EPRA RESEARCH Net Asset Value
March 2020
FTSE EPRA Nareit Global Real Estate Index Series Monthly Published NAV Bulletin - March 2020
Content
Europe (Summary) 4 UK 28 Phoenix Spree Deutschland 40 Sweden 55 Discounts in Europe 4 Landsec 32 GCP Student Living 40 Hufvudstaden A 57 NAV Changes 11 British Land Corp. 32 Sirius Real Estate 41 Castellum 57 Agenda 12 Hammerson 32 LXi REIT 41 Fabege 57 Averages 13 INTU Properties 32 Tritax Eurobox 41 Kungsleden 57 Latest NAVs 15 Derwent London Holdings 33 Wihlborgs Fastigheter 58 Great Portland Estates 33 Klövern AB 58 Shaftesbury 33 France 43 Wallenstam 58 Helical Bar 33 Gecina 45 Fastighets AB Balder 58 Europe 16 BMO Commercial Property Trust34 Icade 45 Dios Fastigheter 59 Focus 19 Big Yellow Group 34 Klépierre 45 Samhällsbyggnadsbolaget 59 Sector 20 UK Commercial Property REIT 34 Covivio 45 Pandox AB 59 REITs 21 Workspace Group 34 Carmila 46 Catena 59 Grainger Trust 35 Mercialys 46 Nyfosa 60 SEGRO 35 Atrium Ljungberg AB 60 Capital & Counties Properties 35 Netherlands 47 Europe ex UK 22 Triple Point Social Housing 35 Unibail - Rodamco - Westfield 49 Europe ex UK NAVs 25 Unite Group 36 Wereldhave 49 Focus 26 Primary Health Properties 36 Eurocommercial Properties 49 Belgium 61 REITs 27 LondonMetric Property 36 NSI 49 Cofinimmo 63 Schroder Real Estate Inv Trust 36 Vastned Retail 50 Befimmo 63 Picton Property 37 Intervest Offices 63 RDI REIT 37 Germany 51 Wereldhave Belgium 63 Tritax Big Box REIT 37 Deutsche Euroshop 53 WDP 64 Target Healthcare REIT 37 Deutsche Wohnen 53 Leasinvest 64 BMO UK Real Estate Investments38 Alstria Office REIT 53 Aedifica 64 Standard Life Inv Prop Inc Trust 38 Aroundtown 53 Retail Estates 64 Civitas Social Housing 38 LEG Immobilien 54 Xior Student Housing 65 Safestore 38 Hamborner REIT 54 Montea 65 Assura Plc 39 TAG Immobilien 54 Ascencio REIT 65 Empiric Student Property 39 Grand City Properties 54 Impact Healthcare REIT 39 Vonovia 55 Regional REIT 39 TLG Immobilien 55 NewRiver REIT 40 ADO Properties SA 55 Custodian REIT 40
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 2 Monthly Published NAV Bulletin - March 2020
Content
Switzerland 66 Spain 82 PSP Swiss Property 68 Inmobiliaria Colonial 84 Swiss Prime Site 68 Merlin Properties 84 Allreal Holdings 68 Lar Espana Real Estate 84 Mobimo Holding 68 HIAG Immobilien 69
Austria 70 Ireland 86 CA Immo 72 Hibernia REIT 88 Irish Residential Properties 88
Finland 73 Index Constituents 89 Citycon 75 Kojamo 75
Norway 76 Methodology 99 Entra ASA 78
Italy 79 Immobiliare Grande Distribuzione 81
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 3 Monthly Published NAV Bulletin - March 2020
Discounts in Europe (March 31, 2020)
Netherlands Italy France Spain Ireland UK Germany Austria Norway Finland Sweden Switzerland Belgium 80% 80%
60% 60%
40% 40%
25.2%
20% 20% 12.0%
0% 0%
-12.3% -11.5% -20% -17.9% -20% -20.0%
-30.5% -28.3% -32.0% -40% -40% Current Month -44.1% -43.6% Last Month -60% -60% Europe
-66.9% 5 yr. Average
-80% -74.7% -80%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 4 Monthly Published NAV Bulletin - March 2020
DiscountsDiscounts to to Latest Latest PublishedPublished NAVs NAVs in Europe in Europe 50% 0.20
40
30% 0.00 Europe
UK 10% Belgium -0.20 France -10% Switzerland
Sweden -0.40 -30% Greece
Finland
Italy -50% -0.60 Netherlands
Austria -70% Germany -0.80
Europe France UK Germany Netherlands Norway
-90%
-1.00
Jun-09 Jun-11 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-10 Jun-12
Dec-08 Dec-09 Dec-10 Dec-12 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-11 Dec-13
Jul-08 Jul-09
Jan-08 Jan-09
Jun-08 Jun-09
Oct-09 Oct-08
Apr-09 Apr-08
Feb-08 Sep-08 Feb-09 Sep-09
Dec-08 Dec-09
Aug-08 Aug-09
Nov-08 Nov-09
Mar-08 Mar-09
May-08 May-09
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 5 Monthly Published NAV Bulletin - March 2020
DiscountsDiscounts to Latest to PublishedLatest Published NAVs in Europe NAVs in Europe 0.2050%
30% 0.00 Europe
UK 10%
Belgium -0.20 France -10% Switzerland
Sweden -0.40 -30% Greece
Finland
Italy -0.60-50% Netherlands
Austria -70% Germany -0.80
Europe Belgium Sweden Switzerland Finland Norway -90%
-1.00
Jun-09 Jun-11 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-10 Jun-12
Dec-08 Dec-09 Dec-10 Dec-12 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-11 Dec-13
Jul-09 Jul-08
Jan-08 Jan-09
Jun-08 Jun-09
Oct-08 Oct-09
Apr-08 Apr-09
Feb-08 Sep-08 Feb-09 Sep-09
Dec-08 Dec-09
Aug-08 Aug-09
Nov-08 Nov-09
Mar-08 Mar-09
May-08 May-09
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 6 Monthly Published NAV Bulletin - March 2020
DiscountsDiscounts to Latest to LatestPublished Published NAVs in Europe NAVs in Europe 0.2050%
30% 0.00 Europe
UK 10%
Belgium -0.20 France -10% Switzerland
Sweden -0.40 -30% Greece
Finland
Italy -0.60-50% Netherlands
Austria -70% Germany -0.80 Europe Norway Italy Austria NorwaySpain Ireland -90%
-1.00
Jun-09 Jun-11 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-10 Jun-12
Dec-08 Dec-09 Dec-10 Dec-12 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-11 Dec-13
Jul-09 Jul-08
Jan-08 Jan-09
Jun-08 Jun-09
Oct-08 Oct-09
Apr-08 Apr-09
Feb-08 Sep-08 Feb-09 Sep-09
Dec-08 Dec-09
Aug-08 Aug-09
Nov-08 Nov-09
Mar-08 Mar-09
May-08 May-09
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 7 Monthly Published NAV Bulletin - March 2020
DiscountsDiscounts to to Latest Latest Published NAVs NAVs in Europein Europe (Interpolated) 0.2050%
30% 0.00 Europe
UK 10%
Belgium -0.20 France -10% Switzerland
Sweden -0.40 -30% Greece
Finland
Italy -0.60-50% Netherlands
Austria -70% Germany -0.80 Europe France UK Netherlands Germany Norway -90%
-1.00
Jun-09 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-10
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20
Jul-09 Jul-08
Jan-08 Jan-09
Jun-08 Jun-09
Oct-08 Oct-09
Apr-08 Apr-09
Feb-08 Sep-08 Feb-09 Sep-09
Dec-08 Dec-09
Aug-08 Aug-09
Nov-08 Nov-09
Mar-08 Mar-09
May-08 May-09
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 8 Monthly Published NAV Bulletin - March 2020
DiscountsDiscounts to to Latest Latest PublishedPublished NAVs NAVs in Europe in Europe (Interpolated) 0.2050%
30% 0.00 Europe
UK 10%
Belgium -0.20 France -10% Switzerland
Sweden -0.40 -30% Greece
Finland
Italy -0.60-50% Netherlands
Austria -70% Germany -0.80
Europe Belgium Sweden Switzerland Finland Norway -90%
-1.00
Jun-09 Jun-11 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-10 Jun-12
Dec-08 Dec-09 Dec-10 Dec-12 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-11 Dec-13
Jul-09 Jul-08
Jan-08 Jan-09
Jun-08 Jun-09
Oct-08 Oct-09
Apr-08 Apr-09
Feb-08 Sep-08 Feb-09 Sep-09
Dec-08 Dec-09
Aug-08 Aug-09
Nov-08 Nov-09
Mar-08 Mar-09
May-08 May-09
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 9 Monthly Published NAV Bulletin - March 2020
DiscountsDiscounts to to Latest Latest PublishedPublished NAVs NAVs in Europein Europe (Interpolated) 0.2050%
30% 0.00 Europe
UK 10%
Belgium -0.20 France -10% Switzerland
Sweden -0.40 -30% Greece
Finland
Italy -0.60-50% Netherlands
Austria -70% Germany -0.80 Europe Norway Italy Austria SpainNorway Ireland -90%
-1.00
Jun-09 Jun-11 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-10 Jun-12
