Slide 1: Half year results 2016/2017
Half year results 2016/2017 31 December 2016 Brussels, 21 February 2017 -1-
Slide 2: Table of contents
Table of contents > Highlights H1 2016/2017 > Strategy > Achievements > Portfolio analysis > Financials > Shares & shareholders > Outlook > Conclusion -2-
Slide 3: Highlights H1 2016/2017
Highlights H1 2016/2017 seditcal housing with care
Slide 4: Highlights H1 2016/2017 (1)
Highlights H1 2016/2017 (1) > Aedifica crossed the mark of 100 senior housing sites > 20 additions to the portfolio and completion of 2 projects in the senior housing segment during the 1st half year > Marketable investment property: €1,430 million > Senior housing: 80% of the portfolio, totaling €1
Slide 5: Highlights H1 2016/2017 (2)
Highlights H1 2016/2017 (2) > Rental income: €37 million, +30 % YoY (ahead of budget) > Profit excl. changes in fair value: €23 million, +39 % YoY (ahead of budget) > Debt-to-assets ratio: 54.0 % > Dividend forecast: unchanged at €2.25 gross per share -5-
Slide 6: Investment activity - Belgium
Investment activity - Belgium H1 2016/2017 (As of 31 December 2016) > 10 additions − Oosterzonne (Zutendaal) − De Witte Bergen (Lichtaart) − Seniorenhof (Tongeren) − Beerzelhof (Putte) − Uilenspiegel (Genk) − Coham (Ham) − Sorgvliet (Linter) − Ezeldijk (Diest) − Residentie Den Boomgaard (Glabbeek) −
Slide 7: Investment activity - Germany
Investment activity - Germany H1 2016/2017 (As of 31 December 2016) > 6 additions − Am Kloster (Saxony-Anhalt) − Rosenpark (Bavaria) − Patricia (Bavaria) − St Anna (Bavaria) − Frohnau (Berlin) − Residenz Zehlendorf (Berlin) -7-
Slide 8: Investment activity - The Netherlands
Investment activity - The Netherlands H1 2016/2017 (As of 31 December 2016) > 4 additions − Genderstate (Eindhoven) − Petruspark (Eindhoven) − Parc Imstenrade (Heerlen) − Spes Nostra (Vleuten) -8-
Slide 9: Investment activity Q3 2016/2017
Investment activity Q3 2016/2017 (As of 21 February 2017) > 1 addition − Het Dokhuis (Oude Pekela, The Netherlands) > 1 completion − Vinkenbosch phase I (Hasselt, Belgium) -9-
Slide 10: Portfolio outlook
Portfolio outlook > Total Portfolio outlook: ~ €1,548 m − €1,430 m (marketable investment properties incl. assets classified as held for sale, as of 31 Dec. 2016) − - €6 m (assets classified as held for sale) − + €124 m (committed investments in pipeline, as of 31 Dec. 2016) > Average remaining leas
Slide 11: Strategy
Strat egy sedifica
Slide 12: Aedifica
Aedifica (As of 31 December 2016) > Belgian REIT (RREC/SIR/GVV) − market cap ~ €1.0 billion − free float of 100 % − portfolio ~ €1.4 billion − approx. 745,000 m² − see appendix for characteristics of a Belgian REIT > Focusing on healthcare real estate: “housing with care” − demographic evolution: ag
Slide 13: Demographic evolution - Ageing in Belgium
Demographic evolution Ageing in Belgium Source: "Perspectives de population 2015-2060", Belgian Federal Planning Bureau, 2015. -13-
Slide 14: Demographic evolution - Ageing in Germany
Demographic evolution Ageing in Germany Source: "Bevölkerung Deutschlands bis 2060", Statistisches Bundesamt (Deutschland), 2015. -14-
Slide 15: Demographic evolution - Ageing in The Netherlands
Demographic evolution Ageing in The Netherlands Source: "Prognose bevolking kerncijfers 2015-2060“, Centrale Bureau voor de Statistiek (CBS), 26 January 2016. -15-
Slide 16: Healthcare real estate
Healthcare real estate > Focus on senior housing − Rest homes ̶ Belgium: Woonzorgcentrum / Maison de repos ̶ Germany: Pflegeheim ̶ The Netherlands: Verpleeghuis, Zorgvilla, ... − Assisted living / Independent living ̶ Belgium: Assistentiewoning / Résidence-services ̶ Germany: Betreutes Wohnen ̶ The
