Care Property Invest NV/SA

Interim / Quarterly Report • Sep 2, 2019

Half-yearly financial report 2019

In 2019, we are continuing to work hard on the expansion of our Belgian and Dutch healthcare real estate portfolios.

REGULATED INFORMATION Published on 2 September 2019 before trading hours

HALF-YEARLY FINANCIAL REPORT for the period from 1 January 2019 to 30 June 2019 AUDITED

Purely for informational causes, the present report is also made available in English and French on the Company's website (www.carepropertyinvest.be). The Dutch version as well as the French and English version of this half-yearly report are legally binding. Care Property invest, represented by its responsible people, is responsible for the translation and conformity of the Dutch, French and English language versions. However, in case of discrepancies between language versions, the Dutch version always prevails.

Table of contents

	I. Interim report of the Board of Directors	10
	1. Important events	10
	2. Key figures	19
	3. Outlook	32
	4. Principal risks and uncertainties for the remaining months of the financial year	33
	5. Conflicts of interest	36
	6. Corporate governance	37
	7. Research and development	38
	8. Capital increases in the context of authorised capital	39
	9. Treasury shares	39
	II. Care Property Invest on the Stock Market	46
	1. Stock price and volume	46
	2. Dividends policy	51
	3. Bonds and short-term debt securities	52
	4.Shareholding structure	53
	5. Financial calendar	54
III. EPRA		58
	1. EPRA EPRA (European Public Real Estate Association)	58
	IV. Real estate report	70
	1. Status of the property market in which the Company operates	70
	2. Analysis of the full consolidated property portfolio as at
	30 June 2019	74
	3. Real estate portfolio	78
	4. Report of the real estate expert	87
	V. Condensed financial statements	90
	1. Consolidated global result statement	90
	2 Consolidated balance sheet	91
	3. Statement of changes in consolidated equity	93
	4. Cash flow table	94
	5. Notes	95
	6. Events after the closing date	103
	7. Transactions with affiliated parties	103
	9. Auditors' report	104
	10. Alternative Performance Measures	105

4 | Care Property Invest NV Half-yearly financial report 2019 Half-yearly financial report 2019 Care Property Invest NV | 5

.

Acquisition of 100th residential care project.

2015 22 June 2015

As from 15 March 2017

2017 15 March 2017

Care Property Invest raises over €38 million. Capital increase in cash.

15,028,880 fully paid-up shares.

Capital increase through a contribution in kind for approx. €34 million.

2017

2019

Care Property Invest raises a gross amount of over €72 million.

As from 27 October 2017

19,322,845 fully paid-up shares.

27 October 2017

Capital increase in cash.

3 April 2019 Capital increase in kind

Acquisition of the first projects in the Walloon and Brussels Capital Region.

2017

Entry onto the Dutch market.

2018

2019

57% of the shareholders subscribed.

307,870 new shares were issued for a total issue price of €6,688,783.62.

As from 26 June 2019, 20,394,746 fully paid-up shares. as a result of a buy-back programme for the fulfilment of its remuneration obligations.

May-June 2019

Optional dividend Gross proceeds of the capital increase amounted to €16,372,079.85

764,031 new shares were issued

As from 3 April 2019

20,086,876 fully paid-up shares.

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.

Capital increase within the framework of an interim dividend. Recognition as a Regulated Real Estate Company (RREC).

Share split 1: 1000 Serviceflats Invest becomes Care Property Invest.

The establishment of Serviceflats Invest nv.

1995

2014

IPO on EURONEXT Brussels. Presentation of the first 2 projects

1996

Incorporation of reserves in the capital. 2001

Initial investment program 2,000 serviceflats completed.

2012

History

Innovation Award for 'Technology and housing of elderly people'.

2000

Decision to amend the Articles of Association for the re-start of Serviceflats Invest.

2012

Amendments to the Articles of Association to expand the objective.

