Aedifica Sa · EURONEXT:AED
Aedifica Sa — Aedifica Sicafi Bruxelle — H1 2022 Earnings Presentation
93 slides from Aedifica Sa's earnings presentation, Aug 5, 2022
Slide 1: Half year results 2022
Half year results 2022 Brussels, 5 August 2022 -1-
Slide 2: Table of content
Table of content 3 Highlights H1 2022 7 Strategy 15 Achievements 17 Portfolio analysis 51 Financials 68 Shares & shareholders 77 Outlook 80 Conclusion -2-
Slide 3: Highlights H1 2022
Highlights H1 2022 Militza Brugge -3- Burgge – Belgium
Slide 4: Highlights H1 2022
Highlights H1 2022 €85.9 million 8 €820 million 41% +27% YoY countries Pre-let development projects Debt-to-assets EPRA Earnings and acquisitions in progress ratio €131.0 million 599 14 €309 million +21% YoY, +4.2% L-F-L Healthcare sites Projects completed raised on capital markets Rental income (ap
Slide 5: Investment activity
Investment activity New acquisitions & pipeline completions €23 million €185 million €65 million ~ €527 million (42 €24 million sites) added or announced YTD €119 million (see map) €8 million ~ €63 million (14 €90 million projects) completed during H1 2022 -5- €13 million
Slide 6: Portfolio outlook: €5.9 billion
Portfolio outlook Total portfolio outlook: €5.9 billion €m +820 +103 5,943 6.000 5.500 5,041 -22 5.000 4.500 4.000 3.500 3.000 2.500 2.000 1.500 1.000 500 0 Marketable investment Assets classified as held for Committed investment Investments & disposal Portfolio outlook 1 1 Incl. rights of use of pl
Slide 7: Strategy
Strategy LLT Almere Buiten -7- Almere – Netherlands
Slide 8: Aedifica at a glance
Aedifica at a glance Pure-play Growth potential Market reference LT cash flows at healthcare Driven by demographic in European listed interesting yields evolution healthcare real estate €5.0 billion Diversification Belgian REIT Inflation-linked Marketable investment 8 European countries (RREC/SIR/GV
Slide 9: Exploring European markets
Exploring European markets Track record of entering new markets & rapidly creating a platform for future growth 2013 – 2016 – 2019 – 2020 – 2021 – Ireland Germany Netherlands United Finland & 1st investment in Feb 2021: €25m Current portfolio: €141m (13 assets) 1st investment in 1st investment in Ki
Slide 10: Demographic evolution
Demographic evolution Ageing in Belgium Ageing in Germany 40% 40% 35% 35% 30% 30% 65 + 65 + 25% 25% 70 + 70 + 20% 20% 75 + 75 + 15% 15% 80 + 80 + 10% 85 + 10% 85 + 5% 5% 0% 0% 2020 2030 2040 2050 2060 2070 2080 2020 2030 2040 2050 2060 2070 2080 Source: Eurostat, 2021 Source: Eurostat, 2021 Ageing i
Slide 11: Demographic evolution
Demographic evolution Ageing in Finland Ageing in Sweden 40% 40% 35% 35% 30% 30% 65 + 65 + 25% 25% 70 + 70 + 20% 20% 75 + 75 + 15% 15% 80 + 80 + 10% 85 + 10% 85 + 5% 5% 0% 0% 2020 2030 2040 2050 2060 2070 2080 2020 2030 2040 2050 2060 2070 2080 Source: Eurostat, 2021 Source: Eurostat, 2021 Ageing in
Slide 12: Sustainability
Sustainability Award and CSR Benchmarks 2022 2021 2020 2019 Improvement of EPRA sBPR Not rated yet Gold Gold Silver + Most Improved Sustainability scores GRESB Not rated yet 66 ** 57* - Sustainalytics Risk Rating Not rated yet Low (11.9) Low (17.8) - MSCI A BBB BB BB Bloomberg MSCI Green Bond Index:
Slide 13: Sustainability
Sustainability Strategy • Commitment to the Paris Agreement to achieve net zero GHG emissions for our entire portfolio by 2050: focus on lifecycle assessment of our properties • Focus on stakeholders engagement, creating a platform to share knowledge, promoting green awareness & foster quality of ca
Slide 14: Sustainability
Sustainability CRREM Research project “Carbon Risk Real Estate Monitor” framework Translates long-term policies (COP21 Paris Agreement) into science-based targets that are global warming scenarios, country and building type specific Proposes a framework for assessing building specific carbon risks -
