Aedifica Sa · EURONEXT:AED
Aedifica Sa — Aedifica Sicafi Bruxelle — FY 2023 Earnings Presentation
82 slides from Aedifica Sa's earnings presentation, Feb 21, 2024
Slide 1: Annual results 2023
Annual results 2023 Brussels, 21 February 2024 -1-
Slide 2: Table of content
Table of content 3 Highlights FY 2023 7 Strategy 15 Achievements 17 Portfolio analysis 30 Financials 47 Shares & shareholders 50 Outlook 53 Conclusion -2-
Slide 3: Highlights FY 2023
Highlights FY 2023 Residentie ‘t Spelthof Lubbeek – Belgium -3-
Slide 4: Highlights FY 2023
Highlights FY 2023 €219.6 million 8 €413 million 39.7% +21% YoY countries (of which ~€245m to be debt-to-assets ratio EPRA earnings invested) committed investment programme €406 million construction & renovation raised on capital markets €314.2 million 617 36 through optional dividend & rights issue
Slide 5: Investment activity
Investment activity New investments & pipeline completions1 €5 million €93 million 20 healthcare sites (~ €112.5 million) acquired or announced in 2023 (see map) €1.5 million 36 projects (~ €309 million) completed during 2023 1 See FY 2023 press release €13 million for more details. -5-
Slide 6: Portfolio outlook
Portfolio outlook Total portfolio outlook: over €6 billion €m 6,500 +413 +25 6,060 6,000 5,680 -58 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 - Marketable investment Assets classified Committed investment Investments after Portfolio outlook properties 1 as held for sale programm
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 €5.8 billion Growth potential ~ €2.6 billion Inflation-linked real estate portfolio driven by demographic market cap contracts evolution €413 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 80 100 72 114 201 26 22 2 Pipeline €47m €72m €13m €77m €116m €21m €43m €25m Portfolio €1,236m €1,157m €651m €1,046m €1,027m €75m €393m €3m Data as per 31 Dece
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 89% of staff would recommend 2023 2022 2021 2020 2019 2018 Benchmarks Aedifica as a great place to work Silver + Hoivatilat has been recognised as the EPRA sBPR Gold Gold Gold Gold
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: investment properties evolution
Achievements Investment properties1 evolution & focus on Europe EVOLUTION SINCE 2006 GEOGRAPHICAL BREAKDOWN (FAIR VALUE)2 €m CAGR: 22% 6,500 (as of 31 December 2023) 6,060 100% 1 2 0 0 1 1 1 2 6,000 5,704 5,849 5 12 2 9 13 2 5 7 7 7 12 15 14 12 5,500 12 12 12 4,896 14 12 5,000 80% 17 17 18 4,500 23
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 Child day-care centres 4% Other care segments 67% Marketable investment properties incl. assets classified as held fo
Slide 19: Healthcare real estate portfolio
Healthcare real estate portfolio Geographical breakdown DIVERSIFICATION ACROSS EUROPEAN COUNTRIES 1% >0% 7% 12% 22% Belgium Germany United Kingdom Finland 18% Netherlands 21% Ireland Sweden Spain 19% Marketable investment properties incl. assets classified as held for sale (€5,588 m), excl. rights o
Slide 20: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 10% 7% 617 sites with approx. 5% 300 tenants (or >140 ‘groups’) representing 4% European, national and 54% 4% local profit and not-for- 4% profit operators Municipalities (FI) 3% No ‘operator group’ 3% leases more than 10% of 3% 3% Aedifica’s co
Slide 21: Operators’ occupancy
Operators’ occupancy1 Mature assets portfolio 100% 95% 95% 94% 90% 91% 85% 85% 80% 83% 75% YoY growth in all 70% 65% countries 60% 55% Care homes 50% occupancy1 >80% Belgium Germany Netherlands United Ireland 1 Occupancy data as at 30 September 2023. Kingdom 2 LfL occupancy looks at 09/2022 and Like
Slide 22: UK & Channel islands healthcare portfolio
UK & Channel islands healthcare portfolio Rent cover evolution 2.50 2.0x 2.25 Rent cover over the last 12m for UK mature portfolio 2.00 1.75 > 2.0x 1.50 Q3 2023 rent cover for UK mature portfolio 1.25 1.00 Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep 2020 2020 2020 2021 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) 8% 25 Avg < 5 years 23 19 years 17% 20 22 21 5 to 10 years 20 10 to 15 years 15 16 74% 12 ≥ 15 years 10 12 5 19 years 0 Weighted average unexpired 100 % 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 4% 27% 0-5 years 6-10 years 36% 11-15 years > 15 years Project 18% 15% 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. -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 6.4 Avg 5.8 Country in FV in FV 6 (%) 6.2 6.1 LFL - YoY LFL - Q4 5.8 0 5.7 5.6 Belgium -1.3
Slide 27: Portfolio growth: development projects
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 -27-
Slide 28: Committed development projects
