Slide 1: 1st quarter results 2018/2019
1st quarter results 2018/2019 Brussels, 14 November 2018 -1-
Slide 2: Table of contents
Table of contents > Highlights Q1 2018/2019 > Strategy > Achievements > Portfolio analysis > Financials > Shares & shareholders > Outlook > Conclusion -2-
Slide 3: Highlights Q1 2018/2019
Highlights Q1 2018/2019 Résidence l’Air du Temps Chênée - Belgium -3-
Slide 4: Highlights Q1 2018/2019 (1)
Highlights Q1 2018/2019 (1) > Rental income: €24,3 million, +11 % YoY, +1.8 % L-F-L > Rental income and EPRA Earnings ahead of budget > Real estate portfolio of €1.8 billion, a 5 % increase compared to 30 June 2018 > Projects pipeline: €436 million -4-
Slide 5: Highlights Q1 2018/2019 (2)
Highlights Q1 2018/2019 (2) > Healthcare real estate: 84% of the portfolio, totaling €1,505 million spread over 149 sites in 3 countries − €939 million in Belgium (73 sites) − €332 million in Germany (41 sites) − €233 million in The Netherlands (35 sites) > Weighted average lease term: 20 years > De
Slide 6: Investment activity
Investment activity (in € million) Investments Development Total carried out projects DE Specht Gruppe phase I: Schwerin, Lübbecke, Kaltenkirchen1 4 36 40 DE Argentum portfolio (4 sites) 19 - 19 NL Sorghuys Tilburg 1 3 4 DE Azurit portfolio (4 sites)1 23 - 23 NL Nieuw Heerenhage1 2 20 22 NL Martha F
Slide 7: Portfolio outlook
Portfolio outlook Total portfolio outlook: €2.3 billion (As of 14 November 2018) +47 +37 +10 2,305 +436 1,779 -4 -7-
Slide 8: Strategy
Strategy Residentie Sporenpark Beringen - Belgium -8-
Slide 9: Aedifica
Aedifica > Belgian REIT (RREC/SIR/GVV) − market cap ~ €1.4 billion − free float of 100 % − marketable investment properties ~ €1.8 billion − approx. 944,000 m² > Focusing on healthcare real estate: “housing with care” − demographic evolution: ageing > European focus − Belgium − Germany − The Netherl
Slide 10: Demographic evolution
Demographic evolution Ageing in Belgium Ageing in Germany Source: "Perspectives de population 2017-2061", Belgian Federal Planning Bureau, 2018. Source: "Bevölkerung Deutschlands bis 2060", Statistisches Bundesamt (Deutschland), 2015. Ageing in The Netherlands Source: "Prognose bevolking kerncijfers
Slide 11: Segment information
Segment information Fair value of total portfolio: €1.8 billion Healthcare real estate Hotels Apartment buildings in Europe in Belgium in Belgium Weight: 84 % 12 % 4% Gross yield: 5.7 % 5.0 % 6.3 % EBIT margin: 97 % 73 % 100 % → Cash flow → 50 % in JV → Cash flow (long leases) as from 31/10/2018 (lo
Slide 12: Achievements
Achievements Huize Hoog Kerckebosch Zeist – The Netherlands -12-
Slide 13: Milestones
Milestones Investment properties* Evolution since 2006 €m CAGR: 26 % * Incl. assets classified as held for sale. -13-
Slide 14: 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 (€1,779 m). -14-
Slide 15: Milestones: Focus on Europe
Milestones Focus on Europe Geographical breakdown (fair value) Marketable investment properties incl.assets classified as held for sale (€1,779 m) -15-
Slide 16: Milestones: Value creation since 2006
Milestones Value creation since 2006 -16-
Slide 17: Portfolio analysis
Portfolio analysis Bremerhaven I Bremerhaven - Germany -17-
Slide 18: Segments
Segments (As of 30 September 2018) Apartment buildings (768 apartments in 33 sites) Healthcare real estate (approx. 12,000 units in 149 sites) 6 hotels (544 rooms) Marketable investment properties incl. assets classified as held for sale (€1,779 m). -18-
Slide 19: Geographical breakdown
