Slide 1: Half year results 2018/2019
Half year results 2018/2019 Brussels, 20 February 2019 -1-
Slide 2: Table of contents
Table of contents > Highlights H1 2018/2019 > Strategy > Achievements > Portfolio analysis > Financials > Shares & shareholders > Outlook > Conclusion -2-
Slide 3: Highlights H1 2018/2019
Highlights H1 2018/2019 Résidence l’Air du Temps Chênée - Belgium -3-
Slide 4: Highlights H1 2018/2019 (1)
Highlights H1 2018/2019 (1) > Rental income: €50,8 million, +14 % YoY, +1.7 % L-F-L > EPRA Earnings: €31,7 million, +12 % YoY > Rental income and EPRA Earnings ahead of budget > Dividend forecast confirmed at €2.80 gross per share (+12 %) > Real estate portfolio of €2.0 billion, +13 % compared to 30
Slide 5: Highlights H1 2018/2019 (2)
Highlights H1 2018/2019 (2) > Healthcare real estate: 85% of the portfolio, totaling €1,625 million spread over 159 sites in 3 countries − €996 million in Belgium (76 sites) − €336 million in Germany (41 sites) − €292 million in The Netherlands (42 sites) > Weighted average lease term: 20 years > De
Slide 6: Investment activity
Investment activity (in € million) Investments Development Total carried out/ projects announced DE Specht Gruppe phase I: Schwerin, Lübbecke, Kaltenkirchen 1 19 21 40 DE Argentum portfolio (4 sites) 19 - 19 NL Sorghuys Tilburg 2 2 4 DE Azurit portfolio (4 sites) 1 23 - 23 NL Nieuw Heerenhage 1 3 19
Slide 7: Portfolio outlook
Portfolio outlook Total portfolio outlook: €2.6 billion (As of 20 February 2019) +473 -282 2,596 +503 1,907 -5 -7-
Slide 8: Strategy
Strategy Residentie Sporenpark Beringen - Belgium -8-
Slide 9: Aedifica
Aedifica > Belgian REIT (RREC/SIR/GVV) − market cap ~ €1.5 billion − free float of 100 % − marketable investment properties ~ €2.0 billion (as of 31/12/2018) − approx. 1,014,000 m² > Focusing on healthcare real estate: “housing with care” − demographic evolution: ageing > European focus − Belgium −
Slide 10: Demographic evolution
Demographic evolution Ageing in Belgium Ageing in Germany Source: "Perspectives de population 2017-2061", Belgian Federal Planning Bureau, 2018. Source: "Bevölkerung Deutschlands bis 2060", Statistisches Bundesamt (Deutschland), 2015. Ageing in The Netherlands Ageing in the United Kingdom Source: "P
Slide 11: Segment information
Segment information Fair value of total portfolio: €2.0 billion (As of 31 December 2018) Healthcare real estate Hotels Apartment buildings in Europe in Belgium in Belgium Weight: 85 % 11 % 4% Gross yield: 5.6 % 4.8 % 6.3 % EBIT margin: 97 % 73 % 99 % → Cash flow → 50 % in JV → Cash flow (long leases
Slide 12: Achievements
Achievements Huize Hoog Kerckebosch Zeist – The Netherlands -12-
Slide 13: Achievements: Investment properties
Achievements Investment properties1 Evolution since 2006 €m CAGR: 26 % (as of 31 December 2018) 2 1 Incl. assets classified as held for sale. 2 Outlook includes the portfolio as of 31/12/2018, the UK portfolio, the disposal of non-core segments and the completion of the development pipeline. -13-
Slide 14: Focus on healthcare real estate
Achievements Focus on healthcare real estate Evolution by segment (fair value1) 2 1 Marketable investment properties incl. assets classified as held for sale (€1,907 m). 2 The situation as of 1 February 2019 includes the portfolio as of 31/12/2018 and the acquisition of the UK portfolio. -14-
Slide 15: Focus on Europe
Achievements Focus on Europe Geographical breakdown (fair value)1 1 Marketable investment properties incl. assets classified as held for sale (€1,907 m). 2 The situation as of 1 February 2019 includes the portfolio as of 31/12/2018 and the impact of the acquisition of the UK portfolio. 3 Outlook inc
