Slide 1: H1 2024 results
H1 2024 results Brussels, 31 July 2024 -1-
Slide 2: Table of content
Table of content 3 Highlights H1 2024 7 Strategy 15 Achievements 17 Portfolio analysis 30 Financials 44 Shares & shareholders 50 Outlook 53 Conclusion -2-
Slide 3: Highlights H1 2024
Highlights H1 2024 Seniorenhaus Lessingstrasse Wurzen – Germany -3-
Slide 4: Highlights H1 2024
Highlights H1 2024 €118.8 million 8 €261 million 42.0% +8% YoY countries (of which ~€101m to be debt-to-assets ratio EPRA earnings invested) committed investment programme €628 million €165.8 million 630 construction & renovation Headroom on committed +7% YoY, 3.2% LfL healthcare sites credit lines
Slide 5: Investment activity
Investment activity New investments & pipeline completions1 €1.5 million €21 million €48 million in new €25 million investment acquired or announced in H1 2024 (see map) 18 projects (~ €135 million) completed during H1 2024 1 See H1 2024 press release for more details. -5-
Slide 6: Portfolio outlook
Portfolio outlook Total portfolio outlook: over €6 billion €m 6,500 5,887 +280 6,069 6,000 -98 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 - Marketable investment properties Assets classified Committed investment programme Portfolio outlook 1 (30/06/2024) as held for sale (30/06/
Slide 7: Strategy
Strategy Verpleegcentrum Scheemda Scheemda – Netherlands -7-
Slide 8: Aedifica at a glance
Aedifica at a glance Pure-play Market reference Belgian REIT Long-term stable healthcare in European listed (RREC/SIR/GVV) cash flows healthcare real estate >€6.0 billion Growth potential ~ €2.9 billion Inflation-linked real estate portfolio driven by demographic market cap contracts evolution €261
Slide 9: Exploring European markets
Exploring European markets Track record of entering new markets & creating a platform for future growth 2005 2013 2016 2019 2020 2021 # sites 80 100 73 115 211 27 22 2 Pipeline €11m €35m - €47m €83m €19m €42m €24m Portfolio €1,236m €1,186m €693m €1,134m €1,073m €75m €397m €2m Data as per 30 June 202
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% 80 + 15% 80 + 10% 85 + 10% 85 + 5% 5% 0% 2023 2030 2040 2050 2060 2070 2080 2090 2100 0% 2023 2030 2040 2050 2060 2070 2080 2090 2100 Source: Eurostat, 2023 Source: Eur
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% 2023 2030 2040 2050 2060 2070 2080 2090 2100 2023 2030 2040 2050 2060 2070 2080 2090 2100 Source: Eurostat, 2023 Source: Euro
Slide 12: Sustainability
Sustainability 2023 Environmental Data report highlights Great Place To Work • 5% nEUI reduction (167 kWh/m² in ‘22 & 158 kWh/m² Employee survey conducted in 2023 in ‘23) 89% of staff would recommend Aedifica • 86% data coverage of energy consumption (from 83% as a great place to work in ‘22) • 90%
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 • Green lease annex added to lease contracts to facilitate cooperation with operators in reducing the portfolio’s carbon foo
Slide 14: Sustainability
Sustainability CRREM Research project 158 kWh/m² 130 kWh/m² Aedifica actual 20232 nEUI target for 2030 1 ‘Carbon Risk Real Estate Monitor’ framework yoy Translates long-term policies (COP21 Paris Agreement) into science-based targets that are global warming scenarios, country and building type speci
Slide 15: Achievements
Achievements Loughshinny Nursing Home -15- Dublin – Ireland
Slide 16: Investment properties evolution & focus on Europe
