Slide 1: Q1 results 2024
Q1 results 2024 Brussels, 2 May 2024 -1-
Slide 2: Table of content
Table of content 3 Highlights Q1 2024 7 Strategy 15 Achievements 17 Portfolio analysis 28 Financials 44 Shares & shareholders 48 Outlook 51 Conclusion -2-
Slide 3: Highlights Q1 2024
Highlights Q1 2024 Residentie ‘t Spelthof Lubbeek – Belgium -3-
Slide 4: Highlights Q1 2024
Highlights Q1 2024 €59.8 million 8 €343 million 39.6% +8% YoY countries (of which ~€193m to be debt-to-assets ratio EPRA earnings invested) committed investment programme €868 million €82.0 million 623 construction & renovation Headroom on committed +8% YoY, 3.3% LfL healthcare sites 10 credit lines
Slide 5: Investment activity
Investment activity New investments & pipeline completions1 €21 million €46 million in new €25 million investment acquired or announced in Q1 2024 (see map) 10 projects (~ €74 million) completed during Q1 2024 1 See Q1 2024 press release for more details. -5-
Slide 6: Portfolio outlook
Portfolio outlook Total portfolio outlook: over €6 billion €m 6,500 +343 6,061 5,812 -94 6,000 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 (31/03/2024) as held for sale (31/04/
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 €343 m
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 99 72 115 206 26 22 2 Pipeline €47m €38m €13m €65m €93m €21m €43m €24m Portfolio €1,230m €1,189m €680m €1,097m €1,056m €72m €395m €3m Data as per 31 March
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 Improvement of Great Place To Work sustainability scores Employee survey conducted in 2023 Award and CSR 2024 2023 2022 2021 2020 2019 2018 89% of staff would recommend Benchmarks Aedifica as a great place to work Silver + EPRA sBPR Gold Gold Gold Gold Most - Hoivatilat has been recog
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 1 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 specific Proposes a framework for assessing building specific carbon
Slide 15: Achievements
Achievements Oulu Upseerinkatu Oulu – Finland -15-
Slide 16: Achievements
Achievements Investment properties1 evolution & focus on Europe EVOLUTION SINCE 2006 GEOGRAPHICAL BREAKDOWN (FAIR VALUE)2 €m 6,500 CAGR: 22% 5,963 6,061 6,000 5,849 1 2 0 0 0 (as of 31 March 2024) 5,704 100% 5 2 2 1 1 1 1 2 5,500 12 9 13 5 7 7 7 7 12 15 14 12 4,896 12 12 12 12 5,000 14 11 80% 17 4,5
Slide 17: Portfolio analysis
Portfolio analysis Pflegecampus Plauen (Plauen - Germany -17-
Slide 18: Healthcare real estate portfolio
Healthcare real estate portfolio Healthcare segment breakdown FOCUS ON CARE FACILITIES FOR ELDERLY PEOPLE 7% 6% Elderly care homes 16% Senior housing Mixed-use elderly care buildings Childcare centres 4% 67% Other care segments Marketable investment properties incl. assets classified as held for sal
Slide 19: Healthcare real estate portfolio
Healthcare real estate portfolio Geographical breakdown DIVERSIFICATION ACROSS EUROPEAN COUNTRIES >0% 1% 7% 22% Belgium 18% Germany Netherlands United Kingdom Finland 21% Sweden 19% Ireland Spain 12% Marketable investment properties incl. assets classified as held for sale (€5,722 m), excl. rights o
