Slide 1: 3rd quarter results 2017/2018
3rd quarter results 2017/2018 31 March 2018 Brussels, 16 May 2018 -1-
Slide 2: Table of contents
Table of contents > Highlights Q3 2017/2018 > Strategy > Achievements > Portfolio analysis > Financials > Shares & shareholders > Outlook > Conclusion -2-
Slide 3: Highlights Q3 2017/2018
Highlights Q3 2017/2018 -3-
Slide 4: Highlights Q3 2017/2018 (1)
Highlights Q3 2017/2018 (1) > Rental income: €67.7 million, +17 % YoY, +2.1 % L-F-L > Rental income and EPRA Earnings slightly ahead of budget > Dividend forecast unchanged at €2.50 gross per share, an increase of 11 % > Real estate portfolio of €1.7 billion, a 10 % increase compared to 30 June 2017
Slide 5: Highlights Q3 2017/2018 (2)
Highlights Q3 2017/2018 (2) > Healthcare real estate: 83% of the portfolio, totaling €1,374 million spread over 130 sites in 3 countries − €921 million in Belgium (73 sites) − €259 million in Germany (27 sites) − €194 million in The Netherlands (30 sites) > Investments realised or announced since Ma
Slide 6: Investment activity - Belgium
Investment activity - Belgium Q3 2017/2018 (As of 31 March 2018) > 2 sites available for use after extension works − Résidence l’Air du Temps (Chênée) − Résidence Les Cheveux d’Argent (Sart-lez-Spa) -6-
Slide 7: Investment activity - The Netherlands
Investment activity - The Netherlands Q3 2017/2018 (As of 31 March 2018) > 1 addition − Martha Flora Hoorn (Hoorn) > Renovation works completed − Genderstate/Petruspark/Parc Imstenrade (Eindhoven/Heerlen) > 5 turnkey projects to be delivered − Huize Roosdael (Roosendaal) − Leusden (Leusden) − Septem
Slide 8: Investment activity - Germany
Investment activity - Germany Q4 2017/2018 (As of 16 May 2018) > 1 addition − advita Haus Zur Alten Berufsschule (Zschopau) > 2 additions subject to outstanding conditions − Pflegeteam Odenwald (Wald-Michelbach) − Park Residenz (Neumünster) -8-
Slide 9: Investment activity - The Netherlands
Investment activity - The Netherlands Q4 2017/2018 (As of 16 May 2018) > 2 turnkey projects completed − Het Gouden Hart van Leersum (Leersum) − Martha Flora Hilversum (Hilversum) -9-
Slide 10: Portfolio outlook
Portfolio outlook (As of 16 May 2018) > Total Portfolio outlook: > €2 billion €1,660 m (marketable investment properties incl. assets classified as held for sale, as of 31 March 2018) - €16 m (assets classified as held for sale) + €375 m (committed investments in pipeline, as of 31 March 2018) + €3
Slide 11: Strategy
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Slide 12: Aedifica
Aedifica > Belgian REIT (RREC/SIR/GVV) − market cap ~ €1.4 billion − free float of 100 % − marketable investment properties ~ €1.7 billion − approx. 860,000 m² > Focusing on healthcare real estate: “housing with care” − demographic evolution: ageing > European focus − Belgium − Germany − The Netherl
Slide 13: 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 14: Healthcare real estate
Healthcare real estate > Focus on senior housing − Rest homes (high care) ̶ Belgium: Woonzorgcentrum / Maison de repos ̶ Germany: Pflegeheim ̶ The Netherlands: Verpleeghuis, Zorgresidentie, ... − Assisted living / Independent living (low care) ̶ Belgium: Assistentiewoning / Résidence-services ̶ Germ
Slide 15: Segment information
Segment information Fair value of total portfolio: €1.7 billion Senior housing Apartment buildings in Hotels in Europe Belgium’s main cities in Belgium Weight1: 83 % 12 % 5% Gross yield1: 5.7 % 5.0 % 6.2 % EBIT margin2: 98 % 68 % 98 % → Cash flow → Value play → Cash flow (long leases) (long leases)
Slide 16: Achievements
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Slide 17: Milestones
