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Intervest Offices & Warehouses NV: Annual results 2015

Strategic shift towards logistics real estate: as 31 December 2015, 51% of the
portfolio consisted of offices and 49% of logistics real estate.

The operating distributable result amounted in 2015 to € 1,90 per share (€
1,56 in 2014).

Dividend pay-out ratio of 90% in 2015.

The gross dividend of Intervest Offices&Warehouses amounted to € 1,71 per
share for financial year 2015, offering a gross dividend yield of 7,0% based
on the share price on closing date of 31 December 2015.

Expansion of the logistics portfolio by 11% in 2015 through acquisition of a
modern logistics site of approximately 52.000 m² in a prime location in Liège
for € 29 million with an initial net return of 8,2%.

As at 31 December 2015, the fair value of the total real estate portfolio
amounted to € 634 million.

The total leasable space increased by 6% to 717.073 m² in 2015.

Improvement of the occupancy rate by 3%: 90% as at 31 December 2015 (87% as at
31 December 2014); the occupancy rate of the office portfolio increased by 2%
to 85%, the occupancy rate of the logistics portfolio increased by 4% to 95%.

It was an active year in the area of leasing activity: extension of lease
agreements for 15% of the total annual net rental income and lease
agreements with new tenants for 4% of the total annual net rental income.

The fair value of the existing real estate portfolio (excluding acquisitions
and divestments) decreased in 2015 by 1%. The logistics segment recorded a 1%
increase in value, whereas the office segment depreciated by 3%.

Expansion of the RE:flex concept in Mechelen and opening of a new branch
planned in Antwerp, Sky Building in 2016.

Renovation of Sky Building and fitting/refitting work for various clients
according to the tried and tested turn-key solutions concept. The registered
office and operational activities of Intervest Offices&Warehouses are now
also located here.

Further optimisation of credit line expiry date spreading and a decline of the
average interest rate for financing, from 4,0% in the first semester of 2015
to 3,1% in the second semester of 2015.

Strengthening of the equity by € 2 million through optional dividend for the
2014 financial year in May 2015, with 15% of the shareholders opting for

Debt ratio of 48,2% as at 31 December 2015.

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.

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


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