Wereldhave N.V. — Earnings Release 2012

Nov 1, 2012

Press release November 1, 2012

Stable results in third quarter 2012

OPERATIONS

• Occupancy rate stable in Q3
• Like-for-like +0.0%; core portfolio +3.0%
• Change in leasing policy US portfolio shows results

RESULTS

• Direct result per share Q3: € 0.98 (Q2 2012: € 0.97)
• Direct result per share 9M: € 3.05 (2011: € 3.70, -17.6%)
• Indirect result per share 9M € -8.45 (2011: € -0.56)
• Total result per share 9M € -5.40 (2011: € 3.14)

• Loan to Value stabilised in Q3 at 47%

MEASURES

• Sales process US portfolio proceeding according to plan
• Action plan UK shopping centres ready
• Cost reduction program: implementation from Q4 2012 onwards
• Strategy update to be announced with FY 2012 results on 11 February 2013
• Board of Management to adopt CEO/CFO model

FORECAST

• Expected direct result per share for 2012 at least € 3.80 (incl. restructuring cost)
• Dividend proposal 2012: € 3.20 € 3.40

OPERATIONS

• Occupancy rate stable in Q3
• Like-for-like +0.0%; core portfolio +3.0%
• Change in leasing policy US portfolio shows results

	Core portfolio	Other	Total
Belgium	4.4%	3.1%	4.0%
Finland	5.3%	n/a	5.3%
The Netherlands	4.0%	-1.8%	3.0%
United Kingdom	-11.2%	8.8%	-2.5%
France	1.7%	n/a	1.7%
Spain	2.7%	0.8%	2.1%
United States	n/a	-11.0%	-11.0%
TOTAL	3.0%	-5.3%	0.0%

Like-for-like rental income 9M 2012

Like-for-like rental income in the core portfolio stabilised at 3.0% (H1 2012: 3.1%) but decreased in the non-core portfolio to -5.3% (H1 2012: -1.2%). The total like-for-like rental growth thereby came out at 0.0%, a decrease of 1.6% in the third quarter caused by property disposals (-1.1%) and the full quarter impact from leases in the US portfolio that expired in the first half of the year (-0.5%). Excluding the United States, total l-f-l came out at 3.0%.

The leasing up of the Eilan project in San Antonio, US, has accelerated during the third quarter following a change in management and leasing strategy. Occupancy of the office space improved by 11% (or 2,000 sqm) to 40%. In Q3, the number of leased apartments increased from 177 (33%) to 300, which is 56% of the 539 units available. In October another 33 apartments were leased. The leasing up of the rest of the US office portfolio is gaining momentum with several prospects for some 10,000 sqm under offer.

In the UK the net rental income of the Dolphin shopping centre in Poole stabilised in the third quarter as measures were taken to especially reduce property expenses.

In Spain, Wereldhave has pro-actively renewed five contracts for 8,200 sqm of office space and 1,300 sqm of logistics space, raising the lease maturity with a minimum of five years against 20% lower rents on average. As a result l-f-l rental growth decreased to 2.7% (from 4.3% in H1 2012) and will further decrease in Q4. After opening in July, MediaMarkt in the Planetocio shopping centre is trading well and in line with its own expectations. Nevertheless, market conditions for letting remain harsh and some prospective occupiers keep postponing their decision to take up space in the centre.

In France, additional 410 sqm were leased in the Le Cap office building in Saint Denis, Paris, as per 1 September 2012, which will increase l-f-l rental growth in the fourth quarter. Occupancy in the French portfolio has now reached 99.0%.

Like-for-like rental growth in the Dutch shopping centres remained at 4.0% but persistent economic headwinds are starting to impact non-food retail. Earlier this year Wereldhave's online strategy for shopping centres was first implemented in the Dutch shopping centre portfolio. Tenants received, and were trained to use, an online media toolkit consisting of a shopping centre website with links to Twitter, Facebook and Foursquare. In a second step online video was added. In November 2012, a third step will be introduced whereby each shopping centre will have its own interactive app that allows for increased targeted promotional activity and client contact, which enables tenants to increase their catchment area.

The core portfolio in Belgium and Finland continued to post solid l-f-l growth of 4.4% and 5.3% respectively. 40 expiring leases (50% of total) of the Belle-Ile shopping centre in Liege, Belgium, have been renewed with an average uplift in rents of 13% from 1 December 2012 onwards.

On 25 October 2012, Shopping Centre Nivelles was voted "Best Shopping Centre" and "Most sustainable Shopping Centre" by the BLRW (the Belgian-Luxembourg Council of shopping centres) in the "Shopping Awards 2012".

