Slide 1: Annual results 2022
Annual results 2022 Brussels, 16 February 2023 -1-
Slide 2: Table of content
Table of content 3 Highlights FY 2022 6 Financials 18 Portfolio analysis 43 Outlook 49 Appendix -2-
Slide 3: Highlights FY 2022
Highlights FY 2022 Militza Brugge Brugge – Belgium -3-
Slide 4: Highlights FY 2022
Highlights FY 2022 €181.4 million 8 €671 million 43.6% +20% YoY countries committed debt-to-assets EPRA earnings investment programme ratio construction & renovation €273.1 million 622 40 €310 million +18% YoY, +4.2% LfL healthcare sites projects completed raised on capital markets rental income (ap
Slide 5: Investment activity
Investment activity New acquisitions & pipeline completions1 €23 million €283 million €97 million 57 healthcare sites €24 million (~ €803 million) acquired or announced €265 million during 2022 (see map) €8 million €90 million 40 projects (~ €295 million) completed during 2022 1 See 2022 annual pres
Slide 6: Financials
Financials Loughshinny Nursing Home Dublin - Ireland -6-
Slide 7: Income Statement
Income Statement EPRA Earnings EPRA EARNINGS YOY INCREASE OF 20% Consolidated income statement - analytical format 31/12/2022 31/12/2021 (x €1,000) Rental income 273,132 232,118 Rental-related charges -1,589 -686 Net rental income 271,543 231,432 Operating charges* -41,869 -38,105 Operating result b
Slide 8: Income Statement
Income Statement Net result EARNINGS PER SHARE Consolidated income statement - analytical format 31/12/2022 31/12/2021 (x €1,000) EPRA Earnings* 181,386 151,479 Changes in fair value of financial assets and liabilities 123,242 14,813 Changes in fair value of investment properties 84,877 160,211 Gain
Slide 9: Rental income
Rental income (€ m) 320 +2.0 +6.7 0.0 273.1 +7.6 +4.9 270 +11.8 +3.1 232.2 +4.9 220 170 120 18% increase YoY 70 20 Rental Belgium Germany Netherlands United Finland Sweden Ireland Spain Rental income Kingdom income FY FY 2021 2022 3.3% rent indexation Change: +7.8% +26.2% +10.3% +15.1% +12.4% +100.1
Slide 10: EPRA Earnings
EPRA Earnings (€ m) 250 200 +41.0 181.4 -4.7 -4.1 -2.3 +0.0 -0.1 151.5 150 100 20% increase YoY 50 EPRA Rental Operating Financial Tax EPRA Non- EPRA Earnings FY income costs result earnings of controlling Earnings FY 2021 associates interests 2022 -10-
Slide 11: Consolidated balance sheet (€ m)
Consolidated balance sheet (€ m) Balance sheet total: €6.1 billion 3,289 2,785 5,704 5,704 2,785 Investment properties 4,896 2,6 4,896 Equity (incl. assets classified as 58 held for sale) 2,1 2,173 Other assets included 2,602 Liabilities included 73 2,197 in debt ratio in the debt ratio Other assets
Slide 12: Debt-to-assets ratio
Debt-to-assets ratio Financial policy: debt-to-assets ratio <50% 56% 56% 50% 50% with a target around 45% 44% 43% 42% 43% 44% 41% 41% 37% Investment capacity*: approx. €759 million before reaching 50% DTA June June March June March June Oct Dec June Dec June Dec Bank covenants stand at a maximum of
Slide 13: Debt-to-assets ratio
Debt-to-assets ratio €67m €100m €153m €219m €418m €207m €459m €286m €254m rights issue rights issue rights issue rights issue rights issue ABB rights issue ABB ABB Oct 2010 Dec 2012 June 2015 Mar 2017 May 2019 Apr 2020 Oct 2020 Jun 2021 Jun 2022 60% 6,000 50% 5,000 40% 4,000 Over the past 12 years,
Slide 14: Credit facilities
Credit facilities Total financial debt: €2,457 m Credit rating BBB with stable outlook from S&P 4% Investment credits 11% Investment credits Global 13% 5% 4% Term loans Term loans 57% bank ICR 7.5x 4% facilities Revolving Revolving loans loans Debt/ EBITDA 11x 33% 36% 20% USPP GBP 34% sustainable US
Slide 15: Credit facilities
Credit facilities LIQUIDITY DEBT MATURITY PROFILE (in € million) Financial debt Lines Utilisation of which 900 Weighted average (in € million)1 treasury notes 800 700 debt maturity 31/12/2023 31/12/2024 578 425 423 265 263 - 600 (excl. CP): 4.7 yrs 500 31/12/2025 531 170 - 400 31/12/2026 390 237 - 3
Slide 16: Credit facilities
Credit facilities Interest rate hedging1 100% 11% 13% 14% 90% 21% 12% 4% 80% 12% 70% 60% 89% of debt hedged 48% 42% 41% 46% by derivatives or 50% fixed rate debt 40% at the beginning of 2023² 30% 20% 34% 34% 34% 34% Hedging weighted 10% average maturity : 6.6 years 0% 03/01/2023 31/12/2023 31/12/202
