Slide 1: 3rd quarter results 2018/2019
3rd quarter results 2018/2019 Brussels, 15 May 2019 -1-
Slide 2: Table of contents
Table of contents UPDATE > Highlights Q3 2018/2019 > Strategy > Achievements > Portfolio analysis > Financials > Shares & shareholders > Outlook > Conclusion -2-
Slide 3: Highlights Q3 2018/2019
Highlights Q3 2018/2019 Huize Hoog Kerckebosch Zeist – The Netherlands -3-
Slide 4: Highlights Q3 2018/2019 (1)
Highlights Q3 2018/2019 (1) > Rental income: €83.8 million, +24 % YoY, +1.7 % L-F-L > Real estate portfolio of €2.3 billion, +34 % compared to 30 June 2018 > Investment pipeline of €483 million > Acquisition of a portfolio of 92 healthcare properties in the UK > Second phase of the sale of Immobe sh
Slide 5: Highlights Q3 2018/2019 (2)
Highlights Q3 2018/2019 (2) > Healthcare real estate: 97% of the portfolio, totaling €2,206 million spread over 251 sites in 4 countries − €1,003 million in Belgium (76 sites) − €353 million in Germany (42 sites) − €313 million in the Netherlands (42 sites) − €537 million in the United Kingdom (91 s
Slide 6: Investment activity
Investment activity (in € million) Investments Development Total carried out/ projects announced DE Specht Gruppe phase I: Schwerin, Lübbecke, Kaltenkirchen 1 14 26 40 DE Argentum portfolio (4 sites) 19 - 19 NL Sorghuys Tilburg 2 2 4 DE Azurit portfolio (4 sites) 1 23 - 23 NL Nieuw Heerenhage 1 2 20
Slide 7: Portfolio outlook
Portfolio outlook Total portfolio outlook: €2.7 billion (As of 15 May 2019) €m +483 -66 2,684 2,800 2,600 2,400 2,272 -5 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 Market. Invest. Prop. Incl. Assets classified as Held For Committed investments in Disposal of non-core Portfolio outlo
Slide 8: Strategy
Strategy Seniorenheim am Dom Halberstadt - Germany -8-
Slide 9: Aedifica
Aedifica > Belgian REIT (RREC/SIR/GVV) − market cap ~ €2.0 billion − free float of 100 % − marketable investment properties ~ €2.3 billion − approx. 1,130,000 m² − WAULT ~ 21 years > Market reference in European listed healthcare real estate > European focus − Belgium − Germany − The Netherlands − T
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 Ageing in the United Kingdom Source: "P
Slide 11: Achievements
Achievements Residentie Kartuizerhof Lierde - Belgium -11-
Slide 12: Achievements: Investment properties
Achievements Investment properties1 Evolution since 2006 €m 3,000 2,684 2,500 2,331 2,000 CAGR: 27 % (as of 31 March 2019) 1,741 1,545 1,500 1,157 1,005 1,000 785 593 643 518 500 435 347 356 252 111 0 June June June June June June June June June June June June June March Outlook 2 2006 2007 2008 200
Slide 13: Achievements: Focus on healthcare real estate
Achievements Focus on healthcare real estate Evolution by segment (fair value1) 100% 6 4 4 3 13 9 10 14 12 13 12 10 7 18 14 12 80% 22 20 27 36 33 32 47 44 38 60% 62 97 100 40% 82 82 84 71 74 56 63 48 52 54 20% 44 46 25 0% June June June June June June June June June June June June June March Outlook
Slide 14: Achievements: Focus on Europe
Achievements Focus on Europe Geographical breakdown (fair value)1 100% 5 2 12 9 13 14 12 15 14 80% 17 24 21 60% 15 100 100 100 100 100 100 100 100 95 88 86 77 70 25 40% 47 20% 39 0% Belgium Germany United Kingdom The Netherlands 1 Marketable investment properties incl. assets classified as held for
Slide 15: Portfolio analysis
Portfolio analysis Hof van Schoten Schoten - Belgium -15-
Slide 16: Portfolio
Portfolio (As of 31 March 2019) Segments Geographical breakdown 3% 14% 34% 15% 97% 24% 6% 7% Healthcare real estate Flanders United Kingdom (approx. 18,400 units in 251 sites) Brussels Germany 6 hotels (544 rooms) Wallonia The Netherlands Marketable investment properties incl. assets classified as h
Slide 17: Healthcare real estate
Healthcare real estate > Focus on senior housing − Assisted living facilities: rest homes (care dependency) ̶ Belgium: Woonzorgcentrum / Maison de repos ̶ Germany: Pflegeheim ̶ The Netherlands: Verpleeghuis, Zorgresidentie, ... ̶ United Kingdom: Care homes − Independent living facilities: seniors ap
Slide 18: Healthcare real estate: segment diversification
