Nextensa SA — Interim / Quarterly Report 2017

Feb 22, 2018

Regulated information under embargo till 22/02/2018 – 7.30h AM

Leasinvest Real Estate – Comments of the manager on the past financial year 2017

• Strategy focus on two asset classes, retail and offices, and three countries, Luxembourg, Belgium and Austria:
• o Strengthening of the position in Austria and in retail with two acquisitions in Vienna
• o Strengthening of the position in Luxembourg with the acquisition of the office building Mercator and in Lux Airport real estate certificates
• o Complete divestment of Swiss retail portfolio and
• o Finalizing divestment major part of logistics portfolio in Belgium
• The outlook for 2017 is confirmed by the figures realized on 31/12 (compared to 31/12/2016)
• o Stable rental income of € 56.9 million compared to € 56.7 million (2016)
  • o The EPRA Earnings* ¹ on 31/12 are relatively stable at € 27.5 million vs € 27.9 million on 31/12/2016
  • o Substantial rise of the net result from € 29.4 million to € 47.5 million or € 9.63 per share (+62%), thanks to an important positive portfolio result of € 22.4 million
  • o Redevelopments in Belgium, Luxembourg and Austria remain on schedule

Jean-Louis Appelmans: "In 2017 we took a number of important strategic decisions in order to ensure our future growth, such as reducing our logistics portfolio in Belgium and divesting the investment properties in Switzerland, in favor of additional investments in Luxembourg and Austria. We now entirely focus on retail and offices in the Grand Duchy of Luxembourg, Belgium and Austria."

¹ Alternative Performance Measures (APM) in the sense of the ESMA directive of 5 October 2015 in this press release are indicated with an asterisk (*) and are further explained in the annexes to this press release.

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Introduction

2017 was again a very important year for Leasinvest Real Estate. Not only were the majority of the logistics portfolio in Belgium and the investments in Switzerland divested, but we mainly further invested in the Grand Duchy of Luxembourg and Austria.

The redevelopments of the buildings Montoyer 63 (BE), Treesquare (BE) and Boomerang shopping center in Strassen (LU) also evolve positively. For Montoyer 63 we remind of the usufruct agreement concluded with the European Parliament already concluded in 2016. Treesquare, that will be completed end Q1 2018, is at present already pre-let for 25%. For Boomerang shopping center in Strassen an additional lease could already be concluded with an international retailer. The investment in May 2017 in the office building Mercator (42% leased at its acquisition) could also successfully be finalized with an occupancy rate of 100% at 31/12/2017. The further investment in the real estate certificates Lux Airport (LU) led end 2017 in reaching the 2/3rd threshold, having as a consequence that the income could be booked as rental income and that a one-off capital gain could be taken into account at 31/12/2017 (see below). The buildings in Austria are all 100% leased.

The EPRA earnings* are nearly stable, but the net result has substantially risen from € 29.4 million to € 47.5 million or € 9.63 per share. This can mainly be explained by the very positive portfolio result of € 22.4 million, composed of a capital gain (€ 8.1 million) following the reclassification of the real estate certificate "Lux Airport" from non-current financial assets to investment properties as the participation reached the 2/3rd threshold of the issued certificates at the end of 2017. Moreover, important capital gains were recognized on the development projects Treesquare and Montoyer, on the acquisition of two buildings in Austria and on the Mercator building, recently 100% leased.

These fine results allow us to propose for a gross dividend distribution of € 5.00, or € 3.50 net.

For Leasinvest financial resources were in 2017 again managed from the point of view of capital recycling with, on the one hand, the sale of a large part of the logistics portfolio, and on the other hand, the divestment of the Swiss buildings. Instead, the position in Austria was strengthened by the acquisition of two retail buildings in Vienna (Stadlau) and of the office building Mercator in Luxembourg. The debt ratio could be decreased by one percentage point compared to end 2016, namely to 57.1%. Moreover, the Commercial Paper program was extended from € 210 million to € 250 million, and the amount of commercial paper issued was systematically increased in comparison with end 2016. The funding cost currently amounts to 2.99% vs 2.90% end 2016.

Finally, the EPRA NAV* ² per share amounts to € 84.0 end 2017 (31/12/2016: € 82.0) compared to a closing price of the Leasinvest Real Estate share of € 96.00, or a premium of 13.1%.

² (2) EPRA Net Asset Value* (NAV) consists of the adjusted Net Asset Value*, excluding certain elements that do not fit within a financial model of long-term real estate investments; see also www.epra.com.

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1. Activity report

Acquisitions and divestments

Acquisitions

Grand Duchy of Luxembourg

Office building Mercator in Luxembourg

On 3 May 2017, Leasinvest Immo Lux SA, Luxembourg subsidiary of Leasinvest Real Estate, through the acquisition of 100% of the shares of the company Mercator Sàrl, became the owner of the office building located route d'Arlon, no 110 – 112 in the City of Luxembourg, comprising 8.641 m² offices, spread across 5 floors and 104 parking spaces. This investment represented € 35 million, an amount in line with the fair value estimated by the independent real estate expert, with a gross rental yield currently amounting to 6.75%.

This building benefits from an excellent location in the capital of the Grand Duchy along the route d'Arlon, one of the main access roads to Luxembourg City.

At the time of the acquisition, Mercator was leased for 42%.

By the high demand for offices in Luxembourg, the occupancy rate stands at 100% in the meanwhile, through the conclusion of 2 new rental contracts for respectively 1,918 m² and 2,770 m² of office space.

Listed real estate certificate Lux Airport

Over the last couple of years, Leasinvest Real Estate has systematically increased its participation in the listed real estate certificate "Lux Airport", comprising 2 office buildings (blocs B and E) of approximately 8,465 m², located in the business park EBBC.

European Bank & Business Center (EBBC) is composed of a total of six office buildings with a global surface area of 26,000 m² located in the immediate vicinity of the Luxembourg airport.

In the course of the fourth quarter of 2017, Leasinvest Real Estate has exceeded the 2/3rd threshold of the issued real estate certificates Lux Airport. According to our valuation rules, this investment does no longer – in conformity with IAS 39 – has to be considered as a non-current financial asset, but as an investment property according to IAS 40. Consequently, this also means that the coupons distributed by the real estate certificate at the end of March 2017 (and the future ones) as of now will be recognized as rental income and that the revaluation capital gain historically booked in equity will be, as a one-off, recycled through the portfolio result in 2017. The impact for the financial year 2017 amounted to ca. € 1.3 million of additional rental income and to ca. € 8.1 million of revaluation capital gains, which has positively influenced both the net result and the EPRA earnings (only for the impact on rental income) over 2017.