Slide 17: Segment information
Segment information (As of 31 December 2016) Senior housing Apartment buildings in Hotels in Europe Belgium’s main cities in Belgium Weight: 80 % 15 % 5% Yield: 5.7 % 4.9 % 6.6 % EBIT margin: 99 % 752 % 100 % Cash flow Value play1 Cash flow (long leases) (long leases) + growth potential 1 Expe
Slide 18: Achievements
[] aedifica , PNM HH vert rs betiet a baad -18-
Slide 19: Milestones years evolution
Milestones 10 years evolution (As of 31 December 2016) Investment properties* €m CAGR: 28 % Incl.assets classified as held for sale. -19-
Slide 20: Milestones - Focus on Senior Housing
Milestones Focus on Senior Housing (As of 31 December 2016) Evolution by segment (fair value) Marketable investment properties incl.assets classified as held for sale (€1,430 m) -20-
Slide 21: Milestones - Focus on Europe
Milestones Focus on Europe (As of 31 December 2016) Geographical breakdown (fair value) Marketable investment properties incl.assets classified as held for sale (€1,430 m) -21-
Slide 22: Equity - Latest SPOs
Equity Latest SPOs (2010, 2012, 2015) (As of 31 December 2016) > Reminder: Gross proceeds = €67 m (Oct. 2010) + €100 m (Dec. 2012) + €153 m (June 2015) = €320 m > Since then, significant growth of investment properties: − 30 June 2010: €435 m − 30 June 2011: €518 m + €171 m − 30 Sept. 2012: €606 m +
Slide 23: Equity - Latest contributions-in-kind
Equity Latest contributions-in-kind Les Jardins de la Mémoire Acquisition date 8/12/2016 Number shares issued 65,952 Amount (€ m) 4 € / shares 62.75 Dividend right entitlement Full Segment Senior housing -23-
Slide 24: Equity - Optional dividend 2015/2016
Equity Optional dividend 2015/2016 > 2nd time optional dividend > 37% of shareholders opted for dividend in new shares, in difficult market conditions (Nov. 2016) > Approx. €8 million capital increase > 122,672 new Aedifica shares at €65.919 -24-
Slide 25: Equity and investment property growth
Equity Equity and investment property growth (As of 31 December 2016) €m -25-
Slide 26: Investments since capital increase of June 2015
Investments Since capital increase of June 2015 (in € million) Marketable investment Development Total properties projects carried out subject to outstanding conditions Résidence de la Houssière Belgium 10 - - 10 Senior Flandria Belgium 10 - - 10 Mechelen Belgium - - 17 17 Vinkenbosch Belgium 4 - 12
Slide 27: Portfolio analysis
. . Ae Portfolio analysis social housing with care -27-
Slide 28: Segments
Segments (As of 31 December 2016) Apartment buildings (865 apartments in 36 sites) Senior housing (9,782 units in 100 sites) 6 hotels & other (521 rooms) Marketable investment properties incl.assets classified as held for sale (€1,430 m) -28-
Slide 29: Geographical breakdown
Geographical breakdown (As of 31 December 2016) The Netherlands Germany Wallonia Brussels Flanders Marketable investment properties incl.assets classified as held for sale (€1,430 m) -29-
Slide 30: Belgian portfolio
Belgian portfolio (As of 31 December 2016) > Belgium: − 2006: Initial home market for senior housing > Senior housing portfolio of 71 assets: − Capacity of 7,040 residents − Total fair value of approx. €834 m − Yield on fair value of 5.6 % − Triple net long leases − Typical lease maturity: 27 years
Slide 31: Belgian portfolio
Belgian portfolio (As of 31 December 2016) Belgium Senior housing Apartment buildings Hotels & other -31-
Slide 32: German portfolio