Slide 16: Value creation since 2006
Achievements Value creation since 2006 -16-
Slide 17: Portfolio analysis
Portfolio analysis Bremerhaven I Bremerhaven - Germany -17-
Slide 18: Segments
Segments (As of 1 February 2019)1 Apartment buildings (768 apartments in 33 sites) Healthcare real estate (approx. 18,400 units in 251 sites) 6 hotels (544 rooms) 1 The situation as of 1 February 2019 includes the portfolio as of 31/12/2018 and the impact of the acquisition of the UK portfolio. -18-
Slide 19: Geographical breakdown
Geographical breakdown (As of 1 February 2019)1 The Netherlands Flanders Germany United Kingdom Brussels Wallonia 1 The situation as of 1 February 2019 includes the portfolio as of 31/12/2018 and the impact of the acquisition of the UK portfolio. -19-
Slide 20: Healthcare real estate
Healthcare real estate > Focus on senior housing − Assisted living facilities: rest homes (high care) ̶ Belgium: Woonzorgcentrum / Maison de repos ̶ Germany: Pflegeheim ̶ The Netherlands: Verpleeghuis, Zorgresidentie, ... − Independent living facilities: seniors apartments (low care) ̶ Belgium: Assi
Slide 21: Segment diversification
Healthcare real estate Segment diversification (As of 1 February 2019)1 Mixed facilities (ALF + other) Independent living Specialist care facilities 1% 1% 7% Mixed facilities (ALF + ILF) 17% 74% Assisted-living facilities 1 The situation as of 1 February 2019 includes the portfolio as of 31/12/2018
Slide 22: Belgian healthcare portfolio
Belgian healthcare portfolio (As of 31 December 2018) > Senior housing portfolio of 76 assets: − Capacity of approx. 7,800 residents − Total fair value of approx. €996 m − Yield on fair value of 5.5 % − Triple net long leases − Typical lease maturity: 27 years − 4 main tenants: Armonea, Orpea, Senio
Slide 23: Belgian healthcare portfolio
Belgian healthcare portfolio (As of 31 December 2018) Belgium Senior housing To be completed -23-
Slide 24: Belgian healthcare portfolio
Belgian healthcare portfolio Residentie Sporenpark, Residentie Kartuizehof, Beringen Lierde • 127 units • 128 units Leopoldspark, Hestia, Wemmel Leopoldsburg • 222 units • 150 units -24-
Slide 25: German healthcare portfolio
German healthcare portfolio (As of 31 December 2018) > Senior housing portfolio of 41 assets: − Capacity of approx. 3,300 residents − Total fair value of approx. €336 m − Yield on fair value of 6.1 % − Double net long leases − Typical lease maturity: 20 - 25 years − 14 tenants (advita, Alloheim, Arg
Slide 26: German healthcare portfolio
German healthcare portfolio (As of 31 December 2018) Germany Senior housing Senior housing Apartment buildings To be completed Hotels & other Hotels & other -26-
Slide 27: German healthcare portfolio
German healthcare portfolio Service-Residenz advita Haus Zur Schloss Bensberg, Alten Berufsschule, Bergisch Gladbach Zschopau • 87 units • 127 units Bremerhaven I, Käthe-Bernhardt-Haus, Bremerhaven Husum • 110 units • 83 units -27-
Slide 28: Dutch healthcare portfolio
Dutch healthcare portfolio (As of 31 December 2018) > Senior housing portfolio of 42 assets: − Capacity of approx. 1,500 residents − Total fair value of approx. €292 m − Yield on fair value of 5.6 %1 − Mostly triple net long leases − Typical lease maturity: 15 - 20 years − 10 main tenants (Blueprint
Slide 29: Dutch healthcare portfolio
Dutch healthcare portfolio (As of 31 December 2018) The Netherlands Senior housing To be completed Hotels & other -29-
