Slide 1: Half year results 2017/2018
Half year results 2017/2018 31 December 2017 Brussels, 21 February 2018 -1-
Slide 2: Table of contents
Table of contents > Highlights H1 2017/2018 > Strategy > Achievements > Portfolio analysis > Financials > Shares & shareholders > Outlook > Conclusion -2-
Slide 3: Highlights H1 2017/2018
Highlights H1 2017/2018 -3-
Slide 4: Highlights H1 2017/2018 (1)
Highlights H1 2017/2018 (1) > Rental income: €44.5 million, +19 % YoY, ahead of budget > EPRA Earnings: €28.3 million, +21 % YoY, ahead of budget > Dividend forecast confirmed at €2.50 gross per share, an increase of 11 % > Real estate portfolio of €1.7 billion, an 8 % increase compared to 30 June 2
Slide 5: Highlights H1 2017/2018 (2)
Highlights H1 2017/2018 (2) > Healthcare real estate: 83% of the portfolio, totaling €1,349 million spread over 124 sites in 3 countries − €908 million in Belgium (73 sites) − €256 million in Germany (27 sites) − €182 million in The Netherlands (24 sites) > Investments realised or announced since 30
Slide 6: Investment activity - Belgium
Investment activity - Belgium H1 2017/2018 (As of 31 December 2017) > 1 addition − De Duinpieper (Ostend) > 1 building available for use after renovation works − Villa Temporis phase II (Hasselt) -6-
Slide 7: Investment activity - Germany
Investment activity - Germany H1 2017/2018 (As of 31 December 2017) > 5 additions − Seniorenheim am Dom (Halberstadt) − Seniorenresidenz an den Kienfichten (Dessau-Rosslau) − Bremerhaven I (Bremerhaven) − Bremerhaven II (Bremerhaven) − Cuxhaven (Cuxhaven) > 1 co-operation agreement − with Specht Gru
Slide 8: Investment activity - The Netherlands
Investment activity - The Netherlands H1 2017/2018 (As of 31 December 2017) > 3 additions − Huize Hoog Kerckebosch (Zeist) − Martha Flora Den Haag (The Hague) − De Merenhoef (Maarssen) > 1 turnkey project delivered − Molenenk (Deventer) > 4 turnkey projects to be delivered − Huize De Compagnie (Ede)
Slide 9: Investment activity - The Netherlands (Q3)
Investment activity - The Netherlands Q3 2017/2018 (As of 21 February 2018) > 1 addition − Martha Flora Hoorn (Hoorn) > Renovation works completed − Genderstate/Petruspark/Parc Imstenrade (Eindhoven/Heerlen) > 3 turnkey projects to be delivered − Huize Roosdael (Roosendaal) − Leusden (Leusden) − Sep
Slide 10: Investment activity - Germany (Q3)
Investment activity - Germany Q3 2017/2018 (As of 21 February 2018) > 1 addition subject to outstanding conditions − advita Haus Zur Alten Berufsschule (Zschopau) -10-
Slide 11: Portfolio outlook
Portfolio outlook (As of 21 February 2018) > Total Portfolio outlook: ~ €2,007 m − €1,631 m (marketable investment properties incl. assets classified as held for sale, as of 31 December 2017) − - €4 m (assets classified as held for sale) − + €356 m (committed investments in pipeline, as of 31 Decemb
Slide 12: Strategy
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Slide 13: Aedifica
Aedifica > Belgian REIT (RREC/SIR/GVV) − market cap ~ €1.3 billion − free float of 100 % − marketable investment properties ~ €1.7 billion − approx. 844,000 m² > Focusing on healthcare real estate: “housing with care” − demographic evolution: ageing > European focus − Belgium − Germany − The Netherl
Slide 14: Demographic evolution
Demographic evolution Ageing in Belgium Ageing in Germany Source: "Perspectives de population 2017-2061", Belgian Federal Planning Bureau, 2017. Source: "Bevölkerung Deutschlands bis 2060", Statistisches Bundesamt (Deutschland), 2015. Ageing in The Netherlands Source: "Prognose bevolking kerncijfers
Slide 15: Healthcare real estate
Healthcare real estate > Focus on senior housing − Rest homes ̶ Belgium: Woonzorgcentrum / Maison de repos ̶ Germany: Pflegeheim ̶ The Netherlands: Verpleeghuis, Zorgresidentie, ... − Assisted living / Independent living ̶ Belgium: Assistentiewoning / Résidence-services ̶ Germany: Betreutes Wohnen ̶
Slide 16: Segment information