Slide 15: Achievements
Achievements Maple Court -15- Scarborough – United Kingdom
Slide 16: Achievements
Achievements Investment properties1 Evolution and Focus on Europe EVOLUTION SINCE 2006 GEOGRAPHICAL BREAKDOWN (FAIR VALUE)2 €m 6.500 6.000 CAGR: 24 % 5,943 100% 5 2 1 3 3 5 9 2 2 5.500 (as of 30 June 2022) 5,277 12 12 13 15 18 2 4,896 14 17 17 17 5.000 80% 17 4.500 23 14 13 13 4.000 3,815 12 3.500 6
Slide 17: Portfolio analysis
Portfolio analysis Villa Nuova -17- Vorden - Netherlands
Slide 18: Healthcare real estate portfolio
Healthcare real estate portfolio Healthcare segment breakdown FOCUS ON CARE FACILITIES FOR ELDERLY PEOPLE 7% 6% 17% Elderly care homes Senior housing 4% 66% Mixed-use elderly care buildings Child day-care centres Other care segments Marketable investment properties incl. assets classified as held fo
Slide 19: Healthcare real estate portfolio
Healthcare real estate portfolio Geographical breakdown DIVERSIFICATION AMONG EUROPEAN COUNTRIES 2% 3% 17% 25% Belgium 18% Germany 22% Netherlands United Kingdom Finland 13% Sweden Marketable investment properties incl. assets classified as held for Ireland sale (€4,981 m), excl. rights of use of pl
Slide 20: Belgian healthcare portfolio
Belgian healthcare portfolio PORTFOLIO OF 83 ASSETS BELGIUM Very mature healthcare real €1,246 m ~8,500 5.3% 21 years estate market Portfolio Residents Yield on WAULT Fair Value Fair Value Elderly care: highly consolidated profit segment 12 17 ~€1,394 m Inflation- projects Tenant Portfolio outlook l
Slide 21: Belgian healthcare portfolio
Belgian healthcare portfolio Marketable investment properties Projects in the investment program or subject to outstanding -21- conditions
Slide 22: Belgian healthcare portfolio
Belgian healthcare portfolio Klein Veldekens, Geel - 132 units Résidence Véronique, Somme – Leuze – 131 units Jardin Intérieur, Frasnes-lez-Anvaing - 101 units Militza Gent, Ghent - 90 units -22-
Slide 23: German healthcare portfolio
German healthcare portfolio PORTFOLIO OF 103 ASSETS Germany €1,117 m ~10,500 5.1% 22 years Growth potential Portfolio Residents Yield on WAULT due to ageing of Fair Value Fair Value German population 23 22 ~€1,333 m Inflation- Elderly care: market projects Tenant Portfolio outlook linked in consolid
Slide 24: German healthcare portfolio
German healthcare portfolio Marketable investment properties Projects in the investment program -24-
Slide 25: German healthcare portfolio
German healthcare portfolio Seniorenquartier Weyhe, Weyhe - 109 units Seniorenzentrum Alte Zwirnerei, Gersdorf - 104 units Seniorenhaus Lessingstrasse, Wurzen - 73 units Seniorenquartier Bremen, Bremen - 109 units -25-
Slide 26: Dutch healthcare portfolio
Dutch healthcare portfolio PORTFOLIO OF 74 ASSETS Netherlands €628 m ~3,200 5.4% 17 years Healthcare real Portfolio Residents Yield on WAULT estate market Fair Value Fair Value becoming more competitive and liquid 11 24 ~€691 m Inflation- Operators: projects Tenant Portfolio outlook linked predomina
Slide 27: Dutch healthcare portfolio
Dutch healthcare portfolio Marketable investment properties Projects or projects subject to outstanding conditions in the -27- investment program
Slide 28: Dutch healthcare portfolio
Dutch healthcare portfolio Martha Flora Oegstgeest, Oegstgeest - 20 units Martha Flora Rotterdam, Rotterdam - 29 units Pachterserf, Apeldoorn - 48 units Het Gouden Hart Soest - Soest - 36 units -28-
Slide 29: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio PORTFOLIO OF 111 ASSETS United Kingdom Fragmented care home €900 m ~7,100 6.3% 21 years market Portfolio Residents Yield on WAULT Fair Value Fair Value Huge development and growth potential due to outdated social 15 15 ~€1,021 m Inflation- infrastructure pro
Slide 30: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Marketable investment properties Projects or projects subject to outstanding conditions/forward -30- purchases in the investment program
