Slide 1: H1 2024 results
H1 2024 results Brussels, 31 July 2024 -1-
Slide 2: Table of content
Table of content 3 Financials 13 Portfolio analysis 25 Outlook 28 Q&A -2-
Slide 3: Financials
Financials Clondalkin Nursing Home Dublin - Ireland -3-
Slide 4: Income Statement: EPRA Earnings
Income Statement EPRA Earnings EPRA EARNINGS YOY INCREASE OF 8% Consolidated income statement - analytical format 30/06/2024 30/06/2023 (x €1,000) +8% Rental income 165,768 154,715 Operating result before result on Rental-related charges -54 -611 portfolio mainly following Net rental income 165,714
Slide 5: Income Statement: Net result
Income Statement Net result EARNINGS PER SHARE Consolidated income statement - analytical format 30/06/2024 30/06/2023 (x €1,000) EPRA Earnings* 118,756 110,361 Changes in fair value of financial assets and liabilities Changes in fair value of investment properties 16,378 -2,224 2,522 -82,352 Positi
Slide 6: Rental income
Rental income (€ m) 190 170 +1.9 -0.0 +0.9 165.8 +5.5 +7.6 154.7 -1.6 -3.2 150 130 110 7% increase YoY 90 70 50 Rental Indexation Rent Disposals Deliveries Acquisitions Profit rent FX impact Rental income renegotiation income H1 2023 H1 2024 -6-
Slide 7: Rental income
Rental income (€ m) 190 170 +0.3 +3.2 -0.1 165.8 +3.4 +3.0 154.7 -1.4 +0.8 +2.0 150 130 110 90 7% 70 increase YoY 50 Rental Belgium Germany Netherlands United Finland Sweden Ireland Spain Rental income Kingdom income H1 2023 H1 2024 +3.1% rent indexation Change: -4.0% +2.6% +10.9% +7.8% +11.2% +13.7
Slide 8: Debt-to-assets ratio
Debt-to-assets ratio €67m €100m €153m €219m €418m €207m €459m €286m €254m €380m rights issue rights issue rights issue rights issue rights issue ABB rights issue ABB ABB rights issue Oct 2010 Dec 2012 June 2015 Mar 2017 May 2019 Apr 2020 Oct 2020 Jun 2021 Jun 2022 July 2023 60% 7,000 6,000 50% 5,000
Slide 9: Credit facilities
Credit facilities Diversified sources of funding €2,511 12% 4% 4% Investment credits Investmentcredits Investment credits 13% total financial debt 3% Term loans Term Term loans loans 57% 4% bank facilities Revolving loans Revolving Debt financing YTD: Revolvingloans loans 36% • €55 million early ref
Slide 10: Credit rating & KPI's
Credit rating & KPI’s Solid investment grade rating BBB with 6.5x 8.9x stable outlook ICR2 Net debt/EBITDA3 Credit rating S&P Global1 Unsecured 1.9% 47% Average cost of debt sustainable financing out of financing except drawn committed credit lines − Hoivatilat: certain incl. commitment fees particu
Slide 11: Credit facilities
Credit facilities Well spread debt maturity profile (in € million) 900 800 240 700 600 35 119 €628 million1 500 headroom on committed credit 120 lines on June 30 to finance capex 400 351 593 210 & liquidity needs 300 130 524 200 3.9 years 100 263 226 weighted average debt maturity 180 55 50 40 3 - -
Slide 12: Credit facilities
Credit facilities Interest rate hedging1 100% 11% 9% 11% 13% 90% 4% 2% 29% 80% 20% 70% 60% 52% 53% 53% 89% of debt hedged by derivatives 50% 36% 40% or fixed rate debt 40% as of 30 June 2024 30% 20% 4.6 years 34% 35% 34% 33% 30% Weighted average hedge 10% maturity 0% 1 Projected debt. 30/06/2024 31/
Slide 13: Portfolio analysis
Portfolio analysis Pflegecampus Plauen (Plauen - Germany -13-
Slide 14: Healthcare real estate portfolio
