Slide 1: Annual results 2021
Annual results 2021 Brussels, 23 February 2022 -1-
Slide 2: Table of content
Table of content 3 Highlights FY 2021 7 Financials 20 Achievements 23 Portfolio analysis 59 Outlook 61 Q&A -2-
Slide 3: Highlights FY 2021
Highlights FY 2021 Villa Temporis -3- Hasselt – Belgium
Slide 4: Highlights FY 2021
Highlights FY 2021 €151.5 million 8 €767 million 42.6% +30% YoY countries Committed Debt-to-assets EPRA Earnings investment programme ratio construction & renovation €232.1 million 587 41 €330 million +24% YoY, +1.9% L-F-L Healthcare sites Projects completed raised on capital markets Rental income (
Slide 5: Investment activity
Investment activity New acquisitions & pipeline completions1 €56 million €110 million €95 million 100 healthcare sites €63 million (~ €943.5 million) added or announced €179 million during 2021 (see map) €356 million €84 million 41 projects (~ €289 million) completed during 2021 1 See 2021 Annual pr
Slide 6: Portfolio outlook: €5.5 billion
Portfolio outlook Total portfolio outlook: €5.5 billion €m +767 767 5.476 5,476 5.500 5.000 4.744 4,744 -35 -35 4.500 4.000 3.500 3.000 2.500 2.000 1.500 1.000 500 0 1 Incl. rights of use of plots of land and Marketable investment properties 1 Assets classified as held for sale Committed investment
Slide 7: Financials
Financials Seniorenzentrum Alte Zwirnerei -7- Gersdorf - Germany
Slide 8: Income Statement: EPRA Earnings
Income Statement EPRA Earnings EPRA EARNINGS YOY INCREASE OF 30% Consolidated incom e statem ent - analytical form at 31/12/2021 31/12/2020 31/12/2020 (x €1,000) (12 m onths - (18 m onths) restated period) Rental income 232,118 187,535 259,505 Rental-related charges -686 -2,753 -3,344 Net rental inc
Slide 9: Income Statement: Net result
Income Statement Net result EARNINGS PER SHARE: DRIVEN BY STRONG VALUATION INCREASE Consolidated incom e statem ent - analytical form at 31/12/2021 31/12/2020 31/12/2020 (x €1,000) (12 m onths - (18 m onths) restated period) EPRA Earnings* 151,479 116,168 162,718 Changes in fair value of financial a
Slide 10: Rental income
Rental income (€ m) 240 232.1 M +2.5 M +1.7 M +12.8 M 230 220 +8.2 M +5.8 M 210 +9.3 M 200 +4.3 M 187.6 M 190 180 170 24% 160 increase YoY 150 Rental Belgium Germany The United Finland Sweden Ireland Rental income 12 Netherlands Kingdom income 12 months months 2021 restated 2020 Change: +7.4 % +26.2
Slide 11: EPRA Earnings
EPRA Earnings (€ m) 180 +44.6 M 160 151.5 M 140 -2.8 M -3.9 M -2.0 M -0.4 M -0.2 M 116.2 M 120 100 80 60 40 30% 20 increase YoY EPRA Rental Operating Financial Tax EPRA Non- EPRA Earnings 12 income costs result earnings of controlling Earnings 12 months associates interests months restated December
Slide 12: Consolidated balance sheet (€ m)
Consolidated balance sheet (€ m) Balance sheet total: €5.16 billion 2,785 Equity Investment properties 2,173 (incl. assets classified €187m Liabilities included 4,896 as held for sale) in the debt ratio €335m Other assets included 3,815 Other liabilities 2,785 in debt ratio 2,6 Investment properties
Slide 13: Debt-to-assets ratio
Debt-to-assets ratio Financial policy: debt-to-assets ratio 56% 56% <50% 50% 50% €187m 44% 43% 42% 43% 41% 37% €335m Investment capacity: approx. €760 million before reaching 50% debt-to-assets ratio June June March June March June Oct Dec. June Dec 2017 2018 2019 2019 2020 2020 2020 2020 2021 2021
Slide 14: Debt-to-assets ratio