Milestones Investment properties* Evolution since 2006 €m CAGR: 26 % * Incl. assets classified as held for sale. -17-
Slide 18: 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 (€1,660 m). The Ring building was transferred (on 1 July 2017) from the apartment buildings segment to the hotels and other segment. -18-
Slide 19: Milestones: Focus on Europe
Milestones Focus on Europe Geographical breakdown (fair value) Marketable investment properties incl.assets classified as held for sale (€1,660 m) -19-
Slide 20: Milestones: Value creation since 2006
Milestones Value creation since 2006 -20-
Slide 21: Investments since March 2017 capital increase (1/2)
Investments Since capital increase of March 2017 (1/2) (in € million) Marketable investment Development Total properties projects carried out subject to outstanding conditions Martha Flora Hilversum The Netherlands 8 - - 8 Villa Walgaerde1 The Netherlands 4 - - 4 La Ferme Blanche1 Belgium 6 - - 6 He
Slide 22: Investments since March 2017 capital increase (2/2)
Investments Since capital increase of March 2017 (2/2) (in € million) Marketable investment Development Total properties projects carried out subject to outstanding conditions Huize Roosdael The Netherlands 1 - 5 6 Leusden The Netherlands 1 - 3 4 Martha Flora Hoorn The Netherlands 1 - - 1 advita Hau
Slide 23: Portfolio analysis
. . Ae Portfolio analysis social housing with care -23-
Slide 24: Segments
Segments (As of 31 March 2018) Apartment buildings (768 apartments in 33 sites) Senior housing (approx. 11,000 units in 130 sites) 6 hotels (544 rooms) & 3 others Marketable investment properties incl. assets classified as held for sale (€1,660 m). The Ring building, totalling 88 apartments, was tra
Slide 25: Geographical breakdown
Geographical breakdown (As of 31 March 2018) The Netherlands Wallonia Germany Flanders Brussels Marketable investment properties incl. assets classified as held for sale (€1,660 m) -25-
Slide 26: Healthcare portfolio
Healthcare portfolio Segment diversification (As of 31 March 2018) Mixed facilities (assisted-living and other) Independent living Disabled care facilities 1% 8% 1% Mixed facilities 22 % (assisted and independent living) 68 % Assisted-living facilities Senior housing marketable investment properties
Slide 27: Belgian healthcare portfolio
Belgian healthcare portfolio (As of 31 March 2018) > Senior housing portfolio of 73 assets: − Capacity of approx. 7,400 residents − Total fair value of approx. €920 m − Yield on fair value of 5.6 % − Triple net long leases − Typical lease maturity: 27 years − 4 main tenants: Armonea, Orpea, Senior L
Slide 28: Belgian healthcare portfolio
Belgian healthcare portfolio (As of 31 March 2018) Belgium Senior housing To be completed -28-
Slide 29: Belgian healthcare portfolio
Belgian healthcare portfolio Residentie Sporenpark, Oase Aarschot Beringen Wissenstraat, Aarschot • €17 m invested • €24 m invested amount amount • 127 units • 120 units Leopoldspark, Hestia, Wemmel Leopoldsburg • €22 m invested • €21 m invested amount amount • 222 units • 150 units -29-
Slide 30: German healthcare portfolio
German healthcare portfolio (As of 31 March 2018) > Senior housing portfolio of 27 assets*: − Capacity of approx. 2,600 residents − Total fair value of approx. €260 m − Yield on fair value of 6.2 % − Double net long leases − Typical lease maturity: 20 - 25 years − 10 tenants (Aaetas Management, Allo
Slide 31: German healthcare portfolio
German healthcare portfolio (As of 16 May 2018) Germany Senior housing Senior housing Apartment buildings To be completed Hotels & other Hotels & other -31-
Slide 32: German healthcare portfolio
