Slide 1: 3rd quarter results 2019/2020
3rd quarter results 2019/2020 Brussels, 20 May 2020 -1-
Slide 2: Table of contents
Table of contents > Highlights Q3 2019/2020 > Strategy > Achievements > Portfolio analysis > Financials > Shares & shareholders > Outlook > Conclusion -2-
Slide 3: Highlights Q3 2019/2020
Highlights Q3 2019/2020 Wolfsbos Hoogeveen – The Netherlands -3-
Slide 4: Highlights Q3 2019/2020 (1)
Highlights Q3 2019/2020 (1) > Rental income: €117 million, +40% YoY, +1.6% L-F-L > Real estate portfolio of €3.3 billion, +44 % compared to 30 June 2019 > Investment pipeline of €546 million > Weighted average lease term: 20 years > Occupancy rate: 100% > Acquisition of Hoivatilat in January 2020, a
Slide 5: Highlights Q3 2019/2020 (2)
Highlights Q3 2019/2020 (2) > 455 healthcare sites comprising ~32,000 units in 6 countries − €1,052 million in Belgium (79 sites) − €587 million in Germany (71 sites) − €416 million in the Netherlands (54 sites) − €631 million in the United Kingdom (97 sites) − €515 million in Finland (153 sites) −
Slide 6: Investment activity
Investment activity New acquisitions 7 healthcare sites (~ €100 million) added or announced during Q3 2019/2020 in addition to the acquisition of Hoivatilat Name Type Location Date Investment Pipeline Gross Completion Lease Operator (€ million) 1 (€ million) 2 rental yield (approx. %) Netherlands 4
Slide 7: Investment activity
Investment activity Pipeline completions 8 projects & 4 acquisitions subject to usual conditions completed during Q3 2019/2020 Name Type Location Date Investment Pipeline Gross Completion Lease Operator (€ million) 1 (€ million) 2 rental yield (approx. %) Germany 37 17 BAVARIA Senioren- und Acquisit
Slide 8: Portfolio outlook
Portfolio outlook Total portfolio outlook: €3.7 billion (As of 20 May 2020) €m 4.000 +546 +8 3,744 3.500 3,202 -12 3.000 2.500 2.000 1.500 1.000 500 0 Marketable investment Assets classified as held for Committed investments in Acquisitions after 31/03/2020 Portfolio outlook properties 1 sale pipeli
Slide 9: Strategy
Strategy Seniorenheim am Dom Halberstadt - Germany -9-
Slide 10: Aedifica
Aedifica > Belgian REIT (RREC/SIR/GVV) − Market cap ~ €2.5 billion − Free float of 100% − Marketable investment properties ~ €3.3 billion − Pipeline ~ €550 million − WAULT ~ 20 years > Market reference in European listed healthcare real estate > European focus − Belgium − Germany − Netherlands − Uni
Slide 11: Exploring European markets
Aedifica Exploring European markets > Track record of entering new markets & rapidly creating a platform for future growth 2013 – Germany 2019 – United Kingdom 1st investment in June 2013: €8m 1st investment in February 2019: €503m Current portfolio: €587m (71 assets) Current portfolio: €630m (97 as
Slide 12: Demographic evolution
Demographic evolution Ageing in Belgium Ageing in Germany Source: Belgian Federal Planning Bureau, 2018. Source: Statistisches Bundesamt (Deutschland), 2015. Ageing in the Netherlands Ageing in the United Kingdom Source: Centrale Bureau voor de Statistiek, 2016. Source: Office for National Statistic
Slide 13: Demographic evolution
Demographic evolution Ageing in Finland Ageing in Sweden 40% 40% 35% 35% 30% 30% 65 + 65 + 25% 25% 70 + 70 + 20% 20% 75 + 75 + 15% 80 + 15% 80 + 10% 85 + 10% 85 + 5% 5% 0% 0% 2015 2020 2030 2040 2050 2060 2015 2020 2030 2040 2050 2060 Source: Statistics Finland, 2018. Source: Statistics Sweden, 2017