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Additional acquisitions Diekirch

Four of the five remaining shops of the shopping arcade, located in the city center of Diekirch, were acquired at the end of August 2017 by our Luxembourg subsidiary Leasinvest Immo Lux SA for an amount of € 0.8 million. All commercial space, but one, of this shopping arcade – including the supermarket rented to Match - currently being held by the latter.

Austria

Important acquisition of retail buildings in Stadlau - Vienna

On 16 October 2017, Leasinvest Real Estate, through its Austrian subsidiaries, has acquired 100% of the shares of two Austrian companies, Kadmos Immobilien Leasing GmbH and Adrestos Beteiligungsverwaltungs GmbH. These companies hold respectively a DIY store Hornbach Baumarkt of 13,300 m² and 10 stores with a global surface of 11,000 m² in a retail park 'Gewerbepark Stadlau' situated in the City of Vienna (district no 22 Stadlau), both very well located retail sites with an important footfall and holding leading positions in the City of Vienna.

This investment represented € 56.2 million, which is lower than the fair value estimated by our real estate expert. The average duration of the rental contracts amounted to 9.3 years. The different indexed rental contracts are concluded with renowned international and local retailers, among which the most important are Hornbach Baumarkt, Lidl, Intersport, DM (drugstore), CCC (shoes) and TK Maxx (clothing). The global occupancy rate stands at 100% and represents a total annual rent income of € 3.2 million for the two sites.

This acquisition was financed, on the one hand, by the partial divestment of our logistics portfolio and, on the other hand, by the integral divestment of our Swiss retail portfolio (see below 'Divestments').

Together with the acquisition end 2016 of the retail park Frun Park© Asten located in Linz (Austria) the portfolio of Leasinvest Real Estate in Austria currently amounts to nearly € 102.6 million, or 11.4% of the global portfolio.

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Divestments

Belgium

Sale Prins Boudewijnlaan in Kontich

At the end of March 2017, an agreement was concluded subject to a number of conditions precedent, that have all been met in the meantime, for the sale of the distribution centre located Prins Boudewijnlaan 7 in Kontich. The notarial deed for the sale for an amount of € 12 million was, as planned, signed in the course of December 2017. The rental income of the 100% leased building remained in the meanwhile earned by the Company, till the execution of the notarial deed for the sale.

Sale of Vierwinden in Zaventem/Nossegem

On 13 June 2017, the notarial deed for the sale for an amount of € 2 million was signed relating to the remaining building located in the semi-industrial business park "Vierwinden" in Zaventem/Nossegem.

Further divestment of logistics buildings

On 16 June 2017, a binding agreement – subject to limited conditions precedent – was signed for the granting of three leaseholds of 99 years on three of its logistics buildings in Belgium in favour of a German real estate fund for a value of over € 60 million, which is in line with the fair value estimated on 30 June 2017.

In September 2017, two of the in total three leaseholds were granted for an amount of € 40 million and related to the buildings Canal Logistics phase 1 in Neder-Over-Heembeek (15/09/2017) and Wommelgem (26/09/2017). On 30 October 2017, the 3 rd leasehold was granted for an amount of € 20 million for the SKF site in Tongres.

Following these divestments, our Belgian logistics portfolio only comprises different warehouses located at the Riverside Business Park in Anderlecht (Brussels) and at Brixton Business Park in Nossegem/Zaventem, together with the State archives in Bruges.

Leasinvest Real Estate has consequently divested € 74 million in 2017, or the largest part of its Belgian logistics portfolio. The logistics percentage consequently dropped from 15% (on 31/12/2016) to 7%.

Switzerland

Strategic divestment of Swiss portfolio

On 5 October 2017, the three 100% let peripheral retail stores situated in Etoy, Villeneuve and Yverdon-les-Bains (Vaud Canton) were sold to a Swiss private investor for an amount of CHF 48 million based on a gross yield slightly over 5%.

A further extension of the Swiss portfolio became difficult by the rise of the Swiss Franc. This led to rent reductions, in combination with decreasing real estate yields, creating a different market situation. These reasons have incited Leasinvest Real Estate to divesting in Switzerland in favor of Austria (see above).

Before Swiss capital gain taxation and sales costs, the divestment of these three buildings has resulted in a slight capital gain compared to the initial acquisition value. After taxes, sales costs and the negative impact of the cancelled cross currency swaps, this resulted in a loss.

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Redevelopments

Grand Duchy of Luxembourg

Repositioning of Boomerang Strassen shopping centre

The retail site of 22,721 m², located Route d'Arlon in Strassen, is partially redeveloped into a retail park that will, besides shops, also comprise a restaurant. This site will become the largest retail park in the Luxembourg periphery at the entrance of the city of Luxembourg, reason why this site was also subject to a rebranding and its name was changed into 'Boomerang Strassen shopping centre'. The redevelopment is executed in 2 phases in order to take into account the interests of the current tenants Adler Mode, Bâtiself and Roller, the first phase having been completed end 2017, and having led in the meanwhile to the conclusion of a new rental agreement with an international retailer for 1,715 m² , entering into force on 1 December 2017.

The reception of the second phase is foreseen in the course of 2020.

Belgium

Current developments in Brussels CBD - Treesquare and Montoyer 63

Central Business District of Brussels.

The office buildings Treesquare and Montoyer 63, both located in the Brussels CBD, are entirely reconstructed in order to enhance these buildings' market positioning and make these more sustainable (BREEAM certified). For the building Montoyer 63 a 'BREEAM interim - design stage' certificate with rating 'Excellent' was already obtained. The final goal is to hold a high-quality real estate portfolio with well located, agreeable working spaces that perform well at a technical level, are sustainable, and require less maintenance costs. The execution of the works evolves according to planning.

The Montoyer 63 office building will be occupied end 2018 by the European Parliament, as announced previously³ .

For the building Treesquare 3 rental contracts could already be concluded, prior to the reception of the building end Q1 2018 (see further 'Leases').

These leases confirm the potential for new high quality and sustainable buildings in the

³ For more information on this, we refer to the press release of 16/02/2017 on the website www.leasinvest.be.

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Redevelopment Motstraat 30 into co-working space based on "The Crescent"

In the course of the third quarter of 2016, the extension for half of the office space signed with the current tenant for the office building located Motstraat 30 in Malines. This extension entered into force in Q2 2017. In the course of the first half-year of 2017, additional rental and services contracts were concluded.