The EPRA occupancy rate as at September 30, 2012 amounted to 88.5%, a 0.2% increase compared to June 30, 2012. The increase primarily relates to the improved letting of apartments and office space of Eilan. Broken down by sector, the EPRA occupancy rate on September 30, 2012 (June 30, 2012) amounted to: retail 95.3% (96.1%), offices 82.3% (82.3%) and other 76.3% (70.5%).

During the third quarter of 2012 Wereldhave sold properties in the United Kingdom (Foley Street, London and The Parade, Watford) for € 29.9 mln and in France (Pole Marine) for € 17.0 mln, generating a result on disposals of € 0.8 mln or 1.7% above book value.

On 25 October 2012, the DiamondView office in San Diego, United States, was sold for an amount of USD 118.5 mln, in line with book value, and released a USD 5 mln tax liability.

Development pipeline

(x € 1 mln)	Location	Total investment	Capex so far		Expected net yield	Estimated completion
Richmond	UK	28	25	*	6.25-6.75%	2012
Ghent	Belgium	15	3		6.75-7.0%	2013
Joinville-le-Pont	France	71	26		7.5-8.0%	2013
Issy-Les-Moulineaux (Noda)	France	138	58		7.0-7.5%	2014
Itis (Refurb + Extension)	Finland	80	21		7.5%	2014
Genk (Refurb + Extension)	Belgium	84	31	*	6.75-7.25%	2014
TOTAL COMMITTED		416	164
* Including value of current investment

Construction for the renovation (11,400 sqm) and extension (11,800 sqm) of Genk Shopping I has started in September. Pre-letting is on-going as talks with several existing and new tenants are being held.

The redevelopment of the Itis shopping centre in Finland continues as planned with rental income and cost according to schedule. The Piazza-area has been vacated and works for the new location for Stockmann Department Store have started in August. For the current location of Stockmann talks are being held with international retailers looking for a first footprint in Finland.

In France, construction preparations (demolishing, ground works) of the Noda office development in Issy-Les-Moulineaux are on-going. The construction of the officeproject in Joinville-le-Pont is on track. The prospective tenant has called its option (as part of the Heads of Agreement) to acquire the building directly after its completion in December 2013. A purchase agreement is being finalised.

RESULTS

• Direct result: € 72.7 mln (2011: € 84.7 mln, -14.2%)
• Indirect result € -180.9 mln (2011: € -11.6 mln)
• Direct result per share € 3.05 (2011: € 3.70, -17.6%)
• Indirect result per share € -8.45 (2011: € -0.56)
• Total result per share € -5.40 (2011: € 3.14)
• Loan to Value stabilised in Q3 at 47%

Total result

Compared to the previous year, the result for the first nine months of 2012 decreased by € 181.3 mln to € -108.2 mln, of which € -12,0 mln due to a lower direct result and € -169.3 mln due to a lower indirect result. The total result per share amounts to € -5.40 (2011: € 3.14).

Direct result

(x € mln)	9M 2012	9M 2011	∆	% Change
Net rental income	115.3	121.0	-5.7	-4.7%
General costs	-15.0	-11.8	-3.2	27.1%
Other income and expense	0.9	1.5	-0.6	-40.0%
Net interest	-27.4	-24.5	-2.9	11.8%
Tax on result	-1.1	-1.5	0.4	-26.7%
TOTAL	72.7	84.7	-12.0	-14.2%

In the third quarter, the direct result stabilised and came out at € 23.7 mln (Q2 2012 € 23.4 mln). Over the first nine months of 2012 the direct result decreased by € 12.0 mln compared to 2011. The lower result can be attributed mainly to property disposals, higher general costs and interest charges.

Total net rental income during the first nine months of 2012 decreased by -4.7% y-o-y to a level of € 115.3 mln. The contribution from like-for-like rental income was neutral at 0%, acquisitions and the transfer of development projects to the investment portfolio contributed +8.8% (or € 10.6 mln) including the still negative contribution from the Eilan-project that is mainly caused by the hotel. Property disposals lowered net rental income by -12.2% (or € -14.8 mln) and currency and other movements had a combined -1.3% (or € -1.5 mln) impact.

General costs rose by € 3.2 mln y-o-y, caused mainly by higher personnel and advisory costs. Interest charges rose by € 2.9 mln due to a net increase in volume of debt. The average nominal interest rate at the end of the quarter was 2.6% (Sept 2011: 3.0%).