Slide 17: Dividend policy
Dividend policy €3.70 / share (gross) DPS guidance for 2022 + 9% compared to 2021 Withholding tax: − General rule: 30% − Reduced to 15% as healthcare REITs investing more than 80% of its portfolio in residential European healthcare real estate -17-
Slide 18: Portfolio analysis
Portfolio analysis Seniorenhaus Lessingstrasse Würzen - Germany -18-
Slide 19: Healthcare real estate portfolio
Healthcare real estate portfolio Healthcare segment breakdown FOCUS ON CARE FACILITIES FOR ELDERLY PEOPLE 7% 6% 16% Elderly care homes Senior housing 4% 67% Mixed-use elderly care buildings Child day-care centres Other care segments Marketable investment properties incl. assets classified as held fo
Slide 20: Healthcare real estate portfolio
Healthcare real estate portfolio Geographical breakdown DIVERSIFICATION ACROSS EUROPEAN COUNTRIES 1% >0% 5% Belgium 24% Belgium Germany 18% Germany Netherlands Netherlands United Kingdom United Kingdom Finland Finland Sweden Sweden 18% 22% Ireland Ireland Spain Spain 12% Marketable investment proper
Slide 21: Belgian healthcare portfolio
Belgian healthcare portfolio PORTFOLIO OF 85 ASSETS €1,299 m ~8,800 5.5% 20 years portfolio residents yield on WAULT fair value fair value 9 17 ~€1,364 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 16 February 2023 leases -21-
Slide 22: Belgian healthcare portfolio
Belgian healthcare portfolio Klein Veldekens, Résidence Véronique, Geel – 132 units Somme-Leuze – 131 units Hof Van Schoten, Schoten – 101 units Militza Brugge, Bruges – 120 units -22-
Slide 23: German healthcare portfolio
German healthcare portfolio PORTFOLIO OF 103 ASSETS €1,198 m ~10,500 5.1% 22 years portfolio residents yield on WAULT fair value fair value 17 23 ~€1,336 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 16 February 2023 leases with various indexation
Slide 24: German healthcare portfolio
German healthcare portfolio Seniorenquartier Weyhe, Seniorenzentrum Alte Zwirnerei, Weyhe - 109 units Gersdorf - 104 units Seniorenhaus Lessingstrasse, Wurzen - 73 units Seniorenquartier Bremen, Bremen – 109 units -24-
Slide 25: Dutch healthcare portfolio
Dutch healthcare portfolio PORTFOLIO OF 75 ASSETS €640 m ~3,300 5.6% 17 years portfolio residents yield on WAULT fair value fair value 7 24 ~€677 m Inflation- projects tenant portfolio outlook linked to be groups as of mostly triple net completed 16 February 2023 long leases Strategic partnership wi
Slide 26: Dutch healthcare portfolio
Dutch healthcare portfolio Villa Florian, Blaricum - 29 units Nieuw Heerenhage, Heerenveen - 126 units Pachterserf, Apeldoorn - 48 units Het Gouden Hart Soest, Soest - 36 units -26-
Slide 27: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio PORTFOLIO OF 114 ASSETS €960 m ~7,300 6.4% 22 years portfolio residents yield on WAULT fair value fair value 14 16 ~€1,090 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 16 February 2023 leases with general
Slide 28: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Shipley Canal Works, Abbot Care Home, Shipley - 66 units Harlow - 117 units Le petit Bosquet, Jersey - 43 units Creggan Bahn Court, Ayr - 58 units -28-
Slide 29: Finnish healthcare portfolio
Finnish healthcare portfolio PORTFOLIO OF 203 ASSETS €985 m ~14,500 5.3% 12 years portfolio residents & yield on WAULT fair value children fair value 14 49 ~€1,080 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 16 February 2023 leases Yield on 15%
Slide 30: Finnish healthcare portfolio
Finnish healthcare portfolio Koy Kuopion Männistönkatu PK, Tampere Sisunaukio, Kuopio - 168 units Tampere - 130 units Koy Espoon Matinkartanontie, Espoo - 537 units Liminka Saunarannantie, Liminka - 99 units -30-
Slide 31: Swedish healthcare portfolio
Swedish healthcare portfolio PORTFOLIO OF 23 ASSETS €77 m ~750 5.0% 12 years portfolio residents & yield on WAULT fair value children fair value 6 13 ~€106 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 16 February 2023 leases Yield on Experienced
Slide 32: Swedish healthcare portfolio
Swedish healthcare portfolio Bälinge Lövsta 9:19, Almungeberg 1:21, Uppsala - 12 units Uppsala - 6 units Förskola Kallinge, Ronneby - 120 units Sunnersta 120:2 & 120:4, Uppsala - 6 units -32-
