Aedifica Sa · EURONEXT:AED
Aedifica Sa — Q1 2019/2020 Earnings Presentation
88 slides from Aedifica Sa's earnings presentation, Nov 13, 2019
Slide 1: 1st Quarter results 2019/2020
1st Quarter results 2019/2020 Brussels, 13 November 2019 -1-
Slide 2: Table of contents
Table of contents > Highlights Q1 2019/2020 > Strategy > Achievements > Portfolio analysis > Financials > Shares & shareholders > Outlook > Conclusion -2-
Slide 3: Highlights Q1 2019/2020
Highlights Q1 2019/2020 Huize Hoog Kerckebosch Zeist – The Netherlands -3-
Slide 4: Highlights Q1 2019/2020 (1)
Highlights Q1 2019/2020 (1) > Rental income: €35 million, +44% YoY, +1.6% L-F-L > Real estate portfolio of €2.4 billion, +6% (+€140 million) compared to 30 June 2019 > Weighted average unexpired lease term: 21 years > Occupancy rate: 100% > Tender offer on the shares of Hoivatilat Plc, a Finnish hea
Slide 5: Highlights Q1 2019/2020 (2)
Highlights Q1 2019/2020 (2) > 274 healthcare sites comprising 20,000 units in 4 countries − €1,042 million in Belgium (79 sites) − €435 million in Germany (53 sites) − €401 million in the Netherlands (52 sites) − €534 million in the United Kingdom (90 sites) > Pipeline of €414 million in acquisition
Slide 6: Investment activity
Investment activity 11 healthcare sites added or announced during Q1 2019/2020 > €100 million Name Type Location Date Investment Pipeline Gross Completion Lease Operator (€ million) 1 (€ million) 2 rental yield (approx. %) Germany 0 18 Seniorenhaus Acquisition Wurzen 21/08/2019 - 7 5.5% Q3 2021 25 y
Slide 7: Investment activity: projects completed
Investment activity 6 projects completed during Q1 2019/2020 Name Type Location Date Investment Gross rental Lease Operator (€ million) 1 yield (approx. %) Germany 52 Zur alten Linde Acquisition Rabenau 8/07/2019 18 6% 30 years - NN EMVIA Living Seniorenwohnpark Hartha Tharandt Haus Steinbachhof Acq
Slide 8: Portfolio outlook
Portfolio outlook Total portfolio outlook: €2.88 billion 1 (As of 13 November 2019) €m 3,000 +414 +61 2,881 2,800 2,600 2,411 -5 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 Market. Invest. Prop. Incl. Assets classified as Held For Committed investments in Operations after 30/09
Slide 9: Strategy
Strategy Seniorenquartier Lübbecke Lübbecke - Germany -9-
Slide 10: Aedifica
Aedifica > Belgian REIT (RREC/SIR/GVV) − market cap ~ €2.7 billion − free float of 100% − marketable investment properties ~ €2.4 billion − approx. 1,270,000 m² − WAULT ~ 21 years > Market reference in European listed healthcare real estate > European focus − Belgium − Germany − The Netherlands − Th
Slide 11: 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 12: Achievements
Achievements De Kaap Hoogeveen - Netherlands -12-
Slide 13: Achievements: Investment properties
Achievements Investment properties1 Evolution since 2006 €m 3,000 2,881 2,500 2,411 2,321 2,000 CAGR: 26 % 1,741 (as of 30 September 2019) 1,545 1,500 1,157 1,005 1,000 785 593 643 518 500 435 347 356 252 111 0 1 Incl. assets classified as held for sale. -13-
Slide 14: Achievements: Focus on Europe
Achievements Focus on Europe Geographical breakdown (fair value)1 100% 5 2 12 9 13 12 15 17 18 14 80% 17 23 22 19 60% 17 18 100 100 100 100 100 100 100 100 95 88 86 77 70 25 40% 45 20% 43 38 0% Belgium Germany United Kingdom Netherlands 1 Marketable investment properties incl. assets classified as h
Slide 15: Portfolio analysis
Portfolio analysis King’s Manor Ottery St. Mary - United Kingdom -15-
Slide 16: Healthcare real estate
Healthcare real estate > Focus on senior housing − Healthcare buildings for care-dependent seniors: care homes ̶ Belgium: Woonzorgcentrum / Maison de repos ̶ Germany: Pflegeheim ̶ The Netherlands: Verpleeghuis, Zorgresidentie, ... ̶ United Kingdom: Care homes − Healthcare buildings for independent s
