Cofinimmo : Calculation details of the EPRA Key Performance Indicators at 30.06.2023

Calculation details of the EPRA performance indicators at 30.06.2023

EPRA Earnings (total amount and amount per share)

Definition: Current result from strategic operational activities.

Purpose: A key measure of a company's underlying operating results and an indication of the extent to which current dividend payments are supported by earnings.

(x 1,000 EUR)	30.06.2023		30.06.2022
Net earnings per financial statements	27,120	324,580
To exclude:
- Change in the fair value of investment properties and assets held	72,019		-83,905
for sale
(i) Change in the fair value of investment properties	66,704		-94,975
(ii) Writeback of rents earned but not expired (other result	4,348		6,609
on the portfolio)
(iii) Others (other result on the portfolio)	967		4,461
- Gains or losses on disposals of investment properties and other	3,251		-1,825
non-financial assets
- Losses on goodwill (other result on the portfolio)	0		0
- Change in the fair value of financial instruments	12,642		-137,379
- Costs & interests on acquisitions and joint ventures	0		0
- Deferred taxes in respect of EPRA adjustments	-3,087		6,777
(other result on the portfolio)
- Adjustments related to joint ventures	2,927		584
- Minority interests in respect of the adjustments above	-596		-80
EPRA Earnings	114,275		108,753
Number of shares	32,925,780		31,738,001
EPRA Earnings per share (in EUR/share)	3.47		3.43

1

EPRA Diluted Earnings (total amount and amount per share)

Definition: Current result from strategic operational activities, taking into account the financial instruments with a potential dilutive impact at the closing date.

Purpose: A key indicator of a company's underlying operating results, taking into account the financial instruments with a potential dilutive impact at the closing date, and an indicator of the extent to which dividend payments are corroborated by the results.

(x 1,000 EUR)	30.06.2023	30.06.2022
Net earnings per financial statements	27,120	324,580
To exclude:
- Change in the fair value of investment properties and	72,019	-83,905
assets held for sale
(i) Change in the fair value of investment properties	66,704	-94,975
(ii) Writeback of rents earned but not expired (other	4,348	6,609
result on the portfolio)
(iii) Others (other result on the portfolio)	967	4,461
- Gains or losses on disposals of investment properties	3,251	-1,825
and other non-financial assets
- Losses on goodwill (other result on the portfolio)	0	0
- Change in the fair value of financial instruments	12,642	-137,379
- Costs & interests on acquisitions and joint ventures	0	0
- Deferred taxes in respect of EPRA adjustments	-3,087	6,777
(other result on the portfolio)
- Adjustments related to joint ventures	2,927	584
- Minority interests in respect of the adjustments above	-596	-80
EPRA Earnings	114,275	108,753
- Effect of the exercise of options, convertible debts or	0	0
other equity instruments
EPRA Diluted earnings	114,275	108,753
Diluted number of shares	32,925,780	31,747,001
EPRA Diluted Earnings per share (in EUR/share)	3.47	3.43

EPRA NRV, EPRA NTA and EPRA NDV metrics

Definition : Net Asset Value (NAV) adjusted in accordance with the Best Practice Recommendations (BPR) Guidelines published by EPRA in October 2019 for application as from 2020.

Utility: Makes adjustments to the NAV per the IFRS financial statements to provide stakeholders with the most relevant information on the fair value of the assets and liabilities of a real estate investment company, under three different scenarios:

• The EPRA Net Reinstatement Value assumes that entities never sell assets and provide an estimation of the value required to rebuild the entity.
• The EPRA Net Tangible Assets assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax.
• The EPRA Net Disposal Value represents the value accruing to the company's shareholders under an asset disposal scenario, resulting in the settlement of deferred taxes, the liquidation of financial instruments and the recognition of other liabilities for their maximum amount, net of any resulting tax.