German portfolio (As of 31 December 2016) > Germany: − 2013: 1st investment abroad since Aedifica’s creation in 2005 − Aedifica = 1st Belgian REIT to invest in Germany > Portfolio of 21 assets (20 Pflegeheime + 1 Betreutes Wohnen): − Capacity of 2,167 residents − Total fair value of €201 m − Yield o
Slide 33: German portfolio
German portfolio (As of 31 December 2016) Germany Senior housing Apartment buildings Hotels & other -33-
Slide 34: Dutch portfolio
Dutch portfolio (As of 31 December 2016) > The Netherlands: − 2016: 3rd home market of Aedifica, after Belgium and Germany > Portfolio of 8 assets: − Capacity of 575 residents − Total fair value of €105 m − Yield on fair value of 5.7 % − Triple net long leases − Typical lease maturity: 20 years − 4
Slide 35: Dutch portfolio
Dutch portfolio (As of 21 February 2017) The Netherlands Senior housing To be completed Hotels & other -35-
Slide 36: Dutch Portfolio
Dutch Portfolio Benvenuta Saksen Weimar (As of 31 December 2016) Acquisition of a Acquisition of a care residence in Hilversum care residence in Arnhem (Province of North Holland) (Province of Gelderland) • €3 m invested amount • €8 m invested amount • 10 units • 42 units Acquisition of a Acquisitio
Slide 37: Dutch Portfolio
Dutch Portfolio (As of 31 December 2016) > €73 million invested in 3 sites: Genderstate Acquisition of a senior housing site in Eindhoven (Province of North Brabant) • 44 units Acquisition of a senior housing site in Eindhoven Parc Imstenrade Acquisition of a senior (Province of North Brabant) • 139
Slide 38: Main tenants (1)
Main tenants (1) Segment Country Group controlling the legal Tenants Number of 31/12/2016 30/06/2016 entities in contractual relation sites with Aedifica SENIOR HOUSING 100 81% 75% Belgium 71 58% 59% Armonea 19 17% 21% Armonea SA 8 8% 10% Restel Flats SPRL 1 1% 1% LDC De Wimilingen ASBL 1 0% 0% Happ
Slide 39: Main tenants (2)
Main tenants (2) Segment Country Group controlling the legal Tenants Number of 31/12/2016 30/06/2016 entities in contractual relation sites with Aedifica SENIOR HOUSING 100 81% 75% Belgium 71 58% 59% Orpea 9 8% 10% Château Chenois Gestion SPRL 3 2% 3% New Philip SA 3 2% 2% Parc Palace SA 1 2% 2% Pro
Slide 40: Main tenants (3)
Main tenants (3) Segment Country Group controlling the legal Tenants Number of 31/12/2016 30/06/2016 entities in contractual relation sites with Aedifica SENIOR HOUSING 100 81% 75% Germany 21 16% 13% Orpea 5 4% 5% Senioren Wohnpark Weser GmbH 3 2% 3% Bonifatius Seniorendienstr GmbH °°° 1 1% 1% Senio
Slide 41: Main tenants (4)
Main tenants (4) Segment Country Group controlling the legal Tenants Number of 31/12/2016 30/06/2016 entities in contractual relation sites with Aedifica SENIOR HOUSING 100 81% 75% The Netherlands 8 7% 3% Domus Magnus 2 1% 2% Panta Rhei V BV 1 1% 1% DM Benvenuta BV 1 0% 0% Stepping Stones Home & Car
Slide 42: Lease maturity
Lease maturity (As of 31 December 2016) Initial lease maturity < 15 years 22 % 78 % ≥ 15 years, irrevocable Average remaining lease maturity 20 years Marketable investment properties incl.assets classified as held for sale (€1,430 m) -42-
Slide 43: Age of buildings
Age of buildings (As of 31 December 2016) Other contracts Buildings > 10 years 11 % Other contracts Long-term Buildings between 18 % triple net 0-10 years 71 % contracts Marketable investment properties incl.assets classified as held for sale (€1,430 m) -43-
Slide 44: Occupancy rate
Occupancy rate 98 % 95 % Very high and stable occupancy rates Red line: Total portfolio (excl. furnished apartments) (95% of portfolio) : (contractual + guaranteed rents) / (contractual rents + ERV for unlet spaces). Green dots: Furnished apartments (5% of portfolio) : Rented days QTD / total numb