German healthcare portfolio Service-Residenz advita Haus Zur Schloss Bensberg, Alten Berufsschule, Bergisch Gladbach Zschopau • €14 m invested • €9 m invested amount amount • 87 units • 127 units Am Kloster, Käthe-Bernhardt-Haus, Halberstadt Husum • €11 m invested • €7 m invested amount amount • 136
Slide 33: Dutch healthcare portfolio
Dutch healthcare portfolio (As of 31 March 2018) > Senior housing portfolio of 30 assets: − Capacity of approx. 1,000 residents − Total fair value of approx. €190 m − Yield on fair value of 5.5 %** − Mostly triple net long leases − Typical lease maturity: 15 - 20 years − 9 main tenants (Compartijn,
Slide 34: Dutch healthcare portfolio
Dutch healthcare portfolio (As of 16 May 2018) The Netherlands Senior housing To be completed Hotels & other -34-
Slide 35: Dutch healthcare portfolio
Dutch healthcare portfolio Saksen Weimar, Het Gouden Hart, Arnhem Kampen • €8 m invested • €7 m invested amount amount • 42 units • 37 units Genderstate, Het Dokhuis, Eindhoven Oude Pekela • €10 m invested • €5 m invested amount amount • 44 units • 32 units -35-
Slide 36: Healthcare real estate tenants
Healthcare real estate tenants > 130 sites with >80 tenants (or >30 ‘groups’)* representing European, national and local profit and not-for-profit operators * As of 31 March 2018. -36-
Slide 37: Lease maturity
Lease maturity (As of 31 March 2018) Initial lease term < 15 years 13 % 87 % ≥ 15 years, irrevocable Weighted average lease term 20 years Marketable investment properties incl.assets classified as held for sale (€1,660 m). -37-
Slide 38: Age of buildings
Age of buildings (As of 31 March 2018) 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 (€1,660 m). -38-
Slide 39: 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 40: Gross yields on fair value
Gross yields on fair value (As of 31 March 2018) Weighted average 5.6 % -40-
Slide 41: Segment EBIT margins
Segment EBIT margins* (As of 31 December 2017) Senior Apartment Hotels & Unallocated & TOTAL housing buildings other 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 42: Valuation of property
Valuation of property* 2008 → 2017 FY 2008/2009 FY 2009/2010 FY 2010/2011 FY 2011/2012 FY 2012/2013 €k % €k % €k % €k % €k % Senior housing 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 & other -1,415 -4% -963 -2% 1,191 2% 45 0% -
Slide 43: Portfolio growth
Portfolio growth Development projects as of 31 March 2018 Projects or renovations Estimate Inv. as of Future Date of Comments (in € million) d inv. 31/03/2018 inv. completion I. Projects in progress Het Gouden Hart van Leersum 2 Leersum (NL) 4 4 0 2017/2018 Construction of a care residence Martha Fl
Slide 44: Development projects
Development projects 4 3 3 -2 -2 -2 -3 5 4 -7 -9 5 5 -10 7 5 -11 9 7 0 375 40 200 122 -44-
Slide 45: Financials
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Slide 46: Rental income
Rental income (As of 31 March 2018) +9,896 -443 +502 67,717 57,762 Disposals -€332 k Disposals -€112 k Transfer Ring -€557 k Transfer Ring +€550 k Other changes +€446 k Other changes +€64 k -€443 k +€502 k Change: +21.3 % -5.4 %1 +15.7 %2 +17.2 % Like-for-like change: +1.6 % +6.1 % -0.1 % +2.1 % 17
Slide 47: Income Statement - Business driven
Income Statement Business driven Income Statement - analytical scheme 31 December 2017 31 December 2016 Var. (x €1,000) Rental income 44,478 37,253 +19% Rental-related charges -27 -27 Net rental income 44,451 37,226 +19% Operating charges -7,267 -5,338 Operating result before result on portfolio 37,
Slide 48: EPRA Earnings
EPRA Earnings (As of 31 December 2017) +7,296 -479 -390 -264 +280 -1,147 +567 -124 +3 -172 -603 28,335 23,368 -48-
