022¹ , Intervest presented its strategy, based on four closely linked pillars: value creation, customer focus, sustainability and Team Intervest.

With #connect2022, Intervest has set out the lines for the coming years: realising a carefully thought out growth of 30% of the fair value of the real estate portfolio by the end of 2022, improving the quality of the real estate portfolio

#connect2022

value creation
customer focus
sustainability
- Team Intervest

1 See press release 18 June 2020: "Intervest Offices & Warehouses presents strategy #connect2022".

through asset rotation, realising the entire value chain from purchase (which can also include land purchase) to completion of the property with an in-house dedicated and motivated team and all this with an eye for sustainability with regard to both investment and financing. Hence #connect2022: the creation of value for all stakeholders with the respect for sustainability in different areas and the support of a powerful, customer-focused team are, after all, inextricably linked with each other. The NewAssetTeam work group was established in the last quarter of 2020. In concrete terms, this means that the translation of the needs of the tenants is done within the interdisciplinary work group of the Asset Team (commercial, administrative and technical), in order to be able to respond fully to the needs of tenants and users.

With #connect2022, Intervest crystallises its further evolution and aims to become a reference for sustainable value creation in the real estate sector.

Real estate portfolio

For the first time in its history, the fair value of investment properties exceeds the € 1 billion mark, namely € 1.018 million, an increase of 14% or € 125 million compared to the fair value as at 31 December 2019 (€ 893 million). This increase brings the company closer to achieving the value creation target in the #connect2022 strategy of 30% growth in the fair value of the real estate portfolio by 2022.

This increase in 2020 is the result of investments in acquisitions, (re)developments and in the existing real estate portfolio of € 110 million and a decrease in the fair values of the real estate portfolio of € 15 million.

The fair value of the existing office portfolio (without acquisitions) fell by 4%, mainly as a result of the estimate employed by property experts in the current uncertain economic situation. The fair value of the logistics portfolio (excluding acquisitions and (re)developments) rose by 6% as a result of the further sharpening of the yields and leases, the delivery of the first complex in Genk Green Logistics and taking into account a rise in the rate for the registration fees in the Netherlands from 6% to 8%, valid as from 1 January 2021 and already deducted from the fair value as at 31 December 2020. The ratio of the real estate segments in the portfolio as at the end of 2020 amounted to 63% logistics real estate and 37% office buildings. 44% of the logistics real estate portfolio is now located in the Netherlands. The total real estate portfolio had as at 31 December 2020 a total leasable space of 1.045.937 m².

Investments and development potential

Investments in real estate through acquisitions and (re)developments of € 110 million clearly satisfy two pillars of the #connect2022 strategy in 2020, namely sustainability and value creation through, among other things, future development potential, to be realised with our own team.

The logistics real estate portfolio has been expanded with the acquisitions in Venlo (NL) and 's-Hertogenbosch (NL) and the delivery of sustainable builtto-suit development projects in Roosendaal (NL), Eindhoven (NL), Merchtem and Genk. Intervest offers inspiring, flexible, sustainable and future-proof office solutions in line with its strategic positioning beyond real estate.

Real estate portfolio

Fair value more than

€ 1 billion

63% logistics real estate

37% offices

Total leasable space more than

1 million m2

In the course of 2020, an office building with a strategic land position was acquired in Herentals. Adjacent to the existing properties of Intervest, Herentals Logistics is thus part of the formation of a cluster and, with this, the large-scale logistics redevelopment of the entire site is possible. In November 2020, an office renovation project was added to the portfolio. With this acquisition in Antwerp, Intervest has an excellent location with a state-of-the-art renovation project of over 14.000 m² of office space that will be delivered as BREEAM 'Excellent'. When this renovation project has been completed, projected for the beginning of 2022, the building will be one of the top office buildings in Antwerp and will be marketed as Greenhouse Singel.

Resulting from the corona crisis, in 2020, Intervest launched the corona-proof office concept 'NEREOS' (NEw REality Office Space). It would seem that the new normal is a mixed office, one that combines social distancing measures with flexible working hours and perhaps even working remotely. The NEREOS office concept is a response to this new 'blended' working environment.

In Genk, the development of the sustainable Genk Green Logistics project for the redevelopment of zone B of the Ford site is proceeding as planned. This redevelopment project is in line with Intervest's strategy to create sustainable value. The first logistics complex of approximately 25.000 m² was delivered at the end of 2020. The marketing of the large-scale stateof-the-art project of a total of 250.000 m² is in full swing.

Sustainability

In terms of sustainability, the quality of the total real estate portfolio was further optimised in 2020 by the obtaining of a number of new BREEAM certifications. At the end of 2020, 21% of the total real estate portfolio is at least certified as BREEAM 'Very Good'. The proposed sustainability target in the #connect2022 strategy of 30% by 2022 is not far away.

Furthermore, in 2020, approximately 61% of the logistics sites were equipped with solar panels, good for a 30 MWp installation.

In 2020, Intervest has undertaken actions to persist with its sustainable business operations with the 17 United Nations Sustainable Development Goals (SDGs) as a guideline and reports about this in a separate Sustainability Report.

Leasing activity and occupancy rate

The total occupancy rate of the portfolio available for lease remained stable at 93% as at 31 December 2020, despite the corona crisis. The occupancy rate of the total logistics portfolio also remained at the same level of 96%. In the Netherlands, the occupancy rate of the logistics portfolio remained at 98% and taking into account the short-term lease agreement in Roosendaal Braak, this gives an occupancy of 100% as at the end of 2020. The logistics occupancy in Belgium has increased by 1% point compared to 31 December 2021 to 95% due to a leasing to DPD Belgium and an expansion of Delhaize in Puurs. Both transactions represent together an increase in the occupancy rate of 4% points. However, the increase is reduced by the delivery of the first building of Genk Green Logistics just before the end of the year, that was not yet leased as at 31 December 2020. For the office portfolio, the occupancy rate fell by 2% points to 88% as at 31 December 2020.

21% at least BREEAM 'Very Good'

Occupancy rate property portfolio 93%

In terms of leasings, Intervest was very active in 2020, which is reflected in some important transactions and is clearly visible in both segments. In the logistics segment, 28% of the contractual logistics annual rent has been extended or renewed. The principal transactions were concluded in Herentals with the extension of Nike Europe Holding and in Puurs with the expansion of Delhaize and the leasing to DPD Belgium. In the Netherlands, rental agreements were also entered into for the sustainable logistics new construction projects Gold Forum in Eindhoven and Roosendaal Braak. In the office portfolio, contracts were concluded for a total of 8% of the contractual annual rent, mainly extensions in Mechelen Business Tower, Mechelen Campus and Intercity Business Park.

Despite the difficult and uncertain economic situation caused by the corona pandemic, Intervest closed 2020 with an average remaining duration until the next expiry date of 4,0 years for the entirel real estate portfolio. The decrease compared to the end of 2019 (4,3 years) is relatively limited thanks to an active leasing policy.

In the meantime, Intervest has more of a concrete view regarding the future opportunities for its office building Woluwe Garden, both in terms of redevelopment and divestment. The final decision will be made by the end of 2021 at the latest, the date on which PwC vacates the building.

Results and dividend

EPRA earnings as per 31 December 2020, fell by 14% compared to the previous year. This fall is predominantly a combination of, on the one hand, lower rental income due to the one-off termination indemnity payment received from tenant Medtronic in 2019 and the divestment of three older, non-future-proof logistics sites at the end of 2019 and, on the other hand, higher property charges and general costs, mainly one-offs, partly offset by a fall in financing costs. Investments in future-oriented real estate were made in the course of 2020. However, these investments in (re)developments did not generate rental income immediately and thus did not contribute fully to the EPRA earnings for 2020 (such as Roosendaal Braak, Gold Forum in Eindhoven, Merchtem and Genk Green Logistics and Greenhouse Singel in Antwerp). EPRA earnings per share for 2020 was €1,60 compared to €1,91 for 2019 or €1,68 excluding the one-off termination indemnity payment received from tenant Medtronic in 2019.

The gross dividend for financial year 2020 amounts to € 1,53 per share (€ 1,53 for 2019), which means that there is a gross dividend yield of 6,8% based on the closing rate for the Intervest share as at 31 December 2020, which was € 22,55. The net asset value (fair value) amounted to € 21,46 per share as at 31 December 2020, compared to € 21,25 as at 31 December 2019, which means that the share was listed at a premium of 5% as at 31 December 2020. The market capitalisation of Intervest as at the end of 2020 amounted to €575 million.

EPRA Earnings per share € 1,60

Gross dividend per share € 1,53

Shareholders' equity

Due to the optional dividend whereby 62% of the shareholders opted for shares, shareholders' equity was increased by € 16,3 million in May 2020.