Slide 33: Irish healthcare portfolio
Irish healthcare portfolio PORTFOLIO OF 18 ASSETS €289 m ~1,900 5.3% 24 years portfolio residents yield on WAULT fair value fair value 10 4 ~€453 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 13 February 2023 leases -33-
Slide 34: Irish healthcare portfolio
Irish healthcare portfolio Dublin Stepaside, Beaumont Lodge, Stepaside - 119 units Dublin - 221 units Waterford care home, Waterford - 64 units Northwood Nursing Home, Dublin - 121 units -34-
Slide 35: Spanish healthcare portfolio
Spanish healthcare portfolio PARTNERSHIP WITH SPANISH OPERATOR €75 m 160 5.5% 30 years initial portfolio residents yield on WAULT ambition fair value Up to 5 1 ~€16 m Inflation- projects tenant portfolio outlook linked expected within group as of triple net long framework with 16 February 2023 lease
Slide 36: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 10% 6% 622 sites with approx. 280 tenants (or >150 5% ‘groups’) representing European, national and 5% 52% local profit and not-for- 4% profit operators 4% No ‘operator group’ 4% leases more than 11% of 3% Aedifica’s consolidated 3% 3% assets 1
Slide 37: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 3% 6% Profit Predominantly private Non-profit operators Growing public and Public non-profit segments among tenants 91% 1 Based on the contractual rents. -37-
Slide 38: Lease maturity & occupancy rate
Lease maturity & occupancy rate UNEXPIRED LEASE TERM WAULT BY COUNTRY 1% (Years) 25 8% 24 Avg < 5 years 19 years 20 22 18% 22 5 to 10 years 20 15 17 10 to 15 years 12 12 73% 10 ≥ 15 years 5 0 19 years Weighted average unexpired 100 % Belgium Germany Netherlands United Kingdom Finland Sweden Ireland
Slide 39: Resilience in portfolio valuation
Resilience in portfolio valuation GROSS YIELDS ON FAIR VALUE Like for like portfolio valuation Conservative valuation yields 7 (%) 6 6.4 Avg 5.5 Country Change in FV Change in FV LFL - FY LFL - Q4 5.6 5 5.5 5.3 5.3 5.1 5.0 Belgium 2.6% -0.3% 4 Germany 4.4% -0.5% Netherlands 4.5% -2.0% 3 United Kingd
Slide 40: Committed development projects
Committed development projects Pipeline: €671 million GEOGRAPHICAL SPLIT EXPECTED DELIVERY DATE €14m 2% 10% 11% Belgium €73m €65m 25% Germany 2023 €164m 2% 21% Netherlands €138m United Kingdom 48% 12% 2024 Belgium €320m 2% 4%19% Germany Finland 41% €29m 5% Sweden €278m Netherlands >2025 3% 12% €37m
Slide 41: Portfolio growth
Portfolio growth Development projects Seniorenquartier Langwedel – Langwedel (DE) Q4 2021 – Q4 2022 (est.) Turku Herttuankulma – Turku (FI) Q1 2021 – Q4 2022 (est.) Sligo Finisklin Road – Sligo (IE) Q4 2022 - Q2 2024 (est.) Strängnäs Bivägen – Strängnäs (SE) Expected completion: Q1 2023 -41-
Slide 42: 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 €5.7 billion Growth potential ~ €3.2 billion Inflation-linked marketable investment driven by demographic market cap contracts properties evolu
Slide 43: Outlook
Outlook Priesty Fields Care Home Congleton – United Kingdom -43-
Slide 44: Outlook FY 2023
Outlook FY 2023 €308 million €320 million Assuming FBI-tax regime in the Dutch subsidiaries in 2023 and refund of rental income pipeline deliveries in 2023 approx. €6 m for previous years (+ 13% vs. 2022) € 200 million ~ €150 million ~ €350 million EPRA Earnings asset rotation cash out during 2023 r
Slide 45: 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 -45-
Slide 46: Stefaan Gielens - CEO, Ingrid Daerden - CFO
Stefaan Gielens - Chief Executive Officer Ingrid Daerden - Chief Financial Officer -46-
Slide 47: 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 48: 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 49: Appendix
Appendix Villa Casimir Roermond - Netherlands -49-
Slide 50: Portfolio growth
Portfolio growth Investment programme as of 31 December 2022 INVESTMENT PROGRAMME: €671 MILLION Development Rent Rent Development Rent Yield2 Country (in € million) projects (in € million) projects1 (in € million) (in € million) Triple net 406 20 5.1% BE 65 3 DE 138 7 Double net 261 15 5.5% NL 37 2
Slide 51: Notes
fl Notes aedifica |" housing with care 51.