2013-2014

NEW ADDRESS: Horstebaan 3, 2900 Schoten. 2015

Inclusion in BEL MID index. Member of EPRA.

2 new investments for a total conventional value of approx. €32.4 million.

Establishment Management Board.

2016

I. Interim report of the Board of Directors

1. Important events

1.1 Important events during the first semester of 2019

1.1.1 PROJECTS FIRST SEMESTER OF 2019 IN BELGIUM

Below is a brief overview of the acquisitions of several projects in Belgium during the first semester of 2019.

1.1.1.1 NEW PROJECTS GENERATING IMMEDIATE RETURNS FOR THE COMPANY

All purchases were made at prices corresponding to the fair value as determined by the real estate expert. The transactions took place for a total conventional value of approx. €24.1 million.

Investment properties

	Riemst - Huyse Elckerlyc
	• ACQUISITION DATE 19 February 2019
	• ADDRESS:	Trinellestraat 23, 3770 Riemst
	• OPERATOR:	Senior Living Group
	• CAPACITY:	77 residential places
• LOCATION	In the centre of Millen (a municipality of Riemst), located in the province of Limburg on the edge of the Walloon Region and the Dutch border, in the middle of a green residential area, with a bakery next door and a number of catering establishments in the vicinity.
• YEAR OF CONSTRUCTION/ RENOVATION:	1997/2007; renovation 2008
• TYPE OF CONTRACT:	New long-term leasehold agreement of the 'triple net' type (which will be indexed annually )
• CONVENTIONAL VALUE	Approximately €6.5 million
• TRANSACTION:	Acquisition 100% of the shares in Decorul nv, the company that owns the real estate of this residential care centre
• FINANCING:		Acquisition of existing loans and loan capital

		Genval - La Résidence du Lac
	• ACQUISITION DATE 3 April 2019
	• ADDRESS:	Avenue Albert 1er 319, 1332 Genval
	• OPERATOR:	La Résidence du Lac SA
	• CAPACITY:	109 residential places
• LOCATION		In Genval, with the centre of Genval within walking distance. Here you will find several supermarkets, cafes and restaurants. The famous lake of Genval is one kilometer away.
• YEAR OF CONSTRUCTION/ RENOVATION:	2011
• TYPE OF CONTRACT:		New long-term leasehold agreement of the 'triple net' type (which is renewable and will be indexed annually )
• CONVENTIONAL VALUE	Approximately €17.6 million
• TRANSACTION:		Acquisition of 100% of the shares in Immo du Lac SA, the company that owns the real estate of this residential care centre. For the land, Immo du Lac SA obtained a 76 year long right of leasehold from the Association des Oeuvres Paroissiales de la région de Braine-l'Alleud (parish of Braine-l'Alleud).
• FINANCING:		Through a successful contribution in kind of all the shares in Immo du Lac SA into the capital of Care Property Invest, and this within the framework of the authorised capital. Following this contribution leading to a capital increase (including the issue premium) of €16,372,079.85. 764,031 new Care Property Invest shares were issued. The issue price equalled €21.43 per share.

1.1.1.2 EXISTING PROJECTS UNDER DEVELOPMENT

Investment properties

Vorst - Les Saules
• ACQUISITION DATE 28 February 2017
• ADDRESS:	Vorst, Schaatsstraat (Rue du Patinage), 1190 Vorst
• OPERATOR:	An entity 100% controlled by Anima Care nv
• CAPACITY:	118 Licensed residential places
	Located in the city centre, close to banks, stores and a hospital. The site is easily accessible by public transportation as well as by car due to the quick connection with the ring of Brussels and a carsharing parking spot in the street.
• YEAR OF CONSTRUCTION/ Completion expected by the end of 2019
	New long-term leasehold agreement of the 'triple net' type (which will be indexed annually)
Approximately €15.2 million
Approximately €15.9 million
Acquisition of the land and takeover of all contracts relating to the construction of the residential care centre
Mix of loan capital and equity