Slide 31: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Sleaford Ashfield Road, Sleaford - 68 units Abbot Care Home, Harlow - 117 units Le petit Bosquet, Jersey - 43 units Creggan Bahn Court - Ayr - 58 units -31-
Slide 32: Finnish healthcare portfolio
Finnish healthcare portfolio PORTFOLIO OF 192 ASSETS Finland €868 m ~13,000 5.3% 12 years Strong long-term Portfolio Users Yield on WAULT growth potential: one of Fair Value Fair Value the fastest ageing populations in Europe 24 44 ~€1,021 m Inflation- ‘Nordic welfare state’ projects Tenant Portfoli
Slide 33: Finnish healthcare portfolio
Finnish healthcare portfolio Marketable investment properties Projects or acquisitions subject to outstanding conditions in the -33- investment program
Slide 34: Finnish healthcare portfolio
Finnish healthcare portfolio Koy Kuopion Männistönkatu PK, Kuopio - 168 units Oulu Jahtivoudintie, Oulu - 340 units Koy Espoon Matinkartanontie, Espoo - 537 units Koy Lohjan Sahapiha, Lohja - 110 units -34-
Slide 35: Swedish healthcare portfolio
Swedish healthcare portfolio PORTFOLIO OF 23 ASSETS Sweden €80 m ~750 4.9% 13 years Long-term growth Portfolio users Yield on WAULT potential, but very Fair Value Fair Value mature (domestic) market 5 12 ~€108 m Inflation- ‘Nordic welfare state’ projects Tenant Portfolio outlook linked to be groups
Slide 36: Swedish healthcare portfolio
Swedish healthcare portfolio Marketable investment properties Projects or projects subject to outstanding conditions in the -36- investment program
Slide 37: Swedish healthcare portfolio
Swedish healthcare portfolio Bälinge Lövsta 9:19, Uppsala - 12 units Almungeberg 1:21 Uppsala - 6 units Förskola Kalleberga AB, Ronneby - 120 units Sunnersta 120:2 & 120:4 , Uppsala - 6 units -37-
Slide 38: Irish healthcare portfolio
Irish healthcare portfolio PORTFOLIO OF 13 ASSETS Ireland Strong market fundamentals supporting €141 m ~1,250 5.4% 24 years long-term investment Portfolio Users Yield on WAULT potential Fair Value Fair Value Highly fragmented care home market 9 4 ~€298m Inflation- Private operators take an projects
Slide 39: Irish healthcare portfolio
Irish healthcare portfolio Marketable investment properties Projects or acquisition subject to outstanding conditions in the -39- investment program
Slide 40: Irish healthcare portfolio
Irish healthcare portfolio Dublin Stepaside, Stepaside - 119 units Duleek Nursing Home, Duleek - 121 units Dundalk Nursing Home, Dundalk - 130 units Waterford care home, Waterford - 64 units -40-
Slide 41: Spanish healthcare portfolio
Spanish healthcare portfolio PARTNERSHIP WITH SPANISH OPERATOR Spain Strong market fundamentals supporting €75 m ~1,000 Approx. Inflation- long-term investment initial portfolio Users 5.5% linked potential ambition Initial Rental triple net long yield leases Fragmented care home market Up to 5 1 ~€1
Slide 42: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 11% 599 sites with approx. 7% 280 tenants (or >130 ‘groups’) representing 6% European, national and 48% local profit and not-for- 5% profit operators 4% No ‘operator group’ 4% leases more than 11% of 4% Aedifica’s consolidated 4% assets 3% 4% 1
Slide 43: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 2% 7% Private - Profit Private - Non-profit Predominantly private operators Public Growing public and non- profit segments among 91% tenants 1 Based on the contractual rents. -43-
Slide 44: Elderly care sector regulations
Elderly care sector regulations BELGIUM GERMANY NETHERLANDS UK Regional Local municipality National National (Heimaufsicht) & Medical service of New home Risk- & event based Opening of a new statutory care insurers supervision/ event inspections home, then frequency (MDK) based / periodic of follow