Segment information Fair value of total portfolio: €1.7 billion (As of 31 December 2017) Senior housing Apartment buildings in Hotels in Europe Belgium’s main cities in Belgium Weight: 83 % 12 % 5% Gross yield: 5.7 % 5.0 % 6.5 % EBIT margin: 98 % 68 % 98 % Cash flow Value play Cash flow (long
Slide 17: Achievements
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Slide 18: Milestones
Milestones Investment properties* Evolution since 2006 €m CAGR: 27 % * Incl. assets classified as held for sale. -18-
Slide 19: Milestones - Focus on Senior Housing
Milestones Focus on Senior Housing Evolution by segment (fair value) Marketable investment properties incl.assets classified as held for sale (€1,631 m). The Ring building was transferred (on 1 July 2017) from the apartment buildings segment to the hotels and other segment. -19-
Slide 20: Milestones - Focus on Europe
Milestones Focus on Europe Geographical breakdown (fair value) Marketable investment properties incl.assets classified as held for sale (€1,631 m) -20-
Slide 21: Milestones - Value creation since 2006
Milestones Value creation since 2006 -21-
Slide 22: Investments since capital increase of March 2017 (1/2)
Investments Since capital increase of March 2017 (1/2) (in € million) Marketable investment Development Total properties projects carried out subject to outstanding conditions Martha Flora Hilversum The Netherlands 2 - 6 8 Villa Walgaerde1 The Netherlands 4 - - 4 La Ferme Blanche1 Belgium 6 - - 6 He
Slide 23: Investments since capital increase of March 2017 (2/2)
Investments Since capital increase of March 2017 (2/2) (in € million) Marketable investment Development Total properties projects carried out subject to outstanding conditions Total as of 31 December 2017 160 0 294 454 Huize Roosdael The Netherlands 1 - 5 6 Leusden The Netherlands 1 - 3 4 Martha Flo
Slide 24: Portfolio analysis
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Slide 25: Segments
Segments (As of 31 December 2017) Apartment buildings (768 apartments in 33 sites) Senior housing (approx. 11,000 units in 124 sites) 6 hotels (544 rooms) & 3 others Marketable investment properties incl. assets classified as held for sale (€1,631 m). The Ring building, totalling 88 apartments, was
Slide 26: Geographical breakdown
Geographical breakdown (As of 31 December 2017) The Netherlands Wallonia Germany Flanders Brussels Marketable investment properties incl. assets classified as held for sale (€1,631 m) -26-
Slide 27: Healthcare portfolio
Healthcare portfolio Segment diversification (As of 31 December 2017) Mixed facilities (assisted-living and other) Independent living Disabled care facilities 1% 8% 1% Mixed facilities 22 % (assisted and independent living) 68 % Assisted-living facilities Senior housing marketable investment propert
Slide 28: Belgian healthcare portfolio
Belgian healthcare portfolio (As of 31 December 2017) > Senior housing portfolio of 73 assets: − Capacity of approx. 7,400 residents − Total fair value of approx. €910 m − Yield on fair value of 5.6 % − Triple net long leases − Typical lease maturity: 27 years − 4 main tenants: Armonea, Orpea, Senio
Slide 29: Belgian healthcare portfolio
Belgian healthcare portfolio (As of 31 December 2017) Belgium Senior housing To be completed -29-
Slide 30: Belgian healthcare portfolio
Belgian healthcare portfolio Residentie Sporenpark, Oase Aarschot Beringen Wissenstraat, Aarschot • €17 m invested • €24 m invested amount amount • 127 units • 120 units Leopoldspark, Hestia, Wemmel Leopoldsburg • €22 m invested • €21 m invested amount amount • 222 units • 150 units -30-
Slide 31: German healthcare portfolio
German healthcare portfolio (As of 31 December 2017) > Senior housing portfolio of 27 assets*: − Capacity of approx. 2,600 residents − Total fair value of approx. €260 m − Yield on fair value of 6.1 % − Double net long leases − Typical lease maturity: 20 - 25 years − 10 tenants (Aaetas Management, A
Slide 32: German healthcare portfolio
German healthcare portfolio (As of 21 February 2018) Germany Senior housing Senior housing Apartment buildings To be completed Hotels & other Hotels & other -32-
