Aedifica SA

Earnings Release • May 12, 2015

12 May 2015 – After closing of markets Under embargo until 17:40 CET

AEDIFICA

Public limited liability company Public regulated real estate company under Belgian law Registered office: avenue Louise 331-333, 1050 Brussels Enterprise number: 0877.248.501 (RLE Brussels) (the "Company")

Interim statement of the Board of Directors 3rd quarter 2014/2015

• 2 sites added to the portfolio since 1 January 2015, one in Belgium and one in Germany
• Senior housing now represents 70 % of the portfolio
• The share of the real estate portfolio located in Germany exceeds €100 million, i.e. 12 % of the total portfolio
• 98.0 % occupancy rate for the unfurnished portion of the portfolio as of 31 March 2015 and 76.8 % for the furnished portion
• 22 % increase in consolidated rental income as compared to 31 March 2014, ahead of budget
• Fair value of investment properties of €994 million as of 31 March 2015, an increase of €209 million (i.e. +27 %) compared to 30 June 2014
• €16 million increase in the fair value of investment properties (of which €11 million, i.e. +1.1 %, relates to marketable investment properties) recognised in the income statement since the beginning of the 2014/2015 financial year
• 52.1 % debt-to-assets ratio as of 31 March 2015
• Confirmed dividend forecast for the current financial year (€2.00 gross per share)

12 May 2015 – After closing of markets Under embargo until 17:40 CET

1. Summary of the activities since 1 January 2015

Aedifica's investment strategy is built on two underlying demographic trends, namely population ageing in Western Europe and population growth in Belgium's main cities. These two trends contribute to market confidence in the Company as demonstrated by the increasing stock price which, over the quarter under review, rose from €55.55 (31 December 2014) to €62.50 (31 March 2015). The stock price closed at €60.95 on 11 May 2015.

Since 1 January 2015, two sites were added to the portfolio:

• The Service-Residenz Schloss Bensberg complex, comprising 87 apartments, has been contributing to the Company's result since 1 March 2015;
• The new Residentie Sporenpark rest home, comprising 110 beds and 17 assisted-living apartments, entered into operational use on 28 April 2015.

These projects fit perfectly with Aedifica's strategy which, in the senior housing segment, aims to improve existing sites and to develop new projects in partnership with tenants/operators. The current pipeline for projects of this type represents a total committed budget of €142 million, to be invested over a four-year period. This strategy allows Aedifica to maintain a portfolio of high-quality buildings that generate attractive net yields.

Not only interested in investing, Aedifica also strives for optimal management of its real estate portfolio amid today's unstable economic climate. The Company's portfolio consists of:

• - senior housing, which represents the most significant segment both in terms of value (70 % of the fair value of marketable investment properties) and rental income;
• - apartment buildings, which represent 22 % of the fair value of marketable investment properties; and
• - hotels, which, at 8 % of the fair value of the marketable investment properties, represent a residual, non-strategic segment for the Company.

This portfolio provides for excellent rental incomes, which amount to €36.3 million for the first three quarters of the current financial year. This income level is supported by occupancy rates of 98.0 % for the unfurnished portion of the portfolio and 76.8 % for the furnished portion.

New investment opportunities are currently under consideration, in both Belgium and Germany. These potential investments are fully aligned with Aedifica's strategy.

Given the Company's strong performance in the 1st half of the financial year, recent investments, the Group's forecasts and actual market conditions, the Board of Directors increased its dividend forecast for the current financial year on the occasion of the Half Year Financial Report to set a revised expectation of €2.00 gross per share.

12 May 2015 – After closing of markets Under embargo until 17:40 CET

2. Important events

Service-Residenz Schloss Bensberg1

2.1. Acquisitions and project completions

2.1.1. Acquisition of the Service-Residenz Schloss Bensberg assisted-living apartment complex (Bergisch Gladbach, North Rhine-Westphalia, Germany)

On 1 March 2015, Aedifica acquired an assisted-living complex, located in North Rhine-Westphalia (Germany), as announced in the press release of 17 December 2014, having fulfilled all conditions. Aedifica paid the purchase price and acquired full use of the buildings effective 1 March 2015. The operation was financed using Aedifica's credit facilities.

The acquired complex comprises 87 apartments and 8 commercial spaces including a swimming pool, as well as 99 underground parking spaces.