Slide 17: Portfolio
Portfolio (As of 30 September 2019) Healthcare segment breakdown Geographical breakdown Healthcare buildings for care- 1% dependent seniors 17% 18% Healthcare buildings for 31% Flanders independent Brussels seniors with on- demand Wallonia services 8% United Kingdom 18% Mixed-use healthcare building
Slide 18: Belgian healthcare portfolio
Belgian healthcare portfolio (As of 30 September 2019) > Senior housing portfolio of 79 assets: − Capacity of more than 7,900 residents − Total fair value of approx. €1,042 m − Yield on fair value of 5.5% − Triple net long leases − Typical lease maturity: 27 years − 13 tenant groups: Senior Living G
Slide 19: Belgian healthcare portfolio
Belgian healthcare portfolio (As of 30 September 2019) Belgium Senior housing To be completed -19-
Slide 20: Belgian healthcare portfolio
Belgian healthcare portfolio Residentie Sporenpark, Residentie Kartuizehof, Beringen Lierde • 127 units • 128 units Leopoldspark, Hof van Schoten, Leopoldsburg Schoten • 150 units • 101 units -20-
Slide 21: German healthcare portfolio
German healthcare portfolio (As of 30 September 2019) > Senior housing portfolio of 53 assets: − Capacity of more than 4,200 residents − Total fair value of approx. €435 m − Yield on fair value of 5.9% − Double net long leases − Typical lease maturity: 20 - 25 years − 16 tenant groups: Vitanas, Resi
Slide 22: German healthcare portfolio
German healthcare portfolio (As of 30 September 2019) Germany Senior housing Senior housing Apartment buildings To be completed Hotels & other Hotels & other -22-
Slide 23: German healthcare portfolio
German healthcare portfolio Seniorenquartier advita Haus Zur Lübbecke, Alten Berufsschule, Lübbecke Zschopau • 80 units • 127 units Zur alten Linde, Haus Steinbachhof, Rabenau Chemnitz • 82 units • 151 units -23-
Slide 24: Dutch healthcare portfolio
Dutch healthcare portfolio (As of 30 September 2019) > Senior housing portfolio of 52 assets: − Capacity of more than 2,100 residents − Total fair value of approx. €401 m − Yield on fair value of 5.7 % − Mostly triple net long leases − Typical lease maturity: 15 - 20 years − 13 tenant groups: Sticht
Slide 25: Dutch healthcare portfolio
Dutch healthcare portfolio (As of 30 September 2019) The Netherlands Senior housing To be completed Hotels & other -25-
Slide 26: Dutch healthcare portfolio
Dutch healthcare portfolio Huize Groot De Statenhof, Waardijn, Leiden Tilburg • 79 units • 26 units Villa Nova, Huize De Leusden Compagnie, Ede • 21 units • 42 units -26-
Slide 27: UK healthcare portfolio
UK healthcare portfolio (As of 30 September 2019) > Senior housing portfolio of 90 assets: − Capacity of more than 5,700 residents − Total fair value of approx. €534 m − Yield on fair value of 6.9 % − 14 tenant groups: Maria Mallaband Care Group, Burlington Care, Care UK, Bondcare, Renaissance Care,
Slide 28: UK healthcare portfolio: Key performance indicators
UK healthcare 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, Priory Group; 2% Conniston Care; East of Select Healthcare; 2
Slide 29: UK healthcare portfolio
UK healthcare portfolio (As of 30 September 2019) United Kingdom Senior housing Hotels & other -29-
Slide 30: UK healthcare portfolio
UK healthcare portfolio Maple Court, Scarborough • 64 units Coplands, London • 79 units River View, Reading • 137 units Highfield, Armstrong House, Castleford Gateshead • 88 units • 71 units -30-
Slide 31: Healthcare real estate tenants
Healthcare real estate tenants > 274 sites with >130 tenants (or >55 ‘groups’)1 representing European, national and local profit and not-for-profit operators > No ‘operator group’ leases more than 15% of Aedifica’s consolidated assets 1 As of 30 September 2019. -31-