Slide 33: German healthcare portfolio
German healthcare portfolio Service-Residenz advita Haus Zur Schloss Bensberg, Alten Berufsschule, Bergisch Gladbach Zschopau • €14 m invested • €9 m to be amount invested • 87 units • 127 units Am Kloster, Käthe-Bernhardt-Haus, Halberstadt Husum • €11 m invested • €7 m invested amount amount • 136
Slide 34: Dutch healthcare portfolio
Dutch healthcare portfolio (As of 31 December 2017) > Senior housing portfolio of 24 assets*: − Capacity of approx. 1,000 residents − Total fair value of approx. €180 m − Yield on fair value of 5.7 %** − Mostly triple net long leases − Typical lease maturity: 15 - 20 years − 8 main tenants (Comparti
Slide 35: Dutch healthcare portfolio
Dutch healthcare portfolio (As of 21 February 2018) The Netherlands Senior housing To be completed Hotels & other -35-
Slide 36: Dutch healthcare portfolio
Dutch healthcare portfolio Saksen Weimar, Het Gouden Hart, Arnhem Kampen • €8 m invested • €7 m invested amount amount • 42 units • 37 units Genderstate, Het Dokhuis, Eindhoven Oude Pekela • €10 m invested • €5 m invested amount amount • 44 units • 32 units -36-
Slide 37: Healthcare real estate tenants
Healthcare real estate tenants > 124 sites with 80 tenants (or 31 ‘groups’)* representing European, national and local profit and not-for-profit operators * As of 31 December 2017. -37-
Slide 38: Lease maturity
Lease maturity (As of 31 December 2017) Initial lease term < 15 years 13 % 87 % ≥ 15 years, irrevocable Weighted average lease term 20 years Marketable investment properties incl.assets classified as held for sale (€1,631 m). -38-
Slide 39: Age of buildings
Age of buildings (As of 31 December 2017) 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 (€1,631 m). -39-
Slide 40: 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 41: Gross yields on fair value
Gross yields on fair value (As of 31 December 2017) Weighted average 5.7 % -41-
Slide 42: Segment EBIT margins
Segment EBIT margins* (As of 31 December 2017) Senior Apartment Hotels & Unallocated & TOTAL housing buildings other 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 43: Valuation of property
Valuation of property* 2008 → 2017 FY 2008/2009 FY 2009/2010 FY 2010/2011 FY 2011/2012 FY 2012/2013 €k % €k % €k % €k % €k % Senior housing 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 & other -1,415 -4% -963 -2% 1,191 2% 45 0% -
Slide 44: Portfolio growth
Portfolio growth Development projects as of 31 December 2017 Projects or renovations Estimate Inv. as of Future Date of Comments (in € million) d inv. 31/12/2017 inv. completion I. Projects in progress Résidence Les Cheveux d'Argent Sart-lez-Spa (BE) 3 2 1 2017/2018 Extension of a rest home Genderst
Slide 45: Development projects
Development projects 4 4 -11 7 5 -10 7 -9 40 -2 -2 0 356 200 122 -45-
Slide 46: Financials
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Slide 47: Income Statement - business driven
Income Statement Business driven Income Statement - analytical scheme 31 December 2017 31 December 2016 Var. (x €1,000) Rental income 44,478 37,253 +19% Rental-related charges -27 -27 Net rental income 44,451 37,226 +19% Operating charges -7,267 -5,338 Operating result before result on portfolio 37,
Slide 48: Rental income
Rental income (As of 31 December 2017) +7,296 -390 +319 44,478 -€220 k Disposals -€71 k 37,253 Disposals Transfer Ring -€372 k Transfer Ring +€367 k Other changes +€202 k Other changes +€23 k -€390 k +€319 k Change: +24.5 % -7.1 %1 +14.8 %2 +19.4 % Like-for-like change: +1.4 % +4.1 % -0.8 % +1.7 % 1
Slide 49: EPRA Earnings
EPRA Earnings (As of 31 December 2017) +7,296 -479 -390 -264 +280 -1,147 +567 -124 +3 -172 -603 28,335 23,368 -49-
Slide 50: EPRA Earnings vs Budget
EPRA Earnings vs Budget (As of 31 December 2017) -50-
Slide 51: Income Statement - market driven
