Leasinvest Real Estate: Interim statement of the manager on

   Regulated information under embargo till 15/05/2017 - 5.40 PM   

1. Interim statement on the first quarter of the financial year 2017

Highlights: In line with the outlook, the figures over the past quarter show a slight decrease of the EPRA Earnings* as a consequence of the temporary vacancy due to redevelopments in the real estate portfolio; the operational parameters remain positive:

• High occupancy rate of the real estate portfolio of 95.6%
• Remaining duration of the rental contracts amounts to 4.68 years
• Stable value of the real estate portfolio over the past quarter (€ 864.0 million; +0.5%)
• The rental income over Q1 2017 remains stable compared to Q1 2016 at € 14.3 million
• EPRA Earnings ^[1] * Q1 2017 have slightly decreased compared to Q1 2016 and amount to € 6.1 million (-6.2%)
• EPRA NAV* (group share) per share stands at € 83.7
• Strengthening of the geographical diversification by the acquisition of the office building Mercator in the Grand Duchy of Luxembourg
• Planned divestments of a number of logistics buildings in Belgium in the scope of furthering the strategic focus

1. Activity report period 01/01/17- 31/03/17

DEVELOPMENTS

Grand Duchy of Luxembourg

Repositioning of Boomerang Strassen shopping center

The retail site of 22,721 m², located Route d'Arlon in Strassen, will be partially redeveloped into a retail park that will, besides shops, also comprise a restaurant. This site will become the largest retail park in the Luxembourg periphery at the entrance of the city of Luxembourg, reason why this site was also subject to a rebranding and its name was changed into 'Boomerang Strassen shopping center'. The redevelopment is executed in 2 phases in order to take into account the interests of the current tenants Adler Mode, Bâtiself and Roller, the first phase being completed by the end of 2017.

Belgium

Redevelopment Motstraat 30 into co-working space based on "The Crescent"

In the course of the third quarter of 2016 the extension for half of the office space was signed with the current tenant for the office building located Motstraat 30 in Malines. In the course of the first quarter of 2017 additional contracts were concluded (see further). A part of the remaining office space will be equipped as a co-working space "De Mot", based on our business center concept 'The Crescent' in Anderlecht and Ghent. This project fits within the policy of renovation and redevelopment of buildings, permitting us to create value.

Current developments in Brussels CBD - Treesquare and Montoyer 63 The office buildings Treesquare and Montoyer 63, both located in the Brussels CBD, are entirely reconstructed in order to enhance these buildings' market positioning and make these more sustainable (BREEAM certified). The final goal is to hold a high-quality real estate portfolio with well located, agreeable working spaces that perform well at a technical level, are sustainable, and require less maintenance costs. The execution of the works evolves according to planning.

LEASES

Grand Duchy of Luxembourg

Besides a number of smaller lettings in the office buildings EBBC and Esch, a new rental contract could be concluded with the current tenant, for 1,410 m², expiring on 30/04/2026, for the office building Kennedy. Different rental renewals and new rental contracts could also be concluded for the Knauf shopping centers in Schmiede and Pommerloch, maintaining the occupancy rate of both shopping centers at a high level.

Belgium

In addition to the conclusion of a number of new rental contracts for smaller to medium sized spaces, the renewal of the rental contract with the current tenant for 3,856 m² of offices (till 30/06/2024) could be concluded in Tour & Taxis Royal Depot. For Motstraat Malines 750 m² of the remaining office space was already let at the end of the first quarter, which means that the new business center concept is well received. For the retail part in the Brixton Business Park in Zaventem four rental contracts with current retailers could be extended for a period of 9 years (till 27/04/2027).

Austria

Finally, in the Frun ^® Park in Asten two rental extensions with retailers could be concluded till 09/2023.

2. Consolidated key figures

1. The real estate portfolio comprises the buildings in operation, the development projects, the assets held for sale, as well as the buildings presented as financial leasing under IFRS.
2. Fair value: the investment value as defined by an independent real estate expert and of which the transfer rights have been deducted. The fair value is the accounting value under IFRS. The fair value of Retail Estates has been defined based on the share price on 31/03/2017.
3. The investment value is the value as defined by an independent real estate expert and of which the transfer rights have not yet been deducted.
4. Fair value and investment value estimated by real estate experts Cushman & Wakefield and Stadim (BeLux), SPG Intercity (Switzerland) and BAR (Austria).
5. For the calculation of the rental yield and the occupancy rate only the buildings in operation are taken into account, excluding the projects and the assets held for sale.
6. The occupancy rate has been calculated based on the estimated rental value.

