Slide 1: 1st quarter results 2017/2018
1st quarter results 2017/2018 30 September 2017 Brussels, 14 November 2017 -1-
Slide 2: Table of contents
Table of contents > Highlights Q1 2017/2018 > Strategy > Achievements > Portfolio analysis > Financials > Shares & shareholders > Outlook > Conclusion -2-
Slide 3: Highlights Q1 2017/2018
Highlights Q1 2017/2018 -3-
Slide 4: Highlights Q1 2017/2018 (1)
Highlights Q1 2017/2018 (1) > Rental income: €21.8 million, +26 % YoY > Real estate portfolio of €1.6 billion, an increase of approx. €57 million compared to 30 June 2017 > Investments realised or announced since 30 June 2017: €325 million > 7 portfolio additions and 2 projects available for use > H
Slide 5: Highlights FY 2016/2017 (2)
Highlights FY 2016/2017 (2) > Weighted average lease term: 20 years > Debt-to-assets ratio: 42.0 % > Change in FV of marketable investment properties: +€2 million > Award: “EPRA Gold Award” for 2015/2016 Annual Financial Report -5-
Slide 6: Investment activity - Belgium
Investment activity - Belgium Q1 2017/2018 (As of 30 September 2017) > 1 addition − De Duinpieper (Ostend) > 1 building available for use after renovation works − Villa Temporis (Hasselt) -6-
Slide 7: Investment activity - Germany
Investment activity - Germany Q1 2017/2018 (As of 30 September 2017) > 1 addition − Seniorenheim am Dom (Halberstadt) > 1 addition subject to outstanding conditions − Seniorenresidenz an den Kienfichten (Dessau-Rosslau) > 1 co-operation agreement − with Specht Gruppe (construction of 17 rest homes)
Slide 8: Investment activity - The Netherlands
Investment activity - The Netherlands Q1 2017/2018 (As of 30 September 2017) > 2 additions − Huize Hoog Kerckebosch (Zeist) − Martha Flora Den Haag (The Hague) > 1 site available for use after completion − Molenenk (Deventer) > 3 turnkey projects to be delivered − Huize De Compagnie (Ede) − Huize Te
Slide 9: Investment activity - The Netherlands Q2
Investment activity - The Netherlands Q2 2017/2018 (As of 14 November 2017) > 1 turnkey project to be delivered − Martha Flora Bosch en Duin (Zeist) -9-
Slide 10: Portfolio outlook
Portfolio outlook (As of 14 November 2017) > Total Portfolio outlook: ~ €1,937 m − €1,584 m (marketable investment properties incl. assets classified as held for sale, as of 30 September 2017) − - €4 m (assets classified as held for sale) − + €350 m (committed investments in pipeline, as of 30 Septe
Slide 11: Strategy
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Slide 12: Aedifica
Aedifica > Belgian REIT (RREC/SIR/GVV) − market cap ~ €1.5 billion − free float of 100 % − marketable investment properties ~ €1.6 billion − approx. 822,000 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, 2017. 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 ̶ Belgium: Woonzorgcentrum / Maison de repos ̶ Germany: Pflegeheim ̶ The Netherlands: Verpleeghuis, Zorgresidentie, ... − Assisted living / Independent living ̶ Belgium: Assistentiewoning / Résidence-services ̶ Germany: Betreutes Wohnen ̶
Slide 15: Segment information
Segment information Fair value of total portfolio: €1.6 billion Senior housing Apartment buildings in Hotels in Europe Belgium’s main cities in Belgium Weight1: 82 % 13 % 5% Gross yield1: 5.8 % 4.9 % 6.5 % EBIT margin2: 99 % 63 % 99 % 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: 27 % * 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 (€1,584 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 (€1,584 m) -19-
Slide 20: Milestones - Value creation since 2006
Milestones Value creation since 2006 -20-
Slide 21: Equity funding
Equity funding Equity and investment property growth €m -21-