Healthcare real estate Segment diversification (As of 31 March 2019) Mixed facilities (ALF + other) Independent living Specialist care facilities 1% 2% 7% Mixed facilities (ALF + ILF) 16% 74% Assisted-living facilities -18-
Slide 19: Belgian healthcare portfolio
Belgian healthcare portfolio (As of 31 March 2019) > Senior housing portfolio of 76 assets: − Capacity of approx. 7,900 residents − Total fair value of approx. €1,003 m − Yield on fair value of 5.5 % − Triple net long leases − Typical lease maturity: 27 years − 4 main tenants: Armonea, Orpea, Senior
Slide 20: Belgian healthcare portfolio
Belgian healthcare portfolio (As of 31 March 2019) Belgium Senior housing To be completed -20-
Slide 21: Belgian healthcare portfolio
Belgian healthcare portfolio Residentie Sporenpark, Residentie Kartuizehof, Beringen Lierde • 127 units • 128 units Leopoldspark, Hestia, Wemmel Leopoldsburg • 222 units • 150 units -21-
Slide 22: German healthcare portfolio
German healthcare portfolio (As of 31 March 2019) > Senior housing portfolio of 42 assets: − Capacity of approx. 3,400 residents − Total fair value of approx. €353 m − Yield on fair value of 6.1 % − Double net long leases − Typical lease maturity: 20 - 25 years − 14 tenants (advita, Alloheim, Argent
Slide 23: German healthcare portfolio
German healthcare portfolio (As of 31 March 2019) Germany Senior housing Senior housing Apartment buildings To be completed Hotels & other Hotels & other -23-
Slide 24: German healthcare portfolio
German healthcare portfolio Service-Residenz advita Haus Zur Schloss Bensberg, Alten Berufsschule, Bergisch Gladbach Zschopau • 87 units • 127 units Zur alten Linde, Haus Steinbachhof, Rabenau Chemnitz • 82 units • 151 units -24-
Slide 25: Dutch healthcare portfolio
Dutch healthcare portfolio (As of 31 March 2019) > Senior housing portfolio of 42 assets: − Capacity of approx. 1,600 residents − Total fair value of approx. €313 m − Yield on fair value of 5.7 % − Mostly triple net long leases − Typical lease maturity: 15 - 20 years − 10 main tenants (Blueprint Gro
Slide 26: Dutch healthcare portfolio
Dutch healthcare portfolio (As of 31 March 2019) The Netherlands Senior housing To be completed Hotels & other -26-
Slide 27: Dutch healthcare portfolio
Dutch healthcare portfolio Martha Flora De Statenhof, Hilversum, Leiden Hilversum • 79 units • 31 units Zorgresidentie Huize De Mariëndaal, Compagnie, Ede Velp • 42 units • 75 units -27-
Slide 28: UK healthcare portfolio
UK healthcare portfolio (As of 31 March 2019) > Senior housing portfolio of 92 assets: − Capacity of approx. 5,700 residents − Total fair value of approx. €537 m − Contractual rent: approx. £32 m 1 − Yield on fair value of 6.7 % − WAULT: >22 years − 14 tenants (Burlington Care, Maria Mallaband Care
Slide 29: UK elderly care market
UK healthcare portfolio UK elderly care market > Ageing UK population − Demographic change is one of the key drivers of increasing demand for care assets − Population of +85 years expected to double over the next 25 years − Segment of +85 years shows the highest care needs > Fragmented UK care home
Slide 30: UK healthcare portfolio
UK healthcare portfolio (As of 31 March 2019) United Kingdom Senior housing Hotels & other -30-
Slide 31: UK healthcare portfolio
UK healthcare portfolio Heritage, Tooting • 72 units Coplands, London • 79 units River View, Reading • 137 units Highfield, Armstrong House, Castleford Gateshead • 88 units • 71 units -31-
Slide 32: Healthcare real estate tenants
Healthcare real estate tenants > 248 sites with >100 tenants (or >50 ‘groups’)1 representing European, national and local profit and not-for-profit operators > No ‘operator group’ leases more than 15% of Aedifica’s consolidated assets 1 The situation as of 28 February 2019 includes the portfolio as
Slide 33: Healthcare real estate tenants: tenant diversification
Healthcare real estate tenants Tenant diversification1 Senior Living Group 14% 9% Armonea Vulpia Burlington 38% Orpea Belgium 12% Maria Mallaband Bondcare Group Stichting Vitalis 8% Residentiële Woonvormen Vitanas 5% Blueprint Group 3% Care UK 3% 5% 3% 3% 3% 3% Other < 3% 1 Based on the contractual
