1H 2016 RESULTS PRESENTATION 2 2 S E P T E M B E R 2 0 1 6 - PowerPoint PPT Presentation

1H 2016 RESULTS PRESENTATION 2 2 S E P T E M B E R 2 0 1 6

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1H 2016 RESULTS PRESENTATION Presenters Contents Introduction ISMAEL CLEMENTE CEO 1H16 Financial results Portfolio performance MIGUEL OLLERO CFO / COO Investment activity DAVID BRUSH Closing remarks CIO

Fast facts GLA GLA GRI (1) ATTRIBUTED GRI (2) 1,895,760 sqm 502,915 sqm € 308.5 m € 322.4 m IN STOCK EXPANSION PROJECTS ANNUALIZED ANNUALIZED 1H16 1H16 1H16 1H16 € 154.6 m € 135.5 m € 98.7 m € 80.6 m GROSS RENTS REC. EBITDA REC. FFO (3) EPRA EARNINGS EPRA EPRA EPRA EPRA 5.0% 4.7% € 3,423 m 10.6 GROSS YIELD NET YIELD NAV NAV/SHARE JUNE 16 JUNE 16 SPOT JUNE 16 € 3,124 m 47.9% 2.4% € 6,527 m GAV (4) NET DEBT LTV COST OF DEBT Source: Company (1) Annualized gross rents/net rents calculated as passing gross rent/net rent as of June 30, multiplied by 12. GRI and net rents include fully consolidated assets. (2) Minority stakes would proportionally add € 13.9 m of gross rents to a total of € 322.4 million. (3) FFO calculated as EBITDA (€ 128.2m) minus net financial expenses (€ 36.8m). ı 4 ı (4) Includes June-2016 Savills/CBRE appraisals plus total acquisition costs for forward purchase assets.

FINANCIAL RESULTS 1H 2016

1H16 Financial results Consolidated profjt and loss OUTSTANDING +32% YOY GROWTH IN RECURRING FFO/SHARE (€m) 1H 2016 1H 2015 YoY 154.6 65.4 +136.4% Gross rents (1 ) 142.3 63.1 +125.5% Net rents (2) 128.2 57.3 +123.7% EBITDA 91.4 (3) 43.1 +111.8% FFO 135.5 58.9 +130.2% Recurring EBITDA (4) 98.7 44.7 +120.7% Recurring FFO (5) 80.6 44.8 +79.9% EPRA earnings 211.1 119.6 +76.6% IFRS net profit (Per share in €) 0.42 0.30 +38.1% Recurring EBITDA 0.31 0.23 +32.4% Recurring FFO 0.28 0.21 +27.1% FFO 0.25 0.23 +7.9% EPRA EPS 0.65 0.62 +5.9% IFRS EPS Source: Company (1) Annualized gross rents and net rents have been calculated as passing gross / net rent as of June 30, multiplied by 12. (2) Gross rents net of property expenses not recharged to tenants, incentives and collection loss. (3) FFO calculated as EBITDA (€ 128.2m) less net financial expense paid of €36.8m. (4) Recurring EBITDA equals EBITDA less non-recurrent one-off expenses. ı 6 ı (5) Recurring FFO equals FFO less non-recurrent one-off expenses.

1H16 Financial results Bridge gross rents to FFO EXCELLENT OPERATING EFFICIENCY (92% GROSS-TO-NET & 88% EBITDA MARGIN) (€ million) 154.6 (8.7) 145.9 (3.7) 3.4 (10.2) 142.3 (7.3) 128.2 (36.8) 91.4 s x s s s e g g A t O l s e e e e m n n u D F o v p v v i i s s r r i o T F r i i e t o t r r G t t n c n u u I r r n n B P n e e c c e e l E a r i c e e c c r i n r r c n n e i n i i x n h t e a e r o t n e O p n r n a o t fj O n f x f a t e e e e T b s p N t O s n t e n r e t r e t N e N Source: Company. ı 7 ı

1H16 Financial results EPRA Metrics EPRA NAV PER SHARE GROWS € 0.75 IN THE PERIOD (+7.6%) 1H 2016 Dec 2015 Change € m € m Per share Per share 3,423.2 € 10.60 3,181.2 € 9.85 7.6% EPRA NAV 3,045.7 € 9.45 2,926.4 € 9.06 4.3% EPRA NNNAV 3,344.9 € 10.35 2,981.5 € 9.23 12.1% Adjusted EPRA NAV 4.7% 5.0% EPRA net initial yield (1) 4.7% 5.0% EPRA “topped-up” NIY (2) 95.5% 94.6% EPRA occupancy (3) 14.6% 14.3% Recurring EPRA Costs Includes 5.6% Propex 2.4% Tenant incentives Personnel 4.5% 6.6% Opex recurring Other 2.1% Source: Company (1) Calculated as annualized net rents after incentives and collection loss (passing net rents as of June 30, multiplied by 12), divided by commercial portfolio GAV (2) Adjustment to the EPRA Net Initial Yield in respect of the expiration of rent-free periods (or other unexpired lease incentives such as discounted rent periods and step rents) ı 8 ı (2) EPRA occupancy