Care Property Invest NV/SA

Quarterly Report • Nov 8, 2022

Care Property Invest

Public limited liability company (société anonyme/naamloze vennootschap), Public Regulated Real Estate Company (Société Immobilière Réglementée (SIR) / Gereglementeerde Vastgoedvennootschap (GVV) under Belgian Law Office: 3 Horstebaan, 2900 Schoten Companies Registration No. 0456.378.070 (LPR Antwerp) (the 'Company')

Interim Statement from the Board of Directors 3rd quarter 2022 - 8 November 2022

FINANCIAL HIGHLIGHTS

Key figure	30 Sept. 2022	31 Dec. 2021	30 Sept. 2021	Evolution
Fair value property portfolio	€1,109.6 m	€985.9 m			+13%
Market capitalisation	€499.3 m	€693.5 m			-28%
Occupancy rate	100%	100%	100%		=
Debt ratio	51.56%	47.06%			+10%
Cost of borrowed funds	1.80%	1.92%			-6%
Adjusted EPRA Earnings	€26.3 m		€20.4 m		+29%
Adjusted EPRA Earnings per share	€0.95		€0.79		+20%
EPS (GUIDANCE/ACTUALS)	€1.19	€1.06			+12%
DPS (GUIDANCE/ACTUALS)	€1.00	€0.87			+15%

Regulated information

8 November 2022 - After trading hours Under embargo until 17h45

The Company maintains its EPS guidance of €1.19 and its DPS guidance of €1.00 for the entire 2022 financial year.

The fair value of the existing portfolio as at 31/12/2021 increased by a total of €27.4 million, of which €10.2 relates to a further increase compared to Q2 2022.

I. INTERIM REPORT FROM THE BOARD OF DIRECTORS

1. Important events

1.1 Important events during the 3rd quarter of 2022

Below is a brief overview of the acquisitions, current projects under development and completed projects during the 3rd quarter of 2022.

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 3rd quarter of 2022 in Belgium

Name	Operator	Acquisition date	Location	Year of construction / renovation or expected completion	Contract	Conv. Value (in € million)	Type of transaction
New projects with an immediate return
Assistentiewoningen 'Klapgat'	Thuis Leven vzw	07/07/2022 Haacht		2020	30 years (triple net)	€13.9	Share deal (contribution in kind)

1.1.2 Projects 3rd quarter of 2022 in The Netherlands

Name	Operator	Acquisition date	Location	Year of construction / renovation or expected completion	Contract	Conv. Value (in € million)	Type of transaction
New projects with an immediate return
Pim Senior	Stichting Pim Senior	08/07/2022	Dorst	2021	30 years (triple net)	€22.0	Asset deal
Ongoing projects under development
Warm Hart Ulestraten	Warm Hart Zorghuizen	28/04/2022	Ulestraten	Q2 2023	20 years (triple net)	€6.5	Asset deal
Warm Hart Zuidwolde	Warm Hart Zorghuizen	03/02/2022	Zuidwolde	Q2 2023	20 years (triple net)	€10.4	Asset deal
Amstel	Korian Holding Nederland	31/03/2021	Ouderkerk aan de Amstel	Q4 2022	15 years (triple net)	€9.6	Asset deal
St. Josephkerk	Korian Holding Nederland	26/09/2019	Hillegom	Q2 2023	20 years (triple net)	€9.1	Asset deal
Sterrenwacht	Korian Holding Nederland	12/06/2019	Middelburg	Q2 2023	20 years (triple net)	€6.5	Asset deal
Completed projects
Huize Elsrijk	Com4care	29/12/2020	Amstelveen Q3 2022		20,5 years (triple net)	€6.2	Share deal
Mariënhaven	Valuas Zorggroep 28/12/2020		Warmond	Q3 2022	20 years (triple net)	€11.9	Asset deal

1.1.3 Projects 3rd quarter of 2022 in Spain

Name	Operator	Acquisition date	Location	Year of construction / renovation or expected completion	Contract	Conv. Value (in € million)	Type of
New projects under development
Solimar Elche	Vivalto Group 28/09/2022		Elche	Q2 2025	20 years (triple net)	€10.8	Asset deal
Ongoing projects under development
Solimar Tavernes Blanques Vivalto Group 11/03/2022			Tavernes Blanques	Q4 2024	20 years (triple net)	€10.6	Asset deal
Emera Mostoles	Emera Group 21/06/2021		Mostoles (Madrid) Q2 2023		15 years (triple net)	€12.0	Asset deal
New projects signed under suspensory conditions
Marina Del Port	La Vostra Llar 16/08/2022		Barcelona	Q2 2024	20 years (triple net)	€7.0	Asset deal