	Deinze - De Nieuwe Ceder
	• AWARD DATE	30 October 2017
	• ADDRESS:	Parijsestraat 34, 9800 Deinze
	• OPERATOR:	vzw Zorghuizen (non-profit association)
	• CAPACITY:	86 residential places for persons with disabilities and acquired brain injuries
• LOCATION	The housing complex to be developed is located in a beautiful and green environment, right next to a care hotel. The project is located near the centre of Deinze and a stone's throw from the centre of Astene, close to several shops, banks, restaurants and a supermarket
• YEAR OF CONSTRUCTION/ RENOVATION:	2018-2019. Building 'D' and 'C' were completed on 6 May 2019 and 7 June 2019 respectively. Completion of the entire project scheduled for autumn 2019
• TYPE OF CONTRACT:	Company has a right of superficies on land for at least 32 years. Upon delivery, CPI enters into a new long-term leasehold agreement of the triple net type (which can be indexed annually) with vzw Zorghuizen for 28 years.
• TOTAL ESTIMATED INVESTMENT COST:	Approximately €11.0 million
• FINANCING:	Mix of loan capital and equity
		Middelkerke - Assistentiewoningen De Stille Meers
	• AWARD DATE	10 January 2018
	• ADDRESS:	Sluisstraat 17, 8430 Middelkerke
	• OPERATOR:	PCSW Middelkerke
	• CAPACITY:	60 assisted living apartments

In the city centre of Middelkerke. Therefore the project will be located near several shops, banks, supermarkets and catering establishments. The new development is located just a stone's throw away from the beach. The group of assisted living apartments is

• LOCATION	easily accessible, by car as well as by public transportation.
• YEAR OF CONSTRUCTION/ RENOVATION:	2018-2019. Completion expected by the end of 2019
• TOTAL ESTIMATED INVESTMENT COST:	Approximately €8.2 million
• FINANCING:	Mix of loan capital and equity

• TYPE OF CONTRACT: The Company has obtained a right of superficies on the land for a term of minimum 32 years. Upon delivery, CPI enters into a new long-term leasehold agreement of the triple net type (which can be indexed annually) with PCSW Middelkerke for 27 years.

Finance leases

1.1.1.3 PROJECTS COMPLETED IN THE FIRST SEMESTER OF 2019

Finance leases

Project name	Location	Capacity	Delivery date	Start date construction works	Exploitant	Duration and start dateleasehold agreement
De Nieuwe Ceder - Building D		Deinze 20 care studios	06/05/2019		3 April 2018 vzw Zorghuizen	28 years - 6 May 2019
De Nieuwe Ceder - Building C	Deinze	36 rooms	7/06/2019		3 April 2018 vzw Zorghuizen	28 years - 7 June 2019

1.1.2 PROJECTS FIRST SEMESTER 2019 IN THE NETHERLANDS

Below is a brief overview of the acquistions of several projects in The Netherlands during the first semester of 2019.

1.1.2.1 NEW PROJECTS GENERATING IMMEDIATE RETURNS FOR THE COMPANY

Investment properties

	Wassenaar - Villa Sijthof
	• ACQUISITION DATE 20 June 2019
	• ADDRESS:	Oud Clingendaal 7, 2245 CH Wassenaar, Nederland
	• OPERATOR	Vandaegh Nederland B.V. (part of the Ontzorgd Wonen Groep)
	• CAPACITY:	19 residential care apartments
• LOCATION	On the outskirts of the wealthy community of Wassenaar, in the middle of a wooded area.
• YEAR OF CONSTRUCTION/ RENOVATION:	year of construction 1922, year of renovation 2015
• TYPE OF CONTRACT:	New long-term leasehold of the 'triple net' type (renewable and annually indexable) with a duration of at least 20 years
• CONVENTIONAL VALUE	Approximately €5.9 million
• TRANSACTION:	Acquisition through its Dutch subsidiary Care Property Invest.NL5 B.V
• FINANCING:	Loan capital

1.1.2.2 NEW PROJECTS UNDER DEVELOPMENT

Investment properties

• LOCATION The project is located in a pleasant residential area, centrally located in the municipality of Tilburg, on the triangle of the Zorgvlied, Rooi Harten and Korvel districts. 'Kromhoutpark', a pharmacy and several supermarkets, are located close to the project.

