REGULATED INFORMATION Publication on 6 September 2023, after trading hours at 6 p.m.

HALF-YEARLY FINANCIAL REPORT for the period from 1 January 2023 to 30 June 2023

AUDITED

The Dutch version as well as the English version of this half-yearly financial report are legally binding. Within the framework of their contractual relationship with the Company, investors can therefore always appeal to the translated versions. Care Property invest, represented by its responsible persons, is responsible for the translation and conformity of the Dutch and English language versions. However, in case of discrepancies between language versions, the Dutch version always prevails.

FINANCIAL HIGHLIGHTS

Key figure	30 June 2023	31 Dec. 2022	30 June 2022	Evolution
Fair value real estate portfolio	€1,225.1 m	€1,131.3 m		+8%
Market capitalisation	€456.4 m	€437.2 m		+4%
Occupancy rate	100%	100%	100%	=
Debt ratio	46.64%	52.37%		-11%
Cost of borrowed funds	2.62%	2.14%		+22%
Rental income	€32.3 m		€25.5 m	+27%

OPERATIONAL KPIS

Adjusted EPRA earnings amount to €18.7 million (+ 9% compared to 30 June 2022), or €0.50 per share
Collection rate of rent due until 30 June 2023: 98%
Indexation/ LfL growth: 10.63%
Occupancy rate: 100%

RISK-AVERSE PROFILE

26% of rental income from local authorities with guarantee from Flemish government
Active in solid markets: Belgium (71.5%), The Netherlands (15.5%), Spain (6.6%) and Ireland (6.4%)
Hedge ratio financial liabilities: 91%
Average maturity of financial liabilities (incl. CP): 5.72 years.

SOLID SOLVENCY AND LIQUIDITY

Debt ratio under control: 46.64% (EPRA LTV: 43.80%)
Limited liabilities from committed developments: €29 million (of which €21 million cash-out remains in 2023)
Stable valuation portfolio: -1.5% variation in FV between 31 December 2022 and 30 June 2023
Available capacity on credit lines as at 30 June 2023: €138 million

CONFIRMATION OF GUIDANCE FOR 2023

EPS: €1.00 €1.03
DPS: €1.00 (dividend yield based on the share price as at 30 June 2023: 8.10%)

I. Interim Report of the Board of Directors 10

1. Important events	10	1. Status of the property market in which the Company operates	54
2. Synthesis of the consolidated balance sheet and the global result statement	14	2. Analysis of the full consolidated property portfolio	60
3. Outlook	24	3. Report of the real estate expert	66
4. Conflicts of interest	28
5. Corporate governance	29	V. Condensed financial statements	74
6. Research and Development	30	1. Consolidated global result statement	74
7. Capital increases within the context of authorised capital	30	2. Consolidated balance sheet	75
8. Publication of the 2022 Sustainability Report	31	3. Cash-flow table	76
9. Persons responsible (Royal Decree 14 November 2007)	31	4. Statement of changes in consolidated equity	78
		5. Notes to the consolidated financial statements	80
II. Care Property Invest on the stock market	34	6. Events after the closing date	88
1. Stock price and volume	34	7. Transactions with affiliated parties	88
2. Dividend policy	36	8. Information on subsidiaries	89
3. Bonds and short-term debt securities	37	9. Auditor's report	90
4. Shareholding structure	38	10. Alternative Performance Measures	91
5. Financial calendar	39
III. EPRA	42
1. EPRA (European Public Real Estate Association) - Membership	42

IV. Real Estate Report	54
1. Status of the property market in which the Company operates	54
2. Analysis of the full consolidated property portfolio	60
3. Report of the real estate expert	66
V. Condensed financial statements	74
1. Consolidated global result statement	74
2. Consolidated balance sheet	75
3. Cash-flow table	76
4. Statement of changes in consolidated equity	78
5. Notes to the consolidated financial statements	80
6. Events after the closing date	88
7. Transactions with affiliated parties	88
8. Information on subsidiaries	89
9. Auditor's report	90

Berchem (BE) I Park Kemmelberg

I. Interim Report of the Board of Directors

HISTORY 1995 - 2023

...

2012

Initial investment programme 2,000 serviceflats completed

2000

... 1995

Innovation award for 'Technology and housing of elderly people'

2016

Inclusion in the Bel MID index. Start of EPRA membership

Establishment of Serviceflats Invest nv

Recognition as a Belgian real estate investment fund, on the initiative of the Flemish government with the objective to build and finance 2,000 service flats for PCSW's and social non-profit organisations in the Flemish and Brussels-Capital Region.

As of 30 October 1995

210 fully paid-up shares.

2014

Optional dividend May-June 2014 Total amount of capital increase: approx. €2 million.

As of 20 June 2014 10,359,425 fully paid-up shares.

2014

Serviceflats Invest nv becomes Care Property invest nv Share split 1: 1,000

As of 24 March 2014 10,210,000 fully paid-up shares.

Acquisition of the status of a Public Regulated Real Estate Company (Public RREC) .

2013-2014

Amendments to the articles of association to expand the Company's objective

2015 New address: Horstebaan 3, 2900 Schoten

2015

Capital increase in cash

22 June 2015 Total amount of capital increase: approx. €36 million.

As of 22 June 2015 13,184,720 fully paid-up shares.

1996

Capital increase in cash (IPO - Eurnext Brussels) 7 February 1996 Total amount of capital increase: approx.

€59 million.

As of 7 February 1996 10,210 fully paid-up shares.

. 2017

Capital increase in kind 15 March 2017 Total amount of capital increase: approx. €34 million. As of 15 March 2017

15,028,880 fully paid-up shares.

. 2017

Capital increase in cash 27 October 2017 Total amount of capital increase: approx. €70 million.

As of 27 October 2017 19,322,845 fully paid-up shares.

2017

Acquisition of first projects in Walloon and Brussels-Capital Regions

.. 2022

Entry onto the Irish market

. 2018

Entry onto the Dutch market. Acquisition of 100th residential care project

2019

Capital increase in kind

3 April 2019 Total amount of capital increase: approx. €16 million.

As of 3 April 2019 20,086,876 fully paid-up shares.

2022

Capital increase in kind 7 July 2022 Total amount of capital increase: approx. €14 million.

As of 7 July 2022 27,741,625 fully paid-up shares.

2019

Optional dividend May-June 2020 Total amount of capital increase: approx. €7 million.

As of 26 June 2019 20,394,746 fully paid-up shares.

2020

. 2020

Optional dividend

.. 2021

May-June 2020 Total amount of capital increase: approx. €7 million.

As of 19 June 2020 21,918,213 fully paid-up shares.

2020

Capital increase in kind

15 January 2020 Total amount of capital increase: approx. €34 million.

As of 15 January 2020 21,645,122 fully paid-up shares.

2020

Capital increase in cash (ABB)

June 2020 Total amount of capital increase: approx. €59 million.

As of 25 June 2020

24,110,034 fully paid-up shares.

2021

Capital increase in kind 20 January 2021 Total amount of capital increase: approx. €42 million.

As of 20 January 2021 25,806,148 fully paid-up shares.

Capital increase in kind 17 November 2021 Total amount of capital increase: approx. €26 million.

As of 17 November 2021 26,931,116 fully paid-up shares. 2022

Optional dividend May-June 2022 Total amount capital increase: approx. €4 million.

As of 20 June 2022 27,102,910 fully paid-up shares.

. 2023

Capital increase in cash 24 January 2023 Total amount of capital increase: approx. €108 million.

As of 24 January 2023 36,988,833 fully paid-up shares.

I. INTERIM REPORT OF THE BOARD OF DIRECTORS

1. Important events

1.1 Important events during the 1st semester of 2023

Below is a brief overview of acquisitions, ongoing projects under development and completed projects during the 1st semester of 2023.

For further information regarding the real estate of the acquired projects, please see the individual press releases on the website, https://carepropertyinvest.be/en/investments/press-releases/

1.1.1 Projects 1st semester of 2023 in Belgium

Name	Operator	Acquisition date	Location	Year of construction / renovation or expected completion	Contract	Conv. Value (in € million)
New projects with an immediate return
BoCasa	Vulpia	26/04/2023 Bolderberg		2013	Remaining duration of 19 years	€24.2

1.1.2 Projects 1st semester of 2023 in The Netherlands

Name	Operator	Acquisition date	Year of construction / renovation or expected completion	Contract	Conv. Value (in € million)
New projects with an immediate return
Huize Willibrordus	Saamborgh	17/05/2023 Ruurlo	2023	20 years (triple net)	€5.3
Residence Oldenbarnevelt	Golden Years	16/06/2023 Rotterdam	2016	20 years (triple net)	€5.8
Ongoing projects under development
St. Josephkerk	Korian	26/09/2019 Hillegom	Q2 2025	20 years (triple net)	€9.1
Warm Hart Ulestraten	Warm Hart Zorghuizen 28/04/2022 Ulestraten		Q4 2023	20 years (triple net)	€6.5
Completed projects
Warm Hart Zuidwolde	Warm Hart Zorghuizen 03/02/2022 Zuidwolde		Q2 2023	20 years (triple net)	€10.4
Villa Stella	Korian	12/06/2019 Middelburg	Q2 2023	20 years (triple net)	€6.5

1.1.3 Projects 1st semester of 2023 in Spain

Name	Operator	Acquisition date	Location	Year of construction / renovation or expected completion	Contract	Conv. Value (in € million)
Ongoing projects under development
Solimar Tavernes Blanques	Vivalto	11/03/2022	Tavernes Blanques	Q4 2023	20 years (triple net)	€10.6
Solimar Elche	Vivalto	28/09/2022 Elche		Q1 2024	20 years (triple net)	€10.8
Marina Del Port	La Vostra Llar	01/12/2022	Barcelona	Q1 2024	20 years (triple net)	€7.0
Completed projects
Emera Mostoles	Emera	21/06/2021	Mostoles (Madrid)	Q2 2023	15 years (triple net)	€12.1

1.1.4 Projects 1st semester of 2023 in Ireland

Name	Operator	Acquisition date	Location	Year of construction / renovation or expected completion	Contract	Conv. Value (in € million)
Ongoing projects under development
Sugarloaf Care Centre	Silver Stream Healthcare	16/12/2022	Kilmacanogue South	Q2 2024	25 years (triple net)	€23.4

1.1.5 Other events during the 1st semester of 2023

1.1.5.1 Establishment/acquisition of subsidiaries

Name acquired subsidiary	Date of acquisition of control	Purpose
Het Gehucht	26/04/2023	Acquiring healthcare real estate sites in Belgium
Care Property Invest.NL11 B.V. (ex-Gaudium Ruurlo I B.V.)	17/05/2023	Acquiring healthcare real estate sites in The Netherlands

1.1.5.2 Capital increase in cash

Care Property Invest launched a capital increase by means of contribution in cash within the authorised capital on 11 January 2023 with the removal of the statutory preferential right and the grant of irreducible allocation rights to all existing shareholders.

The main objective of this capital increase was to allow the Company to raise new financial resources while increasing its equity.

Following the public offering to subscribe for new shares and the successful private placement of scrips, the Company announced on 20 January 2023 that existing shareholders and new investors have subscribed to 100% of the offered new shares for a gross amount of €110,966,496 of which €55,016,264 will be allocated to the item capital and €55,950,232 to the item share premium. Following this transaction, the Company's capital will be represented by 36,988,833 fully paid-up shares.

1.1.5.3 Authorised capital

At the Extraordinary General Meeting of shareholders held on 26 April 2023, it was decided by a large majority of 93.21% to renew the authorisation regarding the authorised capital.

The extraordinary general meeting of shareholders decided to renew and replace the authorisation on the authorised capital as follows:

For a maximum amount of €110,032,531 for capital increases in cash involving planned exercise of the statutory preferential subscription right or irreducible allocation right by the Company's shareholders.
For a maximum amount of €44,013,012 for capital increases within the framework of the payment of an optional dividend.
For a maximum amount of €22,006,506 for (i) capital increases in kind, (ii) capital increases in cash without the possibility of exercising the preferential subscription right or irreducible allocation right by the Company's shareholders, or (iii) any other form of capital increase.

The authorisation is valid for a period of two years starting from the publication of the resolution of the extraordinary general meeting of shareholders and was granted under the condition that the capital within the framework of the authorised capital shall never be increased by an amount exceeding €220,065,062. In other words, the sum of the capital increases with application of the above authorisations may not exceed €220,065,062 in total.

For the documentation relating to this extraordinary general meeting of shareholders and further information, please consult the Company's website (www.carepropertyinvest.be/en/ investments/general-meeting/).

1.2 Events after the closing of the 1st semester of 2023

1.2.1 Additional investments

As already announced in separate press releases, Care Property Invest is proud to announce that it has made the following investment after the closing of the 1st semester of 2023:

1.2.1.1 Additional projects in The Netherlands

Name	Operator	Acquisition date	Location	Year of construction / renovation or expected completion	Contract	Conv. Value (in € million)
New projects under development
Golden Years Wolfsbergen	Golden Years		08/08/2023 's-Graveland	2024	25 years (triple net)	€11.2

1.3 Other events after the closing of the 1st semester of 2023

1.3.1 Mergers

Merging company	Absorbing company	Date effective absorption	Date of deed
B.E.R.L. International nv	Care Property Invest nv	01/01/2023	14/07/2023
Igor Haacht nv	Care Property Invest nv	01/01/2023	14/07/2023

For more information regarding the merger proposals, see https://carepropertyinvest.be/en/investments/mergers/

1.4 Outlook

Care Property Invest is actively pursuing the development of a balanced and profitable real estate portfolio and is exploring investment opportunities that are fully in line with the Company's strategy, both in Belgium, The Netherlands, Spain and Ireland as well as in other geographical core markets within the EEA.

For more information on these projects, see item '1.1 Important events during the 1st semester of 2023' on page 10.

The Board of Directors is also continuously exploring various investment and financing opportunities to realise its activities.

2. Synthesis of the consolidated balance sheet and the global result statement

2.1 Consolidated global result statement

	Amounts in EUR	30/06/2023	30/06/2022
I	Rental income (+)	32,324,181	25,543,750
	Net rental income	32,324,181	25,543,750
V	Recovery of rental charges and taxes normally borne by tenants on let properties (+)	404,213	193,123
VII	Charges and taxes normally payable by the tenant on let properties (-)	-419,502	-209,172
	Property result	32,308,893	25,527,700
IX	Technical costs (-)	-2,401	-1,007
	Property charges	-2,401	-1,007
	Property operating result	32,306,492	25,526,694
XIV	General expenses of the Company (-)	-5,342,430	-4,694,775
XV	Other operating income and expenses (+/-)	-1,580,175	-1,585,574
	Operating result before result on portfolio	25,383,887	19,246,343
	XVIII Changes in fair value of investment properties (+/-)	-13,782,629	16,367,304
	Operating result	11,601,258	35,613,648
XX	Financial income (+)	19,770	118
XXI	Net interest expenses (-)	-6,677,601	-4,249,913
XXII	Other financial costs (-)	-1,634,217	-242,526
	XXIII Changes in fair value of financial assets and liabilities (+/-)	-1,346,462	28,439,779
	Financial result	-9,638,511	23,947,458
	Result before taxes	1,962,747	59,561,105
	XXIV Corporation tax (-)	1,431,437	-3,293,147
XXV	Exit tax (-)	18,835	-209,724
TAXES		1,450,271	-3,502,871
	NET RESULT (group share)	3,413,019	56,058,234
	Other elements of the global result	0	0
	GLOBAL RESULT	3,413,019	56,058,234

2.2 Net result per share on a consolidated basis

mounts in EUR
ET RESULT / GLOBAL RESULT

Net result per share based on weighted average shares outstanding € 0.0923 2.0683

Amounts in EUR	30/06/2023	30/06/2022
NET RESULT / GLOBAL RESULT	3,413,019	56,058,234
Net result per share based on weighted average shares outstanding	€ 0.0923	2.0683
Gross yield compared to the initial issuing price in 1996	1.55%	34.77%
Gross yield compared to stock market price on closing date	0.75%	8.67%

2.3 Components of the net result

ounts in EUR
DECITT / CI ORAT DESITIT

Amounts in EUR	30/06/2023	30/06/2022
NET RESULT / GLOBAL RESULT	3,413,019	56,058,234
NON-CASH ELEMENTS INCLUDED IN THE NET RESULT	15,253,361	-39,001,481
Depreciations, impairments and reversal of impairments	242,751	203,867
Changes in fair value of investment properties	13,782,629	-16,367,304
Changes in fair value of authorised hedging instruments	1,346,462	-28,439,779
Projects' profit or loss margin attributed to the period	1,716,641	2,666,471
Deferred taxes	-1,835,123	2,935,264
ADJUSTED EPRA EARNINGS	18,666,380	17,056,753
Adjusted EPRA earnings per share based on weighted average number of outstanding shares	€ 0.5046	€ 0.6293
Gross yield compared to the initial issuing price in 1996	8.48%	10.58%
Gross yield compared to stock market price on closing date	4.09%	2.64%

outstanding shares

Both the weighted average number of shares outstanding and the number of shares were 27,102,910 as at 30 June 2022 and increased to 36,988,833 shares as at 30 June 2023. At neither date did the Company hold any treasury shares.

The number of shares changed as a result of (i) a capital increase in kind for the acquisition of 100% of the shares in Igor Haacht nv, which owns the assisted living complex 'Klapgat' located in Haacht. This transaction took place on 7 July 2022, for which 638,715 new shares were issued and (ii) through the realisation of a capital increase in cash on 24 January 2023, as a result of which 9,247,208 new shares were issued. As of this date, the Company's share capital amounts to €220,065,062 and is represented by a total of 36,988,833 fully paid-up shares.

The gross return is calculated in table '2.2 Net result per share on a consolidated basis' by dividing the net result per share by the initial issue price in 1996 (i.e., €5.9495) on the one hand and the market value on the closing date on the other hand. In table '2.3 Components of the net result', the gross yield is calculated by dividing the adjusted EPRA earnings per share by the initial issue price in 1996 (i.e., €5.9495), on the one hand, and the market capitalisation on the closing date, on the other. The share price was €12.34 as at 30 June 2023 and €23.85 as at 30 June 2022. There are no instruments that have a potentially dilutive effect on the net result per share.

Notes to the global result statement

Operating result

The Company's operating result decreased by 67.42% compared to 30 June 2022, while the operating result before result on portfolio for the same period increased by 31.89%.

Rental income as at 30 June 2023 increased by 26.54% compared to the same period last year. The increase in rental income is explained by (i) the indexation of the already existing rental agreements (unchanged portfolio) which has been fully passed on and averages 10.63% as at 30 June 2023, representing an amount of €2.6 million, (ii) the acquisition of new investment properties and (iii) the completion of development projects in 2023. The acquired and completed investment properties during 2022 also contributed to the increased rental income in 2023.