Slide 14: Achievements
Achievements De Kaap Hoogeveen - Netherlands -14-
Slide 15: Achievements: Investment properties evolution since 2006
Achievements Investment properties1 Evolution since 2006 €m 4.000 3.744 3.500 3.334 3.000 CAGR: 28 % 2.500 (as of 31 March 2020) 2.321 2.000 1.741 1.545 1.500 1.157 1.005 1.000 785 593 643 518 500 435 347 356 111 252 0 June June June June June June June June June June June June June June March2 Outl
Slide 16: Achievements: Focus on Europe
Achievements Focus on Europe Geographical breakdown (fair value)1 100% 5 2 0 1 12 9 13 15 15 12 16 14 80% 17 13 23 14 60% 20 17 17 100 95 88 86 19 23 40% 77 70 20% 45 33 29 0% Belgium Germany United Kingdom Netherlands Finland Sweden 1 Marketable investment properties incl. assets classified as held
Slide 17: Portfolio analysis
Portfolio analysis King’s Manor Ottery St. Mary - United Kingdom -17-
Slide 18: Healthcare real estate: Focus on housing for seniors
Healthcare real estate Focus on housing for seniors (As of 31 March 2020) > Healthcare segment breakdown 4% Elderly care homes 7% Senior housing 15% Mixed-use healthcare buildings 6% Children day-care 68% centres Other Marketable investment properties incl. assets classified as held for sale (€3,166
Slide 19: Portfolio: Geographical breakdown
Portfolio (As of 31 March 2020) > Geographical breakdown 0% 15% Belgium Germany 33% Netherlands United Kingdom 20% Finland Sweden 13% 19% Marketable investment properties incl. assets classified as held for sale (€3,166 m), excl. rights of use of plots of land. -19-
Slide 20: Belgian healthcare portfolio
Belgian healthcare portfolio (As of 31 March 2020) > Senior housing portfolio of 79 assets: − Capacity of more than 7,900 residents − Total fair value of approx. €1,050 m − Yield on fair value of 5.4% − Triple net long leases − Typical lease maturity: 27 years − 13 tenant groups: Senior Living Group
Slide 21: Belgian healthcare portfolio
Belgian healthcare portfolio (As of 31 March 2020) Marketable investment properties Development projects -21-
Slide 22: Belgian healthcare portfolio
Belgian healthcare portfolio Residentie Sporenpark, Residentie Kartuizehof, Beringen Lierde • 127 units • 128 units Leopoldspark, Hof van Schoten, Leopoldsburg Schoten • 150 units • 101 units -22-
Slide 23: German healthcare portfolio
German healthcare portfolio (As of 31 March 2020) > Senior housing portfolio of 71 assets: − Capacity of more than 5,800 residents − Total fair value of approx. €587 m − Yield on fair value of 5.9% − Double net long leases − Typical lease maturity: 20 - 25 years − 19 tenant groups: Vitanas, EMVIA, R
Slide 24: German healthcare portfolio
German healthcare portfolio (As of 31 March 2020) Marketable investment properties Development projects -24-
Slide 25: German healthcare portfolio
German healthcare portfolio Seniorenquartier advita Haus Zur Lübbecke, Alten Berufsschule, Lübbecke Zschopau • 80 units • 127 units Zur alten Linde, Haus Steinbachhof, Rabenau Chemnitz • 82 units • 151 units -25-
Slide 26: Dutch healthcare portfolio
Dutch healthcare portfolio (As of 31 March 2020) > Senior housing portfolio of 54 assets: − Capacity of more than 2,100 residents − Total fair value of approx. €416 m − Yield on fair value of 5.8 % − Mostly triple net long leases − Typical lease maturity: 15 - 20 years − 17 tenant groups: Stichting
Slide 27: Dutch healthcare portfolio
Dutch healthcare portfolio (As of 31 March 2020) Marketable investment properties Development projects -27-