Slide 30: Dutch healthcare portfolio
Dutch healthcare portfolio Martha Flora Het Gouden Hart, Hilversum, Kampen Hilversum • 37 units • 31 units Zorgresidentie Het Dokhuis, Mariëndaal, Oude Pekela Velp • 32 units • 75 units -30-
Slide 31: UK healthcare portfolio
UK healthcare portfolio (As of 1 February 2019) > Senior housing portfolio of 92 assets: − Capacity of approx. 5,700 residents − Acquisition value of approx. £450 m − Contractual rent: approx. £32 m 1 − Initial gross yield: approx. 7% − WAULT: >22 years − 14 tenants (Burlington Care, Maria Mallaband
Slide 32: UK elderly care market
UK healthcare portfolio UK elderly care market > Ageing UK population − Demographic change is one of the key drivers of increasing demand for care assets − Population of +85 years expected to double over the next 25 years − Segment of +85 years shows the highest care needs > Fragmented UK care home
Slide 33: UK healthcare portfolio
UK healthcare portfolio (As of 1 February 2019) United Kingdom Senior housing Hotels & other -33-
Slide 34: UK healthcare portfolio
UK healthcare portfolio Heritage, Tooting • 72 units Coplands, London • 79 units River View, Reading • 137 units Highfield, Armstrong House, Castleford Gateshead • 88 units • 71 units -34-
Slide 35: Healthcare real estate tenants
Healthcare real estate tenants Est. tenant diversification1 9% 14% 1 Based on the contractual rents as of 30 September 2018 and the estimated impact of the acquisition of the UK portfolio -35-
Slide 36: Healthcare real estate tenants
Healthcare real estate tenants > 251 sites with >100 tenants (or >50 ‘groups’)1 representing European, national and local profit and not-for-profit operators 1 The situation as of 1 February 2019 includes the portfolio as of 31/12/2018 and the impact of the acquisition of the UK portfolio. -36-
Slide 37: Lease maturity
Lease maturity (As of 31 December 2018) Initial lease term < 15 years 11 % 89 % ≥ 15 years, irrevocable Weighted average lease term 20 years Marketable investment properties incl.assets classified as held for sale (€1,907 m). -37-
Slide 38: Age of buildings
Age of buildings (As of 31 December 2018) Other contracts Buildings > 10 years 10 % Other contracts Long-term Buildings between 19 % triple net 0-10 years 71 % contracts Marketable investment properties incl.assets classified as held for sale (€1,907 m). -38-
Slide 39: Occupancy rate
Occupancy rate 99 % 95 % → Very high and stable occupancy rates Red line: Total portfolio (excl. furnished apartments) (96% of portfolio) : (contractual + guaranteed rents) / (contractual rents + ERV for unlet spaces). Green dots: Furnished apartments (4% of portfolio) : Rented days QTD / total numb
Slide 40: Gross yields on fair value
Gross yields on fair value (As of 31 December 2018) Weighted average 5.6 % -40-
Slide 41: Segment EBIT margins
Segment EBIT margins* (As of 31 December 2018) Healthcare Apartment Hotels Unallocated & TOTAL real estate buildings inter-segment FY 2007/2008 100 % 64 % 98 % - 68 % FY 2008/2009 100 % 64 % 96 % - 71 % FY 2009/2010 100 % 64 % 99 % - 73 % FY 2010/2011 100 % 64 % 98 % - 75 % FY 2011/2012 100 % 63 % 9
Slide 42: Valuation of property
Valuation of property* 2008 → 2019 FY 2008/2009 FY 2009/2010 FY 2010/2011 FY 2011/2012 FY 2012/2013 €k % €k % €k % €k % €k % Healthcare 13 0% 1,684 1% 6,072 2% 5,991 2% 7,347 2% Apartment buildings -7,851 -4% -1,904 -1% 1,552 1% 3,032 2% -82 0% Hotels -1,415 -4% -963 -2% 1,191 2% 45 0% -1,017 0% Tot
Slide 43: Portfolio growth: development projects (1)