As at 30 June 2023, rental income from investment properties represented 72.2% of the total rental income, while canons received by the Company as part of its finance leases amounted to 27.8% of the total rental income. The same distribution applies in relation to the Company's EBITDA.

As at 30 June 2023, the Company had no outstanding rent receivables for which receivables had to be transferred to the doubtful debtors.

The Company's general expenses increased by €647,655 compared to 30 June 2022. A significant part of this increase can be attributed to the increase in remuneration and personnel-related costs due to the indexation as of 1 January 2023 and the increase in the average number of employees from 22.75 FTEs as at 30 June 2022 to 26.71 FTEs as at 30 June 2023.

In addition, the Company's growth also contributes to the increase in the Company's general expenses, which translates into, among other things, an increase in external consultancy costs.

Other operating income and expenses increased from €-1,585,574 as at 30 June 2022 to €-1,580,175 as at 30 June 2023.

As at 30 June 2023, other operating income mainly consists of the fee for project management of €219,776, which largely concerns the recovery of the pre-financing of existing Dutch and Spanish projects, contributing to the Company's cash result. This item also includes the profit and loss margin on projects of €-1,716,641, which mainly consists of the write-off of a large part of the outstanding trade receivables of a Belgian property (finance lease), after the Company was notified of the bankruptcy of the operator concerned. The Company emphasises that it has only 1 project in portfolio with this operator, which represented less than 0.7% of the total rental income as at 30 June 2023. The Company is committed to obtain a structural solution for this property and is in discussion with various parties to that end. This write-off is a non-cash item which is adjusted for the calculation of the adjusted EPRA earnings.

Although the Company has been very successful in passing on inflation to its tenants, the variations in the fair value of investment properties amount to €-13,782,629 as at 30 June 2023 due to upward pressure on yields.

Also here, these are unrealised variations that are corrected in the adjusted EPRA earnings.

Financial result

Interest charges rose mainly as a result of sharply rising interest rates on the market. This is therefore reflected in the increase of the weighted average interest rate, which amounts to 2.62% based on the outstanding credits as at 30 June 2023 compared to 1.59% as at 30 June 2022. In order to minimise the impact of rising market interest rates, the Company uses interest rate swaps. As at 30 June 2023, 91% of its outstanding debts were therefore hedged. The increase in the hedge ratio compared to 69.42% on 31 December 2022 was due to (i) the capital increase through which variable rate debt was repaid and (ii) the conclusion of additional interest rate swaps in the course of the 1st semester of 2023.

As at 10 March 2023, the outstanding Sustainability Bonds amounting to €32.5 million were repaid for reasons of opportunity. This entailed a one-off cost of approximately €1.1 million related to issuance costs and hedging costs which have been fully included in the income statement in the 1st quarter.

Berchem (BE) I Park Kemmelberg

These costs are part of the other financial expenses and were already taken into account in the EPS-DPS-guidance the Company gave, in its press release dated 8 March 2023, for the full 2023 financial year. As compensation, an additional €30.5 million was drawn on the sustainable rollover credit with ABN-AMRO, making full use of this line from then on.

The financial result was negatively affected as at 30 June 2023 for an amount of €1,346,462 due to the inclusion of the fair value of the financial instruments concluded. Although this remains a positive value of €20,276,660 as at 30 June 2023, this still represents a slight decrease compared to the value of €21,780,342 as at 31 December 2022.

The variation in fair value of financial assets and liabilities is a non-cash element and is therefore not taken into account for the calculation of the distributable result, i.e., the adjusted EPRA earnings.

Taxes

The amount of taxes as at 30 June 2023 includes estimated and prepaid corporation taxes as well as deferred taxes (receivables) related to the Irish real estate projects.

Adjusted EPRA earnings

The adjusted EPRA earnings on a consolidated basis amounted to €18,666,380 as at 30 June 2023 compared to €17,056,753 as at 30 June 2022. This represents an increase of 9.44%. However, the adjusted EPRA earnings per share decreased from €0.6293 as at 30 June 2022 to €0.5046 as at 30 June 2023. This decrease of -19.81% is mainly due to the issue of 9,247,208 new shares on 24 January 2023 following the capital increase in cash.

Vorst (BE) I Nuance

2.4 Consolidated balance sheet

	Amounts in EUR	30/06/2023	31/12/2022
ASSETS
	I. NON-CURRENT ASSETS	1,197,158,106	1,156,205,825
B.	Intangible assets	75,603	91,656
C.	Investment properties	976,676,314	934,268,830
D.	Other tangible fixed assets	4,927,947	4,981,964
E.	Financial fixed assets	25,691,519	26,781,435
F.	Finance lease receivables	176,783,885	177,018,085
G.	Trade receivables and other non-current assets	10,021,423	11,738,065
H.	Deferred tax - assets	2,981,414	1,325,790
	II. CURRENT ASSETS	18,701,915	18,310,151
D.	Trade receivables	6,892,168	6,021,636
E.	Tax receivables and other current assets	7,755,548	8,646,882
F.	Cash and cash equivalents	2,890,747	2,371,183
G.	Deferrals and accruals	1,163,452	1,270,450
	TOTAL ASSETS	1,215,860,021	1,174,515,976
	EQUITY AND LIABILITIES
EQUITY		647,321,317	563,394,815
A.	Capital	220,065,062	165,048,798
B.	Share premium	299,367,317	246,128,473
C.	Reserves	124,171,665	63,553,245
D.	Net result for the financial year (1)	3,717,273	88,664,299
	LIABILITIES	568,538,704	611,121,161
	I. Non-current liabilities	163,311,106	214,947,796
B.	Non-current financial debts	152,790,301	206,541,529
C.	Other non-current financial liabilities	5,411,204	4,998,048
E.	Other non-current liabilities	2,208,503	1,970,685
F.	Deferred tax - liabilities	2,901,099	1,437,534
	II. Current liabilities	405,227,598	396,173,365
B.	Current financial liabilities	387,271,207	376,761,772
D.	Trade payables and other current liabilities	9,529,358	13,694,711
E.	Other current liabilities	1,933,984	1,398,649
F.	Deferrals and accruals	6,493,051	4,318,233
	TOTAL EQUITY AND LIABILITIES	1,215,860,021	1,174,515,976

(1) The difference between the net result for the financial year included in the consolidated balance sheet and the net result based on the consolidated global result statement refers to the result as at 31 December 2022 of Care Property Invest Spain S.L. which still needs to be processed after approval by the general meeting of shareholders.

30/06/2023	31/12/2022

1,197,158,106	1,156,205,825
75,603	91,656
976,676,314	934,268,830
4,927,947	4,981,964
25,691,519	26,781,435
176,783,885	177,018,085
10,021,423	11,738,065
2,981,414	1,325,790
18,701,915	18,310,151
6,892,168	6,021,636
7,755,548	8,646,882
2,890,747	2,371,183
1,163,452	1,270,450
1,215,860,021	1,174,515,976


647,321,317	563,394,815
220,065,062	165,048,798
299,367,317	246,128,473
124,171,665	63,553,245
3,717,273	88,664,299
568,538,704	611 121,161
163,311,106	214,947,796
152,790,301	206,541,529
5,411,204	4,998,048
2,208,503	1,970,685
2,901,099	1,437,534
405,227,598	396,173,365
387,271,207	376,761,772
9,529,358	13,694,711
1,933,984	1,398,649
6,493,051	4,318,233

Notes to the consolidated balance sheet

Investment Properties

The Company's real estate portfolio increased by €42,407,484 in the 1st semester of 2023. The variation is positively influenced by (i) the acquisition of investment properties (€35.9 million) and (ii) the further completion of development projects as well as improvements to already existing investment properties (€19.1 million). In addition, the variation is negatively affected by the decrease in the fair value of the total portfolio by €12.6 million. During the 1st semester of 2023, 3 projects were completed representing a total conventional value of €29.0 million.

The real estate experts confirm the fair value of the real estate portfolio at a total amount of €975.3 million (excluding €1.4 million in rights in rem). The fair value is equal to the investment value (or the value deed-inhand, being the value in which all acquisition costs were included) from which the transaction costs were deducted for an amount of 2.5% for the real estate in Belgium, 10.9% for the real estate in The Netherlands and 9.96% for the real estate in Ireland. For real estate in Spain, these are determined by the region where the property is located.

Other tangible fixed assets

As at 30 June 2023, this item contains €4,904,231 of 'tangible fixed assets for own use', which remain virtually unchanged compared to 31 December 2022 and largely relate to the head office in Schoten.

Finance lease receivables

The item 'finance lease receivables' includes all final building rights fees that are due for repayment at the end of the contract for the 76 projects in the initial portfolio and during the term of the contract for the projects 'Hof ter Moere' in Moerbeke (BE), 'Hof Driane' in Herenthout (BE), 'De Nieuwe Ceder' in Deinze (BE) and 'Assistentiewoningen De Stille Meers' in Middelkerke (BE).

Unlike the projects in the initial portfolio, for the aforementioned reason, the ground rent for the projects in Moerbeke, Herenthout, Deinze and Middelkerke consists not only of a revenue component, but also of a repayment of the investment value, as a result of which the amount of the receivable will gradually decrease over the term of the leasehold agreement.

Trade receivables regarding the projects included in the item 'Finance lease receivables'

The difference between the nominal value of the end-of-lease payments (included under the item 'finance lease receivables') and the fair value, which at the time of making available is calculated by discounting future cash flows, is included under the item 'trade receivables' and is depreciated on an annual basis. Due to the bankruptcy of the operator of one of the Belgian leasing projects in portfolio (this project amounts to less than 0.7% of the total rental income), a large part of the booked trade receivable had already been written off as a matter of prudence. The Company is currently in discussion with various parties to obtain a structural solution for this property. This write-off is a non-cash adjustment and therefore has no impact on the Company's adjusted EPRA earnings.

The fair value of the finance leases amounts to €248,416,000 as at 30 June 2023 and was calculated using an adjusted methodology as from this quarter.

The 'previous' calculation method, in which the future cash flows were discounted using IRS interest rates prevailing on the closing date, depending on the remaining term of the underlying contract, plus a margin, used the initial cash flows (i.e. the contractual rent at the start of the contract without taking into account the indexations already passed on). Given the current macroeconomic environment of increased inflation, this led to an unjustifiably large drop in the fair value of the finance leases and therefore, if this method is retained, no longer gives a true and fair view of the fair value of the finance leases. Consequently, this also results in an overly conservative representation of the EPRA NTA and EPRA LTV, among others.

For the above reasons the Company has opted to use a reputable independent party, namely Cushman & Wakefield, to calculate the fair value from this quarter onwards, in order to obtain a market-based valuation of this portfolio. From now on, the fair value is therefore calculated by discounting the future cash flows, taking into account historically charged indexations for the cash flows. As discount rate they use OLO interest rates applicable on the closing date, depending on the remaining duration of the underlying contract, increased by a margin. As at 30 June 2023, the weighted average OLO interest rate was 3.14% and the weighted average risk margin was 1.08%. This results in an average value of €114,056 per assisted living apartment, which can still be considered conservative given that future indexations are not taken into account.

The fair value as at 30 June 2023 calculated using the 'previous' calculation method would be €196,048,772 or €90,013 per assisted living apartment taking into account a weighted average IRS interest rate of 2.94% and a weighted average risk margin of 1.02%.

Tax receivables and other current assets amounted to €7,755,548 as at 30 June 2023, of which €6.9 million relates to recoverable VAT in Spain, as a result of the silent mergers of the Spanish subsidiaries with Care Property Invest Spain Socimi S.L.U., which was received in August.

's-Graveland (NL) I Wolfsbergen

Debts and liabilities

The net proceeds generated from the capital increase in cash, which took place in January 2023, were initially used to repay part of the Company's outstanding financial liabilities, reducing them significantly.

As at 30 June 2023, the Company has an MTN programme at Belfius (arranger) amounting to €300 million with dealers Belfius and KBC. The Company has set up the necessary backup lines for this purpose. As at 30 June 2023, the amount drawn amounts to €24.0 million in commercial paper and €33.0 million in bonds.

Amounts in EUR	30/06/2023	31/12/2022
Average remaining term of financial debt	5.72	5.94
Nominal amount of current and non-current financial debts	539,583,437	583,211,873
Weighted average interest rate (1)	2.62%	2.14%
Nominal amount of derivative instruments	275,883,542	156,106,292
Fair value of hedging instruments	20,276,660	21,780,342

(1) The weighted average interest rate refers to interest rates after conversion of variable interest rates to fixed interest rates through swaps.

To hedge its debts with a floating interest rate, the Company also uses interest rate swaps. As at 30 June 2023, the Company has hedged 91% of its debts, either by means of an interest rate swap or by means of a fixed interest rate. The Company entered into 5 additional interest rate swaps with a notional value of €190 million during the 1st semester of 2023, of which €70 million will not be hedged until 3 July 2023. The weighted average remaining maturity of the interest rate swaps amounts to 8.0 years.

The consolidated debt ratio, calculated in accordance with Article 13, §1, 2° of the RREC Decree, was 46.64% as at 30 June 2023. The available margin as at 30 June 2023 for further investments and completion of the development projects already acquired before reaching a debt ratio of 60% (imposed by the covenants) amounts to €396.5 million. The Company wishes to emphasise that its strategy is to keep the debt ratio below 50%. Before reaching this percentage, it still has a capacity of €79.8 million.

The other non-current financial liabilities relate to the inclusion of the fair value of the financial instruments entered into. Financial instruments with a positive fair value are included in the item financial fixed assets.

The other non-current liabilities amount to €2,208,503 and have increased slightly compared to 31 December 2022. They concern the debts relating to the rights in rem for the projects 'La Résidence du Lac' in Genval (BE) and 'Villa Wulperhorst' in Zeist (NL), which are included in the balance sheet in accordance with IFRS 16.

The other current liabilities have increased in comparison to 31 December 2022 to an amount of €1,933,984 and relate to short-term liabilities with respect to development projects.

2.5 Consolidated balance sheet finance leases at fair value (1)

Amounts in EUR	30/06/2023	31/12/2022
Intangible assets	75,603	91,656
Investment properties	976,676,314	934,268,830
Finance lease receivables and trade receivables	248,416,000	197,017,859
Authorised hedging instruments	25,687,864	26,778,389
Deferred tax - assets	2,981,414	1,325,790
Other assets included in the debt ratio	20,742,770	20,923,978
Cash and cash equivalents	2,890,747	2,371,183
TOTAL ASSETS	1,277,470,712	1,182,777,684
Equity	647,321,317	563,394,815
Revaluation gain on finance lease receivables	61,610,691	8,261,709
Debt and liabilities included in the debt ratio (2)	553,733,351	600,367,347
Other liabilities	14,805,352	10,753,813
TOTAL EQUITY AND LIABILITIES	1,277,470,712	1,182,777,684
DEBT RATIO OF THE COMPANY	44.34%	51.99%

(1) This balance sheet has not been prepared in accordance with IFRS standards. The fair value of the finance leases was calculated as from 30 June 2023 by the real estate expert Cushman & Wakefield by discounting all future cash flows at an OLO interest rate applicable on the closing date, depending on the remaining term of the underlying contract, plus a margin. The cash flows are the indexed cash flows, but do not take into account future indexations. The fair value as at 31 December 2022 was calculated using the 'previous' calculation method and only takes into account the initial cash flows and uses for discounting the IRS interest rates at closing date, according to the remaining term of the underlying contract, increased by a margin.
(2) The following debts and liabilities are not included in the calculation of the debt ratio: provisions, authorised hedging instruments, deferred taxes and accrued charges and deferred income.

2.6 Net assets and net value per share on a consolidated basis (1)

Amounts in EUR	30/06/2023	31/12/2022
Total assets	1,215,860,021	1,174,515,976
Liabilities	-568,538,704	-611,121,161
NET ASSETS	647,321,317	563,394,815
Net value per share	€ 17.50	€ 20.31
Total assets	1,215,860,021	1,174,515,976
Current and non-current liabilities (excluding 'authorised hedging instruments')	-588,815,365	-632,901,503
NET ASSETS EXCLUDING 'AUTHORISED HEDGING INSTRUMENTS'	627,044,656	541,614,473
Net value per share excluding 'authorised hedging instruments'	€ 16.95	€ 19.52
Total assets including the calculated fair value of finance lease receivables	1,277,470,713	1,182,777,685
Current and non-current liabilities (excluding 'authorised hedging instruments' and 'deferred taxes')	-590,355,606	-632,881,414
NET ASSETS EXCLUDING 'AUTHORISED HEDGING INSTRUMENTS', 'DEFERRED TAXES' AND 'INTANGIBLES' AND INCLUDING 'FAIR VALUE OF LEASE RECEIVABLES' (EPRA NTA)	687,115,107	549,896,272
Net value per share excluding 'authorised hedging instruments', 'deferred taxes' and 'intangibles' and including 'fair value of finance lease receivables	€ 18.58	€ 19.82

(EPRA NTA)

(1) In accordance with the RREC Law, the net value per share is calculated on the basis of the total number of shares less own shares. On neither date did the Company hold any treasury shares.

3. Outlook

The debt ratio is calculated in accordance with Section 13, paragraph 1, bullet 2 of the RREC-RD (Royal Decree regarding Regulated Real Estate Companies) and amounts to 46.64% as at 30 June 2023. Given the fact that Care Property Invest does not exceed the debt ratio of 50%, it is not required to prepare a financial plan in accordance with article 24 of the RREC RD.

3.1 Assumptions

On the basis of the balance sheet and the global result statement for the 2023 financial year and the 1st semester of 2023, a forecast has been made for the following financial years, in accordance with the Company's accounting policy and in a manner comparable to the historical financial information.

The following hypotheses are used as points of view:

Assumptions regarding factors that can be influenced by the members of the Company's administrative, management and supervisory bodies directly:

Increase in the Company's operating expenses and the extent to which service providers pass on inflation to the Company;
For the time being, new projects are financed using own resources from operating activities and additional new credit lines, or the proceeds from issuing commercial paper;
The financial costs are in line with the increase in financing during the 2022 financial year and its decrease during the 1st semester of 2023 due to the capital increase. They also take into account increased interest rates due to changed market conditions.
Additional financing costs for acquisitions in the course of 2023 were also taken into account.

Assumptions regarding factors that cannot be influenced by the members of the Company's administrative, management and supervisory bodies directly:

• Rental income was increased by annual indexation and the impact of new investments. For the rental income for which the indexation took place on 1 January 2023, the effective indexation rates were taken into account (these represent 74% of the total rental income based on the contractual initial rent). Market forecasts were taken into account for the rental income indexed during 2023 (on the anniversary of the contract). The Company can confirm that 99% of the indexations already

passed on have been received at the date of this report;

Further fluctuations in the fair value of both the investment properties and the financial instruments have not been included as they are difficult to predict and, moreover, have no impact on the result to be distributed. However, the increased volatility of interest rates may have an impact on the fair value of financial instruments;
Care Property Invest expects no further impact from any doubtful debt;
Due to the 'triple net' nature(1) of the agreements, no maintenance costs were taken into account for the investment properties. In spite of the fact that the finance lease agreements also concern 'triple net' agreements, a limited provision was created for these agreements.
Fluctuations in interest rates and the Company's ability to issue or roll over commercial paper.