Healthcare real estate portfolio Healthcare segment breakdown FOCUS ON CARE FACILITIES FOR ELDERLY PEOPLE 8% 6% Elderly care homes 15% Senior housing Mixed-use elderly care buildings Childcare centres 3% 68% Other care segments Marketable investment properties incl. assets classified as held for sal
Slide 15: Healthcare real estate portfolio
Healthcare real estate portfolio Geographical breakdown DIVERSIFICATION ACROSS EUROPEAN COUNTRIES >0% 1% 7% 21% Belgium 19% Germany Netherlands United Kingdom Finland 20% Sweden 20% Ireland Spain 12% Marketable investment properties incl. assets classified as held for sale (€5,797 m), excl. rights o
Slide 16: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 10% 6% 630 sites with approx. 5% 300 tenants (or >150 ‘groups’) representing 4% European, national and 54% 4% local profit and not-for- 4% profit operators 4% No ‘operator group’ 4% Municipalities / wellbeing counties (FI) leases more than 10% o
Slide 17: Operators' occupancy
Operators’ occupancy1 Mature assets portfolio 100% 95% 90% 93% 93% 90% 85% 85% 80% 83% 75% 70% 65% 60% 55% Care homes 50% occupancy1 >80% Belgium Germany Netherlands United Ireland 1 Occupancy data as at 31 March 2024. Kingdom 2 LfL occupancy looks at 09/2023 and Like-for-like 03/2024: an asset is i
Slide 18: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Rent cover evolution 2.4 2.2 2.0x Rent cover over the last 2.0 12m for UK mature portfolio 1.8 1.6 > 2.3x Q1 2024 rent cover 1.4 for UK mature portfolio 1.2 1.0 Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar 2020 2020 2020 2021 2021 2021 202
Slide 19: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 4% 6% Profit Predominantly private Non-profit operators Growing public and Public non-profit segments among tenants 90% 1 Based on the contractual rents. -19-
Slide 20: Lease maturity & occupancy rate
Lease maturity & occupancy rate UNEXPIRED LEASE TERM WAULT BY COUNTRY 1% (Years) 10% 25 Avg < 5 years 19 years 23 17% 20 21 22 5 to 10 years 20 10 to 15 years 15 16 72% ≥ 15 years 12 10 11 5 19 years Weighted average unexpired 100 % 0 Occupancy rate Belgium Germany Netherlands United Kingdom Finland
Slide 21: Resilience in portfolio valuation
Resilience in portfolio valuation GROSS YIELDS ON FAIR VALUE LIKE-FOR-LIKE PORTFOLIO VALUATION Conservative valuation yields Resilient portfolio valuation despite changed (%) market conditions 7 Change Change Avg 5.9 Country in FV in FV 6.4 6.5 (%) 6 6.2 LFL - H1 LFL - Q2 6.0 0.5 Belgium -0.9% -0.4%
Slide 22: Sustainability
Sustainability 2023 Environmental Data report highlights 158 kWh/m² 130 kWh/m² Aedifica actual 20232 nEUI target for 2030 • 5% nEUI reduction (167 kWh/m² in ‘22 & 158 kWh/m² in ‘23) 1 • 86% data coverage of energy consumption (from 83% in ‘22) • 90% portfolio EPC coverage (+18% vs ’22) yoy Improveme
Slide 23: Committed development projects
Committed development projects Pipeline €261 million of which €101 million to be invested GEOGRAPHICAL SPLIT EXPECTED DELIVERY DATE €11m 4% €19m €34m 7% 13% 100% pre-let €24m €83m 2024 9% 32% €61m €15 million 23% €35m 2025 expected rental 14% income €166m 64% €47m >2026 €42m 18% 5.7% 16% initial yie
Slide 24: Committed development projects
Committed development projects ROLL-FORWARD PHASE OUT WITH COMPLETIONS (€ million) (€ million) 450 413 400 300 261 350 300 261 5 200 250 -135 -22 200 -95 150 100 ~95 100 -70 50 0 0 Pipeline Deliveries Withdrawals Others Pipeline Pipeline Q3 Q4 Pipeline 1 31/12/2023 30/06/2024 30/06/2024 31/12/2024
