Care Property Invest Sa · EURONEXT:CPINV
Care Property Invest Sa — Q4 2024 Earnings Presentation
62 slides from Care Property Invest Sa's earnings presentation, Mar 5, 2025
Slide 1: Building a Caring Future Together
Building a Caring _____ Future Together x! care property invest
Slide 2: CEO, CFO, COO contacts
Care Property Invest 2 CEO CFO COO Patrick Couttenier Filip Van Zeebroeck Valérie Jonkers /couttenier /FilipVanZeebroeck /valerie-jonkers patrick.coutennier@ filip.vanzeebroeck@ valerie.jonkers@ carepropertyinvest.be carepropertyinvest.be carepropertyinvest.be +32 (0) 3 222 94 94 +32 (0) 3 222 94 94
Slide 3: Agenda
Care Property Invest 3 03 Investments and pipeline 04 Financial information 05 The share 01 Serviceflats Invest A Solid Foundation 06 Sustainability 02 Care Property Invest Business Model as from 2014 07 Attachments
Slide 4: Serviceflats Invest: A Solid Foundation
Serviceflats Invest A Solid Foundation Building a Caring Future Together www.carepropertyinvest.be 01
Slide 5: Key investment highlights
Care Property Invest Serviceflats Invest - A Solid Foundation 5 Key 1 High visibility/ solid existing cashflows 4 Strong share track record investment arrow-right Long duration of lease contracts with adjusted debt maturities at a arrow-right First listed Belgian RECC in 1995. highlights fixed inter
Slide 6: Serviceflats Invest
Care Property Invest Serviceflats Invest - A Solid Foundation 6 arrow-right Initiative of the Flemish government arrow-right Building and financing of 2,000 qualitative and affordable service flats targeted at 75+ year-olds (assisted living units) in Flanders and Brussels arrow-right Cooperation wit
Slide 7: Project structure
Care Property Invest Serviceflats Invest - A Solid Foundation 7 Project structure arrow-right Local governments receive a yearly subsidy from the Flemish government per service flat. Design-build-finance structure arrow-right Upon termination of the building right period, ownership right of the buil
Slide 8: Low-risk High visibility
Care Property Invest Serviceflats Invest - A Solid Foundation 8 Low-risk NPO (5%) High visibility arrow-right Contracts backed by a mortgage mandate on the properties. Due to solvency profile of tenants (1) Local government (95%) Subsidy stream on blocked account used to partially reimburse Servicef
Slide 9: Spread building rights fee vs related debt maturity
Care Property Invest Serviceflats Invest - A Solid Foundation 9 Spread building rights fee vs related debt maturity Evolution of the final 40000 building rights fees 35000 and related debt 30000 maturity relating to 25000 the initial portfolio 20000 15000 10000 Final building rights fee 5000 (cash i
Slide 10: Business model as from 2014
Care Property Invest Business model as from 2014 Building a Caring Future Together www.carepropertyinvest.be 02
Slide 11: Business model as from 2014
Care Property Invest Business model as from 2014 11 Low-risk Business model High visibility -As from 2014 NV • OPENBARE BE VA K N A A R B E L G I S C H R E C H T Also development and acquisition of healthcare properties (Care decree of Flanders) and residential solutions for people with disabilities
Slide 12: Unique combination public and private market
Care Property Invest Business model as from 2014 12 Split in investment properties vs finance leases Evolution of fair value of total portfolio at fair value - as at 31 December 2024 in million EUR €1,400 m 18% €1,200 m €1,000 m €800 m €600 m €400 m 82% €200 m Finance leases (IFRS 16) €0 m Investmen
Slide 13: Geographical distribution
Care Property Invest Business model as from 2014 13 Geographical Geographical distribution of the number of projects Geographical distribution of the number of residential units distribution 5% 3% 3% 8% 7% 5% 8% 150 acquired projects(1) in portfolio as at 31 December 2024 18% 51% 11% 65% (1) Care Pr
Slide 14: Distribution projects by age of the buildings
Care Property Invest Business model as from 2014 14 Distribution Investment properties in operation Finance leases in operation projects by 6% 4% 1% age of the 19% buildings 40% < 1 year ago 1 to 5 years ago 35% 95% 5 to 10 years ago > 10 years ago 31 December 2024 31 December 2024
Slide 15: Lease Maturity