A part of the remaining office space is equipped as a co-working space "De Mot", based on our business centre concept 'The Crescent' in Anderlecht and Ghent.

This project fits within the policy of renovation and redevelopment of buildings, permitting us to create value. The works will soon be finalized.

Austria

Extension Frun© Retail park Asten

For the Frun© Retail park Asten an extension is built, that is nearly entirely leased and that will be delivered shortly.

With this extension of over 1,000 m² the Frun© Retail park Asten enters into the top 10 of largest retail parks in Austria (> 20.000 m² of gross letting area).

Occupancy rate and leases

Evolution occupancy rate and rental renewals

Over the last couple of years, the total occupancy rate remained constantly high, and has slightly decreased end 2017 to 94.89% versus 96.80% end 2016 mainly following the sale of 100% leased logistics and Swiss buildings, and the temporary vacancy of the Montoyer 63 office building under redevelopment and the temporary lower occupation. Thanks to our commercial policy aiming at proactively negotiating rental extensions or renewals, nearly all important breaks in 2017 (9% of total rental income of the portfolio) could be successfully extended of replaced.

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Leases

Grand Duchy of Luxembourg

As mentioned above, the office building Mercator in Luxembourg (acquired in May 2017) is 100% leased end 2017 thanks to the conclusion of 2 new rental contracts for respectively 1,918 m² and 2,770 m² of office space.

Besides a number of smaller lettings in the office buildings EBBC and Esch, a new rental contract could be concluded with the current tenant, for 1,410 m², expiring on 30 April 2026, for the office building Kennedy.

Different rental renewals and new rental contracts were concluded for the Knauf shopping centres in Schmiede (a/o H&M) and Pommerloch, maintaining the occupancy rate of both shopping centres at a high level.

As previously mentioned, a new rental contract, entering into force shortly, could be concluded with an international retailer for 1,715 m2 , for the Boomerang shopping centre in Strassen, resulting in a 100% occupancy rate.

Belgium

With the final signing of a number of new rental contracts, the offices part of Tour & Taxis Royal Depot is entirely leased, just as it is the case for the retail part on the ground floor, which again confirms the appeal of our building and of the Tour & Taxis site as a whole.

Treesquare in the Central Business District of Brussels, of which the reception of the redevelopment is foreseen end of Q1 2018, is already 25% pre-let. Three rental contracts could already be concluded (see above), all entering into force on 1 March 2018, and relating to a total of 1,600 m² .

For Motstraat Malines different office spaces were leased in 2017 (see above under 'Redevelopments'), which means that the new business center concept is well received. The occupancy rate currently amounts to 74.1%.

Both for Treesquare and Motstraat Malines negotiations with potential tenants are currently ongoing, a higher occupancy rate is expected in the course of 2018.

For the retail part in the Brixton Business Park in Zaventem all seven current retailers have extended their rental contracts. For the industrial part, some rental contracts could also be renewed, resulting in a 96.9% occupancy.

Austria

Finally, in the Frun® Park in Asten two rental extensions with retailers could be concluded till September 2023. Moreover, the extension (see above under 'Redevelopments') soon to be delivered, is also nearly entirely leased.

Corporate Governance

Renewal of authorisations for acquisition and alienation of treasury shares

On 15 May 2017, the extraordinary general meeting proceeded to the renewal of the statutory authorizations of the manager with regard to the acquisition and alienation of treasury shares without prior decision by the general meeting whenever this acquisition or alienation is necessary to prevent the company from being subject to a serious and imminent danger, and this for a term of 3 years as of the publication of the amendments to the articles of association to this effect.

Moreover, the extraordinary general meeting has also renewed all other existing authorizations of the manager with regard to the acquisition and alienation of treasury shares, namely in accordance with the articles 620, §1, fifth subparagraph, respectively 622, §2, first subparagraph of the Company Code, with definition of the maximum number of shares to be acquired, the minimum and maximum remuneration per share and the duration of the authorization of 5 years as of the publication of the amendments to the articles of association to this effect.

Furthermore, the statutory authorization with regard to the acquisition and alienation of shares on a regulated market by its directly controlled subsidiaries in accordance with art. 527 of the Company Code, was confirmed.

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Finally, the existing statutory authorization of the manager with regard to the alienation of treasury shares in accordance with art. 622, §2, second subparagraph, 1st of the Company Code was also confirmed.

Consequently, the general meeting has decided to amend article 11 of the articles of association with regard to the acquisition, holding in pledge and alienation of treasury shares, accordingly.

Replacement of responsible representative of Ernst & Young Bedrijfsrevisoren

The extraordinary general meeting of 15/05/2017 has approved the replacement of Pierre Vanderbeek by Joeri Klaykens as the responsible representative of Ernst & Young Bedrijfsrevisoren for exercising the function of auditor of the company until after the annual meeting that will be held in 2018.

Extension of directors' mandates

The general meeting of shareholders of Leasinvest Real Estate Management SA, the statutory manager of Leasinvest Real Estate, has decided to extend the directors mandate of Mrs Sonja Rottiers, appointed on 18 May 2015 for a duration of two years until the annual meeting of 2017, and that of Guy van Wymersch-Moons, appointed as director as from 21 January 2006 and re-appointed in 2014 till the annual meeting of 2017, till the annual meeting that will be held in 2018. In the meantime, Mr. Guy van Wymersch-Moons has resigned on last 31 October.

Change in composition of the executive committee

Appointment of a co-CEO and co-managing director

Given the nearing retirement of Jean-Louis Appelmans end May 2018, and within the scope of his succession, the general meeting of shareholders of Leasinvest Real Estate Management SA of 15 May 2017 has appointed Michel Van Geyte, Chief Investment Officer, as co-Chief Executive Officer and co-managing director of the statutory manager.

Change of CFO

Tim Rens as Chief Financial Officer was hired on 1 May 2017.

EPRA Gold Award for Annual financial report 2016

For the 5th time in a row, Leasinvest Real Estate has been granted an EPRA Gold Award for its Annual financial report 2016. The award is granted to listed real estate companies that follow the EPRA Best Practices Recommendations, in view of improving transparency and comparability of data.

Management of financial resources

For Leasinvest financial resources were in 2017 again managed from the point of view of capital recycling with, on the one hand, the sale of 65% of the logistics portfolio, and on the other hand, the divestment of the Swiss buildings. Instead, the position in Austria was strengthened by the acquisition of two retail buildings in Vienna (Stadlau) and of the office building Mercator in Luxembourg. However, the debt ratio could be decreased by one percentage point compared to end 2016, namely to 57.1%.

