Slide 1: Half year results 2022
Half year results 2022 Brussels, 5 August 2022 -1-
Slide 2: Table of content
Table of content 3 Highlights H1 2022 5 Financials 18 Portfolio analysis 54 Outlook 56 Q&A -2-
Slide 3: Highlights H1 2022
Highlights H1 2022 Militza Brugge -3- Burgge – Belgium
Slide 4: Highlights H1 2022
Highlights H1 2022 €85.9 million 8 €820 million 41% +27% YoY countries Pre-let development projects Debt-to-assets EPRA Earnings and acquisitions in progress ratio €131.0 million 599 14 €309 million +21% YoY, +4.2% L-F-L Healthcare sites Projects completed raised on capital markets Rental income (ap
Slide 5: Financials
Financials Seniorenquartier Weyhe -5- Weyhe - Germany
Slide 6: Income Statement: EPRA Earnings
Income Statement EPRA Earnings EPRA EARNINGS YOY INCREASE OF 27% Consolidated incom e statem ent - analytical form at 30/06/2022 30/06/2021 (x €1,000) Rental income 131,034 108,271 Rental-related charges -476 -762 Net rental income 130,558 107,509 Operating charges* -21,163 -18,112 Operating result
Slide 7: Income Statement: Net result
Income Statement Net result EARNINGS PER SHARE: DRIVEN BY STRONG VALUATION INCREASE Consolidated incom e statem ent - analytical form at 30/06/2022 30/06/2021 (x €1,000) EPRA Earnings* 85,885 67,437 Changes in fair value of financial assets and liabilities 65,180 6,010 Changes in fair value of inves
Slide 8: Rental income
Rental income (€ m) 140 +1.5 +2.2 131.0 +3.1 +4.4 +8.6 +1.2 120 108.3 +1.7 100 80 60 40 21% increase YoY 20 Rental Belgium Germany Netherlands United Finland Sweden Ireland Rental income Kingdom income H1 2021 H1 2022 Change: +5.6% +44.6% +8.1% +19.2% +16.1% +346.7% +418.7% +21.0% Like-for-like +3.1
Slide 9: EPRA Earnings
EPRA Earnings (€ m) 100 +22.8 +1.2 90 85.9 -2.8 -2.4 -0.2 -0.1 80 70 67.4 60 50 40 27% 30 increase YoY 20 10 EPRA Rental Operating Financial Tax EPRA Non- EPRA Earnings income costs result earnings of controlling Earnings H1 2021 associates interests H1 2022 -9-
Slide 10: Consolidated balance sheet (€ m)
Consolidated balance sheet (€ m) Balance sheet total: €5.62 billion 3,162 2,785 Equity Investment properties 5,277 (incl. assets classified 4,896 Liabilities included as held for sale) 2,785 in the debt ratio Investment properties Other assets included 2,6 Equity Other liabilities (incl. assets clas
Slide 11: EPRA NTA
EPRA NTA (€/share) 90 3.20 76.05 2.36 0.10 78.44 80 -3.26 70 60 50 40 3% 30 increase 20 10 0 EPRA NTA EPRA result Property value Dividend Other EPRA NTA 31/12/2021 increases 30/06/2022 -11-
Slide 12: Debt-to-assets ratio
Debt-to-assets ratio Financial policy: debt-to-assets ratio <50% 56% 56% 50% 50% 44% 43% 42% 43% Investment capacity: 41% 41% 37% €335m approx. €1 billion before reaching 50% DTA or approx. €400 million before reaching 45% DTA June June March June March June Oct Dec. June Dec June 2017 2018 2019 201
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: Total financial debt €2,163 m
Credit facilities Total financial debt: €2,163 m Investment credits Credit rating BBB with 11% 5% 5% Investment credits 13% stable outlook from S&P 4% Termloans Term loans 52% bank Global 4% facilities 31% Revolving Revolvingloans loans 33% 27% sustainable 23% USPP USPPGBP financing of drawn debt 24
Slide 15: Credit facilities: new & refinanced facilities H1
Credit facilities Overview new & refinanced credit facilities H1 > €420m Q1: €105 million Q2: > €315 million ➢ €65m new credit facilities ➢ €30m refinancing existing credit ➢ €40m refinancing of existing credit facilities sustainability linked facilities ➢ €100m new & Sustainability linked credit fa
Slide 16: Credit facilities: liquidity and debt maturity profile
