VGP : Company Presentation November 2023

Company Presentation

November 2023

1

Fully integrated pure-play logistics real-estate company

Portfolio KPI's

Company at a glance

• Aim for all new buildings to be delivered at certified BREEAM

as of

30 June '23

€6.76bn1

Total GAV

as of

31 Oct '23

17

Countries

111

Parks

212		3.7 years
Number of
	Average
completed
	building age
buildings

€341.2 mm

	Excellent or DGNB Gold level
•	Fully let standing portfolio and significantly pre-let
	development pipeline: Completed portfolio is 99%2 let and
	portfolio under construction is >87% pre-let
•	VGP well financed and strongly capitalized: shares listed on

5.56%4

Yield

99%2	7.9 years3
Occupancy	WALT

Committed annualised

>520

Tenants

rental income

Euronext Brussels since 2007 and included in the EPRA Nareit

Developed Europe Index since 2022 and the BEL ESG

Index since 2023

• Successful and long-term partnership with Allianz Real Estate

since 2016 and a new joint venture was set up with Deka

Immobilien in 2023

Financial KPI's as of 30 June '23

€ 48.6 mm	31.3%5	€2.2bn
Pre-tax Profit	Gearing ratio	Shareholders' Equity

: BBB-

Source: company information as of 30 June 2023 and the 31st of October 2023
1Gross Asset Value of VGP, including Owned Portfolio and joint ventures at 100% as of 30 June 2023; 2Including JV portfolio at 100%; 3Refers to WALT of JV
and Owned Portfolio combined; 4Weighted average yield of own standing property portfolio as of 30 June 2023; 5 Pro froma gearing ratio adjusted for
payments received relating to the Third Joint Venture of € 50 million in July '23, as well as the expected proceeds and disposal of respective assets of the
first closing with the Fifth Joint Venture in Q3 '23. The reported gearing ratio amounts to 40.1%. The gearing ratio is calculated as Net debt / Total equity	2
and liabilities.

Well diversified portfolio across Continental Europe

Investment Portfolio Breakdown By Status1

Development land

• 783 mm
  12%

Under

Construction
€ 688 mm	Standing assets
10%	€ 5,228 mm
	78%

Investment Portfolio Breakdown By Owner1

Own assets

JV	€ 2.6 bln
€ 4.1 bln
40%
60%

Investment Portfolio Breakdown By Country1

Romania 3%	Other 8%
Hungary 3%
Slovakia 4%
Netherlands 7%	Germany
55%
Spain 8%
Czech Republic
12%	3
As of 30 June 2023
1Including 100% of JVs assets

Ten months '23 committed rental income - including JVs

at 100% - increased by 13% YTD

COMMITTED ANNUALISED RENTAL INCOME AND NUMBER OF TENANCY CONTRACTS

Increase in rental income		Rolling rental income		Number of contracts

								600
Committed annualised rental income	€ 350
€ 300							500	Number of tenancy contracts
€ 250							400
€ 200							300
€ 150
							200
€ 100
€ 50							100
	€ -							0
	2016	2017	2018	2019	2020	2021	2022	Oct '23

Signed and renewed rental income of € 54.3 million year to date

1Including € 225.9 million through the Joint Ventures

• In total 520 tenant contracts
• Committed annualised leases of € 341 million1 (FY22 303 million)
• Occupancy rate of 99% for the completed portfolio2

5

²Including 100% of JVs' assets

Active annualized rental income growth incl. JV's at 100%

€ 296.6 million

€58.4 million	€71.3 million
€ 238.2 million	Own Portfolio
€72.7 million
Own Portfolio
€165.6 million	€225.3 million
Joint Ventures
Joint Ventures

€ 341.2 million

€44.6 million

€115.3 million

Own Portfolio

€225.9 million Joint Ventures

Dec '22 net activated	New leases	Year to date	Signed leases	committed annualized
rental income
rental income	activated	net activated rental	to be activated
	year to date	income

66

Net rental and renewable energy income at share has grown y-o-y with 60%

Net rental and renewable energy income ( '000 €)

						107,134
								75,580
					70,718		60%
				55,256
			46,666				47,359
		43,417
	33,490
23,934
2016	2017	2018	2019	2020	2021	2022	1H 2022	1H 2023

• Total net rental and renewable energy income at share on track to match '22 growth rate

7

…fully let on a long-term basis

Portfolio virtually fully-let on a long-term basis1

Occupancy evolution (%)2			Weighted average lease term (WALT) of the
				Own Portfolio				Joint Ventures	portfolio

99.3%	100.0%	99.8%	100.0%	98.4%	100.0%	99.3%	99.4%	98.5%	99.1%	98.4%	99.3%	Combined					7.9 years
												JVs				7.3 years
												Own					9.1 years
												0	2	4	6	8	10	12	14
2018	2019	2020	2021	2022	10M 2023

Top 10 clients by lease contract with JVs at 100% (% of total committed leases)

First Break WALT

Kraus Maffei

Amazon

Rhenus

Zalando

Ahold Delhaize Group

Drylock Technologies

BMW

Siemens

MediaMarkt

CATL

4.7%

4.3%

4.1%

2.4%

2.2%

1.6%

1.6%

1.5%

1.2%

8.2%

• The combined occupancy of the portfolio stood at 99 %
• The WALT stands at 7.9 years
• The WAULB stands at 7.6 years
• Top ten customers represent 32% of total portfolio and have a combined WAULT of 11 years

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

Source: Company information

1 As of 31 Oct 20238

2 Based on m2

Portfolio leased to a diversified and blue-chip tenant base

• Weighted average lease term of 7.9 years1
• Top 10 tenants represents 32% of committed leases

Light industrial		Logistics

E-commerce		Other

Tenant portfolio breakdown -

by industry segment1

Other

4%

E-commerce

22%

Logistics

44%

Light industrial

31%

9

1As of 31 October 2023; including 100% of JVs' assets per lettable m2

Deliveries