Debt-to-assets ratio €67m €100m €153m €219m €418m €207m €459m rights issue rights issue rights issue rights issue rights issue ABB rights issue Oct 2010 Dec 2012 June 2015 Mar 2017 May 2019 Apr 2020 Oct 2020 70% 6.000 60% 5.000 50% 4.000 40% €286m 3.000 30% ABB Over the past 12 years, Jun 2021 2.000
Slide 15: Credit facilities: Total financial debt
Credit facilities Total financial debt: €2,087 m Investmentcredits Investment credits 5% 5% 13% 13% 49% bank Credit rating BBB with 4% Term Termloans loans stable outlook from S&P 4% facilities Revolving Revolvingloans loans 33% Global 33% USPP GBP Inaugural €500 million 24% USPP GBP 24% Sustainable
Slide 16: Credit facilities: liquidity and debt maturity
Credit facilities LIQUIDITY DEBT MATURITY PROFILE Financial debt Lines Utilisation of which 900 Weighted average (in € million)1 treasury 800 notes 700 debt maturity 600 31/12/2022 31/12/2023 389 371 319 166 276 - 500 (excl. CP): 5.7 31/12/2024 432 256 - 400 300 years 31/12/2025 540 175 - 200 31/12/
Slide 17: Credit facilities: interest rate hedging
Credit facilities Interest rate hedging1 100% 10% 90% 17% 23% 24% 27% 80% 24% 14% 5% 70% 14% 60% 29% 31% 33% 25% 22% 50% 40% 30% 90% of debt hedged 20% 41% 40% 40% 40% 40% by derivatives or fixed 10% rate debt as of 31 December 2021 0% 31-12-2021 31-12-2022 31-12-2023 31-12-2024 31-12-2025 1 Assumin
Slide 18: Net asset value
Net asset value PREMIUM ON 22 FEBRUARY 2022 25% vs NAV at FV incl. IAS 39 24% vs NAV at FV excl. IAS 39 26% vs NTA Net asset value per share (in €) 31/12/2021 31/12/2020 Net asset value after deduction of dividend 2019/2020, excl. changes in fair 77.35 65.75 value of hedging instruments* Effect of t
Slide 19: Dividend policy
Dividend policy €3.40 / share (gross) €3.70 / share (gross) DPS 2021 1 DPS guidance for 2022 (01/01/2021 – 31/12/2021) + 9% compared to end 2021 Withholding tax: − General rule: 30 % − Reduced to 15 % as healthcare REITs investing more than 80% of its portfolio in residential European healthcare rea
Slide 20: Achievements
Achievements Die Rose im Kalletal -20- Kalletal - Germany
Slide 21: Achievements: Investment properties since 2006
Achievements Investment properties1 EVOLUTION SINCE 2006 €m 6.000 CAGR: 24 % 5.476 (as of 31 December 2021) 5.500 4.896 5.000 4.500 4.000 3.815 3.500 3.000 2.636 2.500 1.964 2.000 1.661 1.456 1.500 971 1.065 1.000 728 566 619 356 360 453 500 198 302 0 1 Investment properties incl. rights of use on D
Slide 22: Focus on Europe
Achievements Focus on Europe GEOGRAPHICAL BREAKDOWN (FAIR VALUE)1 1 2 100% 2 3 5 9 2 12 12 13 15 2 18 18 17 14 80% 17 23 14 12 12 60% 17 16 17 18 100 95 88 86 40% 77 18 70 23 26 20% 45 26 24 32 1 0% 1 Marketable investment properties incl. assets classified as held for sale (€4,686 m), excl. Belgium
Slide 23: Portfolio analysis
Portfolio analysis Villa Nuova -23- Vorden - Netherlands
Slide 24: Healthcare real estate portfolio: segment breakdown
Healthcare real estate portfolio Healthcare segment breakdown FOCUS ON CARE FACILITIES FOR ELDERLY PEOPLE Elderly care homes 7% 7% Senior housing Mixed-use elderly care 17% Elderly care homes buildings Senior housing 65% Child day-careelderly Mixed-use centres 4% care buildings Child day-care centre
Slide 25: Healthcare real estate portfolio: geographical breakdown