(1) With the exception of the project 'Les Terrasses du Bois' in Watermaal-Bosvoorde, for which a long-term double net agreement was concluded and the project 'Tilia' in Gullegem for which a long-term single net agreement was concluded.

3.2 Conclusion on debt ratio

outlook

Based on the aforementioned assumptions, the Company still has sufficient margin to make additional investments before the maximum debt ratio of 65% is exceeded on a consolidated basis. The consolidated debt ratio as calculated in accordance with Article 13 of the RREC-RD amounts to 46.64% as at 30 June 2023.

The Company expects the debt ratio to increase during the 2023 financial year based on additional investments and further completion of the projects currently in development and will end somewhere between 47% and 50%.

The Board of Directors evaluates its liquidity needs in due time and may, in order to prevent the maximum debt ratio from being reached, consider a capital increase, which might include a contribution in kind.

The Company maintains its EPS guidance of €1.00 - €1.03 and its DPS guidance of €1.00 for the full 2023 financial year.

3.3 Conclusion on outlook for dividends and distributable results

Based on the current existing agreements that will still generate income for an average of 15.27 years, barring unforeseen circumstances, and taking into account the additional shares after the capital increase in January 2023, the Company foresees a stable dividend for the 2023 financial year. The Company's solvency is supported by the stable value of its real estate projects and long-term macro trends, in particular the ageing population in the markets where the Company operates.

Taking into account the current economic uncertainty and its impact on Care Property Invest's results, the Company expects €66 million in rental income for the 2023 financial year. This represents an increase of approximately 22% compared to the 2022 financial year (total rental income for the 2022 financial year amounted to approximately €54 million).

The Company also maintains its expectation to realise adjusted EPRA earnings between €1.00 and €1.03 for the 2023 financial year and its intention to pay out a gross dividend of at least €1.00 per share for the 2023 financial year. After deduction of the 15% withholding tax rate, this results in a net dividend of €0.85 per share.

3.4 Statutory auditor's report on the consolidated financial forecasts of Care Property Invest nv/sa

As a statutory auditor of Care Property Invest nv/sa (the "Company"), we have prepared, upon request by the board of directors, the present report on the forecasts of the adjusted EPRA earnings per share and the rental income for the 12 months period ending 31 December 2023 (the "Forecast") of Care Property Invest nv/ sa, included in the paragraph I.3 "Outlook" of their half-yearly financial report as of 30 June 2023 as approved by the board of directors on 6 September 2023 of the Company.

The assumptions included in the paragraph I.3 "Outlook" result in the following consolidated financial forecasts for the accounting year 2023:

Adjusted EPRA earnings per share: between € 1,00 and € 1,03;
Rental income: € 66 million.

Board of directors' responsibility

It is the Company's board of directors' responsibility to prepare the consolidated financial forecasts and the main assumptions upon which the Forecast is based.

Auditor's responsibility

It is our responsibility to provide an opinion on the consolidated financial forecasts, prepared appropriately on the basis of the above assumptions. We are not required nor do we express an opinion on the possibility to achieve that result or on the assumptions underlying this forecasts.

We performed our work in accordance with the auditing standards applicable in Belgium, as issued by the Institute of Registered Auditors (Institut des Réviseurs d'Entreprises/Instituut van de Bedrijfsrevisoren) including related guidance from its research institute and with the standard "International Standard on Assurance Engagements 3400" relating to the examination of prospective financial information. Our work included an evaluation of the procedures undertaken by the board of directors in compiling the forecasts and procedures aimed at verifying the consistency of the methods used for the forecasts with the accounting policies normally adopted by Care Property Invest nv/sa.

We planned and performed our work so as to obtain all the information and explanations that we considered necessary in order to provide us with reasonable assurance that the forecasts have been properly compiled on the basis stated.

Opinion

We have examined (a) the adjusted EPRA earnings per share and (b) the rental income of Care Property Invest nv/sa for the 12 months periods ending 31 December 2023 in accordance with the International Standard on Assurance Engagements applicable to the examination of prospective financial information. The board of directors is responsible for the consolidated financial forecasts including the assumptions referenced above. In our opinion the consolidated financial forecasts are properly prepared on the basis of the assumptions and presented in accordance with the accounting policies applied by Care Property Invest nv/sa for the consolidated financial statements of 2022.

Since the forecasts and the assumptions on which they are based relate to the future and may therefore be affected by unforeseen events, we can express no opinion as to whether the actual results reported will correspond to those shown in the forecasts. These differences may be material.

Brussels, 6 September 2023

EY Réviseurs d'Entreprises bv Statutory auditor Represented by Christel Weymeersch (1) Partner

(1) Acting on behalf of a bv

Oudsbergen (BE) I Ter Meeuwen

4. Conflicts of interest

In accordance with Article 7:96 of the Code of Companies and Associations, a director who has a direct or indirect interest of a patrimonial nature that conflicts with the interest of the Company with respect to a decision or a transaction that falls within the authority of the Board of Directors, must inform the other directors before the Board of Directors takes a decision. The statement and explanation of the nature of this conflicting interest shall be minuted and included in full in the annual report or in a document that is filed together with the annual accounts.

The minutes shall be communicated to the statutory auditor without delay.

In the minutes of 20 March 2023, a conflict of interest was recorded for Messrs Peter Van Heukelom and Filip Van Zeebroeck and Ms Valérie Jonkers. The minutes state:

'Before proceeding to the discussion and decision-making on the agenda, Peter Van Heukelom, Valérie Jonkers and Filip Van Zeebroeck declare in application of Art: 96 of the Code of Companies and Associations to have an interest of a patrimonial nature, contradictory to that of the Company, with regard to the decision on the agenda under sub-paragraphs 4, 5 and 6, since on the one hand they are directors of the Company and on the other hand, as managers of the Company, they are the beneficiaries of the bonus amount for the 2022 financial year and of the (variable) remuneration policy of the Company for the 2023 / 2023-2025 financial year and the short- and longterm bonus regulations apply to them (the Variable Remuneration).

As such, the decision regarding the Variable Remuneration may have patrimonial consequences for Peter Van Heukelom, Valérie Jonkers and Filip Van Zeebroeck that are contrary to the interest of the Company, as each would (may) be entitled to compensation at the expense of the Company pursuant to the Variable Remuneration.

The Board of Directors reviews the agenda and notes that, apart from the aforementioned conflicts of interest, there are no other conflicts of interest.'

5. Corporate governance

Composition of the Board of Directors

On 30 June 2023, the Board of Directors was structured as follows :

Name	Function	Start 1st Mandate	End of mandate of the Board of Directors
Mark Suykens	• Non-Executive Director
	• Chairman of the Board of Directors
	• Chairman of the Nomination and Remuneration committee	28/01/2004	At the end of the Ordinary General Meeting of 2025
	• Chairman of the Investment Committee
	• Member of the Audit Committee
	Peter Van Heukelom • Managing (Executive) Director		At the end of the Ordinary General Meeting of 2026
	• Chairman of the Executive Committee	21/05/2003
Willy Pintens	• Managing (Executive) Director
	• Member of the Executive Committee	30/10/1995	At the end of the Ordinary General
	• Member of the Nomination and Remuneration Committee (advisory)		Meeting of 2025
	Dirk Van den Broeck • Managing Director (Executive Director)
	• Member of the Executive Committee	30/10/1995	At the end of the Ordinary General Meeting of 2025
	• Member of the Audit Committee (advisory)
Brigitte Grouwels	• Non-Executive Director / Independent Director	20/05/2015	At the end of the Ordinary General Meeting of 2026
	• Member of the Audit Committee
	• Member of the Nomination and Remuneration Committee
Caroline Riské	• Non-Executive Director / Independent Director		At the end of the Ordinary General Meeting of 2026
	• Member of the Nomination and Remuneration Committee	16/09/2015
	• Member of the Investment Committee
Paul Van Gorp	• Non-Executive Director		At the end of the Ordinary General Meeting of 2024
	• Chairman of the Audit Committee	18/05/2011
	• Member of the Investment Committee
Ingrid Ceusters	• Non-Executive Director / Independent Director
	• Member of the Audit Committee	27/05/2020	At the end of the Ordinary General Meeting of 2024
	• Member of the Nomination and Remuneration Committee
Michel Van Geyte	• Non-Executive Director / Independent Director
	• Member of the Investment Committee	27/05/2020	At the end of the Ordinary General Meeting of 2024
	• Member of the Audit Committee
Valérie Jonkers	• Managing (Executive) Director		At the end of the Ordinary General
	• Member of the Executive Committee	27/05/2020	Meeting of 2024
	Filip Van Zeebroeck • Managing (Executive) Director	27/05/2020	At the end of the Ordinary General
	• Member of the Executive Committee		Meeting of 2024

Within the meaning of Article 7:87 of the Code of Companies and Associations (BCCA), Mrs Brigitte Grouwels, Mrs Caroline Riské, Mrs Ingrid Ceusters, and Mr Michel Van Geyte are regarded as Independent Directors.

Zutphen (NL) I De Gouden Leeuw Zutphen

Executive Committee

On 30 June 2023, the Executive Committee comprised the following persons, all effective leaders within the meaning of Article 14 of the Law of 12 May 2014:

Name	Function
Peter Van Heukelom	Chief Executive Officer (CEO), Managing Director and Chairman of the Executive Committee
Dirk Van den Broeck	Managing Director and Risk Management - Risk Manager
Willy Pintens	Managing Director and Internal Audit Function
Filip Van Zeebroeck	Chief Financial Officer (CFO) and Managing Director
Valérie Jonkers	Chief Operation Officer (COO) and Managing Director

6. Research and Development

Care Property Invest has not undertaken any activities within the meaning of Articles 3:6, 3:7 and 3:8 and 3:32 of the Belgian Code for Companies and Associations (BCCA).

7. Capital increases within the context of authorised capital

Capital increase in cash

The main objective of this capital increase was to allow the Company to raise new financial resources and increase its equity.

8. Publication of the 2022 Sustainability Report

On 30 May 2023, the Company published its fourth sustainability report (in line with international sustainability and reporting guidelines such as GRI, EPRA sBPR and the Euronext ESG Guidelines). This report discusses our strategic framework, which was recently revised by conducting a new materiality exercise that meets the requirements of the double materiality principle of the Corporate Sustainability Reporting Directive (CSRD). Based on this assessment, Care Property Invest has shaped its ESG ambitions, focusing on three impact areas: 'Investing in sustainable buildings', 'Building sustainable relationships' and 'Leading through ethical practices'.

The sustainability report also reports on the allocation of net proceeds from financial instruments entered into under the Care Property Invest Sustainable Finance Framework to eligible sustainable assets. Care Property Invest's Sustainable Finance Framework is consistent with, among others, the guidelines of the Green Bond Principles (ICMA, 2018), Social Bond Principles (ICMA, 2020) and the Sustainability Bond Guidelines (2018).

9. Persons responsible (Royal Decree 14 November 2007)

Peter Van Heukelom, Willy Pintens, Dirk Van den Broeck, Filip Van Zeebroeck and Valérie Jonkers, Managing Directors, hereby declare that, to the best of their

knowledge,

the condensed financial statements which were prepared in accordance with the applicable accounting standards for financial statements, present a true and fair view of the assets, the financial position and the results of the Company and 2. this half-yearly financial report includes a fair overview of the development, performance and position of the Company and the affiliates included in the consolidation, as well as a description of the principal risks and uncertainties that the Company and its affiliates included in the consolidation
are facing.

Meise (BE) I Oase

Gullegem (BE) I Tilia (BE) I

II. Care Property Invest on the stock market

1. Stock price and volume

1.1 Number and types of shares

Number of shares on	30/06/2023	31/12/2022
Total number of shares	36,988,833	27,741,625
of which:
- Number of shares in circulation	36,988,833	27,741,625
- Number of own shares	0	0

Value of shares on	30/06/2023	31/12/2022
Stock price on cut-off date	€ 12.34	€ 15.76
Highest closing share price of this period	€ 16.66	€ 26.55
Lowest closing share price of this period	€ 12.04	€ 14.68
Average share price	€ 13.63	€ 21.65
Market capitalisation	€ 456,442,199	€ 437,208,010
Net value per share	€ 17.50	€ 20.31
Premium compared to the net fair value	-29.49%	-22.40%
EPRA NTA per share	€ 18.58	€ 19.82
Premium compared to EPRA NTA	-33.57%	-20.49%
Free float	100.00%	100.00%
Average daily volume	57,668	23,470
Turnover rate	21.65%	22.07%

II. CARE PROPERTY INVEST ON THE STOCK MARKET

The Company maintains its EPS guidance of €1.00 - €1.03 and its DPS guidance of €1.00 for the full 2023 financial year.

Care Property Invest BEL Mid (in %) BEL 20 EPRA Index (in %)

Comparison stock price shares (in %)

Evolution of the share price in relation to the net value (or net asset value) of the share

Liquidity of the shares

(Average number of shares traded per day ) Evolution market capitalisation (in € million)

-40 -30 -20 -10

0 10 20 30 40 50 60 70 80 90 100

2015 2016 2017 2018 2019 2020 2021 2022 HY 2023

2. Dividend policy

In accordance with Article 11 §3 of the RREC Law, Article 7: 211 of the Belgian Code of companies and associations (BCCA) – which requires a statutory reserve to be kept - is not applicable. The minimum pay-out requirement is established in accordance with Article 13 of the RREC RD and amounts to 80%. If necessary, and to the extent that there is sufficient profit, part of the profit is reserved and transferred to the following financial years in order to have more own funds for pre-financing and to provide the shareholders, in accordance with the original prospectus(1), a stable dividend for the subsequent financial years. The Company's strategy is to increase the dividend whenever sustainably possible and at least to keep it stable. In addition, it aims for a payout ratio close to the legal minimum of 80% and is considering using an optional dividend to keep profits within the Company to finance its growth strategy.

Care Property Invest intends to pay an unchanged gross dividend of at least €1.00 per share for the 2023 financial year, which equates to a net dividend of €0.85 per share.

The Company's solvency is supported by the stable value of its real estate projects.

1.2 Index inclusions of the Care Property Invest share

As at 30 June 2023, the Care Property Invest share is included in 4 indexes, being the Euronext BEL Mid Index, the Euronext BEL Real Estate index and the GPR Index (General Europe and General Europe Quoted). Since December 2016, the Company is also a member of the EPRA organisation and although its share is not included in the EPRA index, it uses this index as a benchmark and also applies the EPRA standards in its yearly and halfyearly financial reporting.

Inclusion index as at 30 June 2023
Index name	Weight
Euronext BEL Mid index (Euronext Brussels)	1.77%
Euronext BEL Real Estate (Euronext Brussels)	1.89%
GPR (Global Property Research) General Europe Index	0.13%
GPR (Global Property Research) General Europe Quoted Index (excl. open-end bank funds)	0.21%

3. Bonds and short-term debt securities

3.1 MTN programme

For the financing of its projects, the Company also relies on the capital market by issuing bonds and commercial paper through an MTN programme with Belfius as arranger and Belfius and KBC as dealers (KBC only for the CP part). In March 2021, this programme was increased to €300 million. As at 30 June 2023, this form of financing is composed as follows:

3.1.1 Bonds

Issuer		ISIN code Nominal amount		Issue date Expiry date Remaining	term in years	Coupon	Indicative price as at 30/06/2023
Care Property Invest nv	BE6296620592	€ 5,000,000		12/07/2017 12/07/2023	6	1.49%	100.39%
Care Property Invest nv	BE6296621608	€ 5,000,000		12/07/2017 12/07/2024	7	1.72%	97.13%
Care Property Invest nv	BE6303016537	€ 7,500,000		28/03/2018 28/03/2029	11	2.08%	88.68%
Care Property Invest nv	BE6311814246	€ 1,500,000		14/02/2019 14/02/2027	8	1.70%	91.21%
Care Property Invest nv	BE6311813230	€ 500,000		14/02/2019 14/02/2030	11	1.99%	86.53%
Care Property Invest nv	BE6318510276	€ 1,500,000	21/01/2020	21/01/2028	8	0.90%	86.46%
Care Property Invest nv	BE6337332314	€ 2,000,000		19/08/2022 24/08/2023	1	2.00%	99.70%
Care Property Invest nv	BE6337268641	€ 10,000,000		22/08/2022 22/08/2029	7	4.18%	89.43%
TOTAL		€ 33,000,000

(1) Decrease in earnings per share, by creation of additional shares by optional dividend.
(2) Decrease in earnings per share, by creation of additional shares through a capital increase in 2015. Although the proceeds of the capital increase were used for new investments in the remaining months of 2015, the result only became apparent in 2016.
(3) Earnings per share on the rise, despite 2 capital increases in 2019 totalling €23 million (capital + share premium), 3 capital increases in 2020 totalling €99 million (capital + share premium), 2 capital increases in 2021 totalling €68 million (capital + share premium) and 2 capital increases in 2022 totalling €18 million (capital + share premium).
(4) Outlook. Decrease in earnings per share, due to creation of additional shares by capital increase on 24 January 2023 of €108 million (capital + share premium). EPS between €1.00 and €1.03. DPS €1.00.

Evolution of the gross dividend (in €/share) since initial public offering

Adjusted EPRA earnings (in €/share).

Gross dividend (in €/share) - On 24 March 2014 a share split took place (1/1,000).

⁽¹⁾ Prospectus of public offering for subscription to 10,000 shares as issued by Serviceflats Invest nv/sa.

4. Shareholding structure

The Company has no knowledge of any shareholders holding more than 5% of the voting rights, as no notifications have been received to this effect within the context of the transparency legislation.

On 24 January 2023, Pensio B notified the Company that as of this date it no longer exceeds the 3% threshold due to a passive fall below the lowest threshold.

On 15 March 2023, Ameriprise Financial Inc notified the Company that it exceeds the 3% threshold as of 10 March 2023 due to the temporary holding of voting rights Care Property Invest by a company within the group.

Care Property Invest refers to its website www.carepropertyinvest.be for the publication of these transparency notifications.

Apart from this new notifications by Pensio B and Ameriprise Financial Inc, the Company received no new notifications for exceeding or falling below the 3% threshold during the 2023 financial year.

3.1.2 Short-term debt securities

The MTN programme of €300 million provides for a maximum withdrawal of €200 million in commercial paper. Of this, an amount of €24.0 million was drawn as at 30 June 2023.

3.2 Sustainability bonds

In 2021, the Company issued €32.5 million in sustainability bonds through a private placement with an institutional investor belonging to an international insurance group. The bonds, which were issued on 8 July 2021, have a maturity of 10 years and a coupon of 2.05%. On 10 March 2023 there was an early repayment of these bonds.