	Tilburg - Margaritha Maria Kerk
	• ACQUISITION DATE 26 March 2019
	• ADDRESS:	Ringbaan West 300, 5025 VB Tilburg, Nederland
	• OPERATOR	Vandaegh Nederland B.V. (part of the Ontzorgd Wonen Groep)
	• CAPACITY:	27 care apartments and a centre for revalidation stays with 11 rooms
• LOCATION	The project is located in a pleasant residential area, centrally located in the municipality of Tilburg, on the triangle of the Zorgvlied, Rooi Harten and Korvel districts. 'Kromhoutpark', a pharmacy and several supermarkets, are located close to the project.
• YEAR OF CONSTRUCTION/ RENOVATION:	Completion expected second half of 2020 at the latest.
• TYPE OF CONTRACT:	New long-term leasehold of the 'triple net' type (renewable and annually indexable) with a duration of at least 20 years
• TOTAL ESTIMATED INVESTMENT COST:	Approximately €8.04 million.
• TOTAL ESTIMATED FAIR VALUE:	Approximately €8.5 million
• TRANSACTION:	Acquisition through its Dutch subsidiary, Care Property Invest.NL3 B.V.
• FINANCING:	Loan capital

	Middelburg - Sterrenwacht
	• ACQUISITION DATE 12 June 2019
	• ADDRESS:	Herengracht 50-52, 4331 PX Middelburg
	• OPERATOR	Vandaegh Nederland B.V. (part of the Ontzorgd Wonen Groep)
	• CAPACITY:	26 care studios
• LOCATION	On the edge of the city centre of Middelburg and is idyllically located, right on the Middelburg Herengracht.
• YEAR OF CONSTRUCTION/ RENOVATION:	Year of construction approximately 1930, completion expected last quarter of 2020
• TYPE OF CONTRACT:	New long-term leasehold of the 'triple net' type (renewable and annually indexable) with a duration of at least 20 years
• TOTAL ESTIMATED INVESTMENT COST:	Approximately €5.5 million
• TOTAL ESTIMATED FAIR VALUE:	Approximately €5.8 million
• TRANSACTION:	Acquisition through its Dutch subsidiary, Care Property Invest.NL3 B.V.
• FINANCING:	Loan capital

1.1.3 OTHER EVENTS DURING THE FIRST SEMESTER OF 2019 1.1.3.1 MERGERS

Merger between Care Property Invest nv and Konli bvba

On 5 November 2018 Care Property Invest nv and its subsidiary Konli bvba filed the proposal for a merger by means of a transaction assimilated to a merger by absorption with the registry. The effective absorption of Konli bvba took place on 1 January 2019. The publication in the Belgian Official Gazette took place on 21 January 2019 (BOG 2019-01-21/0010185)(for more information, https://carepropertyinvest.be/en/ investments/mergers/)

Merger between Care Property Invest nv and Daan Invest nv

On 9 May 2019 Care Property Invest nv and its subsidiary Daan Invest nv filed the proposal for a merger by means of a transaction assimilated to a merger by absorption with the registry. The effective absorption of Daan Invest nv took place on 28 June 2019. The publication in the Belgian Official Gazette took place on 24 July 2019 (BOG 2019-07-24/0100723)(for more information, https://carepropertyinvest.be/en/investments/ mergers/)