Credit facilities LIQUIDITY DEBT MATURITY PROFILE Financial debt Lines Utilisation of which 900 Weighted average (in € million)1 treasury notes 800 700 debt maturity 31/12/2022 31/12/2023 242 371 242 172 239 - 600 500 (excl. CP): 5.2 31/12/2024 432 272 - 400 years 31/12/2025 540 175 - 300 200 31/12/
Slide 17: Credit facilities: Interest rate hedging
Credit facilities Interest rate hedging1 100% 90% 17% 19% 26% 27% 30% 80% 14% 14% 70% 5% 14% 60% 83% of debt hedged 30% 28% 30% 32% 50% 22% by derivatives or 40% fixed rate debt 30% as of 30 June 2022 20% 39% 39% 39% 39% 38% Hedging weighted 10% average maturity : 0% 6.4 years 30-06-2022 31-12-2022
Slide 18: Portfolio analysis
Portfolio analysis Villa Nuova -18- Vorden - Netherlands
Slide 19: Healthcare real estate portfolio: segment breakdown
Healthcare real estate portfolio Healthcare segment breakdown FOCUS ON CARE FACILITIES FOR ELDERLY PEOPLE 7% 6% 17% Elderly care homes Senior housing 4% 66% 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: geographical breakdown
Healthcare real estate portfolio Geographical breakdown DIVERSIFICATION AMONG EUROPEAN COUNTRIES 2% 3% 17% 25% Belgium 18% Germany 22% Netherlands United Kingdom Finland 13% Sweden Marketable investment properties incl. assets classified as held for Ireland sale (€4,981 m), excl. rights of use of pl
Slide 21: Belgian healthcare portfolio
Belgian healthcare portfolio PORTFOLIO OF 83 ASSETS BELGIUM Very mature healthcare real €1,246 m ~8,500 5.3% 21 years estate market Portfolio Residents Yield on WAULT Fair Value Fair Value Elderly care: highly consolidated profit segment 12 17 ~€1,394 m Inflation- projects Tenant Portfolio outlook l
Slide 22: Belgian healthcare portfolio: marketable investment properties
Belgian healthcare portfolio Marketable investment properties Projects in the investment program or subject to outstanding -22- conditions
Slide 23: Belgian healthcare portfolio
Belgian healthcare portfolio Klein Veldekens, Geel - 132 units Résidence Véronique, Somme – Leuze – 131 units Jardin Intérieur, Frasnes-lez-Anvaing - 101 units Militza Gent, Ghent - 90 units -23-
Slide 24: German healthcare portfolio
German healthcare portfolio PORTFOLIO OF 103 ASSETS Germany €1,117 m ~10,500 5.1% 22 years Growth potential Portfolio Residents Yield on WAULT due to ageing of Fair Value Fair Value German population 23 22 ~€1,333 m Inflation- Elderly care: market projects Tenant Portfolio outlook linked in consolid
Slide 25: German healthcare portfolio: marketable investment properties
German healthcare portfolio Marketable investment properties Projects in the investment program -25-
Slide 26: German healthcare portfolio
German healthcare portfolio Seniorenquartier Weyhe, Weyhe - 109 units Seniorenzentrum Alte Zwirnerei, Gersdorf - 104 units Seniorenhaus Lessingstrasse, Wurzen - 73 units Seniorenquartier Bremen, Bremen - 109 units -26-
Slide 27: Dutch healthcare portfolio
Dutch healthcare portfolio PORTFOLIO OF 74 ASSETS Netherlands €628 m ~3,200 5.4% 17 years Healthcare real Portfolio Residents Yield on WAULT estate market Fair Value Fair Value becoming more competitive and liquid 11 24 ~€691 m Inflation- Operators: projects Tenant Portfolio outlook linked predomina
Slide 28: Dutch healthcare portfolio: marketable investment properties
Dutch healthcare portfolio Marketable investment properties Projects or projects subject to outstanding conditions in the -28- investment program
Slide 29: Dutch healthcare portfolio
Dutch healthcare portfolio Martha Flora Oegstgeest, Oegstgeest - 20 units Martha Flora Rotterdam, Rotterdam - 29 units Pachterserf, Apeldoorn - 48 units Het Gouden Hart Soest - Soest - 36 units -29-