Geographical breakdown (As of 30 September 2018) The Netherlands Wallonia Germany Flanders Brussels Marketable investment properties incl. assets classified as held for sale (€1,779 m) -19-
Slide 20: Healthcare real estate
Healthcare real estate > Focus on senior housing − Assisted living facilities: rest homes (high care) ̶ Belgium: Woonzorgcentrum / Maison de repos ̶ Germany: Pflegeheim ̶ The Netherlands: Verpleeghuis, Zorgresidentie, ... − Independent living facilities: seniors apartments (low care) ̶ Belgium: Assi
Slide 21: Healthcare real estate: segment diversification
Healthcare real estate Segment diversification (As of 30 September 2018) Mixed facilities (assisted-living and other) Independent living Disabled care facilities 1% 8% 1% Mixed facilities 21% (assisted and independent living) 69% Assisted-living facilities Marketable investment properties healthcare
Slide 22: Belgian healthcare portfolio
Belgian healthcare portfolio (As of 30 September 2018) > Senior housing portfolio of 73 assets*: − Capacity of approx. 7,500 residents − Total fair value of approx. €940 m − Yield on fair value of 5.6 % − Triple net long leases − Typical lease maturity: 27 years − 4 main tenants: Armonea, Orpea, Sen
Slide 23: Belgian healthcare portfolio
Belgian healthcare portfolio (As of 14 November 2018) Belgium Senior housing To be completed -23-
Slide 24: Belgian healthcare portfolio
Belgian healthcare portfolio Residentie Sporenpark, Residentie Kartuizehof, Beringen Lierde • 127 units • 128 units Leopoldspark, Hestia, Wemmel Leopoldsburg • 222 units • 150 units -24-
Slide 25: German healthcare portfolio
German healthcare portfolio (As of 30 September 2018) > Senior housing portfolio of 30 assets: − Capacity of approx. 3,300 residents − Total fair value of approx. €330 m − Yield on fair value of 6.1 % − Double net long leases − Typical lease maturity: 20 - 25 years − 14 tenants (advita, Alloheim, Ar
Slide 26: German healthcare portfolio
German healthcare portfolio (As of 14 November 2018) Germany Senior housing Senior housing Apartment buildings To be completed Hotels & other Hotels & other -26-
Slide 27: German healthcare portfolio
German healthcare portfolio Service-Residenz advita Haus Zur Schloss Bensberg, Alten Berufsschule, Bergisch Gladbach Zschopau • 87 units • 127 units Bremerhaven I, Käthe-Bernhardt-Haus, Bremerhaven Husum • 110 units • 83 units -27-
Slide 28: Dutch healthcare portfolio
Dutch healthcare portfolio (As of 30 September 2018) > Senior housing portfolio of 35 assets*: − Capacity of approx. 1,200 residents − Total fair value of approx. €230 m − Yield on fair value of 5.7 %** − Mostly triple net long leases − Typical lease maturity: 15 - 20 years − 10 main tenants (Bluepr
Slide 29: Dutch healthcare portfolio
Dutch healthcare portfolio (As of 14 November 2018) The Netherlands Senior housing To be completed Hotels & other -29-
Slide 30: Dutch healthcare portfolio
Dutch healthcare portfolio Martha Flora Het Gouden Hart, Hilversum, Kampen Hilversum • 37 units • 31 units Zorgresidentie Het Dokhuis, Mariëndaal, Oude Pekela Velp • 32 units • 75 units -30-
Slide 31: Healthcare real estate tenants
Healthcare real estate tenants > 149 sites with >80 tenants (or >35 ‘groups’)* representing European, national and local profit and not-for-profit operators * As of 30 June 2018. -31-
Slide 32: Lease maturity
Lease maturity (As of 30 September 2018) Initial lease term < 15 years 12 % 88 % ≥ 15 years, irrevocable Weighted average lease term 20 years Marketable investment properties incl.assets classified as held for sale (€1,779 m). -32-