At the end of Q1 2017 the consolidated direct real estate portfolio of Leasinvest Real Estate comprises 33 sites (including assets held for sale & development projects) with a total lettable surface of 449,885 m². The real estate portfolio is geographically spread across the Grand Duchy of Luxembourg (49% of the portfolio), Belgium (42%), Switzerland (5%) and Austria (4%).

At the end of March 2017, the fair value of the direct real estate portfolio amounts to € 864.00 million compared to € 859.93 million end December 2016. This increase is mainly explained by the revaluation of the current development projects. The retail part of the real estate portfolio currently amounts to 48%, the offices part to 37% and the logistics part to 15%.

The fair value of the global real estate portfolio (including the participation in the BE-REIT (SIR/GVV) Retail Estates SA) amounts to € 936.4 million per end March 2017, compared to € 930.7 per year-end 2016.

At the end of 2016 three logistics buildings (Heesterveldweg in Tongres, Nijverheidsstraat in Wommelgem and Canal Logistics phase 1 near Brussels) were already reclassified from investment properties to assets held for sale in accordance with IFRS 5; in the course of the first quarter two logistics buildings (Prins Boudewijnlaan Kontich and Vierwinden Park in Zaventem) were additionally classified as assets held for sale. Consequently, the rental yield of the real estate portfolio in operation (excluding projects and assets held for sale) based on the fair value decreased to 6.65% (compared to 6.78% end 2016), and based on the investment value to 6.53% (compared to 6.65% end 2016).

1. The EPRA Earnings, previously the net current result, consists of the net result excluding the portfolio result* and the changes in fair value of the ineffective hedges.

1. The EPRA Earnings*, previously net current result, consists of the net result excluding the portfolio result* and the changes in fair value of the ineffective hedges.
2. EPRA Net Asset Value* (NAV) consists of the adjusted Net Asset Value*, excluding certain elements that do not fit within a financial model of long-term real estate investments; see also www.epra.com .
3. EPRA NNNAV* (triple Net Asset Value): consists of the EPRA NAV*, adjusted to take into account the fair value of the financial instruments, the debts and the deferred taxes; see also www.epra.com .
4. EPRA Net Initial Yield* comprises the annualized gross rental income based on the current rents at the closing date of the financial statements, excluding the property charges, divided by the market value of the portfolio, increased by the estimated transfer rights and costs for hypothetical disposal of investment properties; see also www.epra.com .
5. EPRA Topped up Net Initial Yield* corrects the EPRA Net Initial Yield* with regard to the ending of gratuities and other rental incentives granted; see also www.epra.com .
6. EPRA Vacancy* is calculated on the basis of the Estimated Rental Value (ERV) of vacant surfaces divided by the ERV of the total portfolio; see also www.epra.com .
7. EPRA Cost ratio* consists of the relation of the operating and general charges versus the gross rental income (including and excluding direct vacancy costs); see also www.epra.com .

3. Consolidated results period 01/01/2017 - 31/03/2017

The results of the first quarter of 2017 are in line with the outlook and reflect the current developments in the real estate portfolio.

The rental income over the past quarter remained stable at € 14.3 million (in comparison with € 14.2 million in Q1 2016) despite the increased temporary vacancy after the building Montoyer 63 became vacant (- € 0.4 million) and the extension of a number of rental contracts at amended conditions (Motstraat Malines and CFM Luxembourg). This decrease of the rental income was mainly compensated by the rental contribution of the Frun ^® Park Asten (+ € 0.7 million) over the past quarter. Like-for-like* the rental income has slightly decreased by € 257 K (- 1.9%), mainly in Belgium (-2.5%), as a consequence of the demolition and reconstruction of the building Montoyer 63, compensated by a limited increase of the rental income in Luxembourg (+0.5%) and Switzerland (+0.1%).

The gross rental yields of the real estate portfolio have slightly decreased in comparison with end 2016 and amount to 6.65% (6.78% end 2016) based on the fair value, and to 6.53% (6,65% end 2016) based on the investment value. This decrease is the consequence of the transfer of the buildings Prins Boudewijnlaan and Vierwinden Park to assets held for sale; these buildings are consequently left out of the calculation of the average rental yields. The occupancy rate has slightly decreased from 96.8% end 2016 to 95.6% in Q1 2017 by a limited increase of the rental surface that became vacant in the portfolio in operation.