Dec-08 Dec-09 Dec-10 Dec-12 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-11 Dec-13
Jul-09 Jul-08
Jan-08 Jan-09
Jun-08 Jun-09
Oct-08 Oct-09
Apr-08 Apr-09
Feb-08 Sep-08 Feb-09 Sep-09
Dec-08 Dec-09
Aug-08 Aug-09
Nov-08 Nov-09
Mar-08 Mar-09
May-08 May-09
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 10 Monthly Published NAV Bulletin - March 2020 ▼ ▲
Updated Published NAVs (March 2020)
5-Mar-20 Vonovia GER Posted FY 2019 as of 31-Dec-19 EPRA NAV EUR 54.69 ▲ 8.8% 3 months 30-Sep-19 EUR 50.26 6-Mar-20 Ascencio BE Posted Q1 19/20 as of 31-Dec-19 EPRA NAV EUR 58.28 ▲ 2.0% 3 months 30-Sep-19 EUR 57.13 6-Mar-20 TAG Immobilien GER Posted FY 2019 as of 31-Dec-19 EPRA NAV EUR 20.45 ▲ 8.7% 3 months 30-Sep-19 EUR 18.82 11-Mar-20 LEG Immobilien GER Posted FY 2019 as of 31-Dec-19 EPRA NAV EUR 106.60 ▲ 6.4% 3 months 30-Sep-19 EUR 100.20 15-Mar-20 HIAG Immobilien SWIT Posted FY 2019 as of 31-Dec-19 EPRA NAV CHF 92.70 ▼ -4.2% 6 months 30-Jun-19 CHF 96.80 15-Mar-20 Impact Healthcare REIT UK Posted Q4 2019 as of 31-Dec-19 NAV GBP 1.07 ▲ 2.1% 6 months 30-Jun-19 GBP 1.05 15-Mar-20 GCP Student Living UK Posted Q2 19/20 as of 31-Dec-19 EPRA NAV GBP 1.73 ▲ 5.6% 6 months 30-Jun-19 GBP 1.64 15-Mar-20 Empiric Student Property UK Posted FY 2019 as of 31-Dec-19 EPRA NAV GBP 1.10 ▲ 1.6% 6 months 30-Jun-19 GBP 1.09 18-Mar-20 Target Healthcare REIT UK Posted Q2 19/20 as of 31-Dec-19 EPRA NAV GBP 1.08 ▲ 0.6% 6 months 30-Jun-19 GBP 1.08 18-Mar-20 Capital & Counties Properties UK Posted FY 2019 as of 31-Dec-19 EPRA NAV GBP 2.93 ▼ -7.0% 6 months 30-Jun-19 GBP 3.15 18-Mar-20 INTU Properties UK Posted FY 2019 as of 31-Dec-19 EPRA NAV GBP 1.47 ▼ -36.9% 6 months 30-Jun-19 GBP 2.33 19-Mar-20 Unite Group UK Posted FY 2019 as of 31-Dec-19 EPRA NAV GBP 8.53 ▲ 4.0% 6 months 30-Jun-19 GBP 8.20 19-Mar-20 Hammerson UK Posted FY 2019 as of 31-Dec-19 EPRA NAV GBP 6.01 ▼ -12.3% 6 months 30-Jun-19 GBP 6.85 20-Mar-20 Grand City Properties GER Posted FY 2019 as of 31-Dec-19 EPRA NAV EUR 24.50 ▲ 3.4% 3 months 30-Sep-19 EUR 23.70 20-Mar-20 Merlin Properties SOCIMI SP Posted FY 2019 as of 31-Dec-19 EPRA NAV EUR 15.60 ▲ 2.2% 3 months 30-Sep-19 EUR 15.27 20-Mar-20 ADO Properties GER Posted FY 2019 as of 31-Dec-19 EPRA NAV EUR 65.80 ▲ 5.3% 3 months 30-Sep-19 EUR 62.47 22-Mar-20 Irish Residential Properties REIT IRE Posted FY 2019 as of 31-Dec-19 EPRA NAV EUR 1.55 ▲ 5.2% 6 months 30-Jun-19 EUR 1.47 25-Mar-20 CA Immobilien OEST Posted FY 2019 as of 31-Dec-19 EPRA NAV EUR 38.37 ▲ 8.6% 3 months 26-May-20 EUR 35.33 25-Mar-20 Deutsche Wohnen GER Posted FY 2019 as of 31-Dec-19 EPRA NAV EUR 47.02 ▲ 8.0% 3 months 30-Sep-19 EUR 43.52 26-Mar-20 Aroundtown SA GER Posted FY 2019 as of 31-Dec-19 EPRA NAV EUR 8.70 ▲ 2.4% 3 months 30-Sep-19 EUR 8.50 27-Mar-20 BMO UK Real Estate Investments UK Posted Q2 2019 as of 31-Dec-19 NAV GBP 1.03 ▼ -2.1% 6 months 30-Jun-19 GBP 1.05 29-Mar-20 Triple Point Social Housing REIT UK Posted FY 2019 as of 31-Dec-19 EPRA NAV GBP 1.05 ▲ 0.8% 3 months 30-Sep-19 GBP 1.05 30-Mar-20 Leasinvest BE Posted FY 2019 as of 31-Dec-19 EPRA NAV EUR 93.40 ▲ 2.5% 3 months 30-Sep-19 EUR 91.08 31-Mar-20 Catena AB SWED Posted FY 2019 as of 31-Dec-19 EPRA NAV SEK 202.87 ▲ 4.5% 3 months 30-Sep-19 SEK 194.07 31-Mar-20 TLG Immobilien GER Posted FY 2019 as of 31-Dec-19 EPRA NAV EUR 32.69 ▲ 8.1% 3 months 30-Sep-19 EUR 30.25
Q1-2020 Addition Tritax Eurobox UK Posted FY 2019 as of 30-Sep-19
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 11 Monthly Published NAV Bulletin - March 2020
Agenda April 2020
6-Apr-20 Tritax Big Box REIT UK 24-Apr-20 BMO Commercial Property Trust UK 6-Apr-20 Big Yellow Group UK 24-Apr-20 Castellum SWED 6-Apr-20 Grainger Trust UK 24-Apr-20 Xior Student Housing BE 11-Apr-20 Regional REIT UK 24-Apr-20 Wereldhave NL 11-Apr-20 Immobiliare Grande Distribution ITA 24-Apr-20 Klövern AB SWED 12-Apr-20 Fabege SWED 24-Apr-20 Covivio FR 13-Apr-20 Montea BE 25-Apr-20 Wereldhave Belgium BE 16-Apr-20 NSI NL 25-Apr-20 Phoenix Spree Deutschland UK 16-Apr-20 Atrium Ljungberg AB SWED 26-Apr-20 Entra ASA NOR 17-Apr-20 Gecina FR 27-Apr-20 Icade FR 20-Apr-20 UK Commercial Property Trust UK 27-Apr-20 Samhallsbyggnadsbolaget i Norden AB SWED 22-Apr-20 Warehouses De Pauw BE 28-Apr-20 Wallenstam SWED 23-Apr-20 Citycon FIN 28-Apr-20 Wihlborgs Fastigheter SWED 23-Apr-20 Dios Fastigheter SWED 28-Apr-20 Cofinimmo BE 23-Apr-20 Kungsleden SWED 29-Apr-20 Deutsche Euroshop GER 23-Apr-20 Nyfosa AB SWED 29-Apr-20 Catena AB SWED 23-Apr-20 Mercialys FR 29-Apr-20 Pandox AB SWED 23-Apr-20 RDI REIT UK 30-Apr-20 Klepierre FR
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 12 Monthly Published NAV Bulletin - March 2020
Average Discounts in Europe (based on published values)
Current Yr. to date 1 yr. 2 yr. 3 yr. 5 yr. 10 yr. 15 yr. 20 yr. Europe -30.6% -18.0% -13.0% -13.0% -11.7% -7.9% -8.7% -9.0% -11.1% Europe ex UK -30.6% -17.7% -12.2% -11.4% -9.4% -4.5% -6.7% -5.9% -6.7% Austria -20.0% -9.4% -7.2% -5.8% -5.8% -10.2% -25.8% -26.6% Belgium 25.2% 35.4% 35.9% 29.8% 27.9% 25.7% 14.1% 12.3% 8.5% Finland -12.3% -7.1% -5.6% -15.2% -16.9% -19.2% -21.8% -20.5% -21.8% France -44.1% -28.3% -20.3% -19.3% -16.1% -9.7% -7.7% -7.4% -10.0% Germany -28.3% -19.2% -14.8% -10.6% -8.5% -2.9% -10.2% -9.2% -13.5% Italy -66.9% -58.0% -49.9% -40.1% -34.6% -33.3% -41.2% -40.0% Netherlands -74.7% -57.9% -42.9% -33.5% -23.8% -7.6% -6.5% -5.3% -6.1% Norway -17.9% 6.6% -8.3% -12.2% -12.7% -14.0% -16.3% Spain -43.6% -25.4% -15.8% -14.7% -11.9% -7.0% 0.0% Sweden -11.5% 4.1% 6.3% -0.7% -3.7% -0.4% -1.5% -1.0% -3.6% Switzerland 12.0% 24.7% 19.7% 12.3% 10.6% 6.3% 1.8% -0.6% -6.2% UK -30.5% -18.7% -15.5% -17.4% -17.5% -15.3% -12.7% -13.4% -16.4% Ireland -32.0% -24.0% -10.3% -12.1% -9.7% -5.7%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 13 Monthly Published NAV Bulletin - March 2020
Average Discounts in Europe (based on interpolated values)
Current Yr. to date 1 yr. 2 yr. 3 yr. 5 yr. 10 yr. 15 yr. 20 yr. Europe -30.9% -18.0% -12.9% -12.7% -11.0% -7.0% -7.8% -7.9% -9.7% Europe ex UK -30.6% -17.5% -11.7% -10.8% -8.6% -3.5% -6.1% -4.8% -5.1% Austria -20.0% -9.4% -6.1% -4.9% -5.0% -9.4% -25.3% -26.0% Belgium 25.2% 35.7% 36.8% 30.6% 28.7% 26.3% 14.5% 12.6% 9.0% Finland -12.3% -5.7% -4.2% -14.5% -16.4% -18.9% -21.6% -19.6% -21.1% France -44.1% -27.9% -20.0% -18.8% -15.2% -8.5% -7.0% -6.1% -8.1% Germany -28.3% -19.1% -14.2% -9.8% -7.5% -1.7% -9.3% -7.4% -12.2% Italy -66.9% -58.0% -50.0% -40.3% -34.9% -33.5% -41.7% -40.0% Netherlands -74.7% -58.0% -43.0% -33.5% -23.5% -6.8% -6.1% -4.7% -5.3% Norway -17.9% -9.3% -8.0% -11.7% -11.9% -13.2% -16.0% Spain -43.6% -25.0% -15.3% -14.1% -10.9% -5.9% -5.9% Sweden -11.5% 4.6% 7.3% 0.5% -2.6% 1.0% -0.1% 0.3% -1.7% Switzerland 12.0% 25.4% 20.1% 12.8% 11.1% 6.5% 2.1% 0.0% -5.7% UK -31.9% -14.2% -16.5% -18.0% -17.8% -15.0% -11.6% -12.6% -15.3% Ireland -32.0% -24.0% -10.0% -11.4% -8.6% -4.2%
As-of January 2012, the historical NAVs and Discount to NAVs are also being calculated using interpolated company NAV data. Previously, the imbalance between reporting dates (annually, biannually or quarterly) and share prices (monthly for this report) led to more volatile NAV performance graphs.