Achievements Investment properties1 evolution & focus on Europe EVOLUTION SINCE 2006 GEOGRAPHICAL BREAKDOWN (FAIR VALUE)2 €m 6,500 CAGR: 22% 6,045 6,069 1 0 6,000 (as of 30 June 2024) 5,704 5,849 100% 2 1 1 0 1 1 0 2 5 2 9 2 5 7 7 5,500 12 13 7 7 12 15 14 12 4,896 12 12 12 12 11 5,000 14 80% 17 4,50
Slide 17: Portfolio analysis
Portfolio analysis Pflegecampus Plauen (Plauen - Germany -17-
Slide 18: Healthcare real estate portfolio: segment breakdown
Healthcare real estate portfolio Healthcare segment breakdown FOCUS ON CARE FACILITIES FOR ELDERLY PEOPLE 8% 6% Elderly care homes 15% Senior housing Mixed-use elderly care buildings Childcare centres 3% 68% Other care segments Marketable investment properties incl. assets classified as held for sal
Slide 19: Healthcare real estate portfolio: geographical breakdown
Healthcare real estate portfolio Geographical breakdown DIVERSIFICATION ACROSS EUROPEAN COUNTRIES >0% 1% 7% 21% Belgium 19% Germany Netherlands United Kingdom Finland 20% Sweden 20% Ireland Spain 12% Marketable investment properties incl. assets classified as held for sale (€5,797 m), excl. rights o
Slide 20: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 10% 6% 630 sites with approx. 5% 300 tenants (or >150 ‘groups’) representing 4% European, national and 54% 4% local profit and not-for- 4% profit operators 4% No ‘operator group’ 4% Municipalities / wellbeing counties (FI) leases more than 10% o
Slide 21: Operators' occupancy
Operators’ occupancy1 Mature assets portfolio 100% 95% 90% 93% 93% 90% 85% 85% 80% 83% 75% 70% 65% 60% 55% Care homes 50% occupancy1 >80% Belgium Germany Netherlands United Ireland 1 Occupancy data as at 31 March 2024. Kingdom 2 LfL occupancy looks at 09/2023 and Like-for-like 03/2024: an asset is i
Slide 22: UK & Channel Islands healthcare portfolio: rent cover
UK & Channel Islands healthcare portfolio Rent cover evolution 2.4 2.2 2.0x Rent cover over the last 2.0 12m for UK mature portfolio 1.8 1.6 > 2.3x Q1 2024 rent cover 1.4 for UK mature portfolio 1.2 1.0 Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar 2020 2020 2020 2021 2021 2021 202
Slide 23: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 4% 6% Profit Predominantly private Non-profit operators Growing public and Public non-profit segments among tenants 90% 1 Based on the contractual rents. -23-
Slide 24: Lease maturity & occupancy rate
Lease maturity & occupancy rate UNEXPIRED LEASE TERM WAULT BY COUNTRY 1% (Years) 10% 25 Avg < 5 years 19 years 23 17% 20 21 22 5 to 10 years 20 10 to 15 years 15 16 72% ≥ 15 years 12 10 11 5 19 years Weighted average unexpired 100 % 0 Occupancy rate Belgium Germany Netherlands United Kingdom Finland
Slide 25: Age of buildings
Age of buildings >60% OF THE PORTFOLIO IS LESS THAN 15 YEARS OLD 3% 23% 0-5 years 6-10 years 38% 11-15 years >15 years Project 22% 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 14% on site. -25-
Slide 26: Resilience in portfolio valuation
Resilience in portfolio valuation GROSS YIELDS ON FAIR VALUE LIKE-FOR-LIKE PORTFOLIO VALUATION Conservative valuation yields Resilient portfolio valuation despite changed (%) market conditions 7 Change Change Avg 5.9 Country in FV in FV 6.4 6.5 (%) 6 6.2 LFL - H1 LFL - Q2 6.0 0.5 Belgium -0.9% -0.4%
Slide 27: Portfolio growth: development projects
Portfolio growth Development projects Résidence le Douaire – Anderlues (BE) Completed: Q2 2024 Nynäshamn Källberga – Ösmo (SE) Expected completion: Q3 2024 Fredenbeck – Fredenbeck (DE) Volder Staete – Almere (NL) Completed: Q1 2024 Completed: Q2 2024 -27-