The fair value of the real estate portfolio has slightly increased from € 859.9 million per end 2016 to € 864.0 million thanks to capital expenditure in the current redevelopment projects.

The property charges have slightly increased in accordance with the growth of the real estate portfolio from - € 2.4 million at the end of Q1 2016 to - € 2.6 million, mainly by higher vacancy costs in comparison with last year, following the vacancy of the building Montoyer 63 as a result of its demolition and reconstruction.

The result on the portfolio* at the end of March 2017 amounts to - € 1.1 million in comparison with - € 2.0 million end of Q1 2016 (€ +928 K).

The financial result amounts to - € 5.3 million at the end of Q1 2017 in comparison with - € 3.4 million for the same period of the previous financial year. The interest charges have slightly risen (from - € 3.2 million to - € 3.5 million) at a slightly decreased outstanding bank debt; the average cost of debt* consequently increases from 2.89% at the end of Q1 2016 to 2.92%. The changes in fair value of the financial instruments amount to - € 1.5 million, mainly as a consequence of a one-off recalculation of the negative carry forward of the foreign exchange component within the cross-currency swaps in favour of the interest component on these swaps.

The corporate taxes have dropped from - € 0.6 million to - € 0.2 million following the merger of the company Tour & Taxis Koninklijk Pakhuis SA with Leasinvest Real Estate.

The net result over Q1 2017 amounts to € 3.5 million compared to € 4.5 million at the end of Q1 2016. In terms of net result per share* this results in € 0.71 per share at the end of Q1 2017 compared to € 0.90 end of Q1 2016.

The EPRA Earnings* amount to € 6.1 million on 31 March 2017, compared to € 6.5 million on 31 March 2016. Per share, this corresponds to € 1.23 on 31 March 2017 compared to € 1.31 on 31 March 2016.

At the end of the first quarter of the financial year, shareholders' equity , group share (based on the fair value of the investment properties) stands at € 368.5 million (31/12/2016: € 356.4 million) as a consequence of the increased reserves by € 12.1 million. End March the net asset value per share amounts to € 74.6 compared to € 72.2 end December 2016. The EPRA net asset value per share* (excluding the influence of the fair value adjustments to financial instruments) also rises and amounts to € 83.7 per share per end of March 2017 compared to € 81.9 per share end December 2016.

At the end of March 2017 the debt ratio stands at 56.90% in comparison with 58.05% end 2016.

4. Important events after the closing of the periode 01/01/2017- 31/03/2017  

       4.1.  Mercator: acquisition of an office building in Luxembourg

On 03/05/2017, Leasinvest Immo Lux SA, Luxembourg subsidiary of Leasinvest Real Estate, acquired 100% of the shares of the company Mercator Sàrl, owner of the office building located route d'Arlon, no 110 - 112 in the City of Luxembourg.

The building held by that company comprises 8,641 m² of offices, spread across 5 floors and 104 parking spaces, and benefits from an excellent location in the capital of the Grand Duchy along the route d'Arlon, one of the main access roads to Luxembourg City.

The value of the building amounts to € 35 million, an amount in line with the fair value measured by our independent real estate expert. The gross rental yield based on total occupancy is estimated at 6.75%.

The building is currently let for 42% at an annual rental income of € 1.06 million.

The commercial management of this building will be directly operated by Leasinvest Immo Lux, its mission being to increase the occupancy rate and keep it at a high level in the long term.

This investment also aims at strengthening the geographical diversification of the portfolio towards Luxembourg.

       4.2.  Planned divestments of a number of logistics buildings in Belgium

After its successful geographical diversification towards the Grand Duchy of Luxembourg since 2006, further concretized by the acquisition of the retail buildings in 2014 in Switzerland and in Austria in 2016, a number of logistics / semi-industrial buildings located in Belgium, are no longer considered to be strategic, as already mentioned, and divesting opportunities were being sought after.

Vierwinden in Zaventem/Nossegem At the beginning of April a sales agreement was signed relating to the remaining buildings located in the semi-industrial business park "Vierwinden" in Zaventem/Nossegem, with at total surface of 7,098 m². It is expected that the notarial deed for the sale will be signed mid-June 2017.

Prins Boudewijnlaan in Kontich At the end of March an agreement was concluded subject to a number of conditions precedent, for the sale of the distribution center located Prins Boudewijnlaan 7 in Kontich. It is expected that the notarial deed for the sale will be potentially signed in the course of December 2017.