Slide 22: Investments
Investments Since capital increase of March 2017 (in € million) Marketable investment Development Total properties projects carried out subject to outstanding conditions Martha Flora Hilversum The Netherlands 2 - 6 8 Villa Walgaerde1 The Netherlands 4 - - 4 La Ferme Blanche1 Belgium 6 - - 6 Het Goud
Slide 23: Portfolio analysis
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Slide 24: Segments
Segments (As of 30 September 2017) Apartment buildings (773 apartments in 34 sites) Senior housing (10,679 units in 118 sites) 6 hotels (544 rooms) & 4 others Marketable investment properties incl. assets classified as held for sale (€1,584 m). The Ring building, totalling 88 apartments, was transfe
Slide 25: Geographical breakdown
Geographical breakdown (As of 30 September 2017) The Netherlands Wallonia Germany Flanders Brussels Marketable investment properties incl.assets classified as held for sale (€1,584 m) -25-
Slide 26: Belgian healthcare portfolio
Belgian healthcare portfolio (As of 30 September 2017) > Senior housing portfolio of 73 assets: − Capacity of 7,396 residents − Total fair value of approx. €905 m − Yield on fair value of 5.6 % − Triple net long leases − Typical lease maturity: 27 years − 4 main tenants: Armonea, Orpea, Senior Livin
Slide 27: Belgian healthcare portfolio
Belgian healthcare portfolio (As of 30 September 2017) Belgium Senior housing To be completed -27-
Slide 28: 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 -28-
Slide 29: German healthcare portfolio
German healthcare portfolio (As of 30 September 2017) > Senior housing portfolio of 23 assets*: − Capacity of 2,375 residents − Total fair value of €219 m − Yield on fair value of 6.5 % − Double net long leases − Typical lease maturity: 20 - 25 years − 10 tenants (Aaetas Management, Alloheim, Cosiq,
Slide 30: German healthcare portfolio
German healthcare portfolio (As of 30 September 2017) Germany Senior housing Senior housing Apartment buildings To be completed Hotels & other Hotels & other -30-
Slide 31: German healthcare portfolio
German healthcare portfolio Service-Residenz Residenz Zehlendorf, Schloss Bensberg, Berlin Bergisch Gladbach • €8 m invested • €14 m invested amount amount • 145 units • 87 units Am Kloster, Käthe-Bernhardt-Haus, Halberstadt Husum • €11 m invested • €7 m invested amount amount • 136 units • 80 units
Slide 32: Dutch healthcare portfolio
Dutch healthcare portfolio (As of 30 September 2017) > Senior housing portfolio of 22 assets*: − Capacity of 908 residents − Total fair value of €177 m − Yield on fair value of 5.7 %** − Mostly triple net long leases − Typical lease maturity: 15 - 20 years − 8 main tenants (Compartijn, Domus Magnus,
Slide 33: Dutch healthcare portfolio
Dutch healthcare portfolio (As of 30 September 2017) The Netherlands Senior housing To be completed Hotels & other -33-
Slide 34: 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 -34-
Slide 35: Healthcare real estate tenants
Healthcare real estate tenants > 118 sites with 76 tenants (or 28 ‘groups’)* representing European, national and local profit and not-for-profit operators * As of 30 September 2017. -35-
Slide 36: Lease maturity
Lease maturity (As of 30 September 2017) 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 (€1,584 m). -36-
Slide 37: Age of buildings
Age of buildings (As of 30 September 2017) Other contracts Buildings > 10 years 11 % Other contracts Long-term Buildings between 16 % triple net 0-10 years 73 % contracts Marketable investment properties incl.assets classified as held for sale (€1,584 m). -37-
Slide 38: Occupancy rate