Bonheiden-Rijmenam (BE) I Ter Bleuk

5. Financial calendar

(at the Company's headquarters: Horstebaan 3,, 2900 Schoten)

Share distribution on		30 June 2023	24 January 2023 (1)			31 December 2022
	% Proportion vis-à-vis total capital	Number of shares (expressed in nominal value)	% Proportion vis-à-vis total capital	Number of shares (expressed in nominal value)	% Proportion vis-à-vis total capital	Number of shares (expressed in nominal value)
Outstanding shares	100%	36,988,833	100%	36,988,833	100%	27,741,625
Own shares	0%	0	0%	0	0%	0
Registered shares	4.64%	1,717,986	4.69%	1,733,872	6.12%	1,698,713
Dematerialised shares	95.36%	35,270,847	95.31%	35,254,961	93.88%	26,042,912

As at 30 June 2023, all shares are ordinary shares, the vast majority of which are dematerialised.

(1) The number of shares changed following the capital increase in cash which Care Property Invest offered to its shareholders on 11 January 2023 via a public offering for subscription followed by a private placement of the scrips in an 'accelerated bookbuilding' (accelerated private placement with composition of an order book). The subscription period had a success rate of 63.90% after which the unexercised scrips were all sold through the accelerated private placement, leading to an equity strengthening of €110,966,496 and the issue of 9,247,208 new shares on 24 January 2023 at an issue price of €12.00 per share. As of this date, the Company's share capital amounts to €220,065,062 and is represented by a total of 36,988,833 fully paid-up shares with voting rights.

8 November 2023, after trading hours

			AAAI

1. EPRA (European Public Real Estate Association) - Membership

Care Property Invest is a member of the European Public Real Estate Association (EPRA) since December 2016. With a joint real estate portfolio that exceeds

the mark of €790 billion(1), more than 285 EPRA members (companies, investors and their suppliers) represent the core of the European listed real estate. The purpose of this non-profit organisation is to promote the European (listed) real estate and its role in society. Its members are listed companies and join forces to improve accounting guidelines, the supply of information and corporate governance within the European real estate sector. Furthermore, EPRA provides high-quality information to investors and publishes standards for financial reporting which from the annual financial report of the financial year 2016 on were included in the half-yearly and annual financial reports of Care Property Invest.

In February 2022 the Board of directors of the European Public Real Estate Association (EPRA) published an update of the report 'EPRA Reporting: Best Practices Recommendations' ('EPRA Best Practices'). The report is available on the EPRA website (www.epra.com). This report contains recommendations for the most important indicators of the financial performance of listed real estate companies. Care Property

(1) Exclusively in European real estate.

Invest supports the current tendency to standardise reporting in view of higher quality and comparability of information and provides the investors with the majority of the indicators recommended by EPRA.

Care Property Invest's efforts in the 2021 financial year to apply the EPRA standards as completely as possible in its yearly and half-yearly financial reports have been rewarded for the sixth consecutive time in September 2022 with an EPRA BPR Gold Award at the annual EPRA conference. The Company is committed to continually improve the transparency and quality of the financial reporting and also wants to earn this recognition in the coming financial years.

In addition, EPRA also publishes principles regarding sustainability reporting and sustainability performance measures, the EPRA Sustainability Best Practices

Recommendations (sBPR). Since 2020, the Company has published an annual sustainability report on its activities for the past financial year, always applying the sBPR. Care Property Invest also received the EPRA sBPR Gold Award for its sustainability report for the 2021 financial year in September 2022. The Company is pleased with this recognition of the efforts made in the field of sustainability reporting and intends to continue to make progress in this area in the future.

III. EPRA

1.2 EPRA key performance indicators: detailed overview

The statutory auditor has verified for the EPRA indicators relating to 2023, by means of a limited review, that these data have been calculated in accordance with the definitions of the EPRA Best Practices Recommendations Guidelines and that the financial data used correspond to the figures included in the audited consolidated Half-Yearly Financial

Report.

		30/06/2023	30/06/2022
EPRA Earnings	x € 1,000	16,707	14,186
Earnings from operational activities.	€/share	0.45	0.52
Adjusted EPRA Earnings	x € 1,000	18,666	17,057
Earnings from operational activities corrected with company-specific non-cash items (being finance leases - profit or loss margin attributable to the period, depreciation, provisions and other portfolio result).	€/share	0.50	0.63
EPRA Cost ratio (incl. costs of direct vacancy) (1)	%	17.97%	18.59%
Administrative/operating costs including the direct costs of the vacant buildings, divided by gross rental income.
EPRA Cost ratio (excl. costs of direct vacancy) (1)	%	17.96%	18.58%
Administrative/operating costs less the direct costs of

Administrative/operating costs less the direct costs of the vacant buildings, divided by gross rental income.

(1) Due to changes in the calculation method for this indicator, the 2022 comparative figures have been adjusted to allow for correct comparability.

The EPRA indicators below are considered to be the Company's APMs, which are recommended by the European Association of listed real estate companies (EPRA) and which have been drawn up in accordance with the APM guidelines issued by ESMA.

The information in this chapter is not compulsory according to the RREC legislation and is not subject to review by the FSMA.

1.1 The EPRA-index

The EPRA index is used worldwide as a benchmark and is the most used investment index to compare performances of listed real estate companies and REITS.

Per 30 June 2023, the FTSE EPRA Nareit Developed Europe Index is composed on the basis of a group of 109 companies with a combined market capitalisation of more than €210 billion (full market capitalisation). At present, the Company is not included in this index.

		30/06/2023	31/12/2022
EPRA NRV	x € 1,000	733,577	590,252
EPRA Net Reinstatement Value, assumes that the Company will never sell its assets and gives an estimate of the amount needed to re-establish the company.	€/share	19.83	21.28
EPRA NTA	x € 1,000	687,115	549,896
EPRA Net Tangible Assets, assumes that the company acquires and sells assets, which would result in the realization of certain unavoidable deferred taxes.	€/share	18.58	19.82
EPRA NDV	x € 1,000	703,591	570,602
EPRA Net Disposal Value, represents the value payable to the shareholders of the Company in the event of a sale of its assets, which would result in the settlement of deferred taxes, the liquidation of the financial instruments and the taking into account of other liabilities at their maximum amount, less taxes.	€/share	19.02	20.57
EPRA Net Initial Yield (NIY)	%	5.26%	5.06%
Annualized gross rental income based on current rents ('passing rents') at the closing date, excluding property charges, divided by the market value of the portfolio and increased by the estimated transfer rights and costs in the event of hypothetical disposal of investment properties.
EPRA adjusted NIY ('topped-up' NIY)	%	5.50%	5.35%
This measure incorporates an adjustment to the EPRA NIY in respect of the expiration of rental-free periods and other incentives.
EPRA vacancy rate (1)	%	0.02%	0.05%
Estimated rental value (ERV) of vacant space divided by the ERV of the total portfolio.
EPRA LTV	%	43.80%	51.34%
The EPRA LTV represents the company's indebtedness

compared to the market value of its property.

(1) Care Property Invest only runs a vacancy risk for the Tilia project in Gullegem. For the other projects, the risk is placed with the counterparty and the Company receives the canon/rent, regardless of the occurrence of a certain vacancy. As at 30 June 2023, there is 1 vacant flat in the 'Tilia' project.

1.2.1 EPRA earnings

	Amounts in EUR 1,000	30/06/2023	30/06/2022
	Net income as mentioned in the financial statements	3,413	56,058
	Adjustments to calculate EPRA Earnings:	13,294	-41,872
(i)	Changes in fair value of investment properties and assets held for sale	13,783	-16,367
(vi)	Changes in fair value of financial assets and liabilities (IFRS 9) and associated close-out costs	1,346	-28,440
(viii)	Deferred taxes m.b.t. EPRA adjustments	-1,835	2,935
	EPRA Earnings	16,707	14,186
	Weighted average number of shares outstanding (1)	36,988,833	27,102,910
	EPRA Earnings per share (in €)	0.45	0.52
	1.2.2 Adjusted EPRA earnings Amounts in EUR 1,000	30/06/2023	30/06/2022
	Net income as mentioned in the financial statements	3,413	56,058
	Adjustments to calculate adjusted EPRA Earnings:	15,253
(i)			-39,001
(vi)	Changes in fair value of investment properties and assets held for sale	13,783	-16,367
	Changes in fair value of financial assets and liabilities (IFRS 9) and associated close-out costs	1,346	-28,440
(viii)	Deferred taxes m.b.t. EPRA adjustments	-1,835	2,935
(xi)	Company-specific non-cash elements	1,959	2,870
	Adjusted EPRA Earnings	18,666	17,057
	Weighted average number of shares outstanding (1)	36,988,833	27,102,910

(1) The weighted average of outstanding shares are the number of shares on closing date with rights to dividends.

1.2.3 Reconciliation of the EPRA earnings to adjusted EPRA earnings

Amounts in EUR 1,000	30/06/2023	30/06/2022
EPRA Earnings	16,707	14,186
Depreciation, amortization and reversals of impairments	243	204
Profit or loss margin projects allocated to the period	1,717	2,666
Adjusted EPRA Earnings	18,666	17,057

Amounts in EUR/share	30/06/2023	30/06/2022
EPRA Earnings	0.4517	0.5234
Depreciation, amortization and reversals of impairments	0.0066	0.0075

Profit or loss margin projects allocated to the period	0.0464	0.0984

1.2.4 EPRA Net Reinstatement Value (NRV)

	Amounts in EUR 1,000	30/06/2023	31/12/2022
IFRS equity attributable to shareholders		647,321	563,395
Diluted NAV		647,321	563,395
	To be included:
(ii)	Revaluation at fair value of finance lease receivables (1)	61,611	8,262
	Diluted NAV at fair value	708,932	571,657
	To be excluded:
(v)	Deferred tax on positive fair value adjustments in real estate investments	1,465	-112
(vi)	Fair value of financial instruments	20,277	21,780
	To be included:
(xi)	Transfer tax on immovable property	46,386	40,264
EPRA NRV		733,577	590,252
Number of shares (2)		36,988,833	27,741,625
EPRA NRV per share (in €)		19.83	21.28

(1) As of 30 June 2023, the fair value of the 'finance lease receivables' is determined by the real estate expert Cushman & Wakefield. However, the comparative figures have not been adjusted based on this new calculation. For more explanation on the different calculation methods, please refer to the chapter 'V Condensed financial statements', item '5.4.2 Finance lease receivables' on page 84.

(2) The number of shares is the number of shares on closing date with rights to dividends.

1.2.5 EPRA Net Tangible Assets (NTA)

	Amounts in EUR 1,000	30/06/2023	31/12/2022
IFRS equity attributable to shareholders Diluted NAV		647,321	563,395 563,395
		647,321
To be included:
(ii)	Revaluation at fair value of finance lease receivables (1)	61,611	8,262
	Diluted NAV at fair value	708,932	571,657
To be excluded:
(v)	Deferred tax on positive fair value adjustments in real estate investments	1,465	-112
(vi)	Fair value of financial instruments	20,277	21,780
(viii.b)	Intangible assets	76	92
EPRA NTA		687,115	549,896
Number of shares (2)		36,988,833	27,741,625
EPRA NTA per share (in €)		18.58	19.82

(2) The number of shares is the number of shares on closing date with rights to dividends.

1.2.6 EPRA Net Disposal Value (NDV)

Amounts in EUR 1,000	30/06/2023	31/12/2022
IFRS equity attributable to shareholders	647,321	563,395
Diluted NAV	647,321	563,395
To be included:
(ii) Revaluation at fair value of finance lease receivables (1)	61,611	8,262
Diluted NAV at fair value	708,932	571,657

To be included:
(ix) Fair value of debt	-5,341	-1,054
EPRA NDV	703,591	570,602
Number of shares (2)	36,988,833	27,741,625

(1) As of 30 June 2023, the fair value of the 'finance lease receivables' is determined by the real estate expert Cushman & Wakefield. However, the comparative figures have not been adjusted based on this new calculation. For more explanation on the different calculation methods, please refer to the chapter 'V Condensed financial statements', item '5.4.2. Finance lease receivables' on page 84.
(2) The number of shares is the number of shares on closing date with rights to dividends.

1.2.7 EPRA Net Initial Yield (NIY) & Topped Up Net Initial Yield (EPRA 'Topped Up' NIY)

Amounts in EUR 1,000	30/06/2023	31/12/2022
Investment properties at fair value	975,312	932,903
Finance lease receivables at fair value (1)	248,416	197,018
Development projects (-)	-38,558	-52,485
Investment properties in exploitation at fair value	1,185,170	1,077,436
Allowance for estimated purchasers' rights and costs in case of hypothetical disposal of investment properties	43,466	36,774
Investment value of investment properties in exploitation	1,228,636	1,114,210
Annualized gross rental income (+)	64,686	56,429
Real estate costs (-)	-2	-3
Annualised net rental income	64,684	56,426
Rental discounts expiring within 12 months and other incentives (-)	2,836	3,232
Topped-up and annualized net rental income	67,519	59,658
EPRA NIY ( in %)	5.26%	5.06%
EPRA TOPPED-UP NIY ( in %)	5.50%	5.35%

1.2.8 EPRA Rental Vacancy

Financial year closed on	30/06/2023	31/12/2022
Rental area (in m²)	566,135	544,622
ERV of vacant surfaces	10	30
ERV of total portfolio	63,887	60,598
EPRA rental vacancy (in %)	0.02%	0.05%

Care Property Invest only runs a vacancy risk for the 'Tilia' project in Gullegem. For the other projects, the risk is placed with the counterparty and the Company receives the canon/rent, regardless of the occurrence of a certain vacancy. As at 30 June 2023, there is only 1 vacant flat in the 'Tilia' project.

1.2.9 Property Portfolio - Like-For-Like Net Rental Income

The like-for-like net rental income compares the net rental income of the portfolio (including capital repayments and rental discounts) coming from the projects that were kept in operation during 2 consecutive years and were therefore not under development. Information regarding the growth of the net rental income, other than through acquisitions or disposals, allows the stakeholders to estimate the organic growth of the portfolio.

Amounts in EUR 1,000	30/06/2022						30/06/2023
	Net rental income at current perimeter	Acquisitions		Sales In operation	Net rental income at current perimeter	Net rental income for the period	Evolution of net rental income at current perimeter
Belgium	20,457	204	0	290	22,630	23,124	10.62%
Investment properties in operation	12,329	204	0	290	13,650	14,144
Finance leases	8,128	0	0	0	8,980	8,980
The Netherlands	2,548	188	0	1,954	2,878	5,021	12.97%
Investment properties in operation	2,548	188	0	1,954	2,878	5,021
Spain	1,320	48	0	686	1,402	2,136	6.19%
Investment properties in operation	1,320	48	0	686	1,402	2,136
Ireland	0	0	0	2,044	0	2,044	0.00%
Investment properties in operation	0	0	0	2,044	0	2,044
TOTAL INVESTMENT PROPERTIES AND FINANCE LEASES IN OPERATION	24,325	440	0	4,974	26,910	32,324	10.63%

1.2.10 EPRA Cost Ratios

Amounts in EUR 1,000	30/06/2023	30/06/2022
Administrative/operating expenses according to IFRS financial statements	-5,643	-4,644
Rental charges and taxes normally borne by the tenant on rented buildings	-15	-16
Technical costs	-2	-1
Charges and taxes on unlet properties	-3	-3
Overheads	-5,342	-4,695
Other operating income and charges	-280	71
EPRA costs (including direct vacancy costs) (A)	-5,643	-4,644
Charges and taxes on unlet properties	3	3
EPRA costs (excluding direct vacancy costs) (B)	-5,640	-4,641
Gross rental income (C)	31,396	24,980
EPRA Cost Ratio (including direct vacancy costs) (A/C) (1)	17.97%	18.59%
EPRA Cost Ratio (excluding direct vacancy costs) (B/C) (1)	17.96%	18.58%

General and capitalised operating expenses (including share of joint ventures)	3,024	989

(1) Due to changes in the calculation method for this indicator, the 2022 comparative figures have been adjusted to allow for correct comparability.

Care Property Invest capitalises overhead costs and operating expenses that are directly related to the development projects (legal expenses, project management, ...) and acquisitions.

In September 2022, the Company's efforts were rewarded with an EPRA BPR Gold Award for the sixth time.

1.2.11 EPRA LTV

Amounts in EUR 1,000	30/06/2023	31/12/2022
To be included:
Borrowings from Financial Institutions (1)	479,024	483,023
Commercial paper (1)	24,000	30,500
Bond Loans (1)	33,000	65,500
Owner-occupied property (debt) (1)	3,560	4,189
To be excluded:
Cash and cash equivalents	2,891	2,371
Net Debt (a)	536,693	580,841
To be included:
Owner-occupied property (2)	5,517	5,517
Investment properties at fair value (3)	936,754	880,418
Properties under development (3)	38,558	52,485
Intangibles	76	92
Net Receivables (4) (5)	67,628	15,905
Financial assets (6)	176,784	177,019
Total Property Value (b)	1,225,317	1,131,435

EPRA LTV (a/b) 43.80% 51.34%

(1) The total of these items amounts to €539,584 thousand and corresponds to the sum of balance sheet items I.B Non-current financial liabilities (€152,790 thousand) and II.B Current financial liabilities (€387,271 thousand), on which an adjustment of €478 thousand relating to rental guarantees received was made.

(2) This refers to the fair value of the Company's headquarters based on the report of the real estate expert Stadim cvba.
(3) The total of these items amounts to €975,312 thousand and corresponds to the balance sheet heading I.C. Investment properties (€976,676 thousand) adjusted by the value of the rights in rem (€1,364 thousand).
(4) Net receivables are the difference between receivables (€87,446 thousand) and liabilities (€19,818 thousand), where receivables consist of guarantees (€3 thousand), trade receivables finance leases (€71,632 thousand), current trade receivables (€6,892 thousand), tax receivables and other current assets (€7,756 thousand) and accruals (€1,163 thousand) and liabilities from guarantees received (€478 thousand), exit tax (€1,384 thousand), trade and other current liabilities (€9,529 thousand), other current liabilities (€1,934 thousand) and accruals (€6,493 thousand).
(5) The 'trade receivables finance leases' were included at fair value. As of 30 June 2023, the fair value of the 'finance lease receivables' is determined by the real estate expert Cushman & Wakefield. However, the comparative figures have not been adjusted based on this new calculation. For more explanation on the different calculation methods, please refer to the chapter 'V Condensed financial statements', item '5.2.4 Finance lease receivables' on page 84. Using the book value of 'trade receivables finance leases' amounting to €10,021 thousand, the EPRA LTV would amount to 46.12%.
(6) This item corresponds to balance sheet item I.F. Finance lease receivables (€176,783 thousand) plus other financial assets (€1 thousand).

Care Property Invest holds no shares within a joint venture or material associate and has no minority interests. All assets and liabilities are 100% owned by Care Property Invest.