Slide 33: Age of buildings
Age of buildings (As of 30 September 2018) Other contracts Buildings > 10 years 10 % Other contracts Long-term Buildings between 21 % triple net 0-10 years 69 % contracts Marketable investment properties incl.assets classified as held for sale (€1,779 m). -33-
Slide 34: 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 35: Gross yields on fair value
Gross yields on fair value (As of 30 September 2018) Weighted average 5.7 % -35-
Slide 36: Segment EBIT margins
Segment EBIT margins* (As of 30 June 2018) Healthcare Apartment Hotels Unallocated & TOTAL real estate buildings 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 % 99 %
Slide 37: Valuation of property
Valuation of property* 2008 → 2018 FY 2008/2009 FY 2009/2010 FY 2010/2011 FY 2011/2012 FY 2012/2013 €k % €k % €k % €k % €k % Healthcare 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 -1,415 -4% -963 -2% 1,191 2% 45 0% -1,017 0% Tot
Slide 38: Portfolio growth: development projects (1)
Portfolio growth Development projects as of 30 September 2018 (1) Investment Inv. as of Future Comment 30/09/2018 inv. Projects in progress 149 45 103 Completion 2018/2019 66 33 33 B Plantijn II Kapellen 4 2 2 Extension and renovation of a rest home B Vinkenbosch II Hasselt (Kermt) 2 1 2 Renovation
Slide 39: Portfolio growth: development projects (2)
Portfolio growth Development projects as of 30 September 2018 (2) Investment Inv. as of Future Comment 30/09/2018 inv. Projects in progress 149 45 103 Land reserve 2 2 0 B Terrain Bois de la Pierre Wavre 2 2 0- Acquisitions subject to outstanding conditions 10 0 10 Completion 2018/2019 10 0 10 DE SA
Slide 40: Portfolio growth: development projects (3)
Portfolio growth Development projects as of 30 September 2018 (3) Country Development projects (in € million) Belgium 47 Germany 287 The Netherlands 103 Total 436 Rent Development projects1 Rent Yield2 (in € million) (in € million) Triple net 147 10 5.9% Double net 287 15 5.3% Land reserves 2 Total
Slide 41: Development projects
Development projects 9 4 3 0 0 -0 -1 -2 -4 -4 11 -4 -5 -7 15 -9 -29 459 436 -41-
Slide 42: Development projects: pipeline €436 million
Development projects Pipeline: €436 million (As of 30 September 2018) Acquisitions subject to Land reserves: outstanding conditions: €2 million €10 million Projects in progress: €149 million Projects subject to outstanding conditions: €275 million -42-
Slide 43: Development projects: pipeline €436 million
Development projects Pipeline: €436 million (As of 30 September 2018) > Projects: €424 million Belgium €45m 2021/2022 2018/2019 Netherlands €66m €66m 11% €102m 16% 15% 24% Germany 2020/2021 €277m €128m 2019/2020 65% 30% €164m 39% > IP, land reserves & others: €12 million > New projects post 30/09/20
Slide 44: Development projects
Development projects Specht (AR1) – Specht (AR1) – 01 Schwerin (DE) 02 Kaltenkirchen (DE) Construction start: Construction start: 28/02/2018 31/05/2018 Expected completion: Expected completion: 2019/2020 2019/2020 Specht (AR1) – 03 Lübbecke (DE) Seniorenzentrum Construction start: Weimar (DE) 28/02/
Slide 45: Financials Q1
Financials Q1 Schloss Bensberg Bergisch Gladbach - Germany -45-
Slide 46: Rental income
Rental income (As of 30 September 2018) +2,520 +93 -139 24,322 21,848 Change: +13.9 % +3.7 % -14.9 % 1 +11.3 % Like-for-like change: +1.2 % +5.9 % +2.5 % +1.8 % 11 % increase YoY 1 Due to the disposal of the Ring building in June 2018. -46-