Occupancy rate 99 % 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 39: Gross yields on fair value
Gross yields on fair value (As of 30 September 2017) Weighted average 5.7 % -39-
Slide 40: Segment EBIT margins
Segment EBIT margins* (As of 30 June 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 % 99 %
Slide 41: 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 42: Portfolio growth
Portfolio growth Development projects as of 30 June 2017 Project or renovation Estimated Inv. as of Futur inv. Date of Comments (in millions €) inv. 30/09/2017 completion I. In progress Genderstate/Petruspark/Parc Imstenrade Eindhoven (NL)/ 2 1 1 2017/2018 Renovation Résidence Les Cheveux d'Argent S
Slide 43: Development projects
Development projects 7 4 4 -11 7 -10 40 -9 -2 -2 -0 350 200 122 -43-
Slide 44: Financials
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Slide 45: Income Statement - business driven
Income Statement Business driven Income Statement - analytical scheme 30 June 2017 30 June 2016 Var. (x €1,000) Rental income 78,983 59,822 +32% Rental-related charges -48 -35 Net rental income 78,935 59,787 +32% Operating charges -13,158 -12,173 Operating result before result on portfolio 65,777 47
Slide 46: Rental income (June 2017)
Rental income (As of 30 June 2017) +19,906 -807 +62 78,983 59,822 Change: +45.2 % -6.8 % +3.4 % +32.0 % Like-for-like change: +1.5 % -6.8 % +4.3 % -0.2 % 32 % increase YoY -46-
Slide 47: Rental income (September 2017)
Rental income (As of 30 September 2017) +4,597 -262 +160 21,848 17,351 Change: +33.9 % -9.5 %1 +14.9 %2 +25.9 % Like-for-like change: +1.3 % +1.4 % -0.7 % +1.2 % 26 % increase YoY 1 Due to the disposal of Tervueren 13 in June 2017 and to the transfer stated under note 2 below. 2 The Ring building wa
Slide 48: EPRA Earnings
EPRA Earnings (As of 30 June 2017) +19,906 -100 -807 +781 +121 -1,738 -6,946 +3,534 -50 -369 -694 47,964 34,326 -48-
Slide 49: Income Statement - market driven
Income Statement Market driven Income Statement - analytical scheme 30 June 2017 30 June 2016 (x €1,000) EPRA Earnings 47,964 34,326 Changes in fair value of financial assets and liabilities 5,119 -5,685 Changes in fair value of investment properties 10,357 10,775 Non cash Gains and losses on dispos
Slide 50: Hedging policy
Hedging policy (As of 30 June 2016) > Economic stability and Business driven: foreseeability of Avg effective interest rate of 2.3 %, interest cash below PY (2.9 %) and FY forecast (2.4 %) outflows... > ... even in spite Market driven: of accounting Change in FV of derivatives (non cash items) under
Slide 51: Consolidated balance sheet
Consolidated balance sheet (€ m) (As of 30 June 2017) Assets Equity & Liabilities 3 -51-
Slide 52: Debt-to-assets ratio
Debt-to-assets ratio Before After Before After SPO 2015 SPO 2015 SPO 2017 SPO 2017 Headroom*: - Debt increase of €291 m without investments or €729 m with investments - Drop of MTM of buildings of 30 % ** Based on bank covenant of max. 60 %. Based on legal max. of 65 %, headroom is respectively €372
Slide 53: Credit facilities
Credit facilities (As of 30 September 2017) Maturity Amount (€m) 2017/2018 5 2018/2019 118 2019/2020 80 2020/2021 90 2021/2022 167 2022/2023 160 2023/2024 156 2024/2025 and subsequent : 134 Total 910 Weighted Average Maturity (years) 4,6 Hedging policy - Hedges for ≥ 60% Approx. €57 m refinanced o
Slide 54: Net asset value
Net asset value Net asset value per share (in €) 30 September 2017 30 June 2017 Var. Based on fair value of investment properties Net asset value 50.13 49.40 1% Effect of the changes in fair value of hedging instruments 1.91 1.89 Net asset value excl. changes in fair value of hedging instruments 52.