Indirect result

(x € mln)	9M 2012	9M 2011	∆
Valuation results	-181.7	-8.6	-173.1
Results on disposal	3.2	2.9	0.3
Other	-2.4	-5.9	3.5
TOTAL	-180.9	-11.6	-169.3

The valuation result of € -181.7 mln consist primarily of lower property valuations across the United States portfolio and the United Kingdom shopping centres during the first half of 2012. In the third quarter, a € -7.9 mln (or -0.25%) revaluation took place (including a currency result of € -2.1 mln) mainly caused by non-core assets in Belgium and The Netherlands (office and industrial space) and the Planetocio shopping centre in Spain. Values in the United States and United Kingdom remained stable in the third quarter and the shopping centres in Belgium continued to show positive results reflecting successful lease renewals, especially in the Belle-Ile centre in Liege.

After these revaluations and the sale of properties (Pole Marine in France and Foley Street in the United Kingdom at a combined net exit yield of 6.0%), the cap rate of the portfolio at the end of the third quarter was virtually unchanged at 6.4%.

Six properties were sold in the first nine months of 2012 of which four were above book value. This resulted in a gain on disposals of € 3.2 mln or 1.8%. Other items in the indirect result showed a combined improvement y-o-y of € 3.5 mln mainly because the negative valuation result over the period led to a lower capital gain tax liability.

Equity

On September 30, 2012, shareholders' equity including minority interest amounted to € 1,527 mln (December 31, 2011: € 1,714 mln). The decrease of € 187 mln is attributable to the dividend payment (€ 102 mln), the direct result of current financial year (€ 66 mln), a negative indirect result (€ 183 mln), a € 2 mln change in reserves and positive currency movements of € 11 mln. Minority interests increased by € 23 mln, mainly due to the acquisition of the Genk shopping centre in Belgium in April 2012.

The net asset value per share including current profit stood at € 63.72 at September 30, 2012 (December 31, 2011: € 73.44). The Loan to Value amounted to 46.9% (December 31, 2011: 41%). The amount of ordinary shares in issue did not change during the third quarter and remained at 21,679,608.

MEASURES

• Sales process US portfolio proceeding according to plan
• Action plan UK shopping centres ready
• Cost reduction program ready, implementation in Q4 2012
• Strategy update to be announced with FY 2012 results on 11 Feb 2013
• Board of Management to adopt CEO/CFO model

Sale US portfolio

The sales process of the United States portfolio is progressing according to plan. Wereldhave has appointed Eastdil Secured (a subsidiary of Wells Fargo) as exclusive advisor to coordinate the sales process. The Offer Memorandum has been sent out to a number of potentially interested parties. The portfolio is offered in 4 pre-defined subpools: a Washington DC Metro pool, an Austin & Dallas pool, a San Antonio pool and a San Diego pool. Offers for a sub-pool or the entire portfolio will be considered. The United States management team is fully dedicated to the disposal program and continues its efforts to further improve occupancy and leasing terms across the portfolio.

Wereldhave continues to expect it will have completed its exit from the US before year-end 2013.

Turnaround strategy for the Dolphin shopping centre in Poole

After the disappointing performance of the centre that was announced earlier at the H1 2012 results, a detailed plan was drawn up to 'stabilize' its performance and improve the outlook for turnover and rental growth. The plan identifies and proposes solutions to two main issues: (i) the 'tired' nature of the centre that might discourage existing tenants from renewing and new tenants from committing to space. (ii) the lack of midsized units within the centre that is needed to attract the type of operators that would help to reinvigorate the centre and drive rents forward. Discussions with several key retailers are in an advanced stage, but the refurbishment and reconfiguration is estimated to be carried out over a 2-3-year period resulting in rental growth thereafter. The overall timescale allowed is from 2012-2017. The plan requires an investment volume of around € 22 mln that is expected to have a net initial return upon completion above 7% and execution of the plan is expected to lead to an increase in value of more than the additional investment.

Optimisation strategy for the Ealing Broadway shopping centre in London

Benefiting from its location, the Ealing Broadway shopping centre is well-established in a growing catchment within London's M-25. Footfall stands at 15.5 million visitors and performance is stable but the centre offers opportunity to improve income and value through a number of asset management initiatives. An optimisation strategy was designed for this centre that focuses on selectively remodelling only those areas where additional income can be created with minimal capital expenditure. Actions include re-letting the car park at higher rent, adding a new prime unit in a currently unused area, improving mall commercialisation by adding kiosk units and increasing the ERV of the 'high street mall' through a limited refurbishment. The total costs of approximately € 5 mln will have a net initial yield upon completion of around 10% and is expected to result in a small valuation uplift exceeding the amount invested. The optimisation works are scheduled to be completed in Q1 2014.