Slide 32: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 (As of 30 June 2019) Senior Living 14% 9% Group Armonea Orpea 12% 45% Vulpia Burlington 8% Maria Mallaband 8% Care UK 3% 5% Other < 3% 5% 1 Based on the contractual rents. -32-
Slide 33: Lease maturity & occupancy rate
Lease maturity & occupancy rate (As of 30 September 2019) Unexpired lease term Weighted average unexpired lease term 21 years Occupancy rate 8% 100 % 92% < 15 years ≥ 15 years 92% Marketable investment properties incl. assets classified as held for sale (€2,411 m). -33-
Slide 34: Age of buildings
Age of buildings (As of 30 September 2019) 71% Project 0-10 years 10-20 years >20 years 3% 6% 20% Marketable investment properties incl. assets classified as held for sale (€2,411 m). -34-
Slide 35: Gross yields on fair value
Gross yields on fair value (As of 30 September 2019) 7 6.9 6 5.9 5.9 5 5.5 5.7 4 3 2 1 0 Belgium Germany Netherlands United Kingdom Average -35-
Slide 36: Portfolio growth: Development projects (1)
Portfolio growth Development projects as of 30 September 2019 (1) Projects and renovations Operator Investment Inv. as of Future Comment (in € million) 1 30/09/2019 inv. Projects in progress 207 49 158 Completion 2019/2020 93 39 54 BE Plantijn III Armonea 1 0 0 Extension and renovation of a care hom
Slide 37: Portfolio growth: Development projects (2)
Portfolio growth Development projects as of 30 September 2019 (2) Projects and renovations Operator Investment Inv. as of Future Comment (in € million) 1 30/09/2019 inv. Projects in progress 207 49 158 Completion 2019/2020 93 39 54 Completion 2020/2021 113 9 104 BE Résidence Aux Deux Parcs SLG 3 1 2
Slide 38: Portfolio growth: Development projects (3)
Portfolio growth Development projects as of 30 September 2019 (3) Projects and renovations Operator Investment Inv. as of Future Comment 1 (in € million) 30/09/2019 inv. Projects in progress 207 49 158 Land reserve 2 2 0 Acquisitions subject to outstanding conditions 18 0 18 Projects subject to outs
Slide 39: Portfolio growth: Development projects (4)
Portfolio growth Development projects as of 30 September 2019 (4) Country Development projects (in € million) Belgium 42 Germany 264 The Netherlands 96 United Kingdom 12 Total 414 Rent Development projects1 Rent Yield2 (in € million) (in € million) Triple net 149 9 5.7% Double net 263 14 5.4% Land r
Slide 40: Development projects Pipeline: €414 million
Development projects Pipeline: €414 million (As of 30 September 2019) > Projects: €394 million Geographical split Expected delivery date UK €12m Belgium 3% €40m 2021/2022 €54m 2019/2020 Netherlands 10% 14% €95m €96m 24% 25% Germany €246m 2020/2021 62% €245m 62% > IP, land reserves & others: €20 mill
Slide 41: Portfolio growth: Development projects
Portfolio growth Development projects Specht (AR1) – Specht (AR1) – 01 Schwerin (DE) 02 Kaltenkirchen (DE) Construction start: Construction start: 28/02/2018 31/05/2018 Completed on: Expected completion: 15/08/2019 2019/2020 Specht (AR1) – 03 Lübbecke (DE) Seniorenzentrum Construction start: Weimar
Slide 42: Financials
Financials Martha Flora Rotterdam Rotterdam - Netherlands -42-
Slide 43: Rental income
Rental income (As of 30 September 2019) 40,000 +9,205 35,122 35,000 30,000 +2,060 24,321 -2,099 +1,636 25,000 x €1,000 20,000 15,000 10,000 5,000 0 Rental income Q1 Belgium Germany The Netherlands United Kingdom Rental income Q1 2018/2019 2019/2020 Change: -12.9 % 1 +33.7 % +65.0 % +100.0 % +44.4 %
Slide 44: Debt-to-assets ratio
Debt-to-assets ratio 54% 56% 43% 44% 40% 41% 40% 37% 37% June 2015 June 2016 Dec 2016 March 2017 June 2017 June 2018 March 2019 June 2019 Sept. 2019 Before After Before After SPO 2017 SPO 2017 SPO 2019 SPO 2019 > Investment capacity: approx. €1.3 billion* * Taking into account a debt-to-assets ratio
Slide 45: Credit facilities