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 14 Monthly Published NAV Bulletin - March 2020
Latest Published NAVs Incorporated in Europe (ex UK) (March 31, 2020)
Feb-20 Europe ex UK NAV Jan-20 Dec-19 Nov-19 Oct-19 Sep-19 Aug-19 Jul-19
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Latest Published NAVs Incorporated in the UK (March 31, 2020)
Feb-20 UK NAV Jan-20 Dec-19 Nov-19 Oct-19 Sep-19 Aug-19 Jul-19
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 15 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Developed Europe Index
As of: March 31st, 2020
Premium / Discount: -30.6% Last month: -18.6%
Total NAV (million EUR): 342,348 Total MC (million EUR): 237,492
Number of constituents: 101 Trading at Premium: 20 26% of market cap Trading at Discount: 81 74% of market cap
Average since 1989: -11.1% 10 year average: -8.7% 5 year average: -7.9% 3 year average: -11.7% 2 year average: -13.0% 1 year average: -13.0%
Price Index Monthly change: -22.0%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 16 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Europe Index Discount to Published NAV
30%
22.32% 21.38% 20% 15.92% 12.94% 10%
0%
-10.23% -10% -11.59%
-20%
-24.11% -30% -28.75% As-of January 2012, the historical NAVs and Discount to NAVs are also being calculated using -30.6% interpolated company NAV data. Previously, the -40% imbalance between reporting dates (annually, -41.41% biannually or quarterly) and share prices (monthly EUROPE for this report) led to more volatile NAV performance graphs. AVERAGE -50% -49.36% EUROPE (interpolated) AVERAGE (interpolated)
-60%
1989 1990 1991 1992 1993 1995 1997 1998 1999 2000 2001 2003 2005 2006 2007 2008 2009 2014 2015 2016 2017 1994 1996 2002 2004 2010 2011 2012 2013 2018 2019 2020
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 17 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Europe Stock prices vs. NAVs (Rebased EUR)
3000
2500 2394.51
2170.40 2000
1500 1499.24
1000
639.02 500 Rebased Europe prices
Europe NAV
Europe NAV (interpolated)
0
1989 1991 1993 1994 1996 1999 2001 2002 2004 2006 2007 2008 2009 2010 2012 2014 2015 2016 2017 2018 2020 1990 1992 1995 1997 1998 2000 2003 2005 2011 2013 2019
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 18 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Europe Rental vs. Non-Rental Index Discount to Published NAV 30%
20%
10%
0%
-10%
-20%
-30% -30.31%
-40% -38.82%
-50% Rental Non-Rental
-60%
-70%
2004 2005 2006 2009 2010 2011 2012 2013 2014 2015 2018 2019 2020 2007 2008 2016 2017
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 19 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Europe Sector Indices Discount to Published NAV
50%
30%
19.81%
10%
-10%
-18.24% -25.77% -30% -30.19% Retail Industrial Diversified
Office Residential -50%
-70% -70.37%
-90%
2007 2008 2009 2011 2013 2014 2016 2017 2018 2020 2006 2010 2012 2015 2019
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 20 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Europe REIT Index vs. Europe Non-REIT Index Discount to Published NAV 80%
60% REIT
Non-REIT 40%
20%
0%
-20% -19.78%
-40% -39.51%
-60%
2005 2007 2008 2009 2012 2013 2015 2016 2020 2006 2010 2014 2017 2019
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 21 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Developed Europe ex UK Index
europe
As of: March 31st, 2020
Premium / Discount: -30.6% Last month: -18.3%
Total NAV (million EUR): 260,718 Total MC (million EUR): 180,796
Number of constituents: 62 Trading at Premium: 15 24% of market cap Trading at Discount: 47 76% of market cap
Average since 1989: -6.7% 10 year average: -6.7% 5 year average: -4.5% 3 year average: -9.4% 2 year average: -11.4% 1 year average: -12.2%
Price Index Monthly change: -22.3%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 22 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Europe ex UK Index Discount to Published NAV
40% 35.07%
30%
20.74% 20%
14.84% 10%
0% -3.87%
-5.27% -10%
-8.78% -20% -30.6% -22.03%
-30%
-40% As-of January 2012, the historical NAVs and Discount to EUROPE ex UK NAVs are also being calculated using interpolated company NAV data. Previously, the imbalance between AVERAGE -50% reporting dates (annually, biannually or quarterly) and EUROPE ex UK (Interpolated)-50.99% share prices (monthly for this report) led to more volatile AVERAGE (Interpolated)
-60%
1989 1990 1991 1996 1997 1998 1999 2000 2001 2002 2003 2008 2009 2010 2011 2012 2013 2014 2015 2016 2020 1992 1993 1994 1995 2004 2005 2006 2007 2017 2018 2019
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 23 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Europe ex UK Stock prices vs. NAVs (Rebased EUR) 3500
3000
2851.57
2500
2000 1978.53
1500
1000
Rebased Europe ex UK Prices
500 Europe ex UK NAV
Europe ex UK NAV (interpolated)
0
1989 1990 1991 1994 1995 1999 2000 2004 2005 2006 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1992 1993 1996 1997 1998 2001 2002 2003 2007 2020
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 24 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Europe ex UK Index vs. UK Index Published NAVs
400.00
350.00 As-of January 2012, the historical NAVs and Discount to NAVs are also being calculated using interpolated company NAV data. Previously, the imbalance between reporting dates (annually, biannually or quarterly) and share prices (monthly for this report) led 316.32 300.00
250.00
200.00
150.00
100.00 Rebased UK NAVs 96.38 Rebased Europe ex UK NAVs 50.00 Rebased UK NAVs (Interpolated)
Rebased Europe ex UK NAVs (Interpolated)
0.00
1989 1990 1992 1994 1995 1996 1997 1998 2000 2002 2003 2004 2005 2006 2008 2010 2011 2012 2013 2017 2018 2019 2020 1991 1993 1999 2001 2007 2009 2014 2015 2016
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 25 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Europe ex UK / UK Rental vs. Non-Rental Index Discount to Published NAV 50%
25%
0%
-12.73%
-25% -30.08% -31.00%
-42.37%
-50% UK Rental UK Non-Rental Europe Rental ex UK Rental Europe Non-Rental ex UK Non-Rental
-75%
2014 2015 2017 2018 2019 2020 2005 2006 2007 2008 2009 2010 2011 2012 2013
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 26 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Europe ex UK / UK REIT vs. Non-REIT Index Discount to Published NAV 100%
80% UK REIT UK Non-REIT Europe ex UK REIT 60% Europe ex UK Non-REIT
40%
20%
0%
-19.11% -20% -30.49% -30.96%
-40% -45.21%
-60%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2017 2018 2019 2020
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 27 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit UK Index
UK
As of: March 31st, 2020
Premium / Discount: -30.5% Last month: -19.3%
Total NAV (million EUR): 81,630 Total MC (million EUR): 56,697
Number of constituents: 39 Trading at Premium: 5 31% of market cap Trading at Discount: 34 69% of market cap
Average since 1989: -16.4% 10 year average: -12.7% 5 year average: -15.3% 3 year average: -17.5% 2 year average: -17.4% 1 year average: -15.5%
Price Index Monthly change: -21.2%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 28 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit UK Index Discount to Published NAV
As-of January 2012, the historical NAVs and Discount to NAVs are 30% also being calculated using interpolated company NAV data. Previously, the imbalance between reporting dates (annually, biannually or quarterly) and share prices (monthly for this report) led 20% to more volatile NAV performance graphs.
10%
0%
-10%
-20%
-30% -30.5%
-40% UK
UK Average -50% UK (interpolated)
UK Average (interpolated)
-60%
1990 1991 1992 1993 1995 1996 1997 1999 2001 2002 2004 2006 2007 2008 2010 2011 2012 2013 2015 2017 2018 1989 1994 1998 2000 2003 2005 2009 2014 2016 2019 2020
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 29 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit UK Stock Prices vs. NAVs (Rebased GBP)
3,000
2,500
2,000
1,560.28
1,500
1,000 1,085.73
500 Rebased UK Prices
NAV
NAV (interpolated)
0
1989 1990 1991 1993 1994 1995 1996 2000 2001 2002 2003 2004 2005 2006 2007 2012 2013 2014 2016 2017 2018 2019 1992 1997 1998 1999 2008 2009 2010 2011 2015 2020
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 30 Monthly Published NAV Bulletin - March 2020
Quarterly Changes UK Prices and UK NAV
Q1 10 Q4 10 Q3 11 Q2 12 Q1 13 Q4 13 Q3 14 Q2 15 Q1 16 Q4 16 Q3 17 Q2 18 Q1 19 Q4 19 40%
30%
20%
10%
0%
-10%
-20%
UK NAV change -30% FTSE EPRA Nareit UK Price Index Change
Absolute Discount Change (positive means lower discount) -40%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 31 Monthly Published NAV Bulletin - March 2020
Landsec British Land
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 16 250% 22 190% 20 14 210% 18 140% 12 170% 16 10 130% 14 90% 12 8 90% 10 40% 8 6 50% 6 4 10% 4 -10% 2 -30% 2
0 -60% 0 -70%
1991 1993 1994 1996 1997 1999 2004 2005 2007 2008 2010 2012 2018 2020 1989 2001 2002 2013 2015 2016
1989 1993 1996 1999 2002 2005 2007 2008 2010 2012 2013 2015 2016 2018 2020 1991 1994 1997 2001 2004
Hammerson INTU Group
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 12 12 165% 305% 11 260% 10 130% 9 215% 95% 8 8 170% 60% 125% 6 6 80% 25% 5 4 35% -10% 3 -10% 2 -45% 2 -55%
0 -80% 0 -100%
1994 1996 2000 2002 2006 2010 2012 2016 2018 1992 1998 2004 2008 2014 2020
1989 1991 1997 1999 2001 2002 2004 2005 2007 2013 2015 2016 2018 2020 1993 1994 1996 2008 2010 2012
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 32 Monthly Published NAV Bulletin - March 2020
Derwent London Great Portland Estates PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 45 220% 10 150% 9 125% 40 180% 8 35 100% 140% 7 30 6 75% 25 100% 5 50% 20 60% 4 25% 15 3 20% 0% 10 2 -20% 5 1 -25%
0 -60% 0 -50%
1990 1992 1996 1998 2000 2004 2006 2008 2012 2014 2016 2020 1988 1994 2002 2010 2018
1989 1991 1993 1994 1997 2002 2005 2008 2010 2013 2016 2018 1996 1999 2001 2004 2007 2012 2015 2020
Shaftesbury Helical plc
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 11 120% 6 150% 10 100% 9 5 80% 100% 8 60% 4 7 50% 6 40% 3 5 20% 0% 4 0% 2 3 -20% 2 1 -50% 1 -40%
0 -60% 0 -100%
1990 1992 1994 2000 2002 2004 2010 2012 2014 2018 2020 1996 1998 2006 2008 2016
1992 1994 1998 2000 2004 2006 2010 2012 2016 2018 1990 1996 2002 2008 2014 2020
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 33 Monthly Published NAV Bulletin - March 2020
BMO Commercial Property Trust Big Yellow Group
PD IFRS NAV IFRS NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 2.0 60% 14 140% 12 1.6 40% 105% 10 70% 1.2 20% 8 35% 0.8 0% 6 0% 4 0.4 -20% 2 -35%
0.0 -40% 0 -70%
2005 2006 2008 2009 2011 2012 2014 2015 2017 2018 2020 2004 2005 2006 2008 2009 2010 2011 2013 2014 2015 2016 2018 2019 2020 2007 2010 2013 2016 2019 2007 2012 2017
UK Commercial Property REIT Workspace Group
PD IFRS NAV IFRS NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 1.2 60% 40 200%
1.0 45% 32 140%
0.8 30% 24 80% 0.6 15% 16 20% 0.4 0% 8 -40% 0.2 -15%
0.0 -30% 0 -100%
2002 2003 2004 2005 2006 2009 2010 2012 2013 2015 2016 2017 2018 2019 2020 2001 2007 2008 2011 2014
2006 2008 2011 2013 2014 2015 2016 2017 2018 2020 2007 2009 2010 2012 2019
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 34 Monthly Published NAV Bulletin - March 2020
Grainger SEGRO
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 8 180% 14 180% 7 140% 12 140% 6 100% 10 100% 5 60% 8 60% 4 20% 6 20% 3 2 -20% 4 -20% 1 -60% 2 -60%
0 -100% 0 -100%
2001 2002 2003 2004 2005 2007 2010 2011 2012 2013 2014 2016 2019 1990 1994 1998 2002 2006 2010 2014 2018 2000 2006 2008 2009 2015 2017 2018 2020 1992 1996 2000 2004 2008 2012 2016 2020
Capital & Counties Triple Point Social Housing REIT
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 5 120% 1.5 30%
4 80% 1.3 15%