Committed development projects Pipeline €413 million of which €245 million to be invested GEOGRAPHICAL SPLIT EXPECTED DELIVERY DATE €13m €21m Finland €25m 3% 5% €36m United Kingdom 6% 28% 9% 100% pre-let €116m Germany 2024 €83m 10% €43m Belgium 20% €23 million expected rental Ireland 2025 income 12%
Slide 29: Committed development projects
Committed development projects ROLL-FORWARD PHASE OUT WITH COMPLETIONS (€ million) (€ million) 800 700 671 500 413 600 400 500 +124 +8 413 300 -80 400 -55 -307 300 200 -82 200 -115 ~120 100 -45 100 0 0 Pipeline Deliveries Cancelled Additions of Others Pipeline Pipeline Q1 Q2 Q3 Q4 Pipeline 1 31/12/
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 21% Consolidated incom e statem ent - analytical form at 31/12/2023 31/12/2022 (x €1,000) +16% Rental income 314,174 273,132 Operating result before result on Rental-related charges -1,134 -1,589 portfolio mainly following Net rental incom
Slide 32: Income Statement: Net result
Income Statement Net result EARNINGS PER SHARE Consolidated incom e statem ent - analytical form at 31/12/2023 31/12/2022 (x €1,000) EPRA Earnings* 219,579 181,386 Changes in fair value of financial assets and liabilities Changes in fair value of investment properties -50,878 -143,636 123,242 84,877
Slide 33: Rental income
Rental income (€ m) 340 +20.7 -1.6 314.2 320 300 +7.9 +15.2 +0.4 280 273.1 -1.6 260 15% 240 increase YoY 220 200 180 Rental Indexation Rent Disposals Deliveries Acquisitions FX impact Rental income renegotiation income FY 2022 FY 2023 -33-
Slide 34: Rental income
Rental income (€ m) 340 320 +8.8 +0.2 314.2 +9.5 +0.3 300 +7.3 +4.6 +4.4 +5.8 280 273.1 260 240 220 15% increase YoY 200 180 Rental Belgium Germany Netherlands United Finland Sweden Ireland Spain Rental income Kingdom income FY FY 2022 2023 +5.6% rent indexation Change: +9.9% +8.8% +14.6% +17.3% +21
Slide 35: EPRA Earnings
EPRA Earnings (€ m) 240 +41.0 +13.3 219.6 220 -4.9 -0.0 -2.0 200 -10.9 181.4 180 160 140 21% 120 increase YoY 100 1 Tax: non recurring FBI tax refund for the period 80 1 2016-2021 of €9 million EPRA Rental Operating Financial Tax EPRA Non- EPRA and no CIT in the Dutch Earnings income costs result ea
Slide 36: Debt-to-assets ratio
Debt-to-assets ratio 56% 56% 50% 50% 43% 45% 43% 44% 46% 42% 41% 40% 40% 37% Financial policy: 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 March June Dec June Sept Dec 2019 2019 2020 2020 2020 2020 2021 2021 2022
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: DTA expected to remain below 45%
DTA expected to remain below 45% Portfolio valuation sensitivity 48% 47% 46% 45% 44% 43% 43% 43% 43% 42% 40% 42% 41% 41% 40% 40% 41% 39% 40% 40% 38% Estimate no portfolio devaluation Scenario 1 - 0.5% FV/Q Scenario 2 - 1% FV/Q Scenario 3 - 1.5% FV/Q (~€120m*) (~€235m*) (~€350m*) -38-
Slide 39: 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 -39-
Slide 40: Credit facilities: diversified sources of funding
Credit facilities Diversified sources of funding Investment credits €2,285 10% 4% Investment credits total financial debt 4% Term loans Term loans 55% bank facilities Revolving loans Debt financing YTD: Revolving loans €645 million USPP GBP 22% 40% USPP GBP • €540 million early refinancing Sustainab
Slide 41: Credit rating & KPI’s
Credit rating & KPI’s Solid investment grade rating BBB with 5.9x 8.4x stable outlook ICR2 Net debt/EBITDA3 Credit rating S&P Global1 Unsecured 1.9% 50% Average cost of debt sustainable financing out of financing except drawn committed credit lines − Hoivatilat: certain incl. commitment fees particu
Slide 42: Credit facilities: debt maturity profile
Credit facilities Well spread debt maturity profile (in € million) 800 700 10 600 323 92 500 €911 million1 132 160 headroom on committed credit 400 lines on December 31 to finance 385 300 170 capex & liquidity needs 524 363 200 408 4.4 years 100 105 221 146 weighted average debt maturity 65 50 40 3
Slide 43: Credit facilities: interest rate hedging
Credit facilities Interest rate hedging1 100% 4% 10% 13% 14% 90% 13% 4% 30% 80% 70% 60% 46% 52% 53% 53% 96% of debt hedged by derivatives 50% 40% or fixed rate debt 40% as of 31 December 2023 30% 20% 5.1 years 37% 35% 33% 33% 30% Weighted average hedge 10% maturity 0% 1 Projected debt. 31/12/2023 31
Slide 44: Net asset value
Net asset value Discount on 20 February 2024 26% vs NAV at FV excl. IAS 39 27% vs NAV at FV incl. IAS 39 32% vs EPRA NTA Net asset value per share (in €) 31/12/2023 31/12/2022 Net asset value after deduction of dividend 2022, excl. 73.86 75.84 changes in fair value of hedging instruments* Effect of
Slide 45: Dividend policy
Dividend policy €3.80 / share (gross) DPS guidance for 2023 + 3% compared to 2022 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 46: Shares & shareholders
Shares & shareholders Eds Prästgard 1-115 Upplands-Väsby - Sweden -46-