Slide 28: Committed development projects
Committed development projects Pipeline €261 million of which €101 million to be invested GEOGRAPHICAL SPLIT EXPECTED DELIVERY DATE €11m 4% €19m €34m 7% 13% 100% pre-let €24m €83m 2024 9% 32% €61m €15 million 23% €35m 2025 expected rental 14% income €166m 64% €47m >2026 €42m 18% 5.7% 16% initial yie
Slide 29: Committed development projects
Committed development projects ROLL-FORWARD PHASE OUT WITH COMPLETIONS (€ million) (€ million) 450 413 400 300 261 350 300 261 5 200 250 -135 -22 200 -95 150 100 ~95 100 -70 50 0 0 Pipeline Deliveries Withdrawals Others Pipeline Pipeline Q3 Q4 Pipeline 1 31/12/2023 30/06/2024 30/06/2024 31/12/2024
Slide 30: Financials
Financials Clondalkin Nursing Home Dublin - Ireland -30-
Slide 31: Income Statement: EPRA Earnings
Income Statement EPRA Earnings EPRA EARNINGS YOY INCREASE OF 8% Consolidated income statement - analytical format 30/06/2024 30/06/2023 (x €1,000) +8% Rental income 165,768 154,715 Operating result before result on Rental-related charges -54 -611 portfolio mainly following Net rental income 165,714
Slide 32: Income Statement: Net result
Income Statement Net result EARNINGS PER SHARE Consolidated income statement - analytical format 30/06/2024 30/06/2023 (x €1,000) EPRA Earnings* 118,756 110,361 Changes in fair value of financial assets and liabilities Changes in fair value of investment properties 16,378 -2,224 2,522 -82,352 Positi
Slide 33: Rental income
Rental income (€ m) 190 170 +1.9 -0.0 +0.9 165.8 +5.5 +7.6 154.7 -1.6 -3.2 150 130 110 7% increase YoY 90 70 50 Rental Indexation Rent Disposals Deliveries Acquisitions Profit rent FX impact Rental income renegotiation income H1 2023 H1 2024 -33-
Slide 34: Rental income
Rental income (€ m) 190 170 +0.3 +3.2 -0.1 165.8 +3.4 +3.0 154.7 -1.4 +0.8 +2.0 150 130 110 90 7% 70 increase YoY 50 Rental Belgium Germany Netherlands United Finland Sweden Ireland Spain Rental income Kingdom income H1 2023 H1 2024 +3.1% rent indexation Change: -4.0% +2.6% +10.9% +7.8% +11.2% +13.7
Slide 35: EPRA Earnings
EPRA Earnings (€ m) 130 +11.1 -0.3 +1.9 120 +0.0 118.8 110.4 -4.0 -0.2 110 100 90 80 70 8% increase YoY 60 50 1 Non-recurring FBI tax refund during H1 2024 of 40 1 €4.2 million vs. one-off EPRA Rental Operating Financial Tax EPRA Non- EPRA tax refund of €9.0 million Earnings income costs result earn
Slide 36: Debt-to-assets ratio
Debt-to-assets ratio 56% 56% 50% 50% 43% 45% 43% 44% 46% Financial policy: 42% 41% 40% 40% 42% 37% debt-to-assets ratio ~40% with a maximum of 45% Bank covenants stand at a maximum of 60%. March June March June Oct Dec March June Mar June Dec June Sept Dec June 2019 2019 2020 2020 2020 2020 2021 202
Slide 37: Debt-to-assets ratio
Debt-to-assets ratio €67m €100m €153m €219m €418m €207m €459m €286m €254m €380m rights issue rights issue rights issue rights issue rights issue ABB rights issue ABB ABB rights issue Oct 2010 Dec 2012 June 2015 Mar 2017 May 2019 Apr 2020 Oct 2020 Jun 2021 Jun 2022 July 2023 60% 7,000 6,000 50% 5,000
Slide 38: Strong track record in accessing equity capital markets
Strong track record in accessing equity capital markets 800 700 207 600 500 47 1 400 26 300 418 459 286 255 380 200 7 219 3 100 100 11 153 8 17 16 5 16 47 55 - Rights issue Contribution in kind Optional dividend Accelerated bookbuilding -38-