3 40% 1.0 0% 2 0.8 -15% 0% 1
0.5 -30%
0 -40%
Jul-18 Jul-19 Jul-20
2010 2011 2012 2013 2016 2017 2018 2019 2014 2015 2020
Jan-20 Jan-19
Mar-19 Mar-20
Sep-18 Nov-18 Sep-19 Nov-19 Sep-20 Nov-20
May-19 May-20
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 35 Monthly Published NAV Bulletin - March 2020
Unite Group Primary Health Properties
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 14 200% 7 120% The graph reflects share price adjustment in accordance to 12 6 the distribution of 4 Primary Health Properties shares for 1 140% share as of 12 November 2015. 90% 10 5 8 80% 4 60%
6 20% 3 30% 4 2 -40% 0% 2 1
0 -100% 0 -30%
2000 2001 2002 2003 2008 2009 2010 2011 2012 2013 2014 2015 2019 2020 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2004 2005 2006 2007 2016 2017 2018 2004
LondonMetric Property Schroder REIT
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV IFRS NAV SP Average discount 2.6 1.6 80% 69% 2.3 1.4 60% 57% 2.0 1.2 40% 45% 1.7 1.0 20% 1.4 33% 0.8 0% 1.1 21% 0.6 -20% 0.8 9% 0.4 -40% 0.5 -3% 0.2 -60%
0.2 -15% 0.0 -80%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2004 2005 2006 2007 2017 2018 2019 2020
2010 2011 2012 2013 2015 2017 2018 2020 2014 2016 2019
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 36 Monthly Published NAV Bulletin - March 2020
Picton Property RDI REIT PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV IFRS NAV SP Average discount 2.7 1.4 100% 90% 75% 2.2 The graph reflects share price adjustment in accordance 1.2 with the 2 for 5 consolidation as of 11 February 2019. 60% 50% 1.0 1.7 25% 30% 0.8 0% 1.2 0% 0.6 -25% 0.7 -30% 0.4 -50% 0.2 -75% 0.2 -60%
0.0 -100%
2013 2014 2015 2016 2017 2019 2020 2018
The graph reflects share price adjustment as of 11 February 2019 where a 1 for 5 share consolidation took
2005 2009 2010 2011 2012 2013 2014 2018 2019 2020 2006 2007 2008 2015 2016 2017 place. Tritax Big Box REIT Target Healthcare REIT
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 1.8 15% 1.4 30%
1.6 8% 1.2 20%
1.4 0% 1.0 10%
1.2 -8% 0.8 0%
1.0 -15% 0.6 -10%
Jun-15 Jun-16 Jun-17 Jun-20 Jun-18 Jun-19
Dec-15 Dec-19 Dec-20 Dec-16 Dec-17 Dec-18
Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20
Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 37 Monthly Published NAV Bulletin - March 2020
BMO UK Real Estate Investments Standard Life Inv Prop Income Trust PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV IFRS NAV SP Average discount 1.8 60% 1.6 60%
1.4 30% 1.2 30%
1.0 0% 0.8 0%
0.6 -30% 0.4 -30%
0.2 -60% 0.0 -60%
2005 2006 2007 2009 2010 2011 2013 2014 2017 2018 2020 2004 2008 2012 2015 2016 2019
2007 2008 2009 2010 2011 2014 2015 2016 2017 2018 2004 2005 2006 2012 2013 2019 2020
Civitas Social Housing Safestore
PD IFRS NAV IFRS NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 1.2 40% 10 30% 100% 1.0 20% 8 10% 50% 6 0.8 0% 0% -10% 4 0.6 -20% -50% -30% 2 0.4 -40%
0 -100%
Apr-19 Oct-19 Oct-20 Oct-18 Apr-20
Jun-19 Jun-20
Feb-19 Feb-20
2011 2012 2013 2014 2015 2016 2017 2018 2019 2009 2010 2020
Aug-18 Dec-18 Aug-19 Dec-19 Aug-20 Dec-20
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 38 Monthly Published NAV Bulletin - March 2020
Assura Plc Impact Healthcare REIT
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV IFRS NAV SP Average discount 2.6 120% 16 20%
14 12% 2.0 80%
12 4% 1.4 40% 10 -4% 0.8 0% 8 -12%
0.2 -40% 6 -20%
2005 2007 2008 2010 2011 2013 2014 2016 2017 2019 2020 2006 2009 2012 2015 2018
Jul-20
Apr-19 Oct-20
Jun-19 Jan-20
Mar-20
Feb-19
Aug-19 Sep-19 Nov-19 Dec-18 Aug-20 Dec-20 May-20 Empiric Student Property Regional REIT
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 1.2 25% 1.4 30%
1.1 13% 1.3 15%
1.0 0% 1.1 0%
0.9 -13% 1.0 -15%
0.8 -30%
0.8 -25%
Jul-16 Jul-17 Jul-18 Jul-19 Jul-20
Oct-16 Oct-17 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-16 Apr-17 Apr-18
Jan-20 Jan-17 Jan-18 Jan-19
Jun-17 Jun-18 Jun-20 Jun-19
Dec-17 Dec-18 Dec-20 Dec-19 Dec-16 SP = Shareprice
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 39 Monthly Published NAV Bulletin - March 2020
Custodian REIT Phoenix Spree Deutschland
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 20% 5.0 50% 1.2 30% 1.2 10% 4.1 10% 1.1 0% 3.2 1.0 -10% -10% 2.3 1.0 -30%
0.9 -20% 1.4 -50%
Apr-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-17 Oct-20
Jun-17 Jun-20 Jun-18 Jun-19
Jun-17 Jun-19 Jun-20 Jun-18
Feb-17 Feb-19 Feb-18 Feb-20
Aug-17 Dec-17 Aug-18 Dec-18 Aug-20 Dec-20 Aug-19 Dec-19
Mar-18 Mar-20 Mar-19
Sep-17 Dec-17 Dec-18 Sep-19 Dec-19 Sep-20 Dec-20 Sep-18 NewRiver REIT GCP Student Living
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 2.0 4.0 34% 20% 1.9 3.6 1.8 23% 5% 1.7 3.2 12% -10% 1.6 1.5 2.8 -25% 1% 1.4
2.4 -40% 1.3 -10%
Jul-16 Jul-17 Jul-18 Jul-19 Jul-20
Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-20 Oct-19 Apr-20
Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Apr-20 Oct-20 Oct-19
Jun-17 Jun-18 Jun-19 Jun-20
Jan-17 Jan-18 Jan-19 Jan-20
Feb-17 Feb-18 Feb-19 Feb-20
Aug-17 Dec-17 Aug-18 Dec-18 Aug-20 Dec-20 Dec-16 Aug-19 Dec-19
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 40 Monthly Published NAV Bulletin - March 2020
LXi REIT Sirius Real Estate
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 2.0 20% 1.0 15% 0.9 25% 1.6 10% 0.8 5% 10% 1.2 0% 0.7 -5% -5% 0.7 0.8 -10% -20% 0.6 -15%
0.4 -20% 0.5 -35%
Apr-18 Apr-19 Apr-20 Oct-20 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-18 Oct-19 Oct-20
Jun-18 Jun-19 Jun-20 Jun-18 Jun-19 Jun-20
Feb-19 Feb-18 Feb-19 Feb-20 Feb-20
Aug-19 Aug-20 Aug-18 Aug-19 Dec-19 Aug-18 Dec-18 Dec-19 Dec-20 Dec-18 Aug-20 Dec-20 Tritax Erurobox
PD IFRS NAV IFRS NAV SP Average discount 1.7 1.6 25% 1.5 1.3 10% 1.2 -5% 1.1
1.0 -20% 0.8
0.7 -35%
Oct-19 Apr-20 Oct-20
Jun-20
Feb-20
Dec-19 Dec-20 Aug-20
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 41 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit France Index
France FRA
As of: March 31st, 2020
Premium / Discount: -44.1% Last month: -29.7%
Total NAV (million EUR): 46,779 Total MC (million EUR): 26,137
Number of constituents: 6 Trading at Premium: 0 0% of market cap Trading at Discount: 6 100% of market cap
Average since 1989: 10 year average: -7.4% 5 year average: -9.7% 3 year average: -16.1% 2 year average: -19.3% 1 year average: -20.3%
Price Index Monthly change: -31.2%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 43 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit France Index Discount to Published NAV
100% As-of January 2012, the historical NAVs and Discount to NAVs are also being calculated using interpolated company NAV data. Previously, the imbalance between reporting dates (annually, 80% biannually or quarterly) and share prices (monthly for this report) led to more volatile NAV performance graphs.
60%
France France Average since 2000 40% France (Interpolated) France Average since 2000 (Interpolated)
20%
0%
-10.12% -20% Property Values stated at
-40% Historic Costs -44.1%
-60%
1989 1990 1993 1994 1997 1998 1999 2001 2002 2003 2005 2007 2008 2009 2011 2012 2013 2015 2016 2017 2019 2020 1991 1992 1995 1996 2000 2004 2006 2010 2014 2018
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 44 Monthly Published NAV Bulletin - March 2020
Gecina Icade
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 225 100% 160 100% 40 180 50% 120 50%
135 0% 80 0% 90
-50% 40 -50% 45
0 -100%
0 -100%
2006 2007 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2020 2008 2019
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2017 2018 2019 2020 1998 1999 2000 2013 2014 2015 2016 Klépierre Covivio
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 60 100% 160 100%
45 50% 125 50%
30 0% 90 0%
15 -50% 55 -50%
0 -100% 20 -100%
1997 1999 2000 2002 2005 2007 2012 2014 2015 2020 1994 1995 2004 2009 2010 2017 2019
2005 2007 2008 2010 2011 2013 2014 2015 2016 2018 2019 2006 2009 2012 2017 2020
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 45 Monthly Published NAV Bulletin - March 2020
Mercialys Carmila
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 40 70% 32 60% 40 30 35% 27 30%
20 0% 22 0%
10 -35% 17 -30%
0 -70% 12 -60%
2006 2007 2008 2009 2010 2011 2013 2014 2016 2017 2019 2020 2012 2015 2018
Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20
Jun-20 Jun-18 Jun-19
Feb-18 Feb-19 Feb-20
Aug-17 Dec-17 Dec-18 Dec-19 Aug-20 Dec-20 Aug-18 Aug-19
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 46 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Netherlands Index
Netherlands NETH
As of: March 31st, 2020
Premium / Discount: -74.7% Last month: -56.8%
Total NAV (million EUR): 34,688 Total MC (million EUR): 8,771
Number of constituents: 5 Trading at Premium: 0 0% of market cap Trading at Discount: 5 100% of market cap
Average since 1989: -6.1% 10 year average: -6.5% 5 year average: -7.6% 3 year average: -23.8% 2 year average: -33.5% 1 year average: -42.9%
Price Index Monthly change: -51.0%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 47 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Netherlands Index Discount to Published NAV
As-of January 2012, the historical NAVs and Discount 60% to NAVs are also being calculated using interpolated company NAV data. Previously, the imbalance40 between reporting dates (annually, biannually or quarterly) and share prices (monthly for this report) 43.03% 40% led to more volatile NAV performance graphs. 29.49%
20%
0%
-20%
-40%
-48.30% -60%
Netherlands -74.7% -80% Netherlands Average Netherlands (Interpolated) Netherlands Average (Interpolated)
-100%
1992 1993 1996 1997 1998 2000 2001 2002 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1989 1990 1991 1994 1995 1999 2003 2020
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 48 Monthly Published NAV Bulletin - March 2020
Unibail-Rodamco-Westfield Wereldhave PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 300 60% 130 60%
225 30% 100 30%
150 0% 70 0%
40 -30% 75 -30%
10 -60%
0 -60%
1992 1994 2000 2002 2006 2008 2010 2014 2016 2018 1990 1996 1998 2004 2012 2020
1992 1996 2000 2002 2006 2010 2014 2016 2018 2020 1990 1994 1998 2004 2008 2012 Eurocommercial Properties NSI
PD SP IFRS NAV EPRA NAV Average discount PD IFRS NAV EPRA NAV SP Average discount 53 60% 60 70% The graph reflects share price adjustment in accordance to the 1 for 8 consolidation effective as of 20 June 2017. 48 41 30% 35%
36 29 0% 0% 24
17 -30% -35% 12
5 -60% 0 -70%
1990 1992 2000 2002 2004 2006 2008 2010 2018 2020 1994 1996 1998 2012 2014 2016
2000 2001 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2002 2003 2020
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 49 Monthly Published NAV Bulletin - March 2020
Vastned Retail
PD SP IFRS NAV EPRA NAV Average discount 80 70% 40 65 35%
50 0%
35 -35%
20 -70%
1990 1992 2000 2002 2004 2006 2008 2010 2018 2020 1994 1996 1998 2012 2014 2016
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 50 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Germany Index
Germany GER
As of: March 31st, 2020
Premium / Discount: -28.3% Last month: -20.6%
Total NAV (million EUR): 87,558 Total MC (million EUR): 62,783
Number of constituents: 11 Trading at Premium: 0 0% of market cap 0% Trading at Discount: 11 100% of market cap
Average since 1989: 10 year average: -10.2% 5 year average: -2.9% 3 year average: -8.5% 2 year average: -10.6% 1 year average: -14.8%
Price Index Monthly change: -13.8%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 51 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Germany Index Discount to Published NAV
100% 40
As-of January 2012, the historical NAVs and Discount to 80% NAVs are also being calculated using interpolated company NAV data. Previously, the imbalance between reporting dates (annually, biannually or quarterly) and share prices (monthly 60% for this report) led to more volatile NAV performance graphs.