Aedifica entered into two leases for the buildings, namely:

• A 7-year fixed lease (with a 5-year extension clause) with the seller of the site, the insurance company AachenMünchener Lebensversicherung: this lease is applicable to 18 apartments. These apartments are rented by AachenMünchener in order to host staff during their time at the on-site training centre.
• A 25-year fixed lease with Schloss Bensberg Management GmbH ("SBM"): this lease is applicable to all buildings operated by SBM as "assisted-living apartments" for seniors

¹ Copyright: © C. Arlinghaus.

12 May 2015 – After closing of markets Under embargo until 17:40 CET

(excludes the 18 apartments rented to AachenMünchener). SBM sublets the apartments and the commercial spaces to occupants. It is anticipated that SBM's lease will integrate the apartments rented to AachenMünchener in the event that the lease applicable to these apartments expires.

The contractual value of the complex amounts to approx. €14 million, which provides for an initial gross rental yield of approx. 6 %.

2.1.2. Completion of a new rest home: Residentie Sporenpark (province of Limburg, Belgium)

On 28 April 2015, Aedifica announced the completion of the new Residentie Sporenpark rest home, located in Beringen (province of Limburg).

Residentie Sporenpark comprises 110 beds and 17 assisted-living apartments. The site is operated by Senior Living Group (a subsidiary of the Korian – Medica group, a major player in the European senior care market) on the basis of a 27-year triple net long lease. The investment amounted to approx. €17 million (including plot of land) and generates an initial triple net rental yield of approx. 6 %.

The construction of Residentie Sporenpark began in 2013, as announced in the press release of 18 December 2012, and is part of a broader project, called be-MINE, located on the former mining site in Beringen-Mijn. The objective of this project is to redevelop the touristic and recreational aspects of the site by evenly intertwining urban functions such as living, working and shopping. The Houtpark residential project brings together various accommodations: single-family dwellings, apartments, a rest home and assisted-living apartments. Aedifica is delighted to have played a part in this ambitious project through the development of Residentie Sporenpark.

2.2. Development projects in progress

The following development projects are in progress:

• Rue Haute (renovation of an apartment building in Brussels);
• Villa Temporis (construction of a rest home and renovation of assisted-living apartments in Hasselt);
• Martin's Brugge (partial renovation of the hotel);
• Salve (renovation of a rest home in Brasschaat);
• 't Hoge (extension and renovation of a rest home in Kortrijk);
• Pont d'Amour (extension of a rest home in Dinant);
• Helianthus (extension of a rest home in Melle);
• Marie-Louise (renovation and conversion into assisted-living apartments in Wemmel);
• Au Bon Vieux Temps (construction of a rest home in Mont-Saint-Guibert); and
• Op Haanven (extension and renovation of a rest home in Veerle-Laakdal).

12 May 2015 – After closing of markets Under embargo until 17:40 CET

2.3. Disposals

On 12 February 2015, the Bara semi-industrial building, included in the assets classified as "held for sale" as of 31 December 2014, was sold for approx. €0.6 million. This sale generated a net gain on disposal of more than 50 % as compared to its most recent fair value determined by the Company's independent expert. The disposals of the assisted-living apartments located in Tienen and in Aarschot, as noted in the Half Year Financial Report 2014/2015, continue.

2.4. Financing

The timetable showing maturity of Aedifica's credit facilities is unchanged compared to the timetable published in the 2014/2015 Half Year Financial Report and is as follows (in € million):

-	> 2022/2023:	15
-	2021/2022:	25
-	2020/2021:	2
-	2019/2020:	80
-	2018/2019:	102
-	2017/2018:	92
-	2016/2017:	150
-	2015/2016:	85
-	2014/2015:	0

2.5. Other events

2.5.1. Aedifica Asset Management GmbH

On 5 January 2015, Aedifica announced that it established (on 1 January 2015) a subsidiary in Germany: Aedifica Asset Management GmbH. This subsidiary advises and supports Aedifica in the growth and management of its real estate portfolio in Germany.

2.5.2. Shareholding structure

In accordance with the requirements of Article 14 of the Act of 2 May 2007 on the disclosure of major shareholdings, Aedifica received on 12 March 2015 a transparency notification from Jubeal Fondation. Jubeal Fondation informed that its shareholding in Aedifica's capital fell below the 5 % threshold as of 4 December 2014. Aedifica's free float now is 94.54 %. This is a very high level as compared to the free float level of the Belgian REITs.

12 May 2015 – After closing of markets Under embargo until 17:40 CET

3. Turnover of 3rd quarter 2014/2015

The Group's consolidated turnover (consolidated rental income) for the third quarter of the current financial year (1 January 2015 – 31 March 2015) amounts to €13.4 million. This marks an increase of 29 % as compared to the same period during the prior year (€10.4 million).

