Vastned Retail N.V. reported consolidated earnings results for the second half and full year ended December 31, 2017. For the second half, the company's gross rental income was EUR 38,673,000. Net rental income was EUR 35,649,000. Total net income from property was EUR 48,217,000. Result before taxes was EUR 35,910,000. Result after tax from continuing operations was EUR 35,259,000. Result was EUR 35,259,000. Result from continuing operations attributable to the company retail shareholders was EUR 30,448,000. Diluted result per share from continuing operations was EUR 1.49. Diluted result per share was EUR 1.49.

For the year, the company's gross rental income was EUR 77,480,000 compared to EUR 81,298,000 a year ago. Net rental income was EUR 69,838,000 compared to EUR 71,345,000 a year ago. Total net income from property was EUR 132,005,000 compared to EUR 84,744,000 a year ago. Result before taxes was EUR 107,811,000 compared to EUR 56,159,000 a year ago. Result after tax from continuing operations was EUR 104,952,000 compared to EUR 55,471,000 a year ago. Result was EUR 106,609,000 compared to EUR 33,517,000 a year ago. Result from continuing operations attributable to the company retail shareholders was EUR 92,988,000 compared to EUR 48,385,000 a year ago. The result is comprised of the direct and the indirect result, and was EUR 94.6 million in 2017 compared to EUR 26.4 million a year ago. The main reason for this higher result was the increase of the indirect result from EUR 19.7 million negative in 2016 to EUR 53.5 million positive in 2017. This was caused mainly by positive value movements. The direct result fell from EUR 46.1 million in 2016 to EUR 41.1 million in 2017 due to lower net rental income and discontinued operations in Turkey. Diluted result per share from continuing operations was EUR 4.57 compared to EUR 2.40 a year ago. Diluted result per share was EUR 4.65 compared to EUR 1.38 a year ago. Cash flow from operating activities was EUR 44,796,000 compared to EUR 46,824,000 a year ago. Property acquisitions was EUR 32,682,000 compared to EUR 77,920,000 a year ago. Property investments was EUR 4,479,000 compared to EUR 5,913,000 a year ago.

As a result of the divestments of approximately EUR 123 million compared with the acquisitions of approximately EUR 38 million in 2017, the portfolio shrank in 2018 compared to 2017. This will have a negative effect on the gross rental income in 2018. The termination fee payable by Forever21 after leaving the premises prematurely, together with the active management and the optimisation of the current portfolio convinces Vastned nevertheless to issue the same expectation for the 2018 direct result as for 2017: between EUR 2.10 and EUR 2.20 per share. The intention to acquire the shares held by third parties in Vastned Retail Belgium NV is not included in this forecast.