Outlook

The agenda of the Ordinary General Meeting of shareholders to be held on 27 April 2021, at which the accounts for the 2020 fiscal year are to be approved, will include a proposal for the distribution of a final dividend of €0.57 gross per share not held by the group. This final dividend will supplement the interim dividend, bringing the total dividend for the fiscal year to €2.25 gross per share not held by the group which represents a return on the share price of 6.2%.

EPRA earnings and dividend outlook for 2021

For 2021 EPRA earnings (consolidated, group share) are estimated at €2.10 per share.

All other things being equal we foresee a gross dividend in line with the earlier communicated dividend policy (at least 80% of EPRA earnings supplemented, as the case may be, by realised capital gains during the financial year in the framework of the asset rotation policy) which may be paid via an interim dividend in December 2021 and a final dividend in May 2022.

EPRA earnings and dividend outlook beyond 2021

Befimmo is on track for growth in EPRA earnings. Based on the current plan, EPRA earnings should rise up to a level between €3 and €3.20 per share by 2025.

Befimmo will propose a dividend in line with the earlier communicated dividend policy. The dividend in subsequent years will depend on the economic climate, the investment opportunities that the Company
takes, its degree of success in implementing projects, and in the development of the coworking business, while it continues to benefit from a stable income, thanks to the defensive nature of its property assets.