Care Property Invest Business model as from 2014 15 Tekengebied 8 Unexpired lease term -investment prop Unexpired lease term Unexpired lease term Average unexpired lease term by country Investment properties Finance leases Investment properties 1% 4% 30 19% 20% 28% 25 Average: 18 years 20 42% 15 19
Slide 16: Distribution operators
Care Property Invest Business model as from 2014 16 Belgium Spain 3% 3% 3% 3% 3% 3% Colisee Emera 4% 3% 24% 26% My Assist Forum de Inversiones 4% 4% Inmobiliarias Mare Nostrum S.A. Public 5% Other (1) Orelia 5% Korian Ireland 7% Vulpia 6% Silverstream Healthcare Other(1) (2) DomusVi 15% 8% The Nethe
Slide 17: Macro trend: ageing population
Care Property Invest Business model as from 2014 17 Macro trend Ageing population, rising demand Demographic evolution Demographic evolution Belgian population(1) Dutch population(1) 100 85+ 85+ +136% +157% 66-85 65-85 80 0-65 0-65 +20% +13% 60 40 +9.4% +15,3% 20 0 2025 2030 2040 2050 2060 2070 2025
Slide 18: Macro trend: ageing population
Care Property Invest Business model as from 2014 18 Macro trend Ageing population, rising demand Demographic evolution Demographic evolution Spanish population(1) Irish population(1) 100 85+ 100 85+ +157% +250% 66-85 66-85 0-65 0-65 80 80 +13% +72% 60 60 40 40 +6.7% +24.4% 20 20 0 0 2025 2030 2040 2
Slide 19: Business model private and public market
Care Property Invest Business model as from 2014 19 Business PRIVATE MARKET PUBLIC MARKET model investment properties finance leases private and Needs care Needs care public operator operator market Development Development and financing Purchase and financing Purchase real estatee and/or real estate
Slide 20: Investments and pipeline
Care Property Invest Investments and pipeline Building a Caring Future Together www.carepropertyinvest.be 03
Slide 21: History
Care Property Invest Investments and pipeline 21 1995 Establishment of Serviceflats Invest nv Recognition as a Belgian real estate investment 2014 2013 - 2014 fund, on the initiative of the Serviceflats Invest nv Amendments to the Flemish government with the objective to build and becomes Care Prope
Slide 22: History
Care Property Invest Investments and pipeline 22 2020 2020 History Capital increase Optional dividend in kind May-June 2020 15 January 2020 Total amount of capital increase: approximately 2018 Total amount of capital increase: €7 million. Entry onto the approximately €34 As of 19 June 2020 Dutch mar
Slide 23: History
Care Property Invest Investments and pipeline 23 2022 Entry onto the Irish market 2022 2024 Optional dividend Inclusion in the 2021 May-June 2022 EPRA index Capital increase in kind 2022 Total amount capital increase: 20 January 2021 Capital increase in kind approximately €4 Total amount of 7 July 2
Slide 24: Projects: new acquisitions
Care Property Invest Investments and pipeline 24 Projects NEW ACQUISITIONS 2024/2025 Project Location Date Type Conv. Value Agreement Operator (in € million) The Netherlands Fleurâge Residences Bloemendaal 15/01/2025 Acquisition € 10.1 20 Y - triple net Domus Valuas Total € 10.1 NEW ACQUISITIONS 202
Slide 25: Completions 2024 and 2023
Care Property Invest Investments and pipeline 25 COMPLETIONS 2024 Project Location Date Type Conv. Value Agreement Operator (in € million) The Netherlands Residence Wolfsbergen 's-Graveland 28/03/2024 Redevelopment € 11.2 25 Y - triple net Golden Years Residence Oldenbarnevelt Rotterdam 12/04/2024 R
Slide 26: Committed development projects
Care Property Invest Investments and pipeline 26 Committed Geographical split Expected delivery date development projects €9 m 45% €11 m 55% Pipeline of €19.7 million of which 2.5 million to be spent. €20 m 100% 100% pre-let 31 December 2024 31 December 2024 The Netherlands (NL) 2025 Spain (ES) 2026
Slide 27: Outlook
Care Property Invest Investments and pipeline 27 Outlook Financial year 2025: Ireland FV: €95 m arrow-right Changing macroeconomic environment will United Kingdom adjust the Company’s growth Company will limit its growth, The Netherlands arrow-right so that debt ratio will not exceed 50% FV: €236 m
Slide 28: Financial information
Care Property Invest Financial information Building a Caring Future Together www.carepropertyinvest.be 04
Slide 29: EPRA awards for financial reporting
Care Property Invest Financial information 29 EPRA awards for financial reporting Our Annual Financial Report 2023 has been awarded the EPRA BPR Gold Award for the 8th consecutive time.