Follow-up UK plans

Having completed the action plans for its shopping centres in the United Kingdom, Wereldhave is currently considering the follow-up of these plans. All strategic options will be considered and at the end of 2013, Wereldhave will evaluate its presence in the United Kingdom.

Cost reduction plan

Following a significant rise in general costs in recent years, a plan has been composed to optimise the organisation and to structurally reduce overhead. The plan consists of a combination of savings on direct costs (a.o. personnel), indirect costs (external advisory and temporary hires) and the management organisation of Wereldhave USA. Implementation of the plan will start in Q4 2012 and total savings will lead to a cost level below € 17 mln in 2013 and below € 15 mln in 2014. General cost in 2012 is expected to come out at a level of € 20.5 mln, excluding a one-off restructuring cost provision of € 1.5 - 2 mln to be taken in the fourth quarter.

Strategy update

Following the recent changes in the Board of Management and the advanced plans to sell the entire US portfolio, a review of the company's strategy will be presented along with the FY 2012 results on 11 February 2013.

Future composition of the Board of Management

Wereldhave will adopt a 'conventional' board structure for its Board of Management with a CEO and CFO. Dirk Anbeek, has been appointed CEO as per August 1, 2012. Screening for the CFO position has started. The Supervisory Board hopes to be able to make further announcements soon.

FORECAST

For the year 2012 Wereldhave reiterates the forecast of a direct result per share of at least € 3.80, taking into account a one-off restructuring cost of € 1.5 - € 2 mln. For the year 2012 a dividend will be proposed in the range of € 3.20 – € 3.40 per share.

The Hague, November 1, 2012

Board of Management Wereldhave N.V.

CONFERENCE CALL / AUDIOCAST

The results will be explained during a conference call, to be held today at 14.00 h CET. The conference call can be followed live by audiocast on our website www.wereldhave.com.

Further information:

Press: Analysts: Richard Beentjes Charles Bloema +31 70 346 93 25 + 31 70 307 45 45

Jaap-Jan Fit + 31 70 307 45 43

Consolidated balance sheet at September 30, 2012

	September 30, 2012		December 31, 2011
Assets
Non-current assets
Investment properties in operation	2,744,589		2,830,169
Investment properties under
construction	200,557		227,932
Investment properties		2,945,146		3,058,101
Property and equipment	7,008		6,720
Intangible assets	4,915		6,753
Financial assets	53,269		42,375
Deferred tax assets	5,812		5,200
Other non current assets	46,845		47,291
		117,849		108,339
Current assets		3,062,995		3,166,440
Trade and other receivables	25,360		26,947
Tax receivables	161		140
Cash and cash equivalents	58,573		24,400
		84,094		51,487
Investments held for sale		11,750		-
		3,158,839		3,217,927
Equity and Liabilities
Equity
Share capital	216,796		216,796
Share premium	767,315		767,315
Reserves	397,354		607,803
		1,381,465		1,591,914
Minority interests		145,117		122,060
		1,526,582		1,713,974
Long term liabilities
Interest bearing liabilities	1,341,924		1,224,088
Deferred tax liabilities	107,422		115,835
Financial liabilities	196		555
Other long term liabilities	4,165		4,650
Short term liabilities		1,453,707		1,345,128
Trade payables	13,943		12,656
Tax payable	4,701		924
Interest bearing liabilities	103,759		64,965
Other short term liabilities	56,147		80,280
		178,550		158,825
		3,158,839		3,217,927
Net asset value per share (x € 1 )		63.72		73.44

Consolidated income statement 9M 2012

	9M 2012		9M 2011
Gross rental income	156,189		155,571
Service costs charged	22,782		23,235
Total revenues		178,971		178,806
Service costs paid	-25,901		-26,103
Property expenses	-37,762		-31,658
		-63,663		-57,761
Net rental income		115,308		121,045
Valuation results		-181,731		-8,643
Results on disposals		3,190		2,850
General costs		-15,029		-11,792
Other income and expense		-5,738		1,415
Operational result		-84,000		104,875
Interest charges	-30,681		-28,203
Interest income	267		313
Net interest		-30,414		-27,890
Other financial income and expense		1,978		829
Result before tax		-112,436		77,814
Taxes on result		4,217		-4,684
Result		-108,219		73,130
Profit attributable to: Shareholders		-117,130		67,639
Minority interests		8,911		5,491
Result		-108,219		73,130
Earnings per share (x € 1)		-5.40		3.14
Diluted earnings per share (x € 1)		-5.40		3.05