Slide 20: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 10% 6% 623 sites with approx. 4% 300 tenants (or >140 ‘groups’) representing 4% European, national and 54% 4% local profit and not-for- 4% Municipalities/ profit operators wellbeing counties (FI) 4% No ‘operator group’ 4% leases more than 10% of
Slide 21: 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. -21-
Slide 22: Lease maturity & occupancy rate
Lease maturity & occupancy rate UNEXPIRED LEASE TERM WAULT BY COUNTRY 1% (Years) 9% 25 Avg < 5 years 23 19 years 20 21 22 18% 5 to 10 years 20 15 10 to 15 years 16 72% 12 ≥ 15 years 10 11 5 19 years 0 Weighted average unexpired 100 % Occupancy rate Belgium Germany Netherlands United Kingdom Finland
Slide 23: Age of buildings
Age of buildings >60% OF THE PORTFOLIO IS LESS THAN 15 YEARS OLD 3% 23% 0-5 years 6-10 years 37% 11-15 years >15 years Project 23% 14% 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 on site. -23-
Slide 24: 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 6.5 Avg 5.9 Country in FV 6 6.2 6.4 (%) 6.0 +0.02 LFL - Q1 5.7 0 5.6 Belgium -0.5% 5 5.3 -0.2 Germ
Slide 25: Portfolio growth
Portfolio growth Development projects Oulu Tahtimarssi – Oulu (FI) Expected completion: Q4 2024 Nynäshamn Källberga – Ösmo (SE) Expected completion: Q2 2024 Zamora Av. de Valladolid – Zamora (ES) Volder Staete – Almere (NL) Expected completion: Q4 2024 Expected completion: Q3 2024 -25-
Slide 26: Committed development projects
Committed development projects Pipeline €343 million of which €193 million to be invested GEOGRAPHICAL SPLIT EXPECTED DELIVERY DATE €13m €21m 4% €24m 6% €37m 7% 27% 11% 100% pre-let €93m 2024 11% €19 million €85m €38m 25% expected rental 2025 €221m income 12% 64% 19% €43m €65m >2026 5.6% 14% €47m in
Slide 27: Committed development projects
Committed development projects ROLL-FORWARD PHASE OUT WITH COMPLETIONS (€ million) (€ million) 450 413 400 4 343 400 350 343 -74 300 300 250 -75 200 200 150 -100 ~120 100 100 -50 50 0 0 Pipeline Deliveries Others Pipeline Pipeline Q2 Q3 Q4 Pipeline 1 31/12/2023 31/03/2024 31/03/2024 31/12/2024 10 p
Slide 28: Financials
Financials Clondalkin Nursing Home Dublin - Ireland -28-
Slide 29: Income Statement
Income Statement EPRA Earnings EPRA EARNINGS YOY INCREASE OF 8% Consolidated incom e statem ent - analytical form at 31/03/2024 31/12/2023 (x €1,000) Rental income 82,006 76,191 Rental-related charges 53 -291 Net rental income 82,059 75,900 Operating charges* -12,624 -12,525 Operating result before
Slide 30: Income Statement
Income Statement Net result EARNINGS PER SHARE Consolidated incom e statem ent - analytical form at 31/03/2024 31/12/2023 (x €1,000) EPRA Earnings* 59,833 55,313 Changes in fair value of financial assets and liabilities 11,024 -11,551 Changes in fair value of investment properties 877 -50,369 Positi
Slide 31: Rental income
Rental income (€ m) 85 +0.5 82.0 +2.6 +0.6 80 +2.6 +1.7 76.2 -0.6 75 -1.5 70 65 8% increase YoY 60 55 50 Rental Indexation Rent Disposals Deliveries Acquisitions Profit rent FX impact Rental income renegotiation income Q1 2023 Q1 2024 -31-
Slide 32: Rental income
Rental income (€ m) 85 +1.3 -0.1 82.0 +1.6 +0.1 +2.2 80 76.2 +1.0 -0.6 +0.3 75 70 65 60 8% 55 increase YoY 50 Rental Belgium Germany Netherlands United Finland Sweden Ireland Spain Rental income Kingdom income Q1 2023 Q1 2024 +3.4% rent indexation Change: -3.2% +1.8% +11.1% +10.8% +11.8% +13.6% +32.