Slide 45: Elderly care sector regulations
Elderly care sector regulations FINLAND SWEDEN IRELAND SPAIN National & National National Regional Regional (for early childhood education & care) Opening of new home Opening of a new Opening of new home Opening of new home / / periodic / event home / annual / event based / periodic / event based ba
Slide 46: Lease maturity & occupancy rate
Lease maturity & occupancy rate UNEXPIRED LEASE TERM WAULT BY COUNTRY (Years) 25 Avg 24 27% 20 years 20 21 22 21 <15 years 17 15 ≥15 years 73% 12 13 10 5 0 20 years Weighted average unexpired 100 % Belgium Germany Netherlands United Kingdom Finland Sweden Ireland Occupancy rate lease term Marketable
Slide 47: Age of buildings
Age of buildings >60% OF THE PORTFOLIO IS LESS THAN 15 YEARS OLD 10% 23% 0-5 years 6-10 years 11-15 years 37% > 15 years 20% Project Age profile based on a weighted average of the gross square footage of our properties using completion date of a construction or renovation phase done onsite. 10% -47-
Slide 48: Gross yields on fair value and prime yields
Gross yields on fair value and prime yields GROSS YIELDS ON FAIR VALUE PRIME YIELDS Conservative valuation yields (%) 7 Belgium 6 6.3 Germany Avg 5.4 5 5.3 5.4 5.3 5.4 Netherlands 5.1 4.9 4 United Kingdom 3 Finland 2 Sweden Ireland 1 Spain 0 Belgium Germany Netherlands United Kingdom Finland Sweden
Slide 49: Committed development projects: Pipeline €820 million
Committed development projects Pipeline: €820 million GEOGRAPHICAL SPLIT EXPECTED DELIVERY DATE €3m 0% €31m €79m 4% €157m 10% 19% Belgium 2022 Germany €237m €281m €27m 34% 29% 3% €216m Netherlands 2023 26% United Kingdom €153m Finland 2024 19% Sweden €54m >2025 7% Ireland €270m €131m 33% 16% Spain -
Slide 50: Portfolio growth: Development projects
Portfolio growth Development projects Turku Herttuankulma - Turku (FI) Seniorenquartier Langwedel – Construction start: Q1 2021 Expected completion: Q4 2022 Langwedel (DE) Construction start: Q4 2021 Expected completion: Q4 2022 Waterford Carrigea Crescent – Waterford (IE) Construction start: Q4 202
Slide 51: Financials
Financials Seniorenquartier Weyhe -51- Weyhe - Germany
Slide 52: Income Statement: EPRA Earnings
Income Statement EPRA Earnings EPRA EARNINGS YOY INCREASE OF 27% Consolidated incom e statem ent - analytical form at 30/06/2022 30/06/2021 (x €1,000) Rental income 131,034 108,271 Rental-related charges -476 -762 Net rental income 130,558 107,509 Operating charges* -21,163 -18,112 Operating result
Slide 53: Income Statement: Net result
Income Statement Net result EARNINGS PER SHARE: DRIVEN BY STRONG VALUATION INCREASE Consolidated incom e statem ent - analytical form at 30/06/2022 30/06/2021 (x €1,000) EPRA Earnings* 85,885 67,437 Changes in fair value of financial assets and liabilities 65,180 6,010 Changes in fair value of inves
Slide 54: Rental income
Rental income (€ m) 140 +15.9 +0.7 131.0 120 +5.6 +2.2 +1.2 108.3 -2.8 100 80 60 40 21% increase YoY 20 Rental Indexation Rent Disposals Deliveries Acquisitions FX impact Rental income renegociation income H1 2021 H1 2022 -54-
Slide 55: Rental income by country
Rental income (€ m) 140 +1.5 +2.2 131.0 +3.1 +4.4 +8.6 +1.2 120 108.3 +1.7 100 80 60 40 21% increase YoY 20 Rental Belgium Germany Netherlands United Finland Sweden Ireland Rental income Kingdom income H1 2021 H1 2022 Change: +5.6% +44.6% +8.1% +19.2% +16.1% +346.7% +418.7% +21.0% Like-for-like +3.1
Slide 56: EPRA Earnings
EPRA Earnings (€ m) 100 +22.8 +1.2 90 85.9 -2.8 -2.4 -0.2 -0.1 80 70 67.4 60 50 40 27% 30 increase YoY 20 10 EPRA Rental Operating Financial Tax EPRA Non- EPRA Earnings income costs result earnings of controlling Earnings H1 2021 associates interests H1 2022 -56-
Slide 57: Consolidated balance sheet (€ m)
