RESILIENCE QUALITY REJUVENATION 03

FY 2022
FINANCIAL HIGHLIGHTS

€136.8 million 39.4% 96.0%

NPI GEARING OCCUPANCY2
+5.1% y-o-y ample liquidity with ~€200 million +1.0 p.p. new record-high as
(+23.9% light industrial / in cash and undrawn RCF1 compared to 31 Dec 2021
logistics NPI y-o-y)

17.189 Euro cents 2.9-year Strong at +5.7%

DPU WADE RENT REVERSION3
+1.3% y-o-y no material debt expiries till FY 2022 portfolio
4Q 2024

€2.42 / unit 78% fixed / hedged 4.6-year

NAV DEBT WALE
minor 1.6% decline in 2H 2022 reduces impact of increasing unchanged as compared
valuations underpins portfolio interest rates to a year ago
resilience

As at As at As at As at As at
31 Dec 31 Dec 31 Dec 31 Dec 31 Dec
2022 2021 2020 2019 2018
BALANCE SHEET
Total assets (€ million) 2,590.0 2,534.5 2,250.4 2,254.9 1,814.8
Unitholders’ funds (€ million) 1,358.7 1,413.1 1,302.2 1,314.6 1,118.8
KEY FINANCIAL METRICS
Adjusted DPU (Like-for-like) 17.189 16.9614 17.4204 17.9504 16.5004
Aggregate leverage (%) 39.4% 36.6% 38.1% 36.8% 33.0%
Aggregate leverage excluding distribution 40.1% 37.3% 38.9% 37.7% 33.6%
NAV attributable to Unitholders per Unit (Euro cents) 5
n.a. n.a. 50.9 51.6 51.3
NAV attributable to Unitholders per Unit (€) 6
2.42 2.52 n.a. n.a. n.a.
CAPITAL MANAGEMENT
Total borrowing facilities (€ million) 1,178.0 1,127.4 1,142.4 980.8 675.3
Gross borrowings (€ million) 1,019.9 927.4 857.4 830.8 598.2
Interest cover (times) 5.3 5.8 6.4 6.7 6.8
Units in issue (million) 562.46 561.06 2,556.15 2,547.85 2,182.05
Market capitalisation (€ million) 843.6 1,419.4 1,226.9 1,375.8 960.1

1 Revolving Credit Facility​

2 Occupancy calculation excludes the hard refurbishment/development projects in Via Nervesa 21 (Italy), Via dell’ Amba Aradam 5 (Italy) and Lovosice ONE Industrial Park
I (The Czech Republic)
3 Across the entire portfolio; calculated as a percentage with the numerator being the new headline rent of all modified, renewed or new leases over the relevant period
and denominator the last passing rent of the areas being subject to modified, renewed or new leases​
4 Like-for-like DPU assumes (i) the Manager’s fees and Property Manager’s fees had been treated 100% as expense in Distribution Statement rather than paid out in Units
as capital in 2018 and 2019; (ii) bonus element from rights issue excluded; and (iii) DPU for the periods prior to 5 March 2021 are adjusted for 5:1 Unit consolidation. 2018
DPU covers the period from 1 January 2018 to 31 December 2018
5 Prior to the 5:1 Unit consolidation completed on 7 May 2021
6 Post the 5:1 Unit consolidation completed on 7 May 2021