Slide 55: Number of shares
Number of shares Number of shares 30 September 2017 30 June 2016 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) 17,975,820 15,235,
Slide 56: 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 > Inflation-linked contracts > Pipeline: − Committed − Pre-let > Track record of successful investments > Track record of successful financing (equity and d
Slide 57: EPRA key performance indicators
EPRA > Aedifica included in the EPRA indices > EPRA metrics: Key performance indicators according to the EPRA principles 30 June 2017 30 June 2016 EPRA Earnings (in €/share) 3.15 2.43 EPRA NAV (in €/share) 51.47 45.14 EPRA NNNAV (in €/share) 48.93 41.45 EPRA Net Initial Yield (NIY) (in %) 5.2% 5.2%
Slide 58: Shares & shareholders
Shares & shareholders fey aedifica | housing with care -58-
Slide 59: 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). -59-
Slide 60: Share price since IPO
Share price since IPO (As of 10 November 2017) Spot Var. (%) Aedifica 79.52 129 BEL MID 4,834.43 31 EPRA Belgium 1,320.34 -7 EPRA Europe 2,146.48 -20 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 (-
Slide 61: Total return since IPO
Total return since IPO (As of 10 November 2017) Var. (%) Aedifica total return* 118 240 EPRA Belgium total return 4,002 85 EPRA Europe total return 4,298 26 * 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)
Slide 62: Shareholding
Shareholding* (As of 30 September 2017) Free float 100 % * A total of 17,975,820 shares are listed on Euronext Brussels (28 March 2017). -62-
Slide 63: Rankings
Rankings > The highest free float of all Belgian REITs > 3th largest market cap amongst all Belgian REITs1 > 7th 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 November 2017 “Weekly Ta
Slide 64: 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 -64-
Slide 65: Awards
Awards Trends Aedifica’s CEO nominated for “Trends Manager of the Year 2017” > Stefaan Gielens is one of the ten nominees to become “Trends Manager of the Year 2017”. > The nomination is an acknowledgement of Aedifica’s international growth and its strategy as a pure play healthcare REIT. > The “Tre
Slide 66: Corporate governance
Corporate governance > Transparency > Board of Directors − NV/SA − 10 Directors − Management in the box ̶ 8 non-executive Directors of which 6 independent ones − Belgian Code 2009 on ̶ 2 executive Directors Corporate Governance ̶ Gender diversity ratio: 40 % − 100% free float − Audit Committee − No
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) Jean Kotarakos Chief Financial Officer (CFO) Laurence Gacoin Chief Operating Officer (COO) Sarah Everaert Chief Legal Officer (CLO) / Secretary-General Charles-A
Slide 68: Outlook
fey d | housing with care aedific ‘ae -68- Outlook
Slide 69: Outlook FY 2017/2018
Outlook FY 2017/2018 > Focus on investments − Development pipeline: ̶ Deliveries on track − New investments in healthcare real estate: ̶ Targets being studied in The Netherlands, Germany and Belgium − Objective for future growth: EPS growth through ̶ Enhancing long-term cash flows in healthcare real
Slide 70: 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 71: Outlook FY 2017/2018 - Future investments
Outlook FY 2017/2018 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 (co-operation agreement with Stichting Rendant, 19 July 2017) Germany (co-operation agreement wit
Slide 72: Outlook FY 2017/2018 - Budget
Outlook FY 2017/2018 > 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 -72-
Slide 73: Conclusion
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Slide 74: 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 75: sedifica |
sedifica | housing with care
Slide 76: Stefaan Gielens, Jean Kotarakos, Martina Carlsson
Stefaan Gielens - Chief Executive Officer Jean Kotarakos - Chief Financial Officer Martina Carlsson – Control & Communication manager -76-
Slide 77: 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 -77-
Slide 78: 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 79: Appendix
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Slide 80: 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 81: 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 -81-
Slide 82: 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. 2017 > Withholding tax: − General rule: 30 % (2017) − Reduced to 15 % for healthcare REITs as from 2017° °A R