In 2017, a maturing credit line of € 35 million could be replaced by a new credit line of € 56 million, at a lower margin. Moreover, the Commercial Paper program was extended from € 210 million to € 250 million, and the amount of commercial paper issued was systematically increased by € 21.5 million in comparison with end 2016.

The company disposes of an amount of € 646.5 million of available credit lines, of which € 113 million of undrawn lines for additional investments.

Because of an important restructuring of the hedges portfolio in 2016, some previously concluded "forward starting" hedges became active in the course of 2017. On the other hand, following the sale of the Swiss buildings, both related cross currency swaps concluded were anticipatively cancelled in October 2017. The combination of both effects resulted in a slightly higher average funding cost in 2017 in comparison with 2016, which is expected to decrease in the course of 2018.

2. Consolidated key figures

Key figures real estate portfolio (1)	31/12/2017	31/12/2016
Fair value real estate portfolio (€ 1,000) (2)	902 994	859 931
Fair value investment properties, incl. participation Retail Estates (€ 1,000) (2)	976 338	930 689
Investment value investment properties (€ 1,000) (3)	921 141	876 747
Rental yield based on fair value (4) (5)	6.44%	6.78%
Rental yield based on investment value (4) (5)	6.32%	6.65%
Occupancy rate (5) (6)	94.80%	96.77%
Average duration of leases (years)	4.74	4.37

(1) The real estate portfolio comprises the buildings in operation, the development projects, the assets held for sale, as well as the buildings presented as financial leasing under IFRS.

(2) Fair value: the investment value as defined by an independent real estate expert and of which the transfer rights have been deducted. The fair value is the accounting value under IFRS. The fair value of Retail Estates has been defined based on the share price on 31/12/2017.

(3) The investment value is the value as defined by an independent real estate expert and of which the transfer rights have not yet been deducted.

(4) Fair value and investment value estimated by real estate experts Cushman & Wakefield and Stadim (BeLux) and Oerag (Austria).

(5) For the calculation of the rental yield and the occupancy rate only the buildings in operation are taken into account, excluding the assets held for sale and the development projects.

(6) The occupancy rate has been calculated based on the estimated rental value.

The consolidated direct real estate portfolio of Leasinvest Real Estate end 2017 comprises 28 sites (including the development projects) with a total lettable surface area of 485,144 m². The real estate portfolio is geographically spread across: the Grand Duchy of Luxembourg (54% of the portfolio), Belgium (35%) and Austria (11%).

The fair value of the real estate portfolio amounts to € 902.99 million end 2017 compared to € 859.93 million end December 2016. This increase is explained by the acquisition of the building Mercator in Luxembourg and the retail buildings in Stadlau, Vienna (Austria). Moreover, an interest of over 66.67% was realized in the public real estate certificate "Lux Airport" in the course of 2017, resulting in this participation no longer to be considered as a non-current financial asset, but as an investment property. On the other hand, there were the sales of 5 logistics buildings in Belgium and of 3 retail buildings in Switzerland.

After these realized transactions, the retail part of the real estate portfolio amounts to 48% (2016: 48%), offices to 45% (2016: 37%) and logistics to 7% (2016: 15%).

The global direct and indirect real estate portfolio (including the participation in BE-REIT (SIR/GVV) Retail Estates NV) reached a fair value of € 976.3 million per end 2017.

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The rental yield of the real estate portfolio in operation based on the fair value amounts to 6.44% (compared to 6.78% end 2016), and based on the investment value to 6.32% (compared to 6.65% end 2016).

Key figures balance sheet	31/12/2017	31/12/2016
Net asset value group share (€ 1,000)	382 206	356 407
Number of issued shares	4 938 870	4 938 870
Number of shares entitled to the result of the period	4 938 870	4 935 478
Net asset value group share per share	77.4	72.2
Net asset value group share per share based on investment value	81.1	75.6
Net asset value group share per share EPRA	84.0	81.9
Total assets (€ 1,000)	999 293	988 441
Financial debt	540 440	541 064
Financial debt ratio (in accordance with RD 13/07/2014)	57.14%	58.05%
Average duration credit lines (years)	3.34	3.94
Average funding cost (excl. fair value changes financial instruments)	2.99%	2.90%
Average duration hedges (years)	5.15	6.30

Key figures income statement	31/12/2017	31/12/2016
Rental income (€ 1,000)	56 892	56 647
Net rental result per share	11.52	11.48
EPRA Earnings* (1)	27 503	27 875
EPRA Earnings* per share (1)	5.57	5.65
Net result group share (€ 1,000)	47 545	29 436
Net result group share per share	9.63	5.96
Comprehensive income group share (€ 1,000)	58 058	17 634
Comprehensive income group share per share	11.76	3.57

(1) EPRA Earnings*, previously the net current result, consists of the net result excluding the portfolio result* and the changes in fair value of the ineffective hedges.

The net result, group share amounts to € 47.55 million end 2017 compared to € 29.44 million end 2016. In terms of net result per share* this results in € 9.63 end 2017 in comparison with € 5.96 end 2016 (+58%).

The rental income has slightly increased to € 56.9 million (+ € 0.3 million) mainly because the coupon distributed by the real estate certificate Lux Airport was considered as a rental income since 2017. On the other hand, the other rental-related income and expenses have also slightly risen, the property result being € 0.1 million lower than in 2016. The property charges for the account of the landlord have increased to € 9.9 million (+ € 0.5 million) by higher management costs on the increased portfolio, in combination with higher vacancy costs. These can mainly be explained by the temporary vacancy for reasons of renovation of two important buildings, namely Treesquare and Montoyer 63.

The portfolio results* reaches € 19.6 million end 2017 (2016: € 2.1 million), and consists, on the one hand, of the realized capital loss of € 2.8 million following the sale of the 5 Belgian logistics buildings and the Swiss retail portfolio, and on the other hand, of an unrealized capital gain of € 22.4 million.

The financial result evolves from € -11.4 million end 2016 to € -12.0 million over 2017.

The comprehensive income group share * has risen from € 17.6 million to € 58.1 million by a combination of a higher net result (+€ 18.1 million) and positive changes in the effective part of the fair value of authorized hedges for an amount of € 11.4 million (compared to € -9.1 million end 2016).

The EPRA earnings* (previously the net current result) end 2017 amounts to € 27.5 million (or € 5.57 per share), in comparison with € 27.9 million (or € 5.65 per share) end 2016.