Slide 49: EPRA Earnings vs Budget
EPRA Earnings vs Budget (As of 31 December 2017) -49-
Slide 50: Income Statement - Market driven
Income Statement Market driven Income Statement - analytical scheme 31 December 2017 31 December 2016 (x €1,000) EPRA Earnings 28,335 23,368 Changes in fair value of financial assets and liabilities -523 3,443 Changes in fair value of investment properties 8,989 597 Non cash Gains and losses on disp
Slide 51: Hedging policy
Hedging policy (As of 31 December 2017) > Economic stability and Business driven: foreseeability of Avg effective interest rate of 2.2 %, interest cash below H1 PY (2.4 %) and H1 budget (2.3 %) outflows... > ... even in spite Market driven: of accounting Change in FV of derivatives (non cash items)
Slide 52: Consolidated balance sheet
Consolidated balance sheet (€ m) (As of 31 December 2017) Assets Equity & Liabilities 3 2 -52-
Slide 53: Debt-to-assets ratio
Debt-to-assets ratio Before After Before After SPO 2015 SPO 2015 SPO 2017 SPO 2017 Headroom*: - Debt increase of €263 m without investments or €659 m with investments - Drop of MTM of buildings of 26 % ** Based on bank covenant of max. 60 %. Based on legal max. of 65 %, headroom is respectively €349
Slide 54: Credit facilities
Credit facilities (As of 15 May 2018) Maturity Amount Utilisation (€m) 2017/2018 5 5 2018/2019 38 18 2019/2020 80 80 2020/2021 90 90 2021/2022 166 117 2022/2023 190 102 2023/2024 155 105 2024/2025 and subsequent : 337 230 Total 1,062 747 Hedging policy Weighted Average Maturity (years) 4.9 4.6 - Hed
Slide 55: Net asset value
Net asset value Net asset value per share (in €) 31 March 2018 30 June 2017 Var. Based on fair value of investment properties Net asset value 50.59 47.48 7% Effect of the changes in fair value of hedging instruments 1.81 1.89 Net asset value excl. changes in fair value of hedging instruments 52.40 4
Slide 56: Number of shares
Number of shares Number of shares 31 March 2018 30 June 2017 Number of shares outstanding* 17,975,820 17,975,820 Total number of shares 17,975,820 17,975,820 Total number of shares on the stock market 17,975,820 17,975,820 Weighted average number of shares outstanding (IAS 33) 17,975,810 15,235,696
Slide 57: 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 58: EPRA key performance indicators
EPRA > Aedifica included in the EPRA indices > EPRA metrics: Key performance indicators according to the EPRA principles 31 December 2017 31 December 2016 EPRA Earnings* (in €/share) 1.58 1.64 EPRA Cost Ratio (including direct vacancy costs)* (in %) 16% 14% EPRA Cost Ratio (excluding direct vacancy
Slide 59: Shares & shareholders
Shares & shareholders fey aedifica | housing with care -59-
Slide 60: Dividend track record
Dividend track record * 2017/2018 budgeted dividend (see section 11 of the Board of Directors’ Report included in the 2016/2017 Annual Financial Report). -60-
Slide 61: Share price since IPO
Share price since IPO (As of 11 May 2018) Spot Var. (%) Aedifica 79.60 130 BEL MID 5,350.19 45 EPRA Belgium 1,369.02 -3 EPRA Europe 2,255.84 -16 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 (- €1,60
Slide 62: Total return since IPO
Total return since IPO (As of 11 May 2018) Var. (%) Aedifica total return* 118 241 EPRA Belgium total return 4,308 99 EPRA Europe total return 4,611 35 * 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 2
Slide 63: Shareholding
Shareholding1 (As of 31 March 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 17,975,820 shares are listed on Euronext Bruss
Slide 64: Rankings