The consolidated turnover for the first three quarters of the current financial year (1 July 2014 – 31 March 2015) amounts to €36.3 million, i.e. +22 % as compared to the same period of the previous financial year. This is ahead of budget.

Consolidated rental income (x €1,000)	T1	T2	T3	31 March 2015	T1	T2	T3	31 March 2014	Var. (%) on a like-for-like basis	Var. (%)
Senior housing	7,313	7,807	9,317	24,437	5,424	5,979	6,417	17,820	+1%	+37%
Apartment buildings	2,924	2,924	3,088	8,936	3,041	2,998	2,957	8,996	-2%	-1%
Hotels and other	1,000	1,000	997	2,997	1,030	1,032	1,033	3,095	-3%	-3%
Inter-segment	-26	-28	-30	-84	-26	-25	-28	-79
Total	11,211	11,703	13,372	36,286	9,469	9,984	10,379	29,832	-1%	+22%

The consolidated rental income by segment is presented in the following table:

The evolution of rental income in the senior housing segment (+37 % compared to the same period in the previous financial year and +1 % on a like-for-like basis) demonstrates the importance of Aedifica's investment strategy in this segment, which now generates more than 67 % of the turnover.

The slight decrease in rental income for the apartments segment can be attributed to the furnished apartments, which have experienced amplified seasonality arising from the economic climate (as noted in previous publications), and to internal factors such as:

• The change in corporate policy to gradually phase-out rentals of less than 3 months,
• the fact that Aedifica is currently taking advantage of the economic slowdown to renovate some of its furnished apartments, and
• the conversion of furnished apartments into unfurnished apartments (since an unfurnished apartment generates by definition lower gross rental incomes than a furnished apartment).

Note, however, that the slight decrease in rental income for furnished apartments has not translated into a decrease of the same magnitude in the operating result of the concerned buildings.

In the hotel segment, as mentioned in previous publications, negative changes can be attributed to rent reductions granted to certain tenants in previous financial years in order to preserve their rent to EBITDAR ratios, and therefore their cash flows and asset values.

12 May 2015 – After closing of markets Under embargo until 17:40 CET

4. Investment properties as of 31 March 2015

During the first three quarters of the current financial year, Aedifica increased its portfolio of marketable investment properties by €191 million, from a fair value of €766 million to €956 million (€994 million for the total portfolio, including development projects). This 25 % growth comes mainly from net acquisitions during the first three quarters of the financial year, completion of development projects and changes in the fair value of marketable investment properties recognised in income (+€10.7 million, or +1.1 % over the first three quarters). The fair value of marketable investment properties, as assessed by independent experts, is broken down as follows:

• senior housing: + €10.2 million, i.e. +1.5 %;
• apartment buildings: + €0.4 million, i.e. +0.2 %; and
• hotels and other: + €0.1 million, i.e. +0.1 %.

Aedifica has 153 marketable investment properties, with a total surface area of approx. 469,000 m² , consisting mainly of:

• 67 senior housing sites with a capacity of 6,365 residents;
• 865 apartments; and
• 6 hotels comprising 521 rooms.

The breakdown by sector is as follows (in terms of fair value):

• 70 % senior housing;
• 22 % apartment buildings; and
• 8 % hotels and other building types.

The geographical breakdown is as follows (in terms of fair value):

• 88 % in Belgium, of which:
• 45 % in Flanders;
  • 31 % in Brussels; and
  • 12 % in Wallonia.
• 12 % in Germany.

The marketable investment properties analysed above (€956 million) include €3.6 million in assets classified as held for sale, such as the assisted-living apartments that are being sold in Aarschot and in Tienen.

The occupancy rate2 of the total unfurnished portion of the portfolio (representing 93 % of the fair value of marketable investment properties) amounts to 98.0 % as of 31 March 2015. This is an increase as compared to the occupancy rate on 31 December 2014 (97.7 %). This is a very high level, a slight increase compared to the record level reached at the end of the previous financial year (30 June 2014: 97.6 %).

² The occupancy rate is calculated as follows:

^- For the total portfolio (excluding the furnished apartments): (contractual rents + guaranteed income) / (contractual rents + estimated rental value (ERV) on vacant areas of the property portfolio). We note that this occupancy rate includes the investment properties for which units are in renovation and hence temporarily not rentable.