Slide 47: Debt-to-assets ratio
Debt-to-assets ratio Before After Before After SPO 2015 SPO 2015 SPO 2017 SPO 2017 Headroom*: - Debt increase of €260 m without investments or €650 m with investments - Drop of MTM of buildings of 23 % ** Based on bank covenant of max. 60 %. Based on legal max. of 65 %, headroom is respectively €352
Slide 48: Credit facilities
Credit facilities Maturity Amount Utilisation (As of 31 October 2018) (€m) 2018/2019 38 18 2019/2020 80 80 2020/2021 89 89 2021/2022 171 84 2022/2023 195 65 2023/2024 186 65 2024/2025 336 227 2025/2026 and subsequent : 122 117 Total 1,217 746 Hedging policy Treasury notes (duration <1 year) 94 - Hed
Slide 49: Net asset value
Net asset value Net asset value per share (in €) 30 September 2018 30 June 2018 Var. Based on fair value of investment properties Net asset value 52.75 51.74 2% Effect of the changes in fair value of hedging instruments 1.74 1.95 Net asset value excl. changes in fair value of hedging instruments* 54
Slide 50: 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 51: Dividend Policy
Dividend Policy > DPS 2017/2018: €2.50 / share (gross) − 11% higher than PY − Optional dividend: option to subscribe for one new share at an issue price of €72.25 in exchange for 34 No. 19 coupons (valued at €2,125 net each) > DPS 2018/2019: €2.80 / share (gross) − 12% higher than PY and in line wit
Slide 52: Shares & shareholders
Shares & shareholders Villa Temporis Hasselt - Belgium -52-
Slide 53: Dividend track record
Dividend track record * 2018/2019 budgeted dividend (see section 11 of the Board of Directors’ Report included in the 2017/2018 Annual Financial Report). -53-
Slide 54: Share price since IPO
Share price since IPO (As of 9 November 2018) Spot Var. (%) Aedifica 76.40 120 BEL MID 4,877.01 32 EPRA Belgium 1,369.76 -3 EPRA Europe 2,182.27 -18 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 55: Total return since IPO
Total return since IPO (As of 9 November 2018) Var. (%) Aedifica total return* 113 227 EPRA Belgium total return 4,385 103 EPRA Europe total return 4,537 33 * 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 56: Shareholding
Shareholding1 (As of 30 September 2018) > 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 18,200,829 shares are listed on Euronext B
Slide 57: Rankings
Rankings > The highest free float of all Belgian REITs > 3rd largest market cap amongst all Belgian REITs1 > Aedifica received the ‘Investor of the Year 2018’ award in Germany 2 > In 2017, Aedifica was the most active private investor in Dutch healthcare real estate3 1 Based on the 12 November 2018
Slide 58: Awards
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 > Annual Report 2016/2017 -58-
Slide 59: Corporate governance
Corporate governance > Transparency > Board of Directors − NV/SA − 9 Directors − Management in the box ̶ 8 non-executive Directors of which 6 independent − Belgian Code 2009 on ̶ 1 executive Director Corporate Governance ̶ Gender diversity ratio: 44 % − 100% free float − Audit Committee − No poison
Slide 60: Management team
Management team > Management committee − CIO and CM&AO added on 1 October 2017 − New CFO joined the team on 1 September 2018 Name Function Stefaan Gielens Chief Executive Officer (CEO) Ingrid Daerden Chief Financial Officer (CFO) Laurence Gacoin Chief Operating Officer (COO) Sarah Everaert Chief Leg
Slide 61: Outlook
Outlook Seniorenheim am Dom Halberstadt - Germany -61-
Slide 62: Outlook FY 2018/2019: Focus on investments