1.1.4 Other events during the 3rd quarter of 2022

1.1.4.1 Mergers

Merging company	Absorbing company	Date effective absorption	Date of deed
Care Property Invest Tulip, S.L.U.	Care Property Invest Spain Socimi S.L.U.	1 January 2022	9 August 2022
Care Property Invest Iris, S.L.U.	Care Property Invest Spain Socimi S.L.U.	1 January 2022	9 August 2022
Care Property Invest Aster, S.L.U.	Care Property Invest Spain Socimi S.L.U.	1 January 2022	9 August 2022
Care Property Invest Jasmine, S.L.U.	Care Property Invest Spain Socimi S.L.U.	1 January 2022	9 August 2022
Care Property Invest Lily, S.L.U.	Care Property Invest Spain Socimi S.L.U.	25 February 2022	9 August 2022

Turnhout (BE) I De Nieuwe Kaai

1.2 Events after the closing of the 3rd quarter of 2022

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 investments after the closing of the 3rd quarter of 2022:

1.2.1.1 Additional projects in Ireland

Name	Operator	Location	Year of construction / renovation or expected completion	Contract	Conv. Value (in € million)	Type of
New projects signed under suspensory conditions
Friar's Lodge Nursing Home	Brookhaven Healthcare	14/10/2022 Ballinrobe 2004		25 years (triple net)	€8.4	Asset deal

1.1.4.2 Establishment/ acquisition of subsidiaries

Name established subsidiary	Date of establishment	Purpose
Care Property Invest.NL10 B.V.	4 July 2022	Acquiring healthcare real estate sites in The Netherlands
Name acquired subsidiary	Date of acquisition of control Purpose
Igor Haacht nv	7 July 2022	Acquiring healthcare real estate sites in Belgium

1.1.4.3 Contribution in kind

On 7 July 2022, Care Property Invest acquired the 'Klapgat' project in Haacht by means of a contribution in kind of 100% of the shares in Igor Haacht nv, the company that owns the real estate of this project and this within the framework of the authorised capital.

The transaction resulted in a strengthening of equity of €13,914,724, of which an amount of €3,800,035 was allocated to the item capital and an amount of €10,114,689 to the item share premium. The contribution of all shares of Igor Haacht nv was remunerated by 638,715 new shares of Care Property Invest.

After this transaction the authorised capital was reduced by €3,800,035 so that the balance at present amounts to €64,873,735. After this transaction, the total number of outstanding shares of the Company amounts to 27,741,625.

1.1.4.4 Application for SOCIMI status of Spanish subsidiary

Care Property Invest filed a ruling application with the Spanish authorities as part of its application for the taxfavourable SOCIMI status (i.e. Spanish REIT/GVV). On 23 June 2022, the Company received a favourable ruling stating that, as a Belgian REIT/GVV, the Company is deemed equivalent to the Spanish SOCIMI. Following this decision, the Articles of Association of the holding company Care Property Invest Spain Socimi, S.L.U., (formerly Care Property Invest Spain, S.L.U.) were amended and silent mergers took place with all its subsidiaries on 9 August 2022. Given that all conditions were met, the company filed an application for SOCIMI status before the end of September 2022 and can therefore benefit from the tax-favourable status, with retroactive effect for the 2022 financial year. Considering that the taxfavourable SOCIMI regime is equivalent to other REIT regimes, this will increase the average return of the current Spanish property portfolio by around 0.20%. Moreover, it will create a level playing field with other investors in the Spanish healthcare real estate market, thereby boosting the further expansion of its portfolio in Spain.

1.1.4.5 Awards for financial reporting and sustainability reporting

Care Property Invest was awarded the EPRA sBPR Gold Award in September 2022. The Company is delighted with this recognition for its efforts in sustainability reporting.

The Company also received the EPRA BPR Gold Award in September 2022 for the sixth consecutive time for its ongoing high transparency in financial reporting.