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EPRA performance measures	31/12/2017	31/12/2016
EPRA Earnings* (in € per share) (1)	5.57	5.65
EPRA NAV* (in € per share) (2)	83.99	81.91
EPRA NNNAV* (in € per share) (3)	77.14	70.93
EPRA Net Initial Yield* (in %) (4)	5.22%	5.82%
EPRA Topped up Net Initial Yield* (in %) (5)	5.25%	5.86%
EPRA Vacancy* (in %) (6)	5.20%	2.87%
EPRA Cost ratio* (incl. direct vacancy costs) (in %) (7)	29.00%	26.85%
EPRA Cost ratio* (excl. direct vacancy costs) (in %) (7)	26.85%	24.95%

(1) The EPRA Earnings*, previously net current result, consists of the net result excluding the portfolio result* and the changes in fair value of the ineffective hedges. (2) EPRA Net Asset Value* (NAV) consists of the adjusted Net Asset Value*, excluding certain elements that do not fit within a financial model of long-term real estate investments; see also www.epra.com.

(3) EPRA NNNAV* (triple Net Asset Value*): consists of the EPRA NAV*, adjusted to take into account the fair value of the financial instruments, the debts and the deferred taxes; see also www.epra.com.

(4) EPRA Net Initial Yield* comprises the annualized gross rental income based on the current rents at the closing date of the financial statements, excluding the property charges, divided by the market value of the portfolio, increased by the estimated transfer rights and costs for hypothetical disposal of investment properties; see also www.epra.com.

(5) EPRA Topped up Net Initial Yield* corrects the EPRA Net Initial Yield* with regard to the ending of gratuities and other rental incentives granted; see also www.epra.com.

(6) EPRA Vacancy* is calculated on the basis of the Estimated Rental Value (ERV) of vacant surfaces divided by the ERV of the total portfolio; see also www.epra.com.

(7) EPRA Cost ratio* consists of the relation of the operating and general charges versus the gross rental income (including and excluding direct vacancy costs); see also www.epra.com.

3. Outlook financial year 2018

For 2018, Leasinvest Real Estate expects a rental income in line with 2017. The funding costs, on the other hand, will decrease, also by restructuring the hedges portfolio. Except for extraordinary and unexpected events, this will result in the possibility to maintain the dividend at least at the same level.

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4. Financial overview

4.1 Consolidated P&L

	Consolidated statement of realized and unrealized results (in 1,000 €)	31/12/2017	31/12/2016
(+)	Rental income	56 892	56 647
(+)	Write-back of lease payments sold and discounted	0	0
(+/-)	Related-rental expenses	0	-179
	NET RENTAL INCOME	56 892	56 468
(+)	Recovery of property charges	174	73
(+)	Recovery income of charges and taxes normally payable by tenants on let properties	3 578	5 482
	Costs payable by tenants and borne by the landlord for rental damage and
(-)	refurbishment at end of lease	0	0
(-)	Charges and taxes normally payable by tenants on let properties	-3 578	-5 482
(+/-)	Other rental-related income and expenditure	-3 213	-2 554
	PROPERTY RESULT	53 853	53 987
(-)	Technical costs	-2 442	-2 050
(-)	Commercial costs	-882	-1 059
(-)	Charges and taxes on un-let properties	-1 226	-1 080
(-)	Property management costs	-4 934	-4 533
(-)	Other property charges	-438	-716
	PROPERTY CHARGES	-9 922	-9 438
	PROPERTY OPERATING RESULT	43 931	44 549
(-)	Corporate operating charges	-2 913	-3 220
(+/-)	Other operating charges and income	-453	1
	OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO	40 565	41 330
(+/-)	Result on disposal of investment properties	-2 798	3 583
(+/-)	Changes in fair value of investment properties	22 348	-1 462
	OPERATING RESULT	60 115	43 451
(+)	Financial income	3 887	3 993
(-)	Net interest charges	-14 978	-13 400
(-)	Other financial charges	-1 364	-1 459
(+/-)	Changes in fair value of financial assets and liabilities	492	-560*
	FINANCIAL RESULT	-11 963	-11 426
	PRE-TAX RESULT	48 152	32 025
(+/-)	Corporate taxes	-607	-1 981
(+/-)	Exit tax	0	-608
TAXES		-607	-2 589
NET RESULT		47 545	29 436

*Due to an error in the breakdown of the interest rate and exchange rate effect in the revaluation of the CCS end 2016, € 1.2 million of loss was incorrectly booked via OCI instead of via the P&L on 31 December 2016. This was adjusted in the comparative figures.

Comments on the P&L

The EPRA earnings* (previously the net current result) amounts to € 27.5 million end 2017 (€ 5.57 per share) and has slightly decreased according to the outlook, in comparison with the previous year (EPRA earnings 2016 of € 27.9 million (€ 5.65 per share). This decrease is mainly the consequence of higher net interest charges and extraordinary income (2016) and costs (2017), partially compensated by lower taxes.

The rental income has slightly risen compared to the previous year: € 56.9 million in 2017 vs € 56.6 million in 2016. The loss of rental income by the sale of different logistics buildings, the divestment of the Swiss buildings and the renovation of Montoyer 63, was to a large extent compensated by the acquisition of 2 new retail buildings in Austria (Stadlau) and by an increase of the occupancy rate

Regulated information under embargo till 22/02/2018 – 7.30h AM

(a/o by additional leases in Mercator, Riverside BP and De Mot). Moreover, exceeding the 2/3rd threshold of the issued real estate certificates "Lux Airport" end Q4 2017 led to the fact that the coupon distributions have to be considered as rental income as of 2017 instead of being passed through Other Comprehensive Income (OCI). Consequently, an additional rental income of € 1.3 million was recycled from OCI, finally resulting in a higher rental income compared to the previous year.

Like-for-like* rental income however decreased by € 1.6 million (-2.8%). This is the result of a drop in rental income in Belgium (temporary vacancy Montoyer 63 for reconstruction, lower occupancy in De Mot in combination with the sale of the logistics part of the site in 2016), combined with Luxembourg where a decrease is recorded for CFM, Kennedy and EBBC, yet an important increase for Monnet and Pommerloch.

The gross rental yields have decreased in comparison with end 2016 and amounted to 6.44% (6.78% end 2016) based on the fair value, and to 6.32% (6.65% end 2016) based on the investment value. The occupancy rate decreased from 96.8% end 2016 to 94.8% on 31/12/2017, mainly by the sale of 100% leased logistics and Swiss buildings, vacancy of Montoyer 63, lower occupancy of Motstraat Malines, The Crescent Anderlecht and Montimmo in Luxembourg.