Rankings > The highest free float of all Belgian REITs > 3th largest market cap amongst all Belgian REITs1 > In 2017, Aedifica was the largest private investor in Dutch healthcare real estate2 1 Based on the 11 May 2018 “Weekly Table Value” by Bank Degroof Petercam 2 Trends Nederlands Zorgvastgoed,
Slide 65: 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 -65-
Slide 66: Corporate governance
Corporate governance > Transparency > Board of Directors − NV/SA − 9 Directors − Management in the box ̶ 8 non-executive Directors of which 6 independent ones − Belgian Code 2009 on ̶ 1 executive Director Corporate Governance ̶ Gender diversity ratio: 44 % − 100% free float − Audit Committee − No po
Slide 67: Management team
Management team > Management committee − CIO and CM&AO added on 1 October 2017 Name Function Stefaan Gielens Chief Executive Officer (CEO) Laurence Gacoin Chief Operating Officer (COO) Sarah Everaert Chief Legal Officer (CLO) / Secretary-General Charles-Antoine van Aelst Chief Investment Officer (CI
Slide 68: Outlook
fey d | housing with care aedific ‘ae -68- Outlook
Slide 69: Outlook FY 2017/2018
Outlook FY 2017/2018 Reminder of budget > Budgeted rental income: €91 m > Budgeted EPRA Earnings: €57 m > Budgeted EPRA EPS: €3.15/share > Budgeted DPS: € 2.50/share (gross), 11% higher than PY -69-
Slide 70: Outlook FY 2017/2018
Outlook FY 2017/2018 > Focus on investments − Development pipeline: ̶ Pipeline at record level ̶ Deliveries on track (see next slide) − New investments in healthcare real estate: ̶ Targets being studied in The Netherlands, Germany and Belgium − Objective for future growth: EPS growth through ̶ Enhan
Slide 71: Outlook FY 2017/2018: Development pipeline
Outlook FY 2017/2018 Portfolio - Focus on investments > Development pipeline: Villa Temporis II Molenenk Seniorenheim am Dom Genderstate/Petruspark/Parc Imstenrade Résidence Les Cheveux d’Argent Résidence l’Air du Temps Het Gouden Hart van Leersum Huize Lieve Moenssens Martha Flora
Slide 72: Conclusion
Ae Conclusion sede] housing with care ied ’ -72-
Slide 73: 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 74: sedifica |
sedifica | housing with care
Slide 75: Stefaan Gielens - Chief Executive Officer
Stefaan Gielens - Chief Executive Officer Martina Carlsson – Control & Communication manager -75-
Slide 76: 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 (7th floor) 1000 Brussels Tel: +32 (0)2 626 07 70 - Fax: +32 (0)2 626 07 71 info@aedifica.eu www.aed
Slide 77: 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 78: Appendix
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Slide 79: 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 80: 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 > March 2017: 4th SPO -80-
Slide 81: Dividend FY 2016/2017
Dividend FY 2016/2017 Dividend policy > DPS 2017/2018 guidance: €2.50 / share (gross) − Subject to approval of the Board of Directors in September 2018 − Subject to AGM to be held on 26 Oct. 2018 > Withholding tax: − General rule: 30 % − Reduced to 15 % for healthcare REITs1 1 A Royal Decree is expe
Slide 82: Main tenants (1)
Main tenants (1) Segment Country Group controlling the legal Tenants Number of 31/12/2017 30/06/2017 entities in contractual relation sites with Aedifica SENIOR HOUSING 124 83% 83% Belgium 73 55% 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 83: Main tenants (2)
Main tenants (2) Segment Country Group controlling the legal Tenants Number of 31/12/2017 30/06/2017 entities in contractual relation sites with Aedifica SENIOR HOUSING 124 83% 83% Belgium 73 55% 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 84: Main tenants (3)