Slide 39: Credit facilities
Credit facilities Diversified sources of funding €2,511 12% 4% 4% Investment credits Investmentcredits Investment credits 13% total financial debt 3% Term loans Term Term loans loans 57% 4% bank facilities Revolving loans Revolving Debt financing YTD: Revolvingloans loans 36% • €55 million early ref
Slide 40: Credit rating & KPI's
Credit rating & KPI’s Solid investment grade rating BBB with 6.5x 8.9x stable outlook ICR2 Net debt/EBITDA3 Credit rating S&P Global1 Unsecured 1.9% 47% Average cost of debt sustainable financing out of financing except drawn committed credit lines − Hoivatilat: certain incl. commitment fees particu
Slide 41: Credit facilities
Credit facilities Well spread debt maturity profile (in € million) 900 800 240 700 600 35 119 €628 million1 500 headroom on committed credit 120 lines on June 30 to finance capex 400 351 593 210 & liquidity needs 300 130 524 200 3.9 years 100 263 226 weighted average debt maturity 180 55 50 40 3 - -
Slide 42: Credit facilities: interest rate hedging
Credit facilities Interest rate hedging1 100% 11% 9% 11% 13% 90% 4% 2% 29% 80% 20% 70% 60% 52% 53% 53% 89% of debt hedged by derivatives 50% 36% 40% or fixed rate debt 40% as of 30 June 2024 30% 20% 4.6 years 34% 35% 34% 33% 30% Weighted average hedge 10% maturity 0% 1 Projected debt. 30/06/2024 31/
Slide 43: Net asset value
Net asset value Discount on 30 July 2024 18% vs NAV at FV excl. IAS 39 19% vs NAV at FV incl. IAS 39 19% vs EPRA NTA Net asset value per share (in €) 30/06/2024 31/12/2023 Net asset value after deduction of dividend 2023, excl. 73.26 70.35 changes in fair value of hedging instruments* Effect of the
Slide 44: Shares & shareholders
Shares & shareholders De Volder Staete Almere - Netherlands -44-
Slide 45: Shareholding
Shareholding1 INTERNATIONAL & DIVERSIFIED SHAREHOLDERS BASE1 3% Belgium 12% US Netherlands 2% 34% Luxembourg 3% 3% UK One shareholder 3% France holding more than 5% of Ireland the company’s capital 2 5% Germany 6% Norway ~1/4 retail shareholders Sweden ~3/4 institutional 6% 15% Other shareholders 9%
Slide 46: Withholding tax legislation
Withholding tax legislation Withholding tax: What’s included? 1 − General rule: 30% - Elderly care homes, senior − Reduced to 15% for healthcare REITs investing more than housing, mixed-use elderly 80% of its portfolio in residential healthcare real estate care buildings, disabled care in the Europe
Slide 47: Withholding tax
Withholding tax Continuously changing legal framework The withholding tax rate for Belgian listed companies has changed several times since Aedifica was established. 2006 2013 2016 2017 2022 standard rate 25% 25% 27% 30% 30% exception for REITs 15% - - - - exception for REITs 0% 15% - 15% 15% invest
Slide 48: Aedifica's Executive Committee
Aedifica’s Executive Committee Sven Bogaerts Chief Mergers & Charles-Antoine van Aelst Acquisitions Officer Chief Investment Officer Raoul Thomassen Stefaan Gielens Ingrid Daerden Chief Operating Officer Chief Executive Officer Chief Financial Officer -48-
Slide 49: Organisation & team
Organisation & team 6 3 INTERNATIONAL TEAM 11 HQ (Belgium) Local teams in 6 countries Belgium managing the portfolio 11 61 Finland and the group’s growth UK Germany International staff of Netherlands 130 people of which 32 Sweden 46 women and 84 men 6 Number of employees per country Excluding tempor
Slide 50: Outlook
