VastNed Offices / IndustrialAnnual VastNed/ N.V. Offices Report 2004 Annual Report 2004 VastNed Offices/Industrial Key figures Key figures property portfolio (in operation) 2004 2003 2002 2001 2000 ____________ ____________ ____________ ____________ ____________ Netherlands Belgium France Total Results (x € 1 million) ____________________ ____________________ _______ _______ Gross rental income 94.0 108.2 117.8 111.3 83.6 Semi- Semi- Semi- Offices industrial Offices industrial industrial Direct investment result 40.8 48.6 52.6 52.2 48.2 _______ _______ _______ _______ _______ Indirect investment result (37.7) (31.5) (37.8) (8.2) 6.1 ____________ ____________ ____________ ____________ ____________ Number of tenants 325 120 188 44 1 678 Investment result 3.1 17.1 14.8 44.0 54.3 Theoretical annual rental income (x € 1 million) 39.8 17.0 40.5 12.7 0.3 110.3 Market rent (x € 1 million) 38.2 16.1 36.7 11.5 0.3 102.8 Balance sheet (x € 1 million) Over/under-rent (in %) 104 106 110 111 127 107 Investments in property 1,165.6 1,262.6 1,323.1 1,271.3 1,131.7 Group equity 601.3 631.3 669.5 646.1 553.0 Average occupancy rate (in %) 86.0 84.0 79.4 93.0 100.0 84.2 Shareholders’ equity 466.4 509.0 540.6 570.4 547.1 Occupancy rate at year-end (in %) 87.7 74.8 79.8 93.5 100.0 83.5 Long-term liabilities 387.9 420.1 400.3 324.0 190.0 Rent-free periods / rent discounts (in %) 1.0 1.5 1.9 6.4 – 1.0 Composition property portfolio (in %) Number of properties 100 36 26 18 1 181 Netherlands 53 53 56 67 84 Investments (x € 1 million) 409.6 154.2 416.6 129.5 2.4 1,112.3 Belgium 47 45 42 31 13 Investments (as % of total) 37 14.0 37 12 < 1 100 France < 1 2 2 2 3 Ten largest properties (in %) 23 78 71 80 100 30 Average size of property (x € 1 million) 4.1 4.3 15.4 7.2 2.4 6.1 Offices 74 72 71 71 63 Logistics centres and industrial premises 26 28 29 29 36 Lettable floor space (in sqm) 307,412 300,640 286,320 254,509 11,753 1,160,634 Retail properties – – – – 1 Lettable floor space (as % of total) 26 26 25 22 1 100 Average number of ordinary shares in issue 19,143,124 18,742,694 18,274,314 17,824,369 17,143,413 Gross return (in %) 9.7 11.0 9.7 9.8 14.5 9.9 Number of ordinary shares in issue (at year-end) 19,273,904 18,894,020 18,437,541 17,948,295 17,611,959 Net return (in %) 7.6 9.3 9.3 9.7 12.5 8.6 Per share (x € 1) Average rent per sqm (x € 1) 1) 2) Shareholders’ equity per share at beginning of year Large cities 140 91 – – – 114 (including dividend) 26.94 29.32 31.78 31.06 32.25 Medium-sized cities 127 42 135 – – 93 Final dividend previous financial year (2.80) (3.10) (3.16) (1.65) (2.90) Small cities 106 59 147 51 – 86 Shareholders’ equity per share ____________ ____________ ____________ ____________ ____________ at beginning of year (excluding dividend) 24.14 26.22 28.62 29.41 29.35 Regional spread (in %) Large cities 49 30 6 11 – 26 Direct investment result 2.13 2.59 2.88 2.93 2.82 Medium-sized cities 38 31 39 8 100 34 Indirect investment result (1.97) (1.68) (2.07) (0.46) 0.35 Small cities 13 39 55 81 – 40 Other movements (0.10) (0.19) (0.11) (0.10) (0.08) ____________ ____________ ____________ ____________ ____________ Industry spread (in %) Investment result 0.06 0.72 0.70 2.37 3.09 Financial services 13 9 4 – – 8 Interim dividend – – – – (1.38) Business services 33 34 55 18 – 39 Shareholders’ equity per share at year-end ______ ______ ______ ______ ______ Technology, media, telecoms 12 12 17 – – 13 (including dividend) 24.20 26.94 29.32 31.78 31.06 Government 27 6 15 – – 16 Other 15 39 9 82 100 24 Share price (at year-end) 22.80 20.50 21.50 25.25 28.80 1) Parking spaces included in rent. Dividend in cash 2.13 2.80 3.10 3.16 3.03 2) Average is only calculated if the number of properties in the category is over 5. or in cash 1.88 2.25 2.30 2.20 1.83 and in shares charged to the share premium reserve 1) 2.86% 4.35% 3.85% 5.50% shareholders’ equity at beginning of year (excluding dividend) 8.8 10.7 10.8 