The property charges have increased (€ +0.5 million) from € -9.4 million end 2016 to € -9.9 million end 2017, mainly because of higher management costs (€ +0.4 million) charged by the statutory manager. The management costs are calculated in function of the size of the real estate portfolio, which was on average higher in 2017 than in 2016. Corporate operating charges are € 0.2 million lower than the previous year, mainly by lower due diligence costs compared to 2016. The operating margin (operating result before portfolio result/rental income) slightly decreases from 73.0% on 31/12/2016 to 71.3% on 31/12/2017.

The result on sales of five Belgian logistics buildings and the Swiss portfolio (retail) was € -2.8 million.

The changes in fair value of the investment properties on 31/12/2017 amount to € +22.4 million (31/12/2016: € -1.5 million) (or € +23.9 million). A large part of this amount (€ 8.1 million) is merely recycling of previously recognized capital gains on the real estate certificate Lux Airport that were directly booked in equity, that has to be considered as an investment property since Q4 2017, following the passing of the 2/3rd threshold of the issued certificates held. Furthermore, a capital gain of € 8.2 million was already recognized on the buildings Treesquare and Montoyer 63 under construction. A positive revaluation result of € 5.0 million was booked on the acquisition of both buildings in Stadlau (Austria). The full occupancy of the building Mercator led to an increase in value of € 2.2 million. The other movements are smaller, mainly some Belgian buildings decreasing in value due to a lower occupancy rate. The Swiss buildings also decreased in value by the evolution of the exchange rate EUR/CHF over the first 9 months of 2017, but was compensated by the global rise in the Luxembourg portfolio following a combination of higher rents and slightly lower yields.

The financial result amounts to € -12.0 million on 31/12/2017 in comparison with € -11.4 million for 2016. This result is composed as follows:

• Financial income for € 3.9 million on 31/12/2017 vs. € 4.0 million on 31/12/2016. The dividend received from Retail Estates was € 0.3 million higher than the previous year, but this year there was no recovery of withholding tax from the past for an amount of € 592 thousand.
• Interests and other costs related to funding for an amount of € -16.3 million on 31/12/2017 vs € -14.9 million on 31/12/2016. This evolution is partially due to a higher borrowed amount in 2017 in comparison with 2016, and partially to higher interest rates from van forward starting IRSs becoming active at the beginning of 2017.
• Changes in fair value of financial assets and liabilities: € +0.5 million on 31/12/2017 vs € -0.5 million on 31/12/2016. This evolution is, on the one hand, due to the positive effect of the CHF decreasing in value compared to the EUR till the sale of the Swiss buildings and mirrors the negative revaluation of the Swiss buildings. This positive effect is however largely compensated by a one-off cost of € 2.3 million for repayment of the cross currency swap concluded at the time to hedge the interest rate risk and translation differences between the Euro and the Swiss Franc.

Corporate taxes have decreased from € -2.6 million to € -0.6 million as a consequence of the merger of the company Tour & Taxis Koninklijk Pakhuis NV with Leasinvest Real Estate end 2016.

The net result over 2017 amounts to € 47.6 million compared to € 29.4 million on 31/12/2016. In terms of net result per share this results in € 9.63 per share on 31/12/2017 compared to € 5.96 on 31/12/2016.

Regulated information under embargo till 22/02/2018 – 7.30h AM

4.2 Consolidated balance sheet (in 1,000 €)

ASSETS	31/12/2017	31/12/2016
I. NON-CURRENT ASSETS	979 104	896 179
Intangible assets	2	4
Investment properties	885 151	787 065
Other tangible assets	354	1 250
Non-current financial assets	75 757	89 960
Finance lease receivables	17 840	17 900
II. CURRENT ASSETS	20 189	92 261
Assets held for sale	0	54 966
Current financial assets	0	0
Trade receivables	11 471	12 085
Tax receivables and other current assets	2 533	3 264
Cash and cash equivalents	5 702	20 768
Deferred charges and accrued income	483	1 178
TOTAL ASSETS	999 293	988 440
LIABILITIES	31/12/2017	31/12/2016
TOTAL SHAREHOLDERS' EQUITY	382 206	356 407
I. SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE SHAREHOLDERS
OF THE PARENT COMPANY	382 206	356 407
Capital	54 315	54 315
Share premium account	121 091	121 091
Purchase of treasury shares	-12	-293
Reserves	159 267	151 850
Translation differences	0	8
Net result of the financial year	47 545	29 436
II. MINORITY INTERESTS LIABILITIES	0 617 087	0 632 033
I. NON-CURRENT LIABILITIES	384 626	444 362
Provisions - other	11	11
Non-current financial debts	348 156	394 615
- Credit institutions	251 168	297 395
- Other	96 988	97 220
Other non-current financial liabilities	33 696	49 736
Other non-current liabilities
Deferred taxes	2 763
II. CURRENT LIABILITIES	232 461	187 671
Provisions
Current financial debts	192 284	146 856
- Credit institutions	24 053	0
- Other	168 231	146 856
Other current financial liabilities	160	0
Trade debts and other current debts	28 193	28 985
- Exit tax	12 907	12 907
- Other	15 286	16 078
Other current liabilities	1 716	2 361
Accrued charges and deferred income	10 108	9 469
TOTAL EQUITY AND LIABILITIES	999 293	988 440

Regulated information under embargo till 22/02/2018 – 7.30h AM

Comments on the balance sheet

At the end of the financial year 2017 shareholders' equity, group share (based on the fair value of the investment properties) amounts to € 382.2 million (end 2016 € 356.4 million). The net asset value per share excl. the influence of fair value adjustments on financial instruments (EPRA)* reaches € 84.0 end 2017 in comparison with € 81.9 end 2016.

The changes in fair value of the financial assets and liabilities (IAS 39) booked in shareholders' equity, have increased by € 11.4 million following a risen swap curve in the course of the past financial year. The negative market value of the hedges booked in shareholders' equity amounts to - € 33.1 million end 2017 compared to - € 44.5 million at the end of the previous financial year. End 2017 the net asset value per share reaches € 77.4 (31/12/16: € 72.2). The EPRA NAV on the contrary amounts to € 84.0 (2016: € 81.9) and the closing price of the Leasinvest Real Estate share on 31 December 2017 amounted to € 96.00, or a premium of 13.1%.