5. Outlook financial year 2017

As already mentioned in the annual financial report 2016 and except for extraordinary circumstances, the company expects to realize a lower net result and EPRA earnings in 2017 in comparison with 2016, taking into account the different divestments of logistics buildings planned in 2017 and from the point of view that, besides the aforementioned investment in Mercator, no additional compensating re-investments would concretize. Furthermore a temporary decrease in the rental income is taken into account, due to the total renovation of the buildings Treesquare and Montoyer 63 in Brussels. Notwithstanding this evolution, the company expects to maintain the dividend over 2017 at minimum the same level as that of 2016.

1. Report of the extraordinary and ordinary general meetings of 15 May 2017  
2. Extraordinary general meeting

On 15/05/2017 the extraordinary general meeting proceeded to the renewal of the statutory authorizations of the manager with regard to the acquisition and alienation of treasury shares without prior decision by the general meeting whenever this acquisition or alienation is necessary to prevent the company from being subject to a serious and imminent danger, and this for a term of 3 years as of the publication of the amendments to the articles of association to this effect. Moreover, the extraordinary general meeting has also renewed all other existing authorizations of the manager with regard to the acquisition and alienation of treasury shares, namely in accordance with the articles 620, §1, fifth subparagraph, respectively 622, §2, first subparagraph of the Company Code, with definition of the maximum number of shares to be acquired, the minimum and maximum remuneration per share and the duration of the authorization of 5 years as of the publication of the amendments to the articles of association to this effect. Furthermore, the statutory authorization with regard to the acquisition and alienation of shares on a regulated market by its directly controlled subsidiaries in accordance with art. 527 of the Company Code, was confirmed. Finally, the existing statutory authorization of the manager with regard to the alienation of treasury shares in accordance with art. 622, §2, second subparagraph, 1 ^st of the Company Code was also confirmed. Consequently, the general meeting has decided to amend article 11 of the articles of association with regard to the acquisition, holding in pledge and alienation of treasury shares, accordingly.

2. Ordinary general meeting  

       2.1    Approvals and discharges

The ordinary general meeting of shareholders of 15/05/2017 has approved the statutory and consolidated financial statements of Leasinvest Real Estate, closed on 31 December 2016, including the appropriation of the result, and the remuneration report with regard to the financial year closed on 31 December 2016, which is a specific part of the annual report. The meeting has also approved the financial statements per 31 December 2016 of the company T&T Koninklijk Pakhuis SA taken over per 1 January 2017.

The ordinary general meeting of shareholders of 15 May 2017 has also given discharge, by separate vote, to the only and appointed statutory manager, Leasinvest Real Estate Management SA, as well as to its permanent representative Mr Jean-Louis Appelmans, for the exercise of the director's mandate, and to the auditor Ernst & Young Bedrijfsrevisoren BCVBA and its responsible representative Pierre Vanderbeek for exercising his audit mission during the past financial year. Finally, discharge was also given to the directors of the company T&T Koninklijk Pakhuis SA that was taken over.

Next to that, the replacement of Pierre Vanderbeek by Joeri Klaykens as responsible representative of Ernst & Young Bedrijfsrevisoren for exercising the function of auditor of the company till after the annual meeting that will be held in 2018, was approved.

       2.2    Dividend financial year 2016

On proposal of the manager, the ordinary general meeting of shareholders of 15 May 2017 has decided to distribute, on 22 May 2017, a dividend of € 4.90 gross, and net, free of withholding tax of 30%, of € 3.43.

The dividend will be paid upon presentation of coupon no 20 as of 22 May 2017 at the financial institutions Bank Delen (main paying agent), ING Bank, Belfius Bank, BNP Paribas Fortis Bank and Bank Degroof Petercam.

3. Extension of directors mandates

The general meeting of shareholders of Leasinvest Real Estate Management SA, the statutory manager of Leasinvest Real Estate, has decided to extend the directors mandate of Mrs. Sonja Rottiers, appointed on 18/05/2015 for a duration of two years till the annual meeting of 2017, and that of Mr. Guy van Wymersch-Moons, appointed as director as from 21/01/2006 and re-appointed in 2014 till the annual meeting of 2017, till the annual meeting that will be held in 2018.

4. Modification of the composition of the executive committee

4.1. Appointment of a co-CEO and co-managing director

As of 15/05/2017, the general meeting of shareholders of Leasinvest Real Estate Management SA has appointed Mr. Michel Van Geyte, Chief Investment Officer, as co-Chief Executive Officer and co-managing director of the statutory manager.