Credit facilities (As of 30 September 2019) > Debt maturity profile > Total financial debt: €976 m 2% 400 350 21% 300 21% 250 200 150 100 17% 50 30% - 9% Term loans Revolving loans Treasury notes GBP bridge facility Investment credits GBP bridge facility Drawn credit lines Undrawn credit lines Comme
Slide 46: Equity funding: Capital increase May 2019
Equity funding Capital increase May 2019 > 5th SPO: rights issue > 89% take up during subscription period > 11% rump placement: oversubscribed by institutional investors > Approx. €418 million capital increase > Debt-to-assets ratio down from 55.5 % (31/03/2019) to 38.5 % after capital increase > 6,
Slide 47: Equity funding: Latest SPOs
Equity funding Latest SPOs (2010, 2012, 2015, 2017, 2019) > Reminder: gross proceeds = €67 m (2010) + €100 m (2012) + €153 m (2015) + €219 m (2017) + €418 m (2019) = €957 m > Since SPOs, significant growth of investment properties: − 30 June 2010: €435 m − 30 June 2011: €518 m + €171 m − 30 Sept. 20
Slide 48: Net asset value
Net asset value Net asset value per share (in €) 30 Sept. 2019 30 June 2019 Var. Based on fair value of investment properties Net asset value 59.52 58.11 2% Effect of the changes in fair value of hedging instruments 2.29 2.05 Net asset value excl. changes in fair value of hedging instruments 61.81 6
Slide 49: 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 50: Dividend Policy
Dividend Policy > DPS 2018/2019: €2.80 / share (gross) − 12% higher than PY and in line with guidance − No dilution − Coupon No. 21 (€2.38) + coupon No. 22 (€0.42) − AGM approved on 22 October 2019 − Statutory pay-out ratio: 85% > DPS 2019/2020: €3.00 / share (gross) − 7% higher than PY > Withholdin
Slide 51: Shares & shareholders
Shares & shareholders Villa Temporis Hasselt - Belgium -51-
Slide 52: Dividend track record
Dividend track record € / share 3,00 3,00 2,90 2,80 2,80 2,70 2,60 2,50 2,50 2,40 2,25 2,30 2,20 2,10 2,10 2,00 2,00 1,90 1,86 1,86 1,90 1,80 1,82 1,82 1,80 1,71 1,70 1,60 1,48 1,50 1,40 1,30 1,20 Theoretic dilutions of DPS after rights issues of 1,10 October 2010, December 2012, June 2015, March 20
Slide 53: Share price since IPO
Share price since IPO 325 (As of 8 November 2019) 300 Spot Var. (%) 275 Aedifica 110,60 204,0 250 BEL MID 6.029,09 63,4 225 EPRA Belgium 1.830,83 29,3 200 EPRA Europe 2.339,76 -12,4 175 150 125 100 75 50 25 BEL.MID EPRA Europe EPRA.Belgium… Aedifica Aedifica: based on the IPO price (€41), adjusted t
Slide 54: Total return since IPO
Total return since IPO 475 (As of 8 November 2019) 450 Var. (%) 425 Aedifica total return* 167 360 400 EPRA Belgium total return 6.065 181 375 350 EPRA Europe total return 5.062 48 325 300 275 250 225 200 175 150 125 100 75 50 25 Epra Europe total return Aedifica total return Epra Belgium total retu
Slide 55: Shareholding
Shareholding1 (As of 8 November 2019) > Aedifica shareholders holding more than 5 % of the Company’s capital: SHAREHOLDERS Share in capital (in %) BlackRock, Inc. 5.00 Others < 5 % 95.00 Total 100.00 > Aedifica’s free float amounts to 100%2. 1 A total of 24,601,158 shares are listed on Euronext Brus
Slide 56: Awards
Awards EPRA EPRA Reporting: Best Practices Recommendations (BPR) > Annual Report 2013/2014 > Annual Report 2014/2015 > Annual Report 2015/2016 > Annual Report 2016/2017 > Annual Report 2017/2018 > Sustainability Report 2018 -56-
Slide 57: 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 58: Management team
Management team > Management committee Name Function Stefaan Gielens Chief Executive Officer (CEO) Ingrid Daerden Chief Financial Officer (CFO) Laurence Gacoin Chief Operating Officer (COO) Charles-Antoine van Aelst Chief Investment Officer (CIO) Sven Bogaerts Chief M&A Officer (CM&AO) > Aedifica co
Slide 59: Outlook