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

2.1 Consolidated global result statement

Amounts in EUR		30/09/2022	30/09/2021
I	Rental income (+)	39,836,777	31,803,997
NET RENTAL RESULT		39,836,777	31,803,997
V	Recovery of rental charges and taxes normally borne by tenants on let properties (+)	504,564	276,897
VII	Rental charges and taxes normally borne by tenants on let properties (-)	-530,119	-276,897
REAL ESTATE RESULT		39,811,223	31,803,997
IX	Technical costs (-)	-2,498	-534
	REAL ESTATE COSTS	-2,498	-534
	REAL ESTATE OPERATING RESULT	39,808,724	31,803,464
XIV	General expenses of the Company (-)	-7,003,008	-5,587,612
XV	Other operating income and expenses (+/-)	-1,577,351	9,206
	OPERATING RESULT BEFORE RESULT ON PORTFOLIO	31,228,365	26,225,058
XVIII	Changes in fair value of investment properties (+/-)	24,427,089	10,283,293
	OPERATING RESULT	55,655,455	36,508,352
XX	Financial income (+)	123	238
XXI	Net interest expense (-)	-6,810,719	-5,779,532
XXII	Other financial costs (-)	-580,929	-430,663
XXIII	Changes in fair value of financial assets and liabilities (+/-)	38,082,195	9,020,805
	FINANCIAL RESULT	30,690,670	2,810,847
	RESULT BEFORE TAXES	86,346,124	39,319,199
XXIV	Corporation tax (-)(1)	-3,988,631	-198,267
XXV	Exit tax (-)(1)	-239,089	-228,188
TAXES		-4,227,719	-426,454
	NET RESULT (group share)	82,118,404	38,892,745
	Other elements of the global result	0	0
GLOBAL RESULT		82,118,404	38,892,745

(1) Due to reclassifications between the items XXIV. Corporation Tax (-) and XXV. Exit tax (-), the figures as at 30 September 2021 were also adjusted to allow for correct comparability.

2.2 Net result per share on a consolidated basis

Amounts in EUR	30/09/2022	30/09/2021
NET RESULT / GLOBAL RESULT	82,118,404	38,892,745
Net result per share based on weighted average shares outstanding	2.9601	1.5072
Gross yield compared to the initial issuing price in 1996	49.75%	25.33%
Gross yield compared to stock market price on closing date	16.45%	5.67%
2.3 Components of the net result
Amounts in EUR	30/09/2022	30/09/2021
NET RESULT / GLOBAL RESULT	82,118,404	38,892,745
Non-cash elements included in the net result	-55,795,417	-18,482,370
Depreciations, impairments and reversal of impairments	320,519	183,248
Changes in fair value of investment properties	-24,427,089	-10,283,293
Changes in fair value of authorised hedging instruments	-38,082,195	-9,020,805
Projects' profit or loss margin attributed to the period	2,867,628	638,481
Deferred taxes	3,525,721	0
ADJUSTED EPRA EARNINGS	26,322,987	20,410,375
Adjusted EPRA earnings per share based on weighted average number of outstanding shares	€ 0.9489	€ 0.7910
Gross yield compared to the initial issuing price in 1996	15.95%	13.29%
Gross yield compared to stock market price on closing date	5.27%	2.97%

The weighted average number of outstanding shares was 25,804,456 as at 30 September 2021 and increased to 27,741,625 shares as at 30 September 2022. The number of shares amounted to 25,806,148 as at 30 September 2021 (including 1,692 own shares) and increased to 27,741,625 shares as at 30 September 2022. On this date, the Company no longer held any treasury shares.

The number of shares changed as a result of (i) a capital increase in kind on 17 November 2021 for the purchase of 100% of the shares in Apollo Lier nv, which owns the residential care centre with assisted living apartments, 'Dungelhoeff', located in Lier, for which 1,124,968 new shares were issued, (ii) an optional dividend for the 2021 financial year which was successfully completed on 20 September 2022 and led to the issue of 171,794 new shares and (iii) 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.

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 €18.00 on 30 September 2022 and €26.60 on 30 September 2021. 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 increased by 52.45% compared to 30 September 2021.