Slide 45: Yields on fair value
Yields on fair value (As of 31 December 2016) Weighted average 5.6 % -45-
Slide 46: Segment EBIT margins
Segment EBIT margins* (As of 31 December 2016) Senior Apartment Hotels buildings Unallocated & housing & TOTAL inter-segment other 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 47: Valuation of property
Valuation of property* 2008 → 2016 FY 2008/2009 FY 2009/2010 FY 2010/2011 FY 2011/2012 FY 2012/2013 FY 2013/2014 FY 2014/2015 FY 2015/2016 H1 2016/2017 €k % €k % €k % €k % €k % €k % €k % €k % €k % Senior housing 13 0% 1,684 1% 6,072 2% 5,991 2% 7,347 2% 5,896 1% 13,343 2% 17,588 2% 10,033 1% Apartme
Slide 48: Development projects
Development projects (As of 31 December 2016) Projects and renovations Estimate Inv. as of 31 Future Date of Comments d inv. December inv. completion (in € million) 2016 I. Projects in progress 't Hoge II Kortrijk (BE) 2 1 1 2016/2017 Extension and renovation of a rest home Molenenk Deventer (NL) 10
Slide 49: Development projects
Development projects 252 -97 -11 -10 -10 -8 5 -3 124 1 1 2 2 -49-
Slide 50: Financials
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Slide 51: Income Statement
Income Statement Business driven Income Statement - analytical scheme 31 December 2016 31 December 2015 Var. (x €1,000) Rental income 37,253 28,654 +30% Rental-related charges -27 -19 Net rental income 37,226 28,635 +30% Operating charges -5,338 -5,281 Operating result before result on portfolio 31,
Slide 52: Income Statement
Income Statement Business driven Income Statement - analytical scheme 31 December 2016 31 December 2015 Var. (x €1,000) Rental income 37,253 28,654 +30% Rental-related charges -27 -19 Net rental income 37,226 28,635 +30% Operating charges -5,338 -5,281 Operating result before result on portfolio 31,
Slide 53: Rental income
Rental income (As of 31 December 2016) +9,006 -523 +116 37,253 28,654 Change: +43.5 % -8.7 % +7.8 % +30.0 % Like-for-like change: +1.5 % -8.7 % +7.8 % -0.5 % 30 % increase YoY -53-
Slide 54: Result excl. changes in fair value
Result excl. changes in fair value (As of 31 December 2016) +9,006 +45 -523 +529 +187 -707 -4,112 +2,406 +32 -140 -175 23,368 16,820 -54-
Slide 55: Result excl. changes in fair value vs Budget
Result excl. changes in fair value vs Budget (As of 31 December 2016) -55-
Slide 56: Income Statement - Market driven
Income Statement Market driven Income Statement - analytical scheme 31 December 2016 31 December 2015 (x €1,000) Profit excl. changes in fair value 23,368 16,820 Changes in fair value of financial assets and liabilities 3,443 -951 Changes in fair value of investment properties 597 7,866 Non cash Gai
Slide 57: Hedging policy
Hedging policy (As of 31 December 2016) > Economic stability and Business driven: foreseeability of Avg effective interest rate of 2.4 %, interest cash below H1 PY (3.0 %) and FY budget (2.5 %) outflows... > ... even in spite Market driven: of accounting Change in FV of derivatives (non cash items)
Slide 58: Consolidated balance sheet
Consolidated balance sheet (€ m) (As of 31 December 2016) Assets Equity & Liabilities 2 -58-
Slide 59: Debt-to-assets ratio
Debt-to-assets ratio (As of 31 December 2016) Headroom* : - Debt increase of €88 m without investments or €222 m with investments - Drop of MTM of buildings of 10 % Before After SPO 2015 SPO 2015 * Based on bank covenant of max. 60 %. Based on legal max. of 65 %, headroom is respectively €162 m, €46