Financing

In the turbulent year 2020, Intervest succeeded in further developing its solid financial structure. The credit portfolio was further optimised and expanded to approximately € 600 million. Thus, the maximum volume of the commercial paper programme was increased from € 70 million to € 120 million with corresponding back-up lines. For both short-term and long-term paper, strong interest was shown in 2020 by a broad base of investors.

To finance the announced #connect2022 growth plan, in 2020, Intervest concluded additional financing with existing financiers, with market-compliant terms and margins. In 2020, Intervest was also able to attract new bank financing at market-compliant terms for its prestigious logistics project development Genk Green Logistics.

With regard to interest rate hedging, € 75 million of blend and extend transactions of interest rate swaps were performed on the existing financial derivatives, which could be concluded at improved conditions and terms thanks to the prevailing low interest rates.

Due to this active management of its financing portfolio, the average interest rate of Intervest fell further to 2,0% in 2020 (2,1% in 2019) and the basis was laid for a further fall in the financing costs in 2021. There are also no major due dates in the credit portfolio in 2021, only one credit of € 25 million will reach maturity in mid-2021.

At the end of 2020, Intervest had a buffer available of € 150 million in non-withdrawn credit lines (after hedging of the issued commercial paper) to finance ongoing project developments, future acquisitions, the repayment of the bond loan that matures in March 2021 and for the dividend payment in May 2021.

2,0% average interest rate

Debt ratio 43%

Corporate governance

In 2020, changes were made with regard to corporate governance. The Articles of Association of the company were changed to reflect the new Companies and Associations Code, including the choice for a two-tier management consisting of a supervisory board on the one hand and an management board on the other.

In addition, both the composition of the supervisory board and the management board changed in 2020. With the death of Jean-Pierre Blumberg in October 2020, Intervest lost the chairman of the supervisory board. In February 2020, Gunther Gielen took over from Jean-Paul Sols as ceo and chairman of the management board. As a result, Marco Miserez joined the supervisory board as director. Since August 2020, the management board is enlarged with Kevin De Greef (sgc). Marco Hengst, who left in August 2020, was succeeded as from 1 January 2021 as cio by Joël Gorsele. Inge Tas, cfo, remains on board until 12 February 2021 and is succeeded by Vincent Macharis.

As of 2021, a new team is eager to realise the #connect2022 strategy and to create value as a team for all stakeholders.

1.2 Real estate portfolio

Overview of the portfolio

KEY FIGURES*			31.12.2020					31.12.2019
		LOGISTICS		OFFICES	TOTAL		LOGISTICS		OFFICES	TOTAL
	Belgium	The Netherlands	TOTAL logistics	TOTAL offices		Belgium	The Netherlands	TOTAL logistics	TOTAL offices
Fair value of investment properties (in thousands €)	353.405	282.897	636.302		381.656 1.017.958	324.637	218.107	542.744	350.069	892.813
Fair value real estate available for lease (in thousands €)	336.654	280.774	617.428	348.368	965.796	315.099	194.345	509.444	350.069	859.513
Contractual leases (in thousands €)	22.175	16.091	38.266	28.490	66.756	21.665	11.509	33.174	28.339	61.513
Gross rental yield on real estate available for lease (in %)	6,6%	5,7%	6,2%	8,2%	6,9%	6,9%	5,9%	6,5%	8,1%	7,2%
Gross rental yield (including estimated rental value of vacant properties) on real estate available for lease (in %)	6,9%	5,8%	6,4%	9,2%	7,4%	7,3%	5,9%	6,7%	9,0%	7,7%
Net rental yield (EPRA NIY) (in %)	5,8%	4,8%	5,3%	6,3%	5,7%	5,8%	5,0%	5,5%	6,5%	5,9%
Average remaining duration of lease agreements (until first expiry date) (in years)	3,2	6,8	4,7	2,9	4,0	3,2	9,3	5,3	3,1	4,3
Occupancy rate (EPRA) (in %)	95%	98%	96%	88%	93%	94%	100%	96%	90%	93%
Number of leasable sites	21	14	35	14	49	21	10	31	13	44
Gross leasable surface area (in thousands of m²)	490	310	800	246	1.046	474	234	708	238	946

* All concepts and their calculations are included in a lexicon on the www.intervest.be website, called "Terminology and alternative performance measures".

As at 31 December 2020, the real estate portfolio has a leasable space of more than 1 million m².

The fair value of the investment properties amounted to € 1.018 million as at 31 December 2020 (€ 893 million as at 31 December 2019). This total value, in addition to the real estate available for lease amounting to approximately € 966 million, includes the development project Greenhouse Singel of about € 33 million, about € 7 million for the development in Herentals and about € 12 million for land reserves (Genk, Herentals and 's-Hertogenbosch in the Netherlands.

The increase in fair value of the investment properties of € 125 million or 14% in 2020 is mainly the result of:

〉 the acquisition of three logistics sites in the Netherlands (Eindhoven, 's-Hertogenbosch and Venlo) with a total acquisition value of € 43 million
〉 the acquisition of shares of a real estate company with an office building in Herentals, the fair value of which is € 12 million
〉 the acquisition of shares of a real estate company with a project development in Antwerp of which the value amounted to € 33 million as at 31 December 2020
〉 the investments in project developments in Genk Green Logistics, Merchtem and Roosendaal Braak for € 18 million; the three projects were delivered as at 31 December 2020
〉 the investments in the existing real estate portfolio for € 5 million, mainly in Greenhouse BXL (car park building) and Puurs
〉 the transfer of the solar panels from the investment properties to the tangible assets in accordance with IAS 16 for an amount of € 2 million
〉 the increase in fair value of the real estate portfolio by € 15 million or 2%; a combination of on the one hand the increase in fair value of the logistics portfolio by € 32 million or 6% and on the other hand the decrease in fair value of the office portfolio by € 17 million or 5%.

The total occupancy rate of the portfolio available for leasing was 93% as at 31 December 2020 and has thus remained stable compared to year-end 2019 (93%).

The occupancy rate of the total logistics portfolio remained at the same level as at the end of the year 2019 (96%).

The logistics portfolio in Belgium has an occupancy rate of 95% and has increased by 1% point compared to the end of 2019 due to a leasing to DPD Belgium and an expansion of Delhaize in Puurs. Both transactions represent together an increase in the occupancy rate of 4% points. The increase is however reduced by the delivery of the first building of Genk Green Logistics just before the end of the year, which has not yet been leased as at 31 December 2020.

The fall of 2% points in the occupancy rate of the logistics portfolio in the Netherlands to 98% compared to the end of 2019 is due to the delivery of the new-build complex in Roosendaal which, as at 31 December 2020, was partially leased via a long-term lease agreement. When the short-term agreement of less than 1 year for this building is taken into consideration, the logistics portfolio in the Netherlands is fully leased at the end of 2020. The logistics new construction Gold Forum in Eindhoven, delivered in the first semester of 2020, was fully let as at 31 December 2020.

The occupancy rate of the office portfolio as at 31 December 2020 decreased by 2% points compared to the end of 2019 and amounted to 88% as at 31 December 2020.

Risk spread of the portfolio

The ratio between the two real estate segments in the portfolio as at 31 December 2020 amounts to 63% logistics real estate and 37% office buildings, as compared with 61% and 39% respectively as at 31 December 2019. 28% of the total real estate portfolio is logistics real estate located in the Netherlands.

Geographical spread

Offices

The strategic focus for the office portfolio is on the Antwerp - Mechelen - Brussels axis, which is still the most significant and most liquid office region of Belgium.

Intervest strives for high-quality office buildings in attractive and easily accessible locations with a large student population, such as Antwerp (23%), Mechelen (45%), Brussels (22%) and Leuven (10%).

THE NETHERLANDS

Geographical spread

Logistics real estate

In logistics real estate, Intervest mainly has sites in its portfolio at multimodal locations of a critical size (> 25.000 m²). These sites are located on the most important logistics axes in Belgium and the Netherlands.

56% of the logistics portfolio is located in Belgium, on the Antwerp - Brussels - Nivelles, Antwerp - Limburg - Liège and Antwerp - Ghent - Lille axes. 44% of the logistic portfolio is located in the Netherlands, along the logistics corridors in the south of the Netherlands.

Risk spread of buildings by size¹

Intervest aims to obtain an optimal risk spread and tries to limit the relative share of the individual buildings and complexes in the overall portfolio. The largest complex is Mechelen Campus, with a surface area of 58.000 m² and consisting of 11 separate buildings. Intercity Business Park also consists of a number of buildings.

Risk spread by tenants²

Intervest's rental income as at 31 December 2020 is spread across approximately 224 different tenants, which limits the risk of default and enhances the stability of the income. The ten most important tenants represent 31% of the rental income and are all prominent companies in their sector and often part of international groups.

