The distribution policy is determined by the Board of Directors and proposed for approval to the General Meeting of Shareholders after the end of each financial year.

As a regulated property company, Home Invest Belgium has a legal obligation to distribute at least 80% of the adjusted result.

It is Home Invest Belgium's clear strategy to increase the dividend at least at the rate of inflation.

For the financial year 2020, the annual dividend was increased for the 21st time in a row, to € 4.95 per share. This means a gross dividend yield of 4.29% based on the closing price of the share on 31/12/2020.

For the coming years, the Board of Directors foresees a dividend policy based on an annual increase of dividends equal to or higher than inflation.

The Board of Directors relies on:

• The constant, indexed rental flow from existing investment properties
• Controlling the company's operating costs
• The company's hedging policy, which provides good visibility on interest charges and makes them assessable in the medium term
• The existing pipeline of project developments
• The reserves that the company has built up over the years

Dividends distributed by Home Invest Belgium are subject to a Belgian withholding tax of 30%. A partial or total exemption from withholding tax on dividends can be obtained by shareholders complying to specific legal impositions.