40%
20% No Data 0% available -13.38% -14.73% -20%
-28.3% -40%
-60% Germany Germany Average -80% Germany (Interpolated) Germany Average (Interpolated)
-100%
1989 1990 1993 1994 1997 1998 1999 2001 2002 2003 2005 2007 2008 2009 2011 2012 2013 2015 2016 2017 2019 2020 1991 1992 1995 1996 2000 2004 2006 2010 2014 2018
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 52 Monthly Published NAV Bulletin - March 2020
Alstria Office REIT Deutsche Euroshop
PD IFRS NAV EPRA NAV SP Average discount PD IFRS Equity Adjusted NAV SP Average discount 20 50 60% 80% 18 40 16 40 30% 14 40% 12 10 0% 30 0% 8 6 20 -30% 4 -40% 2
0 -80% 10 -60%
2003 2004 2007 2008 2010 2011 2013 2014 2015 2017 2018 2020 2005 2006 2009 2012 2016 2019
2006 2008 2009 2011 2012 2013 2014 2016 2017 2018 2019 2007 2010 2015 2017 2020
Deutsche Wohnen Aroundtown
PD IFRS NAV EPRA NAV SP Average discount PD PS NAV EPRA NAV SP Average discount 50 100% 9.0 15%
8.5 10% 38 50% 8.0 5%
25 0% 7.5 0%
7.0 -5% 13 -50% 6.5 -10%
0 -100% 6.0 -15%
2007 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2002 2003 2004 2005 2006 2008
Apr-18 Apr-19 Oct-19 Apr-20 Oct-18 Oct-20
Jun-18 Jun-19 Jun-20
Feb-19 Feb-18 Feb-20
Aug-18 Dec-18 Dec-19 Aug-20 Dec-20 Aug-19
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 53 Monthly Published NAV Bulletin - March 2020
Grand City Properties LEG Immobilien
PD PS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 32 60% 120 60% 40 100 26 30% 30%
80 20 0% 0% 60
14 -30% -30% 40
8 -60% 20 -60%
2014 2015 2016 2018 2019 2020 2012 2013 2017
Apr-15 Apr-16 Apr-18 Apr-20 Apr-17 Apr-19
Dec-15 Dec-16 Aug-17 Dec-17 Dec-18 Aug-19 Dec-19 Aug-20 Dec-20 Dec-14 Aug-15 Aug-16 Aug-18 Hamborner REIT TAG Immobilien
PD PS NAV EPRA NAV SP Average discount PD IFRS NAV Derived PS NAV SP Average discount 12 30% 24 60%
10 15% 18 30%
8 0% 12 0%
6 -15% 6 -30%
4 -30% 0 -60%
2011 2012 2013 2015 2017 2018 2020 2014 2016 2019
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 54 Monthly Published NAV Bulletin - March 2020
Vonovia ADO Properties
PD EPRA NAV PS NAV SP Average discount PD IFRS Equity EPRA NAV SP Average discount 55 40% 70 65 40 60 45% 45 20% 55 50 25% 45 5% 35 0% 40 35 30 -15% 25 -20% 25 20 -35% 15
15 -40% 10 -55%
2013 2017 2018 2019 2020 2014 2015
Jul-17
Apr-16 Oct-18
Jun-15 Jun-20 Jan-20
Mar-19
Feb-17
Sep-16 Aug-19 Nov-15 Dec-17 Nov-20 May-18 TLG Immobilien
PD EPRA NAV IFRS NAV SP Average discount 32 40%
26 20%
20 0%
14 -20%
8 -40%
Apr-15 Apr-17 Apr-19 Apr-16 Apr-18 Apr-20
Aug-15 Dec-15 Aug-16 Dec-16 Aug-17 Dec-17 Aug-19 Dec-19 Dec-14 Aug-18 Dec-18 Aug-20 Dec-20
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 55 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Sweden Index
sweden SWED
As of: March 31st, 2020
Premium / Discount: -11.5% Last month: 2.7%
Total NAV (million EUR): 34,721 Total MC (million EUR): 30,637
Number of constituents: 14 Trading at Premium: 4 38% of market cap Trading at Discount: 10 62% of market cap 62%
Average since 1989: 10 year average: -1.5% 5 year average: -0.4% 3 year average: -3.7% 2 year average: -0.7% 1 year average: 6.3%
Price Index Monthly change: -25.4%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 55 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Sweden Index Discount to Published NAV
140% 40 As-of January 2012, the historical NAVs and Discount to NAVs are 120% also being calculated using interpolated company NAV data. Previously, the imbalance between reporting dates (annually, biannually or quarterly) and share prices (monthly for this report) led to more volatile NAV performance graphs. 100%
80%
60% No Data 40% available 20% 7.83% 0% 4.89%
-11.5%% -20% Sweden Sweden Average -40% Sweden (Interpolated) Sweden Average (Interpolated)
-60%
1989 1991 1992 1994 1997 1998 1999 2001 2003 2004 2006 2007 2008 2009 2010 2013 2015 2016 2017 2018 2019 2020 1990 1993 1995 1996 2000 2002 2005 2011 2012 2014
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 56 Monthly Published NAV Bulletin - March 2020
Hufvudstaden A Castellum
PD IFRS NAV NAV ps SP Average discount PD IFRS NAV EPRA NAV SP Average discount 200 160% 240 60% 40 210 40% 150 105% 180 150 20% 100 50% 120 0% 90 -20% 50 -5% 60 30 -40%
0 -60% 0 -60%
1995 1997 2001 2002 2004 2006 2011 2015 2016 2020 1999 2008 2009 2013 2018
1998 2000 2004 2006 2010 2012 2014 2016 2018 2020 2002 2008
Kungsleden Fabege
pd IFRS NAV EPRA NAV SP Average discount pd IFRS NAV EPRA NAV SP Average discount 120 80% 280 180% The graph reflects share price adjustment in accordance with the 2 for 1 60% split as of 26 April 2018. 90 40% 210 90% 20% 60 0% 140 0% -20% 30 -40% 70 -90% -60%
0 -80% 0 -180%
2000 2004 2008 2010 2012 2014 2016 2018 2020 2002 2006
1998 2000 2006 2008 2010 2012 2014 2018 2020 1996 2002 2004 2016
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 57 Monthly Published NAV Bulletin - March 2020
Wihlborgs Fastigheter Klovern AB
pd IFRS NAV EPRA NAV SP Average discount pd IFRS NAV EPRA NAV SP Average discount 280 100% 120 120% The graph reflects share price adjustment in accordance to the distribution of 10 The graph reflects share price adjustment in accordance 245 80% 40 Klovern B shares for 1 Klovern A share as of 4 December 2014. with the 2 for 1 split as of 23 May 2018. 210 60% 90 60% 175 40% 140 20% 60 105 0% 0% 70 -20% 30 35 -40%
0 -60% 0 -60%
2007 2008 2009 2010 2011 2014 2015 2016 2017 2018 2004 2005 2006 2012 2013 2019 2020
2004 2005 2006 2007 2008 2012 2013 2014 2015 2016 2019 2020 2009 2010 2011 2017 2018
Wallenstam AB Fastighets AB Balder
pd IFRS NAV EPRA NAV SP Average discount pd IFRS NAV NAV SP Average discount 160 60% 100% 465 405 130 30% 60% 345 285 100 0% 225 20% 165 70 -30% 105 -20% 45
40 -60% -15 -60%
2011 2012 2013 2014 2015 2016 2018 2019 2020 2017
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 58 Monthly Published NAV Bulletin - March 2020
Dios Fastigheter Samhällsbyggnadsbolaget (SBB) PD IFRS NAV EPRA NAV SP Average discount 100 pd PS NAV NAV SP Average discount 40% 240.0 150%
90 40 200.0 100% 20% 80 160.0 50%
70 0% 120.0 0%
60 80.0 -50% -20% 50 40.0 -100%
40 -40% 0.0 -150%
2014 2015 2016 2018 2019 2020 2013 2017
Pandox AB Nyfosa
pd IFRS NAV EPRA NAV SP Average discount 280 PD IFRS NAV EPRA NAV SP Average discount 60% 90 70% 85 58% 80 230 40% 46% 75 70 34% 180 20% 65 22% 60 10% 55 130 0% -2% 50 45 -14%
80 -20% 40 -26%
May… May…
Feb-… Feb-…
Nov-… Dec-… Nov-… Nov-… Dec-… Dec-…
Sep-… Aug-… Aug-… Sep-…
2015 2016 2017 2018 2019 2020
Jul-20 Jul-19
Oct-18 Apr-20 Apr-19 Oct-19 Oct-20
Jan-20 Jan-19 Jun-19 Jun-20
Mar-19 Mar-20
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 59 Monthly Published NAV Bulletin - March 2020
Atrium Ljungberg AB Catena
PD IFRS NAV NAV PS SP Average discount PD IFRS NAV EPRA NAV SP Average discount 34% 450 120% 68 40 400 100% 64 22% 80% 350 60 60% 10% 300 56 40% 20% 52 -2% 250 0% 48 200 -14% -20% 44 150 -40%
40 -26% 100 -60%
Apr-20 Oct-20 Oct-19
Apr-18 Oct-18 Oct-20 Oct-17 Apr-19 Oct-19 Apr-20
Jun-20
Jun-19 Jun-18 Jun-20
Feb-20
Feb-18 Feb-19 Feb-20
Dec-19 Aug-20 Dec-20 Aug-19
Aug-17 Dec-17 Aug-19 Dec-19 Aug-18 Dec-18 Aug-20 Dec-20
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com39 E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 60 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Belgium Index
Belgium BELG
As of: March 31st, 2020
Premium / Discount: 25.2% Last month: 32.4%
Total NAV (million EUR): 12,480 Total MC (million EUR): 15,627
Number of constituents: 11 Trading at Premium: 6 81% of market cap Trading at Discount: 5 19% of market cap
Average since 1989: 10 year average: 14.1% 5 year average: 25.7% 3 year average: 27.9% 2 year average: 29.8% 1 year average: 35.9%
Price Index Monthly change: -11.5%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 61 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Belgium Index Discount to Published NAV
60% As-of January 2012, the historical NAVs and Discount to NAVs40 are also being calculated using interpolated company NAV data. 50% Previously, the imbalance between reporting dates (annually, biannually or quarterly) and share prices (monthly for this report) led to more volatile NAV performance graphs. 40%
30%
20% 25.2%
10% 2.74% 0%
-10% No No Data available -20% Belgium
Belgium Average -30% Belgium (Interpolated)
-40% Belgium Average (Interpolated)
-50%
1990 1992 1993 1994 1996 1997 1998 2000 2001 2002 2004 2005 2006 2008 2010 2012 2014 2016 2018 2020 1991 1995 1999 2003 2007 2009 2011 2013 2015 2017 2019
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 62 Monthly Published NAV Bulletin - March 2020
Cofinimmo Befimmo
PD IFRS NAV EPRA NAV SP Average discount 200 PD IFRS NAV Fair Value NAV SP Average discount 100 75% 70%
160 80 55% 50%
120 30% 60 35%
80 10% 40 15%
40 -10% 20 -5%
0 -30% 0 -25%
1998 2002 2004 2008 2010 2016 2018 2020 2000 2006 2012 2014