Consolidated balance sheet (€ m) Balance sheet total: €5.62 billion 3,162 2,785 Equity Investment properties 5,277 (incl. assets classified 4,896 Liabilities included as held for sale) 2,785 in the debt ratio Investment properties Other assets included 2,6 Equity Other liabilities (incl. assets clas
Slide 58: Debt-to-assets ratio
Debt-to-assets ratio Financial policy: debt-to-assets ratio <50% 56% 56% 50% 50% 44% 43% 42% 43% Investment capacity: 41% 41% 37% €335m approx. €1 billion before reaching 50% DTA or approx. €400 million before reaching 45% DTA June June March June March June Oct Dec. June Dec June 2017 2018 2019 201
Slide 59: Debt-to-assets ratio
Debt-to-assets ratio €67m €100m €153m €219m €418m €207m €459m €286m €254m rights issue rights issue rights issue rights issue rights issue ABB rights issue ABB ABB Oct 2010 Dec 2012 June 2015 Mar 2017 May 2019 Apr 2020 Oct 2020 Jun 2021 Jun 2022 60% 6.000 50% 5.000 40% 4.000 Over the past 12 years,
Slide 60: Credit facilities: Total financial debt €2,163 m
Credit facilities Total financial debt: €2,163 m Investment credits Credit rating BBB with 11% 5% 5% Investment credits 13% stable outlook from S&P 4% Termloans Term loans 52% bank Global 4% facilities 31% Revolving Revolvingloans loans 33% 27% sustainable 23% USPP USPPGBP financing of drawn debt 24
Slide 61: Credit facilities: new & refinanced facilities H1
Credit facilities Overview new & refinanced credit facilities H1 > €420m Q1: €105 million Q2: > €315 million ➢ €65m new credit facilities ➢ €30m refinancing existing credit ➢ €40m refinancing of existing credit facilities sustainability linked facilities ➢ €100m new & Sustainability linked credit fa
Slide 62: Credit facilities: liquidity and debt maturity
Credit facilities LIQUIDITY DEBT MATURITY PROFILE Financial debt Lines Utilisation of which 900 Weighted average (in € million)1 treasury notes 800 700 debt maturity 31/12/2022 31/12/2023 242 371 242 172 239 - 600 500 (excl. CP): 5.2 31/12/2024 432 272 - 400 years 31/12/2025 540 175 - 300 200 31/12/
Slide 63: Credit facilities: interest rate hedging
Credit facilities Interest rate hedging1 100% 90% 17% 19% 26% 27% 30% 80% 14% 14% 70% 5% 14% 60% 83% of debt hedged 30% 28% 30% 32% 50% 22% by derivatives or 40% fixed rate debt 30% as of 30 June 2022 20% 39% 39% 39% 39% 38% Hedging weighted 10% average maturity : 0% 6.4 years 30-06-2022 31-12-2022
Slide 64: Net asset value
Net asset value PREMIUM ON 4 AUGUST 2022 28% vs NAV at FV excl. IAS 39 26% vs NAV at FV incl. IAS 39 29% vs NTA Net asset value per share (in €) 30/06/2022 31/12/2021 Net asset value after deduction of dividend 2021, excl. 78.92 74.09 changes in fair value of hedging instruments* Effect of the chang
Slide 65: EPRA NTA
EPRA NTA (€/share) 90 3.20 76.05 2.36 0.10 78.44 80 -3.26 70 60 50 40 3% 30 increase 20 10 0 EPRA NTA EPRA result Property value Dividend Other EPRA NTA 31/12/2021 increases 30/06/2022 -65-
Slide 66: Dividend policy
Dividend policy €3.70 / share (gross) DPS guidance for 2022 + 9% compared to end 2021 Withholding tax: − General rule: 30 % − Reduced to 15 % as healthcare REITs investing more than 80% of its portfolio in residential European healthcare real estate -66-
Slide 67: EPRA metrics
EPRA EPRA METRICS Aedifica is included Key performance indicators according to the EPRA principles in the EPRA indices 30/06/2022 30/06/2021 EPRA Earnings* (in €/share) 2.36 2.02 EPRA Cost Ratio (including direct vacancy costs)* (in %) 17.2% 17.4% EPRA Cost Ratio (excluding direct vacancy costs)* (i
Slide 68: Shares & shareholders
Shares & shareholders Koy Espoon Matinkartanontie -68- Espoo – Finland
Slide 69: Share price since IPO
Share price since IPO Spot Var. (%) Aedifica 101,00 178 375 350 BEL20 3.775,27 -10 325 300 EPRA Belgium 1.818,66 28 275 EPRA Europe 1.926,90 -28 250 225 200 175 150 125 100 75 50 Aedifica: based on the IPO price (€41), adjusted to take into 25 account the rights issues of 2010 (- €1.89), 2012 (- €1.