Outlook SARA Seniorenresidenz Bitterfeld-Wolfen - Germany -59-
Slide 60: Outlook FY 2019/2020
Outlook FY 2019/2020 > After May 2019 capital increase and divestment of non- core segments: − Low debt-to-assets ratio − Increased number of shares > Focus on investments − New investments in healthcare real estate: ̶ New cash flow generating investments est. in B2020: €215 million ̶ Development pr
Slide 61: Outlook FY 2019/2020
Outlook FY 2019/2020 > Budgeted rental income: €144 m > Budgeted EPRA Earnings: €87 m > Budgeted investments: €535 m − Pipeline: €260 m − Acquisitions since 1/07: €60 m − Hypothetical cash flow generating investment: €215 m > Budgeted EPRA EPS: €3.55/share > Budgeted DPS: € 3.00/share (gross), 7% hi
Slide 62: Outlook beyond FY 2019/2020
Outlook beyond FY 2019/2020 > Objective for future growth: EPS growth through − Enhancing long-term cash flows in healthcare real estate − Exploring new healthcare real estate segments − Exploring new countries > Continuing the track record -62-
Slide 63: Aedifica & Hoivatilat joining forces in the Nordics
Aedifica & Hoivatilat joining forces in the Nordics SARA Seniorenresidenz Bitterfeld-Wolfen - Germany -63-
Slide 64: Recommended tender offer
Recommended tender offer Summary > Cash tender offer on Hoivatilat, a listed Finnish healthcare real estate development and investment company > Supported by the Board of Directors and the executive management of Hoivatilat > Irrevocables signed by 22.5% of Hoivatilat’s shareholders > The offer − Pr
Slide 65: Completed portfolio
Completed portfolio Map1 127 29 Properties Tenants Finland 84% Segment focus Contractual rent from most Children’s day-care, elderly care populated Finnish areas and specialist care €22,5 million 13 years2 Contractual rent WAULT of completed portfolio 1 Per 30/06/2019 -65- 2 Aligned with Aedifica’s
Slide 66: Development
Development Committed pipeline: map and features1 Approx. €174 million At cost 55 Projects Finland Sweden €12,1 million 5 projects 50 projects Contractual rent Sweden Entrance in H1 2019: 5 projects signed 7,0% Gross yield on cost -66- 1 Per 30/06/2019
Slide 67: Joining forces in the Nordics
Joining forces in the Nordics > Entering the Nordic healthcare real estate markets − One of the fastest ageing populations in Europe − Nordic welfare states > Sizeable high quality healthcare real estate portfolio − Average age of completed buildings of 2,5 years − 100% occupancy − Diversified tenan
Slide 68: Joining forces in the Nordics
Joining forces in the Nordics Aedifica and Hoivatilat joining forces in the Nordics > Unlocking potential for further value creation and growth > Attractive returns vs compressing yields in today’s European healthcare real estate market > Solid underlying risk-profile of the Nordic welfare states -6
Slide 69: Aedifica going forward
Aedifica going forward Debt-to-assets ratio and EPS > A 100% successful offer will result in an estimated increase of the debt-to-assets ratio of approx. + 11% points > EPS/EPRA earnings impact − Depending on debt and equity refinancing assumptions − Hoivatilat H1 2019 EPRA earnings of approx. €4.9
Slide 70: Going forward: Enhanced geographical diversification
Going forward Enhanced geographical diversification1 Aedifica Hoivatilat Combination The The Netherlands Netherlands 15% 13% Finland Belgium Germany 17% Belgium 45% + = 13% 39% Germany 15% UK 23% Finland UK 100% 20% -70- 1 Measured by fair value of investment properties; per 30/06/2019
Slide 71: Going forward: Enhanced tenant diversification
Going forward Enhanced tenant diversification1 Aedifica Hoivatilat Combination 14% 12% 24% 10% 12% 45% 43% 47% + = 7% 8% 6% 23% 8% 5% 5% 4% 3% 5% 10% 3% 3% 3% Korian Armonea Korian Armonea Orpea Vulpia Orpea Vulpia Tenant 1 Tenant 2 Tenant 3 Other Burlington Maria Mallaband Burlington Maria Mallaban