1996 1998 2002 2006 2012 2016 2020 2000 2004 2008 2010 2014 2018
Intervest Offices Wereldhave Belgium
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV IFRS NAV SP Average discount 35 100% 140 100%
30 80% 120 80%
25 60% 100 60%
20 40% 80 40%
15 20% 60 20%
10 0% 40 0%
5 -20% 20 -20%
0 -40% 0 -40%
2005 2006 2007 2009 2010 2012 2013 2014 2016 2017 2019 2020 2008 2011 2015 2018
2004 2007 2008 2009 2010 2011 2014 2015 2016 2017 2018 2005 2006 2012 2013 2019 2020
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 63 Monthly Published NAV Bulletin - March 2020
WDP Leasinvest
180 PD IFRS NAV EPRA NAV SP Average discount 280% 150 PD IFRS NAV Fair value NAV SP Average discount 80% 40 150 220% 120 50% 120 160% 90 90 20% 100% 60 60 -10% 30 40% 30
0 -20% 0 -40%
2006 2008 2009 2011 2012 2014 2015 2017 2018 2020 2005 2007 2010 2013 2016 2019
2020 2004 2006 2008 2010 2012 2014 2016 2018
Aedifica Retail Estates
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV IFRS NAV SP Average discount 120 155% 100 70% 100 120% 75 50% 80 85% 60 50 30% 50% 40 25 10% 20 15%
0 -20% 0 -10%
18 19 20
18 19 20
Sep- Dec- Sep- Dec- Dec- Sep-
2015 2016 2017 2019 2020 2013 2014 2018
Jun-18 Jun-19 Jun-20
Mar-18 Mar-19 Mar-20
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 64 Monthly Published NAV Bulletin - March 2020
Xior Student Housing Montea PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 60 140% 90 180% 160% 120% 80 50 70 140% 100% 120% 40 60 80% 100% 50 80% 30 60% 40 60% 40% 20 30 40% 20% 20 20% 10 0% 10 0%
0 -20% 0 -20%
Jul-19 Jul-20
Oct-18 Apr-19 Apr-20 Oct-20 Oct-19
Jan-19 Jan-20
Jun-19 Jun-20
Mar-20 Mar-19
Sep-18 Dec-18 Sep-20 Sep-19 Dec-19 Dec-20 Ascencio REIT
PD IFRS NAV EPRA NAV SP Average discount 80 10% 75 7% 70 4% 65 60 1% 55 -2% 50 -5% 45
40 -8%
Jun-19 Jun-20
Mar-19 Mar-20
Dec-18 Sep-19 Dec-19 Sep-20 Dec-20
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 65 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Switzerland Index
Switzerland SWIT
As of: March 31st, 2020
Premium / Discount: 12.0% Last month: 27.8%
Total NAV (million EUR): 15,231 Total MC (million EUR): 17,057
Number of constituents: 5 Trading at Premium: 4 90% of market cap Trading at Discount: 1 10% of market cap
Average since 1989: 10 year average: 1.8% 5 year average: 6.3% 3 year average: 10.6% NAV per share is used instead of EPRA NAV per 2 year average: 12.3% share in case of PSP Swiss Property due to more 1 year average: 19.7% frequent reporting of the former.
Price Index Monthly change: -15.4%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 66 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Switzerland Index Discount to Published NAV
120% 40 As-of January 2012, the historical NAVs and Discount to NAVs are 100% also being calculated using interpolated company NAV data. Previously, the imbalance between reporting dates (annually, biannually or quarterly) and share prices (monthly for this report) led 80%
60%
40%
20%
-2.66% 12.0% 0%
-20%
No No Data available Switzerland -40% Switzerland Average Switzerland (Interpolated) -60% Switzerland Average (Interpolated)
-80%
-100%
1989 1991 1992 1993 1995 1996 1997 1999 2000 2001 2002 2003 2004 2006 2007 2008 2010 2012 2013 2014 2017 2018 1990 1994 1998 2005 2009 2011 2015 2016 2019 2020
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 67 Monthly Published NAV Bulletin - March 2020
PSP Swiss Property Swiss Prime Site
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV NAV ps SP Average discount 140 110% 140.0 150% 120 40 80% 105.0 100% 100 80 50% 70.0 50% 60 20% 40 35.0 0% -10% 20
0 -40% 0.0 -50%
2002 2004 2008 2010 2012 2014 2016 2018 2000 2006 2020
2000 2006 2008 2014 2016 2018 2020 2002 2004 2010 2012
Allreal Holding Mobimo Holding
PD IFRS NAV NAV SP Average discount PD IFRS NAV Derived NAV SP Average discount 200.0 90% 300.0 75%
150.0 60% 250.0 50%
100.0 30% 200.0 25%
50.0 0% 150.0 0%
0.0 -30% 100.0 -25%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
2000 2002 2004 2006 2012 2014 2020 2008 2010 2016 2018
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 68 Monthly Published NAV Bulletin - March 2020
HIAG Immobilien
PD IFRS NAV EPRA NAV SP Average discount 160.0 45% 40 120.0 30%
80.0 15%
40.0 0%
0.0 -15%
19 20
May- May-
Feb-19 Feb-20
Aug-18 Nov-18 Aug-19 Nov-20 Nov-19 Aug-20
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 69 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Austria Index
austria oest
As of: March 31st, 2020
Premium / Discount: -20.0% Last month: -11.8%
Total NAV (million EUR): 3,569 Total MC (million EUR): 2,856
Number of constituents: 1 Trading at Premium: 0 0% of market cap Trading at Discount: 1 100% of market cap
Average since 1989: 10 year average: -25.8% 5 year average: -10.2% 3 year average: -5.8% 2 year average: -5.8% 1 year average: -7.2%
Price Index Monthly change: -17.0%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 70 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Austria Index Discount to Published NAV
40% 40 As-of January 2012, the historical NAVs and Discount to NAVs are also being calculated using interpolated company NAV data. Previously, the imbalance between reporting dates (annually, 20% biannually or quarterly) and share prices (monthly for this report) led to more volatile NAV performance graphs.
0%
-20% -25.7% -20.0% No Index constituents
-40%
-60% No data available
Austria -80% Austria Average Austria (Interpolated) Austria Average (Interpolated)
-100%
1989 1991 1992 1994 1997 1998 1999 2001 2003 2004 2006 2007 2008 2009 2010 2013 2015 2016 2017 2018 2019 2020 1990 1993 1995 1996 2000 2002 2005 2011 2012 2014
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 71 Monthly Published NAV Bulletin - March 2020
CA Immo
PD IFRS NAV EPRA NNNAV SP Average discount 40.0 100% 40 30.0 50%
20.0 0%
10.0 -50%
0.0 -100%
2006 2007 2008 2009 2010 2011 2012 2013 2018 2019 2020 2005 2014 2015 2016 2017
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 72 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Finland Index
Finland FIN
As of: March 31st, 2020
Premium / Discount: -12.3% Last month: -5.3%
Total NAV (million EUR): 6,014 Total MC (million EUR): 5,272
Number of constituents: 2 Trading at Premium: 1 81% of market cap Trading at Discount: 1 19% of market cap
Average since 1989: 10 year average: -21.8% 5 year average: -19.2% 3 year average: -16.9% 2 year average: -15.2% 1 year average: -5.6%
Price Index Monthly change: -9.7%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 73 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Finland Index Discount to Published NAV
40% As-of January 2012, the historical NAVs and Discount to NAVs40 are also being calculated using interpolated company NAV data. Previously, the imbalance between reporting dates (annually, biannually or quarterly) and share prices (monthly for this report) 20%
0%
-12.3% -20% -24.0%
-24.84%
-40%
No No Data available No No Index constituents
Finland -60% Finland Average Finland (Interpolated) Finland Average (Interpolated)
-80%
1989 1990 1993 1994 1997 1998 1999 2001 2002 2003 2005 2007 2008 2009 2011 2012 2013 2015 2016 2017 2019 2020 1991 1992 1995 1996 2000 2004 2006 2010 2014 2018
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 74 Monthly Published NAV Bulletin - March 2020
Kojamo Citycon PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 17.5 50% 15.0 100% 13.5 16.0 The graph reflects share price 40 12.0 25% adjustment in accordance with the 1 for 5 50% 14.5 10.5 consolidation as of 18 March 2019. 9.0 13.0 7.5 0% 0% 11.5 6.0 4.5 10.0 -50% -25% 3.0 8.5 1.5
0.0 -100% 7.0 -50%
1997 1998 2002 2003 2005 2007 2008 2010 2012 2013 2015 2017 2020 2000 2018
Jun-19 Jun-20 Jun-18
Mar-19 Mar-20
Dec-20 Dec-18 Dec-19
Sep-19 Sep-20 Sep-18
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 75 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Norway Index
Norway NOR
As of: March 31st, 2020
Premium / Discount: -17.9% Last month: -8.3%
Total NAV (million EUR): 2,394 Total MC (million EUR): 1,966
Number of constituents: 1 Trading at Premium: 0 0% of market cap Trading at Discount: 1 100% of market cap
Average since 1989: 10 year average: -16.3% 5 year average: -14.0% 3 year average: -12.7% 2 year average: -12.2% 1 year average: -8.3%
Price Index Monthly change: -23.8%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 76 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Norway Index Discount to Published NAV
150% As-of January 201240, the historical NAVs and Discount to NAVs are also being calculated using interpolated company NAV data. Previously, the imbalance between reporting dates (annually, biannually or quarterly) and share prices (monthly for this report) led to more volatile NAV performance graphs.