Slide 30: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio PORTFOLIO OF 111 ASSETS United Kingdom Fragmented care home €900 m ~7,100 6.3% 21 years market Portfolio Residents Yield on WAULT Fair Value Fair Value Huge development and growth potential due to outdated social 15 15 ~€1,021 m Inflation- infrastructure pro
Slide 31: UK & Channel Islands healthcare portfolio: marketable investment properties
UK & Channel Islands healthcare portfolio Marketable investment properties Projects or projects subject to outstanding conditions/forward -31- purchases in the investment program
Slide 32: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Sleaford Ashfield Road, Sleaford - 68 units Abbot Care Home, Harlow - 117 units Le petit Bosquet, Jersey - 43 units Creggan Bahn Court - Ayr - 58 units -32-
Slide 33: Finnish healthcare portfolio
Finnish healthcare portfolio PORTFOLIO OF 192 ASSETS Finland €868 m ~13,000 5.3% 12 years Strong long-term Portfolio Users Yield on WAULT growth potential: one of Fair Value Fair Value the fastest ageing populations in Europe 24 44 ~€1,021 m Inflation- ‘Nordic welfare state’ projects Tenant Portfoli
Slide 34: Finnish healthcare portfolio: marketable investment properties
Finnish healthcare portfolio Marketable investment properties Projects or acquisitions subject to outstanding conditions in the -34- investment program
Slide 35: Finnish healthcare portfolio
Finnish healthcare portfolio Koy Kuopion Männistönkatu PK, Kuopio - 168 units Oulu Jahtivoudintie, Oulu - 340 units Koy Espoon Matinkartanontie, Espoo - 537 units Koy Lohjan Sahapiha, Lohja - 110 units -35-
Slide 36: Swedish healthcare portfolio
Swedish healthcare portfolio PORTFOLIO OF 23 ASSETS Sweden €80 m ~750 4.9% 13 years Long-term growth Portfolio users Yield on WAULT potential, but very Fair Value Fair Value mature (domestic) market 5 12 ~€108 m Inflation- ‘Nordic welfare state’ projects Tenant Portfolio outlook linked to be groups
Slide 37: Swedish healthcare portfolio: marketable investment properties
Swedish healthcare portfolio Marketable investment properties Projects or projects subject to outstanding conditions in the -37- investment program
Slide 38: Swedish healthcare portfolio
Swedish healthcare portfolio Bälinge Lövsta 9:19, Uppsala - 12 units Almungeberg 1:21 Uppsala - 6 units Förskola Kalleberga AB, Ronneby - 120 units Sunnersta 120:2 & 120:4 , Uppsala - 6 units -38-
Slide 39: Irish healthcare portfolio
Irish healthcare portfolio PORTFOLIO OF 13 ASSETS Ireland Strong market fundamentals supporting €141 m ~1,250 5.4% 24 years long-term investment Portfolio Users Yield on WAULT potential Fair Value Fair Value Highly fragmented care home market 9 4 ~€298m Inflation- Private operators take an projects
Slide 40: Irish healthcare portfolio: marketable investment properties
Irish healthcare portfolio Marketable investment properties Projects or acquisition subject to outstanding conditions in the -40- investment program
Slide 41: Irish healthcare portfolio
Irish healthcare portfolio Dublin Stepaside, Stepaside - 119 units Duleek Nursing Home, Duleek - 121 units Dundalk Nursing Home, Dundalk - 130 units Waterford care home, Waterford - 64 units -41-
Slide 42: 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
Slide 43: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 11% 599 sites with approx. 7% 280 tenants (or >130 ‘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 44: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 2% 7% Private - Profit Private - Non-profit Predominantly private operators Public Growing public and non- profit segments among 91% tenants 1 Based on the contractual rents. -44-
Slide 45: 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 46: 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 47: Lease maturity & occupancy rate