Slide 33: EPRA Earnings
EPRA Earnings (€ m) 65 +1.4 +5.8 +0.2 +0.0 59.8 60 -2.9 -0.1 55.3 55 50 8% increase YoY 45 1 Tax: non recurring FBI tax refund for the period 40 1 2022 of €4.2 million EPRA Rental Operating Financial Tax EPRA Non- EPRA Earnings income costs result earnings of controlling Earnings (vs. one-off tax re
Slide 34: Debt-to-assets ratio
Debt-to-assets ratio 56% 56% 50% 50% 43% 45% 43% 44% 46% Financial policy: 42% 41% 40% 40% 40% 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 Mar 2019 2019 2020 2020 2020 2020 2021 2021
Slide 35: 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 50% 6,000 5,000
Slide 36: DTA expected to remain below 45%
DTA expected to remain below 45% Portfolio valuation sensitivity 44% 43% 42% 42% 42% 42% 42% 41% 41% 40% 40% 40% 39% 40% 38% Estimate no portfolio devaluation Scenario 1 - 0.5% FV/Q Scenario 2 - 1% FV/Q Scenario 3 - 1.5% FV/Q (~€90m) (~€175m) (~€265m) -36-
Slide 37: 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 -37-
Slide 38: Credit facilities
Credit facilities Diversified sources of funding €2,329 4% Investmentcredits Investment credits 13% total financial debt Term Term loans loans 52% 4% bank facilities Revolving Revolvingloans Debt financing YTD: loans • €25 million early refinancing 39% USPP GBP USPP GBP 6-years ESG linked bank facil
Slide 39: Credit rating & KPI's
Credit rating & KPI’s Solid investment grade rating BBB with 6.2x 8.4x stable outlook ICR2 Net debt/EBITDA3 Credit rating S&P Global1 Unsecured 1.8% 47% Average cost of debt sustainable financing out of financing except drawn committed credit lines − Hoivatilat: certain incl. commitment fees particu
Slide 40: Credit facilities
Credit facilities Well spread debt maturity profile (in € million) 700 35 600 158 91 500 323 160 €868 million1 400 headroom on committed credit 385 lines on March 31 to finance capex 300 170 438 524 & liquidity needs 200 305 224 4.2 years 100 80 146 weighted average debt maturity 65 50 40 3 - - - Fi
Slide 41: Credit facilities
Credit facilities Interest rate hedging1 100% 4% 10% 13% 14% 90% 4% 21% 30% 80% 70% 60% 52% 53% 53% 96% 38% of debt hedged by derivatives 50% 40% or fixed rate debt 40% as of 31 March 2024 30% 20% 4.8 years 36% 35% 33% 33% 30% Weighted average hedge 10% maturity 0% 1 Projected debt. 31/03/2024 31/12
Slide 42: Net asset value
Net asset value Discount on 30 April 2024 20% vs NAV at FV excl. IAS 39 22% vs NAV at FV incl. IAS 39 19% vs EPRA NTA Net asset value per share (in €) 31/03/2024 31/12/2023 Net asset value, excl. changes in fair value of hedging 75.33 73.86 instruments* Effect of the changes in fair value of hedging
Slide 43: Dividend policy
Dividend policy €3.90 / share (gross) DPS guidance for 2024 + 3% compared to 2023 Withholding tax: − General rule: 30% − Reduced to 15% as healthcare REITs investing more than 80% of its portfolio in residential European healthcare real estate − Following Brexit, a transitional regime was provided f
Slide 44: Shares & shareholders
Shares & shareholders Eds Prästgard 1-115 Upplands-Väsby - Sweden -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: 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 -46-
Slide 47: Organisation & team
Organisation & team INTERNATIONAL TEAM 3 7 11 Local teams in 6 countries Belgium managing the portfolio Finland and the group’s growth 12 UK 66 Germany International staff of Netherlands 131 people of which Sweden 45 women and 86 men 32 Number of employees per country (As per 31 March 2024) -47-
Slide 48: Outlook
Outlook Oulu Vaarapiha Oulu - Finland -48-
Slide 49: Outlook 2024
Outlook 2024 €330 million €295 million rental income pipeline deliveries in 2024 Assuming FBI-tax regime (+ 5% vs. 2023) in the Dutch subsidiaries in 2024 and refund of approx. €4.2 million for 2022 €223 million ~ €100 million EPRA Earnings asset rotation (+ 1.5% vs. 2023) UK REIT regime effective s
Slide 50: 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 5.02 3 5.0 4.35 4.76 4.70 • Public financing 4.5 4.23 3 4.0 3.74 3.70 3.80 3.90 • Enhancing long-te
Slide 51: Conclusion
Conclusion Priesty Fields Care Home Congleton – United Kingdom -51-
Slide 52: 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 53: Thank you
Thank you INVESTOR RELATIONS ir@aedifica.eu Rue Belliard/Belliardstraat 40 bte 11 1040 Brussels, Belgium -53-
Slide 54: Stefaan Gielens - CEO, Ingrid Daerden - CFO
Stefaan Gielens - Chief Executive Officer Ingrid Daerden - Chief Financial Officer -54-