Consolidated income statement for the third quarter 2012

	3rd quarter 2012		3rd quarter 2011
Gross rental income Service costs charged	53,089 8,266		51,627 7,241
Total revenues		61,355		58,868
Service costs paid Property expenses	-9,206 -13,569		-8,372 -10,609
		-22,775		-18,981
Net rental income		38,580		39,887
Valuation results Results on disposals		-7,943 881		-2,545 247
General costs Other gains and losses		-5,083 -1,604		-3,623 211
Operational result		24,831		34,177
Interest charges Interest income	-10,542 76		-9,637 125
Net interest Other financial income and expense		-10,466 1,493		-9,512 -2,918
Results before tax		15,858		21,747
Taxes on results		-265		-1,233
Result		15,593		20,514
Shareholders Minority interest		11,471 4,122		18,995 1,519
Result		15,593		20,514
Earnings per share (x € 1)		0.53		0.88

Direct and indirect result 9M 2012

	9M 2012		9M 2011
	direct result	indirect result	direct result	indirect result
Gross rental income Service costs charged	156,189 22,782		155,571 23,235
Total revenues	178,971		178,806
Service costs paid Property expenses	-25,901 -37,762		-26,103 -31,658
	-63,663		-57,761
Net rental income	115,308		121,045
Valuation results Results on disposals		-181,731 3,190		-8,643 2,850
General costs Other income and expense	-15,029 912	-6,650	-11,792 1,435	-20
Operational result	101,191	-185,191	110,688	-5,813
Interest charges Interest income	-27,646 267	-3,035	-24,807 313	-3,396
Net interest Other financial income and expense	-27,379	-3,035 1,978	-24,494	-3,396 829
Result before tax	73,812	-186,248	86,194	-8,380
Taxes on result	-1,144	5,361	-1,507	-3,177
Result	72,668	-180,887	84,687	-11,557
Profit attributable to: Shareholders Minority interest	66,187 6,481	-183,317 2,430	79,523 5,164	-11,884 327
Result	72,668	-180,887	84,687	-11,557
Earnings per share (x € 1 )	3.05	-8.45	3.70	-0.56

Consolidated statement of comprehensive income

(amounts x € 1,000)

	9M 2012	9M 2011
Result	-108,219		73,130
Other comprehensive income:
Exchange rate differences	10,749	-6,017
Revaluation of financial assets available for sale	-1,550	-237
Effective portion of change in fair value of cash flow hedges	-75	-1,060
Total of comprehensive income	9,124		-7,314
Total comprehensive income	-99,095		65,816
Shareholders	-107,537		60,396
Minority interests	8,442		5,420
	-99,095		65,816

Consolidated statement of movements in equity

				Attributable to shareholders
	Share	Share	General	Revaluation	Hedge	Reserve for exchange rate	Total attri butable to	Minority
	capital	premium	reserve	reserve	reserve	differences	shareholders	interests	Total
Balance at January 1, 2011	214,485	777,728	656,640	1,456	-	-39,077	1,611,232	116,832	1,728,064
Comprehensive income
Result 9M 2011	-	-	67,639	-	-	-	67,639	5,491	73,130
Exchange rate differences Revaluation of financial assets	-	-	-	-	-	-6,017	-6,017	-	-6,017
available for sale Effective portion of change in fair value of		- -	-	-166	-	-	-166	-71	-237
cash flow hedges		- -	-	-	-1,060	-	-1,060	-	-1,060
Total of comprehensive income		- -	67,639	-166	-1,060	-6,017	60,396	5,420	65,816
Transactions with shareholders
Equity component convertible bond		-8,102 -	8,102	-	-	-	-	-	-
Purchase shares for remuneration		- -	-299	-	-	-	-299	-	-299
Stockdividend 2010	2,311	-2,311	-	-	-	-	-	-	-
Dividend 2010		- -	-84,539	-	-	-	-84,539	-6,415	-90,954
Balance at September 30, 2011	216,796	767,315	647,543	1,290	-1,060	-45,094	1,586,790	115,837	1,702,627
Balance at January 1, 2012	216,796	767,315	631,199	1,351	730	-25,477	1,591,914	122,060	1,713,974
Comprehensive income	-	-	-	-	-	-	-	-	-
Result 9M 2012		- -	-117,130	-	-	-	-117,130	8,911	-108,219
Exchange rate differences		- -	-	-	-	10,749	10,749	-	10,749
Revaluation of financial assets available for sale		- -	-	-1,081	-	-	-1,081	-469	-1,550
Effective portion of change in fair value of
cash flow hedges		- -	-	-	-75	-	-75	-	-75
Total of comprehensive income	-	- - -	-117,130 -	-1,081 -	-75 -	10,749 -	-107,537 -	8,442 -	-99,095 -
Transactions with shareholders
Purchase shares for remuneration		- -	299	-	-	-	299	-	299
Purchase Genk (Belgium) - extension share capital Wereldhave Belgium		- -	-851	-	-	-	-851	21,160	20,309
Purchase remaining shares Agenttitalo (Finland)		- -	-466	-	-	-	-466	-	-466
Dividend 2011		- -	-101,894	-	-	-	-101,894	-6,545	-108,439
Balance at September 30, 2012	216,796	767,315	411,157	270	655	-14,728	1,381,465	145,117	1,526,582

