Consolidated result (EUR x 1.000)

31-12-2009

31-12-2008

31-12-2007

Net rental result

54.126,90

46.644,87

38.348,13

Property charges

-1.082,89

-1.194,63

-1.389,44

Financial result excl. IAS 39 result

-18.086,19

-12.751,73

-7.691,24

Taxes on net current result

-220,45

-396,41

-114,88

Variations in the fair value of investment property (+/-)

-26.790,51

-17.918,94

27.300,54

Result from sale of investment property (+/-)

10,81

80,32

-930,17

Fair value change of financial instruments (IAS 39 impact)

-10.923,05

-29.184,26

689,16

Net current result/share**

3,14

3,34

3,05

Result on portfolio/share**

-2,29

-1,83

3,04

Net result/share**

-0,21

-1,84

6,49

Proposed payment

32.256,72

25.272,71

23.351,98

Distribution percentage

(in relation to the net current result)

94,77%

87,99%

88,98%

Number of shares at the end of the period

12.533.938

8.592.721

8.592.721

Gross dividend/share

2,94

2,94

2,72

Net dividend/share

2,50

2,50

2,31

Growth NAV/share (before profit distribution)

-1,14

-5,69

4,11

* Result on the portfolio excludes the variations in the real value on the solar panels. These are valued in conformity with

IAS 16 in which the added revaluation is stated directly under shareholders' equity. In 2009 this amounted to EUR 12,3 million.

** Earnings per share are calculated on a pro-rata-temporis basis for the number of shares entitled to dividend over 2009

(first six months 9.400.454, from 01/07/2009 12.533.938). The net result per share on the basis of the full-year result and

the weighted average number of shares entitled to dividend is EUR 0,04 per share.

Consolidated balance sheet (EUR x 1.000)

31-12-2009

31-12-2008

31-12-2007

Intangible assets

286,61

183,63

105,00

Investment properties

815.391,78

742.129,30

614.104,00

Other tangible assets (solar panels included)

55.232,14

32.359,32

1.090,00

Non-current financial assets

11.737,25

10.618,30

9.598,84

Finance lease receivables

194,76

277,39

355,00

Trade receivables and other non-current assets

168,25

319,50

470,16

Assets held for sale

14.198,82

4.642,42

2.476,00

Finance lease receivables

82,63

77,54

73,00

Trade receivables

9.678,42

4.255,64

10.057,00

Tax receivables and other current assets

3.107,64

2.597,77

13.379,00

Cash and cash equivalents

2.203,86

1.273,31

9.015,00

Capital

97.853,12

68.913,37

68.913,00

Premiums on issue

63.960,55

0,00

0,00

Reserves

171.524,92

187.288,07

219.449,00

Result

59.603,67

25.612,71

38.202,00

Impact on fair value of estimated transaction costs resulting from

hypothetical disposal of investment properties (-)

-27.123,83

-22.106,43

-18.662,00

Translation differences

1.025,01

1.599,00

1.857,00

Non-current liabilities

413.650,52

328.895,23

219.118,00

31-12-2009

31-12-2008

31-12-2007

NAV*/share

29,27

30,41

36,10

NAV* (excl. IAS 39 result)/share

32,05

33,20

35,54

Share price

33,93

30,15

45,50

Premium/discount on price compared with NAV* (excl. IAS 39 result)

5,87%

-9,18%

28,03%

Debts and liabilities included in gearing

506.145,28

506.054,64

334.815,39

Balance sheet total

916.076,49

802.702,91

663.450,00

Gearing**

55,25%

63,04%

50,47%

* NAV = Net Asset Value = Shareholders’ equity before profit distribution for the current financial year.

** For the calculation method of the level of debt, refer to the Royal Decree dated 21 June 2006 with regard to

financial statements of cepics.