Slide 30: EPRA key performance indicators
Care Property Invest Financial information 30 EPRA Key performance indicators Period closed on 31/12/2024 31/12/2023 EPRA earnings (in €/share) € 1.04 € 0.94 Adjusted EPRA earnings (in €/share) (1) € 1.07 € 1.03 EPRA costratio (incl. direct vacancy costs) (in %) 16.72% 17.56% EPRA costratio (excl. d
Slide 31: Key figures P&L Statement
Care Property Invest Financial information 31 Key figures Period closed on 31 December - in K EUR 2024 Var 2023 Var 2022 Net rental result 69,614 5.63% 65,906 21.20% 54,379 P&L Real estate operating result 69,600 5.65% 65,880 21.24% 54,340 General expenses and other operating result (cash) -10,041 -
Slide 32: Rental income
Care Property Invest Financial information 32 Rental income In million EUR €0.61 €0.76 €69.61 €65.91 €1.02 €1.32 €70.00 €60.00 €50.00 €40.00 €30.00 €20.00 €10.00 €0.00 Rental Income Dec YTD 2023 Belgium The Netherlands Spain Ireland Rental Income Dect YTD 2024 BE NL ES IE TOTAL Change : 2.19% 12.38%
Slide 33: Rental income breakdown
Care Property Invest Financial information 33 Rental income Breakdown Finance leases Investment properties €70,000,000.00 €60,000,000.00 €50,000,000.00 €40,000,000.00 €30,000,000.00 €20,000,000.00 €10,000,000.00 €0.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4 20
Slide 34: EBITDA by business model
Care Property Invest Financial information 34 EBITDA Amounts in EUR Investment properties 31/12/2024 Finance leases Non allocated TOTAL by business amounts Net rental result 51,957,634 17,655,959 0 69,613,592 model Property operating result 51,944,095 17,655,976 0 69,600,071 General expenses of the
Slide 35: Key figures Balance sheet
Care Property Invest Financial information 35 Key figures Consolidated in K EUR Balance FY 2024 FY 2023 FY 2022 sheet Receivables financial leases 166,440 166,705 177,018 Trade payables related to fixed assets 8,192 8,968 11,738 Investment properties 1,015,282 994,465 934,269 Other assets not includ
Slide 36: Like-for-like portfolio valuation
Care Property Invest Financial information 36 Like-for-like 0.5% portfolio 0.4% 0.3% 0.2% valuation 0.2% 0.1% 0.1% 0.1% 0% −0.1% −0.2% −0.3% −0.3% −0.4% −0.5% −0.5% −0.6% −0.6% Average overall valuation −0.7% −0.7% yield of 5.60% −0.8% −0.9% −1% −1.1% −1.2% −1.3% −1.4% −1.4% −1.5% Q1 2023 Q2 2023 Q3
Slide 37: Debt Ratio
Care Property Invest Financial information 37 60% 120 Debt 49.92% 49.32% 52.37% Ratio 47.06% 47.73% 46.31% 46.65% 50% 45.80% 45.70% 100 51.34% 45.40% 35.39% 43.55% 40% 80 Capital increases 30% 60 in million EUR €108.3m €103.5m Debt ratio (RREC Law) €99.4m 20% 40 EPRA LTV €68.4m 10% 20 €36.2m €23.0m
Slide 38: Weighted average interest rate and financial debts
Care Property Invest Financial information 38 Weighted 5% 600 average 580.9 579.3 570.9 563.5 540.7 542.3 4.5% 4.17% interest rate 4.01% 3.76% 500 4% and financial 3.36% 3.39% 423.3 3.32% 3.5% 3.15% 3.12% 2.90% 400 debts 3% 3.25% 3.22% 326.9 3.15% 3.19% 2.35% 2.22% 2.14% 2.90% 2.5% 300 270.5 1.92% 2
Slide 39: Net financial debt
Care Property Invest Financial information 39 Net financial debt EBITDA and interest coverage ratio 14 5% Net financial debt/ 4.5% EBITDA 4.3% 4.3% 4.5% 4.2% Interest coverage ratio 4.1% 12 Bank covenant limit 3.8% 13.5 4% CPInvest 3.4% 11.9 10 3.2% 3.5% 10.7 10.3 10.2 2.7% 3% 9.7 8 9.6 2.5% 8.9 2.5