Slide 72: Going forward: Segment breakdown
Going forward Segment breakdown1 Aedifica Hoivatilat2 Combination Senior Specialist Specialist Other Senior Other Housing Care Children Housing Care 7% 1% 0% Other day-care 3% 0% 6% center 7% Mixed Use 17% + = Mixed Residential care Use Approx. 50% Children day-care center 15% Approx. 50% Elderly El
Slide 73: Going forward: Enhanced growth potential
Going forward Enhanced growth potential: combined pipelines1 Aedifica Hoivatilat Combination UK Sweden UK 3% 1% 1% Belgium 7% Belgium Sweden 9% 9% The Netherlands The Netherlands 20% + = 14% Germany 49% Germany 70% Finland 26% Finland 91% €428 million €174 million €602 million -73- 1 Based on invest
Slide 74: Conclusion
Conclusion Huize Eresloo Eersel – The Netherlands -74-
Slide 75: 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: 21 years > Solid investment, equity and debt-financing
Slide 76: Stefaan Gielens – CEO; Ingrid Daerden – CFO
Stefaan Gielens – Chief Executive Officer Ingrid Daerden – Chief Financial Officer -76-
Slide 77: Aedifica NV/SA
Aedifica NV/SA 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 78: 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 79: Appendix
Appendix Hof van Schoten Schoten - Belgium -79-
Slide 80: Income Statement: Business driven
Income Statement Business driven Income Statement - analytical scheme 30 June 2019 30 June 2018 Var. (x €1,000) Rental income 118,413 91,677 +29% Rental-related charges -41 -80 Net rental income 118,372 91,597 +29% Operating charges -21,230 -14,322 Operating result before result on portfolio 97,142
Slide 81: Income Statement: Market driven
Income Statement Market driven Income Statement - analytical scheme 30 June 2019 30 June 2018 (x €1,000) EPRA Earnings 72,145 58,403 Changes in fair value of financial assets and liabilities -7,304 -2,157 Changes in fair value of investment properties 63,317 15,018 Gains and losses on disposals of i
Slide 82: Hedging policy
Hedging policy (As of 30 June 2019) > Interest rate − Economic Business driven: stability and Avg effective interest rate of 2%, foreseeability below PY (2.2%) of cashflows... Market driven: − ... even in spite Changes in FV of derivatives (non cash items): of accounting -€6,582 k in result (vs. -€1
Slide 83: Consolidated balance sheet (€ m)
Consolidated balance sheet (€ m) Balance sheet total: €2.39 billion (As of 30 June 2019) Assets Equity & Liabilities Investment as held for s (incl. assets Other asset in debt ratio 1,430 Other asset 942 Equity 2,321 1,741 Liabilities in in the debt 888 781 Other liabili 24 65 44 68 2 June 2018 June
Slide 84: 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 85: Investments in 2019/2020 (1)
Investments in 2019/2020 (1) 7 August 2019 Acquisition and 9 July 2019 redevelopment of a Acquisition of a care home healthcare site in in Apeldoorn (NL) Witmarsum (NL) • €10 m investment • €1 m invested • 80 units • €3 m to be invested • 27 units Rumah Saya Vinea Domini 9 July 2019 15 August 2019 A
Slide 86: Investments in 2019/2020 (2)
Investments in 2019/2020 (2) 27 September 2019 21 August 2019 Acquisition of a care home Acquisition of a care home in Stemwede (DE) in Wurzen (DE) • €10 m investment • €7 m investment • 91 units • 73 units Seniorenhaus Lessingstrasse Haus Wellengrund 28 August 2019 Acquisition of a portfolio of 5 h
Slide 87: Investments in 2019/2020 (3)
Investments in 2019/2020 (3) 12 November 6 November 2019 2019 Acquisition of a care Acquisition of two home in Sulzbach- operational care Rosenberg (DE) homes and a • €6 m investment healthcare site to be • 90 units constructed (DE) • €35 m investment • 234 units BAVARIA Senioren- und Pflegeheim Qua
Slide 88: Notes
fre ; Notes aecifica |' housing with care -88-