Rental income as at 30 September 2022 increased by 25.26% 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 to date and averages 4.91% as at 30 September 2022 representing an amount of €1.4 million, (ii) the acquisition of new investment properties and (iii) the completion of development projects in 2022. Likewise, the acquired and completed investment properties during 2021 contribute to the increased rental income in 2022.

As at 30 September 2022, the Company had no outstanding rent receivables for which receivables had to be transferred to the doubtful debtors. As at the date of this report, 99% of the total rent invoiced for the first 9 months of this financial year was effectively collected including indexations charged in full.

The Company's general expenses increased by €1,415,397 compared to 30 September 2021. This increase can be largely attributed to the increase in remuneration and personnel-related costs as the average workforce increased from 20.48 FTEs as at 30 September 2021 to 23.04 FTEs as at 30 September 2022.

In addition, the Company's growth also contributes to the increase in the Company's general expenses and the costs specific to the RREC statute, such as, among others, the UCI tax.

Other operating income and expenses

decreased from €9,206 as at 30 September 2021 to €-1,577,351 as at 30 September 2022.

Other operating income consists mainly of the fee for project management of €825,335, which largely concerns the recovery of the pre-financing of existing Dutch projects and a limited capital gain resulting from the sale of the 'Residentie De Anjers' project in Balen (BE). Both items contribute to the Company's cash result. This item also includes the profit and loss margin on projects of €-2,867,628, which is also largely attributable to the sale of the 'Residentie De Anjers' project in Balen (BE) as a result of the write-off of the trade receivable (unrealised capital gain) for this project. The latter concerns a non-cash element which is corrected for the calculation of the adjusted EPRA earnings.

The variations in the fair value of investment

properties amount to €24,427,089 as at 30 September 2022. The increase reflects an overall positive variation in the fair value of the investment properties in portfolio as a result of inflation expectations on the real estate market. Also here it concerns unrealised variations that are corrected in the adjusted EPRA earnings.

Financial result

Interest charges rose as a result of the additional raising of external funds to finance the acquisitions that took place in the course of 2021 and 2022 on the one hand, and to finance ongoing project developments on the other. The weighted average interest rate amounts to 1.80% as at 30 September 2022. This is still a decrease compared to the weighted average interest rate of 1.96% as at 30 September 2021, but due to rising interest rates in the market, it does however represent an increase compared to the weighted average interest rate as at 30 June 2022, which was

1.59%. Given current market conditions, the Company expects a further increase for the remainder of this financial year.

The financial result was positively influenced by the inclusion of the fair value of the financial instruments concluded. Due to an increase in market interest rates, a positive value of €38,082,195 was obtained as at 30 September 2022. As a result, the total impact to date is €20,873,816 compared to €-16,810,790 as at 31 December 2021.

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 September 2022 includes deferred taxes for an amount of €3,525,721 of which €2,264,670 can be allocated to the Dutch subsidiaries and €1,261,051 to the Spanish subsidiaries.

For the Dutch subsidiaries, an application was submitted for the application of the FBI status (equivalent to the Belgian GVV/RREC status). However, there is currently great uncertainty regarding the granting of this status, especially following the recent communication regarding its continued existence. Out of prudence a deferred tax on the portfolio result of the Dutch real estate projects was provided for. In case of refusal (or abolition) of such status and sale of real estate, the Dutch subsidiary will be taxed on the portfolio result according to the generally applicable tax system.

For the Spanish subsidiaries, a ruling application was submitted regarding the equivalence of a Belgian GVV/RREC to the Spanish SOCIMI (equivalent to the Belgian GVV/RREC status), which was answered with a favourable ruling by the Spanish tax authorities. Following the fulfilment of some amendments to the Articles of Association and the silent mergers between Care Property Invest Spain Socimi S.L.U.

Berchem (BE) I Park Kemmelberg

and all its subsidiaries on 9 August 2022, the application to obtain SOCIMI status was filed, making it retroactively applicable for the entire 2022 financial year. However, in the event of the sale of real estate, the portfolio result realised before 2022 can still be taxed according to the generally applicable tax system, so that for reasons of prudence a deferred tax is provided for this. In the future, this will only change as a result of the sale of real estate and the realisation of a capital gain.

This section also includes the change in the calculated exit tax for the Belgian subsidiaries.