Slide 60: Credit facilities
Credit facilities (€ m) (As of 31 December 2016) Maturity Utilisation Credit lines New Early Credit lines credit line refinancing Post Post 31 Dec 2016 31 Dec 2016 31 Dec 2016 31 Dec 2016 21 Feb 2017 2016/2017 30 30 -30 0 2017/2018 92 92 -25 67 2018/2019 111 131 131 2019/2020 80 80 80 2020/2021 91 9
Slide 61: Net asset value
Net asset value Net asset value per share (in €) 31 December 2016 30 June 2016 Var. Based on fair value of investment properties Net asset value 43.96 41.64 6% Effect of the changes in fair value of hedging instruments 2.88 3.34 Net asset value excl. changes in fair value of hedging instruments 46.8
Slide 62: Number of shares
Number of shares Number of shares 31 December 2016 30 June 2016 Number of shares outstanding* 14,380,656 14,192,032 Total number of shares 14,380,656 14,192,032 Total number of shares on the stock market** 14,380,656 14,172,176 Weighted average number of shares outstanding (IAS 33) 14,220,596 14,122
Slide 63: Value potentially not reflected in the NAV
Value potentially not reflected in the NAV > Belgian REIT → highly regulated framework > Assessment: long term cash flows at interesting yields > Pipeline: − Committed − Pre-let > Track record of successful investments > Track record of successful financing (equity and debt) -63-
Slide 64: EPRA key performance indicators
EPRA > Aedifica included in the EPRA indices Key performance indicators according to the EPRA Best Practice Recommendations 31 December 2016 31 December 2015 EPRA Earnings* (in €/share) 1.64 1.20 EPRA Cost Ratio (including direct vacancy costs)* (in %) 14% 18% EPRA Cost Ratio (excluding direct vacan
Slide 65: Shares & shareholders
Shares & shareholders ie aedifica | housing with care -65-
Slide 66: Dividend track record
Dividend track record * 2016/2017 Budgeted dividend (see section 7 of the Board of Directors’ Report included in the 2015/2016 Annual Financial Report). -66-
Slide 67: Share price since IPO
Share price since IPO (As of 17 February 2017) Spot Var. (%) Aedifica 71,96 98 BEL MID 4.736,77 28 EPRA Belgium 1.296,32 -8 EPRA Europe 2.075,20 -22 Aedifica: based on the IPO price (€41), adjusted to take into account the rights issues of 2010 (- €1.89), 2012 (- €1.93) and 2015 (- €0.89), i.e. an a
Slide 68: Total return since IPO
Total return since IPO (As of 17 February 2017) Var. (%) Aedifica total return* 106 192 EPRA Belgium total return 3.772 75 EPRA Europe total return 2.344 9 * Aedifica: based on the IPO price (€41), adjusted to take into account the rights issues of 2010 (- €1.89), 2012 (- €1.93) and 2015 (- €0.89),
Slide 69: Shareholding
Shareholding* (As of 18 December 2015) Free float 100 % * A total of 14,192,032 shares are listed on Euronext Brussels (2 November 2016). -69-
Slide 70: Rankings
Rankings > The highest free float of all Belgian REITs > 4th largest market cap amongst all Belgian REITs1 > 8th largest real estate portfolio in Belgium2 (36th in 2006) > Aedifica accounts for 36 % of the invested volume in Belgian rest homes in 2005-20153 1 Based on the 10 Feb. 2017 “Weekly Table
Slide 71: 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 -71-
Slide 72: Corporate governance
Corporate governance > Transparency > Board of Directors − NV/SA − 9 Directors − Management in the box ̶ 7 non-executive Directors of which 5 independent ones − Belgian Code 2009 on ̶ 2 executive Directors Corporate Governance ̶ Gender diversity ratio: 44 % − Audit Committee − Nomination & Remunerat
Slide 73: Outlook
fre Outlook aecifica | housing with care -73-
Slide 74: Outlook FY 2016/2017 - Development pipeline