1 Percentages calculated on the basis of the fair value of the investment properties as at 31 December 2020.
2 Percentages based on the contractual annual rents.

1.3 Investments in 2020

In 2020, Intervest invested € 110 million in the real estate portfolio in sustainable logistics sites as well as in real estate with future development and/or redevelopment potential. These investments fulfil two pillars of the #connect2022 strategy, namely sustainability and value creation through future development potential.

In the Netherlands, Intervest has purchased a sustainable logistics new construction in Eindhoven. Furthermore, the logistics real estate portfolio in the Netherlands has been expanded with the acquisition of three existing buildings with an option on a land position in Venlo as well as with the strategically located Rietvelden site in 's-Hertogenbosch. Besides, the construction work for the sustainable logistics new construction project in Roosendaal were completed in 2020.

In Belgium, an office building in Herentals with a strategic land position was acquired during 2020 that makes possible a cluster for large-scale logistics redevelopment project on the adjacent site Herentals Logistics.

In November a state-of-the-art office renovation project in Antwerp was acquired that will be completed by the own development team at the beginning of 2022 and will be commercialised as Greenhouse Singel.

In the existing logistics portfolio, new construction work were completed on a sustainable built-to-suit expansion in Merchtem.

Investments in logistics real estate in the Netherlands

Eindhoven, Flight Forum 1890: Gold & Silver Forum form cluster at Eindhoven Airport

In 2020, Intervest has acquired the prominent logistics building Gold Forum in Eindhoven.

Gold Forum, a state-of-the-art sustainable logistics building located in the Flight Forum business park near Eindhoven Airport, was delivered as at 30 January 2020 and transferred to Intervest for an investment sum of € 19 million.

This transaction, made via the conclusion of a turn-key purchase agreement, was previously announced by Intervest¹ . The building generates approximately € 1,2 million in rental income on an annual basis and was leased to OneMed for 10 years at the beginning of July 2020. The gross initial yield is 6,4%.

The prominent building with its striking gold-coloured curved façade forms a single entity with the Silver Forum business premises acquired by Intervest in 2018, with the result that one logistics complex of almost 50.000 m² in total has been created at a multi-modal location. The location and configuration of the building in the Eindhoven region also make it suitable as a urban distribution warehouse.

This new construction further optimises the quality of the Dutch portfolio, since the building will be granted a BREEAM 'Very Good' certification and is equipped with a photovoltaic installation on the roof.

Venlo: logistics site with option on land position

As part of the expansion of the logistics portfolio at strategic prime locations, in 2020 Intervest acquired three existing buildings and an option on a land position in Venlo. This land position can be used in the future for a logistics development project.

'Very Good'

BREEAM

state-of-the-art

logistics building

sustainable

The transaction was concluded as a sale-and-lease-back transaction with Welsi, which is leasing part of the existing buildings for a period of five years. The three buildings were purchased for an investment sum of € 12,9 million, generating a gross initial yield of 6,2%.

1 See press release dated 5 November 2018 "Intervest expands its logistics position close to Eindhoven airport to almost 50.000 m² with Gold Forum development project".

The Netherlands - Venlo 〉 Logistics site

The total surface area of the existing buildings is approximately 9.800 m² of warehouse space and 1.970 m² of office space. The buildings are now in use by several tenants active in the logistics sector. The site has an occupancy rate of 100%.

The site has trimodal access due to the location almost right next to the ECT rail terminal and at a short distance from the barge terminal, which is a unique asset compared to competing locations. Furthermore, the two largest buildings are equipped with a photovoltaic system, with the result that this transaction further improves the sustainability of Intervest's real estate portfolio.

Given the limited availability of less large-scale areas in the Venlo region and the prime location of the site, the rental potential of the land position is assessed positively. As a result, the land position offers a strong potential for the additional development of a logistics building of approximately 10.000 m² in the short to medium term.

Roosendaal, Borchwerf I - Braak: delivery of logistics new construction

In 2019, Intervest purchased a site of 3,9 hectares on the industrial site Borchwerf I in Roosendaal. In cooperation with the developer Van Dam Invest, Intervest then built a high-quality and sustainable logistics distribution centre of 28.000 m² on this site, the construction works of which were completed at the beginning of April 2020.

With this new construction, the quality of the Dutch portfolio has been further optimised as the building meets the highest sustainability standards and will be BREEAM 'Outstanding' certified. The building is extensively insulated, has a photovoltaic installation, LED lighting and separate water drainage systems, etc.

The last tranche of approximately € 1,0 million was invested in 2020. The total investment sum in this new construction is approximately € 19,5 million, which gives a gross initial yield of 7,2% when fully leased. The logistics building is leased for 23% with a short-term lease agreement till the beginning of 2021. The remaining 77% are now leased till 31 December 2021 to a German supermarket chain, active in a large part of Europe.

Logistics distribution centre 28.000 m²

ANNUAL RESULTS 2020

's-Hertogenbosch: Rietvelden logistics site

Within the context of the strategic expansion of its logistics portfolio in the Netherlands, in June 2020, Intervest concluded an agreement with Pro Delta Real Estate for the purchase of the Rietvelden business park in 's-Hertogenbosch for a total investment amount of € 12,1 million. This site comprises four buildings and borders the existing land position that Intervest has. This cluster improves the long-term development potential for the entire site.

The total surface area of the existing buildings amounts to approximately 5.500 m² of cross-docking space and over 10.000 m² of industrial space. The buildings are currently being used by two tenants active in the technology and logistics sector. The site has an occupancy rate of 100% and generates rental income of € 1,2 million on an annual basis, bringing the yield to approximately 9,9% with the current occupancy. The site is located on the A59 - Moerdijk - 's-Hertogenbosch - Nijmegen logistics axis and has good accessibility to the motorway with a fast connection to the inner city. The latter feature makes the location extremely suitable for last-mile and urban distribution activities. Moreover, the BCTN container terminal is just 1,6 km away, which provides a unique advantage.

Investments in real estate and project developments in Belgium

Herentals: acquisition of an office building with strategic land position for a large-scale logistics redevelopment of the Herentals Logistics site

Intervest has acquired 100% of the shares of Gencor nv, a company with an office building and land position in Herentals adjacent to Intervest's existing properties, Herentals Logistics. This makes further development of the entire site possible.

The acquisition price of the real estate used to calculate the price of the shares is approximately € 11 million.

The high-quality office building in Herentals, located next to the E313, was built in 2007 and comprises approximately 7.300 m² of office space. The building consists of six floors and three wings, and 83% of it is leased to 11 tenants. It offers flexible office spaces and full services as well as traditional offices. The acquisition of the office building with a strategic land position fits in with the strategic growth plan and makes possible a large-scale redevelopment of the entire site in Herentals, with a unique sustainable integration of offices

and logistics buildings. This is due to the fact that the site on which the office building is located is adjacent to the logistics buildings of Herentals Logistics, which already form part of Intervest's real estate portfolio.

Herentals 〉 Site Herentals Logistics

Merchtem: built-to-suit expansion on existing logistics site

In the first quarter of 2020, the works at the Preenakker industrial site in Merchtem were started to expand a built-to-suit project directly adjacent to the current warehouse area of tenant ZEB, multibrand fashion store Thanks to the expansion, the existing logistics site of more than 7.000 m² becomes a distribution warehouse of more than 10.000 m² with mezzanine. Intervest's total investment for the expansion amounts to approximately € 6,3 million. The entire site will be granted a BREEAM 'Very Good' certification.'

BREEAM 'Very Good'

The building was delivered in the course of 2020. This expansion offers a long-term lease agreement that generates approximately € 0,4 million in rental income on an annual basis. The lease agreement for the existing building is being extended at the same time.

These works, developed entirely in-house, fall within the scope of positioning Intervest as a real estate partner that flexibly responds to the needs of the customer and within the strategy to expand the logistics real estate portfolio further.

Greenhouse Singel: prestigious office project at top location

Intervest acquired in November 2020 an office renovation project at a top location. The state-of-the-art project will, after completion of the renovation process, be one of the top office buildings in Antwerp and will be commercialised as Greenhouse Singel.

The acquisition has come about through the acquisition of the shares of Tervueren Invest nv. It concerns a transaction whereby the total investment sum after fully completion of the renovation project will amount to about € 48 million. The expected annual rental income is estimated at approximately € 2,6 million to € 2,8 million when fully let. This corresponds to a gross rental yield of 5,4% to 5,8%.

Intervest strives resolutely to realise a renewed, sustainable and future-oriented office building at this visible location, using high-end techniques and meeting the BREEAM 'Excellent' building standards. The building has six floors with large spaces, comprising 14.000 m² of offices and 2.500 m² of archive space and also more than 150 parking spaces. The marketing as Greenhouse Singel, in line with the other Intervest's Greenhouse hubs elsewhere in Antwerp, Mechelen and Diegem, will be entirely in hands of Team Intervest.