1.2.12 EPRA CAPEX

Amounts in EUR 1,000	30/06/2023	30/06/2022
Capitalized investment costs related to investment properties
(1) Acquisitions	35,939	95,500
(2) Developments	16,401	23,323
(3) Real estate in operation	2,474	293
No incremental lettable space	1,943	0
Other material non-allocated types of expenditure	531	293
Total capitalized investment costs of investment properties	54,815	119,116
Conversion from accrual to cash basis	0	0
Total Capex investment properties on cash basis	54,815	119,116
Care Property Invest does not own a share in a joint venture.
(1) 2023: It concerns the acquisitions of the projects 'BoCasa' in Bolderberg (BE), 'Huize Willibrordus' in Ruurlo (NL) and 'Residence Oldenbarnevelt' in Rotterdam (NL). 2022: These are the acquisitions of the projects 'Emera Murcia' in Murcia (ES), 'Ballincurrig Care Centre' in Ballincurrig (IE), 'Cairnhill Nursing Home' in Bray (IE), 'Dunlavin Nursing Home' in Dunlavin (IE), 'Elm Green Nursing Home' in New Dunsink (IE), 'Leeson Park Nursing Home' in Ranelagh (IE) and 'Ratoath Manor Nursing Home' in Ratoath (IE).
(2) 2023: This relates to the further development of the projects 'Villa Stella' in Middelburg (NL), 'St. Josephkerk' in Hillegom (NL), 'Warm Hart Zuidwolde' in Zuidwolde (NL), 'Warm Hart Ulestraten' in Ulestraten (NL), 'Emera Mostoles' in Madrid (ES), 'Solimar Tavernes Blanques' in Tavernes Blanques (ES), 'Solimar Elche' in Elche (ES), 'Marina Del Port' in Barcelona (ES) and 'Sugerloaf Care Centre' in

Kilmacanogue (IE). 2022: This relates to the further development of the projects 'Villa Maria (vicarage)' in Tilburg (NL), 'Villa Stella' in Middelburg (NL), 'St. Josephkerk' in Hillegom (NL), 'Zorgvilla Aldenborgh' in Roermond (NL), 'Mariënhaven' in Warmond (NL), 'Villa le Monde' in Vught (NL), 'Huize Elsrijk' in Amstelveen (NL), 'Villa Ouderkerk' in Ouderkerk aan de Amstel (NL), 'Emera Carabanchel' in Madrid (ES) and 'Emera Mostoles' in Madrid (ES), as well as the acquisition of the development projects 'Warm Hart Zuidwolde' in Zuidwolde (NL), 'Warm Hart Ulestraten' in Ulestraten (NL) en 'Solimar Tavernes Blanques' in Tavernes Blanques (ES).

(3) These are the limited capitalised costs relating to the real estate in operation.

IV. Real Estate Report

IV. REAL ESTATE REPORT

1. Status of the property market in which the Company operates

Care Property Invest occupies a clear position within the RREC landscape through its specialisation within the market segment of housing for senior citizens. This is the segment in which it is mainly active today, but certainly not exclusively, because in 2014 it extended the definition of its social purpose to the market for people with disabilities in order to realise projects in this segment as well. Geographical expansion also figured on the agenda through the realisation of an objective expansion to the entire European Economic Area. The Company's preparations in this context paid off in 2018 with a first acquisition on Dutch territory. In June 2020 Care Property Invest entered its third target market, Spain. Finally, in 2022, the Company moved into its fourth target market, Ireland.

The table below provides an overview of the projects that the Company was able to acquire in Belgium, The Netherlands and Spain during the 1st semester of 2023. More information on these projects can be found in chapter 'I. Interim Report of the Board of Directors', point "1.1 Important events during the 1st semester of 2023" op pagina 10.

Name of project	Location of project	Type of project	Classification
Belgium
	Effectively acquired projects generating immediate returns
BoCasa	Bolderberg	Residential care centre with group of	Investment property

assisted living apartments

The Netherlands

Effectively acquired projects generating immediate returns
Huize Willibrordus	Ruurlo	Care residence	Investment property
Residence Oldenbarnevelt	Rotterdam	Care residence	Investment property
Completed projects
Warm Hart Zuidwolde	Zuidwolde	Care residence	Investment property
Villa Stella	Middelburg	Care residence	Investment property

Spain

Completed projects
Emera Mostoles	Mostoles	Residential care centre	Investment property

Care Property Invest actively participates as a real estate player and aims to make quality projects available to care entrepreneurs as provided for in the residential care decree.

The Company's real estate strategy is largely determined by the growing demand for real estate with a social added value, specifically care infrastructure that is fully tailored to the needs of its residents. This strategy is supported by the demographic evolution of the Belgian, Dutch, Spanish as well as the Irish population. For new investment projects, the Company focuses on qualitative, sustainable and future-proof buildings, located in good locations with reliable operators with whom a long-term commitment can be made, preferably under a triple net regime. The Company applies this strategy to all the markets in which it is active.

Care Property Invest's approach simultaneously meets the expectations and needs of operators in these markets by entering into long-term contracts and partnerships.

From its experience in building service flats for the Flemish Government, Belgian local authorities and charitable organisations continue to form an important target group. Furthermore, Care Property Invest also focuses on the private market through the realisation of residential care projects with experienced private operators in Belgium, The Netherlands, Spain and since 2022 in Ireland.

Below, the Company includes the description of the healthcare real estate markets in the countries in which it operates.

Meath (IE) I Ratoath Manor Nursing Home

Lennik (BE) I Keymolen

The market for housing for the elderly in Belgium(1)

For Belgian residential care centres, the covid crisis is completely behind the horizon, with occupancy rates hovering back around pre-covid levels.

Healthcare real estate is valued relatively high because of the underlying long-term 'triple-net' contracts with professional and solvent operators. These contracts are valued with limited risks.

The recent crisis will probably show that healthcare real estate also has an inherent risk: long-term contracts only last as long as the EBITDAR of operations does not experience shocks. The continuity in the operation of residential care centres during the coming months will have to show whether there will be an impact on the current healthcare real estate market and, more specifically, on current yields.

Healthcare real estate as a long-term investment has attracted increasing interest in recent years. The investor market is rapidly expanding to insurance companies and pension funds, for which (very) long term and, furthermore, indexlinked contracts form a decisive element. This is also consistent with the desire of healthcare operators to pursue a policy that is also focused on the long term.

The 'affiliated' division between operation and the real estate, which also occurs in the hotel segment, is therefore a logical consequence. However, the two parties remain affiliated in the need for a balanced profitability: they are therefore co-dependent. The building must always be fully operational and must not be defective at any time. This would not benefit operations. Logically, as in the hotel segment, triple net contracts are also concluded in the care sector. For the operator, it is crucial that the quality of the property is maintained and that the operator can also intervene quickly if there is a threat of restraints.

Until a year ago, the overall trend of further professionalisation of the exploitation sector and broadening of the interested investor base, with at the same time a continued downward pressure on interest rates, meant that gross rental yields were getting lower and lower. Hereby transactions, with triple net longer-term rental agreements, were concluded at rental yields starting from 4%. In the last year, however, interest rates experienced a rapid upward movement. On the other hand, inflation has also risen sharply. As a result, there has been an increase in rental yields. However, this increase is absorbed by the automatic indexation of rents. This amounted to approximately 10% last year. The need for quality and versatility, or in general terms the sustainability of the investment, is only increasing: when yields are low, correcting erroneous expectations is no longer possible.

The market for housing for the elderly in The Netherlands(1)

The healthcare real estate sector consists of several segments, each with its own character. A distinction is made between healthcare real estate providing care and cure. The 'care' segment is intended for living, providing both light and heavy care. The 'cure' segment provides treatments, with possibly a short stay and is focused on recovery and healing.

Elderly people want and need to live at home for a longer period of time. This creates greater demand for senior housing and care apartments. In January 2022, there were 850,512 people aged 80 and over in The Netherlands. Life expectancy is forecast to rise sharply over the next 30 years to 2.6 million over-80s in 2050. Part of this group will need long-term care, to think of dementia, a condition that is expected to cause the highest mortality and disease burden in 2040. This intensive care need will only increase the demand for this type of healthcare real estate, which is currently unavailable. More than half of people aged 75 and over face loneliness. This creates a demand for a new form of living between home and nursing care, which reduces the pressure on professional care. Elderly people want to move to a place that is smaller but where they can continue to live independently and easily meet others. Currently, there is insufficient supply of such housing forms.

(1) Prepared by, and included in this half-yearly financial report, in agreement with Stadim bv. By 2030, more than 200,000 care homes will need to come on the market. In addition, much of the existing stock is outdated. These will have to be made sustainable in the coming decades, in line with climate objectives.

In 2022, a total of €1.3 billion was invested in healthcare real estate, as the healthcare real estate sector is a stable market even in less favourable times. This is a record compared to previous years. The vast majority of transactions involved investments in care homes.

The focus of several established healthcare real estate investors is on high-quality, high-end and sustainable real estate, in combination with strong operators, in

prime locations.

Due to sharply rising interest rates, several parties have been hitting the brakes during 2022 and especially in 2023.

Moreover, the increase in transfer tax from 8% to 10.4% in January 2023 also led to less activity. Very few transactions were completed in the first half of 2023.

⁽¹⁾ Prepared by, and included in this half-yearly financial report, in agreement with Stadim bv.

The market for housing for the elderly in Spain(1)

Spain has a high average life expectancy with an ageing population. Spanish life expectancy is forecast to be the highest in Europe by 2050. Spain experienced a baby boom in the 1960s, during which the Spanish birth rate was 8.37%. These baby boomers are currently 50/60 years old and make up 25% of Spain's population today. Spain is expected to have the second highest dependency ratio of all European countries by 2050.

75% of the Spanish population owns their own home (in 2021, coming from 82% in 2001) which is above the European average. This provides an (additional) source of

(1) Based on and included in this half-yearly financial report with the agreement of, Cushman & Wakefield.

funding to cover the cost of a residential care centre.

The Spanish healthcare real estate market is already currently facing a shortage of beds. Moreover, the existing inventory of beds is outdated. According to the latest available data, Spain has a total of 5,556 residential care centres with a total capacity of about 385,000 beds. Although there are numerous operators in this highly competitive market. DomusVi, Orpea, Vitalia, Amavir and Ballesol account for almost 32% of private beds offered in Spanish residential care centres. The healthcare market is also characterised by strong fragmentation with a lot of potential for consolidation. The top 10 operators hold only 20% of the total number of beds.

The investment volume for residential care centres in Spain has increased significantly in recent years, reaching a record volume of around €1.2 billion in 2021, double that of 2020. This increase was mainly achieved by the arrival of new international investors. Investments of approximately €300 million were made in 2022. Increasing construction and operating costs put a brake on new residential care centre development projects. Moreover, the second half of 2022 was characterised by the war in Ukraine, inflationary pressures and rising interest rates, resulting in higher financing costs and a more limited investment volume.

Madrid (ES) I Emera Carabanchel

The market for Irish healthcare real estate(1)

Recent years have seen a demand for investment in the healthcare sector and, more specifically, elderly care. This trend will only increase in the coming years as Ireland's population ages. In the period between 2011 and 2016, Ireland saw a 19% increase in the number of people aged 65 and over. As a result, there has been a notable increase in investors and investment funds in recent years, in partnership with operators specifically targeting this sector. Most of the new investors, both operators and real estate investors, in this sector have come from France, Germany, Belgium, The Netherlands and the UK. As already seen in other more mature markets such as the US and the UK, the healthcare sector tends to be particularly attractive to long-term capital and investors with experience in this specialised sector, in other jurisdictions.

The government launched the Nursing Home Support Scheme (Fair Deal Scheme) in 2009. According to the Fair Deal Scheme, a resident of a residential care centre must finance part of their care themselves, with the state compensating for the difference. All residents are assessed on their care and social needs and financial position. Meanwhile, 80% of all residents in residential care centres nationwide benefit from the Fair Deal rate scheme.

In the residential care centre sector, investors are largely focused on the Fair Deal rate (the amount the Irish state pays per week for providing care), which ranges from approximately €875 to over €1,300 per week in other locations, such as Dublin. Investors will therefore be more attracted to investing in residential care centres with a higher Fair Deal rate because they generate more income.

The number of private beds (of which there are almost 26,000) is dominated by around 15 operators, however, this number is decreasing due to increasing consolidation. The 22 largest operators control only 50% of all private and 'voluntary' beds.

The introduction of the 'National Quality Standards for Residential Care Settings for Older People - 2009' and 'National Quality Standards for Residential Care Settings for Older People in Ireland - 2016' have led to an improvement in the quality of residential care centres. It is possible that a very significant number of these residential care centres in the public sector (some 7,000 beds across some 115 sites) will disappear from the offer with the introduction of HIQA standards. This also applies for the older (non-HIQA compliant) buildings from the private offer. This will result in improved standards but reduced supply. This will mainly have an impact outside of Dublin as it cannot be replaced

in the short term.

To meet the demand that will come following the growth of the ageing population, approximately 10,000 new beds need to be created over the next 10 years to maintain a minimum 4.5% population-to-bed ratio. However, there is a shortage of new developments due to a lack of correctly priced development sites, inconsistency in correct Fair Deal rates and rising costs for new developments, with the price per new bed being around

€200,000.

⁽¹⁾ Based on and incorporated in this half-yearly financial report with the agreement of CBRE

2. Analysis of the full consolidated property portfolio

30 June 2023	Acquisition value		Fair value Rental income received (1)
Belgium
Investment properties in operation	504,549,245	569,050,736	14,143,885
Finance leases in operation	218,368,655	248,416,000	8,979,763
The Netherlands
Investment properties in operation	195,348,292	204,753,730	5,020,620
Investment properties under development	13,399,247	13,429,085	0
Spain
Investment properties in operation	82,846,710	87,887,970	2,135,697
Investment properties under development	15,432,206	15,625,000	0
Ireland
Investment properties in operation	85,522,813	75,061,667	2,044,216
Investment properties under development	10,397,436	9,504,007	0
TOTAL	1,125,864,604	1,223,728,195	32,324,181

(1) The rental income covers the period from 1 January 2023 up to and including 30 June 2023.

(1) As at 30 June 2023, the investment properties 'St. Josephkerk' in Hillegom (NL), 'Warm Hart Ulestraten' in Ulestraten (NL), 'Solimar Tavernes Blanques' in Tavernes Blanques (ES), 'Solimar Elche' in Elche (ES), 'Marina del Port' in Barcelona (ES) and 'Sugarloaf Care Centre' in Kilmacanogue South (IE) are still under development.

2.2 Distribution of the number of projects per operator(1)(2)

2.3 Distribution of income received from rental and long lease agreements per operator(3)(4)

-

(4) For the following operators, the share of rental income was less than 1% on 30 June 2022: Aldenborgh, DomusVi and SVE Group.

2.4 Occupancy rate

Due to the increasing demand for modified forms of housing for the elderly, the buildings have few, if any voids and enjoy a very high occupancy rate. The vast majority of contracts concluded are 'triple net' contracts, as a result of which the ground rent or rental charge is always due in full, regardless of the actual occupancy rate. This implies that the economic occupancy rate of these projects is always 100% (1). Any vacancy of the residential units would therefore have no impact on the revenues generated by the Company.

The Company can confirm that the general occupancy rate of its investment properties and finance leases amounts to 100% on 30 June 2023.

(1) Care Property Invest only runs a vacancy risk for the 'Tilia' project in Gullegem. The rental vacancy rate for the 'Tilia' project is therefore negligible in the overall portfolio. Over 1 January 2023 up to and including 30 June 2023, the occupancy rate was 89% compared to 77% for the same period in 2022. For the projects in the initial portfolio, the risk is placed entirely with the counterparty and the Company receives the canon regardless of the occupancy rate. For the new projects too, the Company seeks to shift all or most of this risk to the counterparty.

2.5 Breakdown by building

In compliance with Article 30 of the RREC Law, no more than 20% of the consolidated assets may be invested in real estate that constitutes a single property unit. As at 30 June 2023, Care Property Invest did not exceed the legal limit of 20% laid down in Article 30 of the RREC Law.

The Company takes this legal provision into consideration with every acquisition it makes and the order in which these investments are made.

2.6 Overview projects new portfolio

Operator and projects - 30 June 2023	No. on map	Address
Belgium - Investment properties
Anima
Nuance	7	Schaatsstraat 20, 1190 Vorst
Colisée
Les Terrasses du Bois	8	Terhulpsesteenweg 130, 1170 Watermaal Bosvoorde
Ter Meeuwen	16	Torenstraat 15, 3670 Oudsbergen
Park Kemmelberg	13	Lange Pastoorstraat 37, 2600 Berchem
Residentie "Moretus"	12	Grotesteenweg 185, 2600 Berchem
De Wand	22	Wandstraat 21109/2013, 1020 Brussel
Keymolen	23	Karel Keymolenstraat 55, 1750 Lennik
Westduin	24	Badenlaan 62, 8434 Westende
Korian
3 Eiken	6	Drie Eikenstraat 14, 3620 Lanaken
Huyse Elckerlyc	18	Trinellestraat 23, 3770 Riemst
Ter Bleuk	5	Bleukstraat 11, 2820 Bonheiden-Rijmenam
Woonzorgcentrum Oase	11	Tramlaan 14, 1861 Wolvertem
My Assist
La Reposée	20	Rue de Chemin de Fer 1, 7033 Bergen
New Beaugency	21	Rue d'Ellezelles 57, 7321 Bernissart
Residence des Ardennes	25	Rue du Bois de Loo 379, 6717 Attert
OCMW Wevelgem
Residentie "Tilia"	1	Dorpsplein 21, 8560 Gullegem
Orelia
Wiart 126	17	Carton de Wiartlaan 126-128, 1090 Jette
Ter Beuken	10	Beukenbosstraat 9, 1652 Alsemberg
Résidence du Lac
La Résidence du Lac	19	Avenue Albert 1er 319, 1332 Genval
Thuis Leven
Klapgat	27	Klapgat 6-8, 3150 Haacht
Vulpia
Aan de Kaai	3	Antoine Coppenslaan 33, 2300 Turnhout
Boeyendaalhof	4	Itegemsesteenweg 3, 2270 Herenthout
Bois de Bernihè	9	Avenue de Houffalize 65, 6800 Libramont-Chevingny
De Nieuwe Kaai	2	Nieuwe Kaai 5-7, 2300 Turnhout
Home Aldante	14	Uytroeverstraat 1, 1081 Koekelberg
t Neerhof	15	Nieuwstraat 69, 9660 Brakel
Herenhof	26	Kazernedreef ZN, 2500 Lier
BoCasa	28	Vrunstraat 15-17, 3550 Bolderberg (Heusden-Zolder)

Operator and projects - 30 June 2023	No. on map	Address
Belgium - Finance leases
OCMW/CPAS
Hof ter Moere	1	Herfstvrede 1A, 9180 Moerbeke
Huis Driane	2	Molenstraat 56, 2270 Herenthout
De Stille Meers	4	Sluisvaartstraat 56, 8430 Middelkerke
De Ceder
De Nieuwe Ceder	3	Parijsestraat 34, 9800 Deinze

Finance leases Belgium(1)

100% Occupancy rate
€248 million Fair value portfolio
(1) This concerns the fair value of the finance leases, including the initial portfolio.