Adjusted EPRA earnings

The adjusted EPRA earnings on a consolidated basis amounted to €26,322,987 as at 30 September 2022 compared to €20,410,375 as at 30 September 2021. This represents an increase of 28.97%. The adjusted EPRA earnings per share rose from €0.7910 as at 30 September 2021 to €0.9489 as at 30 September 2022. This represents an increase of 19.96% and is lower than the increase in total adjusted EPRA earnings due to the increase in the number of issued shares.

2.4 Consolidated balance sheet

ASSETS
	EQUITY AND LIABILITIES

Amounts in EUR		30/09/2022	31/12/2021
ASSETS
	I. NON-CURRENT ASSETS	1,131,650,134	927,165,460
B.	Intangible assets	84,690	122,671
C.	Investment properties	911,413,300	718,031,800
D.	Other tangible fixed assets	4,995,192	4,739,677
E.	Financial fixed assets	26,081,334	2,685,847
F.	Finance lease receivables	177,133,551	186,775,769
G.	Trade receivables and other non-current assets	11,942,069	14,809,696
	II. CURRENT ASSETS	14,027,770	18,150,751
D.	Trade receivables	5,528,831	4,514,443
E.	Tax receivables and other current assets	2,757,831	10,167,850
F.	Cash and cash equivalents	4,229,080	2,544,873
G.	Deferrals and accruals	1,512,027	923,585
	TOTAL ASSETS	1,145,677,904	945,316,211
	EQUITY AND LIABILITIES
EQUITY		556,848,920	479,258,685
A.	Capital	165,048,798	160,226,675
B.	Share premium	246,128,473	233,064,630
C.	Reserves	63,553,244	26,312,559
D.	Net result for the financial year	82,118,404	59,654,821
	LIABILITIES	588,828,985	466,057,526
	I. Non-current liabilities	222,985,706	296,256,614
B.	Non-current financial debts	212,219,849	274,600,056
C.	Other non-current financial liabilities	5,204,596	19,494,005
E.	Other non-current liabilities	1,993,622	1,993,405
F.	Deferred tax - liabilities	3,567,640	169,148
	II. Current liabilities	365,843,279	169,800,912
B.	Current financial liabilities	351,254,879	151,220,542
D.	Trade payables and other current liabilities	10,319,046	12,245,266
E.	Other current liabilities	1,437,851	3,550,796
F.	Deferrals and accruals	2,831,503	2,784,308
	TOTAL EQUITY AND LIABILITIES	1,145,677,904	945,316,211

Notes to the consolidated balance sheet

Investment Properties

The Company's property portfolio increased by €193,381,500 in 2022. The increase is explained by (i) the acquisition of investment properties for an amount of €131.5 million, namely the projects 'Klapgat' in Haacht (BE), 'Pim Senior' in Dorst (NL), '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), (ii) the acquisition of development projects for an amount of €14.9 million, namely the projects 'Warm Hart Zuidwolde' in Zuidwolde (NL), 'Warm Hart Ulestraten' in Ulestraten (NL), 'Solimar Tavernes Blanques' in Tavernes Blanques (ES) and 'Solimar Elche' in Elche (ES), (iii) the further development of the projects 'Margaritha Maria Kerk (vicarage)' in Tilburg (NL), 'Sterrenwacht' in Middelburg (NL), 'St. Josephkerk' in Hillegom (NL), 'Aldenborgh' in Roermond (NL), 'Villa Vught' in Vught (NL), 'Mariënhaven' in Warmond (NL), 'Huize Elsrijk' in Amstelveen (NL), 'Amstel' in Ouderkerk aan de Amstel (NL), 'Emera Carabanchel' in Madrid (ES) and 'Emera Mostoles', in Madrid (ES) for an amount of €19.6 million and (iv) by a further increase in the fair value of the already existing portfolio for an amount of €27.4 million (of which €10.1 million relates to the further increase compared to Q2).

The projects 'Aldenborgh' in Roermond (NL), 'Villa Vught' in Vught (NL), 'Margaritha Maria Kerk - vicarage' in Tilburg (NL), 'Emera Carabanchel' in Carabanchel (ES), 'Mariënhaven' in Warmond (NL) and 'Huize Elsrijk' in Amstelveen (NL) were completed during the first three quarters of the 2022 financial year.

