Intervest Offices & Warehouses

Half -yearly financial report from the Board of Directors for the period 01.01.2015 to 30.06.2015

Intervest Offices & Warehouses had an active first semester in 2015:

• Strategic shift to a 48% logistics real estate share in the portfolio, a 3% increase
• Acquisition of a modern logistics site of approximately 52.000 m² in a prime location in Liège for € 28,6 million with an initial net return of 8,2%
• Sale of a non-strategic building in Duffel (0,6% of the real estate portfolio)
• Occupancy rate of the overall real estate portfolio improved by 1% to 88% in the first semester of 2015; the occupancy rate of the office portfolio increased by 1% to 84%; that of the logistics portfolio by 2% to 93%, in part as a result of the acquisition of the logistics site in Liège and the sale of a non-strategic building in Duffel
• Renewal of lease agreements accounting for 10% of the total rental income
• The total leasable space increased by 6% to 716.913 m² as at 30 June 2015
• Decrease of 0,4% in the fair value of the existing real estate portfolio, primarily in the office portfolio. The fair value of the existing logistics portfolio remained basically unchanged
• Refinancing for the 2015 financial year fully completed, which resulted in a better spread of the due dates
• Operating distributable result per share increases by approximately 23% to € 0,96 in the first semester of 2015, compared to € 0,78 in the first semester of 2014, mainly as a result of new acquisitions and refurbishment fees
• Strengthening of the equity by € 2 million through the optional dividend for the 2014 financial year: 14,86% of shareholders opted for shares
• Broader shareholder base and support from several reference shareholders through sale by majority shareholder NSI nv of 35% of shares in Intervest Offices & Warehouses in June 2015
• Debt ratio: 50,2%
• Dividend pay-out ratio of 90%
• Expected gross dividend for 2015 between € 1,60 and € 1,70 per share (€ 1,40 for financial year 2014)

Full press release:

Press release

---

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Intervest Offices & Warehouses NV via Globenewswire

HUG#1942187