This acquisition is in line with the #connect2022 strategy whereby a reorientation towards more future-oriented buildings in cities with a student population such as Antwerp is aimed for. With the takeover of this project, which is expected to be delivered in the beginning of 2022, Intervest will also immediately take over the further development under its own management and also gains direct control over part of the value chain.

1.4 Development potential

In addition to the real estate available for lease, Intervest also has future development potential.

For example, the company possesses a number of land reserves of which the 250.000 m² at the former Ford site in Genk is the most important. Intervest has also in Herentals and 's-Hertogenbosch land reserves with an opportunity for later developments. The option on a land position in Venlo can in the future also be used for a logistics development project. In total, the company possesses herewith more than about 290.000 m² of potentially leasable space, representing a possible future value increase of the real estate portfolio lying between € 230 million and € 270 million.

Genk Green Logistics: delivery of the first 25.000 m²

The further development of the Genk Green Logistics redevelopment project is continuing as planned and is in line with Intervest's strategy to create sustainable value. The first logistics complex of approximately 25.000 m², whereby high sustainability standards were pursued, was delivered at the end of Q4 2020. The herewith generated increase in value on this new construction project fits in with the aim of value creation of the strategy #connect 2022.

The marketing of the large-scale state-of-the-art project of a total of 250.000 m² is in full swing.

More information about this project can be found on www.genkgreenlogistics.be.

1.5 Rental activity¹

Despite the difficult circumstances and uncertainties resulting from the current global health crisis, Intervest was able to realise a number of important transactions in 2020 by committing itself to creating value by working in a customer-oriented manner. The leasing activity is visible in both segments, but the largest transactions were mainly in the Belgian logistics segment. As a result, despite the delivery of the first building of Genk Green Logistics just before the end of the year and unleased on the balance sheet date, the occupancy rate for logistics in Belgium rose by 1% point to 95%. As a result the average remaining duration of the lease agreements until the first expiry date increased to 3,4 year compared to 3,2 year as at 31 December 2019.

In total, 19% of the contractual annual rent for offices and logistics buildings has been extended or renewed (14% in 2019). 6% of this concerns new transactions and 13% is extensions and renewals with existing Intervest clients. In total, approximately 230.000 m² was extended or renewed in 28 transactions, which represents a net annual rent of € 11,7 million. The average remaining duration until the next expiry date of the entire portfolio amounted at the end of 2020 to 4,0 years compared to 4,3 years at the end of 2019. This decrease is, despite the difficult economic context in 2020, rather limited due to an active rental policy.

In the office segment, agreements have been concluded for a total of 22.000 m². With this, 8% of the contractual annual rent of the office portfolio, or € 2,4 million, has been extended or renewed. This mainly concerns extensions in Mechelen Business Tower, Mechelen Campus and Intercity Business Park.

In the logistics segment, agreements have been concluded for a total of 208.000m². With this, 28% of the contractual logistics annual rent, or € 9,3 million, has been extended or renewed. 11% relates to contracts with new tenants or existing tenants at new locations, 15% relates to extensions to existing contracts and 2% relates to an expansion on an existing contract.

The most important transactions in the logistics portfolio were concluded in:

〉 Herentals, with the extension of Nike Europe Holding until the end of 2022 for 51.000 m²
〉 Puurs, with the extension of Delhaize and the leasing to DPD Belgium, a total of 27.000 m²
〉 Herstal, with the extension of Coopervision for 23.000 m²
〉 Eindhoven (NL), with the leasing to OneMed of 21.000 m² in the logistics new construction realisation Gold Forum
〉 Roosendaal (NL) with the short-term lease to a German supermarket chain of 21.000 m² in the logistics new construction project Roosendaal Braak.

1 Figures and calculations based on the contractual annual rents as at 31 December 2020.

1.6 Duration of lease agreements¹

Final expiry date of the agreements in the entire portfolio

The final expiry dates of the long-term lease agreements are well spread out over the coming years. Based on the annual rental incomes, 15% of the agreements have a final expiry date in the next year (9% as at 31 December 2019). 10% of these agreements belong to the office portfolio, of which 5% is represented by PwC, tenant in Woluwe Garden, who will vacate

the site as at 31 December 2021. 3% is represented by a part of the lease agreements of Galapagos, tenant at Mechelen Campus.

4% of the agreements in the logistics portfolio will reach the final expiry date in 2021. This relates to short-term leases in the Dutch portfolio in Roosendaal Braak and the Silverforum in Eindhoven.

In 2022, 10% of the agreements in the office portfolio will reach the final expiry date of which 8% are in the logistics portfolio. The end for the provisions with Nike Europe Holding in Herentals with an initial expiry date partly in 2020 and partly in 2021 has in the meantime been extended to 31 December 2022 with the possibility of early termination at the end of 2021. These agreements represent 3% of the contractual rental income. The short-term agreement with tenant OneMed in Eindhoven Goldforum, which represents 2% of the rental income, will also expire then.

Intervest anticipates these future expiry dates in a timely manner and is currently investigating the various possibilities regarding extension or re-leasing. Of the total number of lease agreements, 76% have a final expiry date after 2022.

¹ The flexible contracts for co-working spaces and serviced offices have not been taken into account in the calculations. They currently amount to less than 1% of the total contractual annual rental.

Next expiry dates of the agreements in the entire portfolio

The graph gives the first expiry dates of all lease agreements (this can be the final expiry date or an interim expiry date). Because Intervest has several long-term agreements, not all lease agreements can be terminated after three years, as is often the common practice.

The graph shows the hypothetical scenario as at 31 December 2020 in which every tenant terminates its lease agreement on the next interim expiry date. This is a worst-case scenario. On average, the tenants who vacated in 2020 only gave notice after a lease period of 9,5 years.

Based on the annual rental income, 22% of the agreements will reach the next expiry date in the course of 2021. 14% of these lease agreements belong to the office portfolio. Half of this concerns tenants PwC, in Woluwe Garden, and a part of the lease agreements of Galapagos in Mechelen Campus. In the logistics portfolio tenant ASML in Eindhoven, representing 3% of the rental income, indicated his intention the leave the building at the end of 2021 by using their break option. Intervest examines currently the reletting possibilities on this top location given the current market circumstances. Also logistics tenant Nike Europe Holding in Herentals has a interim expiry date at the end of 2021. This agreement represents 3% of the contractual rental income.

As at 31 December 2020, the average remaining duration of the agreements in the full portfolio was 4,0 years (4,3 years as at 31 December 2019).

Average remaining duration of the office lease agreements until the next expiry date

Average remaining duration of the logistics real estate agreements until the next expiry date

For the offices, the average agreement duration until the next expiry date was 2,9 years as at 31 December 2020 (3,1 years as at 31 December 2019).

For the larger tenants (those above 2.000 m²), which comprise 69% of the remaining rental income flow and which therefore have a great impact on Intervest's results, the next expiry date is after 3,2 years and thus remains stable (3,2 years as at 31 December 2019).

As at 31 December 2020, the average remaining duration of the agreements in the office portfolio was 2,9 years (3,1 years as at 31 December 2019). For areas above 2.000 m2 , it was 3,2 years (3,2 years as at 31 December 2019).

For the logistics properties, the average lease duration until the next expiry date was 4,8 years as at 31 December 2020 (5,3 years as at 31 December 2019).

For the logistics portfolio located in Belgium, the average remaining duration of the agreements until the next expiry date was 3,4 years as at 31 December 2020 (3,2 years as at 31 December 2019).

The logistics portfolio in the Netherlands, where it is fairly common practice to conclude long-term agreements, has an average remaining duration of the lease agreements until the next expiry date of 6,8 years (9,3 years as at 31 December 2019). The fall is the result of a few large short-term lease agreements in Eindhoven and Roosendaal. In the current economic context Intervest works on a customer-oriented manner by thinking along with the customer and by acting flexible by concluding lease agreements with a shorter duration.

For the logistics portfolio, the average remaining duration of the agreements is 4,8 years as at 31 December 2020 (5,3 years as at 31 December 2019).

2 Financial annual results for 2020

2.1 Key figures

NUMBER OF SHARES	31.12.2020	31.12.2019
Number of shares at year-end	25.500.672	24.657.003
Number of shares entitled to dividend	25.500.672	24.657.003
Weighted average number of shares	25.164.126	24.516.858
Result per share - Group share
Net result per share (€)	1,73	2,68
EPRA earnings per share (€)	1,60	1,91
Pay-out ratio* (%)	95%	80%
Gross dividend** (€)	1,53	1,53
Percentage withholding tax	30%	30%
Net dividend (€)	1,0710	1,0710
Balance sheet information per share - Group share
Net value (fair value) (€)	21,46	21,25
Net asset value EPRA (€)	22,42	21,79
Share price on closing date (€)	22,55	25,60
Premium with regard to fair net value (%)	5%	20%

* Intervest Offices & Warehouses is a public regulated real estate company with a legal distribution obligation of at least 80% of the net result, adjusted to non-cash flow elements, realised capital gains and capital losses on investment properties and debt reductions.

