Press Release Results first half 2016

SCHIPHOL, the Netherlands, July 21, 2016 -- 

FIRST HALF 2016
Strong leasing performance: like-for-like rental growth at 1.0%, and fast recovering and improving occupancy despite a retail market hit by bankruptcies.

Strong operational performance in all countries
Occupancy rate shopping centres increases to 94.8% (YE 2015: 93.8%)
Direct result: [Eur] 77.7m (2015: [Eur] 62.6m)
Earnings per share: [Eur] 1.77 (2015: [Eur] 1.62)
Indirect result: [Eur] - 68.1m (2015: [Eur] 27.9m)
Like-for-like shopping centres 1.0% (Index: 0.4%)
Outlook reconfirmed:
EPS growth 2016 between 6% - 9%
Quarterly interim dividend 2016:[Eur] 0.77 per share (annual basis 2016: [Eur] 3.08; 2015: [Eur] 3.01)

SUMMARY
Wereldhave delivered a strong operational performance with excellent leasing results in all countries in H1 2016 and occupancy of the shopping centres increased to 94.8% (YE 2015: 93.8%). This can be fully attributed to the strong performance of the leasing teams, the success of refurbishments and the resilience of the portfolio.

In the Netherlands, a 4% impact from bankruptcies on rental income was nearly fully recovered during the first half of the year; occupancy only decreased 10 bps from 95.3% YE 2015 to 95.2% H1 2016. In France, the leasing team that was formed in the second half of 2015 also showed a strong performance; occupancy increased by 210 bps and already passed the 93% mark, which was targeted for the end of 2016.

Like-for-like rental growth was positive in Belgium, France and the Netherlands, and negative in Finland. Like-for-like of the shopping centres for H1 2016 came out at 1.0%, with the index on average at 0.4%.

The direct result for the first half of the year increased from [Eur] 62.6m in 2015 to [Eur] 77.7m in 2016. This was largely driven by the acquisition of a portfolio of nine shopping centres in the Netherlands in the second half of 2015. Indirect result was [Eur] 68.1m negative, impacted by transfer tax and property values decreasing in the Netherlands and Finland, a positive result on the valuation of derivatives and other expenses. In the Netherlands the valuations were impacted by the bankruptcies and in Finland by the effect of the economy on market rents. In Belgium, valuations remained stable, whilst in France there was a positive revaluation. As a consequence, the total result for the first half amounted to [Eur] 9.6m (H1 2015: [Eur] 90.5m).

Wereldhave will pay a quarterly interim dividend of [Eur] 0.77 per share in July and October 2016 and January 2017. The final dividend will be announced with the publication of the final results for the year 2016.

Wereldhave reconfirms its outlook that the direct result per share for the year 2016 will increase between 6%-9% compared to 2015.
Dividend outlook: dividend level of [Eur] 3.08 sustainable in all strategic scenarios.

         Information for the press:
         Richard W. Beentjes
         E [email protected]
         T + 31 20 702 78 39
         
         Information for analysts:
         Jaap-Jan Fit
         E [email protected]
         T + 31 20 702 78 43