100% Norway Norway Average Norway (Interpolated) Norway Average (Interpolated) 50% No Data available 7.76%
0%
No Data available Data No -17.9% No No Index constituents -50%
-100%
1991 1992 1993 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2012 2013 2014 2016 2017 2018 2020 1990 1994 2011 2015 2019
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 77 Monthly Published NAV Bulletin - March 2020
Entra ASA
PD IFRS NAV EPRA NAV p.s. SP Average discount 160 90% 40 120 60%
80 30%
40 0%
0 -30%
14 17 19 20 15 16 18
Dec- Dec- Dec- Dec- Dec- Dec- Dec-
Jun-17 Jun-19 Jun-20 Jun-15 Jun-16 Jun-18
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 78 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Italy Index
Italy ITA
As of: March 31st, 2020
Premium / Discount: -66.9% Last month: -60.0%
Total NAV (million EUR): 1,251 Total MC (million EUR): 414
Number of constituents: 1 Trading at Premium: 0 0% of market cap Trading at Discount: 1 100% of market cap
Average since 1989: 10 year average: -41.2% 5 year average: -33.3% 3 year average: -34.6% 2 year average: -40.1% 1 year average: -49.9%
Price Index Monthly change: -31.1%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 79 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Italy Index Discount to Published NAV
40% 40 As-of January 2012, the historical NAVs and Discount to NAVs are also being calculated using interpolated company NAV data. Previously, the imbalance 20% between reporting dates (annually, biannually or quarterly) and share prices (monthly for this report) led to more volatile NAV performance graphs.
0%
-20% No Data available -31.08%
-40%
-60% Italy -66.9% Italy Average -80% Italy (Interpolated)
Italy Average (Interpolated)
-100%
1989 1991 1992 1994 1997 1998 1999 2001 2003 2004 2006 2007 2008 2009 2010 2013 2015 2016 2017 2018 2019 2020 1990 1993 1995 1996 2000 2002 2005 2011 2012 2014
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 80 Monthly Published NAV Bulletin - March 2020
Immobiliare Grande Distribuzione
PD IFRS NAV NAV ps SP Average discount 16.0 120% 40 The graph reflects share price adjustment in 12.0 accordance with the 1 for 10 consolidation as of 60% 19 February 2018.
8.0 0%
4.0 -60%
0.0 -120%
2005 2007 2008 2010 2013 2014 2017 2019 2020 2011 2016
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 81 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Spain Index
Spain SP
As of: March 31st, 2020
Premium / Discount: -43.6% Last month: -22.6%
Total NAV (million EUR): 14,031 Total MC (million EUR): 7,914
Number of constituents: 3 Trading at Premium: 0 0% of market cap Trading at Discount: 3 100% of market cap
Average since 1989: 10 year average: 0.0% Available as from February 2024 5 year average: -7.0% 3 year average: -11.9% 2 year average: -14.7% 1 year average: -15.8%
Price Index Monthly change: -33.4%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 82 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Spain Index Discount to Published NAV
400% 40 As-of January 2012, the historical NAVs and Discount to NAVs are also being calculated using interpolated company NAV data. 350% Previously, the imbalance between reporting dates (annually, biannually or quarterly) and share prices (monthly for this report) led
300%
250%
200%
150%
100%
Index Constiuents Index Index Constiuents Index
50%
No
No
f f
0% NoIndex constituents
-50% Spain -43.6% Spain Average -100% Spain (Interpolated) Spain Average (Interpolated)
-150%
1990 1991 1992 1997 1998 1999 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1993 1994 1995 1996 2001 2002 2003 2004
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 83 Monthly Published NAV Bulletin - March 2020
Inmobiliaria Colonial Merlin Properties
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 70.0 100% 18.0 90% 40 52.5 50% 14.5 60%
35.0 0% 11.0 30%
17.5 -50% 7.5 0%
0.0 -100% 4.0 -30%
2002 2012 2016 2020 2000 2004 2006 2008 2010 2014 2018
Jun-20 Jun-16 Jun-17 Jun-18 Jun-19
Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Lar Espana Real Estate
PD IFRS NAV EPRA NAV SP Average discount 16.0 100% 12.0 60%
8.0 20%
4.0 -20%
0.0 -60%
Apr-16 Apr-18 Apr-20 Apr-17 Apr-19
Dec-15 Aug-16 Dec-16 Aug-17 Aug-18 Dec-18 Aug-19 Aug-20 Dec-20 Dec-17 Dec-19
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 84 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Ireland Index
Ireland IRE
As of: March 31st, 2020
Premium / Discount: -32.0% Last month: -30.1%
Total NAV (million EUR): 2,003 Total MC (million EUR): 1,362
Number of constituents: 2 Trading at Premium: 0 0% of market cap Trading at Discount: 2 100% of market cap
Average since 1989: 10 year average: 0.0% Available as from February 2025 5 year average: -5.7% Available as from February 2020 3 year average: -9.7% 2 year average: -12.1% 1 year average: -10.3%
Price Index Monthly change: -13.0%
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 86 Monthly Published NAV Bulletin - March 2020
FTSE EPRA Nareit Ireland Index Discount to Published NAV
75% 40 Ireland As-of January 2012, the historical NAVs and Ireland Average Discount to NAVs are also being calculated using Ireland (Interpolated) interpolated company NAV data. Previously, the imbalance between reporting dates (annually, Ireland Average (Interpolated) 50% biannually or quarterly) and share prices (monthly for this report) led to more volatile NAV performance
25%
0%
-29.12%
-25%
No Index constituents Index No Index Constiuents Index
-32.0% No
-50%
-75%
1989 1991 1993 1995 1996 1997 1999 2000 2001 2003 2004 2005 2007 2008 2009 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1990 1992 1994 1998 2002 2006 2010
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 87 Monthly Published NAV Bulletin - March 2020
Irish Residential Properties REIT Hibernia REIT
PD IFRS NAV EPRA NAV SP Average discount PD IFRS NAV EPRA NAV SP Average discount 2.0 60% 2.0 45% 40 1.6 30% 1.5 40%
1.2 15% 1.0 20% 0.8 0% 0.5 0% 0.4 -15%
0.0 -20% 0.0 -30%
Apr-16 Apr-17 Apr-18 Apr-19 Apr-20
Apr-18 Apr-20 Apr-16
Aug-16 Dec-16 Aug-17 Dec-18 Aug-19 Dec-19 Aug-20 Dec-20 Dec-15 Dec-17 Aug-18
Aug-15 Dec-16 Aug-17 Dec-20 Dec-18 Aug-19
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 88 Monthly Published NAV Bulletin - March 2020 End-of-year Index Constituents and NAV availability
Index constituent, data available Index constituent, no data available
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD 2019 Company Page Country 2018 BUWOG Austria 1 1 1 1 CA Immo 72 Austria 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Conwert Immobilien Austria 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 Immoeast Austria 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 Immofinanz Austria 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Sparkassen Immo Invest Austria 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 Sparkassen Immobilien Austria 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 Aedifica 64 Belgium 0 0 1 1 1 1 1 1 1 Befimmo 63 Belgium 0 0 0 0 0 0 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Bern Comofi Belgium 0 0 2 0 0 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cofinimmo 63 Belgium 0 0 0 2 2 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Immobel Belgium 2 2 2 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Intervest Offices 63 Belgium 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Leasinvest 64 Belgium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 WDP 64 Belgium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Wereldhave Belgium 63 Belgium 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ES Norden Denmark 0 0 0 0 0 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Keops Denmark 0 0 0 0 2 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Nordicom Denmark 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 Sjaelso Gruppen Denmark 0 0 0 0 0 0 0 0 0 0 2 1 2 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 TK Development Denmark 0 0 0 2 2 1 1 1 1 1 1 1 1 1 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 Citycon 75 Finland 0 0 0 0 2 2 2 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Sponda Finland 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Technopolis Finland 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 Acanthe Développement France 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 ANF Immobilien France 1 1 1 1 1 1 0 0 Affine France 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 0 0 0 Fidei France 0 0 0 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 89 Monthly Published NAV Bulletin - March 2020 End-of-year Index Constituents and NAV availability
Index constituent, data available Index constituent, no data available
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2020YTD Company Page Country 2019 Covivio 45 France 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Fonciere Lyonnaise France 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Gecina 45 France 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Icade 45 France 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Klépierre 45 France 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Locafinanciere France 0 0 0 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mercialys 46 France 0 0 0 2 2 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Sefimeg France 2 2 2 0 0 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Silic France 0 0 0 2 2 0 0 0 1 1 1 0 0 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 Simco France 0 0 0 0 0 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Société de la Tour Eiffel France 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 0 0 0 0 0 0 Sogeparc France 0 0 0 0 0 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sophia France 0 0 0 2 2 0 2 2 2 2 2 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Unibail-Rodamco France 2 2 2 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 Union Immobiliere de France France 0 0 0 1 1 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Alstria Office REIT 53 Germany 0 0 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Bau-Verein Zu Hamburg Germany 2 2 2 0 0 2 2 2 2 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CBB Holding Germany 2 2 2 2 2 2 2 2 2 2 2 0 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Colonia Real Estate Germany 0 0 0 2 2 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 Vonovia Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 Deutsche Euroshop 53 Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Deutsche Wohnen 53 Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Deutsche Wohnen non ranking Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2 0 0 0 0 0 DIC Asset Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Gagfah Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 GSW Immobilien Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 Hamborner REIT 54 Germany 2 2 2 2 2 2 2 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 IVG Immobilien Germany 0 0 0 0 0 0 2 2 1 1 1 1 1 1 1 1 1 1 1 0 0 0 1 1 0 0 0 0 0 0 0
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 90 Monthly Published NAV Bulletin - March 2020 End-of-year Index Constituents and NAV availability
Index constituent, data available Index constituent, no data available
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2020YTD Company Page Country 2019 LEG Immobilien 54 Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 Patrizia Immobilien Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 DO Deutsche Office Germany 1 1 1 1 1 0 0 0 0 0 RSE Grundbesitz U-Beteiligung Germany 0 0 0 0 0 0 0 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TAG Immobilien 54 Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 TLG Immobilien 55 Germany 1 1 1 1 1 1 1 Vivacon Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 Adler Real Estate Germany 0 0 1 1 1 1 Grand City Properties 54 Germany 1 1 1 1 1 1 Babis Vovos International Greece 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 Grivalia Properties REIC Greece 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 0 0 0 0 Lamda Development Greece 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 Dunloe Ewart Ireland 2 2 2 0 0 2 2 2 2 2 2 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Green Property Ireland 2 2 2 2 2 2 2 2 2 2 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Green REIT Ireland 2 2 1 1 1 1 0 0 Aedes Italy 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Beni Stabili Italy 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 Gifim Italy 0 0 0 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Immobiliare Grande Distribuzione 81 Italy 0 0 0 2 2 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Immobiliare Metanopoli Italy 2 2 2 0 0 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 IPI Italy 0 0 0 0 0 0 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Jolly Hotels Italy 2 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Pirelli & Co. Real Estate Italy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Premafin Italy 0 0 0 0 0 0 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Risanamento Italy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 Unione Immobiliare Italy 0 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 AM N.V. Netherlands 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Corio Netherlands 1 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 91 Monthly Published NAV Bulletin - March 2020 End-of-year Index Constituents and NAV availability
Index constituent, data available Index constituent, no data available
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2020YTD Company Page Country 2019 Eurocommercial Properties 49 Netherlands 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Haslemere Netherlands 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NSI 49 Netherlands 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ProLogis European Properties Netherlands 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 Rodamco Netherlands 0 0 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Rodamco Europe Netherlands 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 Rodamco Retail Nederland Netherlands 0 0 0 0 0 0 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Unibail - Rodamco - Westfield 49 Netherlands 0 0 1 1 1 1 1 1 1 1 Uni-Invest Netherlands 2 2 2 2 2 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Vastned Offices/Industrial Netherlands 1 1 1 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 Vastned Retail 50 Netherlands 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Wereldhave 49 Netherlands 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Avantor Norway 2 2 2 1 1 2 2 2 2 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Choice Hotels Norway 0 0 0 2 2 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Norgani Hotels Norway 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 Norwegian Property Norway 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 Olav Thon Norway 2 2 2 0 0 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Steen & Strom Norway 0 0 0 2 2 0 2 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Entra ASA 78 Norway 0 0 1 1 1 1 1 1 1 Globe Trade Centre Poland 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 Mundicenter Portugal 2 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sonae Imobilaria Portugal 0 0 0 0 0 0 0 0 0 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Inmobiliaria Colonial 84 Spain 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 Merlin Properties 84 Spain 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 Metrovacesa Spain 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Renta Corp Real Estate Spain 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 Testa Inmuebles En Renta (Prima Inmobiliara) Spain 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Vallehermoso Spain 2 2 2 2 1 1 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 92 Monthly Published NAV Bulletin - March 2020 End-of-year Index Constituents and NAV availability