The real estate experts confirm the fair value of the property portfolio at a total amount of €910.0 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, 8.5% for the real estate in The Netherlands and 7.5% 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 September 2022, this item contains €4,971,476 of 'tangible fixed assets for own use'. The increase compared to 31 December 2021 is explained by the further development of the head office in Schoten, of which the provisional delivery took place in January 2022.

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.

The decrease in this item is explained by the write-off of the finance lease receivable relating to the 'Residentie De Anjers' project following the sale during the first semester of 2022.

The fair value of the finance leases amounted to €198,217,425 on 30 September 2022 and was calculated by discounting all future cash flows at an IRS interest rate applicable on the closing date, depending on the remaining term of the underlying contract, plus a margin. It is important to note that the cash flows included in the calculation are the initial cash flows and thus do not take historical and future indexations into account. Based on this calculation, we reach an average value per assisted living apartment of €94,750 which confirms a conservative valuation of the finance lease receivables.

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

The difference between the nominal value of the building 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. In this case, too, the decrease in this item can be attributed to the write-off of the trade receivable relating to the 'Residentie De Anjers' project in Balen (BE) following the sale during the first semester of 2022.

Tax receivables and other current assets amounted to €10,167,850 as at 31 December 2021, which was considerably higher than usual. Of this, €8.5 million related to an amount registered in a third-party account with the notary in connection with the purchase of a real estate project, which was completed after year-end.

Debts and liabilities

As a result of the high volume of investments made in the course of 2022, which were primarily financed with loan capital, the Company's financial debts increased significantly, although the debt ratio decreased slightly compared to the second quarter.

As at 30 September 2022, 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 September 2022, the amount already drawn amounts to €56.5 million in commercial paper and €33.0 million in bonds.

Amounts in EUR	30/09/2022	31/12/2021
Average remaining term of financial debt	5.85	6.55
Nominal amount of current and non-current financial debts	563,519,697	425,932,431
Weighted average interest rate (1)	1.80%	1.92%
Nominal amount of derivative instruments	156,213,542	156,527,042
Fair value of hedging instruments	20,873,816	-16,810,790

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

Middelkerke (BE) I Assistentiewoningen De Stillle Meers

To hedge its debts with a floating interest rate, the Company also uses interest rate swaps. As at 30 September 2022, the Company has hedged 72.01% of its debts, either by means of an interest rate swap or by means of a fixed interest rate. The weighted average maturity of the interest rate swaps amounts to 9.92 years.

The consolidated debt ratio, calculated in accordance with Article 13, §1, 2° of the RREC Decree, was 51.56% as at 30 September 2022, which represents a slight decrease compared to 30 June 2022, where it was 51.90%. The available margin as at 30 September 2022 for further investments and completion of the development projects already acquired before reaching a debt ratio of 60% (imposed by the covenants) amounts to €236.5 million.

The Company can confirm that the debts maturing within the next 2 years can be refinanced with the existing undrawn credit lines.

The other non-current financial liabilities relate to the inclusion of the fair value of the financial instruments entered into. The decrease in this liability is a result of the increase in market interest rates. Financial instruments with a positive fair value are included in the item financial fixed assets.

The other non-current liabilities amount to €1,993,622 and have remained virtually unchanged compared to 31 December 2021. 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

decreased in comparison to 31 December 2021 to an amount of €1,437,851 and relate to short-term liabilities with respect to development projects. Of the outstanding amount at year-end, an amount of €2,242,195 was paid at the beginning of January 2022 within the framework of the completion of the extension of the 'Résidence des Ardennes' project in Attert (BE).

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

Amounts in EUR
ntanqible assets
nvestment properties
Finance lease receivables and trade receivables
Authorised hedging instruments
Dther assets included in the debt ratio
Cash and cash equivalents
TOTAL ASSETS
Equity
Revaluation gain on finance lease receivables
last and lishilities included in the don't ratio (2)