Merger between Care Property Invest nv and Immo Kemmelberg bvba

On 9 May 2019 Care Property Invest nv and its subsidiary Immo Kemmelberg bvba filed the proposal for a merger by means of a transaction assimilated to a merger by absorption with the registry. The effective absorption of Immo Kemmelberg bvba took place on 28 June 2019. The publication in the Belgian Official Gazette took place on 30 July 2019 (BOG 2019-08-30/0103659)(for more information, https:// carepropertyinvest.be/en/investments/mergers/)

Merger between Care Property Invest nv and VSP Wolvertem bvba

On 9 May 2019 Care Property Invest nv and its subsidiary VSP Wolvertem bvba filed the proposal for a merger by means of a transaction assimilated to a merger by absorption with the registry. The effective absorption of VSP Wolvertem bvba took place on 28 June 2019. The publication in the Belgian Official Gazette took place on 24 July 2019 (BOG 2019-07-24/0100725)(for more information, https:// carepropertyinvest.be/en/investments/mergers/)

Merger between Care Property Invest nv and Aldante nv

On 9 May 2019 Care Property Invest nv and its subsidiary Aldante nv filed the proposal for a merger by means of a transaction assimilated to a merger by absorption with the registry. The effective absorption of Aldante nv took place on 28 June 2019. The publication in the Belgian Official Gazette took place on 24 July 2019 (BOG 2019-07-24/0100299) (for more information, https://carepropertyinvest.be/en/investments/ mergers/)

1.1.3.2 CONVERSIONS TO SPECIALISED REAL ESTATE INVESTMENT FUND (GVBF/FIIS)

On 7 March 2019, B.E.R.L. International nv, with registered office at Horstebaan 3, 2900 Schoten and company number 0462.037.427, asked the Federal Public Service Finance to be included in the list of specialised real estate investment funds, pursuant to Article 3 of the Royal Decree of 9 November 2016 concerning specialised real estate investment funds. B.E.R.L. International nv has been included in the list of specialised real estate investment funds as of 15 March 2019.

On 6 May 2019, Immo du Lac nv, with registered office at Horstebaan 3, 2900 Schoten and company number 0888.891.766, asked the Federal Public Service Finance to be included in the list of specialised real estate investment funds, pursuant to Article 3 of the Royal Decree of 9 November 2016 concerning specialised real estate investment funds.

Immo du Lac nv has been included in the list of specialised real estate investment funds as of 15 May 2019.

1.1.3.3 ESTABLISHMENT SUBSIDIARIES

Care Property Invest.NL3 B.V.

On 5 March 2019 Care Property Invest nv has established a third Dutch 100% subsidiary under the name Care Property Invest.NL3 B.V. . This subsidiary was established to acquire healthcare real estate sites in The Netherlands.

Care Property Invest.NL4 B.V.

On 15 April 2019 Care Property Invest nv has established a fourth Dutch 100% subsidiary under the name Care Property Invest.NL4 B.V.. This subsidiary was also established to acquire healthcare real estate sites in The Netherlands.

Care Property Invest.NL5 B.V.

On 23 May 2019 Care Property Invest nv has established a fifth Dutch 100% subsidiary under the name Care Property Invest.NL5 B.V.. This subsidiary was also established to acquire healthcare real estate sites in The Netherlands.

1.1.3.4 ESTABLISHMENT OF INTERNAL BODIES

Establishment audit committee

On 13 February 2019, the Board of Directors of the Company set up an audit committee to ensure the accuracy and reliability of all financial information, both internal and external. It is responsible for ensuring that Care Property Invest's periodic financial reports provide a fair, accurate and clear view of the situation and future prospects of Care Property Invest and, in particular, for auditing the annual and periodic financial reports before they are published. The audit committee also verifies the correct and consistent application of the various accounting standards and valuation rules applied. It also monitors the independence of the statutory auditor and has an advisory role during the (re)appointment of this auditor. Detailed information on the functioning of the audit committee can be found in the Corporate Governance Charter available on the website, www.carepropertyinvest.be.

