key fIGures 2014

Intervest offIces & warehouses

a public regulated real estate company (rrec) under Belgian law

shares are listed on euronext Brussels (Into)

specialises in investments in high-quality office buildings and logistics properties, strategically situated on good locations outside municipal centres

focuses its investment policy on high-quality professional real estate respecting the principles of risk diversification in the real estate portfolio based on building type as well as geographic spread

enjoys a high dividend yield

has a sound financial structure

83%82%

87%86%

91%91%31.12.2013

31.12.2014

LogisticsO�cesTotal

rIsk spread of the real estate portfolIo

55%58%O�ces

45%42%Logistics31.12.2013

31.12.2014

+ 3%Logistics

nature of the re al estate portfolio

Strategic shift in the portfolio towards logistics real estate: at year-end 2014, 55% of the portfolio consists of offices and 45% of logistics real estate. After the acquisition of the logistics site in Liège, at the beginning of 2015, logistics represents 48% of the entire real estate portfolio.

occupancy rate

Improved occupancy rate in 2014: 87% as at 31 December 2014 (86% as at 31 December 2013); the occupancy rate of the office portfolio increases by 1% in 2014 to 83%, while the occupancy rate of the logistics portfolio remains stable at 91%.

+ 1%Occupancy rate

4

2013: 604.428 m2

674.156 m2

= 25.000 m2

total le a sable space

The total leasable space has increased by 11% to 674.156 m² on 31 December 2014.

+ 11%Leasable space

fair value

As at 31 December 2014, the fair value of the total real estate portfolio amounts to € 609 million. The logistics portfolio expands by 14% in 2014 through the acquisition of a logistics site of approximately 77.000 m² in Limburg for € 33 million. Excluding the investments and divestments realised in the course of 2014, the fair value of the standing real estate portfolio decreases by 1% in 2014, whereby the logistics segment records a 1% appreciation and the office segment depreciates by 2%.

+ 14%Logistics

31.12.2013

€ 243€ 338

31.12.2014

€ 333 € 276

O�ces

Logistics

Total

€ 581 million

€ 609 million

5

31.12.2013

4,1years

3,8years

3,9years

4,0years

31.12.2014

3,7years

4,3years

O�ces

Logistics

Total

average remain ing duration of the le a se agreements

Renewal of lease agreements representing 20% of the total annual rental income of the company, including those with three important tenants (Hewlett-Packard Belgium, Nike Europe and CEVA Logistics Belgium). In addition, lease agreements are concluded in 2014 with new tenants representing 2% of the total annual rental income.

turn - ke y solutions

In the “turn-key solutions” concept, 2.745 m² of office space is fitted out in 5 projects. The further finishing of 2.700 m² for Cochlear at Mechelen Campus is in progress.

cochlear, Mechelen campus

14Projects

11.000 m2

6

31.12.2014

314.167

304.423

286.521

302.341

31.12.2013

Equity (€ 000)

Liabilities (€ 000)

Debt ratio (%)

46,6% 48,7%

Key figures per share 31.12.2014 31.12.2013

Number of shares at year-end 16.143.906 14.424.982

Number of shares entitled to dividend1 14.777.342 14.424.982

Net value (fair value) (€) 19,46 19,86

Net value (investment value) (€) 20,36 20,87

Share price on closing date (€) 22,50 19,48

Premium (+)/discount (-) to net value (fair value) (%) 16% -2%

Balance sheet data

Strengthening of the equity by a € 26 million capital increase in December 2014 and an optional dividend for financial year 2013 in May 2014 of € 7 million, with 42,7% of the shareholders opting for shares.

Reduction in the debt ratio to 46,6% as at 31 December 2014 through strengthening of the shareholders’ equity.

-2,1%Debt ratio

+ € 33 millionEquity

1 the 1.366.564 new shares issued at the capital increase in december 2014 are entitled to dividend as from 1 January 2015.

7

47 75 40

2015

52

2016

30

2018

44

2019

20

2020

21

2017

4

2022

35

2021

7

2024

mill

ion

€

Short-term

credit f

acilit

iesBond lo

an

2015

Successful private placement of bonds in March 2014 of € 60 million with a term of 5 years and 7 years.

e xpiry c alendar financing

In 2014, Intervest Offices & Warehouses has continued the process of diversifying its sources of funding and spreading the due dates of its credit lines. Refinancing for financial year 2015 has already been completely finalised.

€ 60 millionPrivate placement

8

Results (€ 000) 2014 2013

Operating distributable result 23.038 24.574

Result on portfolio -6.404 7.841

Changes in fair value of financial assets and liabilities (ineffective hedges - IAS 39) -344 2.166

Net result 16.290 34.581

Results per share 2014 2013

Number of shares entitled to dividend 14.777.342 14.424.982

Operating distributable result (€) 1,56 1,70

Gross dividend (€) 1,40 1,53

Net dividend (€) 1,0500 1,1475

2 since 2013 Intervest offices & warehouses has decreased the pay-out ratio of the dividend from 100 % of the operat-ing distributable result to 90 %.

The gross dividend of Intervest Offices & Warehouses amounts in 2014 to € 1,40 per share for financial year 2014, offering a gross dividend yield of 6,2% based on the share price on closing date of 31 December 2014. Pay-out ratio for the dividend is 90 % in 2014.

The operating distributable result amounts in 2014 to € 1,56 per share (€ 1,70 in 2013).

results 2014

€ 1,402 Gross dividend distribution

2013

Operating distributable result

€ 1,70 € 1,56

2014

Gross dividend distribution

€ 1,53€ 1,40

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EPRA - key figures per share 31.12.2014 31.12.2013

EPRA Earnings (€) 1,57 1,71

EPRA NAV (€) 19,77 20,20

EPRA NNNAV (€) 19,02 19,64

EPRA Net Initial Yield (NIY) (%) 6,4% 6,3%

EPRA Topped-up NIY (%) 6,9% 6,7%

EPRA Vacancy rate (%) 14,8% 16,1%

EPRA Cost Ratio (including direct vacancy costs) (%) 15,2% 13,8%

EPRA Cost Ratio (excluding direct vacancy costs) (%) 13,3% 11,9%

epra3

woluwe Garden 3 financial performance indicator calculated according to Best practices recommandations of epra (european public real estate assocation). see also www.epra.com

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fInancIal calendar 2015

DEC JAN FEB

Announcement of annual results as at 31 December 2014

Tue 10

MAR APR

General meeting of shareholders

MAY

Interim statement on the results as at 31 March 2015

Tue 5

JUN JUL

Half-yearly �nancial statement as at 30 June 2015

Thur 30

AUG SEP OCT

Interim statement on the results as at 30 September 2015

Tue 27

NOV DEC

Wed 29 at 16.30

Record date dividend 2014 Wed 24

2014 2015

Ex dividend date 2014Tue 23

Dividend payment 2014 as of Thur 28

Approval of the change of status to a regulated real estate company (RREC) by the extraordinary general meeting of 27 October 2014.

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INTERVEST OFFICES & WAREHOUSESUitbreidingstraat 182600 Berchem

T +32 3 287 67 87F +32 3 287 67 29

info@intervest.bewww.intervest.be