Amounts in EUR	30/09/2022	31/12/2021
Intangible assets	84,690	122,671
Investment properties	911,413,300	718,031,800
Finance lease receivables and trade receivables	198,217,425	267,844,539
Authorised hedging instruments	26,078,412	2,683,216
Other assets included in the debt ratio	14,796,803	20,348,186
Cash and cash equivalents	4,229,080	2,544,873
TOTAL ASSETS	1,154,819,710	1,011,575,284
Equity	556,848,920	479,258,685
Revaluation gain on finance lease receivables	9,141,805	66,259,073
Debt and liabilities included in the debt ratio (2)	577,225,247	443,610,065
Other liabilities	11,603,737	22,447,460
TOTAL EQUITY AND LIABILITIES	1,154,819,710	1,011,575,284

• (1) This balance sheet has not been prepared in accordance with IFRS standards. The fair value of the finance leases was calculated by discounting all future cash flows at an IRS interest rate prevailing at the closing date, depending on the remaining term of the underlying contract, plus a margin. The cash flows relate to the initial cash flows and thus do not take into account historical and future indexations.
• (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	30/09/2022	31/12/2021
Total assets	1,145,677,904	945,316,211
Liabilities	-588,828,985	-466,057,526
NET ASSETS	556,848,919	479,258,685
Net value per share	€ 20.07	€ 17.80
Total assets	1,145,677,904	945,316,211
Current and non-current liabilities (excluding 'authorised hedging instruments')	-609,702,801	-449,246,737
NET ASSETS EXCLUDING 'AUTHORISED HEDGING INSTRUMENTS'	535,975,103	496,069,475
Net value per share excluding 'authorised hedging instruments'	€ 19.32	€ 18.43
Total assets including the calculated fair value of finance lease receivables	1,154,819,710	1,011,575,284
Current and non-current liabilities (excluding 'authorised hedging instruments' and 'deferred taxes')	-606,135,161	-449,077,589
NET ASSETS EXCLUDING 'AUTHORISED HEDGING INSTRUMENTS' AND 'DEFERRED TAXES' AND INCLUDING 'FAIR VALUE OF LEASE RECEIVABLES' (EPRA NAV)	548,684,549	562,497,695
Net value per share excluding 'authorised hedging instruments' and 'deferred	€ 19.78	€ 20.89

Net value per share excluding 'authorised hedging instruments' and 'deferred taxes' and including 'fair value of finance lease receivables (EPRA NAV)

(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. As at 30 September 2022, the Company did not hold any own 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 51.56% as at 30 September 2022. In view of the fact that Care Property Invest exceeds the debt ratio of 50%, it will draw up a financial plan in accordance with Article 24 of the RREC Royal Decree.

3.1 Assumptions

On the basis of the balance sheet and the global result statement for the 2021 financial year and the first three quarters of 2022, 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;
• For the time being, new projects are financed using own resources from operating activities and additional new credit lines, or the revenue from issuing commercial paper;
• The financial costs are in line with the increase in financing during the 2021 financial year and the first three quarters of 2022. They also take into account increased interest rates due to changed market conditions.

• Additional financing costs for acquisitions in the last quarter of 2022 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 the annual indexation and the impact of new investments;
• 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 impact from any doubtful debt;
• Due to the 'triple net' nature(1) of the agreement, 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.

2.7 EPRA performance indicators

Period closed on	30 September 2022	30 September 2021
EPRA earnings (in €/share)	€ 0.83	€ 0.76
Adjusted EPRA earnings (in €/share) (1)	€ 0.95	€ 0.79
EPRA costratio (incl. direct vacancy costs) (in %)	22.23%	17.41%
EPRA costratio (excl. Direct vanancy costs) (in %)	22.23%	17.41%

Period closed on	30 September 2022	31 December 2021
EPRA NAV (in €/share)	€ 19.78	€ 20.89
EPRA NNNAV (in €/share)	€ 21.93	€ 19.05
EPRA NRV (in €/share)	€ 21.17	€ 21.76
EPRA NTA (in €/share)	€ 19.77	€ 20.88
EPRA NDV (in €/share)	€ 21.93	€ 19.05
EPRA NIY (in %)	5.06%	4.87%
EPRA adjusted NIY ('topped-up NIY') (in %)	5.33%	5.07%
EPRA vacancy rate (in %) (2)	0.05%	0.08%

(1) The calculation of the adjusted EPRA earnings takes into account the correction of a number of company-specific non-cash elements.

(2) 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. On 30 September 2022, there are 3 vacant flats in the 'Tilia' project.