Establishment investment committee

On 13 February 2019, the Board of Directors of the Company decided to establish an investment committee. The main objective is to allow greater flexibility in the assessment of investment dossiers. The committee is responsible for providing advice on investment and possible divestment dossiers in order to speed up the decision-making process. The Board of Directors remains responsible for supervising and taking the final decision on these matters. The investment committee performs its task in accordance with the Company's Integrity Policy. Detailed information on the functioning of the investment committee can be found in the Corporate Governance Charter available on the website, www.carepropertyinvest.be.

1.1.3.5 LONG-TERM INCENTIVE PLAN

On 8 April 2019 Care Property Invest NV announced that the Board of Directors has decided to start a share buy-back program for a total amount of up to €250,000 to acquire up to 11,000 shares, within the limits of the authorization to buy back own shares granted by the extraordinary shareholders' meeting of May 16, 2018. The purpose of the buy-back programme is to enable Care Property Invest to meet its obligations arising from share purchase plans for the benefit of the executive management of Care Property Invest.

Care Property Invest acknowledges the need to have an active and committed management that is also responsible for the further expansion and integration of the investments made. Based on previous experience and current market practices and trends, the remuneration and nomination committee and the Board of Directors are also convinced that the engagement and involvement of the management increases if it can participate in the capital of Care Property Invest NV, thus aligning the interests of the management with those of the company and its shareholders. This method of remuneration is therefore in line with the principles of good corporate governance pursued by the company. After all, linking an appropriate part of the remuneration package to performance is also explicitly included in the Corporate Governance Code. Care Property Invest applies the provisions and guidelines of this Code in full to its long-term incentive

plan. The buy-back programme will be carried out by an independent broker in accordance with the applicable regulations regarding the purchase of own shares.

Care Property Invest has started the buy-back programme on April 8 2019 for a period ending on April 30 2019 at the latest.

On 12 April 2019, the Company subsequently announced that, in accordance with article 207 of the Royal Decree of 30 January 2001 executing the Companies Code, it had purchased 10,780 of its own shares on Euronext Brussels on 10 April 2019. The shares were repurchased at an average price (rounded) of €23.19 per share.

Detailed overview of the transactions per day:

Date	Number of shares	Average price (in €)	Minimum price (in €)	Maximum price (in €)	Total price (in €)
8 April 2019	2,500	23.12	23.00	23.40	57,797.50
9 April 2019	5,000	23.26	23.00	23.40	116,295.00
10 April 2019	3,280	23.13	23.00	23.30	75,879.85
Total	10,780	23.19			249,972.35

1.1.3.6 RESULT OPTIONAL DIVIDEND

Care Property Invest decided on 29 May 2019 to offer its shareholders the option of an optional dividend. At the end of the option period the Company confirmed that a total of 56.56% of the net dividend rights attached to the shares with coupon No. 10 (for the dividend for the 2018 financial year) have been exchanged for new shares of Care Property Invest, which resulted in a strengthening of the equity of €6,688,783.62, which will be used to realise a further growth of the property portfolio.

For this purpose, 307,870 new ordinary shares were issued at a fixed issue price of €21.726 per share, within the framework of the authorised capital, for a total issue amount of €6,688,783.62 (€1,831,672.57 in capital and €4,857,111.05 in issue premium). Consequently, the share capital of Care Property Invest is now represented by a total of 20,394,746 shares. Dividend rights that have not been contributed, representing a total net amount to be paid out of €5,136,797.52, were paid out in cash.