10.7 10.3 Ratio group equity/ investments in property (in %) 51.6 50.0 50.6 50.8 48.9 Ratio long-term loan capital/ short-term loan capital (in %) 65/35 63/37 52/48 56/44 69/31 1) A percentage in shares yet to be determined charged to the share premium reserve. As from January 1, 2004 the costs of asset management are brought to the charge of the direct investment result. The comparative figures have been adjusted accordingly. Key figures Key figures property portfolio (in operation) 2004 2003 2002 2001 2000 ____________ ____________ ____________ ____________ ____________ Netherlands Belgium France Total Results (x € 1 million) ____________________ ____________________ _______ _______ Gross rental income 94.0 108.2 117.8 111.3 83.6 Semi- Semi- Semi- Offices industrial Offices industrial industrial Direct investment result 40.8 48.6 52.6 52.2 48.2 _______ _______ _______ _______ _______ Indirect investment result (37.7) (31.5) (37.8) (8.2) 6.1 ____________ ____________ ____________ ____________ ____________ Number of tenants 325 120 188 44 1 678 Investment result 3.1 17.1 14.8 44.0 54.3 Theoretical annual rental income (x € 1 million) 39.8 17.0 40.5 12.7 0.3 110.3 Market rent (x € 1 million) 38.2 16.1 36.7 11.5 0.3 102.8 Balance sheet (x € 1 million) Over/under-rent (in %) 104 106 110 111 127 107 Investments in property 1,165.6 1,262.6 1,323.1 1,271.3 1,131.7 Group equity 601.3 631.3 669.5 646.1 553.0 Average occupancy rate (in %) 86.0 84.0 79.4 93.0 100.0 84.2 Shareholders’ equity 466.4 509.0 540.6 570.4 547.1 Occupancy rate at year-end (in %) 87.7 74.8 79.8 93.5 100.0 83.5 Long-term liabilities 387.9 420.1 400.3 324.0 190.0 Rent-free periods / rent discounts (in %) 1.0 1.5 1.9 6.4 – 1.0 Composition property portfolio (in %) Number of properties 100 36 26 18 1 181 Netherlands 53 53 56 67 84 Investments (x € 1 million) 409.6 154.2 416.6 129.5 2.4 1,112.3 Belgium 47 45 42 31 13 Investments (as % of total) 37 14.0 37 12 < 1 100 France < 1 2 2 2 3 Ten largest properties (in %) 23 78 71 80 100 30 Average size of property (x € 1 million) 4.1 4.3 15.4 7.2 2.4 6.1 Offices 74 72 71 71 63 Logistics centres and industrial premises 26 28 29 29 36 Lettable floor space (in sqm) 307,412 300,640 286,320 254,509 11,753 1,160,634 Retail properties – – – – 1 Lettable floor space (as % of total) 26 26 25 22 1 100 Average number of ordinary shares in issue 19,143,124 18,742,694 18,274,314 17,824,369 17,143,413 Gross return (in %) 9.7 11.0 9.7 9.8 14.5 9.9 Number of ordinary shares in issue (at year-end) 19,273,904 18,894,020 18,437,541 17,948,295 17,611,959 Net return (in %) 7.6 9.3 9.3 9.7 12.5 8.6 Per share (x € 1) Average rent per sqm (x € 1) 1) 2) Shareholders’ equity per share at beginning of year Large cities 140 91 – – – 114 (including dividend) 26.94 29.32 31.78 31.06 32.25 Medium-sized cities 127 42 135 – – 93 Final dividend previous financial year (2.80) (3.10) (3.16) (1.65) (2.90) Small cities 106 59 147 51 – 86 Shareholders’ equity per share ____________ ____________ ____________ ____________ ____________ at beginning of year (excluding dividend) 24.14 26.22 28.62 29.41 29.35 Regional spread (in %) Large cities 49 30 6 11 – 26 Direct investment result 2.13 2.59 2.88 2.93 2.82 Medium-sized cities 38 31 39 8 100 34 Indirect investment result (1.97) (1.68) (2.07) (0.46) 0.35 Small cities 13 39 55 81 – 40 Other movements (0.10) (0.19) (0.11) (0.10) (0.08) ____________ ____________ ____________ ____________ ____________ Industry spread (in %) Investment result 0.06 0.72 0.70 2.37 3.09 Financial services 13 9 4 – – 8 Interim dividend – – – – (1.38) Business services 33 34 55 18 – 39 Shareholders’ equity per share at year-end ______ ______ ______ ______ ______ Technology, media, telecoms 12 12 17 – – 13 (including dividend) 24.20 26.94 29.32 31.78 31.06 Government 27 6 15 – – 16 Other 15 39 9 82 100 24 Share price (at year-end) 22.80 20.50 21.50 25.25 28.80 1) Parking spaces included in rent.