Index constituent, data available Index constituent, no data available
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2020YTD Company Page Country 2019 Asticus Sweden 0 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Bostads AB Drott Sweden 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Castellum 57 Sweden 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Custos Sweden 2 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Diligentia Sweden 0 0 0 0 0 0 0 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Dios Anders Sweden 0 0 0 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Dios Fastigheter 59 Sweden 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 Fabege Sweden 0 0 2 0 0 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fabege (ex Drott March 2004) Sweden 0 0 0 2 2 0 0 0 0 0 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fabege 57 Sweden 0 0 0 0 0 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Fastighets AB Balder 58 Sweden 0 0 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 Hemfosa Sweden 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 Hufvudstaden A 57 Sweden 2 2 2 0 0 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 JM Sweden 0 0 0 2 2 2 2 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Klövern AB 58 Sweden 0 0 0 2 2 2 2 2 2 2 2 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Kungsleden 57 Sweden 0 0 0 0 2 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Lundbergs B Sweden 2 2 2 0 0 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mandamus Fastigheter Sweden 0 0 0 2 2 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Nackebro Sweden 0 0 0 0 0 0 0 0 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Norrporten Sweden 0 0 0 0 0 0 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Pandox Sweden 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Piren Sweden 2 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Platzer Sweden 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Prifast Sweden 0 0 0 0 0 0 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Storheden Fastighets Sweden 0 0 0 0 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tornet Fastighets Sweden 0 0 0 0 0 0 0 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Wallenstam 58 Sweden 1 1 1 1 1 1 1 1 1 1 Wihlborgs Fastigheter 58 Sweden 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 93 Monthly Published NAV Bulletin - March 2020 End-of-year Index Constituents and NAV availability
Index constituent, data available Index constituent, no data available
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2020YTD Company Page Country 2019 Allreal Holdings 68 Switzerland 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Intershop B Switzerland 2 2 2 2 2 2 2 2 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Jelmoli Real Estate Switzerland 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Maag B Switzerland 2 2 2 2 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mobimo Holding 68 Switzerland 1 1 1 1 1 1 1 1 1 1 PSP Swiss Property 68 Switzerland 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 REG Real Estate Group Switzerland 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Swiss Prime Site 68 Switzerland 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Züblin Immobilien Holding Switzerland 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Asda Property Holdings UK 1 1 1 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Ashtenne Holdings UK 0 0 0 1 1 0 0 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Assura Plc 39 UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 1 1 1 1 1 Benchmark Group UK 1 1 1 0 0 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Big Yellow Group 34 UK 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 BPT UK 1 1 1 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 British Land Corp. 32 UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Brixton UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Burford Holdings UK 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Canary Wharf Group UK 0 0 0 1 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capital & Counties Properties 35 UK 0 0 1 1 1 1 1 1 1 1 1 1 1 Capital & Regional Property UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 1 1 1 1 1 Capital Shopping Centers UK 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Chelsfield UK 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CLS Holdings UK 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Compco Holdings UK 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Daejan Holdings UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Delancey Estates UK 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Dencora UK 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 94 Monthly Published NAV Bulletin - March 2020 End-of-year Index Constituents and NAV availability
Index constituent, data available Index constituent, no data available
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2020YTD Company Page Country 2019 Derwent London Holdings 33 UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 U and I Group UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 Eskmuir UK 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 BMO Commercial property trust 34 UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Freeport UK 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 Frogmore Estates UK 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Grainger Trust 35 UK 0 0 0 1 1 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Grantchester Holdings UK 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Great Portland Estates 33 UK 1 1 1 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Hammerson 32 UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 INTU Properties 32 UK 0 0 0 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Hansteen Holdings UK 0 1 1 1 1 1 1 1 1 1 0 Helical Bar 33 UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Picton Property 37 UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Schroder Real Estate Inv Trust 36 UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Invesco UK Property Income Trust UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 BMO UK Real Estate Investments 38 UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ISIS Property Trust UK 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 James Smith Estates UK 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Jermyn Investment Properties UK 0 0 0 1 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Landsec 32 UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 London Merchant Securities UK 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 London Merchant Securities Dfd UK 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 LondonMetric Property 36 UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Mapeley UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Marylebone Warwick Balfour Group UK 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 McKay Securities UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 Medicx Fund UK 0 0 1 1 1 1 1 1 0 0
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 95 Monthly Published NAV Bulletin - March 2020 End-of-year Index Constituents and NAV availability
1 Index constituent, data available 2 Index constituent, no data available
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2020YTD Company Page Country 2019 MEPC UK 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Minerva UK 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 Moorfield Group UK 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mucklow (A.& J.) Group UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 0 0 NHP UK 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Pillar Property UK 0 0 0 0 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Plaza Centers NV UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 Primary Health Properties 36 UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Quintain Estates & Development UK 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Raglan Properties UK 1 1 1 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RDI REIT 37 UK 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 Safestore 38 UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Saville Gordon Estates UK 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Scottish Met UK 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Shaftesbury 33 UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 SEGRO 35 UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 St.Modwen Properties UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 Standard Life Inv Prop Inc Trust 38 UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Advantage Property Income Trust UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 Tops Estates UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Town Centre Securities UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 UK Balanced Property Trust UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 UK Commercial Property REIT 34 UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Unite Group 36 UK 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Warner Estate Holdings UK 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 Wates City of London UK 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Westbury Property Fund UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 Workspace Group 34 UK 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Tritax Big Box REIT 37 UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 96 Monthly Published NAV Bulletin - March 2020 End-of-year Index Constituents and NAV availability
Index constituent, data available Index constituent, no data available
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2020YTD Company Page Country 2019 Lar Espana Real Estate 84 Spain 0 0 0 0 1 1 1 1 1 1 Hispania Activos Inmobiliarios Spain 0 0 0 0 1 1 1 Target Healthcare REIT 37 UK 0 0 0 0 1 1 1 1 1 1 Pandox AB 59 Sweden 1 1 1 1 1 1 Ado Properties SA 53 Germany 1 1 1 1 1 1 Hibernia REIT 88 Ireland 1 1 1 1 1 1 Irish Residential Properties 88 Ireland 1 1 1 1 1 Hembla Sweden 1 1 1 0 0 Axiare Patrimonio Spain 1 1 Kennedy Wilson Europe UK 1 0 0 0 0 Empiric Student Property 39 UK 1 1 1 1 1 Regional REIT 39 UK 1 1 1 1 1 WCM Beteiligungs Germany 1 Capital & Regional UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 NewRiver REIT 40 UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 Retail Estates 64 Belgium 0 0 1 1 1 1 Custodian REIT 39 UK 1 1 1 1 GCP Student Living 40 UK 1 1 1 1 Phoenix Spree Deutschland 40 UK 1 1 1 1 Carmila 46 France 1 1 1 1 Xior Student Housing 65 Belgium 1 1 1 1 Catena 59 Sweden 1 1 1 1 Sirius Real Estate 41 UK 1 1 1 Aroundtown 53 Germany 1 1 1 LXi REIT 41 UK 1 1 1 Triple Point Social Housing 33 UK 1 1 1 Victoria Park AB Sweden 1 Kojamo 75 Finland 1 1 1 Civitas Social Housing 38 UK 1 1 1 23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 97 Monthly Published NAV Bulletin - March 2020 End-of-year Index Constituents and NAV availability
Index constituent, data available Index constituent, no data available
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Company Page Country 2020YTD Montea 65 Belgium 0 0 0 0 1 1 1 HIAG Immobilien 69 Switzerland 0 0 0 0 1 1 1 Shurgard Self Storage Belgium 0 0 0 0 1 Nyfosa 60 Sweden 1 1 1 Ascencio REIT 65 Belgium 1 1 Sagax D Sweden 0 0 Impact Healthcare REIT 39 UK 1 1 Atrium Ljungberg AB 60 Sweden 1 1 Samhällsbyggnadsbolaget 60 Sweden 1 1 Tritax Eurobox 41 UK 1
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 98 Monthly Published NAV Bulletin - March 2020
METHODOLOGY
Discounts have been calculated as: (Share price / NAV per share) – 1
NAV per share is the EPRA NAV per share as taken from company reports. NO adjustments have been made. When not available, the NAV per share has been calculated as: Total Assets – Total Liabilities / number of shares outstanding.
Discounts have been calculated for EPRA Index constituent for their respective inclusion times. Minus constituents of which no data was available. Reasons for non-availability are: Property values stated at historical costs and not market or fair value, or historic data could not be found.
At the back of this document a complete list of contributing companies can be found
New NAV data will replace old NAV data for the months following the previous latest published NAV data.
Share prices are month-end closing prices.
Aggregates have been calculated on a NAV-based weighting.
As-of January 2012, the historical NAVs and Discount to NAVs are also being calculated using interpolated company NAV data. Previously, the imbalance between reporting dates (annually, biannually or quarterly) and share prices (monthly for this report) led to more volatile NAV performance graphs.
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 99 Monthly Published NAV Bulletin - March 2020
DISCLAIMER
EPRA does not intend this presentation to be a solicitation related to any particular company, nor does it intend to provide investment, legal or tax advice. Investors should consult with their own investment, legal or tax advisers regarding the appropriateness of investing in any of the securities or investment strategies discussed in this presentation. Nothing herein should be construed to be an endorsement by EPRA of any specific company or products or as an offer to sell or a solicitation to buy any security or other financial instrument or to participate in any trading strategy.
EPRA expressly disclaims any liability for the accuracy, timeliness or completeness of data in this presentation. Unless otherwise indicated, all data are derived from, and apply only to, publicly traded securities. Any investment returns or performance data (past, hypothetical, or otherwise) are not necessarily indicative of future returns or performance.
23 Square de Meeus • 1000 Brussels • Belgium W www.epra.com E [email protected] T +32 (0) 2739 10 10 F +32 (0) 2739 10 20 100 July 31, 2009
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