4.2. Change of CFO

Mr. Tim Rens was hired as Chief Financial Officer to replace Mr. Piet Vervinckt who resigned on 12 May 2017.

Mr. Tim Rens is a commercial engineer, certified-accountant and disposes of a solid experience in financial audit and more specifically with regard to listed real estate companies. For nearly 12 years he worked at Deloitte, of which the last years as Senior Audit Manager.

For more information, contact: Leasinvest Real Estate                                                            Leasinvest Real Estate Jean-Louis Appelmans                                                             Michel Van Geyte                                                Chief Executive Officer                                                            Chief Executive Officer            T: +32 3 238 98 77                                                                  T: +32 3 238 98 77 E: jeanlouis.appelmans@leasinvest.be                                    E: michel.van.geyte@leasinvest.be                         

On Leasinvest Real Estate SCA Public BE-REIT (SIR/GVV) Leasinvest Real Estate SCA invests in high quality and well-located retail buildings and offices in the Grand Duchy of Luxembourg, in Belgium, in Switzerland and in Austria. At present (including the recent acquisition) the total fair value of the directly held real estate portfolio of Leasinvest amounts to € 895 million spread across the Grand Duchy of Luxembourg (51%), Belgium (40%), Switzerland (5%) and Austria (4%). Moreover, Leasinvest is one of the most important real estate investors in Luxembourg. The total direct portfolio is invested in retail (46%), offices (40%) and logistics (14%). The public BE-REIT is listed on Euronext Brussels and has a market capitalization of over € 520 million (value 12 May 2017).

ANNEX I: Reconciliation tables EPRA APMs per 31 March 2017

EPRA Earnings (€ 1 000)	31/03/2017	31/12/2016	31/03/2016
Net Result - Group share as mentioned in the financial statements	3 488	31 118	4 463
Net Result per share - Group share as mentioned in the financial statements (in €)	0.71	6.30	0.90
Adjustments to calculate the EPRA Earnings	2 600	-3 243	2 024
To exclude:
(i) Changes in fair value of investment properties and assets held for sale	1 072	528	2 000
(ii) Result on the sale of investment properties	0	-3 093	0
(vi) Changes in fair value of financial instruments	1 528	-678	24
EPRA Earnings	6 088	27 875	6 487
Number of registered shares in the result of the period	4 938 870	4 935 478	4 935 478
EPRA Earnings per share (in €)	1.23	5.65	1.31

EPRA NAV (€ 1 000)		31/03/2017	31/12/2016
NAV according to the financial statements		368 491	356 407
NAV per share according to the financial statements (in €)		74.6	72.2
To exclude
(i) Fair value of the financial instruments		44 721	48 152
EPRA NAV		413 212	404 559
Number of registered shares in the result of the period		4 938 870	4 935 478
EPRA NAV per share (in €)		83.7	82.0

EPRA Triple Net Asset Value (€ 1 000)		31/03/2017	31/12/2016
EPRA NAV		413 212	404 559
Corrections:
(i) Fair value of the financial instruments		-44 721	-48 152
(ii) Revaluation of debts at FV		-3 320	-6 349
EPRA NNNAV		365 171	350 058
Number of registered shares in the result of the period		4 938 870	4 935 478
EPRA NNNAV per share (in €)		73.9	70.9

EPRA Net Initial Yield (NIY) and Topped up Net Initial Yield (topped up NIY) (€ 1 000)		31/03/2017	31/12/2016
Investment properties and assets held for sale		863 997	859 931
To exclude:
Development projects		-34 868	-30 663
Real estate available for lease		829 129	829 268
Impact FV of estimated transfer rights and costs resulting from hypothetical disposal of investment properties		-	444
Estimated transfer rights and costs resulting from hypothetical disposal of investment properties		9 167	9 167
Investment value of properties available for lease	B	838 296	838 435
Annualized gross rental income		56 050	56 540
Annualized property charges		-10 139	-10 933
Annualized net rental income	A	45 911	45 607
Gratuities expiring within 12 months and other lease incentives		47	317
Annualized and adjusted net rental income	C	45 958	45 924
EPRA NIY	A/B	5.48%	5.44%
EPRA Topped up NIY	C/B	5.48%	5.48%