Outlook FY 2016/2017 Portfolio - Focus on investments > Development pipeline: ‘t Hoge Molenenk Villa Temporis I Au Bon Vieux Temps Op Haanven La Ferme Blanche Vinkenbosch I Prinsenhof Hotel Martin’s Brugge Walgaerde Glabbeek Les Jardins de la Mémoire -74-
Slide 75: Outlook FY 2016/2017 - Development pipeline
Outlook FY 2016/2017 Portfolio - Focus on investments > Development pipeline: ‘t Hoge Molenenk Villa Temporis I Au Bon Vieux Temps Op Haanven La Ferme Blanche Vinkenbosch I Prinsenhof Hotel Martin’s Brugge Walgaerde Glabbeek Les Jardins de la Mémoire -75-
Slide 76: Outlook FY 2016/2017 - Objective for future investments
Outlook FY 2016/2017 Portfolio - Focus on investments > Objective for future investments: Enhancing long-term cash flows in senior housing Growing in the 3 home markets Belgium The Netherlands Germany Exploring new segments -76-
Slide 77: Outlook FY 2016/2017 - Objective for future investments
Outlook FY 2016/2017 Portfolio - Focus on investments > Objective for future investments: Enhancing long-term cash flows in senior housing Growing in the 3 home markets Belgium (Foyer de Lork deal closed on 19 Aug. 2016) The Netherlands (Vitalis deal closed on 14 Sept. 2016) Germany (Vitan
Slide 78: Outlook FY 2016/2017 - Equity
Outlook FY 2016/2017 Portfolio - Focus on investments > Equity: − Financing future growth − Management weights all options -78-
Slide 79: Outlook FY 2016/2017
Outlook FY 2016/2017 > Budgeted rental income: €76 m > Budgeted result excl. changes in fair value: €42 m > Budgeted EPS excl. changes in fair value: €2.97/share > Budgeted DPS: € 2.25/share (gross), higher than FY 2015/2016 > Actuals H1 2016/2017: ahead of budget -79-
Slide 80: Outlook FY 2016/2017 - Withholding tax
Outlook FY 2016/2017 > Withholding tax: − General rule: raised to 30 % (2017) instead of 27 % (2016) − Will be reduced to 15 % for healthcare REITs like Aedifica in 2017 (pending administrative modalities) -80-
Slide 81: Conclusion
fey d | housing with care aedific ‘ae Conclusion
Slide 82: Conclusion - Attractiveness for shareholders
Conclusion Attractiveness for shareholders: > Strong underlying demographic trends > Long-term growth potential > Fair value history of portfolio showing resilience > Average remaining lease duration: 20 years > Investment, equity and debt-financing track record > Dividend track record -82-
Slide 83: sedifica |
sedifica | housing with care
Slide 84: Stefaan Gielens, Jean Kotarakos, Martina Carlsson
Stefaan Gielens - Chief Executive Officer Jean Kotarakos - Chief Financial Officer Martina Carlsson – Control & Communication manager -84-
Slide 85: Aedifica SA/NV
Aedifica SA/NV Public REIT under Belgian Law Regulated Real Estate Company (RREC) Société immobilière réglementée (SIR) Gereglementeerde vastgoedvennootschap (GVV) Avenue Louise 331 bte 8 1050 Brussels Tel: +32 (0)2 626 07 70 - Fax: +32 (0)2 626 07 71 info@aedifica.be www.aedifica.be -85-
Slide 86: Forward looking statement
Forward looking statement To the extent that any statements made in this presentation contain information that is not historical, these statements are essentially forward-looking. The achievement of forward- looking statements contained in this presentation is subject to risks and uncertainties beca
Slide 87: Appendix
. fre Appendix aedifica |’
Slide 88: 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 an independant expert − No depreciation of properties > Dividend: at least 80 % o
Slide 89: Milestones
