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Investor Presentation October, 2007

Investor Presentation October, 2007. 2007 H1 in a nutshell. Profit: EUR 114.7 mln (- 26%) Direct Result: EUR 56.7 mln (+ 0.2%) Direct Result per share: EUR 2.57 (+ 0.0%) Net Asset Value: EUR 85.81 (+0.4%) Investment properties: EUR 2,666 mln (+ 5.7%)

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Investor Presentation October, 2007

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  1. Investor Presentation October, 2007

  2. 2007 H1 in a nutshell • Profit: EUR 114.7 mln (- 26%) • Direct Result: EUR 56.7 mln (+ 0.2%) • Direct Result per share: EUR 2.57 (+ 0.0%) • Net Asset Value: EUR 85.81 (+0.4%) • Investment properties: EUR 2,666 mln (+ 5.7%) • Equity EUR 1,895 mln (+ 0.3%) Investor Presentation, October 2007

  3. 2007 in a nutshell • Offices in Philadelphia and Pittsburg sold for USD 88 mln. • Norbury Trading Estate, UK sold for GBP 2.9 mln. • Acquisition of land in Frisco, USA (USD 7.4 mln) for 600 apartments. • Sale of 2 Dutch industrials (EUR 10.6 mln) • Incidental gain in Q1 of EUR 2.2 mln for early lease termination • Positive revaluation in all countries • Occupancy increased to 94.4% • Disposals to realize capital gains • Purchase of 35,200 m2 office building in San Diego, USA for USD 210 mln • Acquisition of 22,666 m2 retail- and leisure centre in Villalba, near Madrid, Spain for EUR 53 mln • Sale of 23,163 m2 office building in Rijswijk, The Hague, Netherlands for EUR 43.6 mln • Completion of congress center in Espo, Helsinki, EUR 4.4 mln • Sale of Belgian industrials in Meer for EUR 17 mln Investor Presentation, October 2007

  4. Financials

  5. Investor Presentation, October 2007

  6. Investor Presentation, October 2007

  7. Investments and Equity Investor Presentation, October 2007

  8. Equity in % of total assets(before distribution of dividend) Investor Presentation, October 2007

  9. Interest rate sensitivity 2007 H1 • Floating rate loans 58% of debt (2006: 48%) • 0.5% change in interest rates  EPS change: € 0,06 (or 1.2% of DR) Investor Presentation, October 2007

  10. Currency sensitivity 2007 H1 • Hedge on investments (2007 Q1) - USD 64% (2006: 73%) - GBP 61% (2006: 63%) • On earnings: 10% fluctuation of currencies (USD+GBP)  EPS change € 0.16 (or 3.1% of DR) Investor Presentation, October 2007

  11. Sound financial situation 2007 H1 • Low gearing: 67% equity/total assets • Average interest at 5.3% (2006: 5.4%) • High dividend sustainability • Diversified tenant base Investor Presentation, October 2007

  12. Net asset Value / Share Price Investor Presentation, October 2007

  13. Net Asset Value per share Investor Presentation, October 2007

  14. Direct Result and dividend per share Investor Presentation, October 2007

  15. Portfolio

  16. Geographical distribution of investmentsat 30 June 2007 Investor Presentation, October 2007

  17. Distribution of investment properties Investor Presentation, October 2007

  18. Revaluation of properties: Investor Presentation, October 2007

  19. Investor Presentation, October 2007

  20. Intermezzo

  21. Investor Presentation, October 2007

  22. Investor Presentation, October 2007

  23. Portfolio2007 and after

  24. Portfolio: changes 2007 Disposals (EUR 138 mln): • 3000 Park Lane, Pittsburgh (USD 12 mln) • 1515 Market Street, Philadelphia (USD 76 mln) • Norbury Trading Estate, UK (GBP 2.9 mln) • 2 Dutch industrials (EUR 10.6 mln) • Office building Rijswijk, The Hague, Netherlands (EUR 43.6 mln) • Belgian industrials in Meer (EUR 17 mln) Acquisitions (EUR 208 mln): • Plot of land in Frisco, near Dallas, USA (USD 7.4 mln) to develop 600 apartments (planned investment of USD 90 mln) • Office building in downtown San Diego, USA (USD 210 mln) • Retail- leisure centre in Villalba near Madrid, Spain (EUR 53 mln) • Congress center / hotel, Espoo, Helsinki, Finland (EUR 4.4 mln) Investor Presentation, October 2007

  25. 2007: acquisition of land in Frisco, Dallas, USA Investor Presentation, October 2007