Portfolio growth Development projects as of 31 December 2018 (1) Projects and renovations Investment Inv. as of Future Comment (in € million) 31/12/2018 inv. Projects in progress 159 57 102 Completion 2018/2019 55 36 19 B Plantijn II Kapellen 4 3 1 Extension and renovation of a rest home B Vinkenbos
Slide 44: Portfolio growth: development projects (2)
Portfolio growth Development projects as of 31 December 2018 (2) Projects and renovations Investment Inv. as of Future Comment (in € million) 31/12/2018 inv. Projects in progress 159 57 102 Land reserve 2 2 0 B Plot of land Bois de la Pierre Wavre 2 2 0- Acquisitions subject to outstanding condition
Slide 45: Portfolio growth: development projects (3)
Portfolio growth Development projects as of 31 December 2018 (3) Country Development projects (in € million) Belgium 44 Germany 312 The Netherlands 117 United Kingdom 503 Total 976 Rent Development projects1 Rent Yield2 (in € million) (in € million) Triple net 673 48 7.1% Double net 302 16 5.4% Land
Slide 46: Development projects pipeline: €976 million
Development projects Pipeline: €976 million (As of 31 December 2018) Projects in progress: Land reserves: €159 million €2 million Projects subject to outstanding conditions: Acquisitions subject to €279 million outstanding conditions: €536 million -46-
Slide 47: Development projects pipeline: €976 million
Development projects Pipeline: €976 million (As of 31 December 2018) > Projects: €439 million Belgium 2021/2022 2018/2019 €42m Netherlands €66m €51m 10% €117m 15% 12% 27% Germany 2020/2021 €279m €151m 2019/2020 63% 34% €171m 39% > IP, land reserves & others: €538 million -47-
Slide 48: Development projects
Development projects Specht (AR1) – Specht (AR1) – 01 Schwerin (DE) 02 Kaltenkirchen (DE) Construction start: Construction start: 28/02/2018 31/05/2018 Expected completion: Expected completion: 2019/2020 2019/2020 Specht (AR1) – 03 Lübbecke (DE) Seniorenzentrum Construction start: Weimar (DE) 28/02/
Slide 49: Financials H1
Financials H1 Schloss Bensberg Bergisch Gladbach - Germany -49-
Slide 50: Income Statement
Income Statement Business driven Income Statement - analytical scheme 31 December 2018 31 December 2017 Var. (x €1,000) Rental income 50,798 44,478 +14% Rental-related charges 8 -27 Net rental income 50,806 44,451 +14% Operating charges -8,671 -7,266 Operating result before result on portfolio 42,13
Slide 51: Rental income
Rental income (As of 31 December 2018) +6,497 +97 -274 50,798 44,478 Change: +17.5 % +1.9 % -14.8 % 1 +14.2 % Like-for-like change: +1.2 % +3.8 % +2.4 % +1.7 % 14 % increase YoY 1 Due to the disposal of the Ring building in June 2018. -51-
Slide 52: EPRA Earnings
EPRA Earnings (As of 31 December 2018) +6,497 -547 +97 +246 -334 -1,017 -1,696 +970 +317 -386 -361 -383 31,739 28,336 -52-
Slide 53: EPRA Earnings vs Budget
EPRA Earnings vs Budget (As of 31 December 2018) 31,066 31,739 -53-
Slide 54: Income Statement
Income Statement Market driven Income Statement - analytical scheme 31 December 2018 31 December 2017 (x €1,000) EPRA Earnings 31,739 28,336 Changes in fair value of financial assets and liabilities -187 -523 Changes in fair value of investment properties 13,095 8,989 Gains and losses on disposals o
Slide 55: Hedging policy
Hedging policy (As of 31 December 2018) > Economic stability and Business driven: Avg effective interest rate of 1.8%, foreseeability below PY (2.1%) of cashflows... Market driven: > ... even in spite Changes in FV of derivatives (non cash items): of accounting +€227 k in result (vs. -€65 k in H1 PY
Slide 56: Consolidated balance sheet