Operator and projects - 30 June 2023	No. on map	Address
The Netherlands - Investment properties
Aldenborgh
Zorgvilla Aldenborgh	15	Oudeborgstraat 12-14, 6049 Herten (Roermond)
De Familie
Zorgvilla Ome Jan	22	Ravelijn 1, 5264 PC Vught
Com4Care
Huize Elsrijk	18	Keizer Karelweg 489-491, 181 RH Amstelveen
De Gouden Leeuw
De Gouden Leeuw (Laag-Keppel)	6	Rijksweg 91, 6998 AG Laag-Keppel
De Gouden Leeuw (Zelhem)	9	Burg. Rijpstrastraat 3-5, 7021 CP Zelhem
De Gouden Leeuw (Zutphen)	10	De Clercqstraat 58, 7201 EC Zutphen
Golden Years
Residence Oldenbarnevelt	25	Delftweg 166, 3046 NC Rotterdam
Korian
De Orangerie	1	Malvert 5002-5004, 6538 DM Nijmegen
Villa Maria	3	Ringbaan West 300, 5025 VB Tilburg
Villa Ouderkerk	19	Polderweg 3 te 1191 JR Ouderkerk aan de Amstel
Villa Stella	5	Herengracht 50-52, 4331 PX Middelburg
Sint Josephkerk	8	Monseigneur van Leeuwelaan 1 & 3, 2182 EM Hillegom en Hoofstraat 141, 2181 EM Hillegom
Pim Senior
Pim Senior	23	Geerstraat 1, 4849 PP Dorst
Saamborgh
Huize Willibrordus	24	Stationsstraat 4, 7261 AD Ruurlo
SVE Group
Villa Sijthof	4	Oud Clingendaal 7, 2245 CH Wassenaar
Domus Valuas
Villa Pavia	2	Laan van Beek en Royen 45, 3701 AK Zeist
Boarnsterhim State	11	Wjitteringswei 67, 8495 JM Aldeboarn
De Meerlhorst	14	Van Merlenlaan 2, 2103 GD Heemstede
Het Witte Huis	13	Endegeesterlaan 2-4, 2342 CZ Oegstgeest
Villa Oranjepark	12	Prins Hendriklaan 2, 2341 JB Oegstgeest
Villa Wulperhorst	7	Tiendweg 6-8, 3709 JP Zeist
Villa le Monde	17	Gogelstraat 3 te 5262 AB Vught
Mariënhaven	16	Mgr. Aengenentlaan 1, 2361 GB Warmond
Warm Hart Zorghuizen
Warm Hart Zuidwolde	20	Spinwiefien 15, 7921 JT Zuidwolde
Warm Hart Ulestraten	21	Albert Schweitzerstraat 16, 6235 CV Ulestraten

Operator and projects - 30 June 2023	No. on map	Address
Spain - Investment properties
Emera
Emera Almeria	2	Calle Severo Ochoa 12, 03015 Almeria
Emera Carabanchel	1	Calle Juan Mieg 25, 28054 Carabanchel, Madrid
Emera Murcia	4	Calle Avenida De La Justicia, Murcia
Emera Mostoles	3	Calle Agustin de Betancourt 37, 28935 Mostoles, Madrid
Forum de Inversiones Inmobiliarias Mare Nostrum
Forum Mare Nostrum I	5	Camino del Pintxo 2, 03580 Alicante
La Vostra Llar
Marina del Port	8	Carrer de la Foneria 29, 0838 Barcelona
Vivalto
Solimar Tavernes Blanques	6	Carrer Francesc Roig / Carrer 1 de Maig, Tavernes Blanques, Valencia
Solimar Elche	7	Calle Monseñor Antonio Hurtado de Mendoza, 03293 Elche
Ireland - Investment properties
DomusVi
Cairnhill Nursing Home	5	Herbert Road, Bray, Co Wicklow A98 VF88
Elm green Nursing Home	6	Dunsink Lane, Dunsink, Co.Dublin 15 E403
Silver Stream Healthcare
Ballincurrig Care Centre	1	Ballincurrig, Leamlara, Co. Cork, T56 TC04
Ratoath Manor Nursing Home	2	Ratoath, Co. Meath, T A85 YW73
Dunlavin Nursing Home	3	Dunlavin Lower, Dunlavin, Co. Wicklow, W91 P3C6
Leeson Park Nursing Home	4	10 Leeson Park, Ranelagh, Dublin, D06 TC65
Sugarloaf Care Centre	7	Kilmurray Cottages, Kilmacanogue South

The Netherlands

3. Report of the real estate expert

3.1 Real estate portfolio

The real estate portfolio has been valued by Stadim, Cushman & Wakefield. And CBRE The total fair value of the portfolio amounts to €976,680,700 (including rights in rem). The fair value of the portfolio valued by Stadim amounts to €728,557,700 (74%). The fair value of the portfolio valued by Cushman & Wakefield amounts to €163,553,000 (17%). The fair value valued by CBRE amounts to €84,570,000 (9%).

3.1.1 Report of the real estate by Stadim

Dear Madam or Sir,

According to the statutory provisions, we have the honour of expressing our view on the value of the real estate portfolio of the public regulated real estate company (public RREC) Care Property Invest as at 30 June 2023.

Both Stadim cvba and the natural persons that represent Stadim confirm that they have acted as independent experts and hold the necessary relevant and recognised qualifications.

The valuation was performed on the basis of the market value, as defined in the 'International Valuation Standards' published by the 'Royal Institution of Chartered Surveyors' (the 'Red Book'). As part of a report that complies with the International Financial Reporting Standards (IFRS), our estimates reflect the fair value. The fair value is defined by the IAS 40 standard as the amount for which the assets would be transferred between two well-informed parties, on a voluntary basis, without special interests, mutual or otherwise. IVSC considers that these conditions have been met if the above definition of market value is respected. The market value must also reflect the current rental agreements, the current gross margin for self-financing (or cash flow), the reasonable assumptions concerning the potential rental income and the expected costs.

The costs of deeds must be adjusted in this context to the current situation in the market. Following an analysis of a large number of transactions, the real estate experts acting in a working group at the request of listed real estate companies reached the conclusion that, as real estate can be transferred in different forms, the impact of the transaction costs on large investment properties in the Belgian market with a value in excess of €2.5 million is limited to 2.5%. The value with no additional costs payable by the buyer therefore corresponds to the fair value plus deed costs of 2.5%. The fair value is therefore calculated by dividing the value with no additional costs payable by the buyer by 1.025. The properties below the threshold of €2.5 million and the foreign properties are subject to the customary registration laws and their fair value therefore corresponds to the value with costs payable by the buyer.

The fair value of our property portfolio increased by 5% during the first half of 2023.

Both the current lease contracts and all rights and obligations arising from these contracts were taken into account in the estimates of the property values. Individual estimates were made for each property. The estimates do not take account of any potential added value that could be realised by offering the portfolio as a whole in the market. Our valuation does not take account of selling costs or taxes payable in relation to a transaction or development of real estate. These could include estate agents' fees or publicity costs, for example. In addition to an annual inspection of the relevant real estate, our estimates are also based on the information provided by Care Property Invest in relation to the rental situation, the floor areas, the drawings or plans, the rental charges and taxes in connection with the properties concerned, conformity with laws and regulations and environmental pollution. The information provided was deemed to be accurate and complete. Our estimates assume that elements that were not reported are not of a nature that would influence the value of the property. This valuation reflects the value in the market on the valuation date.

As at 30 June 2023, the fair value of the property portfolio amounted to €727,193,600 and the market value with no additional costs payable by the buyer (or the investment value, before deduction of transfer tax) to €760,701,200. The fair value of the outstanding ground rent amounts to €1,364,100.

Antwerp, 30 June 2023

Michiel Van Baelen Valuation expert-Advisor STADIM bv

Katrien Van Grieken MRICS Partner STADIM bv

Mostoles (ES) I Emera Mostoles

3.1.2 Report of the real estate by Cushman & Wakefield

Dear Madam, Sir,

We are pleased to send you our estimate of the fair value of investment properties held by Care property Invest as of 30 June 2023.

The valuations have been carried out taking into account the comments and definitions included in the reports and this according to the guidelines of the International Valuation Standards issued by the 'IVSC'.

We have acted individually as experts for the valuation where we have the necessary and recognised qualifications as well as the necessary expertise for these locations and types of buildings to be assessed. The determination of the fair value of the assessor has been derived primarily by using recent, comparable transactions that have taken place in the market, at arm's length conditions.

The valuation of the properties is assessed on the basis of the current rental contract and all associated rights and obligations. Each property was evaluated individually. This valuation does not take into account the potential value that can be realised by putting the entire portfolio on the market.

The valuations do not take into account the selling costs of a specific transaction such as brokerage or publicity costs. The valuations are based on property visits and information provided by Care Property Invest (such as current rent, area, plans, changes in rent, property taxes and regulations and pollution).

The information provided is assumed to be accurate and complete. The valuation is carried out on the assumption that the unavailable information does not affect the valuation of the property.

The 3 internationally defined valuation methods, as defined in the RICS Red Book, are the market approach, the cost approach and the income approach. These valuation methods are easily recognised by their basic principles:

The market approach equates to the comparison method of valuation;

The income approach refers to the investment method, either traditional (cap rate) or discounted cash flow (DCF) and is generally used for income generating properties;

The Cost Approach is often taken to refer to the Depreciated Replacement Cost method (DRC) and is generally used for non-income generating properties.

The different valuation methodologies are explained in the valuation reports and are based on the RICS Red Book.

Based on the valuations, the consolidated fair value of the portfolio amounted to €163,553,000(1) (after deduction of outstanding construction costs) as at 30 June 2023.

Valuer

Benoit Duysters Gregory Lamarche MRICS

Valuation & Advisory

Partner - Head of Valuation & Advisory

(1) Amounts were rounded from the real estate expert's report.

3.1.3 Report of the real estateby CBRE

Dear Madam, Sir,

We are pleased to send you our estimate of the fair value of investment properties held by Care property Invest as of 30 June 2023.

The valuations have been carried out in accordance with the current version of the RICS Valuation – Global Standards incorporating the International Valuation Standards and the UK national supplement (the 'Red Book'), as set out in our Terms of Engagement.

We act as an External valuer as defined in the current version of the RICS Valuation – Global Standards. We have acted individually as experts for the valuation where we have the necessary and recognised qualifications as well as the necessary expertise relevant to the locations and types of buildings being assessed. The determination of the fair value of the assessor has been derived primarily by using recent, comparable transactions that have taken place in the market, at arm's length conditions.

The valuation of the properties is assessed on the basis of the current rental income and all associated rights and obligations. We have valued the Properties individually and no account has been taken of any discount or premium that may be negotiated in the market if all or part of the portfolio was to be marketed simultaneously, either in lots or as a whole.

The valuations do not take into account the selling costs of a specific transaction such as brokerage or publicity costs. The valuations are based on property visits and information provided by Care Property Invest. The information provided is assumed to be accurate and complete. The valuation is carried out on the assumption that the unavailable information does not affect the valuation of the property.

principles:

The market approach equates to the comparison method of valuation;
The income approach refers to the investment method, either traditional (cap rate) or discounted cash flow (DCF) and is generally used for income generating

- properties;

The Cost Approach is often taken to refer to the Depreciated Replacement Cost method (DRC) and is generally used for non-income generating properties.

The different valuation methodologies are explained in the valuation report and are based on the RICS Red Book.

Based on the valuations and as outlined in the valuation report, the consolidated fair value of the portfolio amounts to €84,570,000(1) as at 30 June 2023.

Yours faithfully

Maureen Bayley

Director

RICS Registered Valuer For and on behalf of CBRE Unlimited

report.

⁽¹⁾ Amounts were rounded from the real estate expert's

3.2 Financial leases

Dear Madam, Sir,

We are pleased to send you our conclusion regarding the valuation of the financial leases held by Care Property Invest (CPI) as at 30 June 2023.

The valuation of these financial leases are based on the information provided by Care property Invest (e.g. lease status and surface area, rental charges and property taxes related to the property, and compliance and pollution matters). The information provided was assumed to be accurate and complete.

Our valuations are made under the assumption that no non-communicated piece of information is likely to affect the value of the property.

The financial leases are considered in the context of current leases and of all rights and obligations that these commitments entail.

We have appraised each financial lease individually and don't have taken into account a potential value that can be generated by offering the whole portfolio on the market.

We do not have taken into account selling costs applicable to a specific transaction, such as brokerage fees or advertising.

The valuation of the financial lease portfolio has been performed under the

following assumptions: The valuation has been based on the current canons or rent flows, without taking into account future indexations.
The current canons or rent flows have been based on the average price per flat.

Additionally, further insight in the financial lease portfolio valuation, is

provided below: The portfolio is divided into an 'old' and a 'new' part as there are some differences in the in the conditions of the end-of-lease payment as for the 'new' financial leases, the capital is included in the canons (ground rent) and no end-of-lease payment has to be done.
The discount rates consist of a risk premium which is added to a risk-free rate for the respective financial lease maturities.
- ° The 'old' financial leases are subject to an additional guarantee from the government, leading to a reduced risk premium.
- ° An additional risk premium is applied within the discount rate due to the tenant being a non-profit organization (i.e. vzw), which inherently carries a higher level of risk.
- ° The weighted average of the risk-free rates and the risk premiums of the total portfolio amounts 4.22%.

Based on the assessments, the consolidated actual investment value of the financial lease portfolio amounted to €248,416,000 as of 30 June 2023.

Valuer

Benoit Duysters Valuation & Advisory Gregory Lamarche MRICS Partner – Head of Valuation & Advisory

Zelhem (NL) I De Gouden Leeuw Zelhem

V. Condensed financial statements

V. CONDENSED FINANCIAL STATEMENTS

1. Consolidated global result statement

Amounts in EUR		30/06/2023	30/06/2022
I	Rental income (+)	32,324,181	25,543,750
	NET RENTAL INCOME	32,324,181	25,543,750
V	Recovery of rental charges and taxes normally borne by tenants on let properties (+)	404,213	193,123
VII	Charges and taxes normally payable by the tenant on let properties (-)	-419,502	-209,172
	PROPERTY RESULT	32,308,893	25,527,700
IX	Technical costs (-)	-2,401	-1,007
	PROPERTY CHARGES	-2,401	-1,007
	PROPERTY OPERATING RESULT	32,306,492	25,526,694
XIV	General expenses of the Company (-)	-5,342,430	-4,694,775
XV	Other operating income and expenses (+/-)	-1,580,175	-1,585,574
	OPERATING RESULT BEFORE RESULT ON PORTFOLIO	25,383,887	19,246,343
XVIII	Changes in fair value of investment properties (+/-)	-13,782,629	16,367,304
	OPERATING RESULT	11,601,258	35,613,648
XX	Financial income (+)	19,770	118
XXI	Net interest expenses (-)	-6,677,601	-4,249,913
XXII	Other financial costs (-)	-1,634,217	-242,526
XXIII	Changes in fair value of financial assets and liabilities (+/-)	-1,346,462	28,439,779
	FINANCIAL RESULT	-9,638,511	23,947,458
	RESULT BEFORE TAXES	1,962,747	59,561,105
XXIV	Corporation tax (-)	1,431,437	-3,293,147
XXV	Exit tax (-)	18,835	-209,724
TAXES		1,450,271	-3,502,871
	NET RESULT (group share)	3,413,019	56,058,234
	Other elements of the global result	0	0
	GLOBAL RESULT	3,413,019	56,058,234

2. Consolidated balance sheet

	Amounts in EUR	30/06/2023	31/12/2022
ASSETS
	I. NON-CURRENT ASSETS	1,197,158,106	1,156,205,825
	B. Intangible assets	75,603	91,656
	C. Investment properties	976,676,314	934,268,830
	D. Other tangible fixed assets	4,927,947	4,981,964
	E. Financial fixed assets	25,691,519	26,781,435
	F. Finance lease receivables	176,783,885	177,018,085
	G. Trade receivables and other non-current assets	10,021,423	11,738,065
	H. Deferred tax - assets	2,981,414	1,325,790
	II. CURRENT ASSETS	18,701,915	18,310,151
	D. Trade receivables	6,892,168	6,021,636
	E. Tax receivables and other current assets	7,755,548	8,646,882
	F. Cash and cash equivalents	2,890,747	2,371,183
	G. Deferrals and accruals	1,163,452	1,270,450
	TOTAL ASSETS	1,215,860,021	1,174,515,976
	EQUITY AND LIABILITIES
EQUITY		647,321,317	563,394,815
	A. Capital	220,065,062	165,048,798
	B. Share premium	299,367,317	246,128,473
	C. Reserves	124,171,665	63,553,245
	D. Net result for the financial year (1)	3,717,273	88,664,299
LIABILITIES		568,538,704	611,121,161
	I. Non-current liabilities	163,311,106	214,947,796
	B. Non-current financial debts	152,790,301	206,541,529
	C. Other non-current financial liabilities	5,411,204	4,998,048
	E. Other non-current liabilities	2,208,503	1,970,685
	F. Deferred tax - liabilities	2,901,099	1,437,534
	II. Current liabilities	405,227,598	396,173,365
	B. Current financial liabilities	387,271,207	376,761,772
	D. Trade payables and other current liabilities	9,529,358	13,694,711
	E. Other current liabilities	1,933,984	1,398,649
	F. Deferrals and accruals	6,493,051	4,318,233
	TOTAL EQUITY AND LIABILITIES	1,215,860,021	1,174,515,976

Amounts in EUR	30/06/2023	31/12/2022

I. NON-CURRENT ASSETS	1,197,158,106	1,156,205,825
B. Intangible assets	75,603	91,656
C. Investment properties	976,676,314	934,268,830
D. Other tangible fixed assets	4,927,947	4,981,964
E. Financial fixed assets	25,691,519	26,781,435
F. Finance lease receivables	176,783,885	177,018,085
G. Trade receivables and other non-current assets	10,021,423	11,738,065
H. Deferred tax - assets	2,981,414	1,325,790
II. CURRENT ASSETS	18,701,915	18,310,151
D. Trade receivables	6,892,168	6,021,636
E. Tax receivables and other current assets	7,755,548	8,646,882
F. Cash and cash equivalents	2,890,747	2,371,183
G. Deferrals and accruals	1,163,452	1,270,450
TOTAL ASSETS	1,215,860,021	1,174,515,976
EQUITY AND LIABILITIES
EQUITY	647,321,317	563,394,815
A. Capital	220,065,062	165,048,798
B. Share premium	299,367,317	246,128,473
C. Reserves	124,171,665	63,553,245
D. Net result for the financial year (1)	3,717,273	88,664,299
LIABILITIES	568,538,704	611,121,161
I. Non-current liabilities	163,311,106	214,947,796
B. Non-current financial debts	152,790,301	206,541,529
C. Other non-current financial liabilities	5,411,204	4,998,048
E. Other non-current liabilities	2,208,503	1,970,685
F. Deferred tax - liabilities	2,901,099	1,437,534
II. Current liabilities	405,227,598	396,173,365
B. Current financial liabilities	387,271,207	376,761,772
D. Trade payables and other current liabilities	9,529,358	13,694,711
E. Other current liabilities	1,933,984	1,398,649
F. Deferrals and accruals	6,493,051	4,318,233
TOTAL EQUITY AND LIABILITIES	1,215,860,021	1,174,515,976