** Subject to approval by the annual general meeting to be held in 2021.

2.2 EPRA key figures

EPRA - KEY FIGURES	31.12.2020	31.12.2019
EPRA earnings (€ per share) (Group share)	1,60	1,91
EPRA NTA (Net Tangible Assets) (€ per share)	22,40	21,77
EPRA NRV (Net Reinstatement Value) (€ per share)	24,08	23,01
EPRA NDV (Net Disposal Value) (€ per share)	21,37	21,14
EPRA NIY (Net Initial Yield) (%)	5,7%	5,9%
EPRA topped-up NIY (%)	5,8%	6,1%
EPRA vacancy rate (%)	7,3%	6,8%
EPRA cost ratio (including direct vacancy costs) (%)	20,1%	15,5%
EPRA cost ratio (excluding direct vacancy costs) (%)	18,7%	14,5%

EPRA published three new NAV indicators in place of EPRA NAV and EPRA NNNAV. The new indicators are EPRA NTA, EPRA NRV and EPRA NDV. The EPRA NTA corresponds largely to the 'former' EPRA NAV. The definitions and reconciliation of all EPRA indicators and alternative performance measures can be found on the website www.intervest.be

The EPRA NIY and the EPRA topped-up NIY fell as at 31 December 2020 compared to 31 December 2019 as a result of the increase in fair value of the existing logistics portfolio. On the one hand, due to the delivery of the first logistics complex in Genk Green Logistics, which were still available for lease as at 31 December 2020. On the other hand, by the further sharpening of the yields in the logistics portfolio in the Netherlands and Belgium.

The EPRA cost ratio as at 31 December 2020 rose compared to 31 December 2019. This rise is due to the fall in rental income in the logistics portfolio as a result of the divestments at the end of 2019 and the one-off termination indemnity payment received in 2019 from Medtronic, combined with higher property charges and general costs. Without taking into account the termination indemnity payment received from Medtronic, the EPRA cost ratio including direct vacancy costs would amount to 17,7% as at 31 December 2019 and 16,6% excluding direct vacancy costs.

2.3 Consolidated income statement

in thousands €	2020	2019
Rental income	61.303	66.143
Rental-related expenses	-51	-166
Property management costs and income	534	1.131
Property result	61.786	67.108
Property charges	-8.529	-7.529
General costs and other operating income and costs	-4.339	-3.688
Operating result before result on portfolio	48.918	55.891
Result on disposal of investment properties	1.670	5.364
Changes in fair value of investment properties	15.454	22.307
Other result on portfolio	-9.083	-5.661
Operating result	56.959	77.901
Financial result (excl. changes in fair value of financial assets and liabilities)	-7.924	-8.501
Changes in fair value of financial assets and liabilities	-2.311	-3.065
Taxes	-664	-587
NET RESULT	46.060	65.748
Minority interests	2.629	-17
NET RESULT - Group share	43.431	65.765
Note:
EPRA earnings	40.355	46.820
Result on portfolio	5.387	22.010
Changes in fair value of financial assets and liabilities	-2.311	-3.065

Analysis of the results¹

The EPRA earnings per share for 2020 amounted to € 1,60 and fell compared to 2019 (€ 1,91). This is on the one hand mainly as a result of the one-off termination indemnity payment received from tenant Medtronic in 2019 and the divestment of three older, not future-proof logistics sites end 2019 and on the other hand higher property charges and general costs, partly compensated by the decrease in financing costs. In the course of 2020, investments in future-oriented real estate were realised. These investments in (re)developments do not generate immediately rental income and do not yet immediately contribute to the EPRA earnings for 2020 but will provide on the long term value creation on the level of rental income as well as on the level of real estate value.

The rental income of Intervest in 2020 amounted to € 61,3 million (€ 66,1 million). This fall of 4,8 million or 7% compared to 2019 was mainly caused by a one-off termination indemnity of € 5,2 million received in 2019 following the early departure of tenant Medtronic in Oudsbergen. Besides, the changes in rental income in the logistics segment are mainly due to the divestments of three logistics sites at the end of 2019, compensated by rental income created from the cash flow generating acquisitions in 2019 and 2020.

The property charges amounted to € 8,5 million for 2020 (€ 7,5 million). The rise of € 1,0 million is mainly caused by changes in the workforce responsible for the internal management of the real estate for € 0,4 million, the investments in the Netherlands where the property tax is partially borne by the owner for € 0,2 million and one-off operating costs of the Greenhouse hubs borne by the company for € 0,2 million.

The general costs and other operating income and costs amounted to € 4,3 million (€ 3,7 million). Of the increase of approximately €0,6 million, €0,3 million is due to the one-off payment

1 Comparable figures for financial year 2019 in brackets.

in connection with the change in the management board and €0,3 million is due to higher operating costs.

The decrease in rental income combined with the increase in property charges and the general costs, means that the operating result before the result on portfolio fell by € 7,0 million or 13% to € 48,9 million (€ 55,9 million). Without taking into account the one-off effect of the termination indemnity received in 2019 from Medtronic, the operating result before the result on portfolio fell by 3% as at 31 December 2020 compared to 31 December 2019.

The operating margin fell from 82% in 2019 (excluding the Medtronic termination indemnity) to 80% in 2020.

The result on the sale of investment properties arose from the partial release of the rental guarantee granted by Intervest to the buyer of the Oudsbergen logistics site, which increased the realised result on the sale of Oudsbergen.

The changes in fair value of investment properties in 2020 amounted to € 15,5 million (€ 22,3 million). The positive changes in the fair value are the combined result of:

〉 the rise of € 32,1 million or approximately 6% in the fair value of the logistics portfolio mainly because of the further sharpening of the yields, the delivery of the first complex in Genk Green Logistics and taken into account the increase of the rate of the registration rights from 6% to 8% valid as from 1 January 2021, but already deducted from the fair value as at 31 December 2020
〉 the decrease in fair value of the office portfolio of € 16,6 million or approximately 5%, which is mainly as a result of the estimate employed by the real estate experts in the current uncertain economic situation.

The other result on portfolio amounted to € 9,1 million in 2020 (€ 5,7 million) and primarily comprised the provision for deferred tax on non-realised increases in value on the investment properties belonging to the perimeter companies of Intervest in the Netherlands and Belgium.

The financial result (excl. changes in fair value of financial assets and liabilities) in 2020 amounted to € -7,9 million (€ -8,5 million). The fall in the net interest charges of € 0,6 million is the result of the refinancing of hedging instruments and the repayment of the bond loan in the course of 2019. As a result, the average interest rate of the financing decreased from 2,1% in 2019 to 2,0% in 2020.

The changes in fair value of financial assets and liabilities include the change in the negative market value of the interest rate swaps which, in line with IAS 39, cannot be classified as cash flow hedging instruments, in the amount of € -2,3 million (€ -3,1 million).

The net result - Group share of Intervest for 2020 amounted to € 43,4 million (€ 65,8 million) and can be divided into:

〉 the EPRA earnings of € 40,4 million (€ 46,8 million) or a fall of € 6,4 million or 14% which is mainly a combination of less rental income as a result of the one-off termination indemnity received from tenant Medtronic and higher property charges and general costs partly compensated by a fall in the financing costs; excluding the one-off termination indemnity received in 2019, the EPRA earnings fell by € 0,7 million or 2% compared to 31 December 2019
〉 the result on portfolio of € 5,4 million (€ 22,0 million)
〉 the changes in fair value of financial assets and liabilities for an amount of € -2,3 million (€ -3,1 million).

EPRA earnings amounted to € 40,4 million for 2020. Taking into account the 25.164.126 weighted average number of shares, this means, for 2020, EPRA earnings per share of € 1,60 (€ 1,91 or € 1,68 excluding the one-off termination indemnity received from tenant Medtronic).

For 2020, the shareholders will be offered a gross dividend of € 1,53¹ per share (€ 1,53 for 2019). This equals a pay-out ratio of 96%² of the EPRA earnings. This offers the shareholders a gross dividend yield of 6,8%, based on the closing share price as at 31 December 2020, € 22,55.

1 Subject to approval by the annual general meeting to be held in 2021.
2 Intervest Offices & Warehouses is a regulated real estate company with a legal distribution obligation of at least 80% of the operating distributable result, adjusted to non-cash flow elements, realised capital gains and capital losses on property investments and debt reductions.