Consolidated cash flow statement 9M 2012

	9M 2012		9M 2011
Operating activities
Result		-108,219		73,130
Adjustments:
Valuation results	181,731		8,643
Net interest charge	30,414		27,890
Other financial income and expense	-1,978		-829
Results on disposals	-3,190		-2,850
Deferred taxes	-5,361		3,177
Other non cash movements	1,572		759
		203,188		36,790
		94,969		109,920
Movements in working capital		-21,438		-16,229
Cash flow from company activities		73,531		93,691
Interest paid	-31,769		-22,796
Interest received	238		562
Income tax paid	-722		-2,161
		-32,253		-24,395
Cash flow from operating activities		41,278		69,296
Investment activities
Proceeds from disposals direct investment
properties	180,822		67,633
Investments in investment property	-164,431		-88,851
Investments in equipment	-523		-770
Investments in financial assets	-5,209		248
Investments in intangible assets	-510		-754
Investments in other long term assets	-1,511		-6,500
Investments in subsidiaries	-47,769		-
Cash settlement forward transactions	-496		-2,520
Cash flow from investment activities		-39,627		-31,514
Financing activities
New loans interest bearing debts	512,496		373,074
Repayment interest bearing debts	-371,145		-338,235
Repayment other long term liabilities	-472		-938
Other movements in reserves	299		-299
Dividend paid	-108,439		-90,954
Cash flow from financing activities		32,739		-57,352
Increase / Decrease (-) cash and bank		34,390		-19,570
Cash and bank balances at January 1		24,400		32,096
Foreign exchange differences		-217		8,674
Cash and bank balances at September 30		58,573		21,200

Segment information

(amounts x € 1,000)

Geographical segment information - 9M 2012

	B e lgium	F inla nd	F ra nc e	T he N e t he rla nds	S pa in	Unite d Kingdo m	Unit e d S t a te s	H e a do ff ic e a nd o t he r	Total
Result
Gross rental income	24,209	18,729	8,452	30,526	6,759	22,347	45,167	-	156,189
Service costs charged	4,823	4,680	3,342	4,309	1,745	3,883	-	-	22,782
Total revenues	29,032	23,409	11,794	34,835	8,504	26,230	45,167	-	178,971
Service costs paid	-5,540	-5,130	-3,418	-4,548	-2,482	-4,783	-	-	-25,901
Property expenses	-671	-686	-187	-3,691	-528	-3,737	-28,262	-	-37,762
Net rental income	22,821	17,593	8,189	26,596	5,494	17,710	16,905	-	115,308
Valuation results Results on disposals	7,914 -	1,102 -19	2,977 667	-8,666 246	-12,216 -	-37,560 2,824	-134,294 -528	-988 -	-181,731 3,190
General costs Other income and expense	-1,716 924	-564 -	-545 -	-1,692 -	-446 -	-2,014 -	-1,350 -4,113	-6,702 -2,549	-15,029 -5,738
Interest charges Interest income	-917 36	-11,321 5	-1,734 71	-2,056 121	-3,305 2	-8,449 7	-6,973 25	4,074 -	-30,681 267
Other financial income and expense Taxes on results	- -28	- -1,888	- -33	- -200	- 2,547	- -625	- -217	1,978 4,661	1,978 4,217
Result	29,034	4,908	9,592	14,349	-7,924	-28,107	-130,545	474	-108,219
Total assets
Investment properties in operation	499,012	458,406	168,849	566,090	128,076	346,937	577,219	-	2,744,589
Investment properties under construction	51,915	20,936	83,874	2,405	-	25,416	16,011	-	200,557
Investments held for sale Other segment assets	11,750 25,776	- 2,097	- 12,645	- 140,792	- 9,776	- 61,323	- 36,137	- 820,576	11,750 1,109,122
minus: intercompany	-	-	-	-65,000	-	-44,859	-	-797,320	-907,179
	588,453	481,439	265,368	644,287	137,852	388,817	629,367	23,256	3,158,839
Investments in investment properties	81,899	15,191	65,123	7,191	4,432	-39,786	-70,772	-	63,278
Gross rental income by type of property
Retail	16,907	18,729	1,150	26,755	1,213	18,318	1,641	-	84,713
Offices	7,284	-	7,302	823	4,169	3,489	38,413	-	61,480
Other	18	-	-	2,948	1,377	540	5,113	-	9,996
	24,209	18,729	8,452	30,526	6,759	22,347	45,167	-	156,189