Outlook FY 2018/2019 > Focus on investments − New investments in healthcare real estate: ̶ Targets being studied in The Netherlands, Germany and Belgium ̶ New investments announced since 1 July 2018: €122 million ̶ New investments (cash flow generating) est. in B2019: €150 million − Objective for fu
Slide 63: Outlook FY 2018/2019: Focus on development pipeline
Outlook FY 2018/2019 > Focus on development pipeline − Development pipeline: ̶ Pipeline of €436 million (as of 30 September 2018) ̶ Deliveries in B2019: Land reserve €2m 0% 2018/2019 2021/2022 (IP) €65m €33m 7% 2018/2019 14% €73m 16% 2020/2021 €101m 22% 2019/2020 €185m 41% -63-
Slide 64: Outlook FY 2018/2019: Focus on Immobe
Outlook FY 2018/2019 > Focus on Immobe (residential portfolio) − Contribution in kind of residential portfolio in Immobe: ̶ 12 September 2018 − Sale of 50 % (-1 share) of the Immobe shares to Primonial European Residential Fund (PERF): ̶ 31 October 2018 − Sale of extra 25 % of the Immobe shares to P
Slide 65: Outlook FY 2018/2019: budgeted figures
Outlook FY 2018/2019 > Budgeted rental income: €104 m > Budgeted EPRA Earnings: €63 m > Budgeted EPRA EPS: €3.45/share > Budgeted DPS: € 2.80/share (gross), 12% higher than PY -65-
Slide 66: Outlook FY 2018/2019: sound balance sheet
Outlook FY 2018/2019 > Maintaining sound balance sheet − Debt-to-assets ratio: ̶ Target: 50% - 55% ̶ B2019: approaching 50% − Equity: ̶ “All options are open” ̶ But timing and means depend on investment pace -66-
Slide 67: Conclusion
Conclusion Residentie Poortvelden Aarschot - Belgium -67-
Slide 68: 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 69: Aedifica: housing with care
sedifica | housing with care
Slide 70: Stefaan Gielens and Ingrid Daerden
Stefaan Gielens – Chief Executive Officer Ingrid Daerden – Chief Financial Officer Het Gouden Hart Kampen - The Netherlands -70-
Slide 71: 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.aedifi
Slide 72: 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 73: Appendix
Appendix AGO Herkenrath Bergisch Gladbach - Germany -73-
Slide 74: 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 a valuation expert − No depreciation of properties > Dividend: at least 80 % of c
Slide 75: Income Statement: business driven
Income Statement Business driven Income Statement - analytical scheme 30 June 2018 30 June 2017 Var. (x €1,000) Rental income 91,677 78,983 +16% Rental-related charges -80 -48 Net rental income 91,597 78,935 +16% Operating charges -14,322 -13,158 Operating result before result on portfolio 77,275 65
Slide 76: Income Statement: market driven
Income Statement Market driven Income Statement - analytical scheme 30 June 2018 30 June 2017 (x €1,000) EPRA Earnings 58,403 47,964 Changes in fair value of financial assets and liabilities -2,157 5,119 Changes in fair value of investment properties 15,018 10,357 Gains and losses on disposals of in
Slide 77: EPRA Earnings
EPRA Earnings (As of 30 June 2018) +12,515 -796 -532 +682 -218 -848 +1,733 +160 +175 -2,278 -154 58,403 47,964 -77-
Slide 78: Consolidated balance sheet
Consolidated balance sheet (€ m) Balance sheet total: €1.77 billion (As of 30 June 2018) Assets Equity & Liabilities 3 2 -78-
Slide 79: EPRA
EPRA > Aedifica included in the EPRA indices > EPRA metrics: Key performance indicators according to the EPRA principles 30 June 2018 30 June 2017 EPRA Earnings* (in €/share) 3.25 3.15 EPRA NAV* (in €/share) 54.02 49.55 EPRA NNNAV* (in €/share) 51.36 47.01 EPRA Net Initial Yield (NIY) (in %) 5.2% 5.
