Key information in 2018 All amounts in € thousands unless otherwise stated Highlights 2018€ 66 million invested; € 2 million soldOne new investor as of July 2018Fifteen properties acquired, one development completed and two properties soldTwo redevelopments in the portfolio in progress; completions are expected in 2019New and extended lease contracts for a total of 32,022 m²; rental value € 6.0 million per year84.0% of the shopping centres BREEAM-NL In-use certified Performance per share Performance per share20182017Dividends (in €)118.16117.77Net earnings (in €)147.75190.59Net asset value IFRS (in €, at year-end)2,766.602,717.59Net asset value INREV (in €, at year-end)2,789.932,739.67 Statement of financial position Statement of financial position20182017Total assets981,296898,815Total shareholders’ equity969,680888,896Total debt from credit institutions-- Result Result20182017Net result48,67561,059Total Expense Ratio (TER)0.53%0.53%Real Estate Expense Ratio (REER)0.86%0.79% Fund return PERCENTAGE Created with Highcharts 3.0.102018 5-year average3.64.321.3Income returnCapital growth0123456 Total fund return 2018: 5.6% Total fund return 2017: 7.8% Property performance (all properties) Portfolio movements Financial occupancy rate Created with Highcharts 3.0.1020182017201620152014Portfolio performancePERCENTAGE5.05.25.25.05.34.95.35.35.96.01.92.84.10.3(2.6)0.10.4(1.5)(1.9)(4.0)7.08.09.35.32.75.05.73.83.81.8(6)(5)(4)(3)(2)(1)01234567891011Direct property return Retail FundDirect property return MSCI NPIIndirect property return Retail FundIndirect property return MSCI NPITotal property return Retail FundTotal property return MSCI NPI Portfolio figures Portfolio figures20182017Investment property (in € 1,000)945,586864,868Investment property under construction (in € 1,000)12,89811,941Gross initial yield5.5%5.7%Total number of properties6349Average rent per square metre per year (in €)229234Financial occupancy rate (average)95.2%95.6%Sustainability (A, B or C label)95.6%98.8%