Slide 34: Lease maturity & occupancy rate
Lease maturity & occupancy rate (As of 31 March 2019) Unexpired lease term Weighted average unexpired lease term 22 years 5% < 15 years Occupancy rate 95% ≥ 15 years 100 % < 15 years 95% ≥ 15 years Marketable investment properties incl. assets classified as held for sale (€2,272 m). -34-
Slide 35: Age of buildings
Age of buildings (As of 31 March 2019) Other contracts Buildings > 10 years 2% Other contracts Long-term Buildings between triple net 0-10 years 19% contracts 79% Marketable investment properties incl. assets classified as held for sale (€2,272 m). -35-
Slide 36: Gross yields on fair value
Gross yields on fair value (As of 31 March 2019) 7 6 6.5 6.3 6.3 5.9 5.9 5.7 5.7 5.6 5.6 5 5.1 4.8 4 3 2 1 0 June 2018 Dec. 2018 March 2019 Apartment buildings Healthcare real estate Hotels Average -36-
Slide 37: Valuation of property
Valuation of property* 2008 → 2019 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 31 March 2019 (1) Projects and renovations Investment Inv. as of Future Comment (in € million) 3 31/03/2019 inv. Projects in progress 144 57 87 Completion 2018/2019 17 14 3 BE Plantijn II Kapellen 4 4 0 Extension and renovation of a rest home DE Bonn Bonn
Slide 39: Portfolio growth: development projects (2)
Portfolio growth Development projects as of 31 March 2019 (2) Projects and renovations Investment Inv. as of Future Comment (in € million) 3 31/03/2019 inv. Projects in progress 144 57 87 Land reserve 2 2 0 BE Terrain Bois de la Pierre Wavre 2 2 0- Acquisitions subject to outstanding conditions 57 0
Slide 40: Portfolio growth: development projects (3)
Portfolio growth Development projects as of 31 March 2019 (3) Country Development projects (in € million) Belgium 42 Germany 327 The Netherlands 98 United Kingdom 15 Total 483 Rent Development projects1 Rent Yield2 (in € million) (in € million) Triple net 154 9 6.1% Double net 327 18 5.4% Land reser
Slide 41: Development projects pipeline: €483 million
Development projects Pipeline: €483 million (As of 31 March 2019) > Projects: €424 million UK 2018/2019 €16m Belgium 2021/2022 €18m 4% €40m €54m 4% Netherlands 9% 13% €98m 23% 2019/2020 Germany 2020/2021 €161m €270m €191m 38% 64% 45% > IP, land reserves & others: €59 million -41-
Slide 42: Portfolio growth: development projects
Portfolio growth 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: W
Slide 43: Financials Q3
Financials Q3 Schloss Bensberg Bergisch Gladbach - Germany -43-
Slide 44: Rental income
Rental income (As of 31 March 2019) 90,000 +16,421 +50 -382 83,804 80,000 70,000 67,716 60,000 x €1,000 50,000 40,000 30,000 20,000 10,000 0 Rental income Q3 Healthcare real estate Apartment Other / unallocated / Rental income Q3 2017/2018 buildings inter-segments 2018/2019 Change: +29.1 % +0.6 % -1
Slide 45: Credit facilities
Credit facilities (As of 31 March 2019) > Debt maturity profile (without regard to the repayment of the tranche in Euro of the bridge facility with the proceeds of the capital) Financial debt Lines Utilisation of which (in € million) 1 treasury notes 2018/2019 91 91 91 2019/2020 364 364 9 2020/2021
Slide 46: Debt-to-assets ratio
Debt-to-assets ratio Before After Before After Before After SPO 2015 SPO 2015 SPO 2017 SPO 2017 SPO 2019 SPO 2019 > Investment capacity: approx. €1.2 billion** ** As a result of the proceeds of the capital increase that was completed on 7 May 2019, Aedifica’s debt-to-assets ratio decreased to approx
Slide 47: Equity funding: capital increase May 2019
Equity funding Capital increase May 2019 > 5th SPO: rights issue > 89% take up during subscription period > 11% rump placement: oversubscribed by institutional investors > Approx. €418 million capital increase > Debt-to-assets ratio down from 55.5 % (31/03/2019) to 38.5 % after capital increase > 6,
Slide 48: Equity funding: latest SPOs
Equity funding Latest SPOs (2010, 2012, 2015, 2017) > Reminder: gross proceeds = €67 m (2010) + €100 m (2012) + €153 m (2015) + €219 m (2017) = €539 m > Since SPOs, significant growth of investment properties: − 30 June 2010: €435 m − 30 June 2011: €518 m + €171 m − 30 Sept. 2012: €606 m − 30 June 2