Income Statement Market driven Income Statement - analytical scheme 31 December 2017 31 December 2016 (x €1,000) EPRA Earnings 28,335 23,368 Changes in fair value of financial assets and liabilities -523 3,443 Changes in fair value of investment properties 8,989 597 Non cash Gains and losses on disp
Slide 52: Hedging policy
Hedging policy (As of 31 December 2017) > Economic stability and Business driven: foreseeability of Avg effective interest rate of 2.2 %, interest cash below H1 PY (2.4 %) and H1 budget (2.3 %) outflows... > ... even in spite Market driven: of accounting Change in FV of derivatives (non cash items)
Slide 53: Consolidated balance sheet
Consolidated balance sheet (€ m) (As of 31 December 2017) Assets Equity & Liabilities 3 2 -53-
Slide 54: Debt-to-assets ratio
Debt-to-assets ratio Before After Before After SPO 2015 SPO 2015 SPO 2017 SPO 2017 Headroom*: - Debt increase of €258 m without investments or €645 m with investments - Drop of MTM of buildings of 25 % ** Based on bank covenant of max. 60 %. Based on legal max. of 65 %, headroom is respectively €342
Slide 55: Credit facilities
Credit facilities (As of 31 December 2017) Maturity Utilisation Credit lines 2017/2018 5 5 2018/2019 43 63 2019/2020 80 80 2020/2021 90 90 2021/2022 138 167 2022/2023 112 190 2023/2024 106 156 2024/2025 and subsequent : 146 218 Total 719 969 Weighted Average Maturity (years) 4.6 5.0 Hedging policy -
Slide 56: Net asset value
Net asset value Net asset value per share (in €) 31 December 2017 30 June 2017 Var. Based on fair value of investment properties Net asset value 49.55 47.48 4% Effect of the changes in fair value of hedging instruments 1.85 1.89 Net asset value excl. changes in fair value of hedging instruments 51.4
Slide 57: Number of shares
Number of shares Number of shares 31 December 2017 30 June 2017 Number of shares outstanding* 17,975,820 17,975,820 Total number of shares 17,975,820 17,975,820 Total number of shares on the stock market 17,975,820 17,975,820 Weighted average number of shares outstanding (IAS 33) 17,975,805 15,235,6
Slide 58: 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 59: EPRA
EPRA > Aedifica included in the EPRA indices > EPRA metrics: Key performance indicators according to the EPRA principles 31 December 2017 31 December 2016 EPRA Earnings* (in €/share) 1.58 1.64 EPRA Cost Ratio (including direct vacancy costs)* (in %) 16% 14% EPRA Cost Ratio (excluding direct vacancy
Slide 60: Shares & shareholders
Shares & shareholders fey aedifica | housing with care -60-
Slide 61: Dividend track record
Dividend track record * 2017/2018 budgeted dividend (see section 11 of the Board of Directors’ Report included in the 2016/2017 Annual Financial Report). -61-
Slide 62: Share price since IPO
Share price since IPO (As of 16 February 2018) Spot Var. (%) Aedifica 74.60 115 BEL MID 5,336.51 45 EPRA Belgium 1,322.15 -7 EPRA Europe 2,110.61 -21 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 (-
Slide 63: Total return since IPO
Total return since IPO (As of 16 February 2018) Var. (%) Aedifica total return* 111 219 EPRA Belgium total return 4,034 87 EPRA Europe total return 4,236 24 * 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 64: Shareholding
Shareholding1 (As of 31 December 2017) > 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 17,975,820 shares are listed on Euronext Br
Slide 65: Rankings
Rankings > The highest free float of all Belgian REITs > 4th largest market cap amongst all Belgian REITs1 > 7th largest real estate portfolio in Belgium2 (36th in 2006) > Aedifica accounts for 36 % of the invested volume in Belgian rest homes in 2005-20153 > In 2017, Aedifica was the largest privat
Slide 66: Awards - EPRA
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 -66-
Slide 67: Awards - Trends
Awards Trends Aedifica’s CEO nominated for “Trends Manager of the Year 2017” > Stefaan Gielens was one of the ten managers nominated to become “Trends Manager of the Year 2017”. > The nomination is an acknowledgement of Aedifica’s international growth and its strategy as a pure play healthcare REIT.