End 2017 the debt ratio reaches 57.1% (58.1% per end 2016) after the realized sales of the 5 logistics buildings and the Swiss portfolio, and after the acquisition of the building Mercator and the 2 retail buildings in Stadlau, and this, after payment of the dividend of € 24.2 million over the financial year 2016. € 5.7 million of cash remains available on the balance sheet per 31 December 2017; these resources allow intrinsically a further reduction of the debt ratio to 56.6%.

This means that the nominal financial debts recorded in the balance sheet per 31/12/2017 amount to € 540.4 million, which is quasi constant compared to € 541.1 million at the end of the previous financial year.

6. Classification real estate certificate Lux Airport as an investment property

In the course of 2017 the interest of Leasinvest Real Estate (via Leasinvest Immo Lux) in real estate certificate Lux Airport increased to exceed the 2/3rd threshold of the issued certificates. According to our internal valuation rules, this interest is no longer considered as a non-current financial asset, but as an investment property. Besides a reclassification on the asset side of the balance sheet, this has two other consequences:

• 1) As of 2017 the distributed capital and interest coupons are recognized as rental income. In the past, an interest coupon was booked as a financial income, and a capital coupon was directly passed through equity ("OCI"). This results in a positive effect of € 1.3 million on the rental income of 2017.
• 2) During 2017, fair value adjustments were always directly passed through equity ("OCI"). Lux Airport as of now being considered as an investment property, the historically composed revaluation reserve in equity will as a one-off be recycled through the P&L (portfolio result). This has a one-off positive effect on the portfolio result 2017 of € 8.1 million.

7. Important events after the closing of the financial year 2017

No important events took place since the closing of the financial year 2017.

Regulated information under embargo till 22/02/2018 – 7.30h AM

8. Appropriation of the result – dividend payment

The board of directors of the statutory manager proposes to the ordinary general shareholders' meeting to pay a gross dividend of € 5.00 (2016: € 4.90), and net, free of withholding tax of 30%, € 3.50 (2016: € 3.43) to the 4,938,870 shares entitled to dividends.

Subject to the approval of the ordinary general shareholders' meeting of 22 May 2018 dividends will be paid out on presentation of coupon no 21 as of 28 May 2018 at the financial institutions Bank Delen (main paying agent), ING Bank, Belfius Bank, BNP Paribas Fortis Bank and Bank Degroof.

The Ex-date is 24/05/2018 and the Record date is 25/05/2018.

9. Statement without reservation of the auditor

The auditor Ernst & Young Réviseurs d'entreprises, represented by Mr Joeri Klaykens, has confirmed that his audit of the consolidated financial statements, established according to the International Financial Reporting Standards as adopted by the European Union, has been fully completed and has not shown any important corrections, which should be made to the accounting data, adopted from the consolidated financial statements, and presented in this press release.

10. Financial calendar

30/03/2018 17/05/2018	Annual financial report 2017 Interim statement Q1 (31/03/2018)
22/05/2018	Annual meeting of shareholders
28/05/2018	Dividend payment
24/05/2018	Ex-date
25/05/2018	Record date
23/08/2018	Half-year financial report 2018
20/11/2018	Interim statement Q3 (30/09/2018)
21/02/2019	Annual results 2018 (31/12/2018)

11. Annual financial report for Annual financial report 2016

The annual financial report regarding the financial year 2017 in the form of a brochure, which comprises the annual financial statements, the annual report and the report of the auditor, is available as from 30/03/2018 (PDF online on the website) and can be obtained, on simple demand, at the following address:

Leasinvest Real Estate SCA

Schermersstraat 42 (administrative office), 2000 Antwerp T +32 3 238 98 77 - F +32 3 237 52 99 E investor.relations@leasinvest.be W www.leasinvest.be (investor relations • reports)

Regulated information under embargo till 22/02/2018 – 7.30h AM

For more information, contact

Leasinvest Real Estate Leasinvest Real Estate JEAN-LOUIS APPELMANS MICHEL VAN GEYTE Chief Executive Officer Chief Investment Officer T: +32 3 238 98 77 T: +32 3 238 98 77 E: jeanlouis.appelmans@leasinvest.be E: michel.van.geyte@leasinvest.be

Over LEASINVEST REAL ESTATE Comm.VA

Public BE-REIT (SIR/GVV) Leasinvest Real Estate SCA invests in high quality and well-located retail buildings and offices in the Grand Duchy of Luxembourg, Belgium and Austria.

At present the total fair value of the directly held real estate portfolio of Leasinvest amounts to € 903 million, spread across the Grand Duchy of Luxembourg (54%), Belgium (35%) and Austria (11%).

Moreover, Leasinvest is one of the most important real estate investors in Luxembourg.

The public BE-REIT is listed on Euronext Brussels and has a market capitalization of € 475 million (value 21 February 2018).

Regulated information under embargo till 22/02/2018 – 7.30h AM

ANNEX I: Reconciliation tables EPRA APMs⁴

EPRA earnings

EPRA earnings (€ 1 000)	31/12/2017	31/12/2016
Net Result – Group share as mentioned in the financial statements	47 545	29 436
Net Result per share - Group share as mentioned in the financial	9,63	5,96
statements (in €)
Adjustments to calculate the EPRA Earnings	-20 042	-1 561
To exclude:
(i) Changes in fair value of investment properties and assets held for sale	-22 348	1 462
(ii) Result on the sale of investment properties	2 798	-3 583
(vi) Changes in fair value of financial instruments	-492	560
(viii) Deferred taxes	0
EPRA Earnings	27 503	27 875
Number of registered shares in the result of the period	4 938 870	4 935 478
EPRA Earnings per share (in €)	5.57	5.65

EPRA NAV

EPRA NAV (€ 1 000)	31/12/2017	31/12/2016
NAV according to the financial statements	382 206	356 407
NAV per share according to the financial statements (in €)	77,4	72,2
To exclude
(i) Fair value of the financial instruments	32 630	48 152
EPRA NAV	414 836	404 559
Number of registered shares in the result of the period	4 938 870	4 935 478
EPRA NAV per share (in €)	84.0	82.0

EPRA Triple Net Asset Value

EPRA Triple Net Asset Value (€ 1 000)	31/12/2017	31/12/2016
EPRA NAV	414 836	404 559
Adjustments:
(i) Fair value of the financial instruments	-32 630	-48 152
(ii) Revaluation of debts at FV	-1 245	-6 349
EPRA NNNAV	380 961	350 058
Number of registered shares in the result of the period	4 938 870	4 935 478
EPRA NNNAV per share (in €)	77.1	70.9

⁴ Figures unaudited by the auditor.

