Outlook 2020 EPRA EPS re-installed at €1.70 to € 1.90
Strong footfall recovery points to relative resilience
Rent collection at 59%(BE: 60%, FR 34%, NL 72%) for
Q2 & negotiations on crisis agreements still ongoing
Transformation of Dutch retail started. Mixed-use in
portfolio increases from 9.4% to 10.1% (2025 target
>25%)
Unlocking potential of €1.50 to € 1.75 in NAV per share
through the launch of the residential strategy –
Underpinned by active development of two projects.

Key metrics
H1 2020 H1 2019 Change
Key financial metrics (x € 1,000)
Gross rental income 96,050 105,029 -8.5%
Net rental income 63,576 87,363 -27.2%
Direct result 44,753 65,807 -32.0%
Indirect result 1) -161,857 -125,561 -28.9%
Total result 1) -117,103 -59,754 -96.0%
Per share items (€)
Direct result 0.97 1.44 -0.47
Indirect result -3.73 -3.10 -0.63
Total result -2.76 -1.66 -1.10
EPRA EPS 0.97 1.44 -0.47
Total return based on EPRA NRV -2.95 -1.76 -1.19
Dividend paid 0.63 1.26 -0.63
1 Continuing operations

June30, 2020 December 31, 2019 Change
Key financial metrics (x € 1,000)
Investment property 2,742,173 2,906,686 -5.7%
Assets held for sale 3,200 9,880 -67.6%
Net debt 1,282,843 1,314,824 -2.4%
Equity attributable to shareholders 1,201,817 1,319,598 -8.9%
EPRA performance metrics (€)
EPRA NRV 32.49 36.07 -9.9%
EPRA NDV 28.40 31.80 -10.7%
EPRA Vacancy rate 5.6% 5.4% 0.2 pp
EPRA Cost ratio 1) 22.7% 23.4% -0.7 pp
EPRA Net Initial Yield 6.0% 5.8% 0.2 pp
Other ratios
Net LTV 46.7% 44.8% 1,9 pp
ICR 5.9x 6.6x -0.7x
IFRS NAV 29.90 32.78 -8.8%
Number of ordinary shares in issue 40,270,921 40,270,921 0.0%
Number of ordinary shares for NAV 40,191,662 40,255,423 -0.2%
Weighted avg. number of ordinary shares outstanding 40,233,463 40,251,654 -0.0%
Shopping Centers portfolio metrics
Number of assets 30 31 -1
Surface owned (x 1,000) 2) 840 851 -1.3%
LFL NRI growth -28.7% -0.6% -28.1 pp
Occupancy rate 94.8% 94.8% - pp
Theoretical rent per sqm 225 227 -0.9%
ERV per sqm 214 215 -0.5%
Footfall growth -21.9% 1.1% -23.0 pp
Proportion of mixed-use (in m2) 10.1% 9.4% 0.7 pp
Customer satisfaction Benelux (NPS) -10 - -10
1 Excluding COVID-19 impact
2 Excluding Emmapassage Tilburg

CEO comments
“Since our first quarter of 2020 report, I am cautiously optimistic on how the Covid-19 situation has worked out for our portfolio.
In these challenging times, our portfolio demonstrates resilience by providing a safe and healthy environment to fulfil the
everyday needs of local communities. Our Dutch centers have consistently led the pack during the recovery and in more and
more centers the footfall is above the pre-Covid-19 period. The assets in Belgium and France show a similar strong recovery
path, albeit with some delay.
We successfully re-opened our centers and signed over 200 individual Covid-19 leasing agreements in one quarter. This was a
huge challenge while the business continued as usual. With that in mind, it is a remarkable performance that our teams were
able to lease all 2H19 vacated units left by Pittarosso in France to Chaussea and Bricorama and the vacated Sportsworld unit in
Purmerend to Basic-Fit. For the extension of Belle-Île, we have submitted a new building permit for the transformation into a Full
Service Center. In Tilburg we have made significant leasing steps with several new tenants including De KOOPman in the
former Hudson’s Bay store and added F&B and leisure to the scheme. In France we have signed Primark as new anchor to
Saint-Sever.
We have an actionable plan to transform shopping centers into Full Service Centers and believe this LifeCentral strategy is even
more validated by the Covid-19 crisis. We need to be realistic on the potential impact of the economic recession on an already
fragile retail environment. Although we experience limited bankruptcies in our portfolio, we are cautious towards the second
half of the year and the first half of 2021. Many retailers that face difficulties today were already earmarked as risky during our
strategic review. As we predicted in our strategic update in February, the traditional retail landscape is oversupplied and will
change and polarize further. That view is unchanged. The difference lies in the pace of change.
In our Dutch portfolio we have reached a level where transformation clearly makes sense. The two residential development
projects that are in progress are a testimony of that view. We are unlocking our residential potential whilst rightsizing the retail
surface, a double win for Wereldhave and fully in line with our LifeCentral strategy. In Purmerend and Tilburg, we have made
strategically important leasing deals to replace traditional retail tenants with leisure and entertainment. And equally important,
we have the teams and partners in place to successfully transform. Projects such as the delivery of the first part of a Healthcare
Plaza in Presikhaaf (Arnhem) and the redevelopment of De Koperwiek (Capelle aan den IJssel) show that we can make complex
redevelopments a success. During this quarter multiple analysts stated that based on current valuations, Wereldhave is
probably the only European retail REIT that is able to act on real transformation.
We realize that we will need capital for larger transformation plans. It remains key to execute on our disposal program this year.
Our finance teams have worked hard to finish all necessary preparations for the phase-out of France, and many site visits have
taken place. In the coming months management will evaluate all the options to see which scenario provides the best value for
shareholders and lowers our net LTV ratio which increased to 46.7% on 30 June 2020. Once we have taken the first serious
steps to de-lever, the first transformation projects will be restarted. With the € 100m green financing facility arranged in April, we
cover our liquidity position until March 2021. Additionally, we are in constructive discussions with our banks in order to secure
coverage until the end of 2022 and beyond.
We feel it is our duty to provide an adjusted 2020 earnings guidance, though in a wider range than usual. Of course, this
guidance is based on gradual recovery and does not consider a second wave of lockdowns and forced shop closures.”
Matthijs Storm, CEO
Schiphol, 21 July 2020

zie & lees meer op
https://www.wereldhave.com/siteassets/coporate-press--updates/2020/wereldhave-results-h1-2020---21072020.pdf