Slide 70: Total return since IPO
Total return since IPO 700 675 Return Var. (%) 650 Aedifica 193 429 625 600 575 EPRA Belgium 6.756 213 550 525 500 EPRA Europe 4.578 34 475 450 425 * 400 375 350 325 300 275 250 225 200 175 150 125 100 75 50 Aedifica: based on the IPO price (€41), adjusted to take into 25 account the rights issues o
Slide 71: Euronext
Euronext Inclusion in the BEL20 In March 2020, Aedifica entered the BEL 20, the leading share index of Euronext Brussels. The BEL 20 index comprises Belgian companies listed on Euronext Brussels that record the largest free-float market 100% capitalisation, of which the share is Aedifica’s free floa
Slide 72: Shareholding
Shareholding1 INTERNATIONAL & DIVERSIFIED SHAREHOLDERS BASE1 One shareholder holding more than 5% of the company’s capital 2 1/3 retail shareholders 2/3 institutional shareholders 1 Based on the shareholder identification done based on 31 December 2022 status. 2 A total of 39,855,243 shares are list
Slide 73: Award: EPRA reporting best practices
Award EPRA EPRA REPORTING: BEST PRACTICES RECOMMENDATIONS (BPR) From 2015 to 2021, Aedifica’s annual financial report was awarded 7 consecutive times the ‘EPRA BPR Gold Award’ In 2020 & 2021, Aedifica received the ‘EPRA sBPR Gold Award‘ for the Sustainability Reports -73-
Slide 74: Corporate governance
Corporate governance TRANSPARENCY BOARD OF DIRECTORS • NV/SA • 12 Directors • 7 independent non-executive Directors • Management in the box • 5 executive Directors • 100% free float • Gender diversity ratio: 42% • No poison pills • International • Audit Committee • Nomination & Remuneration Committe
Slide 75: Aedifica's Executive Committee
Aedifica’s Executive Committee Ingrid Daerden Raoul Thomassen Chief Financial Officer Chief Operating Officer Sven Bogaerts Chief Mergers & Charles-Antoine van Aelst Acquisitions Officer Chief Investment Officer Stefaan Gielens -75- Chief Executive Officer
Slide 76: Organisation & team
Organisation & team INTERNATIONAL TEAM 9 4 Local teams in 6 countries 6 Belgium managing the portfolio Finland 7 and the group’s growth Germany Netherlands 62 International staff of Sweden 117 people of which 29 UK 40 women and 77 men Number of employees per country -76-
Slide 77: Outlook
Outlook Förskola Kalleberga AB -77- Ronneby - Sweden
Slide 78: Outlook FY 2022
Outlook FY 2022 €273 million €300 million ~ €800 million Rental income Pipeline deliveries in 2022 Hypothetical new investments of which €450 m cash flow generating <45% £1 = € 1.15 Debt-to-assets ratio Foreign exchange ~ €900 million (end 2022) assumption Cash out during 2022 related to the investm
Slide 79: Outlook: objective for future growth, EPS growth
Outlook OBJECTIVE FOR FUTURE GROWTH : EPS GROWTH while maintaining a solid debt-to-asset ratio € / share 7,0 6,5 6,0 5,5 5,0 4,23 4,35 4,64 • Enhancing long-term cash flows 4,5 4,0 3,74 in healthcare real estate 3,40 • Exploring new healthcare real 3,5 3,70 3,15 3,25 * 3,0 2,43 3,07 2,5 2,09 2,14 1,
Slide 80: Conclusion
Conclusion Koy Oulun Siilotie -80- Oulu - Finland
Slide 81: Investment highlights
Investment highlights Attractiveness for shareholders PURE-PLAY FAIR VALUE HISTORY HEALTHCARE REIT IN EUROPE OF PORTFOLIO SHOWING RESILIENCE 20 YEARS WEIGHTED AVERAGE LEASE STRONG UNDERLYING TERM DEMOGRAPHIC TRENDS SOLID TRACK RECORD IN INVESTMENT, EQUITY AND DEBT-FINANCING LONG-TERM GROWTH STRONG D