Consolidated balance sheet (€ m) Balance sheet total: €2.03 billion (As of 31 December 2018) Assets Equity & Liabilities 2 2 -56-
Slide 57: Debt-to-assets ratio
Debt-to-assets ratio Before After Before After SPO 2015 SPO 2015 SPO 2017 SPO 2017 Headroom*: - Debt increase of €255 m without investments or €637 m with investments - Drop of MTM of buildings of 22 % ** Based on bank covenant of max. 60 %. Based on legal max. of 65 %, headroom is respectively €356
Slide 58: Credit facilities
Credit facilities (As of 31 December 2018) Maturity Amount Utilisation (€m) 2018/2019 3 3 2019/2020 55 55 2020/2021 89 89 2021/2022 171 76 2022/2023 205 75 2023/2024 256 146 2024/2025 336 251 2025/2026 and subsequent : 187 137 Total 1,302 832 Treasury notes (duration <1 year) 100 Total Financial Deb
Slide 59: Net asset value
Net asset value Net asset value per share (in €) 31 December 2018 30 June 2018 Var. Based on fair value of investment properties Net asset value 51.94 49.24 5% Effect of the changes in fair value of hedging instruments 1.98 1.95 Net asset value excl. changes in fair value of hedging instruments* 53.
Slide 60: Value potentially not reflected in the NAV
Value potentially not reflected in the NAV > Belgian REIT → highly regulated framework > Pure play healthcare REIT in Europe > Assessment: long term cash flows at interesting yields > Inflation-linked contracts > Pipeline: − Committed − Pre-let > Track record of successful investments > Track record
Slide 61: EPRA
EPRA > Aedifica included in the EPRA indices > EPRA metrics: Key performance indicators according to the EPRA principles 31 December 2018 31 December 2017 EPRA Earnings* (in €/share) 1.74 1.58 EPRA Cost Ratio (including direct vacancy costs)* (in %) 17% 16% EPRA Cost Ratio (excluding direct vacancy
Slide 62: Dividend Policy
Dividend Policy > DPS 2017/2018: €2.50 / share (gross) − 11% higher than PY − Optional dividend: ̶ Option to subscribe for one new share at an issue price of €72.25 in exchange for 34 No. 19 coupons (valued at €2,125 net each) ̶ 45% of shareholders opted for a contribution of their dividend resultin
Slide 63: Shares & shareholders
Shares & shareholders Villa Temporis Hasselt - Belgium -63-
Slide 64: Dividend track record
Dividend track record * 2018/2019 budgeted dividend (see section 11 of the Board of Directors’ Report included in the 2017/2018 Annual Financial Report). -64-
Slide 65: Share price since IPO
Share price since IPO (As of 8 February 2019) Spot Var. (%) Aedifica 84.30 143 BEL MID 5,009.48 36 EPRA Belgium 1,505.86 6 EPRA Europe 2,179.67 -18 Aedifica: based on the IPO price (€41), adjusted to take into account the rights issues of 2010 (- €1.89), 2012 (- €1.93), 2015 (- €0.89) and 2017 (- €1
Slide 66: Total return since IPO
Total return since IPO (As of 8 February 2019) Var. (%) Aedifica total return* 125 261 EPRA Belgium total return 4,860 125 EPRA Europe total return 4,545 33 * Aedifica: based on the IPO price (€41), adjusted to take into account the rights issues of 2010 (- €1.89), ), 2012 (- €1.93), 2015 (- €0.89)
Slide 67: Shareholding
Shareholding1 (As of 31 December 2018) > Aedifica shareholders holding more than 5 % of the Company’s capital: SHAREHOLDERS Share in capital (in %) BlackRock, Inc. 5.09 Others < 5 % 94.91 Total 100.00 > Aedifica’s free float amounts to 100 %2. 1 A total of 18,441,426 shares are listed on Euronext Br
Slide 68: Rankings
Rankings > The highest free float of all Belgian REITs > 3rd largest market cap amongst all Belgian REITs1 > Aedifica received the ‘Investor of the Year 2018’ award in Germany 2 1 Based on the 18 November 2019 “Weekly Value” table by Bank Degroof Petercam 2 The ‘Investor of the Year 2018’ award was