Slide 40: Financial obligations: debt structure
Care Property Invest Financial information 40 Financial €21m 4% €39m €26m 5% obligations €84m 7% 15% Debt structure €461m 81% €477m 88% Bank loans/ facilities Commercial paper Bonds 31 December 2024 31 December 2023
Slide 41: Financial obligations: debt maturity
Care Property Invest Financial information 41 Financial obligations Debt maturity - in K EUR €200,000 The undrawn credit 20,000 lines also include the 1,500 specific back-up lines within the framework of For the funds which can €150,000 the MTN program. be 'rolled over' at the Contractually, 100% of
Slide 42: Financial obligations: debt ratio headroom
Care Property Invest Financial information 42 Financial Debt ratio of 47.73% (RREC-law) gives margin: obligations arrow-right Up to 50%: for €54.6 million arrow-right Up to 60%: for €369.8 million Debt ratio arrow-right Up to 65%: for €594.8 million Future cash-out committed developments as at 31 De
Slide 43: Financial obligations: hedge ratio
Care Property Invest Financial information 43 Financial obligations Hedge ratio - future evolution(1) 100% Fixed rate debt 6.47% 7.91% 6.34% 14.63% Floating rate debt hedged - IRS 8.84% 8.84% Floating rate debt hedged - CAP 80% Floating rate debt not hedged 60% 66.33% 78.97% 66.25% 65.36% 40% 85% of
Slide 44: Key figures Net Asset Value
Care Property Invest Financial information 44 Key figures Consolidated in K EUR Net Asset FY 2024 FY 2023 FY 2022 Net Asset Value of the Company 626,888 638,135 563,395 Value IFRS NAVPS € 16.95 € 17.25 € 20.31 Net Asset Value of the Company, excluding 'fair 627,065 634,678 541,614 value of financial
Slide 45: The share
Care Property Invest The share Building a Caring Future Together www.carepropertyinvest.be 05
Slide 46: Solid track record
Care Property Invest The share 46 arrow-right IPO on 7 February 1996 at EUR 5.95 (adjusted for stock split). arrow-right Improved liquidity and rising share price since the capital increase of March 2015 and through the appointment of KBC Securities as liquidity provider arrow-right As from December
Slide 47: Evolution stock price and EPRA NTA
Care Property Invest The share 47 Evolution €30 €28 stock price €26 €24 and EPRA €22 NTA €20 18.25 €18 €16 €14 11.42 €12 €10 €8 €6 €4 Stock price EPRA NTA €2 €0 HY2020 HY2023 HY2024 HY2022 FY2020 FY2023 HY2019 FY2024 HY2016 FY2022 HY2018 HY2021 HY2017 FY2019 FY2016 FY2018 FY2015 FY2021 FY2017
Slide 48: Market capitalisation
Care Property Invest The share 48 Market 700 capitalisation 693 649 600 602 693 Evolution in million EUR 649 500 602 527 527 531 437 400 422 390 359 437 300 390 359 270 200 200 270 200 100 165 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 49: Dividends per share
Care Property Invest The share 49 Dividends Adjusted EPRA earnings per share (€/share) Gross dividend (in €/share) per share 1.4 €1.24 (1) 1.2 €1.06 (1) €1.07 €1.07 (3) €1.03 (2) €0.99 (1) 1 €0.92 (1) €0.86 €1.00 €1.00 €1.00 €1.00 0.8 €0.74 €0.66 €0.65 €0.87 €0.80 €0.77 0.6 A gross dividend of €1.00
Slide 50: Shareholding structure
Care Property Invest The share 50 Shareholding Share distribution on 31 December 2024 31 December 2023 Number of shares Number of shares Number of shares Number of shares structure (in %) (nominal value) (in %) (nominal value) OUTSTANDING SHARES 100% 36,988,833 100% 36,988,833 OWN SHARES 0% 0 0% 0 A