Slide 49: Net asset value
Net asset value Net asset value per share (in €) 31 March 2019 30 June 2018 Var. Based on fair value of investment properties Net asset value 54.75 49.24 11% Effect of the changes in fair value of hedging instruments 2.37 1.95 Net asset value excl. changes in fair value of hedging instruments* 57.12
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: EPRA
EPRA > Aedifica included in the EPRA indices > EPRA metrics: Key performance indicators according to the EPRA principles 31 December 2018 31 December 2017 EPRA Earnings* (in €/share) 1.74 1.58 EPRA Cost Ratio (including direct vacancy costs)* (in %) 17% 16% EPRA Cost Ratio (excluding direct vacancy
Slide 52: 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) ̶ 45% of shareholders opted for a contribution of their dividend resultin
Slide 53: Shares & shareholders
Shares & shareholders Villa Temporis Hasselt - Belgium -53-
Slide 54: 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). -54-
Slide 55: Share price since IPO
Share price since IPO 250 (As of 7 May 2019) Spot Var. (%) 225 Aedifica 83.00 128 BEL MID 5,409.84 47 200 EPRA Belgium 1,555.99 10 175 EPRA Europe 2,238.77 -16 150 125 100 75 50 25 BEL.MID EPRA Europe EPRA.Belgium Aedifica Aedifica: based on the IPO price (€41), adjusted to take into account the rig
Slide 56: Total return since IPO
Total return since IPO 400 375 (As of 7 May 2019) 350 Var. (%) Aedifica total return* 125 245 325 300 EPRA Belgium total return 5,093 136 275 EPRA Europe total return 4,735 38 250 225 200 175 150 125 100 75 50 25 Epra Europe total return Aedifica total return Epra Belgium total return Aedifica: base
Slide 57: Shareholding
Shareholding1 (As of 31 March 2019) > 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 18,441,426 shares are listed on Euronext Bruss
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 Name Function Stefaan Gielens Chief Executive Officer (CEO) Ingrid Daerden Chief Financial Officer (CFO) Laurence Gacoin Chief Operating Officer (COO) Charles-Antoine van Aelst Chief Investment Officer (CIO) Sven Bogaerts Chief M&A Officer (CM&AO) > Aedifica co
Slide 61: Outlook
Outlook Hof van Schoten Schoten - Belgium -61-
Slide 62: Outlook FY 2018/2019
Outlook FY 2018/2019 > Focus on investments − New investments in healthcare real estate: ̶ New cash flow generating investments since 1 July 2018: €704 million vs B2019: €150 million ̶ Development projects pipeline of €483 million ̶ Targets being studied in The Netherlands, Germany, UK and Belgium −
Slide 63: Outlook FY 2018/2019
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 64: Outlook FY 2018/2019
Outlook FY 2018/2019 > Budgeted rental income: €117 m > Budgeted EPRA Earnings: €71 m > Budgeted EPRA EPS: €3.70/share > Budgeted DPS: € 2.80/share (gross), 12% higher than PY -64-
Slide 65: Conclusion
Conclusion Residentie Poortvelden Aarschot - Belgium -65-
Slide 66: 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: 21 years > Solid investment, equity and debt-financing
Slide 67: Stefaan Gielens – CEO, Ingrid Daerden – CFO
Stefaan Gielens – Chief Executive Officer Ingrid Daerden – Chief Financial Officer -67-
Slide 68: 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 69: 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 70: Appendix
Appendix AGO Herkenrath Bergisch Gladbach - Germany -70-
Slide 71: Income Statement: business driven
Income Statement Business driven Income Statement - analytical scheme 31 December 2018 31 December 2017 Var. (x €1,000) Rental income 50,798 44,478 +14% Rental-related charges 8 -27 Net rental income 50,806 44,451 +14% Operating charges -8,671 -7,266 Operating result before result on portfolio 42,13
Slide 72: Income Statement: market driven
Income Statement Market driven Income Statement - analytical scheme 31 December 2018 31 December 2017 (x €1,000) EPRA Earnings 31,739 28,336 Changes in fair value of financial assets and liabilities -187 -523 Changes in fair value of investment properties 13,095 8,989 Gains and losses on disposals o
Slide 73: Hedging policy