(1) The difference between the net result for the financial year included in the consolidated balance sheet and the net result based on the after approval by the general meeting of shareholders.

global result statement relates to the result as at 31 December 2022 of Care Property Invest Spain S.L. which still needs to be processed

3. Cash-flow statement

Amounts in EUR	30/06/2023	30/06/2022
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR	2,371,183	2,544,873
1. CASH FLOW FROM OPERATING ACTIVITIES	25,080,833	25,158,422
Net result for the financial year	3,413,019	56,058,234
Taxes	-1,450,271	3,502,871
Net interest expense	6,677,601	4,249,913
Financial income	-19,770	-118
Realised capital gains and losses	532,534
Net result for the financial year (excl. interest, taxes and realised capital gains)	9,153,113	63,810,900
Non-cash elements added to/deducted from the result	17,088,483	-41,936,745
Changes in fair value of swaps	1,346,462	-28,439,779
Changes in the fair value of investment properties	13,782,629	-16,367,304
Depreciations, impairments and reversal of impairments of tangible fixed assets	242,751	203,867
Real estate leasing profit or loss margin of projects allocated to the period	1,716,641	2,666,471
Change in working capital requirement	-1,160,763	3,284,267
Movement of assets	-1,220,828	7,475,518
Movement of liabilities	60,065	-4,191,251
2. CASH FLOW FROM INVESTING ACTIVITIES	-56,011,915	-112,336,756
Investments in investment properties (including developments)	-28,226,191	-111,814,203
Investments in shares of real estate companies	-27,743,840	-9,991,521
Investments in tangible fixed assets	-33,275	-333,863
Investments in intangible fixed assets	-8,000	-929
investments in financial fixed assets	-609	189
Divestments of finance leases	0	9,803,571

3. CASH FLOW FROM FINANCING ACTIVITIES 31,450,646 91,738,974 Cash elements included in the result -5,434,402 -3,728,603 Change in financial liabilities and financial debts -43,628,436 113,895,887 Change in equity 80,513,484 -18,428,310 TOTAL CASH FLOWS (1) + (2) + (3) 519,564 4,560,640

Amounts in EUR	30/06/2023	30/06/2022
3. CASH FLOW FROM FINANCING ACTIVITIES	31,450,646	91,738,974
Cash elements included in the result	-5,434,402	-3,728,603
Interest expense paid	-5,454,172	-3,728,721
Interest received	19,770	118
Change in financial liabilities and financial debts	-43,628,436	113,895,887
Increase (+) in financial debts	0	115,554,821
Decrease (-) in financial debts: repayments	-43,628,436	-1,658,934
Change in equity	80,513,484	-18,428,310
Buy-back / sale of treasury shares	0	174,196
Dividend payments	-27,741,625	-22,588,331
Increase in capital and share premium	108,255,108	-1,220
Increase in optional dividend	0	3,987,045
TOTAL CASH FLOWS (1) + (2) + (3)	519,564	4,560,640
CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR	2,890,747	7,105,513

4. Statement of changes in consolidated equity

RESULT FOR THE FINANCIAL YEAR	RESERVES	Reserves carried forward from previous financial years	Other reserves	Reserves for impact of swaps (1)	Reserves for the balance of changes in the fair value of real estate
					Reserve for the impact on the fair value of estimated transfer taxes and costs from hypothetical disposal of investment properties (-)

-37,066,488	37,066,488	3,636,288	121,944	11,165,200	-7,399,733	29,542,789






-60,618,420	60,618,420	3,432,454		38,591,131	-13,901,165	32,496,000

	CAPITAL	SHARE PREMIUM		Reserves for the balance of changes in the fair value of real estate	Reserves for impact of swaps (1)	Other reserves	Reserve for treasury shares	Reserves carried forward from previous financial years	RESERVES	RESULT FOR THE FINANCIAL YEAR
			Reserves for the balance of changes in the investment value of real estate	Reserve for the impact on the fair value of estimated transfer taxes and costs from hypothetical disposal of investment properties (-)
1 January 2022	160,226,675	233,064,630	29,600,443	-10,768,415	-27,975,990	11,582,259	-296,788	24,171,050	26,312,559	59,654,821
Net appropriation account for the 2021 financial year			29,542,789	-7,399,733	11,165,200	121,944		3,636,288	37,066,488	-37,066,488
									0	-22,588,333
Treasury shares							296,788	-122,590	174,198	0
Result of the period (2)									0	56,058,233
Capital increase	1,022,088	2,963,740							0	0
30 June 2022	161,248,763	236,028,370	59,143,232	-18,168,148	-16,810,790	11,704,203	0	27,684,748	63,553,245	56,058,233
1 January 2023	165,048,798	246,128,473	59,143,232	-18,168,148	-16,810,790	11,704,203	0	27,684,747	63,553,245	88,664,299
Net appropriation account for the 2022 financial year			32,496,000	-13,901,165	38,591,131			3,432,454	60,618,420	-60,618,420
Dividends									0	-27,741,625
Result of the period (2)									0	3,413,018
Capital increase	55,016,264	53,238,844							0	0
30 June 2023	220,065,062	299,367,317	91,639,232	-32,069,313	21,780,341	11,704,203	0	31,117,201	124,171,664	3,717,272

(1) Reserve for net changes in the fair value of authorised hedging instruments that are not subject to hedge accounting as defined in the IFRS (+/-).

(2) The Company has no 'other comprehensive income', within the meaning of IAS 1, so that the Company's net income is equal to the overall result.

No distinction is made between capital changes that do and those that do not result from transactions with shareholder-owners, as the Company has no minority interests.

5. Notes to the consolidated financial statements

5.1 General information on the Company

Care Property Invest (the 'Company') is a public limited liability company that acquired the status of a public regulated real estate company (RREC) under Belgian law on 25 November 2014. The head offices of the Company are located at the following address: Horstebaan 3, 2900 Schoten (Telephone: +32 3 222 94 94).

Care Property Invest actively participates as a real estate player and has the objective of making high-quality projects available to care providers as provided for in the Residential Care Decree. These include residential care centres, service centres, groups of assisted-living apartments and all other housing facilities for people with disabilities. Care Property Invest can develop, realise and finance these facilities itself, or can refinance existing buildings, with or without a renovation or expansion.

The Care Property Invest share is listed on Euronext Brussels (regulated market).

The condensed interim financial statements of the Company as at 30 June 2023 include the Company and its subsidiaries. The condensed interim financial statements are prepared in euro, unless stated otherwise, and cover the sixmonth period ended 30 June 2023.

5.2 Declaration of conformity

The consolidated interim financial statements of the company were drawn up in compliance with the International Financial Reporting Standards (IFRS), as approved and accepted within the European Union (EU) and in accordance with the provisions of the RREC Legislation and the RREC Royal Decree of 13 July 2014. These standards cover all new and revised standards and interpretations published by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC), in as far as applicable to the activities of the group.

The condensed interim financial statements should be read in conjunction with the annual financial statements for the financial year closed on 31 December 2022. Care Property Invest has not adopted any new IFRS standards or interpretations during the first semester of 2023.

Care Property Invest's ambition is to make Ireland its fourth home market.

5.3 Segment information With its entry onto the Irish market in 2022, Care Property Invest has further developed its geographical distribution. Next to its presence on the Belgian, Dutch and Spanish markets, the Company has the ambition to make Ireland its fourth home market. In accordance with IFRS 8, the Company has made a distinction between 4 geographical segments: Belgium, the Netherlands, Spain and Ireland.

In addition, each group of companies under common control shall be considered as one customer. The income from transactions with these customers must be reported if they exceed 10% of the turnover. For Care Property Invest, these are the following customers as at 30 June 2023:

Colisée with a 14.2% share of the total turnover distributed over 7 buildings in Belgium and
Vulpia with a 10.2% share of the total turnover distributed over 8 buildings in Belgium.

Segment information is prepared taking into account the operational segments and the information used internally to make decisions. The business results are regularly reviewed by the Company's Chief Operating Decision Maker (senior management of the Company) or CODM in order to make decisions regarding the allocation of available resources and to determine segment performance. Within Care Property Invest nv, the Executive Committee acts as CODM.

The segment information includes the results, assets and liabilities that can be applied to a specific segment, either directly or on a reasonable basis.

Middelkerke (BE) I Assistentiewoningen De Stille Meers

5.3.1 Segmented information - result

Amounts in EUR			30/06/2023
	Belgium	The Netherlands	Spain	Ireland	Non allocated amounts	Total
NET RENTAL INCOME	23,123,648	5,020,620	2,135,697	2,044,216	0	32,324,181
PROPERTY OPERATING RESULT	23,120,269	5,018,078	2,123,929	2,044,216	0	32,306,492
General expenses of the Company	-5,029,945	-152,176	-109,509	-50,802	0	-5,342,431
Other operating income and expenses	-1,803,212	173,166	49,871	0	0	-1,580,175
OPERATING RESULT BEFORE RESULT ON PORTFOLIO	16,287,112	5,039,068	2,064,292	1,993,414	0	25,383,886
Changes in the fair value of investment properties	-3,064,697	-4,309,946	6,739	-6,414,726	0	-13,782,629
OPERATING RESULT	13,222,415	729,123	2,071,031	-4,421,312	0	11,601,257
Financial result					-9,638,510	-9,638,510
RESULT BEFORE TAXES						1,962,747
Taxes					1,450,271	1,450,271
NET RESULT						3,413,019
GLOBAL RESULT						3,413,019

Amounts in EUR			30/06/2022
	Belgium	The Netherlands	Spain	Ireland	Non allocated amounts	Total
NET RENTAL INCOME	20,691,278	2,751,460	1,451,411	649,601	0	25,543,750
PROPERTY OPERATING RESULT	20,690,271	2,738,475	1,448,345	649,601	0	25,526,694
General expenses of the Company	-4,504,489	-89,556	-112,016	11,285	0	-4,694,776
Other operating income and expenses	-2,176,761	591,591	-404	0	0	-1,585,574
OPERATING RESULT BEFORE RESULT ON PORTFOLIO	14,009,021	3,240,510	1,335,926	660,886	0	19,246,343
Changes in the fair value of investment properties	13,143,517	1,840,047	1,947,740	-564,000	0	16,367,304
OPERATING RESULT	27,152,539	5,080,557	3,283,666	96,886	0	35,613,647
Financial result					23,947,458	23,947,458
RESULT BEFORE TAXES						59,561,105
Taxes					-3,502,871	-3,502,871
NET RESULT						56,058,234
GLOBAL RESULT						56,058,234

5.3.2 Segmented information - balance sheet

Amounts in EUR			30/06/2023
	Belgium	The Netherlands	Spain	Ireland	Non allocated amounts	Total
TOTAL ASSETS	569,802,580	218,795,090	103,512,970	84,565,674		239,183,706 1,215,860,020
Investment properties	569,802,580	218,795,090	103,512,970	84,565,674	0	976,676,314
Investment properties	569,050,736	204,753,730	87,887,970	75,061,667	0	936,754,103
Investment properties - project developments	0	13,429,084	15,625,000	9,504,007	0	38,558,091
Investment properties - rights in rem	751,844	612,276	0	0	0	1,364,120
Other assets					239,183,706	239,183,706
TOTAL EQUITY AND LIABILITIES					1,215,860,020 1,215,860,020
Shareholders Equity					647,321,317	647,321,317
Liabilities					568,538,703	568,538,703

Amounts in EUR			31/12/2022
	Belgium	The Netherlands	Spain	Ireland	Non allocated amounts	Total
TOTAL ASSETS	547,439,512	204,386,105	95,882,307	86,560,906		240,247,145 1,174,515,975
Investment properties	547,439,512	204,386,105	95,882,307	86,560,906	0	934,268,830
Investment properties	546,690,832	177,607,890	74,783,279	81,336,260	0	880,418,261
Investment properties - project developments	0	26,160,893	21,099,028	5,224,646	0	52,484,567
Investment properties - rights in rem	748,680	617,322	0	0	0	1,366,002
Other assets					240,247,145	240,247,145
TOTAL EQUITY AND LIABILITIES						1,174,515,975 1,174,515,975
Shareholders Equity					563,394,815	563,394,815
Liabilities					611,121,160	611,121,160
5.4 Real estate portfolio

Amounts in EUR	30/06/2023	31/12/2022
Investment properties
Investment properties	976,676,314	934,268,830
Average remaining duration until the end of the leasehold or rental period	20.23	20.86
Finance lease receivables
Total receivable finance leases	186,805,308	188,756,149
Receivables finance leases	176,783,885	177,018,085
Trade receivables related to completed projects	10,021,423	11,738,065
Total receivable finance leases at fair value	248,416,000	197,017,859
Receivables finance leases	186,805,308	188,756,149
Impact fair value	61,610,692	8,261,710
Average remaining duration until the end of the building period	11.44	11.93

For the reports of the real estate experts regarding the valuation of investment properties and finance leases, please refer to item '3. Report of the real estate expert' on page 66 in chapter 'IV. Real estate report'.

5.4.1 Real estate mutation table

		2023		2022
Amounts in EUR	Real estate in operation	Project Developments	Rights in rem	Real estate in operation	Project Developments	Rights in rem
Book value on 1 January	880,418,260	52,484,567		1,366,002 653,967,470	62,597,730	1,466,600

Acquisitions through purchase or contribution	38,415,305	16,399,341		176,241 143,417,182	51,590,105	36,746
Change in fair value excl. rental discount	-11,990,774	-414,507	-178,122	22,012,247	-681,908	36,075
Transfer to/from other items (1)	29,911,310	-29,911,310		61,021,360	-61,021,360
Sales and transfers (2)						-173,419

Book value on 30 June / 31 December	936,754,103	38,558,091		1,364,120 880,418,260	52,484,567	1,366,002

(1) 2023: Completion of the projects 'Villa Stella' in Middelburg (NL), 'Warm Hart Zuidwolde' in Zuidwolde (NL) and 'Emera Mostoles' in Madrid (ES). 2022: Completion of the projects 'Villa le Monde' in Vught (NL), 'Villa Maria (vicarage)' in Tilburg (NL), 'Zorgvilla Aldenborgh' in

Roermond (NL), 'Villa Ouderkerk' in Ouderkerk aan de Amstel (NL), 'Mariënhaven' in Warmond (NL), 'Huize Elsrijk' in Amstelveen (NL) and 'Emera Carabanchel' in Madrid (ES).

(2) 2022: Write-off of rights in rem relating to the project 'Residentie De Anjers' in Balen (BE) following the sale.

5.4.2 Finance lease receivables

The fair value of the finance leases amounts to €248,416,000 as at 30 June 2023 and was calculated using a modified method as from this quarter.

The 'previous' calculation method, in which the future cash flows were discounted using IRS interest rates prevailing on the closing date, depending on the remaining term of the underlying contract, plus a margin, used the initial cash flows (i.e. the contractual rent at the start of the contract without taking into account the indexations already passed on). Given the current macroeconomic environment of increased inflation, this led to an unjustifiably large drop in the fair value of the finance leases and, consequently, if this method is retained, no longer gives a true and fair view of the fair value of the finance leases. Consequently, this also results in an overly conservative representation of the EPRA NTA and EPRA LTV, among others.

For the above reasons the Company has opted, as from this quarter, to rely on a reputable independent party, namely Cushman & Wakefield, to calculate the fair value in order to obtain a market-based valuation of this portfolio. Henceforth, the fair value is calculated by discounting the future cash flows, taking into account historically charged indexations for the cash flows. As discount rate they use OLO interest rates applicable on the closing date, depending on the remaining duration of the underlying contract, increased by a margin. As at 30 June 2023, the weighted average OLO interest rate was 3.14% and the weighted average risk margin was 1.08%. This results in an average value of €114,056 per assisted living apartment, which can still be considered conservative given that future indexations are not taken into account.

5.5 Financial liabilities

	31/12/2022	Cash -elements	Non-cash elements			30/06/2023
			Acquisiti ons	Exchange rate move ments	Changes in fair value	Other changes
Long-term financial liabilities	205,917,066	-32,500,000	0	0	0	-21,104,835	152,312,231
Current financial liabilities	376,761,772	-11,128,436	0	0	0		21,637,870 387,271,207
Authorised hedging instruments	-21,780,342	0	0	0	1,627,435		-123,754 -20,276,660
Total	560,898,496	-43,628,436	0	0	1,627,435		409,281 519,306,777

5.6 Financial instruments

Care Property Invest has raised loan capital to finance new projects. A number of these loans were hedged by means of a swap transaction. The fair values of these financial instruments are included, in accordance with IFRS 9, in the financial assets section (in the event of a positive valuation) or in the non-current financial liabilities section (in the event of a negative valuation). Changes in these values are recorded through the variation in the fair value of financial assets and liabilities in the global result statement.

The financial instruments are regarded as 'Level 2' on the scale of the fair value defined by IFRS 13. This scale consists of three levels: Level 1: quoted prices in the asset markets; Level 2: observable data other than quoted prices included in Level 1; Level 3: unobservable data. The hedging instruments are derivatives that do not meet the strict criteria of IFRS 9 for the application of hedge accounting, but are derivatives that provide economic hedges against risks relating to interest rates.

All hedges were contracted within the framework of financial risk management as described from page 199 of the chapter 'VIII Annual Accounts' of the Company's Annual Financial Report 2022. The fair value is calculated by the bank on the basis of the discounted value of the estimated future cash flows. This fair value is applied in accordance with IFRS 13 in order to show the Company's own credit risk ('debit valuation adjustment' or 'DVA') and the credit rating of the counter-party ('credit valuation adjustment' or 'CVA').

In the course of the first semester of 2023, 3 additional IRSs were concluded with KBC for a total amount of €100 million and 2 additional IRSs with Belfius for a total amount of €90 million (of which for €70 million the hedging will only take effect on 3 July 2023). Thus, the Company has hedged 90.91% of its debts as at 30 June 2023, which represents a significant increase compared to 31 December 2022 where the hedging percentage was 69.42%. Besides the conclusion of additional swaps, this increase is also due to the capital increase of 24 January 2023 which resulted in the repayment of floating-rate debt.

The following is an overview of the hedging instruments held by the Company as at 30 June 2023.