2.4 Consolidated balance

in thousands €	31.12.2020	31.12.2019
ASSETS
Non-current assets	1.022.835	894.262
Current assets	25.158	24.601
Total assets	1.047.993	918.863
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity	554.414	524.433
Share capital	230.638	222.958
Share premiums	181.682	173.104
Reserves	91.467	62.032
Net result for the financial year	43.431	65.765
Minority interests	7.196	574
Liabilities	493.579	394.430
Non-current liabilities	340.000	274.065
Current liabilities	153.579	120.365
Total shareholders' equity and liabilities	1.047.993	918.863

Assets ¹

The non-current assets consisted mainly of the real estate investments of Intervest. The fair value of the real estate portfolio rose by approximately € 125 million in 2020 due, among other things, to investments and acquisitions in the real estate portfolio and project developments (€ 110 million), value increase of the portfolio (€ 15 million).

The fair value of the real estate portfolio as at 31 December 2020 amounted to € 1,0 billion.

The fair value of the real estate portfolio as at 31 December 2020 amounted to € 1.018 million (€ 893 million). In addition to the real estate available for leasing amounting to approximately € 966 million, this total value includes Greenhouse Singel for approximately € 33, approximately € 7 million for a project development in Herentals and approximately € 12 million for land reserves (Genk, Herentals and 's-Hertogenbosch in the Netherlands).

The current assets amounted to € 25 million (€ 25 million) and consist mainly of trade receivables in the amount of € 12 million, € 10 million of which for advance invoicing for the first quarter of 2021, € 6 million from tax receivables and other current assets, € 3 million from liquid assets and € 4 million from deferred charges and accrued income. The collection of rents and rental charges receivables, despite the corona crisis, still follows a regular and consistent pattern. The trade receivables on the balance sheet as at 31 December 2020 amounted to € 12 million and included non-expired receivables (advance invoicing of the rents and rental charges for the first quarter of 2021). Currently, Intervest received 99% of the rents of 2020. The collection percentage of advance invoicing for January 2021 (for monthly

1 Comparable figures for financial year 2019 in brackets.

ANNUAL RESULTS 2020

invoices) and the first quarter of 2021 (for quarterly invoices) is also in line with the regular payment pattern and amounts already to 91%

Liabilities ¹

The company's shareholders' equity increased by € 30 million or 6% in 2020, and as at 31 December 2020 amounted to € 554 million (€ 524 million as at 31 December 2019), represented by 25.500.672 shares (24.657.003 shares as at 31 December 2019). This increase was primarily due to the combination of:

〉 the optional dividend for € 16 million in May 2020 whereby the shareholders of Intervest opted, for the payment of the dividend for 62% of their shares for financial year 2019, for the contribution of their dividend rights in return for new shares instead of receiving payment of the dividend in cash; this has led to the creation of 843.669 new shares entitled to dividend as from 1 January 2020
〉 the dividend payment for financial year 2019 for an amount of € 38 million in May 2020
〉 the net result in the amount of € 43 million for the 2020 financial year.
〉 the increase in the minority interest of € 7 million as a result of the capital increase through contribution in kind and the valuation after delivery of the first building in the perimeter company Genk Green Logistics.

As at 31 December 2020, the net value (fair value) of a share was € 21,46 compared to € 21,25 as at 31 December 2019. The EPRA NAV per share amounted to € 22,42 as at 31 December 2020 (€ 21,79 at year-end 2019).

As the stock exchange quotation of an Intervest share (INTO) was € 22,55 on 31 December 2020, the share was listed at a premium of 5% on the closing date, compared to the fair net value.

Market capitalisation reached € 575 million as at 31 December 2020.

The non-current liabilities amounted to € 340 million (€ 274 million) and mainly comprise non-current financial debts in the amount of € 314 million (€ 255 million) and the other non-current financial liabilities of € 11 million, representing the negative market value of the cash flow hedges concluded by the company to hedge the variable interest rates on the non-current financial debts. On the other hand, the long-term liabilities also contain the debts relating to the long-term leases to be paid in Oevel and Ghent in the amount of € 2 million. As at 31 December 2020, a provision of € 14 million was set aside for deferred taxes.

Current liabilities amounted to € 154 million (€ 120 million) and consist mainly of € 124 million (€ 88 million) in current financial debts (€ 26 million bank loans, a commercial paper of € 62 million and the bond loan of € 35 million for which the maturity date is 1 April 2021), of € 9 million in trade debts and other current debts and liabilities, and of € 19 million in accrued charges and deferred income.

1 Comparable figures for financial year 2019 in brackets.

2.5 Financial structure

Developments in 2020

For the financing of the announced growth plan #connect2022, Intervest has concluded with its existing financiers additional financing with duration and margins at market conditions. For this purpose, there is an attempt to achieve an equilibrium in the debt-shareholders' equity ratio, where the intention is to keep the debt ratio between 45% and 50%. Intervest ensures that there are enough resources available to finance current projects and to be able to follow up growth opportunities. Intervest was able, also for its prestigious new construction project Genk Green Logistics, to attract new financing at market conditions. Good diversification of various financing sources is targeted, as well as an adequate spread of the expiry dates of the financing, which caused Intervest to also close 2020 with a solid capital structure. Intervest continues to pay attention to actively managing the financial risks, including risk of interest, of liquidity and of financing.

In the turbulent year 2020, Intervest succeeded in further developing its solid financial structure via the following actions:

〉 increasing the maximum volume of the commercial paper programme from € 70 million to € 120 million with corresponding back-up lines; for both short-term and long-term paper, strong interest was shown in 2020 by a broad investor base
〉 expanding bank financing with existing credit institutions for a total of € 36 million
〉 the renegotiation of existing interest rate hedges for € 75 million at a lower interest rate via several 'blend & extend' transactions.

With this, the credit portfolio has been further optimised and expanded to approximately € 600 million.

This buffer, combined with the limited debt ratio of 43% at the end of 2020, means that Intervest is well positioned with regard to financing to realise the growth plan #connect2022. Intervest can still invest approximately € 145 million with borrowed capital before reaching the top of the strategic bandwidth of 45%-50%. The increase in the debt ratio of 4% points compared to 31 December 2019 is predominantly the result of acquisitions and investments in investment

properties and project developments and the payment of the dividend for the 2019 financial year, partly offset by the capital increase in the context of the optional dividend.

The expiry dates calendar for the credit lines as at 31 December 2020 is represented in the chart.

Overview as at 31 December 2020

Other important characteristics of the financial structure as at 31 December 2020.

Credit lines

〉 78% long-term credit lines with a weighted average remaining duration of 3,8 years (4,0 years at the end of year 2019) and 22% short-term credit lines (€ 133 million), consisting of:
› 19% (€ 25 million) credit facilities falling due within one year and to be refinanced
› 47% (€ 62 million) commercial paper
› 27% (€ 35 million) bond loan falling due on 1 April 2021
› 5% (€ 7 million) credits with open-ended duration
› 2% (€ 3 million) other short-term credit lines
〉 spread of the expiry dates of credit lines between 2021 and 2028
〉 spread of the credits over ten European financial institutions, bondholders and a commercial paper programme.

Interest coverage ratio

〉 A ratio of 6,2 for 2020: higher than the required minimum of 2 to 2,5 laid down as covenant in the company's financing agreements (6,6 for 2019).

Hedge ratio

〉 75% of the credits drawn down had a fixed interest rate or were fixed by interest rate swaps and 25% had a variable interest rate
〉 55% of the credit lines have a fixed interest rate or are fixed by means of interest rate swaps and 45% have a variable interest rate
〉 market value of the financial derivatives: € 8,8 million negative.

3 Outlook 2021

With #connect2022, launched in the middle of 2020, Intervest has set out the strategic lines for the coming years: realising a carefully thought out growth of 30% of the fair value of the real estate portfolio, improving the quality of the real estate portfolio through asset rotation, realising the entire value chain from purchase (which can also include land purchase) to completion of the property with an in-house dedicated and motivated team and all this with an eye for sustainability with regard to both investment and financing.

In 2021 and 2022, Intervest will continue unabated with the implementation of this approach with value creation for all stakeholders and with due regard to sustainability in the different areas, supported by a customer-oriented team. Each forms one of the pillars of the #connect2022 strategy which are inextricably linked.

If the corona pandemic does not come under control and the economy therefore does not fully recover as a result, this could have a negative effect on the fair value of the investment properties and the EPRA earnings achieved by Intervest in the future. With a limited debt ratio of 43%, as at 31 December 2020, and sufficient financing capacity, Intervest has adequate capacity to deal with these effects. A diversified real estate portfolio also offers a solid foundation for the future.