Slide 28: Dutch healthcare portfolio
Dutch healthcare portfolio Huize Groot De Statenhof, Waardijn, Leiden Tilburg • 79 units • 26 units De Vecht, Huize De Hoogeveen Compagnie, Ede • 79 units • 42 units -28-
Slide 29: UK healthcare portfolio
UK healthcare portfolio (As of 31 March 2020) > Senior housing portfolio of 97 assets: − Capacity of more than 6,300 residents − Total fair value of approx. €631 m − Yield on fair value of 6.8 % − 15 tenant groups: Maria Mallaband Care Group, Burlington Care, Care UK, Bondcare, Athorpe Health Care,
Slide 30: UK healthcare portfolio
UK healthcare portfolio (As of 31 March 2020) Marketable investment properties -30-
Slide 31: UK healthcare portfolio
UK healthcare portfolio Minster Grange, Coplands, York London • 83 units • 79 units Highfield, Armstrong House, Castleford Gateshead • 88 units • 71 units -31-
Slide 32: Finnish healthcare portfolio
Finnish healthcare portfolio (As of 31 March 2020) > Senior housing portfolio of 153 assets: − Capacity of more than 9,500 residents − Total fair value of approx. €515 m − Yield on fair value of 5.6 % − 25 tenant groups − Inflation linked double net leases − Opportunities for further development − E
Slide 33: Finnish healthcare portfolio
Finnish healthcare portfolio (As of 31 March 2020) Marketable investment properties Development projects -33-
Slide 34: Finnish healthcare portfolio
Finnish healthcare portfolio Children day-care Children day-care centre, Oulu centre, Espoo • 120 units • 120 units Elderly care home, Elderly care home, Kajaani Heinola • 30 units • 41 units -34-
Slide 35: Swedish healthcare portfolio
Swedish healthcare portfolio (As of 31 March 2020) > Senior housing portfolio of 1 asset: − Capacity of 6 residents − Total fair value of approx. €2 m − Yield on fair value of 5.6 % − 1 tenant group: Team Oliva − Inflation linked double net leases − Opportunities for further development − Experience
Slide 36: Swedish healthcare portfolio
Swedish healthcare portfolio (As of 31 March 2020) Marketable investment properties Development projects -36-
Slide 37: Swedish healthcare portfolio
Swedish healthcare portfolio LSS-boende Heby, Heby • Completed in April 2020 • 6 units LSS-boende Gråmunke , Uppsala • Completed in March 2020 • 6 units -37-
Slide 38: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 > 455 sites with approx. 200 tenants (or >90 ‘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 3 Senior Living Group 10% Armonea
Slide 39: Lease maturity & occupancy rate
Lease maturity & occupancy rate (As of 31 March 2020) Unexpired lease term Weighted average unexpired lease term 20 years 23% Occupancy rate <15 jaar ≥15 jaar 100 % 77% < 15 years ≥ 15 years 92% Marketable investment properties incl. assets classified as held for sale (€3,166 m). -39-
Slide 40: Age of buildings
Age of buildings (As of 31 March 2020) 5% 5% 0-10 years 21% 10-20 years >20 years Project 69% Marketable investment properties incl. assets classified as held for sale (€3,166 m). -40-
Slide 41: Gross yields on fair value
Gross yields on fair value (As of 31 March 2020) 7 6.8 6 5.9 5.8 5.9 5 5.4 5.6 5.6 4 3 2 1 0 Belgium Germany Netherlands United Kingdom Finland Sweden Average -41-
Slide 42: Portfolio growth: Development projects (1)