  26. Frisco, Dallas, Texas • 3.6 hectares (9 acres); Intended Use: • 600 Luxury Residential Units • Service Retail • Structured Parking Proposed development type Investor Presentation, October 2007

  27. Planetocio, retail- leisure centre, Collado Villalba, near Madrid Acquired 6/2007 for EUR 53 mln 22,666 m2 GLA 3 floors 980 parkings 93 units (supermarket; fashion shops; cinema; fitness; ice skating track) 36% shops 33% leisure 31% restaurants Investor Presentation, October 2007

  28. Conference & training centre with hotel located 20 min. driving distance west of Helsinki 4,135 m2 Completed and purchased: 10/2007 for EUR 4.4 mln 1,591 m2 conference rooms 703 m2 restaurants 36 hotel rooms 80 parkings Finland, Espoo – Hotel/conference centre Investor Presentation, October 2007

  29. Broadway 655 San Diego, USA

  30. San Diego, Broadway 655 Investor Presentation, October 2007

  31. San Diego, Broadway 655 • 23 floors • 35,200 m² offices • 12 apartments • 1,400 m² retail/restaurant • 752 parking's (ratio 1:50) • 80% leased • Built: 2005 • Centrally located in down-town San Diego Investor Presentation, October 2007

  32. Broadway 655 • First new class A plus building since 1991 • 80% leased • Yield 5% • Only 12% of leased square ft to expire < 2015 • Proximity to courts & government users Investor Presentation, October 2007

  33. Investing in the West Coast of the USA: why? • Demographic growth is strongest in coastal area’s • “Quality of life” has become an important factor for companies in choosing where to locate their offices • A tolerant and creative atmosphere attracts knowledge based companies (Silicon Valley, San Diego – biotechnology, Seattle – IT) • Commercial activity on the West Coast is increased by Trade with Asia : harbor cities show strongest growth Investor Presentation, October 2007

  34. Why San Diego? • Most attractive big city with entrepreneurial atmosphere and quality of life • Strong growth in knowledge based sector Biotechnology • Government institutions • High construction density makes land scarce • Increasing rents and real estate prices Investor Presentation, October 2007

  35. San Diego Investor Presentation, October 2007

  36. Downtown Class A office rents, 1999-1H2007USD/ft2/Yr Investor Presentation, October 2007

  37. Broadway 655 Investor Presentation, October 2007

  38. Broadway 655 Investor Presentation, October 2007

  39. Development Portfolio

  40. Washington, renovation of 1401 New York Avenue Investor Presentation, October 2007

  41. Nivelles Description: Expansion current shopping center Size: Existing 19,501 m2 Extension 9,804 m2 Sustainability: Energy saving installations Use of materials Investment: € 38.5 mln Planning: completion 2009 Q1 Belgium, Shopping Center Nivelles Investor Presentation, October 2007

  42. Description: Extension current shopping center Size: existing 14,178 m2 extension 14,500 m2 Sustainability: Energy saving installations Use of materials Investment: > € 40 mln. Planning: completion 2009 Q4 Doornik, Shopping Center Les Bastions Investor Presentation, October 2007

  43. Netherlands, Shopping Center Winkelhof Leiderdorp Description: Extension with 7000 m2, 35 apartments, parking and central square. Size: 7000 m² extension to 25,000 m2. Sustainable Items: The relationship with the build up surroundings; public safety; attention to energy, water and materials usage Investment: EUR > 25 mln. Planning: Completion 2009 Investor Presentation, October 2007

  44. Texas, San Antonio (maps: Google Earth) Investor Presentation, October 2007

  45. Description: Mixed use area with 1,400 apartments; 17,000 m2 offices; 9000 m2 retail and a 200 room hotel. Size: Land: 119 acres Sustainability: Water recycling; solar energy Investment: Total USD 300 mln, Phase I: USD 190 mln. Planning: Phase I: 500 apartments; 4000 m2 retail; office; hotel; completion 2009 Q3 U.S.A., San Antonio, Texas Investor Presentation, October 2007

  46. Vision The concept • Luxury Living • Human interaction • Outdoor Living • Convenience • Live: 1,400 residential units; 150 rooms hotel with spa • Work: 16,700 m2 office; 9,100 m2 retail & grocer • Play: 1,000 seat amphitheatre; chapel, parks, sporting facilities Investor Presentation, October 2007

  47. Phase I 500 Residential Units 150 Key Hotel 16,728 m2 Office 3,600 m2 Retail 5,500 m2 Grocer Marketing Center Chapel Amphitheatre Investor Presentation, October 2007

  48. Marketing Center – to be converted to restaurant Investor Presentation, October 2007

  49. Office building Investor Presentation, October 2007

  50. Investor Presentation, October 2007

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