Annual Results 2018

Direct result 2018 above expectation

Highlights 2018
- Direct result 2018 € 2.22 per share; indirect result 2018 € 0.04 per share
- Dividend proposal for 2018 € 2.05 per share
- Occupancy rate of portfolio 50 basis points up to 98.6% at year-end 2018
- Like-for-like gross rental growth 0.8% for the portfolio; 1.6% for the core city assets
- Value increase of the total portfolio € 5.9 million; value increase of the core city assets € 12.1 million*
- Core city assets portfolio expanded with acquisitions in Amsterdam, Utrecht, Paris and Madrid for € 48.8 million in total
- Non-strategic properties in the Netherlands and France sold for € 70.7 million in total
- Transformation of the property portfolio has been completed
- UNIQLO and Sephora attracted as tenants for core city assets in Amsterdam and Madrid
- Takeover bid for Vastned Retail Belgium unsuccessful: 90% minimum acceptance threshold not reached
- Dutch government retains FII regime; Vastned advocates conversion to REIT regime
- Share buyback programme started of € 40.0 million maximum; repurchased 292.208 shares in 2018
- Loan-to-value ratio 39.0% at year-end 2018
- Forecast for direct result 2019: € 2.00 - € 2.10 per share
* Excluding acquisitions and divestments

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Taco de Groot, Vastned CEO
In 2018 we made further progress in the execution of our strategy. The transformation of the portfolio is complete; it now consists of 82% high street retail property in larger European cities. We have created a unique portfolio with a high occupancy rate of 98.6% at year-end 2018, which generated a direct result of € 2.22 per share in 2018.

We are proud proud that in 2018 we again succeeded in attracting a number of reputed international retailers as tenants for our properties. In September 2018, UNIQLO opened its first flagship store in the Netherlands in our property Kalverstraat 11-17/Rokin 12-16 in Amsterdam. We let Calle Serrano 36 in Madrid to cosmetics brand Sephora, a subsidiary of LVMH. In Le Marais in Paris we bought a retail property from a departing retailer and immediately let it to luxury brand Maje.

We further improved the quality of our portfolio by expanding our high street clusters in Amsterdam, Utrecht, Paris and Madrid with a select
few beautiful retail and food & beverage properties. We also sold a number of non-strategic properties in the Netherlands and France in order to further lower the risk profile of the portfolio.

We remain cautious about market conditions in view of the limited investment opportunities and the transition in the retail landscape. Next to
low unemployment, economic growth and high consumer confidence, income growth of consumers will be decisive for a healthy retail market
in 2019. Points of attention in this context are the uncertainty around Brexit, international trade conflicts, the worldwide debt mountain and
economic growth levelling off.

In 2019, we will focus on maintaining the high occupancy rate of the portfolio and especially on attracting a good tenant for Rue de Rivoli 118-120 in Paris, one of our larger assets. The expected vacancy of this property, together with lower rental income as a result of having a smaller portfolio compared to 2018 and the absence of non-recurring income received in 2018, results in an expected direct result for 2019 of between € 2.00 and € 2.10 per share. After the divestments made in 2018, the transformation of our property portfolio is complete, which is expected to result in stable and predictable results and possibly growth in the future. We expect capex to remain at a low level, similar to previous years.
Taco de Groot, Vastned CEO

About Vastned

Vastned is a listed (Euronext Amsterdam) European retail property company 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 € 1.6 billion.