Milestones > Nov. 2005: Creation of Aedifica > Dec. 2005: Filed as Vastgoedbevak/Sicafi + 1st acquisitions > Oct. 2006: IPO > Oct. 2010: 1st SPO > Dec. 2012: 2nd SPO > Oct. 2014: SIR/GVV > June 2015: 3rd SPO -89-
Slide 90: Investments in 2015/2016 (1)
Investments in 2015/2016 (1) Flandria 9 July 2015 Acquisition of an assisted-living building in Bruges (Province of West-Flanders, Belgium) • €10m invested amount • 108 units Résidence La Houssière 1 October 2015 Acquisition of a rest home in Hasselt (Province of Limburg, Belgium) 2 July 2015 • €4 m
Slide 91: Investments in 2015/2016 (2)
Investments in 2015/2016 (2) Heydeveld 2 October 2015 Acquisition of a rest home in Opwijk (Province of Flemish Brabant, Belgium) • €9m invested amount • 75 units Prinsenhof 17 December 2015 Acquisition of a rest home in Koersel (Province of Limburg, Belgium) • €6 m invested amount • 41 units -91-
Slide 92: Investments in 2015/2016 (3)
Investments in 2015/2016 (3) 29 February 2016 Acquisition of a rest home and an assisted-living building in Husum (State of Schleswig-Holstein, Germany) • €7 m invested amount • 83 units Käthe-Bernhardt-Haus 1 March 2016 Acquisition of a portfolio (1 site under construction and 1 site subject to out
Slide 93: Investments in 2015/2016 (4)
Investments in 2015/2016 (4) 24 March 2016 Acquisition of a rest home and an assisted-living building in Aarschot (Province of Flemish Brabant, Belgium) • €12 m invested amount • 84 units Residentie Poortvelden 29 March 2016 Acquisition of a rest home and an assisted-living building in Leopoldsburg
Slide 94: Investments in 2015/2016 (5)
Investments in 2015/2016 (5) 13 May 2016 Acquisition of a care residence in Arnhem (Province of Gelderland, The Netherlands) • €8 m invested amount • 42 units Saksen Weimar 15 April 2016 Completion of the extension of a rest home in Melle (Province of East Flanders, Belgium) • €4 m invested amount •
Slide 95: Investments in 2015/2016 (6)
Investments in 2015/2016 (6) 28 June 2016 Completion of the extension of a rest home in Kalletal (State of North Rhine- Westphalia, Germany) • Less than €3 m invested amount • 28 extra units Die Rose im Kalletal 2 June 2016 Acquisition of a care residence in Lochem (Province of Gelderland, The Nethe
Slide 96: Investments in 2016/2017 (1)
Investments in 2016/2017 (1) 14 September 2016 Acquisition of a portfolio of 3 senior housing sites in The Netherlands • €73 m invested amount • 446 units Parc Imstenrade 31 August 2016 Acquisition of a portfolio of 5 rest homes in Germany • €60 m invested amount • 657 units Ezeldijk 19 August 2016
Slide 97: Investments in 2016/2017 (2)
Investments in 2016/2017 (2) 30 September 2016 30 September 2016 Acquisition of a rest home Completion of a rest home in in Glabbeek (Province of Mont-Saint-Guibert (Province Flemish Brabant, Belgium) of Walloon Brabant, Belgium) • €12 m invested amount • €10 m invested amount • 90 units • 104 units
Slide 98: Investments in 2016/2017 (3)
Investments in 2016/2017 (3) 15 December 2016 Acquisition of a rest home in Berlin (Germany) • €8 m invested amount • 145 units Residenz Zehlendorf 8 December 2016 21 December 2016 Acquisition of a rest home Acquisition of a care in Anderlecht (Brussels, residencein Vleuten Belgium), announced on (P
Slide 99: Investments in 2016/2017 (4)
Investments in 2016/2017 (4) 19 January 2017 Acquisition of a care residence in Oude Pekela (Province of Groningen, The Netherlands) • €5 m invested amount • 32 units (including a medical centre) Het Dokhuis 19 January 2017 Completion of the extension of a rest home in Hasselt (Province of Limburg,
Slide 100: Notes
fre ; Notes aecifica |' housing with care -100-