Summary of the result of the optional dividend
Options for the shareholders	(I)the contribution of the net dividend rights into the Company's capital, in exchange for new ordinary shares; (II) payment of dividend in cash; or (III) a combination of both foregoing options.
Reinforcement of equity through optional dividend	€6,688,783.62
% of dividend rights contributed attached to shares with coupon No. 10	56.56%
Number of newly issued ordinary shares due to the optional dividend and the total issue price associated with it	307,870 shares for a total issue price of €6,688,783.62
Share capital Care Property Invest as from 26 June 2019	€121,338,541.37
Total number of Care Property Invest shares as from 26 June 2019 (coupon No. 11, sharing in the result as from 1 January 2019)	20,394,746.00 shares
Net total amount to be paid in cash for uncontributed dividend rights	€5,136,797.52

• LOCATION near the centre of Laag-Keppel, a strongly ageing neighbourhood of Bronckhorst. The rural surroundings, near the marina on the Oude

	Laag-Keppel - De Gouden Leeuw
	• ACQUISITION DATE 9 July 2019
	• ADDRESS:	Rijksweg 91, 6998 AG Laag-Keppel, Nederland
	• OPERATOR	Woonzorgvoorziening zorghotel de Gouden Leeuw B.V.
	• CAPACITY:	5 care apartments, 14 care studios and care hotel with 17 places
• LOCATION		near the centre of Laag-Keppel, a strongly ageing neighbourhood of Bronckhorst. The rural surroundings, near the marina on the Oude Ijssel, provide a very peaceful living experience for the residents of 'De Gouden Leeuw'.
• YEAR OF CONSTRUCTION/ RENOVATION:		Year of construction of main building 1769/ year of construction of extension 1980
• TYPE OF CONTRACT:	New long-term leasehold of the 'triple net' type (renewable and annually indexable) with a duration of at least 20 years
• CONVENTIONAL VALUE	Approximately €5.6 million
• TRANSACTION:		Acquisition through its Dutch subsidiary, Care Property Invest.NL4 B.V.
• FINANCING:	Loan capital

In Zeist, a municipality centrally located in the province of Utrecht, within the wooded area of the Utrechtse Heuvelrug. With the centre of Zeist 2.5 kilometres away, the project explicitly focuses on tranquillity and nature experience. Utrecht itself is about 11 kilometres

The renovation and construction works for the manor are expected to start by mid-2019 and are expected to be completed by the end of 2020. The redevelopment of the coach house is expected to start in the third quarter of 2019 and to be completed in early 2021.

	Zeist - Villa Wulperhorst
	• ACQUISITION DATE 6 August 2019
	• ADDRESS:	3709 JP Zeist, Tiendweg 6-8
	• OPERATOR	Valuas zorggroep
	• CAPACITY:	Care residence with a total of maximum 44 rooms
• LOCATION	In Zeist, a municipality centrally located in the province of Utrecht, within the wooded area of the Utrechtse Heuvelrug. With the centre of Zeist 2.5 kilometres away, the project explicitly focuses on tranquillity and nature experience. Utrecht itself is about 11 kilometres away.
• YEAR OF CONSTRUCTION/ RENOVATION:	The renovation and construction works for the manor are expected to start by mid-2019 and are expected to be completed by the end of 2020. The redevelopment of the coach house is expected to start in the third quarter of 2019 and to be completed in early 2021.
• TYPE OF CONTRACT:		New long-term leasehold of the 'triple net' type (renewable and annually indexable) with a duration of at least 25 years
• TOTAL ESTIMATED INVESTMENT COST:	Approximately €13,0 million
• TOTAL ESTIMATED FAIR VALUE:	Approximately €13,0 million
• TRANSACTION:	The Company acquired 100% of the properties on the estate, together with the associated permits and certifications required for the renovation of the manor and the construction of the adjoining coach house, from Stichting Utrechts Landschap through its Dutch subsidiary Care Property Invest.NL2 B.V. and simultaneously entered into two turnkey agreements with the developer in charge of the redevelopment of 'Villa Wulperhorst'. The turnkey agreement for the coach house was concluded under suspensory conditions.
• FINANCING:	Loan capital

The Company acquired 100% of the properties on the estate, together with the associated permits and certifications required for the renovation of the manor and the construction of the adjoining coach house, from Stichting Utrechts Landschap through its Dutch subsidiary Care Property Invest.NL2 B.V. and simultaneously entered into two turnkey agreements with the developer in charge of the redevelopment of 'Villa Wulperhorst'. The turnkey agreement for the coach house was concluded under suspensory conditions.