Slide 69: Awards
Awards EPRA “EPRA Reporting: Best Practices Recommendations” (BPR) > Annual Report 2012/2013 (1st implementation of BPR) > Annual Report 2013/2014 > Annual Report 2014/2015 > Annual Report 2015/2016 > Annual Report 2016/2017 -69-
Slide 70: Corporate governance
Corporate governance > Transparency > Board of Directors − NV/SA − 9 Directors − Management in the box ̶ 8 non-executive Directors of which 6 independent − Belgian Code 2009 on ̶ 1 executive Director Corporate Governance ̶ Gender diversity ratio: 44 % − 100% free float − Audit Committee − No poison
Slide 71: Management team
Management team > Management committee − CIO and CM&AO added on 1 October 2017 − New CFO joined the team on 1 September 2018 Name Function Stefaan Gielens Chief Executive Officer (CEO) Ingrid Daerden Chief Financial Officer (CFO) Laurence Gacoin Chief Operating Officer (COO) Charles-Antoine van Aels
Slide 72: Outlook
Outlook Seniorenheim am Dom Halberstadt - Germany -72-
Slide 73: Outlook FY 2018/2019: focus on investments
Outlook FY 2018/2019 > Focus on investments − New investments in healthcare real estate: ̶ Acquisition of a portfolio of 92 assets in the UK on 1 February 2019 ̶ New cash flow generating investments since 1 July 2018: €635 million vs B2019: €150 million ̶ Development projects pipeline of €473 millio
Slide 74: Outlook FY 2018/2019: Immobe and hotel disposal
Outlook FY 2018/2019 > Focus on Immobe (residential portfolio) − Contribution in kind of residential portfolio in Immobe: ̶ 12 September 2018 − Sale of 50 % (-1 share) of the Immobe shares to Primonial European Residential Fund (PERF): ̶ 31 October 2018 − Sale of extra 25 % of the Immobe shares to P
Slide 75: Outlook FY 2018/2019: budget
Outlook FY 2018/2019 > Budgeted rental income: €104 m > Budgeted EPRA Earnings: €63 m > Budgeted EPRA EPS: €3.45/share > Budgeted DPS: € 2.80/share (gross), 12% higher than PY → Excl. impact of UK portfolio -75-
Slide 76: Outlook FY 2018/2019: UK financing
Outlook FY 2018/2019 > UK acquisition financed through new and existing credit facilities − Including a 12 months bridge facility with a €180 million tranche and a £150 million tranche > UK portfolio increases debt-to-assets ratio by 10 percentage points > Maintaining sound balance sheet − Target de
Slide 77: Conclusion
Conclusion Residentie Poortvelden Aarschot - Belgium -77-
Slide 78: Investment highlights
Investment highlights Attractiveness for shareholders: > Pure-play healthcare REIT in Europe > Strong underlying demographic trends > Long-term growth potential > Fair value history of portfolio showing resilience > Weighted average lease term: 20 years > Solid investment, equity and debt-financing
Slide 79: Aedifica: housing with care
sedifica | housing with care
Slide 80: Stefaan Gielens and Ingrid Daerden
Stefaan Gielens – Chief Executive Officer Ingrid Daerden – Chief Financial Officer Het Gouden Hart Kampen - The Netherlands -80-
Slide 81: 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.aedifi
Slide 82: 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 83: Appendix
Appendix AGO Herkenrath Bergisch Gladbach - Germany -83-
Slide 84: UK portfolio: key performance indicators
UK portfolio Key performance indicators > Good geographical > Good tenant diversification diversification1 Diversified tenant base with 5 largest tenants only accounting for approx. 66% South and of contractual rent North West, East of 2% 2% 4% 2% England, London & 5% South East, Scotland, 26% 3% 9%