^- For the furnished apartments: % rented days during the financial year. This occupancy rate can thus not be compared to the one calculated on the rest of the portfolio, as the methodology is specific to this segment.

12 May 2015 – After closing of markets Under embargo until 17:40 CET

The occupancy rate of the furnished portion of the portfolio (representing 7 % of the fair value of marketable investment properties) reached 76.8 % over the first three quarters of the financial year. This is a slight decrease compared to the overall occupancy rate realised during the 2013/2014 financial year (78.0 %), unchanged as compared to the occupancy rate for the first three quarters of the previous financial year (76.8 %) and an increase compared to the occupancy rate for the first six months of the financial year (73.2 %), as explained in section 3 above.

The average remaining lease maturity for all buildings in the Group's portfolio is 19 years; this is unchanged as compared to 30 June 2014. According to the "Belgian RREC Overview", published each month by Bank Degroof, Aedifica is significantly ahead of the industry average in terms of its average remaining lease maturity. This impressive aggregate performance is can be attributed to the large proportion of long-term contracts (such as long leases) in the Group's portfolio.

12 May 2015 – After closing of markets Under embargo until 17:40 CET

5. Gross yield by segment

The table below presents the portfolio's gross yield by segment, compared to the fair value of the marketable investment properties, increased (for furnished apartments) by the goodwill and the carrying amount of the furniture.

In general, the gross yield remains stable (5.9 %) as compared to its level on 30 June 2014 and on 31 December 2014.

31 March 2015
(x €1,000)	Senior housing	Apartment buildings	Hotels and other	Marketable investment properties***	Development projects	Investment properties***
Fair value	671,638	211,731	73,075	956,444	37,209	993,653
Annual contractual rents	39,799	11,873	* 4,547	56,219	-	56,219
Gross yield (%)**	5.9%	5.5%	6.2%	5.9%	-	-

31 December 2014
(x €1,000)	Senior housing	Apartment buildings		Hotels and other	Marketable investment properties***	Development projects	Investment properties***
Fair value	656,278	210,886		73,439	940,603	30,114	970,717
Annual contractual rents	39,025	11,684	*	4,578	55,287	-	55,287
Gross yield (%)**	5.9%	5.5%		6.2%	5.9%	-	-

				30 June 2014
(x €1,000)	Senior housing	Apartment buildings		Hotels and other	Marketable investment properties***	Development projects	Investment properties***
Fair value	482,401	210,128		73,260	765,789	19,191	784,980
Annual contractual rents	28,725	12,425	*	4,564	45,714	-	45,714
Gross yield (%)**	6.0%	5.8%		6.2%	5.9%	-	-

31 March 2014
(x €1,000)	Senior housing	Apartment buildings	Hotels and other	Marketable investment properties***	Development projects	Investment properties***
Fair value	438,362	208,842	73,410	720,614	18,492	739,106
Annual contractual rents	26,268	12,256	* 4,706	43,230	-	43,230
Gross yield (%)**	6.0%	5.8%	6.4%	6.0%	-	-

* The amounts related to the furnished apartments correspond to the annualised rental income excl. VAT (of the period).

** Based on the fair value (re-assessed every 3 months, increased with the goodwill and the furniture for the furnished apartments). In the senior housing segment, the gross yield and the net yield are generally equal ("triple net" contracts), with the operating charges, the maintenance costs and the rents on empty spaces related to the operations being, in Belgium, supported by the operator. The same applies for hotel lease contracts.

*** Including assets classified as held for sale.

12 May 2015 – After closing of markets Under embargo until 17:40 CET

6. Net asset value per share as of 31 March 2015

The table below details the change in the net asset value per share.

Excluding the non-monetary impact (that is to say, non-cash) of IAS 393 and after accounting for the distribution of the 2013/2014 dividend in November 20144 , the net asset value per share based on the fair value of investment properties is €43.58 as of 31 March 2015 (30 June 2014: €40.57 per share).

Net asset value per share (in €)	31 March 2015	30 June 2014
Based on fair value of investment properties
Net asset value excl. IAS 39	43.58	40.57
IAS 39 impact	-4.36	-3.73
Net asset value	39.22	36.84
Number of shares outstanding (excl. treasury shares)	10,924,613	10,249,083

7. Outlook

The Board of Directors continues to pay close attention to the shifting economic and financial context and the associated effects on the Group's activities.