Slide 47: 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 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 INTERNATIONAL TEAM 3 7 9 Local teams in 6 countries Belgium managing the portfolio Finland 11 and the group’s growth UK 65 Germany International staff of Netherlands 127 people of which Sweden 44 women and 83 men 32 Number of employees per country (As per 31 December 2023) -49-
Slide 50: Outlook
Outlook Oulu Vaarapiha Oulu - Finland -50-
Slide 51: 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 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 5.02 ** 5.0 4.35 4.76 4.70 • Public financing 4.5 4.23 ** 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 and Ingrid Daerden
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: Belgian healthcare portfolio
Belgian healthcare portfolio PORTFOLIO OF 80 ASSETS €1,236 m ~8,100 5.7% 20 years portfolio residents yield on WAULT fair value fair value 4 17 ~€1,271 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 20 February 2024 leases ~ 1.8% exposure to the Br
Slide 61: Belgian healthcare portfolio
Belgian healthcare portfolio Marketable investment properties Projects in the investment programme -61-
Slide 62: 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 -62-
Slide 63: German healthcare portfolio
German healthcare portfolio PORTFOLIO OF 100 ASSETS €1,157 m ~10,200 5.4% 21 years portfolio residents yield on WAULT fair value fair value 9 26 ~€1,218 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 20 February 2024 leases with various indexation
Slide 64: German healthcare portfolio
German healthcare portfolio Marketable investment properties Projects in the investment programme -64-
Slide 65: German healthcare portfolio
German healthcare portfolio Seniorenquartier Weyhe, Seniorenquartier Langwedel, Weyhe - 109 units Langwedel - 99 units Sz Alte Zwirnerei, Seniorenhaus Lessingstrasse, Gersdorf – 104 units Wurzen - 73 units -65-
Slide 66: Dutch healthcare portfolio
Dutch healthcare portfolio PORTFOLIO OF 72 ASSETS €651 m ~3,100 6.2% 16 years portfolio residents yield on WAULT fair value fair value 1 23 ~€689 m Inflation- project tenant portfolio outlook linked to be groups as of mostly triple net completed 20 February 2024 long leases -66-
Slide 67: Dutch healthcare portfolio
Dutch healthcare portfolio Marketable investment properties Projects in the investment programme -67-
Slide 68: 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 -68-
Slide 69: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio PORTFOLIO OF 114 ASSETS €1,046 m ~7,300 6.4% 22 years portfolio residents yield on WAULT fair value fair value 8 20 ~€1,087 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 20 February 2024 leases with genera
Slide 70: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Marketable investment properties Projects in the investment programme -70-
Slide 71: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Abbots Wood Care Home, St Mary’s Riverside, Hailsham - 60 units Hessle - 67 units Creggan Bahn Court, Chartwell Manor, Ayr - 58 units Aylesbury - 61 units -71-
Slide 72: Finnish healthcare portfolio
Finnish healthcare portfolio PORTFOLIO OF 201 ASSETS €1,027 m ~14,800 5.8% 12 years portfolio residents & yield on WAULT fair value children fair value 18 51 ~€1,143 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 20 February 2024 leases >6.5% 21% E
Slide 73: Finnish healthcare portfolio
Finnish healthcare portfolio Marketable investment properties Projects in the investment programme -73-
Slide 74: 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 -74-
Slide 75: Swedish healthcare portfolio
Swedish healthcare portfolio PORTFOLIO OF 26 ASSETS €75 m ~750 6.1% 12 years portfolio residents & yield on WAULT fair value children fair value 2 13 ~€96 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 20 February 2024 leases Experienced in- ‘Build
Slide 76: Swedish healthcare portfolio
Swedish healthcare portfolio Marketable investment properties Projects in the investment programme -76-
Slide 77: 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 -77-
Slide 78: Irish healthcare portfolio
Irish healthcare portfolio PORTFOLIO OF 22 ASSETS €393 m ~2,300 5.6% 23 years portfolio residents yield on WAULT fair value fair value 3 6 ~€436 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 20 February 2024 leases -78-
Slide 79: Irish healthcare portfolio
Irish healthcare portfolio Marketable investment properties Projects in the investment programme -79-
Slide 80: 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 -80-
Slide 81: 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 ~27 m Inflation- tenant portfolio outlook linked group as of triple net long 20 February 2024 leases -81-
Slide 82: Notes
fl Notes aedifica | housing with care -82-
Aedifica Sicafi Bruxelle — FY 2023 Earnings Presentation on 6ix