Segment information

(amounts x € 1,000)

Geographical segment information - 9M 2011

	B e lgium	F inla nd	F ra nc e	T he N e t he rla nds	S pa in	Unit e d Kingdo m	Unit e d S t a t e s	H e a do f f ic e a nd o t he r	Total
Result
Gross rental income	19,554	22,734	8,901	33,414	7,155	15,939	47,874	-	155,571
Service costs charged	5,433	5,349	3,415	4,575	1,727	2,736	-	-	23,235
Total revenues	24,987	28,083	12,316	37,989	8,882	18,675	47,874	-	178,806
Service costs paid	-6,150	-5,744	-3,462	-4,799	-2,574	-3,374	-	-	-26,103
Property expenses	-1,021	-1,083	-267	-3,659	-956	-1,426	-23,246	-	-31,658
Net rental income	17,816	21,256	8,587	29,531	5,352	13,875	24,628	-	121,045
Valuation results Results on disposals General costs Other income and	1,163 -84 -1,256	382 - -275	1,308 - -473	-197 753 -1,199	-3,800 - -636	-636 2,181 -1,418	-7,187 - -1,522	324 - -5,013	-8,643 2,850 -11,792
expense Interest charges Interest income Other financial income	1,422 -595 27	- -11,664 16	- -1,903 126	- -2,018 117	- -3,511 14	- -3,764 7	- -4,863 6	-7 115 -	1,415 -28,203 313
and expense	-	-	-	-	-	-	-	829	829
Taxes on results	-214	-2,356	-13	-	1,117	-1,034	-128	-2,056	-4,684
Result	18,279	7,359	7,632	26,987	-1,464	9,211	10,934	-5,808	73,130
Total assets Investment properties in operation	390,875	505,543	178,280	564,842	135,010	270,766	688,250	-	2,733,566
Investment properties under construction	39,142	-	3,440	1,541	-	9,788	147,447	-	201,358
Investments held for sale Other segment assets minus: intercompany	- 24,314 -	- 3,497 -	- 13,998 -	23,567 114,508 -65,000	- 10,617 -	- 30,711 -3,462	- 36,554 -	- 690,365 -704,622	23,567 924,564 -773,084
	454,331	509,040	195,718	639,458	145,627	307,803	872,251	-14,257	3,109,971
Investments in investment properties	9,065	1,836	844	-34,378	1,465	-7,353	52,386	-	23,865
Gross rental income by type of property
Retail	12,280	22,512	1,818	28,029	1,365	7,904	1,286	-	75,194
Offices	7,274	-	7,083	900	4,074	7,367	41,982	-	68,680
Other	-	222	-	4,485	1,716	668	4,606	-	11,697
	19,554	22,734	8,901	33,414	7,155	15,939	47,874	-	155,571

Explanation

Movements in investment properties

	Investment properties in operation	Investment properties under	Total investment properties
		construction
Balance at January 1, 2012	2,830,169	227,932	3,058,101
Exchange rate differences	17,794	-1,073	16,721
Purchases	52,458	24,550	77,008
Investments	14,051	141,014	155,065
To / from development properties	151,638	-151,638	-
To investments held for sale	-11,750	-	-11,750
Disposals	-172,609	-	-172,609
Revaluations	-136,851	-43,841	-180,692
Capitalized interest	201	3,613	3,814
Other	-512	-	-512
Balance at September 30, 2012	2,744,589	200,557	2,945,146
Investment property at fair value Investment property at cost	2,744,589 -	72,279 128,278	2,816,868 128,278
	2,744,589	200,557	2,945,146