Healthcare real estate portfolio Geographical breakdown DIVERSIFICATION AMONG EUROPEAN COUNTRIES 2% 2% um 26% 18% many erlands ed Kingdom Belgium Germany nd 18% Netherlands den 23% United Kingdom Finland nd 12% Sweden Marketable investment properties incl. assets classified as held for Ireland sale
Slide 26: Belgian healthcare portfolio
Belgian healthcare portfolio PORTFOLIO OF 83 ASSETS BELGIUM Very mature healthcare real €1,213 m ~8,600 5.3% 22 years estate market Portfolio Residents Yield on WAULT Fair Value Fair Value Elderly care: highly consolidated profit segment 11 19 ~€1,287 m Inflation- projects Tenant Portfolio outlook l
Slide 27: Belgian healthcare portfolio: investment projects
Belgian healthcare portfolio Marketable investment properties Projects in the investment program -27-
Slide 28: Belgian healthcare portfolio
Belgian healthcare portfolio Klein Veldekens, Geel - 132 units Le Douaire, Anderlues - 129 units Jardin Intérieur, Frasnes-lez-Anvaing - 101 units Sorgvliet, Linter - 83 units -28-
Slide 29: German healthcare portfolio
German healthcare portfolio PORTFOLIO OF 101 ASSETS Germany €1,058 m ~10,300 5.2% 23 years Growth potential Portfolio Residents Yield on WAULT due to ageing of Fair Value Fair Value German population 29 21 ~€1,409 m Inflation- projects Tenant Portfolio outlook Elderly care: market linked consolidati
Slide 30: German healthcare portfolio: investment projects
German healthcare portfolio Marketable investment properties Projects or acquisitions subject to outstanding conditions in the -30- investment program
Slide 31: German healthcare portfolio
German healthcare portfolio Seniorenquartier Weyhe, Weyhe - 109 units Seniorenzentrum Alte Zwirnerei, Gersdorf - 104 units Seniorenzentrum Hildegardis, Langenbach - 196 units Seniorenquartier Bremen, Bremen - 109 units -31-
Slide 32: Dutch healthcare portfolio
Dutch healthcare portfolio PORTFOLIO OF 72 ASSETS Netherlands €564 m ~3,300 5.5% 18 years Healthcare real Portfolio Residents Yield on WAULT estate market Fair Value Fair Value becoming more competitive and liquid 16 23 ~€639 m Inflation- Operators: projects Tenant Portfolio outlook linked predomina
Slide 33: Dutch healthcare portfolio: investment projects
Dutch healthcare portfolio Marketable investment properties Projects in the investment program -33-
Slide 34: Dutch healthcare portfolio
Dutch healthcare portfolio Zorgresidentie Tiel, Tiel - 38 units Martha Flora Rotterdam, Rotterdam - 29 units Pachterserf, Apeldoorn - 48 units Verpleegcentrum Scheemda, Scheemda - 36 units -34-
Slide 35: UK healthcare portfolio
UK healthcare portfolio PORTFOLIO OF 102 ASSETS United Kingdom Fragmented care home €822 m ~6,700 6.4% 22 years market Portfolio Residents Yield on WAULT Fair Value Fair Value Huge development and growth potential due to outdated social 9 15 ~€881 m Inflation- infrastructure projects Tenant Portfoli
Slide 36: UK healthcare portfolio: investment projects
UK healthcare portfolio Marketable investment properties Projects in the investment program -36-
Slide 37: UK healthcare portfolio
UK healthcare portfolio Aylesbury Martin Dalby, Aylesbury - 61 units Abbot Care Home, Harlow - 117 units St Fillans, Colchester - 71 units Priesty Fields, Congleton - 78 units -37-
Slide 38: Finnish healthcare portfolio
Finnish healthcare portfolio PORTFOLIO OF 198 ASSETS Finland €860 m ~13,600 5.4% 12 years Strong long-term Portfolio Users Yield on WAULT growth potential: one of Fair Value Fair Value the fastest ageing populations in Europe 16 45 ~€932 m Inflation- ‘Nordic welfare state’ projects Tenant Portfolio