EPRA Vacancy (€ 1 000)		31/03/2017
		Offices	Logistics	Retail	Total
Rental surface (in m²)		110,897	162,011	176,977	449,885
Estimated Rental Value of vacant spaces	A	1.58	0.31	0.39	2.28
Estimated Rental Value of total portfolio	B	19.32	9.47	28.14	56.93
EPRA Vacancy	A/B	8.15%	3.27%	1.39%	4.00%
EPRA Vacancy (€ 1 000)		31/12/2016
		Offices	Logistics	Retail	Total
Rental surface (in m²)		110,897	162,011	176,977	449,885
Estimated Rental Value of vacant spaces	A	1.24	0.17	0.22	1.63
Estimated Rental Value of total portfolio	B	19.34	9.38	28.15	56.87
EPRA Vacancy	A/B	6.41%	1.81%	0.78%	2.87%

EPRA cost ratio (€ 1 000)		31/03/2017	31/12/2016	31/03/2016
Other rental-related income and expenses		-666	-2 554	-576
Property charges		-2 618	-9 438	-2 424
General corporate overhead		-826	-3 220	-662
Other operating charges and income		-100	1	-113
EPRA costs including rental vacancy costs	A	-4 210	-15 211	-3 775
Direct costs of rental vacancy		843	1 080	331
EPRA costs excluding rental vacancy costs	B	-3 367	-14 131	-3 444
Rental income	C	14 266	56 647	14 217
EPRA Cost ratio (including direct vacancy)	A/C	-29.51%	-26.85%	-26.55%
EPRA Cost ratio (excluding direct vacancy)	B/C	-23.60%	-24.95%	-24.22%

ANNEX II: Reconciliation tables other APMs per 31 March 2017

Result on the portfolio (€ 1 000)	31/03/2017	31/12/2016	31/03/2016
Result on sale of investment properties	-	3 093	-
Changes in fair value of investment properties	-1 072	-528	-2 000
Latent taxes on portfolio result	0	0	0
Result on the Portfolio	-1 072	2 565	-2 000

Net result - group share (amount per share)	31/03/2017	31/12/2016	31/03/2016
Net Result - group share (€ 1 000)	3 488	31 118	4 463
Number of registered shares in circulation	4 938 870	4 938 870	4 938 870
Net Result - group share per share	0.71	6.30	0.90

Net Asset value based on fair value (amount per share)	31/03/2017	31/12/2016
Shareholders' equity attributable to the shareholders of the parent company (€ 1 000)	368 491	356 407
Number of registered shares in circulation	4 938 870	4 938 870
Net Asset Value (FV) group share per share	74.6	72.2

Net Asset Value based on investment value (amount per share)	31/03/2017	31/12/2016
Shareholders' equity attributable to the shareholders of the parent company (€ 1 000)	368 491	356 407
Investment value of the investment properties per 31/12 (€ 1 000)	880 910	876 747
Fair value of the investment properties per 31/12 (€ 1 000)	863 997	859 931
Difference Investment value - Fair value per 31/12 (€ 1 000)	16 913	16 816
TOTAL	385 404	373 223
Number of registered shares in circulation	4 938 870	4 938 870
Net Asset Value group share per share	78.0	75.6

Changes in gross rental income at constant portfolio (like-for-like)	31/03/2017 vs. 31/03/2016	31/12/2016 vs. 31/12/2015
Gross rental income at the end of the previous reporting period (€ 1 000)	13 860	50 113
2015 - 2016 changes to be excluded	565	5 407
- Changes following acquisitions	657	6 048
- Changes following divestments	-92	-641
Gross rental income at closing date reporting period (€ 1 000)	14 168	56 011
Change like for like (€ 1 000)	-257	491
Change like for like (%)	-1.9%	1.0%

Average funding cost in %	31/03/2017	31/12/2016
Interest charges on an annual basis (€ 1 000)	-14 360	-13 654
Commitment fees on an annual basis (€ 1 000)	-1 012	-1 309
Interest paid incl. commitment fees on an annual basis (€ 1 000)	-15 372	-14 963
Weighted average withdrawn debt (€ 1 000)	527 083	515 417
Average funding cost in %	2.92%	2.90%

^[1] Alternative Performance Measures (APM) in the sense of the ESMA directive of 5 October 2015 in this press release are again indicated with an asterisk (*) and are further explained in the annexes to this press release.

^[2] The EPRA Earnings* of March 2016 were corrected from € 7,056 K to € 6,487 K in order to be able to compare the situation at the end of the quarter; the EPRA Earnings of March 2016 comprised a one-off revenue from real estate certificates that was corrected afterwards through the reserves in the annual figures 31/12/2016.

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