Slide 68: Corporate governance
Corporate governance > Transparency > Board of Directors − NV/SA − 10 Directors − Management in the box ̶ 8 non-executive Directors of which 6 independent ones − Belgian Code 2009 on ̶ 2 executive Directors Corporate Governance ̶ Gender diversity ratio: 40 % − 100% free float − Audit Committee − No
Slide 69: Management team
Management team > Management committee − CIO and CM&AO added on 1 October 2017 Name Function Stefaan Gielens Chief Executive Officer (CEO) Jean Kotarakos Chief Financial Officer (CFO) Laurence Gacoin Chief Operating Officer (COO) Sarah Everaert Chief Legal Officer (CLO) / Secretary-General Charles-A
Slide 70: Outlook
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Slide 71: Outlook FY 2017/2018 - Reminder of budget
Outlook FY 2017/2018 Reminder of budget > Budgeted rental income: €91 m > Budgeted EPRA Earnings: €57 m > Budgeted EPRA EPS: €3.15/share > Budgeted DPS: € 2.50/share (gross), 11% higher than PY -71-
Slide 72: Outlook FY 2017/2018
Outlook FY 2017/2018 > Focus on investments − Development pipeline: ̶ Pipeline at record level ̶ Deliveries on track (see next slide) − New investments in healthcare real estate: ̶ Targets being studied in The Netherlands, Germany and Belgium − Objective for future growth: EPS growth through ̶ Enhan
Slide 73: Outlook FY 2017/2018 - Development pipeline
Outlook FY 2017/2018 Portfolio - Focus on investments > Development pipeline: Villa Temporis II Molenenk Seniorenheim am Dom Genderstate/Petruspark/Parc Imstenrade Résidence Les Cheveux d’Argent Résidence l’Air du Temps Het Gouden Hart van Leersum Huize Lieve Moenssens Martha Flora
Slide 74: Conclusion
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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: 20 years > Solid investment, equity and debt-financing
Slide 76: sedifica |
sedifica | housing with care
Slide 77: Stefaan Gielens, Jean Kotarakos, Martina Carlsson
Stefaan Gielens - Chief Executive Officer Jean Kotarakos - Chief Financial Officer Martina Carlsson – Control & Communication manager -77-
Slide 78: Aedifica SA/NV
Aedifica SA/NV Public REIT under Belgian Law Regulated Real Estate Company (RREC) Société immobilière réglementée (SIR) Gereglementeerde vastgoedvennootschap (GVV) Avenue Louise 331 bte 8 1050 Brussels Tel: +32 (0)2 626 07 70 - Fax: +32 (0)2 626 07 71 info@aedifica.be www.aedifica.be -78-
Slide 79: 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 80: Appendix
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Slide 81: 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 an independant expert − No depreciation of properties > Dividend: at least 80 % o
Slide 82: Milestones
Milestones > Nov. 2005: Creation of Aedifica > Dec. 2005: Filed as Vastgoedbevak/Sicafi + 1st acquisitions > Oct. 2006: IPO > Oct. 2010: 1st SPO > Dec. 2012: 2nd SPO > Oct. 2014: SIR/GVV > June 2015: 3rd SPO > March 2017: 4th SPO -82-
Slide 83: Dividend FY 2016/2017
Dividend FY 2016/2017 Dividend policy > DPS 2017/2018 guidance: €2.50 / share (gross) − Subject to approval of the Board of Directors in September 2018 − Subject to AGM to be held on 26 Oct. 2018 > Withholding tax: − General rule: 30 % − Reduced to 15 % for healthcare REITs1 1 A Royal Decree is expe
Slide 84: Main tenants (1)
Main tenants (1) Segment Country Group controlling the legal Tenants Number of 31/12/2017 30/06/2017 entities in contractual relation sites with Aedifica SENIOR HOUSING 124 83% 83% Belgium 73 55% 57% Armonea 19 15% 17% Armonea SA 8 7% 8% Restel Flats SPRL 1 1% 1% LDC De Wimilingen ASBL 1 0% 0% Happy