In the current economic climate, the Company's key strengths include the following:

• Its strategic focus on the senior housing segment in Western Europe, combined with the diversification of its investments, both in the senior housing segment and in the apartment buildings segment in Belgium's main cities, allows the Company to adapt to shifting market opportunities and economic conditions. Note that the rental income generated by furnished apartment buildings and hotels is more sensitive to economic fluctuations than other properties.
• Thanks to its investments in senior housing, Aedifica benefits from indexed long-term rental incomes, which generate high net yields. The average remaining lease maturity on the total of Aedifica's leases (19 years) provides a very good view toward the main part of its future income streams over the long-term.
• Its investments in apartment buildings offer a potential for capital gains.
• External financing of the real estate portfolio (including commitments for development projects) is assured, with credit facilities in place totalling €551 million (none of which reach maturity before the end of the 2014/2015 financial year). At present the major portion of drawings on these credit facilities are covered by hedging instruments.

³ The IAS 39 impact of €-4.36 € per share as of 31 March 2015 is the impact in equity of the fair value of hedging instruments,

which is negative for €48 million, mainly booked in the liabilities on the balance sheet. ⁴ Recall that IFRS requires the presentation of the annual accounts before appropriation. Net assets in the amount of €38.74 per share as of 30 June 2014 thus included the dividend distributed in November 2014, and should be adjusted by €1.90 per share in order to compare with the value as of 31 March 2015. This amount corresponds to the amount of the total dividend (€19 million) divided by the total number of shares outstanding as of 30 June 2014 (10,249,083).

12 May 2015 – After closing of markets Under embargo until 17:40 CET

• Aedifica is in a good solvency position, with a consolidated debt-to-assets ratio of 52.1 % as of 31 March 2015 (far below the maximum legal limit of 65 % imposed for Belgian REITs and the contractual maximum of 60 % imposed by bank covenants). This is further supported by the stable fair values that the Company's real estate portfolio has demonstrated since the beginning of the economic and financial crisis. Aedifica enjoys a balance sheet structure that permits executing development projects and renovations (commitments represent approximately €159 million as of 31 March 2015, of which approx. €123 million are to be realised within a 4-year period) and to realise new investments. Given the completion of the new Residentie Sporenpark rest home on 28 April 2015, current commitments now represent €142 million, of which €120 million are yet to be initiated.

Recall that, given the Company's strong performance in the 1st half of the financial year, recent investments, the Group's forecasts and actual market conditions, the Board of Directors increased its dividend forecast for the current financial year on the occasion of the Half Year Financial Report to set a revised expectation of €2.00 gross per share.

8. Principal risks and uncertainties

The Board of Directors considers that the key risk factors summarised in pages 2 to 9 of the 2013/2014 Annual Financial Report remain relevant for the remaining months of the 2014/2015 financial year, with the exception of risks identified in relation to the Company's legal status. Given that the Company has adopted the Regulated Real Estate Company status and that the Company is no longer susceptible to risks that could materialise in relation to its status.

9. Aedifica Rankings

According to the "Belgian RREC Overview", published each month by Bank Degroof, Aedifica is currently the 4th Belgian REIT in terms of the fair value of its investment property portfolio (4th as of 30 June 2014). In addition, Aedifica holds the 4th place in terms of the average volume traded on the stock market, with an average daily volume of €550 thousand over the last 12 months (30 June 2014: 4th place with an average daily volume of €410 thousand).

Moreover, between 31 December 2006 and 31 December 2014, Aedifica rose from 36th to 8th place in the ranking of the 100 largest real estate portfolios in Belgium (according to the "Investors Directory 2015", issued by Expertise BVBA in January 2015).

12 May 2015 – After closing of markets Under embargo until 17:40 CET

10. Corporate governance

Aedifica's Board of Directors has decided to establish a Management Committee as defined by Article 524bis of the Belgian Companies Code, effective 12 May 2015. The Management Committee consists of the following persons, all of whom are also Executive Managers as defined by the Act of 12 May 2014 on Regulated Real Estate Companies:

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

The nomination of Ms Laurence Gacoin and Ms Sarah Everaert as members of the Management Committee and Executive Managers remains subject to the approval by the FSMA given that the assessment of their necessary professional integrity and appropriate expertise has not yet been finalised on the date of this interim statement.

The division of competences between the Management Committee and the Board of Directors, as well as for other aspects of the Management Committee's functioning is available in Aedifica's Corporate Governance Charter (version of 11 May 2015), published on its website (www.aedifica.be).

Furthermore, the Board of Directors appointed Ms Sarah Everaert as Compliance Officer.