Rental income per country (x € 1,000)	gross rental income		property expenses and service and operating costs		net rental income
	2012	2011	2012	2011	2012	2011
Belgium	24,209	19,554	1,388	1,738	22,821	17,816
Finland	18,729	22,734	1,136	1,478	17,593	21,256
France	8,452	8,901	263	314	8,189	8,587
The Netherlands	30,526	33,414	3,930	3,883	26,596	29,531
Spain	6,759	7,155	1,265	1,803	5,494	5,352
United Kingdom	22,347	15,939	4,637	2,064	17,710	13,875
United States	45,167	47,874	28,262	23,246	16,905	24,628
	156,189	155,571	40,881	34,526	115,308	121,045
Rental income per sector (x € 1,000)
	2012	2011	2012	2011	2012	2011
Retail	84,713	75,194	10,286	8,396	74,427	66,798
Offices	61,480	68,680	23,607	22,677	37,873	46,003
Other	9,996	11,697	6,988	3,453	3,008	8,244
	156,189	155,571	40,881	34,526	115,308	121,045

Like for like Net Rental Growth 9M 2012 (%)

	Core Portfolio	Other	Total
Belgium	4.4%	3.1%	4.0%
Finland	5.3%		5.3%
The Netherlands	4.0%	-1.8%	3.0%
United Kingdom	-11.2%	8.8%	-2.5%
Subtotal	3.2%
France	1.7%		1.7%
Spain	2.7%	0.8%	2.1%
Subtotal	2.0%
United States		-11.0%	-11.0%
Total	3.0%	-5.3%	0.0%

Geographical distribution investment properties (as a %)	September 30, 2012	September 30, 2011
Belgium	18	14
Finland	16	18
France	6	6
The Netherlands	21	21
Spain	5	5
United Kingdom	13	11
United States	21	25
Distribution of investment properties by sector (as a %)
(as a %) Retail	62	54
Offices	31	41
Other	7	5

Share data (amounts per share x € 1)	September 30, 2012	September 30, 2011
Number of ordinary shares ranking for dividend	21,679,608	21,679,608
Result per share ranking for dividend	-5.40	3.12
Average number of shares	21,677,829	21,565,886
Result per share	-5.40	3.14
Result per share at full conversion of the bond	-5.40	3.05
Movement in net asset value per share ranking for dividend	2012	2011
Net asset value as at January 1	73.44	75.12
Dividend previous year	-4.70	-3.95
Stock dividend previous year	-	-0.75
	68.74	70.42
Other movements in equity	0.38	-0.35
Direct result current year	3.05	3.67
Indirect result current year	-8.45	-0.55
	-5.40	3.12
Net asset value as at September 30	63.72	73.19

Interest bearing debt (amounts x € 1,000)	September 30, 2012	September 30, 2011
Long term Bank debts and other loans Debentures Convertible bonds	852,319 43,740 445,865	640,721 40,211 440,508
Short term Interest bearing liabilities	1,341,924 103,759 1,445,683	1,121,440 85,612 1,207,052
Movement interest bearing liabilities Balance at January 1, 2011 Exchange rate differences & other value adjustments New loans Repayments Use of effective interest method Balance at September 30, 2011		1,148,016 7,012 387,110 -338,235 3,149 1,207,052
Balance at January 1, 2012 Exchange rate differences & other value adjustments New loans Repayments Use of effective interest method Balance at September 30, 2012		1,289,053 10,439 512,676 -371,145 4,660 1,445,683

Related party agreements

In the 1st three quarters of 2012, no business transactions took place in which conflicts of interest of the members of the Board of Management or the Supervisory Board may have played a role.

Basis of preparation results 2012

The accounting principles applied for this press release are in accordance with the International Financial Reporting Standards (IFRS), as approved and endorsed by the EU Commission. The accounting principles are also in accordance with the annual accounts 2011 of Wereldhave, except for the accounting for leasehold contracts. Leasehold contracts are as per 2012 presented as operational lease contracts, instead of financial lease contracts. As a result of this change in accounting policies, the interest costs over the 1st three quarters of 2011 have been adjusted downwards with € 1.5 million as well as the valuation result with € 0.1 million, whilst the property expenses have increased with € 1.6 million. In the balance sheet per December 31, 2011 the items "investment properties in operation" and "other long term liabilities" have been adjusted downwards with € 32.3 mln. The figures of this press release are unaudited.

Expense ratio

The expense ratio for the 1st three quarters of 2012, based on the Dutch Financial Supervision Act, amounts to 4.64% (1st three quarters 2011: 3.64%). The percentage is calculated as the quotient of property expenses, general costs and the average of shareholders' equity during the accounting period.