⁽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 Section 13 of the RREC-RD amounts to 51.56% as at 30 September 2022.

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.

3.3 Conclusion on outlook for dividends and distributable results

Based on the current contracts, which will still generate income for an average of 15.80 years, barring unforeseen circumstances, the Company assumes an increase in the distributable result and the dividend payment for the 2022 financial year. The Company's solvency is supported by the stable value of its real estate projects.

The Company maintains its EPS guidance of €1.19 and its DPS guidance of €1.00 for the entire 2022 financial year.

The Company therefore maintains its guidance on rental income of at least €54 million, which given the current circumstances would result in an adjusted EPRA result per share of at least €1.19.

Care Property Invest intends to pay out a gross dividend of at least €1.00 per share for the 2022 financial year. After deduction of the 15% withholding tax, this amounts to a net dividend of €0.85 per share.

4. Main risks and uncertainties for the remaining months of the financial year

The Company's activities are performed in an economic climate that involves risks. In the opinion of the Board of Directors, the risk factors and uncertainties as described in the Company's 2021 Annual Financial Report from page 8 to 21, remain valid for the remaining quarter of the 2022 financial year. The 2021 Annual Financial Report is available on the Company's website, www. carepropertyinvest.be.

Zelhem (NL) I De Gouden Leeuw Zelhem

5. Financial calendar

Press release Annual results 2022	8 March 2023, after trading hours
Interim statement 1st quarter 2023	17 May 2023, after trading hours
Ordinary General Meeting	31 May 2023, 11 a.m.
Half-yearly Financial Report 2023	6 September 2023, after trading hours
Interim statement 3rd quarter 2023	8 November 2023, after trading hours

(at the registered offices, Horstebaan 3, 2900 Schoten)

OVER CARE PROPERTY INVEST

About Care Property Invest

Care Property Invest NV/SA is a Public Regulated Real Estate Company (public RREC) under Belgian law. The Company has been listed on Euronext Brussels for over 25 years and invests in high quality healthcare real estate for elderly and disabled people on the European market. Care Property Invest purchases, builds and renovates high-quality healthcare real estate (residential care centres, groups of assisted living apartments, residential complexes for people with a disability, etc.), fully tailored to the needs of the end user and then makes it available to solid healthcare operators on the basis of a long-term contract.

The Company has developed an international portfolio of 142 healthcare projects, spread across Belgium, The Netherlands, Spain and Ireland.

The market capitalisation of Care Property Invest amounted to approximately €467 million on 07/11/2022. The Company aims to create a stable share for its shareholders with a low risk profile and a stable and steadily growing dividend.

The information contained in this press release has not been reviewed by the statutory auditor.

Caution regarding forecasts

This press release contains forecasts involving risks and uncertainties, amongst others statements regarding plans, objectives, expectations and intentions of Care Property Invest. Readers are cautioned that such forecasts involve known and unknown risks and are subject to significant business, economic and competitive uncertainties which are mostly beyond Care Property Invest's control. If one or more of these risks or uncertainties materialise or should, if applied, basic assumptions prove incorrect, the final results may significantly deviate from the anticipated, expected, estimated or projected results. Consequently, Care Property Invest cannot assume any responsibility for the accuracy of these forecasts.

The interim statement of the Board of Directors 3rd quarter of 2022 is available on the Company's website . www.carepropertyinvest.be.

Care Property Invest nv Horstebaan 3 2900 Schoten T +32 3 222 94 94 E info@carepropertyinvest.be www.carepropertyinvest.be

CEO

E peter.vanheukelom@carepropertyinvest.be

Care Property Invest nv Horstebaan 3 2900 Schoten T +32 3 222 94 94 E info@carepropertyinvest.be www.carepropertyinvest.be

E valerie.jonkers@carepropertyinvest.be

Care Property Invest nv Horstebaan 3 2900 Schoten T +32 3 222 94 94 E info@carepropertyinvest.be www.carepropertyinvest.be

Care Property Invest nv

Horstebaan 3 2900 Schoten T +32 3 222 94 94 F +32 3 222 94 95 E info@carepropertyinvest.be

Belfius BE27 0910 0962 6873 GKCC BE BB BE 0456 378 070 RPR Antwerpen Openbare GVV naar Belgisch recht

www.carepropertyinvest.be