11. Financial calendar5

Financial calendar
Annual press release 30.06.2015	3/09/2015
Annual Financial Report 2014/2015	23/09/2015
Annual General Meeting 2015	23/10/2015
Dividend - Coupon related to the 2014/2015 financial year ("ex-date")	28/10/2015
Dividend - Record date	29/10/2015
Dividend - Coupon payment	30/10/2015
Interim statement 30.09.2015	17/11/2015
Half year results 31.12.2015	February 2016
Interim statement 31.03.2016	May 2016

*****

The English version of this press release constitutes a free translation of the text in the French language, made for information purposes only. In case of inconsistency with the French version or inaccuracy of the English translation, the French text shall prevail.

⁵ These dates are subject to change.

12 May 2015 – After closing of markets Under embargo until 17:40 CET

Appendices

Appendix 1: Projects and renovations in progress (in € million)

Projects and renovations		Estimate d inv.	Inv. as of 31 March	Future inv.	Date of completion	Comments
(in € million)			2015
I. In progress
Residentie Sporenpark	Beringen	17	15	3	2014/2015	Construction of a new rest home
Rue Haute	Brussels	2	2	0	2014/2015	Renovation of an apartment building
Sundry	Sundry	2	2	0	2014/2015	Renovation of 2 buildings
Martin's Brugge	Brugge	1	1	0	2014/2015	Partial renovation of a hotel
Salve	Brasschaat	2	2	1	2015/2016	Renovation and redevelopment of a rest home
't Hoge	Kortrijk	6	3	2	2015/2016	Extension and renovation of a rest home
Helianthus	Melle	4	1	3	2015/2016	Extension of a rest home
Pont d'Amour	Dinant	8	6	2	2015/2016	Extension of a rest home
Marie-Louise	Wemmel	4	0	4	2015/2016	Renovation and conversion into assisted-living apartments
Villa Temporis	Hasselt	10	2	8	2016/2017	Extension and renovation of a rest home
Au Bon Vieux Temps	Mont-Saint Guibert	10	1	9	2016/2017	Construction of a rest home
Op Haanven	Veerle-Laakdal	4	0	4	2016/2017	Extension and renovation of a rest home
La Ferme Blanche	Remicourt	6	0	6	2016/2017	Extension and renovation of a rest home
Huize Lieve Moenssens	Dilsen Stokkem	7	0	7	2016/2017	Extension and renovation of a rest home
Aux Deux Parcs	Jette	2	0	2	2017/2018	Extension of a rest home
Air du Temps	Chênée	6	0	6	2017/2018	Extension and renovation of a rest home
Plantijn	Kapellen	8	0	7	2018/2019	Extension and renovation of a rest home
II. Subject to outstanding conditions
Résidence du Lac	Brussels	5	0	5	2017/2018	Construction of an apartment building
Oase Binkom	Binkom	2	0	2	2017/2018	Extension of a rest home
Résidence Cheveux d'Argent	Spa	3	0	3	2017/2018	Extension of a rest home
III. Land reserves
Terrain Bois de la Pierre	Wavre	2	2	0	-	Land reserve
Platanes	Brussels	0	0	0	-	Land reserve
IV. Acquisitions subject to outstanding conditions
Leopoldspark	Leopoldsburg	20	0	20	2015/2016	Construction of a new rest home
Oase projects	Aarschot & Glabbeek	28	0	28	2016/2017	Construction of 2 new rest homes
Total		159	37	123
On balance sheet			37

12 May 2015 – After closing of markets Under embargo until 17:40 CET

Aedifica is a public Regulated Real Estate Company under Belgian law specialised in residential property. Aedifica has developed a portfolio worth more than €900 million, focused on two strategic pillars:

• - senior housing in Belgium and Germany;
• - apartment buildings in Belgium's main cities.

Aedifica has been quoted on the Euronext Brussels (continuous market) since 2006 and is identified by the following ticker symbols: AED; AED:BB (Bloomberg); AOO.BR (Reuters).

The Company's market capitalisation was €691 million as of 30 April 2015.

Aedifica is included in the EPRA indices.

Forward-looking statement

This document contains forward-looking information that involves risks and uncertainties, including statements about Aedifica's plans, objectives, expectations and intentions. Readers are cautioned that forward-looking statements include known and unknown risks and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Aedifica. Should one or more of these risks, uncertainties or contingencies materialise, or should any underlying assumptions prove incorrect, actual results could vary materially from those anticipated, expected, estimated or projected. As a result, Aedifica does not assume any responsibility for the accuracy of these forward-looking statements.

For all additional information