Slide 39: Finnish healthcare portfolio: investment projects
Finnish healthcare portfolio Marketable investment properties Projects in the investment program -39-
Slide 40: Finnish healthcare portfolio
Finnish healthcare portfolio Jyväskylä Sulkulantie, Jyväskylä - 18 units Tampere Sisunaukio, Helsinki - 130 units Koy Espoon Matinkartanontie, Espoo - 537 units Koy Lohjan Sahapiha, Lohja - 110 units -40-
Slide 41: Swedish healthcare portfolio
Swedish healthcare portfolio PORTFOLIO OF 22 ASSETS Sweden €78 m ~700 5.0% 13 years Long-term growth Portfolio users Yield on WAULT potential, but very Fair Value Fair Value mature (domestic) market 3 12 ~€86 m Inflation- ‘Nordic welfare state’ projects Tenant Portfolio outlook linked to be groups a
Slide 42: Swedish healthcare portfolio: investment projects
Swedish healthcare portfolio Marketable investment properties Projects in the investment program -42-
Slide 43: Swedish healthcare portfolio
Swedish healthcare portfolio Bälinge Lövsta 9:19, Uppsala - 12 units Upplands Väsby Havregatan AB (UNÄ), Upplands Väsby - 100 units LSS-boende Nyby, Laholm - 6 units Sunnersta 120:2 & 120:4 , Uppsala - 6 units -43-
Slide 44: Irish healthcare portfolio
Irish healthcare portfolio PORTFOLIO OF 9 ASSETS Ireland Strong market fundamentals supporting €92 m ~800 5.3% 24 years long-term investment Portfolio Users Yield on WAULT potential Fair Value Fair Value Highly fragmented care home market 6 3 ~€181m Inflation- Private operators take an projects Tena
Slide 45: Irish healthcare portfolio: investment projects
Irish healthcare portfolio Marketable investment properties Projects in the investment program -45-
Slide 46: Irish healthcare portfolio
Irish healthcare portfolio Dublin Stepaside, Stepaside - 119 units Bunclody care home, Bunclody - 62 units Brídhaven, Mallow - 184 units Waterford care home, Waterford - 64 units -46-
Slide 47: Spanish healthcare portfolio
Spanish healthcare portfolio PARTNERSHIP WITH SPANISH OPERATOR Spain Strong market fundamentals supporting €75 m ~1,000 Approx. Inflation- long-term investment initial portfolio Users 5.5% linked potential ambition Initial Rental triple net long yield leases Fragmented care home market Up to 5 1 1 p
Slide 48: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 11% 587 sites with approx. 7% 250 tenants (or >140 ‘groups’) representing 6% European, national and 48% local profit and not-for- 5% profit operators 4% No ‘operator group’ 4% leases more than 11% of 4% Aedifica’s consolidated 4% assets 3% 4% 1
Slide 49: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 3% 7% Private - Profit Private - Non-profit Predominantly private operators Public 90% Growing public and non- profit segments among tenants 1 Based on the contractual rents. -49-
Slide 50: Elderly care sector regulations
Elderly care sector regulations BELGIUM GERMANY NETHERLANDS UK Regional Local municipality National National (Heimaufsicht) & Medical service of New home Risk- & event based Opening of a new statutory care insurers supervision/ event inspections home, then frequency (MDK) based / periodic of follow
Slide 51: Elderly care sector regulations
Elderly care sector regulations FINLAND SWEDEN IRELAND SPAIN National & National National Regional Regional (for early childhood education & care) Opening of new home Opening of a new Opening of new home Opening of new home / / periodic / event home / annual / event based / periodic / event based ba