As at 30.06.2023:

2

(x 1,000 EUR)	EPRA NRV	EPRA NTA	EPRA NDV
IFRS Equity attributable to shareholders	3,506,251	3,506,251	3,506,251
Include/Exclude*:
i) Hybrid instruments	0	0	0
Diluted net asset value (NAV)	3,506,251	3,506,251	3,506,251
Include*:
ii.a) Revaluation of IP (if IAS 40 cost option is used)	0	0	0
ii.b) Revaluation of IPUC (if IAS 40 cost option is used)	0	0	0
ii.c) Revaluation of other non-current investments	0	0	0
iii) Revaluation of tenant leases held as finance leases	26,181	26,181	26,181
iv) Revaluation of trading properties	0	0	0
Diluted NAV at Fair Value	3,532,432	3,532,432	3,532,432
Exclude*:
v) Deferred tax in relation to fair value gains of IP	54,446	54,446	0
vi) Fair value of financial instruments	-159,110	-159,110	0
vii) Goodwill as a result of deferred tax	-20,889	-20,889	-20,889
viii.a) Goodwill as per the IFRS balance sheet	0	-6,448	-6,448
viii.b) Intangibles as per the IFRS balance sheet	0	-2,266	0
Include*:
ix) Fair value of fixed interest rate debt	0	0	242,723
x) Revaluation of intangibles to fair value	0	0	0
xi) Real estate transfer tax	298,907	0	0
NAV	3,705,786	3,398,165	3,747,818
Fully diluted number of shares	33,455,192	33,455,192	33,455,192
NAV per share (in EUR/share)	110.77	101.57	112.02

3

As at 31.12.2022:

(x 1,000 EUR)	EPRA NRV	EPRA NTA	EPRA NDV
IFRS Equity attributable to shareholders	3,637,413	3,637,413	3,637,413
Include/Exclude*:
i) Hybrid instruments	0	0	0
Diluted net asset value (NAV)	3,637,413	3,637,413	3,637,413
Include*:
ii.a) Revaluation of IP (if IAS 40 cost option is used)	0	0	0
ii.b) Revaluation of IPUC (if IAS 40 cost option is used)	0	0	0
ii.c) Revaluation of other non-current investments	0	0	0
iii) Revaluation of tenant leases held as finance leases	16,690	16,690	16,690
iv) Revaluation of trading properties	0	0	0
Diluted NAV at Fair Value	3,654,103	3,654,103	3,654,103
Exclude*:
v) Deferred tax in relation to fair value gains of IP	56,184	56,184	0
vi) Fair value of financial instruments	-171,475	-171,475	0
vii) Goodwill as a result of deferred tax	-20,889	-20,889	-20,889
viii.a) Goodwill as per the IFRS balance sheet	0	-6,448	-6,448
viii.b) Intangibles as per the IFRS balance sheet	0	-2,374	0
Include*:
ix) Fair value of fixed interest rate debt	0	0	245,260
x) Revaluation of intangibles to fair value	0	0	0
xi) Real estate transfer tax	292,003	0	0
NAV	3,809,926	3,509,102	3,872,026
Fully diluted number of shares	32,846,154	32,846,154	32,846,154
NAV per share (in EUR/share)	115.99	106.83	117.88

4

EPRA Net Initial Yield (NIY) and EPRA 'topped-up' NIY

Definition: Annualised gross rental income based on the passing dates at the closing date of the financial statements, less property charges, all divided by the market value of the portfolio, plus the estimated transfer costs and duties at the time of the hypothetical disposal of investment properties. The EPRA 'topped-up' NIY incorporates an adjustment compared to the EPRA NIY relating to the expiry of the rent-free periods and other incentives.

Purpose: This indicator should help investors to judge how the valuation of portfolio X compares with that of portfolio Y.

(x 1,000,000 EUR)	30.06.2023	31.12.2022
Investment properties at fair value	6,198	6,200
Assets held for sale	-113	-117
Development projects	-307	-330
Properties available for lease	5,778	5,752
Estimated transfer costs and rights resulting from the hypothetical	287	276
disposal of investment properties
Gross up completed property portfolio valuation	6,065	6,029
Annualised gross rental revenues	345	336
Property charges	-15	-14
Annualised net rental revenues	331	322
Rent-free periods expiring within 12 months and other lease incentives	0	0
Topped-up annualised net rental income	331	322
EPRA NIY	5.5%	5.3%
EPRA 'Topped-up' NIY	5.5%	5.3%

EPRA vacancy rate

Definition: Estimated Rental Value (ERV) of vacant space divided by the ERV of the total portfolio.

Purpose: A 'pure' indicator (%) of vacant space in investment property, based on the ERV.

(x 1,000 EUR)	30.06.2023	31.12.2022
Rental space (in m²)	2,369,240	2,374,113
Estimated Rental Value (ERV) of vacant space	5,275	4,550
ERV of the total portfolio	329,878	322,447
EPRA vacancy rate	1.6%	1.4%

5