Slide 25: Outlook
Outlook Oulu Vaarapiha Oulu - Finland -25-
Slide 26: Outlook 2024
Outlook 2024 €334 million rental income €300 million Assuming FBI-tax regime (+ 6.3% vs. 2023) pipeline deliveries in 2024 in the Dutch subsidiaries in 2024 and refund of approx. €4.2 million for 2022 €231 million ~ €100 million EPRA Earnings asset rotation (+ 5.2% vs. 2023) UK REIT regime effective
Slide 27: Outlook medium-term
Outlook medium-term Drivers for future growth while maintaining a solid debt-to-asset ratio • Strong fundamental tailwinds € / share remain intact 7.0 6.5 • Demography 6.0 5.5 • Market consolidation 2 3 5.02 4.85 5.0 4.35 4.76 • Public financing 4.5 4.23 3 4.0 3.25 3.74 3.40 3.70 3.80 3.90 • Enhanci
Slide 28: Thank you
Thank you QUESTION? INVESTOR RELATIONS Please raise your hand to interact ir@aedifica.eu live or type your question in the Rue Belliard/Belliardstraat 40 bte 11 Q&A section. 1040 Brussels, Belgium -28-
Slide 29: Stefaan Gielens - CEO; Ingrid Daerden - CFO
Stefaan Gielens - Chief Executive Officer Ingrid Daerden - Chief Financial Officer -29-
Slide 30: 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 31: 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 32: Appendix
Appendix LTS Winschoten Winschoten - Netherlands -32-
Slide 33: DTA expected to remain below 45%
DTA expected to remain below 45% Portfolio valuation sensitivity 46% 45% 45% 44% 43% 42% 42% 42% 42% 42% 42% 42% 41% 41% 40% 41% 40% 39% 38% Estimate no portfolio devaluation Scenario 1 - 0.5% FV/Q Scenario 2 - 1% FV/Q Scenario 3 - 1.5% FV/Q (~€120m) (~€240m) (~€350m) -33-
Slide 34: Belgian healthcare portfolio
Belgian healthcare portfolio PORTFOLIO OF 80 ASSETS €1,235 m ~8,200 5.7% 20 years portfolio residents yield on WAULT fair value fair value 2 16 ~€1,250 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 30 July 2024 leases ~ 1.5% exposure to the Brusse
Slide 35: Belgian healthcare portfolio
Belgian healthcare portfolio Marketable investment properties Projects in the investment programme -35-
Slide 36: Belgian healthcare portfolio
Belgian healthcare portfolio Klein Veldekens, Le Jardin Intérieur, Geel – 132 units Frasnes-lez-Anvaing – 101 units Hof Van Schoten, Schoten – 101 units Sorgvliet, Linter – 110 units -36-
Slide 37: German healthcare portfolio
German healthcare portfolio PORTFOLIO OF 100 ASSETS €1,186 m ~10,200 5.4% 21 years portfolio residents yield on WAULT fair value fair value 4 26 ~€1,210 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 30 July 2024 leases with various indexation limi
Slide 38: German healthcare portfolio
German healthcare portfolio Marketable investment properties Projects in the investment programme -38-
Slide 39: German healthcare portfolio
German healthcare portfolio Seniorenquartier Weyhe, Seniorenquartier Gera, Gera - Weyhe - 109 units 123 units Fredenbeck, Fredenbeck – Seniorenhaus Lessingstrasse, 94 units Wurzen - 73 units -39-
Slide 40: Dutch healthcare portfolio
Dutch healthcare portfolio PORTFOLIO OF 73 ASSETS €693 m ~3,300 6.2% 16 years portfolio residents yield on WAULT fair value fair value 22 ~€662 m Inflation- tenant portfolio outlook linked groups as of mostly triple net 30 July 2024 long leases -40-