Slide 52: Quality of care & Orpea France
Quality of care & Orpea France • Elderly care: highly regulated & controlled • Orpea represents 5% of Aedifica’s environment in Europe. contractual rent in Belgium (3%), Germany (1%) and The Netherlands • Quality of care: competence & responsibility (1%). of Health care authorities & operators: regu
Slide 53: Lease maturity & occupancy rate
Lease maturity & occupancy rate UNEXPIRED LEASE TERM 20 years 26% Weighted average unexpired lease term 74% 100 % Occupancy rate <15 years Marketable investment properties incl. assets classified as ≥15 years held for sale (€4,686 m), excl. rights of use of plots of land. -53-
Slide 54: WAULT by country
WAULT by country (Years) 30 25 24 22 23 22 Avg 20 years 20 18 15 13 10 12 5 0 Belgium Germany Netherlands United Kingdom Finland Sweden Ireland -54-
Slide 55: Gross yields on fair value
Gross yields on fair value Conservative valuation yields 7 6 6.4 Avg 5.5 5.5 5.4 5 5.3 5.2 5.3 5.0 4 3 2 1 0 % Belgium Germany Netherlands United Kingdom Finland Sweden Ireland -55-
Slide 56: Prime yields
Prime yields Belgium Germany Netherlands United Kingdom Finland Sweden Ireland Spain 3.5% 3,5% 4.0% 4,0% 4.5% 4,5% 5.0% 5,0% 5.5% 5,5% Source: Company estimates 6,0% -56-
Slide 57: Committed development projects: pipeline €767 million
Committed development projects Pipeline: €767 million GEOGRAPHICAL SPLIT EXPECTED DELIVERY DATE €3m 0% €34m €8m €89m 4% €74m 1% 12% €187m 9% Belgium €187m 2022 Germany 24% €335m €100m Netherlands €335m 2023 13% United Kingdom 44% €66m €352m €211m Finland 2024 9% 46% Sweden €211m €75m Ireland 28% >20
Slide 58: Portfolio growth: development projects
Portfolio growth Development projects MT Espoo Kurttilantie (FI) Construction start: 2021 Seniorenquartier Langwedel – Expected completion: 2022 Langwedel (DE) Construction start: Q4 2021 Expected completion: Q4 2022 Waterford Carrigea Crescent – Waterford (IE) Construction start: Q4 2021 Expected c
Slide 59: Outlook
Outlook Källberga -59- Nynashamn - Sweden
Slide 60: Outlook FY 2022
Outlook FY 2022 €269 million €335 million ~ €800 million Rental income Pipeline deliveries in 2022 Hypothetical new investments of which €450 m cash flow generating <50% £1 = € 1.15 Debt-to-assets ratio Foreign exchange ~ €900 million (end 2022) assumption Cash out during 2022 related to the investm
Slide 61: Thank you
Thank you QUESTION? INVESTOR RELATIONS Please use the « Ask a question » ir@aedifica.eu button and type your question Rue Belliard/Belliardstraat 40 bte 11 1040 Brussels, Belgium -61-
Slide 62: Stefaan Gielens - CEO; Ingrid Daerden - CFO
Stefaan Gielens - Chief Executive Officer Ingrid Daerden - Chief Financial Officer -62-
Slide 63: 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 64: 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 65: Appendix
Appendix Villa Casimir -65- Roermond - Netherlands
Slide 66: Portfolio growth: investment programme
Portfolio growth Investment programme as of 31 December 2021 INVESTMENT PROGRAMME: €767 MILLION Country Developm ent Rent Rent Developm ent Rent Yield2 projects (in € m illion) projects 1 (in € m illion) (in € m illion) (in € m illion) BE 74 2 Triple net 303 15 5.1% DE 352 17 Double net 460 23 5.1%
Slide 67: Notes
fl Notes aedifica |" housing with care -67-