Regulated information under embargo till 22/02/2018 – 7.30h AM

EPRA NIY & EPRA Topped up NIY

EPRA Net Initial Yield (NIY) and Topped up Net Initial Yield (topped up NIY) (€ 1 000)		31/12/2017	31/12/2016
Investment properties and assets held for sale		902 994	859 931
To exclude:
Development projects		-54 400	-30 663
Real estate available for lease		848 594	829 268
Impact FV of estimated transfer rights and costs from hypothetical disposal of investment properties		-518	444
Estimated transfer rights and costs resulting from hypothetical disposal of investment properties		7 598	9 167
Investment value of properties available for lease	B	855 674	838 435
Annualized gross rental income		56 892	56 540
Annualized property charges		-12 253	-10 933
Annualized net rental income	A	44 639	45 607
Gratuities expiring within 12 months and other lease incentives		293	317
Annualized and adjusted net rental income	C	44 932	45 924
EPRA NIY	A/B	5.22%	5.44%
EPRA Topped up NIY	C/B	5.25%	5.48%

EPRA Vacancy 2017

EPRA Vacancy (€ 1 000)		31/12/2017
		Offices	Logistics	Retail	Total
Rental surface (in m²)		163 581	132 831	188 733	485 145
Estimated Rental Value of vacant spaces	A	1.90	0.26	0.53	2.69
Estimated Rental Value of total portfolio	B	24.03	4.13	23.57	51.73
EPRA Vacancy	A/B	7.91%	6.30%	2.25%	5.20%

EPRA Vacancy 2016

EPRA Vacancy (€ 1 000)		31/12/2016
		Offices	Logistics	Retail	Total
Rental surface (in m²)		110 897	162 011	176 977	449 885
Estimated Rental Value of vacant spaces	A	1.24	0.17	0.22	1.63
Estimated Rental Value of total portfolio	B	19.34	9.38	28.15	56.87
EPRA Vacancy	A/B	6.41%	1.81%	0.78%	2.87%

Regulated information under embargo till 22/02/2018 – 7.30h AM

EPRA cost ratio

EPRA cost ratio (€ 1 000)		31/12/2017	31/12/2016
Other rental-related income and expenses		-3 213	-2 554
Property charges		-9 922	-9 438
General corporate overhead		-2 913	-3 220
Other operating charges and income		-453	1
EPRA costs including rental vacancy costs	A	-16 501	-15 211
Direct costs of rental vacancy		1 226	1 080
EPRA costs excluding rental vacancy costs	B	-15 275	-14 131
Rental income	C	56 892	56 647
EPRA Cost ratio (including direct vacancy)	A/C	-29.00%	-26.85%
EPRA Cost ratio (excluding direct vacancy)	B/C	-26.85%	-24.95%

Regulated information under embargo till 22/02/2018 – 7.30h AM

ANNEX II: Reconciliation tables other APMs⁵ (APMs) used by Leasinvest Real Estate⁶

Result on the portfolio

Result on the portfolio (€ 1 000)	31/12/2017	31/12/2016
Result on sale of investment properties	-2 798	3 093
Changes in fair value of investment properties	24 594	-528
Latent taxes on portfolio result	-2 246	0
Result on the Portfolio	19 550	2 565

Net result – group share (amount per share)

Net result – group share (amount per share)	31/12/2017	31/12/2016
Net Result - group share (€ 1000)	47 545	29 436
Number of registered shares in circulation	4 938 870	4 935 478
Net Result - group share per share	9.63	5.96

Net Asset value based on fair value (amount per share)

Net Asset value based on fair value (amount per share)	31/12/2017	31/12/2016
Shareholders' equity attributable to the shareholders of the parent company (€ 1000)	382 206	356 407
Number of registered shares in circulation	4 938 870	4 935 478
Net Asset Value (FV) group share per share	77.4	72.2

Net Asset Value based on investment value (amount per share)

Net Asset Value based on investment value (amount per share)	31/12/2017	31/12/2016
Shareholders' equity attributable to the shareholders of the parent company (€ 1000)	382 206	356 407
Investment value of the investment properties per 31/12 (€ 1000)	921 141	876 747
Fair value of the investment properties per 31/12 (€ 1000)	902 994	859 931
Difference Investment value – Fair value per 31/12 (€ 1000)	18 147	16 816
TOTAL	400 353	373 223
Number of registered shares in circulation	4 938 870	4 935 478
Net Asset Value (IV) group share per share	81.1	75.6

⁵ Excluding the EPRA performance measures that are also considered as APM and are reconciled in Annex 1 Detail of the calculations of the EPRA performance measures above.

⁶ Figures unaudited by the auditor.

Regulated information under embargo till 22/02/2018 – 7.30h AM

Changes in gross rental income at constant portfolio (like-for-like)

	31/12/2017	31/12/2016
Changes in gross rental income at constant portfolio (like-for-like)	vs.	vs.
	31/12/2016	31/12/2015
Gross rental income at the end of the previous reporting period (€ 1000)	56 468	50 113
2016 – 2017 changes to be excluded	1 962	5 407
- Changes following acquisitions	3 579	6 048
- Changes following divestments	-1 617	-641
Gross rental income at closing date reporting period (€ 1000)	56 892	56 468
Change like for like (€ 1000)	-1 538	948
Change like for like (%)	-2.7%	1.9%

Average funding cost in %

Average funding cost in %	31/12/2017	31/12/2016
Interest charges on an annual basis (€ 1000)	-14 905	-13 654
Commitment fees on an annual basis (€ 1000)	-1 127	-1 309
Interest paid incl. commitment fees on an annual basis (€ 1000)	-16 032	-14 963
Weighted average withdrawn debt (€ 1000)	536 071	515 417
Average funding cost in %	2.99%	2.90%

Comprehensive income – Group share (amount per share)

Comprehensive income – Group share (amount per share)	31/12/2017	31/12/2016
Net result - Group share (€ 1000)	47 545	29 880
Other elements of comprehensive income	10 513	-12 246
Impact on fair value of estimated transfer rights and costs from hypothetical disposal of investment properties	518	0
Changes in the effective part of the fair value of authorized cash flow hedges according to IFRS	11 368	-9 068
Changes in the effective part of the fair value of financial assets available for sale	-1 725	-3 178
Changes in the reserve for treasury shares	281
Other	71
Comprehensive income – Group share	58 058	17 634
Number of registered shares in circulation	4 938 870	4 935 478
Comprehensive income – Group share per share	11.76	3.57