Main tenants (3) Segment Country Group controlling the legal Tenants Number of 31/12/2017 30/06/2017 entities in contractual relation sites with Aedifica SENIOR HOUSING 124 83% 83% Germany 27 17% 16% Armonea 1 1% 0% Deutsche Pflege und Wohnstift GmbH 1 1% 0% Orpea 5 3% 4% Senioren Wohnpark Weser Gmb
Slide 85: Main tenants (4)
Main tenants (4) Segment Country Group controlling the legal Tenants Number of 31/12/2017 30/06/2017 entities in contractual relation sites with Aedifica SENIOR HOUSING 124 83% 83% The Netherlands 24 11% 10% Compartijn 3 1% 0% Compartijn Exploitatie BV 3 1% 0% Domus Magnus 4 2% 2% Panta Rhei V BV 1
Slide 86: Main tenants (5)
Main tenants (5) Segment Country Group controlling the legal Tenants Number of 31/12/2017 30/06/2017 entities in contractual relation sites with Aedifica HOTELS AND OTHER 9 6% 5% Belgium 9 6% 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 2017/2018 (1)
Investments in 2017/2018 (1) © Peters & Lammerink Architecten 19 July 2017 Co-operation agreement for the construction of two senior housing sites in Leeuwarden and Heerenveen (Province of Friesland, The Netherlands) • €40 m to be invested • 260 units Aldlânstate © ARCOM Partners BV 10 July 2017 Agr
Slide 88: Investments in 2017/2018 (2)
Investments in 2017/2018 (2) 17 August 2017 Co-operation agreement for the construction of 17 rest homes in Germany • €200 m total investment • 1,500 units Project in Lower Saxony 24 August 2017 24 August 2017 Acquisition of a care Completion of a care residence in Zeist residence in Deventer (Provi
Slide 89: Investments in 2017/2018 (3)
Investments in 2017/2018 (3) 11 September 2017 Acquisition of a rest 12 September 2017 Acquisition of a care home in Dessau-Rosslau residence in The Hague (State of Saxony-Anhalt, (Province of South Holland, Germany) The Netherlands) • €6 m invested amount • €8.5 m invested amount • 88 units • 28 un
Slide 90: Investments in 2017/2018 (4)
Investments in 2017/2018 (4) 8 December 2017 Acquisition of a portfolio of 3 senior housing sites in Germany • €27.5 m invested amount • 186 units Bremerhaven I Bremerhaven II Cuxhaven © Kolpa Architecten 8 November 2017 Agreement for the construction of a care residence in Bosch en Duin (Province o
Slide 91: Investments in 2017/2018 (5)
Investments in 2017/2018 (5) © BVR Groep BV 9 January 2018 Agreement for the construction of a care 15 February 2018 residence in Roosendaal Acquisition of a senior (Province of North Brabant, housing site in Zschopau The Netherlands) (State of Saxony, Germany) • €1 m invested amount • €9 m invested
Slide 92: Investments in 2017/2018 (6)
Investments in 2017/2018 (6) © H-Kwadraat Architectuur 27 February 2018 16 March 2018 Agreement for the Agreement for the construction of a care construction of a care residence in Eersel residence in Tilburg (Province of North Brabant, (Province of North Brabant, The Netherlands) The Netherlands) •
Slide 93: Investments in 2017/2018 (9)
Investments in 2017/2018 (9) 30 March 2018 24 April 2018 Extension of a rest home Completion of a care in Chênée completed residence in Leersum (Province of Liège, (Province of Utrecht, The Belgium) Netherlands) • €7 m invested amount • €6 m invested amount • 137 units in total • 26 units Résidence
Slide 94: Investments in 2017/2018 (10)
Investments in 2017/2018 (10) 3 May 2018 Agreement for the acquisition of a residential care facility in Wald-Michelbach (State of Hesse, Germany) • €3 m invested amount • 32 units in total Pflegeteam Odenwald 3 May 2018 Agreement for the acquisition of a senior apartment complex in Neumünster (Stat
Slide 95: Notes
fre ; Notes aecifica |' housing with care -95-
Slide 96: Notes
fre ; Notes aecifica |' housing with care -96-