Portfolio growth Development projects as of 31 March 2020 (1) Projects and renovations Operator Current Invest. as of Future (in € million) 1 budget 31/03/2020 invest. Projects in progress 407 101 306 Completion 2019/2020 14 9 5 DE 1 0 1 Residenz Zehlendorf (phase 2) EMVIA 1 0 0 NL 3 2 1 De Merenhoe
Slide 43: Portfolio growth: Development projects (2)
Portfolio growth Development projects as of 31 March 2020 (2) Projects and renovations Operator Current Invest. as of Future (in € million) 1 budget 31/03/2020 invest. Projects in progress 407 101 306 Completion 2019/2020 14 9 5 Completion 2020/2021 239 84 155 Completion 2021/2022 119 6 114 BE 5 1 5
Slide 44: Portfolio growth: Development projects (3)
Portfolio growth Development projects as of 31 March 2020 (3) Projects and renovations Operator Current Invest. as of Future (in € million) 1 budget 31/03/2020 invest. Projects in progress 407 101 306 Projects subject to outstanding conditions 130 2 128 Completion 2020/2021 12 0 12 BE 12 0 12 Rember
Slide 45: Portfolio growth: Development projects
Portfolio growth Development projects as of 31 March 2020 (3) Country Developm ent projects Fiscal year Development projects Rent (in € m illion) (in € million) (in € million) BE 36 2019/2020 14 2 DE 284 2020/2021 251 15 NL 87 2021/2022 163 9 UK 12 2022/2023 107 5 FI 115 2023/2024 10 0 SE 13 Land re
Slide 46: Development projects: Pipeline €546 million
Development projects Pipeline: €546 million (As of 31 March 2020) > Projects: €544 million Geographical split Expected delivery date Sweden United Kingdom 2023/2024 €13m Belgium €12m €10m 2019/2020 2% €36m 2% 2% €14m 7% 2022/2023 3% Netherlands €87m €107m 16% 20% Finland €115m 2020/2021 21% Germany
Slide 47: Portfolio growth: Development projects
Portfolio growth Development projects Pflegecampus Specht (AR1) – Plauen (DE) 02 Kaltenkirchen (DE) Construction start: Construction start: February 2019 May 2018 Expected completion: Completed on: 2020/2021 January 2020 Specht (AR1) – 03 Lübbecke (DE) Seniorenzentrum Construction start: Weimar (DE)
Slide 48: Financials
Financials The Hawthorns Southampton - United Kingdom -48-
Slide 49: Rental income
Rental income (As of 31 March 2020) 140.000 +5,9 5,9 MM 117,2 M 120.000 +23,8 M 100.000 +5,5 M 83,8 M -8,5 M +6,7 M Rental % x €1,000 80.000 incom e (K€) 60.000 BE 42,764 36,5% DE 22,116 18,9% 40.000 NL 16,680 14,2% UK 29,729 25,4% 20.000 FI 5,893 5,0% Total 117,182 0 Rental income Belgium Germany T
Slide 50: Debt-to-assets ratio
Debt-to-assets ratio 54% 56% 56% 50% 43% 44% 40% 41% 37% 37% June 2015 June 2016 Dec 2016 March 2017 June 2017 June 2018 March 2019 June 2019 March 2020 May 2020* Before After Before After Before After SPO 2017 SPO 2017 SPO 2019 SPO 2019 SPO 2020 SPO 2020 > Investment capacity: approx. €850 million*
Slide 51: Debt-to-assets ratio
Debt-to-assets ratio €207m 70% ABB 3,500 €67m €153m €219m €418m 60% rights issue rights issue rights issue rights issue 3,000 €100m rights issue 50% 2,500 40% 2,000 30% 1,500 20% 1,000 10% 500 0% 0 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Debt-to-assets ratio (%)
Slide 52: Credit facilities: Total financial debt
Credit facilities Total financial debt: €1.910 m (As of 31 March 2020) 1% 13% 16% 0% 9% 16% 34% 11% Investment credits Term loans Revolving loans EUR bridge loan GBP bridge loan Uncommitted Short Term Credit Lines Medium Term Note Commercial Paper -52-
Slide 53: Credit facilities: liquidity and debt maturity profile
