Report
Jan Opdecam

:REAL ESTATE: Preview HY19 and FY18-19 results REIT coverage

Today we will publish a sector note including our previews on the half year and full year figures of our REIT universe.

Corporate Calendar:
• 25/07/2019: Cofinimmo Half-Year 2019
• 31/07/2019: WDP Half-Year 2019
• 31/07/2019: Intervest Offices & Warehouses Half-Year 2019
• 05/08/2019: Xior Half-Year 2019
• 08/08/2019: Montea Half-Year 2019
• 21/08/2019: Leasinvest RE Half-Year 2019
• 21/08/2019: QRF Half-Year 2019
• 04/09/2019: Aedifica Full-Year 2018-19
• 05/09/2019: Care Property Invest Half-Year 2019
• 05/09/2019: Home Invest Belgium Half-Year 2019
Underlyings
Aedifica SA

Aedifica is a property company, which is specialized in residential real estate. Co.'s portfolio has a superstructure of more than 225,911 sq. m as of June 30 2010. It owns: residential or mixed buildings in Belgian cities with classical leases; buildings with furnished apartments buildings in the heart of Brussels with shorter term leases; senior houses and serviceflats with very long term and triple net leases; and hotels. Co. invests: in existing and already leased buildings; and in projects with future completion. Co.'s activities can be divided into four segments: Residential or mixed buildings; Furnished apartments buildings; Senior houses; and Hotels and others.

Care Property Invest SA

Care Property Invest NV. Care Property Invest NV, formerly Serviceflats Invest NV, is a Belgium-based real estate investment company that builds and finances housing for pensioners. The Company specializes in premises equipped with technologies ensuring safety and comfort of elderly people. In addition, Care Property Invest designs, builds, supervises the progress of a number of construction works, monitors the budget and finances projects in the long term. Care Property Invest NV cooperates mainly for public health care center in Antwerp -Openbaar Centrum voor Maatschappelijk Welziijn (OCMW), including Berchem. The Company focuses its activities on the Belgian market. It operates through a number of subsidiaries, such as Ter Bleuk NV, Siger SA and Konli BVBA and VSP Wolvertem bvba.

Cofinimmo SA

Cofinimmo is a fixed capital real estate investment trust. Co. specializes in rental property. Its core investment segments are office property and nursing and care institutions. The portfolio also includes a Distribution property networks segment. Most of Co.'s assets are in Belgium. The foreign part consists of nursing homes/ clinics and the MAAF agencies network in France and the Pubstone portfolio in the Netherlands. Co.'s operations are organized into four segments: Offices, Nursing homes/Clinics, Distribution property networks, and Public-Private Partnerships.

Home Invest Belgium SA

Home Invest Belgium SA is a public regulated real estate company based in Belgium. The Company specializes in the acquisition, sale, development and management of residential real estate properties. It holds a wide portfolio of properties located on strategic locations in Belgium and The Netherlands. The Comapny's oerates throught its subsidiares such as Clarestates BV.

Intervest Offices & Warehouses SA

Intervest Offices & Warehouses is a Belgian property investment fund. Co. specializes in investments in office buildings and semi-industrial properties situated on locations outside municipal centres. Co.'s business properties are located on the Antwerp-Brussels axis. Its activities can be divided into two business segments: Offices segment which includes the properties that are let to companies for professional purposes as office space; and Semi-industrial buildings segment which includes those premises with a logistical function, storage facilities and high-tech buildings. At Dec 31 2010, Co.'s portfolio consists of 69% in offices buildings and 31% in semi-industrial buildings.

Leasinvest Real Estate SCA

Leasinvest Real Estate is a real estate investment trust. Co. invests in retail buildings, offices and logistics buildings, in the Grand Duchy of Luxembourg and in Belgium. As of Dec 31 2013, Co.'s real estate portfolio is composed of 34 sites (including the assets held for sale & the development projects) with a total surface of 429,579 m2, of which 18 are located in Luxembourg and 16 in Belgium. Co. rents its properties to tenants across various business sectors, such as services, retail and wholesale, financial services, transport and distribution, government and non-profit, industry, medical and pharma, and ICT.

Montea SCA

Montea Comm VA, formerly Montea CVA, is a Belgium-based real estate investment trust specialized in logistics and semi-industrial real estate in Belgium, the Netherlands and France. The Company's property portfolio represents approximately a surface of 584,694 Square meters (m2) across 37 sites. Its group companies include, among others, Montea Management NV, Montea Comm. VA, Acer Park NV, Montea Nederland NV, Montea Almere NV, Montea Rotterdam NV, SCI Actipole Cambrai, SCI Sagittaire, SCI Saxo, SCI Sevigne, SCI Socrate and SCI 3R. In addition, the Company also partners with Decathlon.

QRF Comm

Qrf Comm VA. QRF Comm. VA, formerly known as Qrf CVA, is a Belgium-based Real Estate Investment Trust. The Company is specialized in the niche market of retail properties. QRF Comm. VA invests in commercial real estate throughout Belgium and the Netherlands.

Warehouses De Pauw SCA

Warehouses De Pauw and its subsidiaries are engaged in investment in the Belgian semi-industrial property market. Co. is a closed-end property investment company which specializes in: development of storage and distribution premises; customized projects in line with the user's request; acquiring premises for customers who wish to engage in sale and leaseback transactions.

Xior Student Housing N.V.

Xior Student Housing NV is a Belgium-based company active in the field of residential Real Estate. The Company's offer is mainly for students and it includes several types of rooms for rent, including a student house in Leiden.

Provider
KBC Securities
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Analysts
Jan Opdecam

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