Slide 80: Main tenants (1)
Main tenants (1) Segment Country Group controlling the legal Tenants Number of 30/06/2018 30/06/2017 entities in contractual relation sites with Aedifica SENIOR HOUSING 135 85% 82% Belgium 73 54% 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 81: Main tenants (2)
Main tenants (2) Segment Country Group controlling the legal Tenants Number of 30/06/2018 30/06/2017 entities in contractual relation sites with Aedifica SENIOR HOUSING 135 85% 82% Belgium 73 54% 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 82: Main tenants (3)
Main tenants (3) Segment Country Group controlling the legal Tenants Number of 30/06/2018 30/06/2017 entities in contractual relation sites with Aedifica SENIOR HOUSING 135 85% 82% Germany 30 18% 16% Armonea 1 1% 0% Deutsche Pflege und Wohnstift GmbH 1 1% 0% Orpea 5 3% 4% Senioren Wohnpark Weser Gmb
Slide 83: Main tenants (4)
Main tenants (4) Segment Country Group controlling the legal Tenants Number of 30/06/2018 30/06/2017 entities in contractual relation sites with Aedifica SENIOR HOUSING 135 85% 82% Germany 30 18% 16% Vitanas 5 4% 4% Vitanas GmbH & Co. KGaA 5 4% 4% EMVIA Beteiligungs GmbH 1 1% 1% Residenz Zehlendorf
Slide 84: Main tenants (5)
Main tenants (5) Segment Country Group controlling the legal Tenants Number of 30/06/2018 30/06/2017 entities in contractual relation sites with Aedifica SENIOR HOUSING 135 85% 82% The Netherlands 32 13% 10% Compartijn 6 1% 0% Compartijn Exploitatie BV 6 1% 0% Domus Magnus 4 2% 2% Panta Rhei V BV 1
Slide 85: Main tenants (6)
Main tenants (6) Segment Country Group controlling the legal Tenants Number of 30/06/2018 30/06/2017 entities in contractual relation sites with Aedifica SENIOR HOUSING 135 85% 82% The Netherlands 32 13% 10% Martha Flora 6 2% 0% Martha Flora Lochem BV 1 0% 0% Martha Flora Hilversum BV 1 1% 0% Bronov
Slide 86: Main tenants (7)
Main tenants (7) Segment Country Group controlling the legal Tenants Number of 30/06/2018 30/06/2017 entities in contractual relation sites with Aedifica HOTELS AND OTHER 8 4% 5% Belgium 8 4% 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 87: Investments in 2018/2019 (1)
Investments in 2018/2019 (1) 12 July 2018 Acquisition of 4 healthcare sites in Bad Sachsa (DE) • €19 m invested amount • 221 units in total 11 July 2018 19 July 2018 First execution of the Agreement for the cooperation agreement with construction of a care Specht Gruppe: acquisition residence in Ber
Slide 88: Investments in 2018/2019 (2)
Investments in 2018/2019 (2) 26 September 2018 First execution of cooperation 27 September 2018 agreement with Stichting Agreement for the Rendant: acquisition of 1 plot construction of a rest of land in Heerenveen (NL) home in Scheemda (NL) and start ofconstruction works • €1 m invested amount • €2
Slide 89: Investments in 2018/2019 (3)
Investments in 2018/2019 (3) 5 October 2018 Acquisition of a portfolio of 3 healthcare sites in The Netherlands • €35 m invested amount • €12 m to be invested • 207 units De Statenhof Residentie Sibelius Residentie Boldershof © Kolpa Architecten 8 October 2018 Acquisition of a portfolio of 2 rest ho
Slide 90: Investments in 2018/2019 (4)
Investments in 2018/2019 (4) 26 October 2018 Agreement for the construction of a rest home in Harderwijk (NL) • €3.5 m invested amount • €6.5 m to be invested • 45 units Het Gouden Hart Harderwijk -90-
Slide 91: Notes
fre ; Notes aecifica |' housing with care -91-
Slide 92: Notes
fre ; Notes aecifica |' housing with care -92-