Investments and development potential

Intervest is committed to creating value for its stakeholders by generating solid and recurring cash flows from a well-diversified real estate portfolio, with respect for the environment, social aspects and good governance. With this, the company wants to extract agile advantage from the respective investment cycles and the underlying rental market in offices and logistics, the two segments of the real estate portfolio.

With regard to the logistics real estate, the focus lies on sites with multimodal accessibility and a critical size on the main axes in Belgium, the Netherlands and northwest Germany. In this market segment, the scarcity and the growing importance of e-commerce, clearly influenced by the corona crisis, have led to a certain overheating of the market, both in Belgium and in the Netherlands. The purchase of logistics real estate has become expensive, which has meant that Intervest is moving towards project developments under its own management, with #TeamIntervest. Existing logistics real estate sites will be redeveloped into future-proof logistics buildings with a higher expected re-leasability.

In this context, in Belgium Intervest is carrying out an investigation into a large-scale logistics redevelopment on the site known as Herentals Logistics. This opportunity arose in the first half of 2020, after the acquisition of the adjoining office building with additional land position. The site on which the office building is located is adjacent to the logistics buildings of Herentals Logistics and offers the opportunity of a sustainable new logistics construction development at a top location along the E313. The building permit process has started and there are advanced discussions with interested tenants.

In 2021, Intervest will continue to focus on developing the Genk Green Logistics project. The new construction of the first state-of-the-art logistics building of 25.000 m² was delivered in the fourth quarter of 2020. The herewith realised increase in value on this new construction project fits in with the aim of the value creation of the strategy #connect 2020.

In 2020, Intervest also invested in logistics real estate with future logistics development potential in the Netherlands: a logistics site with an option for land position in Venlo and a long-term development option in 's Hertogenbosch. Here, the previously acquired land position from 2019, in combination with the buildings acquired in 2020, offer the long-term possibility for the development of an expanded logistics cluster.

With regard to investments, for the office segment, Intervest will strive to acquire high-quality properties in attractive and easily accessible places with a significant student population on the one hand, and, on the other, to pay the necessary attention to the "future-proof" upgrading of existing properties in the portfolio.

In the office segment, buildings in a good location are rather scarce, certainly in cities with a student population such as Antwerp. Moreover, also due to the coronavirus crisis, trends can be observed in the office segment that have an influence on the future way of working, such as the evolution towards a 'blended work-environment'. These developments increase the need for office buildings focused on the changing needs of users.

In November 2020, Intervest acquired the prestigious office renovation project in Antwerp which, as Greenhouse Singel, will become part of the existing inspiring Greenhouse hubs in Berchem, Mechelen and Diegem. This office renovation project will be developed further under Intervest's own management in 2021 and delivery is expected at the beginning of 2022.

The focus will also be on the future-proof upgrading of the existing office buildings to meet the evolving needs in the office segment. In this context, Intervest has developed the 'NEw REality Office Space' (NEREOS) concept. With its various elements, the NEREOS office concept responds to this new 'mixed working environment' of today with the move away from the traditional open-plan office. Acoustic felt panels that fence off personal work bubbles. Carpets that clearly visualise the one and a half metre bubble, separation of public and private areas, strict one-way traffic etc.: in short, inspiring, flexible and sustainable office solutions in line with the strategic positioning beyond real estate.

Leasing activity

Despite the corona crisis, the occupancy rate remained stable in 2020. The occupancy rate of Intervest's real estate portfolio was 93% as at 31 December 2020, 88% for office buildings and 96% for the logistics portfolio. Increasing tenant retention by extending the lease agreement duration continues to be the key challenge, as does further stabilising and possibly improving the occupancy rate in both segments.

In the meantime, Intervest has more of a concrete view regarding the future opportunities for its office building Woluwe Garden, both in terms of redevelopment and divestment. The final decision can be made by the end of 2021 at the latest, the date on which PwC vacates the building.

The evolution of the occupancy rate in the logistics segment will depend on matters such as the leasings on the new logistics construction realisations in Genk and Roosendaal. The first building of approximately 25.000 m² was completed in Genk at the end of 2020. The logistics building Roosendaal Braak, a new construction realisation of approximately 28.000 m², is 23% leased in the short term. The marketing of these prime locations is fully under way.

Financing

In accordance with Intervest's financing policy, the further growth of the real estate portfolio will be financed by a balanced combination of borrowed capital and own equity. In this regard, the debt ratio will remain within the strategic bandwidth of 45%-50% unless a distinct overheating of the logistics real estate market causes the fair value of the real estate portfolio to rise substantially. As a safety precaution, the bandwidth will then be adjusted downwards to 40-45%.

At the end of 2020, Intervest had a buffer available of € 150 million in non-withdrawn credit lines (after hedging of the issued commercial paper) to finance ongoing project developments, future acquisitions, the repayment of the bond loan that matures 1 April 2021 and for the dividend payment in May 2021.

This buffer, combined with the limited debt ratio of 43% at the end of 2020, means that Intervest is well positioned as regards financing to realise the growth plan #connect2022. Intervest can still invest approximately € 145 million with borrowed capital before reaching the top of the strategic bandwidth of 45%-50%.

EPRA earnings and gross dividend

The gross dividend of € 1,53 per share for the 2020 financial year will be presented to the general meeting of shareholders on 28 April 2021.

In 2020, Intervest invested mainly in (re)developments which, however, do not yet generate immediate rental income. In 2021, further investments will also be made in (re)developments that will not fully contribute to the EPRA earnings of 2021, as a result of which Intervest foresees a limited growth for the EPRA earnings per share for financial year 2021. Intervest expects a gross dividend for financial year 2021 to be at the same level as for financial year 2020, namely € 1,53 per share. This means a gross dividend yield of 6,8% based on the closing rate of the share as at 31 December 2020 of € 22,55, and comes out at an average pay-out ratio of between 90% and 96% of the expected EPRA earnings. This planned gross dividend

can be increased if the circumstances relating to the planned investments and/or additional leases in the real estate portfolio, which lead to a further increase in the EPRA earnings, make it possible and expedient.

This outlook is based on the current knowledge and assessment of the fluctuations of the interest rates, the strategic growth plan #connect2022, of the possible effects of the corona crisis and the accompanying government measures.

Sustainability

In 2021, Intervest continues to focus on sustainability in the management of its properties and in the conducting of its own operations and it pays additional attention to the '5 Ps for sustainable enterprise': Planet, Peace, Partnership, Prosperity & People: attention for the environment, a care-free society, good understanding, technological progress and a healthy living environment, as defined by the United Nations and included in Intervest's sustainability framework.

Intervest wants to pursue the highest standards of sustainability on both the portfolio and financing fronts. After all, Intervest employs a very broad vision regarding sustainability and is committed to building a long-term relationship with all of its stakeholders.

Since 2009, Intervest has been systematically and gradually certifying the environmental performance of its buildings, based on the internationally recognised 'BREEAM-In-Use' assessment method. In 2019, Intervest checked which existing certificates were to be renewed and what actions needed to be taken to certify buildings not yet certified. These actions were implemented further in 2020, as a result of which 21% of the buildings are certified as at least BREEAM 'Very Good'. The aim is to have 30% of the real estate portfolio certified as at least BREEAM 'Very good' by 2022.

By 2022, Intervest wants to have 80% of the logistics real estate equipped with photovoltaic installations. In 2020, 61% of the properties in the logistics portfolio were so equipped. In 2021, Intervest will continue to examine which roofs are suitable to accommodate photovoltaic installations and the total surface area of solar panels on Intervest roofs will increase even further.

In 2021, Intervest will also in 2021 cooperate with the partnership between the Flemish government, the research world and the industry to make a 'smart energy region' of Flanders. BECOME (Business Energy COmmunity MEchelen) is the name of the business consortium of which Intervest, together with companies such as Quares and Engie, forms a part. In 2020, a 'living lab testing ground' started up at Intervest's Mechelen Campus and Intercity Business Park office site and in its immediate vicinity to analyse whether a smart grid environment can be implemented in the longer term for exchanging power with one another.

Under the motto 'measuring is knowing', the aim has been formulated to equip 80% of the real estate portfolio with smart meters.

In terms of sustainability, as has been stated above, we have already taken a number of steps in the last few years. The intention is to continue along this path and to play a pioneering role with regard to both the portfolio and the financing. As at the end of 2020, all 17 SDGs (United Nations Sustainable Development Goals) have been incorporated in Intervest's sustainability policy. In the course of 2021, Intervest will receive the internationally recognised UNITAR certificate for this. The 2020 Sustainability Report reports on the broader sustainability framework, the activities of the past year, the objectives set and the results achieved in terms of the EPRA sBPRs performance indicators and this report can be found on www.intervest.be.

" All this means that sustainability is not just a temporary focus. Sustainability forms part of Intervest's DNA."