Slide 55: 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 56: 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 57: Appendix
Appendix LTS Winschoten Winschoten - Netherlands -57-
Slide 58: Belgian healthcare portfolio
Belgian healthcare portfolio PORTFOLIO OF 80 ASSETS €1,230 m ~8,100 5.7% 20 years portfolio residents yield on WAULT fair value fair value 4 17 ~€1,256 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 30 April 2024 leases ~ 1.6% exposure to the Bruss
Slide 59: Belgian healthcare portfolio
Belgian healthcare portfolio Marketable investment properties Projects in the investment programme -59-
Slide 60: 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 -60-
Slide 61: German healthcare portfolio
German healthcare portfolio PORTFOLIO OF 100 ASSETS €1,189 m ~10,200 5.3% 21 years portfolio residents yield on WAULT fair value fair value 5 27 ~€1,216 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 30 April 2024 leases with various indexation lim
Slide 62: German healthcare portfolio
German healthcare portfolio Marketable investment properties Projects in the investment programme -62-
Slide 63: German healthcare portfolio
German healthcare portfolio Seniorenquartier Weyhe, Seniorenquartier Langwedel, Weyhe - 109 units Langwedel - 99 units Fredenbeck, Fredenbeck – Seniorenhaus Lessingstrasse, 94 units Wurzen - 73 units -63-
Slide 64: Dutch healthcare portfolio
Dutch healthcare portfolio PORTFOLIO OF 72 ASSETS €680 m ~3,250 6.2% 16 years portfolio residents yield on WAULT fair value fair value 1 23 ~€662 m Inflation- project tenant portfolio outlook linked to be groups as of mostly triple net completed 30 April 2024 long leases -64-
Slide 65: Dutch healthcare portfolio
Dutch healthcare portfolio Marketable investment properties Projects in the investment programme -65-
Slide 66: 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 -66-
Slide 67: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio PORTFOLIO OF 115 ASSETS €1,097 m ~7,300 6.4% 22 years portfolio residents yield on WAULT fair value fair value 7 20 ~€1,131 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 30 April 2024 leases with generally
Slide 68: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Marketable investment properties Projects in the investment programme -68-
Slide 69: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Abbots Wood Care Home, St Mary’s Riverside, Hailsham - 60 units Hessle - 67 units Biddenham St James, Biddenhem - Dawlish, Dawlish - 71 60 units units -69-
Slide 70: Finnish healthcare portfolio
Finnish healthcare portfolio PORTFOLIO OF 206 ASSETS €1,056 m ~15,000 6.0% 12 years portfolio residents & yield on WAULT fair value children fair value 10 55 ~€1,149 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 30 April 2024 leases >6.5% 20% Expe
Slide 71: Finnish healthcare portfolio
Finnish healthcare portfolio Marketable investment properties Projects in the investment programme -71-
Slide 72: Finnish healthcare portfolio
Finnish healthcare portfolio Helsinki Ensikodintie, Tampere Teräskatu, Helsinki – 32 units Tampere - 240 units Koy Espoon Matinkartanontie, Espoo - 537 units Liminka Saunarannantie, Liminka - 99 units -72-
Slide 73: Swedish healthcare portfolio
Swedish healthcare portfolio PORTFOLIO OF 26 ASSETS €72 m ~750 6.5% 11 years portfolio residents & yield on WAULT fair value children fair value 2 13 ~€93 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 30 April 2024 leases Experienced in- ‘Build &
Slide 74: Swedish healthcare portfolio
Swedish healthcare portfolio Marketable investment properties Projects in the investment programme -74-
Slide 75: 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 -75-
Slide 76: Irish healthcare portfolio
Irish healthcare portfolio PORTFOLIO OF 22 ASSETS €395 m ~2,300 5.6% 23 years portfolio residents yield on WAULT fair value fair value 3 6 ~€437 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 30 April 2024 leases -76-
Slide 77: Irish healthcare portfolio
Irish healthcare portfolio Marketable investment properties Projects in the investment programme -77-
Slide 78: 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 -78-
Slide 79: Spanish healthcare portfolio
Spanish healthcare portfolio PARTNERSHIP WITH SPANISH OPERATOR €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 April 2024 leases -79-
Slide 80: Notes
fl Notes aedifica | housing with care -80-