Slide 41: Dutch healthcare portfolio
Dutch healthcare portfolio Marketable investment properties Projects in the investment programme -41-
Slide 42: Dutch healthcare portfolio
Dutch healthcare portfolio Villa Florian, Blaricum - 29 units Nieuw Heerenhage, Heerenveen - 126 units Martha Flora Hilversum, Hilversum – 31 units LLT Almere Buiten, Almere - 38 units -42-
Slide 43: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio PORTFOLIO OF 115 ASSETS €1,134 m ~7,400 6.4% 22 years portfolio residents yield on WAULT fair value fair value 4 17 ~€1,142 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 30 July 2024 leases with generally
Slide 44: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Marketable investment properties Projects in the investment programme -44-
Slide 45: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Abbots Wood Care Home, St Mary’s Riverside, Hailsham - 60 units Hessle - 67 units Rosewood House, London - 90 units Dawlish, Dawlish - 71 units -45-
Slide 46: Finnish healthcare portfolio
Finnish healthcare portfolio PORTFOLIO OF 211 ASSETS €1,072 m ~15,300 6.0% 12 years portfolio residents & yield on WAULT fair value children fair value 7 58 ~€1,155 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 30 July 2024 leases >6.5% 19% Experi
Slide 47: Finnish healthcare portfolio
Finnish healthcare portfolio Marketable investment properties Projects in the investment programme -47-
Slide 48: Finnish healthcare portfolio
Finnish healthcare portfolio Helsinki Ensikodintie, Tampere Teräskatu, Helsinki – 32 units Tampere - 240 units Espoo Kuurinkallio, Espoo – 75 children and 26 units Liminka Saunarannantie, Liminka - 99 units -48-
Slide 49: Swedish healthcare portfolio
Swedish healthcare portfolio PORTFOLIO OF 27 ASSETS €75 m ~750 6.5% 11 years portfolio residents & yield on WAULT fair value children fair value 1 14 ~€94 m Inflation- project tenant portfolio outlook linked to be groups as of double net long completed 30 July 2024 leases ‘Build & hold’ model giving
Slide 50: Swedish healthcare portfolio
Swedish healthcare portfolio Marketable investment properties Projects in the investment programme -50-
Slide 51: Swedish healthcare portfolio
Swedish healthcare portfolio Bälinge Lövsta 9:19, Almungeberg 1:21, Uppsala - 12 units Uppsala - 6 units Förskola Kallinge, Ronneby - 120 units Östhamra 1 52, Norrtälje - 125 units -51-
Slide 52: Irish healthcare portfolio
Irish healthcare portfolio PORTFOLIO OF 22 ASSETS €397 m ~2,300 5.6% 23 years portfolio residents yield on WAULT fair value fair value 2 6 ~€439 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 30 July 2024 leases -52-
Slide 53: Irish healthcare portfolio
Irish healthcare portfolio Marketable investment properties Projects in the investment programme -53-
Slide 54: Irish healthcare portfolio
Irish healthcare portfolio Dublin Stepaside, Stepaside - 119 units Beaumont Lodge, Dublin - 221 units Clondalkin Nursing Home, Dublin - 150 units Northwood Nursing Home, Dublin - 121 units -54-
Slide 55: Spanish healthcare portfolio
Spanish healthcare portfolio PIPELINE OF 2 PROJECTS & 1 PLOT OF LAND €3 m 2 1 portfolio projects plot of land fair value to be completed 1 ~26 m Inflation- tenant portfolio outlook linked group as of triple net long 30 July 2024 leases -55-
Slide 56: Notes
fl Notes aedifica |" housing with care -56-