Gunther Gielen, ceo Intervest Offices & Warehouses

4 Financial calendar 2021

The annual report for the financial year of 2020 will be available on the company's website as at 26 March 2021 (www.intervest.be).

Intervest Offices & Warehouses nv, (hereinafter Intervest), is a public regulated real estate company (RREC) founded in 1996 of which the shares are listed on Euronext Brussels (INTO) as from 1999. Intervest invests in high-quality Belgian office buildings and logistics properties that are leased to first-class tenants. The properties in which Intervest invests, consist primarily of up-to-date buildings that are strategically located in the city centre and outside municipal centres. The offices of the real estate portfolio are situated in and around centre cities with a large student population such as Antwerp, Mechelen, Brussels and Leuven; the logistics properties are located on the Antwerp - Brussels - Nivelles, Antwerp - Limburg - Liège, and Antwerp - Ghent - Lille axes and concentrated in the Netherlands on the Moerdijk - 's-Hertogenbosch - Nijmegen, Rotterdam - Gorinchem - Nijmegen and Bergen-op-zoom - Eindhoven - Venlo axes. Intervest distinguishes itself when leasing space by offering more than square metres only. The company goes beyond real estate by offering 'turn-key solutions' (a tailor-made global solution for and with the customer), extensive services provisioning, co-working and serviced offices.

For more information, please contact Intervest Offices & Warehouses nv, public regulated real estate company under Belgian law, Gunther Gielen - ceo, T. + 32 3 287 67 87. https://www.intervest.be/en

Annexes: Financial statements¹

1 Consolidated income statement

in thousands €	2020	2019
Rental income	61.303	66.143
Rental-related expenses	-51	-166
NET RENTAL INCOME	61.252	65.977
Recovery of property charges	752	707
Recovery of rental charges and taxes normally payable by tenants on let properties	13.643	13.462
Costs payable by tenants and borne by the landlord for rental damage and refurbishment	-698	-774
Rental charges and taxes normally payable by tenants on let properties	-13.623	-13.462
Other rental-related income and expenses	460	1.198
PROPERTY RESULT	61.786	67.108
Technical costs	-876	-939
Commercial costs	-318	-334
Charges and taxes on unlet properties	-892	-672
Property management costs	-5.281	-4.800
Other property charges	-1.162	-784
Property charges	-8.529	-7.529
OPERATING PROPERTY RESULT	53.257	59.579
General costs	-4.085	-3.777
Other operating income and costs	-254	89
OPERATING RESULT BEFORE RESULT ON PORTFOLIO	48.918	55.891
Result on disposals of investment properties	1.670	5.364
Changes in fair value of investment properties	15.454	22.307
Other result on portfolio	-9.083	-5.661
OPERATING RESULT	56.959	77.901
Financial income	67	77
Net interest charges	-7.955	-8.543
Net interest charges	-36	-35
Changes in fair value of financial assets and liabilities	-2.311	-3.065
Financial result	-10.235	-11.566
RESULT BEFORE TAXES	46.724	66.335
Taxes	-664	-587
NET RESULT	46.060	65.748

1 The statutory auditor has confirmed that his full audit, which has been finalised on merit, has not brought to light any significant correction that should be implemented in the accounting information included in this press release.

in thousands €	2020	2019
NET RESULT	46.060	65.748
- Minority interests	2.629	-17
NET RESULT - Group share	43.431	65.765
Note:
EPRA earnings	40.355	46.820
Result on portfolio	5.387	22.010
Changes in fair value of financial assets and liabilities	-2.311	-3.065

RESULT PER SHARE	2020	2019
Number of shares entitled to dividend	25.500.672	24.657.003
Weighted average number of shares	25.164.126	24.516.858
Net result - Group share (€)	1,73	2,68
Diluted net result (€)	1,73	2,68
EPRA earnings (€)	1,60	1,91

2 Consolidated statement of comprehensive income

in thousands €	2020	2019
NET RESULT	46.060	65.748
Other components of comprehensive income (not recyclable through income statement)	1.394	0
Revaluation of solar panels	1.394	0
COMPREHENSIVE INCOME	47.454	65.748
Attributable to:
Shareholders of the parent company	44.825	65.765
Minority interests	2.629	-17

3 Consolidated balance sheet

ASSETS in thousands €	31.12.2020	31.12.2019
NON-CURRENT ASSETS	1.022.835	894.262
Intangible assets	479	465
Investment properties	1.017.958	892.813
Other tangible assets	4.022	714
Non-current financial assets	241	252
Trade receivables and other non-current assets	135	18
CURRENT ASSETS	25.158	24.601
Financial current assets	13	0
Trade receivables	11.595	11.962
Tax receivables and other current assets	6.539	5.974
Cash and cash equivalents	2.682	2.156
Accrued charges and deferred income	4.329	4.509
TOTAL ASSETS	1.047.993	918.863
SHAREHOLDERS' EQUITY AND LIABILITIES in thousands €	31.12.2020	31.12.2019
SHAREHOLDERS' EQUITY	554.414	524.433
Shareholders' equity attributable to shareholders of the parent company	547.218	523.859
Share capital	230.638	222.958
Share premiums	181.682	173.104
Reserves	91.467	62.032
Net result for the financial year	43.431	65.765
Minority interests	7.196	574
LIABILITIES	493.579	394.430
Non-current liabilities	340.000	274.065
Provisions	0	1.875
Non-current financial debts	313.743	255.472
Credit institutions	308.743	220.556
Other	5.000	34.916
Other non-current financial liabilities	10.917	8.627
Trade debts and other non-current debts	1.267	1.211
Deferred tax - liabilities	14.073	6.880
Current liabilities	153.579	120.365
Provisions	978	1.875
Current financial debts	123.522	88.137
Credit institutions	26.239	23.137
Commercial paper	62.300	65.000
Other	34.983	0
Other current financial liabilities	94	68
Trade debts and other current debts	8.572	7.785
Other current liabilities	1.284	3.970
Deferred charges and accrued income	19.129	18.530
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	1.047.993	918.863

AI Terminal

Intervest Offices & Warehouses NV

3966_er_2021-02-11_f7ef7305-0028-4f85-b066-d8b961854ef6.pdf

Kerncijfers 2020 H11 Key figures 20201

Activiteiten 2020 H1 Activities 2020

■ Acquisities en investeringen: € 68 miljoen in duurzame logistieke ■ Realisation of important rental transactions: 19% of contractual annual rent extended or renewed

■ Duurzaamheid Actieve inzet op duurzaamheid: 30% van de gebouwen wordt minstens Corona impact

Table of contents

Alternative performance measures

1 Operating activities in 2020

1.1 2020 in brief

Introduction

Strategy

#connect2022

Real estate portfolio

Investments and development potential

Sustainability

Leasing activity and occupancy rate

Results and dividend

Shareholders' equity

Financing

Corporate governance

1.2 Real estate portfolio

Overview of the portfolio

Risk spread of the portfolio

Geographical spread

Offices

Geographical spread

Logistics real estate

Risk spread of buildings by size1

Risk spread by tenants2

1.3 Investments in 2020

Investments in logistics real estate in the Netherlands

Eindhoven, Flight Forum 1890: Gold & Silver Forum form cluster at Eindhoven Airport

Venlo: logistics site with option on land position

Roosendaal, Borchwerf I - Braak: delivery of logistics new construction

's-Hertogenbosch: Rietvelden logistics site

Investments in real estate and project developments in Belgium

Herentals: acquisition of an office building with strategic land position for a large-scale logistics redevelopment of the Herentals Logistics site

Merchtem: built-to-suit expansion on existing logistics site

BREEAM 'Very Good'

Greenhouse Singel: prestigious office project at top location

1.4 Development potential

Genk Green Logistics: delivery of the first 25.000 m²

1.5 Rental activity1

1.6 Duration of lease agreements1

Final expiry date of the agreements in the entire portfolio

Next expiry dates of the agreements in the entire portfolio

2 Financial annual results for 2020

2.1 Key figures

2.2 EPRA key figures

2.3 Consolidated income statement

Analysis of the results1

2.4 Consolidated balance

Assets 1

Liabilities 1

2.5 Financial structure

Developments in 2020

Overview as at 31 December 2020

Credit lines

Interest coverage ratio

Hedge ratio

3 Outlook 2021

Investments and development potential

Leasing activity

Financing

EPRA earnings and gross dividend

Sustainability

4 Financial calendar 2021

Annexes: Financial statements1

1 Consolidated income statement

2 Consolidated statement of comprehensive income

3 Consolidated balance sheet

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Kerncijfers 2020 H1¹ Key figures 2020¹

Risk spread of buildings by size¹

Risk spread by tenants²

1.5 Rental activity¹

1.6 Duration of lease agreements¹

Analysis of the results¹

Assets ¹

Liabilities ¹

Annexes: Financial statements¹