IRS payer	Notional amount	Expiration date	Interest rate payable	Interest receivable	Remaining term - num ber of years	Valuation on 30/06/2023
Belfius	1,187,486	1/02/2033	5.100%	EURIBOR 1M + 25 bp	9.60	- 199,325.07
Belfius	1,213,165	3/08/2026	5.190%	EURIBOR 1M + 110 bp	3.10	- 75,008.42
Belfius	1,511,366	2/10/2034	4.850%	EURIBOR 1M + 25 bp	11.27	- 272,121.83
Belfius	1,618,799	2/05/2033	4.620%	EURIBOR 1M + 25 bp	9.85	- 194,255.46
Belfius	1,667,307	2/05/2035	4.315%	EURIBOR 1M + 12 bp	11.85	- 201,321.45
Belfius	1,736,652	2/01/2036	5.050%	EURIBOR 1M + 12 bp	12.52	- 370,689.18
Belfius	1,885,159	3/10/2033	4.300%	EURIBOR 1M + 25 bp	10.27	- 227,202.42
Belfius	2,067,360	2/11/2032	4.040%	EURIBOR 1M + 25 bp	9.35	- 183,488.25
Belfius	2,147,305	3/04/2034	4.065%	EURIBOR 1M + 25 bp	10.77	- 177,579.16
Belfius	2,283,967	1/10/2036	5.010%	EURIBOR 1M + 12 bp	13.27	- 523,743.91
Belfius	2,406,537	1/08/2036	4.930%	EURIBOR 1M + 12 bp	13.10	- 546,190.36
Belfius	2,993,024	1/03/2035	4.650%	EURIBOR 1M + 25 bp	11.68	- 437,266.31
Belfius	3,003,108	1/12/2034	4.940%	EURIBOR 1M + 25 bp	11.43	- 548,826.68
Belfius	3,061,479	1/02/2027	5.260%	EURIBOR 1M + 110 bp	3.59	- 135,885.87
Belfius	3,222,433	31/12/2036	4.710%	EURIBOR 1M + 15.4 bp	13.52	- 603,288.62
Belfius	3,786,791	31/12/2036	4.350%	EURIBOR 1M + 12 bp	13.52	- 575,476.18
Belfius	5,000,000	23/10/2034	0.255%	EURIBOR 3M	11.32	1,289,065.93
Belfius	5,000,000	23/10/2034	0.310%	EURIBOR 6M	11.32	1,270,791.96
Belfius	5,000,000	4/12/2034	0.310%	EURIBOR 3M	11.44	1,258,886.97
Belfius	20,000,000	14/03/2030	3.070%	EURIBOR 3M	6.71	- 82,275.33
Belfius	0	01/07/2030	2.940%	EURIBOR 3M	7.01	187,590.57
BNP Paribas Fortis	3,685,000	31/03/2026	2.460%	EURIBOR 1M	2.75	94,639.88
BNP Paribas Fortis (1)	1,250,500	31/03/2026	2.060%	EURIBOR 1M	2.75	26,337.48
BNP Paribas Fortis	2,156,104	30/06/2029	2.530%	EURIBOR 1M	6.01	52,846.41
KBC	12,000,000	17/07/2029	0.653%	EURIBOR 3M	6.05	1,681,199.37
KBC	8,000,000	29/03/2029	0.488%	EURIBOR 3M	5.75	1,088,020.53
KBC	8,000,000	11/12/2029	0.050%	EURIBOR 3M	6.45	1,398,068.47
KBC	10,000,000	19/02/2030	-0.083%	EURIBOR 3M	6.65	1,884,549.27
KBC	5,000,000	4/03/2030	-0.204%	EURIBOR 3M	6.68	975,116.25
KBC	40,000,000	18/06/2035	0.090%	EURIBOR 3M	11.98	11,167,227.64
KBC	60,000,000	14/03/2030	3.038%	EURIBOR 3M	6.71	- 57,259.38
KBC	30,000,000	28/03/2029	2.774%	EURIBOR 3M	5.75	480,476.82
KBC	10,000,000	29/06/2030	2.955%	EURIBOR 3M	7.00	32,493.95
ING	5,000,000	30/09/2029	-0.160%	EURIBOR 3M	6.26	897,742.64
ING	10,000,000	28/02/2030	-0.141%	EURIBOR 3M	6.67	1,902,810.21
TOTAL	275,883,542					20,276,660

(1) Write-down reference amount over the life of the swap.

The fair value of the hedging instruments is subject to the evolution of interest rates on the financial markets. This evolution largely explains the variation in fair value of the hedging instruments between 1 January 2023 and 30 June 2023. This resulted in a loss of €1,346,462 recorded in the global result statement of the Company as at 30 June 2023.

These value fluctuations are unrealised changes that are corrected in the adjusted EPRA earnings. A change in the interest rate curve of 0.25% (more positive or negative) would have an impact on the fair value of the instruments of approximately €5.3 million. A rise in interest rates would have a positive impact on the global result statement and a fall in interest rates would have a negative impact on the global result statement.

5.7 Debt ratio

The consolidated debt ratio is determined in accordance with the RREC Decree.

Amounts in EUR	30/06/2023	31/12/2022
Calculation of debt burden in accordance with article 13 § 1 of the RREC Decree
Total debt burden	568,538,704	611,121,161
Less (cfr Article 13 §1 of the RREC Decree):
- Authorised hedging instruments	-5,411,204	-4,998,048
- Deferred taxes	-2,901,099	-1,437,534
- Deferrals and accruals	-6,493,049	-4,318,231

Assets taken into account to calculate the debt ratio in accordance with article 13 § 1 of the RREC Decree
Total assets	1,215,860,021	1,174,515,976
Less (cfr Article 13 §1 of the RREC Decree):
- Authorised hedging instruments	-25,687,864	-26,778,389
DEBT RATIO OF THE COMPANY	46.64%	52.37%

The available space as at 30 June 2023 for further investments and completion of the already acquired developments amounts to €79.8 million before reaching a debt ratio of 50% (maximum percentage according to the Company's strategy), €396.5 million before reaching a debt ratio of 60% (imposed in the covenants) and €622.5 million before reaching a debt ratio of 65% (imposed by Article 23 of the RREC RD). Those amounts don't take into account potential variations in the fair value of the real estate, which may have a significant impact on the debt ratio.

Taking into account the capital base per 30 June 2023, the maximum debt ratio of 65% will be exceeded by a possible negative variation in fair value of the real estate of €335.3 million, being 34% of the fair value of the current portfolio.

5.8 Notes on fair value

In accordance with IFRS 13, the items in the balance sheet for which the fair value can be calculated are presented below, divided into levels as defined by IFRS 13. This scale consists of three levels: Level 1: quoted prices in the asset markets; Level 2: observable data other than quoted prices included in Level 1; Level 3: unobservable data.

		30/06/2023		31/12/2022
Balance sheet items	Level	Book value	Fair value	Book value	Fair value
Investment properties	3	976,676,314	976,676,314	934,268,830	934,268,830
Finance lease receivables and trade receivables and other non-current assets (1)	2	186,805,308	248,416,000	188,756,149	197,017,859
Financial fixed assets	2	25,691,519	25,691,519	26,781,435	26,781,435
Trade receivables	2	6,892,168	6,892,168	6,021,636	6,021,636
Cash and cash equivalents	1	2,890,747	2,890,747	2,371,183	2,371,183
Non-current and current financial liabilities	2	540,061,507	545,881,058	583,303,301	584,357,433
Other non-current financial liabilities	2	5,411,204	5,411,204	4,998,048	4,998,048
Other non-current liabilities	2	2,208,503	2,208,503	1,970,685	1,970,685
Trade payables and other current liabilities	2	9,529,358	9,529,358	13,694,711	13,694,711
Other current liabilities	2	1,933,984	1,933,984	1,398,649	1,398,649

7. Transactions with affiliated parties

Transactions with related parties (within the meaning of IAS 24 and the Belgian Code for Companies and Associations (BCCA)) concern the costs related to the remuneration of the Directors and the Executive Committee. As at 30 June 2023, these amount to approximately €1.47 million.

In addition, there are also conditional requirements with regard to the residential priority right to which certain shareholders are entitled. For more information, please refer to note 'T 5.33 Conditional Liabilities' on page 229 of the 2022 Annual Financial Report, available on the website www.carepropertyinvest.be. As at 30 June 2023, 1 shareholder still uses the residential priority right for which the Company has provided an allowance of €2,085 in total to the tenants concerned.

The Company had no further transactions to report as at 30 June 2023.

(1) As of 30 June 2023, the fair value of the finance leases is determined by the real estate expert Cushman & Wakefield. However, the comparative figures were not adjusted based on this new calculation. For additional explanations regarding the different calculation methods, please refer to the chapter 'V Condensed financial statements', item '5.4.2 Finance lease receivables' on page 84.

6. Events after the closing date

For the notes on important events after the closing date, see item '1.2 Events after the closing of the 1st semester of 2023' on page 13 in chapter 'I. Interim report of the Board of Directors'.

8. Information on subsidiaries

The following companies were fully consolidated and are deemed to be related companies in view of the fact that on 30 June 2023 they were direct or indirect 100% subsidiaries of Care Property Invest:

Name	Category	Company number or Chamber of Commerce	Acquisition Date	% shares owned by CPI
Care Property Invest nv (GVV)	Parent company	0456.3780.70
Belgian subsidiaries
B.E.R.L. Internationaal nv (GVBF)	Subsidiary	0462.037.427	19/12/2018	100%
Igor Haacht nv	Subsidiary	0685.487.914	07/07/2022	100%
Het Gehucht nv	Subsidiary	0808.840.636	26/04/2022	100%
Dutch subsidiaries
Care Property Invest NL B.V.	Subsidiary	Kvk 72865687	17/10/2018	100%
Care Property Invest NL2 B.V.	Subsidiary	Kvk 73271470	05/12/2108	100%
Care Property Invest NL3 B.V.	Subsidiary	Kvk 74201298	05/03/2019	100%
Care Property Invest NL4 B.V.	Subsidiary	Kvk 74580000	15/04/2019	100%
Care Property Invest NL5 B.V.	Subsidiary	Kvk 74918516	23/05/2019	100%
Care Property Invest NL6 B.V.	Subsidiary	Kvk 75549808	08/08/2019	100%
Care Property Invest NL7 B.V.	Subsidiary	Kvk 77849922	16/04/2020	100%
Care Property Invest NL8 B.V.	Subsidiary	Kvk 80636357	19/10/2020	100%
Care Property Invest NL9 B.V.	Subsidiary	KvK 68707479	29/12/2020	100%
Care Property Invest NL10 B.V.	Subsidiary	KvK 86895818	04/07/2022	100%
Care Property Invest NL11 B.V. (ex-Gaudium Ruurlo I B.V.)	Subsidiary	KvK 81007760	17/05/2023	100%
Spanish subsidiaries
Care Property Invest Spain Socimi S.L.U. Subsidiary		B-01618677	21/07/2020	100%
Irish subsidiaries
Care Property Invest Emerald LTD.	Subsidiary	CRO 712356	25/01/2022	100%
Care Property Invest Diamond LTD.	Subsidiary	CRO 703434	16/12/2022	100%

9. Auditor's report

STATUTORY AUDITOR'S REPORT TO THE BOARD OF DIRECTORS OF CARE PROPERTY INVEST NV O.N THE REVIEW OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION AS AT 30 JUNE 2023 AND FOR THE SIX-MONTH PERIOD THEN ENDED

Introduction

We have reviewed the accompanying condensed consolidated balance sheet of Care Property Invest nv as at 30 June 2023, the condensed consolidated global result statement, the condensed statement of changes in consolidated equity and the condensed cash-flow table for the six-month period then ended, and notes ('the condensed consolidated interim financial information'). The board of directors is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IAS 34, 'Interim Financial Reporting' as adopted by the European Union. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity'. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information as at 30 June 2023 and for the six-month period then ended is not prepared, in all material respects, in accordance with IAS 34, 'Interim Financial Reporting' as adopted by the European Union.

Brussels, 6 September 2023

EY Bedrijfsrevisoren BV Statutory auditor represented by Christel Weymeersch (1) Partner

(1) Acting on behalf of a bv

10. Alternative Performance Measures

An Alternative Performance Measure (APM) is a financial indicator, historical or forward-looking, of the performance, financial situation or cash flows of a company other than financial indicators defined or described by the applicable accounting standards.

In its financial reporting Care Property Invest uses APMs in its financial communication within the meaning of the guidelines issued by the ESMA (European Securities and Markets Authority) on 5 October 2015. A number of these APMs have been recommended by the European Public Real Estate Association and are

10.1 Operating margin

Definition: This is the operating result before the result on portfolio divided by the net rental result, whereby the operating result before the result on portfolio and the net rental result can be reconciled with global result statement.

Use: This indicator measures the profitability of the Company's leasing activities.

	30/06/2023	30/06/2022
= A	25,383,887	19,246,343
= B	32,324,181	25,543,750
= A/B	78.53%	75.35%

discussed in chapter 'III. EPRA' on page 42 of this half-yearly financial report. The APMs below have been determined by the Company itself in order to provide the reader with a better understanding of its results and performance.

Performance measures established by IFRS standards or by law are not considered as APMs, nor are they measures based on items in the global result statement or the

balance sheet.

10.2 Financial result before changes in fair value of financial assets and liabilities

Definition: This is the financial result excluding changes in fair value of financial assets and liabilities (authorised hedging instruments not subject to hedge accounting as defined under IFRS), the sum of the items 'XX. Financial income', 'XXI. Net interest cost' and 'XXII. Other financial costs' of the global result statement.

Use: This indicator does not take into account the impact of financial assets and liabilities in the global result statement, thus reflecting the result from strategic operating activities.

Amounts in EUR		30/06/2023	30/06/2022
Financial result	= A	-9,638,511	23,947,458
Changes in fair value of financial assets /liabilities	= B	-1,346,462	28,439,779
Financial result before changes in fair value of financial assets/ liabilities	= A-B	-8,292,048	-4,492,321

10.3 Equity before the reserve for the balance of changes in fair value of authorised hedging instruments and excluding the variation in fair value of financial assets/liabilities

Definition: This is equity excluding the accumulated reserve for the balance of changes in fair value of authorised hedging instruments (not subject to hedge accounting as defined under IFRS) and the changes in fair value of financial assets and liabilities, where the reserve for the balance of changes in fair value of authorised hedging instruments is included in item 'C'. Reserves' of the consolidated balance sheet and changes in fair value of financial assets and liabilities can be reconciled with item 'XXIII. Changes in fair value of financial assets/ liabilities in the global result statement.

Use: This indicator reflects equity without taking into account the hypothetical market value of the derivative instruments.

Amounts in EUR		30/06/2023	31/12/2022
Equity	= A	647,321,317	563,394,815
Reserve for the balance of changes in fair value of authorised hedging instruments	= B	-21,780,342	16,810,790
Changes in fair value of financial assets/liabilities	= C	1,346,462	-38,591,131
Equity before changes in fair value of financial products	= A-B-C	667,755,196	585,175,157

10.4 Interest coverage ratio

Definition: This is the operating result before the result on portfolio divided by the interest charges paid, whereby the operating result before the result on portfolio and the interest charges paid can be reconciled with the global result statement.

Use: This indicator measures how many times a company earns its interest charges and gives an indication of the extent to which the operating profit can fall back without the company getting into financial difficulties. In accordance with covenants entered into by the Company, this value must be at least 2,5.

Amounts in EUR		30/06/2023	30/06/2022
Operating result before portfolio income	= A	25,383,887	19,246,343
Total amount of interest charges paid	= B	6,677,601	4,249,913
Interest coverage ratio	= A/B	3.80	4.53

-

Care Property Invest nv

Horstebaan 3 2900 Schoten T +32 3 222 94 94 E [email protected]

Belfius BE27 0910 0962 6873 GKCC BE BB BE 0456 378 070 LPR Antwerp Public RREC under Belgian law

www.carepropertyinvest.be

AI Terminal

Care Property Invest NV/SA

3926_rns_2023-09-06_ec05f51d-7139-4f74-a5ce-e5122bcf42af.pdf

REGULATED INFORMATION Publication on 6 September 2023, after trading hours at 6 p.m.

FINANCIAL HIGHLIGHTS

OPERATIONAL KPIS

RISK-AVERSE PROFILE

SOLID SOLVENCY AND LIQUIDITY

CONFIRMATION OF GUIDANCE FOR 2023

Table of contents

I. Interim Report of the Board of Directors 10

I. Interim Report of the Board of Directors

HISTORY 1995 - 2023

2000

... 1995

2016

Establishment of Serviceflats Invest nv

As of 30 October 1995

2014

2014

2013-2014

Capital increase in cash

1996

Capital increase in cash (IPO - Eurnext Brussels) 7 February 1996 Total amount of capital increase: approx.

Capital increase in kind 15 March 2017 Total amount of capital increase: approx. €34 million. As of 15 March 2017

. 2017

.. 2022

2019

Capital increase in kind

2019

. 2020

Optional dividend

.. 2021

Capital increase in kind

2020

Capital increase in cash (ABB)

As of 25 June 2020

2021

. 2023

I. INTERIM REPORT OF THE BOARD OF DIRECTORS

1. Important events

1.1 Important events during the 1st semester of 2023

1.1.1 Projects 1st semester of 2023 in Belgium

1.1.2 Projects 1st semester of 2023 in The Netherlands

1.1.3 Projects 1st semester of 2023 in Spain

1.1.4 Projects 1st semester of 2023 in Ireland

1.1.5 Other events during the 1st semester of 2023

1.1.5.1 Establishment/acquisition of subsidiaries

1.1.5.2 Capital increase in cash

1.1.5.3 Authorised capital

1.2 Events after the closing of the 1st semester of 2023

1.2.1 Additional investments

1.2.1.1 Additional projects in The Netherlands

1.3 Other events after the closing of the 1st semester of 2023

1.3.1 Mergers

1.4 Outlook

2. Synthesis of the consolidated balance sheet and the global result statement

2.1 Consolidated global result statement

2.2 Net result per share on a consolidated basis

Net result per share based on weighted average shares outstanding € 0.0923 2.0683

2.3 Components of the net result

outstanding shares

Notes to the global result statement

Operating result

Financial result

Taxes

Adjusted EPRA earnings

2.4 Consolidated balance sheet

Notes to the consolidated balance sheet

Investment Properties

Other tangible fixed assets

Finance lease receivables

Trade receivables regarding the projects included in the item 'Finance lease receivables'

Debts and liabilities

2.5 Consolidated balance sheet finance leases at fair value (1)

2.6 Net assets and net value per share on a consolidated basis (1)

3. Outlook

3.1 Assumptions

Assumptions regarding factors that can be influenced by the members of the Company's administrative, management and supervisory bodies directly:

(1) With the exception of the project 'Les Terrasses du Bois' in Watermaal-Bosvoorde, for which a long-term double net agreement was concluded and the project 'Tilia' in Gullegem for which a long-term single net agreement was concluded.