Credit facilities (as of 31 March 2020) > Liquidity > Debt maturity profile Financial debt Lines Utilisation of which 700 (in € million) 1 treasury 600 notes 2019/2020 234 228 223 500 2020/2021 109 109 35 400 2021/2022 656 5843 2022/2023 223 93 300 2023/2024 245 245 200 2024/2025 474 324 >2025/2026
Slide 54: Equity funding: Capital increase April 2020
Equity funding Capital increase April 2020 > 6th SPO: private placement by way of accelerated bookbuilding with international institutional investors > Approx. €207 million capital increase > Debt-to-assets ratio down from 55.5 % (31/03/2019) to 50 % after capital increase > 2,460,115 new Aedifica s
Slide 55: Net asset value
Net asset value Net asset value per share (in €) 31 March 2020 30 June 2019 Var. Based on fair value of investment properties Net asset value 59.12 55.90 6% Effect of the changes in fair value of hedging instruments 2.06 2.05 Net asset value excl. changes in fair value of hedging instruments 61.18 5
Slide 56: Dividend Policy
Dividend Policy > DPS 2018/2019: €2.80 / share (gross) − 12% higher than PY and in line with guidance − No dilution − Statutory pay-out ratio: 85% > DPS 2019/2020: €3.00 / share (gross) − 7% higher than PY and in line with guidance − No dilution − Coupon No. 23 (€2.48) + coupon No. 24 (€0.52) − Subj
Slide 57: Shares & shareholders
Shares & shareholders Martha Flora Bosch en Duin Bosch en Duin - Netherlands -57-
Slide 58: Dividend track record
Dividend track record € / share 3,00 3,00 2,90 2,80 2,80 2,70 2,60 2,50 2,50 2,40 2,25 2,30 2,20 2,10 2,10 2,00 2,00 1,90 1,86 1,86 1,90 1,80 1,82 1,82 1,80 1,71 1,70 1,60 1,48 1,50 1,40 1,30 1,20 Theoretic dilutions of DPS after rights issues of 1,10 October 2010, December 2012, June 2015, March 20
Slide 59: Share price since IPO
Share price since IPO (As of 14 May 2020) Spot Var. (%) 375 Aedifica 89,40 145,8 350 BEL20 2.899,51 -30,7 325 300 EPRA Belgium 1.582,32 11,7 275 EPRA Europe 1.754,77 -34,3 250 225 200 175 150 125 100 75 50 25 Aedifica BEL20 EPRA Belgium EPRA Europe Aedifica: based on the IPO price (€41), adjusted to
Slide 60: Total return since IPO
Total return since IPO 700 675 Return Var. (% ) (As of 14 May 2020) 650 625 Aedifica 154 324 600 575 550 EPRA Belgium 5.356 148 525 500 EPRA Europe 3.864 13 475 450 425 400 375 350 325 300 275 250 225 200 175 150 125 100 75 50 25 Aedifica total return Epra Belgium total return Epra Europe total retu
Slide 61: Shareholding
Shareholding1 (As of 31 March 2020) > Aedifica shareholders holding more than 5 % of the Company’s capital: SHAREHOLDERS Share in capital (in %) BlackRock, Inc. 5.00 Others < 5 % 95.00 Total 100.00 > Aedifica’s free float amounts to 100%2. 1 A total of 27,061,273 shares are listed on Euronext Brusse
Slide 62: Awards
Awards EPRA EPRA Reporting: Best Practices Recommendations (BPR) > Annual Report 2013/2014 > Annual Report 2014/2015 > Annual Report 2015/2016 > Annual Report 2016/2017 > Annual Report 2017/2018 > Sustainability Report 2018 -62-
Slide 63: Euronext: Inclusion in the BEL 20
Euronext Inclusion in the BEL 20 > In March 2020, Aedifica entered the BEL 20, the leading share index of Euronext Brussels. > The BEL 20 index comprises Belgian companies listed on Euronext Brussels that record the largest free-float market capitalisation, of which the share is sufficiently liquid
Slide 64: Corporate governance
Corporate governance > Transparency > Board of Directors − NV/SA − 9 Directors ̶ 8 non-executive Directors of which − Management in the box 6 independent − 100% free float ̶ 1 executive Director ̶ Gender diversity ratio: 44 % − No poison pills − Audit Committee − Nomination & Remuneration Committee
