Outlook

The agenda of the Ordinary General Meeting of shareholders to be held on 26 April 2022, at which the accounts for the 2021 fiscal year are to be approved, will include a proposal for the distribution of a final dividend of €0.58 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 €1.84 gross per share not held by the group which represents a return on the share price of 5.5%.

EPRA earnings and dividend outlook for 2022

For 2022 EPRA earnings (consolidated, group share) are estimated between €2.40 and €2.45 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 2022 and a final dividend in May 2023.