Slide 82: Thank you
Thank you INVESTOR RELATIONS ir@aedifica.eu Rue Belliard/Belliardstraat 40 bte 11 1040 Brussels, Belgium -82-
Slide 83: Stefaan Gielens - CEO, Ingrid Daerden - CFO
Stefaan Gielens - Chief Executive Officer Ingrid Daerden - Chief Financial Officer -83-
Slide 84: Aedifica SA/NV
Aedifica SA/NV Public REIT under Belgian Law Regulated Real Estate Company (RREC) Société immobilière réglementée (SIR) Gereglementeerde vastgoedvennootschap (GVV) Rue Belliard 40 / Belliardstraat 40 (box 11) 1040 Brussels Tel: +32 (0)2 626 07 70 - Fax: +32 (0)2 626 07 71 info@aedifica.eu - www.aedi
Slide 85: Forward-looking statement
Forward-looking statement This Presentation includes forward-looking statements that reflect the Company's intentions, beliefs or current expectations concerning, among other things, the Company’s results, condition, performance, prospects, growth, strategies and the industry in which the Company op
Slide 86: Appendix
Appendix Villa Casimir -86- Roermond - Netherlands
Slide 87: Portfolio growth: investment programme
Portfolio growth Investment programme as of 30 June 2021 INVESTMENT PROGRAMME: €820 MILLION Country Developm ent Rent Rent Developm ent Rent Yield2 projects (in € m illion) projects 1 (in € m illion) (in € m illion) (in € m illion) BE 79 3 Triple net 419 22 5.2% DE 216 10 Double net 396 21 5.4% NL 5
Slide 88: Portfolio growth: Pipeline €820 million
Portfolio growth Pipeline: €820 million 4% 0% PRE-LET DEVELOPMENT Projects in progress PROJECTS AND 15% ACQUISITIONS IN Projects subject to PROGRESS outstanding conditions Acquisitions subject to outstanding 81% conditions Land reserve -88-
Slide 89: Belgian REIT
Belgian REIT ‘sicafi / vastgoedbevak’ Appraisal: Tax status: until 17 October 2014 At fair value on a quarterly basis by Exit tax a valuation expert Limited corporate tax in No depreciation of properties Belgium for parent company RREC (SIR / GVV) since 17 Dividend: at least 80 % of Withholding tax
Slide 90: Innovative healthcare real estate
Innovative healthcare real estate Villa Casimir: an A-rated redevelopment Roermond (NL) Completed in October 2020 Former villa and ‘Rijksmonument’ (national heritage site) Redeveloped into a care residence for 18 elderly residents requiring continuous care EPC G → A -90-
Slide 91: Innovative healthcare real estate
Innovative healthcare real estate Villa Casimir: an A-rated redevelopment Restoration of the villa’s unique characteristic elements : high windows wooden beams French doors stained-glass windows Improved insulation of the roof, walls & basement floor Barrier-free environment High-performance cooling
Slide 92: Innovative healthcare real estate
Innovative healthcare real estate Villa Casimir: an A-rated redevelopment FUTUREPROOF BUILDING, FIT FOR THE CURRENT GENERATION AND THE NEXT Low-temperature heating Individual ventilation type C+ All-electric approach: opportunity to use green energy & accommodate new technological developments Futur
Slide 93: Notes
fl Notes aedifica | housing with care -93-
Aedifica Sicafi Bruxelle — H1 2022 Earnings Presentation on 6ix