9M 2020 Trading Update

Solid operating results in challenging conditions

- Solid operating results in 9M 2020 due to high stable occupancy rate
- Occupancy rate of portfolio stable at 97.5% as at 30 September 2020
- 21 new leases signed in Q3 2020, with minor 1.8% rent decrease
- Collection rate raised further from 84% in HY1 2020 to 88% on 30 September 2020 for 9M 2020 due to tailored arrangements with tenants
- Non-strategic assets in the Netherlands sold for € 1.4 million, € 0.2 million above book value
- Forecast for direct result 2020 of € 1.70 - € 1.85 per share confirmed in spite of the government stepping up COVID-19 measures
- Dividend proposal 2020 to be announced at the publication of annual results 2020 in February 2021
Strategy update in February 2021

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Taco de Groot, Vastned CEO
Our portfolio showed solid results in the first nine months of 2020 in spite of very challenging market conditions. The unchanged high occupancy rate of 97.5% is evidence of the high quality of the property portfolio. In addition, the collection  rate in the first nine months of 2020 was raised further compared to the half-year results, to 88%. In October 2020 the government measures in connection with COVID-19 were stepped up further in the countries where Vastned operates. Vastned's tailored arrangements with tenants since the start of the COVID-19 outbreak remain in place. The number of bankruptcies in the portfolio is small, but in our Q4 2020 outlook we do take into account that this number may start to rise. The company continues to focus on maintaining the high occupancy rate and on cost control. In spite of the increased government measures we confirm our forecast for the direct result of € 1.70 - € 1.85 per share for 2020. In view of the ongoing uncertainty, Vastned will announce the dividend proposal in February 2021 at the publication of the annual results of 2020.

On 1 December 2020, I will step down as CEO and at the request of the Supervisory Board our CFO, Reinier Walta, will take over my duties as interim CEO until a successor is appointed. Over the past nine years Vastned has realised the transition to a high street property fund. With a strategy focusing on improving the quality of the property Vastned has succeeded in achieving both stable and predictable long-term results. The COVID-19 outbreak has accelerated the developments in the retail landscape that Vastned has been focusing on since 2011. For this reason, the strategy update has been brought forward. As announced previously, the update will be announced in February 2021 at the publication of the 2020 annual results. This makes it a logical time for me to step down. I would like to thank you for the trust you have placed in me and I am proud of the high quality of the property portfolio that has been achieved through the efforts of my valued colleagues.
Taco de Groot, Vastned CEO
About Vastned

Vastned is a listed European retail property company (Euronext Amsterdam: VASTN) focusing on venues for premium shopping. Vastned invests in selected cities in Europe with a clear focus on the best retail property in the most popular shopping streets in the bigger cities. Vastned's tenants are strong and leading international and national retail brands. The property portfolio has a size of approximately € 1.5 billion as at 30 June 2020.