Slide 83: Main tenants (1)
Main tenants (1) Segment Country Group controlling the legal Tenants Number of 30/06/2017 30/06/2016 entities in contractual relation sites with Aedifica SENIOR HOUSING 110 82% 75% Belgium 72 57% 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 84: Main tenants (2)
Main tenants (2) Segment Country Group controlling the legal Tenants Number of 30/06/2017 30/06/2016 entities in contractual relation sites with Aedifica SENIOR HOUSING 110 82% 75% Belgium 72 57% 59% Orpea 9 8% 10% Château Chenois Gestion SPRL 3 2% 3% New Philip SA 3 2% 2% Parc Palace SA 1 1% 2% Pro
Slide 85: Main tenants (3)
Main tenants (3) Segment Country Group controlling the legal Tenants Number of 30/06/2017 30/06/2016 entities in contractual relation sites with Aedifica SENIOR HOUSING 110 82% 75% Germany 22 16% 13% Orpea 5 4% 5% Senioren Wohnpark Weser GmbH 3 2% 3% Bonifatius Seniorendienstr GmbH °°° 1 1% 1% Senio
Slide 86: Main tenants (4)
Main tenants (4) Segment Country Group controlling the legal Tenants Number of 30/06/2017 30/06/2016 entities in contractual relation sites with Aedifica SENIOR HOUSING 110 82% 75% The Netherlands 16 10% 3% Domus Magnus 3 2% 2% Panta Rhei V BV 1 1% 1% DM Benvenuta BV 1 0% 0% DM Walgaerde B.V. 1 0% 0
Slide 87: Main tenants (5)
Main tenants (5) Segment Country Group controlling the legal Tenants Number of 30/06/2017 30/06/2016 entities in contractual relation sites with Aedifica HOTELS AND OTHER 9 5% 7% Belgium 9 5% 7% Martin's Hotels 2 4% 5% Martin's Brugge SA 1 2% 3% Martin's Hotel SA 1 2% 2% Different Hotel Group 4 1% 2
Slide 88: 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 89: 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 90: 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, residence in Vleuten Belgium), announced on (
Slide 91: Investments in 2016/2017 (4)
Investments in 2016/2017 (4) 19 January 2017 19 January 2017 Acquisition of a care Completion of the residence in Oude Pekela extension of a rest home in (Province of Groningen, Hasselt (Province of The Netherlands) Limburg, Belgium) • €5 m invested amount • €15 m invested amount • 32 units (includi
Slide 92: Investments in 2016/2017 (5)
Investments in 2016/2017 (5) 31 March 2017 Acquisition of a care residence to be constructed in Hilversum (Province of North Holland, The Netherlands) • €8 m to be invested • 33 units Martha Flora Hilversum (drawing) 31 March 2017 4 April 2017 Acquisition of a care Completion of the residence in Hil
Slide 93: Investments in 2016/2017 (6)
Investments in 2016/2017 (6) 4 April 2017 4 April 2017 Acquisition of a care Acquistion of a care residence in Kampen residence in Driebergen (Province of Overijssel, (Province of Utrecht, The The Netherlands) Netherlands) • €7 m invested amount • €1 m invested amount • 37 units • 9 units Het Gouden
Slide 94: Investments in 2016/2017 (7)
Investments in 2016/2017 (7) 30 May 2017 Acquisition of a rest home in Sint-Genesius-Rode (Province of Flemish Brabant, Belgium) • €21 m invested amount • 107 units Residentie Blaret 29 May 2017 30 May 2017 Acquisition of a care Acquisition of a residence to be healthcare site in Meppel constructed
Slide 95: Investments in 2016/2017 (8)
Investments in 2016/2017 (8) 31 May 2017 Acquisition of a senior housing site in Wuppertal-Elberfeld (North Rhine-Wesphalia, Germany) • €8 m invested amount • 79 units Seniorenresidenz Laurentiusplatz 13 June 2017 Acquisition of a rest home in Halberstadt (Saxony-Anhalt, Germany) • €9 m invested amo
Slide 96: Investments in 2017/2018 (1)
Investments in 2017/2018 (1) 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 10 July 2017 Acquisition of a care residence to be constructed in Ede
Slide 97: 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 to be invested • 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 (Provinc
Slide 98: 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), subject to The Netherlands) outstanding conditions • €8.5 m invested amount • €6 m
Slide 99: Investments in 2017/2018 (4)
Investments in 2017/2018 (4) 8 November 2017 Acquisition of a care residence to be constructed in Bosch en Duin (Province of Utrecht, The Netherlands) • €7 m to be invested • 27 units Martha Flora Bosch en Duin -99-
Slide 100: Notes
fre ; Notes aecifica |' housing with care -100-