Slide 51: Sustainability
Care Property Invest Sustainability Building a Caring Future Together www.carepropertyinvest.be 06
Slide 52: Sustainability highlights
Care Property Invest Sustainability 52 Sustainability highlights Peer review 2023 2024 Target 2030 Energy Efficiency Care Property Invest 132 kWh/m 128 kWh/m 110 kWh/m2 target 2 (1) 2 CP Invest commits to reach Peer 1 142 kWh/m2 (not published yet) 130 kWh/m2 110 an average energy efficiency kWh/m 2
Slide 53: Sustainability highlights
Care Property Invest Sustainability 53 Sustainability highlights Recent Fleet electrification Validated targets ESG remuneration by SBTi building portfolio 20% of the total pay-out of (average age) 20% management’s long-term incentive is subject to ESG INVESTMENT PROPERTIES 32% criteria and is paid
Slide 54: Sustainability reporting legislation
Care Property Invest Sustainability 54 Sustainability arrow-right CP Invest is actively preparing for upcoming sustainability reporting legislation such reporting as the Corporate Sustainability Reporting Directive (CSRD), the European Sustainability legislation Reporting Standards (ESRS) and the EU
Slide 55: Our sustainability ambitions
Care Property Invest Sustainability 55 Our sustainability ambitions Building lasting relationships Investing in Leading through sustainable ethical practices SOCIAL buildings We are committed to ensure GOVERNANCE ENVIRONMENTAL equal access to sustainable and high-performing healthcare housing by off
Slide 56: Forward-looking statement
Care Property Invest Sustainability 56 Forward-looking This Presentation includes forward-looking statements that reflect the Company's intentions, beliefs or current expectations concerning, among other things, the statement Company’s results, condition, performance, prospects, growth, strategies a
Slide 57: Attachments
Care Property Invest Attachments Building a Caring Future Together www.carepropertyinvest.be 07
Slide 58: New acquisitions 2022
Care Property Invest Attachments 58 NEW ACQUISITIONS 2022 Project Location Date Type Conv. Value Agreement Operator (in € million) Belgium Klapgat Haacht 07/07/2022 Acquisition € 13.9 30 Y - Thuis Leven vzw (contribution in kind) triple net The Netherlands Zorghuis Tante Clasien Zuidwolde 03/02/2022
Slide 59: Ireland projects 2022
Care Property Invest Attachments 59 Project Location Date Type Conv. Value Agreement Operator (in € million) Ireland Ballincurrig Care Centre Ballincurrig 25/02/2022 Acquisition € 6.2 25 Y - Silver Stream Healthcare triple net Ratoath Manor Nursing Home Ratoath 08/04/2022 Acquisition € 6.9 25 Y - Si
Slide 60: Completions 2022
Care Property Invest Attachments 60 COMPLETIONS 2022 Project Location Date Type Conv. Value Agreement Operator (in € million) The Netherlands Zorgvilla Aldenborgh Roermond 25/02/2022 Development € 8.2 25 Y - Aldenborgh triple net Villa le Monde Vught 20/04/2022 Development € 6.2 25 Y - Domus Valuas
Slide 61: Key figures P&L Statement
Care Property Invest Attachments 61 Key figures Period closed on 31 December - in K EUR 2024 2023 2022 P&L Net rental result 69,614 65,906 54,379 Real estate operating result 69,600 65,880 54,340 Statement General expenses of the Company -11,637 -10,912 -9,763 Other operating income and expenses 232
Slide 62: Thank you
Thank you Building a Caring Future Together www.carepropertyinvest.be