Slide 85: UK portfolio: lease duration and inflation-linked income
UK portfolio Key performance indicators > Long lease duration > Inflation-linked income stream WAULT of 22 years, with 75% of rent More than 50% of the contractual rent is from leases with >20 years remaining subject to minimum annual increases of to expiration 3% 55% 59% 27% 23% 14% 13% 2% 3% 3% 10
Slide 86: UK portfolio: asset features
UK portfolio Asset features > Purpose built healthcare sites > En-suite bathrooms Percentage of purpose built healthcare 100% single bedroom ratio with a higher sites in the Aedifica UK portfolio is higher percentage of en-suite bathrooms than the UK market’s average compared to the market average 8
Slide 87: UK portfolio: asset features
UK portfolio Asset features > Distribution of sites by # of > Focus on general care needs beds 88 sites provide general elderly care, 2 The portfolio averages 63 beds per site sites provide specialist care 41 2 27 17 4 88 1 0 - 34 beds 35 - 54 55 - 74 75 - 94 > 95 beds beds beds beds Elderly care Sp
Slide 88: UK portfolio: diversified tenant base
UK portfolio Diversified tenant base > Number of beds by tenant 1.158 908 831 740 Top 30 elderly care provider Other Top 3 specialist care provider 452 387 293 221 195 156 126 102 77 67 > 78% of beds operated by UK top 30 largest care operators > 7 operators1 are considered “strategically important”
Slide 89: Belgian REIT
Belgian REIT > “sicafi / vastgoedbevak” until 17 October 2014 > RREC (SIR / GVV) since 17 October 2014 > Investment property: maximum 20 % in one (group of) asset(s) > Appraisal: − At fair value on a quarterly basis by a valuation expert − No depreciation of properties > Dividend: at least 80 % of c
Slide 90: Investments in 2018/2019 (1)
Investments in 2018/2019 (1) 12 July 2018 Acquisition of 4 healthcare sites in Bad Sachsa (DE) • €19 m invested amount • 221 units in total 11 July 2018 19 July 2018 First execution of the Agreement for the cooperation agreement with construction of a care Specht Gruppe: acquisition residence in Ber
Slide 91: Investments in 2018/2019 (2)
Investments in 2018/2019 (2) 26 September 2018 First execution of cooperation 27 September 2018 agreement with Stichting Agreement for the Rendant: acquisition of 1 plot construction of a rest of land in Heerenveen (NL) home in Scheemda (NL) and start ofconstruction works • €1 m invested amount • €2
Slide 92: Investments in 2018/2019 (3)
Investments in 2018/2019 (3) 5 October 2018 Acquisition of a portfolio of 3 healthcare sites in The Netherlands • €35 m invested amount • €12 m to be invested • 207 units De Statenhof Residentie Sibelius Residentie Boldershof © Kolpa Architecten 8 October 2018 Acquisition of a portfolio of 2 rest ho
Slide 93: Investments in 2018/2019 (4)
Investments in 2018/2019 (4) 26 October 2018 Agreement for the 29 November 2018 construction of a rest home in Agreement for the acquisition Harderwijk (NL) of a rest home in Meissen (DE) • €3.5 m invested amount • €4 m invested amount • €6.5 m to be invested • 73 units • 45 units Het Gouden Hart Ha
Slide 94: Investments in 2018/2019 (5)
Investments in 2018/2019 (5) 18 December 2018 13 December 2018 Agreement for the Acquisition of a healthcare construction of a rest home site in Franeker (NL) in Zwolle (NL) • €11 m invested amount • €1 m invested amount • 70 units • €4.5 m to be invested • 24 units Kening State Stepping Stones Zwol
Slide 95: Notes
fre ; Notes aecifica |' housing with care -95-
Slide 96: Notes
fre ; Notes aecifica |' housing with care -96-