Slide 85: Main tenants (2)
Main tenants (2) Segment Country Group controlling the legal Tenants Number of 31/12/2017 30/06/2017 entities in contractual relation sites with Aedifica SENIOR HOUSING 124 83% 83% Belgium 73 55% 57% Orpea 9 7% 8% Château Chenois Gestion SPRL 3 2% 2% New Philip SA 3 2% 2% Parc Palace SA 1 1% 1% Prog
Slide 86: Main tenants (3)
Main tenants (3) Segment Country Group controlling the legal Tenants Number of 31/12/2017 30/06/2017 entities in contractual relation sites with Aedifica SENIOR HOUSING 124 83% 83% Germany 27 17% 16% Armonea 1 1% 0% Deutsche Pflege und Wohnstift GmbH 1 1% 0% Orpea 5 3% 4% Senioren Wohnpark Weser Gmb
Slide 87: Main tenants (4)
Main tenants (4) Segment Country Group controlling the legal Tenants Number of 31/12/2017 30/06/2017 entities in contractual relation sites with Aedifica SENIOR HOUSING 124 83% 83% The Netherlands 24 11% 10% Compartijn 3 1% 0% Compartijn Exploitatie BV 3 1% 0% Domus Magnus 4 2% 2% Panta Rhei V BV 1
Slide 88: Main tenants (5)
Main tenants (5) Segment Country Group controlling the legal Tenants Number of 31/12/2017 30/06/2017 entities in contractual relation sites with Aedifica HOTELS AND OTHER 9 6% 5% Belgium 9 6% 5% Martin's Hotels 2 3% 4% Martin's Brugge SA 1 2% 2% Martin's Hotel SA 1 1% 2% Different Hotel Group 4 1% 1
Slide 89: Investments in 2017/2018 (1)
Investments in 2017/2018 (1) © Peters & Lammerink Architecten 19 July 2017 Co-operation agreement for the construction of two senior housing sites in Leeuwarden and Heerenveen (Province of Friesland, The Netherlands) • €40 m to be invested • 260 units Aldlânstate © ARCOM Partners BV 10 July 2017 Agr
Slide 90: Investments in 2017/2018 (2)
Investments in 2017/2018 (2) 17 August 2017 Co-operation agreement for the construction of 17 rest homes in Germany • €200 m total investment • 1,500 units Project in Lower Saxony 24 August 2017 24 August 2017 Acquisition of a care Completion of a care residence in Zeist residence in Deventer (Provi
Slide 91: Investments in 2017/2018 (3)
Investments in 2017/2018 (3) 11 September 2017 Acquisition of a rest 12 September 2017 Acquisition of a care home in Dessau-Rosslau residence in The Hague (State of Saxony-Anhalt, (Province of South Holland, Germany) The Netherlands) • €6 m invested amount • €8.5 m invested amount • 88 units • 28 un
Slide 92: Investments in 2017/2018 (4)
Investments in 2017/2018 (4) 8 December 2017 Acquisition of a portfolio of 3 senior housing sites in Germany • €27.5 m invested amount • 186 units Bremerhaven I Bremerhaven II Cuxhaven © Kolpa Architecten 8 November 2017 Agreement for the construction of a care residence in Bosch en Duin (Province o
Slide 93: Investments in 2017/2018 (5)
Investments in 2017/2018 (5) © BVR Groep BV 9 January 2018 Agreement for the construction of a care residence in Roosendaal (Province of North Brabant, The Netherlands) • €1 m invested amount • €5 m to be invested • 26 units Huize Roosdael © Koolstof Vastgoed BV 19 December 2017 24 January 2018 Acqu
Slide 94: Investments in 2017/2018 (6)
Investments in 2017/2018 (6) 15 February 2018 Agreement for the acquisition of a senior housing site in Zschopau (State of Saxony, Germany) • €9 m to be invested • 127 units advita Haus Zur Alten Berufsschule 24 January 2018 Agreement for the construction of a care residence in Nijverdal (Province o
Slide 95: Notes
fre ; Notes aecifica |' housing with care -95-
Slide 96: Notes
fre ; Notes aecifica |' housing with care -96-