Lease maturity & occupancy rate UNEXPIRED LEASE TERM WAULT BY COUNTRY (Years) 25 Avg 24 27% 20 years 20 21 22 21 <15 years 17 15 ≥15 years 73% 12 13 10 5 0 20 years Weighted average unexpired 100 % Belgium Germany Netherlands United Kingdom Finland Sweden Ireland Occupancy rate lease term Marketable
Slide 48: Age of buildings
Age of buildings >60% OF THE PORTFOLIO IS LESS THAN 15 YEARS OLD 10% 23% 0-5 years 6-10 years 11-15 years 37% > 15 years 20% Project 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 onsite. 10% -48-
Slide 49: Gross yields on fair value and prime yields
Gross yields on fair value and prime yields GROSS YIELDS ON FAIR VALUE PRIME YIELDS Conservative valuation yields (%) 7 Belgium 6 6.3 Germany Avg 5.4 5 5.3 5.4 5.3 5.4 Netherlands 5.1 4.9 4 United Kingdom 3 Finland 2 Sweden Ireland 1 Spain 0 Belgium Germany Netherlands United Kingdom Finland Sweden
Slide 50: Committed development projects: Pipeline €820 million
Committed development projects Pipeline: €820 million GEOGRAPHICAL SPLIT EXPECTED DELIVERY DATE €3m 0% €31m €79m 4% €157m 10% 19% Belgium 2022 Germany €237m €281m €27m 34% 29% 3% €216m Netherlands 2023 26% United Kingdom €153m Finland 2024 19% Sweden €54m >2025 7% Ireland €270m €131m 33% 16% Spain -
Slide 51: Portfolio growth: Development projects
Portfolio growth Development projects Turku Herttuankulma - Turku (FI) Seniorenquartier Langwedel – Construction start: Q1 2021 Expected completion: Q4 2022 Langwedel (DE) Construction start: Q4 2021 Expected completion: Q4 2022 Waterford Carrigea Crescent – Waterford (IE) Construction start: Q4 202
Slide 52: Investment activity
Investment activity New acquisitions & pipeline completions €23 million €185 million €65 million ~ €527 million (42 €24 million sites) added or announced YTD €119 million (see map) €8 million ~ €63 million (14 €90 million projects) completed during H1 2022 -52- €13 million
Slide 53: Portfolio outlook: Total portfolio outlook €5.9 billion
Portfolio outlook Total portfolio outlook: €5.9 billion €m +820 +103 5,943 6.000 5.500 5,041 -22 5.000 4.500 4.000 3.500 3.000 2.500 2.000 1.500 1.000 500 0 Marketable investment Assets classified as held for Committed investment Investments & disposal Portfolio outlook 1 1 Incl. rights of use of pl
Slide 54: Outlook
Outlook Förskola Kalleberga AB -54- Ronneby - Sweden
Slide 55: Outlook FY 2022
Outlook FY 2022 €273 million €300 million ~ €800 million Rental income Pipeline deliveries in 2022 Hypothetical new investments of which €450 m cash flow generating <45% £1 = € 1.15 Debt-to-assets ratio Foreign exchange ~ €900 million (end 2022) assumption Cash out during 2022 related to the investm
Slide 56: Thank you
Thank you QUESTION? INVESTOR RELATIONS Please unmute yourself, turn on ir@aedifica.eu your camera and start by saying Rue Belliard/Belliardstraat 40 bte 11 your name 1040 Brussels, Belgium -56-
Slide 57: Stefaan Gielens - CEO, Ingrid Daerden - CFO
Stefaan Gielens - Chief Executive Officer Ingrid Daerden - Chief Financial Officer -57-
Slide 58: 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 59: 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 60: Appendix
Appendix Villa Casimir -60- Roermond - Netherlands
Slide 61: Portfolio growth: Investment programme
Portfolio growth Investment programme as of 30 June 2021 INVESTMENT PROGRAMME: €820 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 79 3 Triple net 419 22 5.2% DE 216 10 Double net 396 21 5.4% NL 5
Slide 62: Portfolio growth: Pipeline €820 million
Portfolio growth Pipeline: €820 million 4% 0% PRE-LET DEVELOPMENT Projects in progress PROJECTS AND 15% ACQUISITIONS IN Projects subject to PROGRESS outstanding conditions Acquisitions subject to outstanding 81% conditions Land reserve -62-