Outlook Oulu Vaarapiha Oulu - Finland -50-
Slide 51: Outlook 2024
Outlook 2024 €334 million rental income €300 million Assuming FBI-tax regime (+ 6.3% vs. 2023) pipeline deliveries in 2024 in the Dutch subsidiaries in 2024 and refund of approx. €4.2 million for 2022 €231 million ~ €100 million EPRA Earnings asset rotation (+ 5.2% vs. 2023) UK REIT regime effective
Slide 52: Outlook medium-term
Outlook medium-term Drivers for future growth while maintaining a solid debt-to-asset ratio • Strong fundamental tailwinds € / share remain intact 7.0 6.5 • Demography 6.0 5.5 • Market consolidation 2 3 5.02 4.85 5.0 4.35 4.76 • Public financing 4.5 4.23 3 4.0 3.25 3.74 3.40 3.70 3.80 3.90 • Enhanci
Slide 53: Conclusion
Conclusion Priesty Fields Care Home Congleton – United Kingdom -53-
Slide 54: Investment highlights
Investment highlights Attractiveness for shareholders PURE-PLAY FAIR VALUE HISTORY HEALTHCARE REIT IN EUROPE OF PORTFOLIO SHOWING RESILIENCE 19 YEARS WEIGHTED AVERAGE LEASE STRONG UNDERLYING TERM DEMOGRAPHIC TRENDS SOLID TRACK RECORD IN INVESTMENT, EQUITY AND DEBT-FINANCING LONG-TERM GROWTH STRONG D
Slide 55: Thank you
Thank you INVESTOR RELATIONS ir@aedifica.eu Rue Belliard/Belliardstraat 40 bte 11 1040 Brussels, Belgium -55-
Slide 56: Stefaan Gielens - CEO; Ingrid Daerden - CFO
Stefaan Gielens - Chief Executive Officer Ingrid Daerden - Chief Financial Officer -56-
Slide 57: 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 58: 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 59: Appendix
Appendix LTS Winschoten Winschoten - Netherlands -59-
Slide 60: DTA expected to remain below 45%
DTA expected to remain below 45% Portfolio valuation sensitivity 46% 45% 45% 44% 43% 42% 42% 42% 42% 42% 42% 42% 41% 41% 40% 41% 40% 39% 38% Estimate no portfolio devaluation Scenario 1 - 0.5% FV/Q Scenario 2 - 1% FV/Q Scenario 3 - 1.5% FV/Q (~€120m) (~€240m) (~€350m) -60-
Slide 61: Belgian healthcare portfolio
Belgian healthcare portfolio PORTFOLIO OF 80 ASSETS €1,235 m ~8,200 5.7% 20 years portfolio residents yield on WAULT fair value fair value 2 16 ~€1,250 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 30 July 2024 leases ~ 1.5% exposure to the Brusse
Slide 62: Belgian healthcare portfolio
Belgian healthcare portfolio Marketable investment properties Projects in the investment programme -62-
Slide 63: Belgian healthcare portfolio
Belgian healthcare portfolio Klein Veldekens, Le Jardin Intérieur, Geel – 132 units Frasnes-lez-Anvaing – 101 units Hof Van Schoten, Schoten – 101 units Sorgvliet, Linter – 110 units -63-
Slide 64: German healthcare portfolio
German healthcare portfolio PORTFOLIO OF 100 ASSETS €1,186 m ~10,200 5.4% 21 years portfolio residents yield on WAULT fair value fair value 4 26 ~€1,210 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 30 July 2024 leases with various indexation limi
Slide 65: German healthcare portfolio
German healthcare portfolio Marketable investment properties Projects in the investment programme -65-
Slide 66: German healthcare portfolio
German healthcare portfolio Seniorenquartier Weyhe, Seniorenquartier Gera, Gera - Weyhe - 109 units 123 units Fredenbeck, Fredenbeck – Seniorenhaus Lessingstrasse, 94 units Wurzen - 73 units -66-
Slide 67: Dutch healthcare portfolio
Dutch healthcare portfolio PORTFOLIO OF 73 ASSETS €693 m ~3,300 6.2% 16 years portfolio residents yield on WAULT fair value fair value 22 ~€662 m Inflation- tenant portfolio outlook linked groups as of mostly triple net 30 July 2024 long leases -67-
