– Acquisition of two office assets in Amsterdam and one in Rotterdam for €79.8m, at an attractive 5.8% gross yield
– Continued asset rotation further strengthens overall investment portfolio, Amsterdam now 55% of assets
– Rent collection for Q1 2021 at 97.8%; Office/HNK rent collection at 99.6%
– EPRA vacancy rate 7.8%; 6.1% excluding strategic vacancy
– EPRA EPS €0.47 per share, down €0.07 vs 20Q1; Guidance remains €2.25 - €2.35 for full year 2021
– LTV at 33.0%, vs 29.2% at December 2020

KEY FINANCIAL METRICS1
REVENUES AND EARNINGS
Q1 2021 Q1 2020 Change (%)
Gross rental income 19,356 19,283 0.4%2
Net rental income 13,224 14,235 -7.1%2
Direct investment result 9,018 10,238 -11.9%
Indirect investment result -392 -997 -60.7%
Total investment result 8,626 9,242 -6.7%
Earnings per share 0.45 0.49 -8.5%
EPRA earnings per share 0.47 0.54 -13.6%
EPRA cost ratio (incl. direct vacancy costs) 30.1% 27.1% 3.0 pp
EPRA cost ratio (excl. direct vacancy costs) 28.3% 27.0% 1.2 pp
BALANCE SHEET
31 March 2021 31 December 2020 Change (%)
Investment property 1,319,250 1,240,192 6.4%
Net debt -440,153 -366,194 20.2%
Equity 863,064 854,438 1.0%
IFRS equity per share 44.74 44.29 1.0%
EPRA NTA per share 44.87 44.44 1.0%
Net LTV 33.0% 29.2% 3.8 pp
Number of ordinary shares outstanding 19,291,415 19,291,415
Weighted average number of ordinary shares outstanding 19,291,415 19,138,717 0.8%
KEY PORTFOLIO METRICS
31 March 2021 31 December 2020 D
Offices HNK Other TOTAL
Number of properties 43 13 4 60 60
Market value3
(€m) 1,005 250 77 1,332 1,253 6.3%
Annual contracted rent4
(€m) 60 19 7 86 84 1.5%
ERV (€m) 67 23 7 96 93 3.3%
Lettable area (sqm k) 302 124 53 479 473 1.2%
Average rent / sqm (€/p.a.) 210 192 154 200 197 1.4%
EPRA vacancy 4.6% 17.6% 6.6% 7.8% 7.0% 0.8 pp
EPRA net initial yield 4.3% 4.6% 5.3% 4.4% 4.5% -0.1 pp
Reversionary yield 6.7% 9.0% 9.1% 7.3% 7.5% -0.2 pp
Wault (yrs) 4.5 3.2 5.0 4.2 4.0 6.0%

1 The trading update is based on unaudited results.
2 On a like-for-like basis GRI growth is 0.7% negative and NRI growth is 7.6% negative.
3 Reported in the balance sheet at book value including right of use leasehold (IFRS 16), excluding lease incentives and part of NSI HQ (own use).
4 Before free rent and other lease incentives.


AN ICONIC BUILDING WITH HISTORIC GRANDEUR,
READY FOR THE FUTURE
ATLANTA BUILDING
x
The circa 6,500 sqm Atlanta building at Stadhouderskade
5-6 in the city centre of Amsterdam was completed in
1929. Plans dating back to 1919 were to create a hotel on
the site, but they were not approved by the municipality.
The original development company subsequently went
into receivership and in 1926 the site was acquired by the
‘N.V. Amsterdamsche Maatschappij tot Exploitatie van
Etagewoningen’ (AMEE), controlled by Dutch architect F.A.
Warners (1888-1952).
The decision was made to build an office instead of a hotel.
Whilst the asset is in an excellent central location nowadays,
as the city has sprawled over the years, it was a far from
ideal office location at the time: it was a relatively fringe
location, outside the historic city centre and far from the
stock exchange area, where most economic activity was
concentrated. AMEE managed to control the rather high
development risk by pre-letting part of the building to REO
Motor Car Company, an US car manufacturer. At completion
in April 1929 the construction costs were 785,000 guilders
(356,000 euros).
The foundation stone was laid on March 31, 1928, by
Warners' son Allert and his father-in-law Allert de Lange.
The building height, originally 10 floors high, was exceptional at the time, as three extra floors were permitted in see & read more on
file:///C:/Users/Pappa/Downloads/nsi-tradingupdate-q12021.pdf