Hedging policy (As of 31 December 2018) > Economic stability and Business driven: Avg effective interest rate of 1.8%, foreseeability below PY (2.1%) of cashflows... Market driven: > ... even in spite Changes in FV of derivatives (non cash items): of accounting +€227 k in result (vs. -€65 k in H1 PY
Slide 74: EPRA Earnings
EPRA Earnings (As of 31 December 2018) +6,497 -547 +97 +246 -334 -1,017 -1,696 +970 +317 -386 -361 -383 31,739 28,336 -74-
Slide 75: Segment EBIT margins
Segment EBIT margins* (As of 31 December 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 % 9
Slide 76: Consolidated balance sheet (€ m)
Consolidated balance sheet (€ m) Balance sheet total: €2.03 billion (As of 31 December 2018) Assets Equity & Liabilities 2 2 -76-
Slide 77: UK portfolio: geographical diversification
UK portfolio Key performance indicators > Good geographical > Good tenant diversification diversification1 Diversified tenant base with 5 largest tenants only accounting for approx. 66% South and of contractual rent North West, East of 2% 2% 4% 2% England, London & 5% South East, Scotland, 26% 3% 9%
Slide 78: UK portfolio: lease duration and inflation-linked income
UK portfolio Key performance indicators > Long lease duration > Inflation-linked income stream WAULT of 22 years, with 75% of rent More than 50% of the contractual rent is from leases with >20 years remaining subject to minimum annual increases of to expiration 3% 55% 59% 27% 23% 14% 13% 2% 3% 3% 10
Slide 79: UK portfolio: asset features
UK portfolio Asset features > Purpose built healthcare sites > En-suite bathrooms Percentage of purpose built healthcare 100% single bedroom ratio with a higher sites in the Aedifica UK portfolio is higher percentage of en-suite bathrooms than the UK market’s average compared to the market average 8
Slide 80: UK portfolio: asset features
UK portfolio Asset features > Distribution of sites by # of > Focus on general care needs beds 88 sites provide general elderly care, 2 The portfolio averages 63 beds per site sites provide specialist care 41 2 27 17 4 88 1 0 - 34 beds 35 - 54 55 - 74 75 - 94 > 95 beds beds beds beds Elderly care Sp
Slide 81: UK portfolio: diversified tenant base
UK portfolio Diversified tenant base > Number of beds by tenant 1.158 908 831 740 Top 30 elderly care provider Other Top 3 specialist care provider 452 387 293 221 195 156 126 102 77 67 > 78% of beds operated by UK top 30 largest care operators > 7 operators1 are considered “strategically important”
Slide 82: 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 83: 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 84: 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 85: 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 86: Investments in 2018/2019 (4)
Investments in 2018/2019 (4) 26 October 2018 Agreement for the 29 November 2018 construction of a rest home in Acquisition of a rest home in Harderwijk (NL) Meissen (DE) • €3.5 m invested amount • €4 m invested amount • €6.5 m to be invested • 73 units • 45 units Het Gouden Hart Harderwijk Seniorenh
Slide 87: Investments in 2018/2019 (5)
Investments in 2018/2019 (5) 18 December 2018 13 December 2018 Agreement for the Acquisition of a healthcare construction of a rest home site in Franeker (NL) in Zwolle (NL) • €11 m invested amount • €1 m invested amount • 70 units • €4.5 m to be invested • 24 units Kening State Stepping Stones Zwol
Slide 88: Investments in 2018/2019 (6)
Investments in 2018/2019 (6) 1 February 2019 26 February 2019 Agreement for the Acquisition of a portfolio of acquisition of a healthcare 92 healthcare properties in site to be constructed in the United Kingdom Plauen (DE) • £450 m invested amount • €12.5 m to be invested • 5,700 units • 116 units C
Slide 89: Investments in 2018/2019 (7)
Investments in 2018/2019 (7) 31 March 2019 13 May 2019 Completion of the Acquisition of the SARA Seniorenquartier Seniorenresidenz rest home Lübbecke care campus in in Bitterfeld-Wolfen (DE) Lübbecke (DE) • €10 m to be invested • £10 m invested amount • 126 units • 80 units Seniorenquartier Lübbecke
Slide 90: Notes
fre ; Notes aecifica |' housing with care -90-