Slide 65: Aedifica's international team
Aedifica’s international team > International presence in 6 countries with local teams managing the portfolio and the group’s growth in each country. Heinz Beekmann Jussi Karjula Team Germany Team Finland Aedifica’s HQ Eric Scheijgrond Maria Frid Team Netherlands Team Sweden UK Portfolio manager -65
Slide 66: Outlook
Outlook SARA Seniorenresidenz Bitterfeld-Wolfen - Germany -66-
Slide 67: Covid-19 impact
Covid-19 impact > Residential care portfolio (elderly & specialist care – approx. 93% of portfolio) > Occupancy drop due to “excess mortality” and admission stop. − Excess mortality during 5 to 6 weeks since end March − May back at more normal mortality levels (except in the UK) > Staffing absenteei
Slide 68: Outlook FY 2019/2020 update
Outlook FY 2019/2020 update > Budgeted rental income: €163 million > Budgeted EPRA Earnings: €97 million > Budgeted EPRA EPS: €3.87/share 1 taking into account dilution after ABB > Budgeted DPS: € 3.00/share (gross), 7% higher than PY Based on current information, no material change in EPRA Earnings
Slide 69: Outlook beyond FY 2019/2020
Outlook beyond FY 2019/2020 > Objective for future growth: EPS growth through − Enhancing long-term cash flows in healthcare real estate − Exploring new healthcare real estate segments − Exploring new countries > Continuing the track record € / share 4,2 4,0 3,8 3,87 3,74 3,6 3,4 3,15 3,25 3,2 3,0 3
Slide 70: Conclusion
Conclusion Residentie Poortvelden Aarschot - Belgium -70-
Slide 71: 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 72: Stefaan Gielens – CEO; Ingrid Daerden – CFO
Stefaan Gielens – Chief Executive Officer Ingrid Daerden – Chief Financial Officer -72-
Slide 73: 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 74: 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 75: Appendix
Appendix Hof van Schoten Schoten - Belgium -75-
Slide 76: Competitive markets
Aedifica Competitive markets > The World Economic Forum ranks all of the countries into which Aedifica expanded in its top 11 of Most Competitive Global Economies Rank Econom y Score 4 Netherlands 82.4 7 Germany 81.8 8 Sw eden 81.2 9 United Kingdom 81.2 11 Finland 80.2 22 Belgium 76.4 Source: World
Slide 77: 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 78: Innovative healthcare real estate
Innovative healthcare real estate Martha Flora Rotterdam The Martha Flora Rotterdam care residence in Rotterdam (NL) combines a sustainable building design with innovative technologies, while focusing on the wellbeing of the residents and their families. -78-
Slide 79: Innovative healthcare real estate
Innovative healthcare real estate Martha Flora Rotterdam > Specifically designed to offer safe & secure small-scale housing & care to persons with dementia > Focus on wellbeing & comfort > Meander: central space − Library − Living room − Kitchen − Workshop − Garden/roof terrace > 29 care units -79-
Slide 80: Innovative healthcare real estate
Innovative healthcare real estate Martha Flora Rotterdam > 100% green energy provided by 296 solar panels − providing sufficient energy for the thermal and hot water installation > Heat and cold storage installation − using 2 heat pumps and 125m deep sources to extract soil energy for heating and co
Slide 81: Notes
fre j Notes aecifica |' housing with care -81-