Slide 68: Dutch healthcare portfolio
Dutch healthcare portfolio Marketable investment properties Projects in the investment programme -68-
Slide 69: Dutch healthcare portfolio
Dutch healthcare portfolio Villa Florian, Blaricum - 29 units Nieuw Heerenhage, Heerenveen - 126 units Martha Flora Hilversum, Hilversum – 31 units LLT Almere Buiten, Almere - 38 units -69-
Slide 70: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio PORTFOLIO OF 115 ASSETS €1,134 m ~7,400 6.4% 22 years portfolio residents yield on WAULT fair value fair value 4 17 ~€1,142 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 30 July 2024 leases with generally
Slide 71: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Marketable investment properties Projects in the investment programme -71-
Slide 72: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Abbots Wood Care Home, St Mary’s Riverside, Hailsham - 60 units Hessle - 67 units Rosewood House, London - 90 units Dawlish, Dawlish - 71 units -72-
Slide 73: Finnish healthcare portfolio
Finnish healthcare portfolio PORTFOLIO OF 211 ASSETS €1,072 m ~15,300 6.0% 12 years portfolio residents & yield on WAULT fair value children fair value 7 58 ~€1,155 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 30 July 2024 leases >6.5% 19% Experi
Slide 74: Finnish healthcare portfolio
Finnish healthcare portfolio Marketable investment properties Projects in the investment programme -74-
Slide 75: Finnish healthcare portfolio
Finnish healthcare portfolio Helsinki Ensikodintie, Tampere Teräskatu, Helsinki – 32 units Tampere - 240 units Espoo Kuurinkallio, Espoo – 75 children and 26 units Liminka Saunarannantie, Liminka - 99 units -75-
Slide 76: Swedish healthcare portfolio
Swedish healthcare portfolio PORTFOLIO OF 27 ASSETS €75 m ~750 6.5% 11 years portfolio residents & yield on WAULT fair value children fair value 1 14 ~€94 m Inflation- project tenant portfolio outlook linked to be groups as of double net long completed 30 July 2024 leases ‘Build & hold’ model giving
Slide 77: Swedish healthcare portfolio
Swedish healthcare portfolio Marketable investment properties Projects in the investment programme -77-
Slide 78: Swedish healthcare portfolio
Swedish healthcare portfolio Bälinge Lövsta 9:19, Almungeberg 1:21, Uppsala - 12 units Uppsala - 6 units Förskola Kallinge, Ronneby - 120 units Östhamra 1 52, Norrtälje - 125 units -78-
Slide 79: Irish healthcare portfolio
Irish healthcare portfolio PORTFOLIO OF 22 ASSETS €397 m ~2,300 5.6% 23 years portfolio residents yield on WAULT fair value fair value 2 6 ~€439 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 30 July 2024 leases -79-
Slide 80: Irish healthcare portfolio
Irish healthcare portfolio Marketable investment properties Projects in the investment programme -80-
Slide 81: Irish healthcare portfolio
Irish healthcare portfolio Dublin Stepaside, Stepaside - 119 units Beaumont Lodge, Dublin - 221 units Clondalkin Nursing Home, Dublin - 150 units Northwood Nursing Home, Dublin - 121 units -81-
Slide 82: Spanish healthcare portfolio
Spanish healthcare portfolio PIPELINE OF 2 PROJECTS & 1 PLOT OF LAND €3 m 2 1 portfolio projects plot of land fair value to be completed 1 ~26 m Inflation- tenant portfolio outlook linked group as of triple net long 30 July 2024 leases -82-
Slide 83: Notes
fl Notes aedifica | housing with care -83-