1.2 Events after the closing of the first semester of 2019

1.2.1 ADDITIONAL INVESTMENTS

As already announced in a separate press release, Care Property Invest is proud to announce that it has made the following investment after the closing of the first semester of 2019:

1.2.1.1 ADDITIONAL PROJECTS IN THE NETHERLANDS Investment properties

1.2.2 MERGERS

Merger between Care Property Invest nv and Siger nv

On 5 June 2019 Care Property Invest nv and its subsidiary Siger nv filed the proposal for a merger by means of a transaction assimilated to a merger by absorption with the registry. The effective absorption of Siger nv took place on 23 July 2019. The publication in the Belgian Official Gazette took place on 7 August 2019 (BOG 2019-08-07/0107353) (for more information, https://carepropertyinvest.be/en/investments/mergers/).

Merger between Care Property Invest nv and Igor Balen nv

On 5 June 2019 Care Property Invest nv and its subsidiary Igor Balen nv filed the proposal for a merger by means of a transaction assimilated to a merger by absorption with the registry. The effective absorption of Igor Balen nv took place on 23 July 2019. The publication in the Belgian Official Gazette took place on 7 August 2019 (BOG 2019-08-07/0107372) (for more information, https://carepropertyinvest.be/en/ investments/mergers/).

Merger between Care Property Invest nv and Anda Invest bvba

On 1 July 2019 Care Property Invest nv and its subsidiary Anda Invest bvba filed the proposal for a merger by means of a transaction assimilated to a merger by absorption with the registry. The actual absorption will take place between the end of September and the beginning of October. (for more information, https:// carepropertyinvest.be/en/investments/mergers/)

Merger between Care Property Invest nv and Tomast bvba

On 1 July 2019 Care Property Invest nv and its subsidiary Tomast bvba filed the proposal for a merger by means of a transaction assimilated to a merger by absorption with the registry. The actual absorption will take place between the end of September and the beginning of October. (for more information, https:// carepropertyinvest.be/en/investments/mergers/)

An overview of the subsidiaries of Care Property Invest can be found further on in the chapter 'V. Condensed financial statements' under point '8. Participaties' on page 101

1.2.3 ESTABLISHMENT OF A SUBSIDIARY

Care Property Invest.NL6 B.V.

On 8 August 2019 Care Property Invest nv has established a sixth Dutch 100% subsidiary under the name Care Property Invest.NL6 B.V.. This subsidiary was also established to acquire healthcare real estate sites in The Netherlands.

1.2.4 EXPANSION OF THE MTN PROGRAMME

Care Property Invest has raised the ceiling of its MTN programme to €140 million, including an increase in additional backup lines.

1.3 Outlook

Care Property Invest actively pursues the development of a balanced and profitable real estate portfolio and investigates investment opportunities that are fully in line with the Company's strategy, both in Belgium, The Netherlands and in other key geographic markets within the EEA.

The Board of Directors is also constantly examining various investment and financing possibilities in order to realise its activities. A capital increase by contribution in kind is also among the possibilities.

2. Key figures

2.1 'Shareholders' overview first semester 2019

DISTRIBUTION BETWEEN INVESTMENTS PROPERTIES AND LEASINGS

(1)

EVOLUTION OF THE CONSOLIDATED RENTAL INCOME COMPARED TO THE GENERAL EXPENSES

(1) This presentation takes the balance sheet values into account. As at 30 June 2019, the distribution based on fair values

(2) As at 30 June 2019 the projects 'De Nieuwe Ceder' in Deinze (with the exception of buildings C and D, which have already been delivered on 7 June 2019 and 6 May 2019 respectively) and 'Assistentiewoningen De Stille Meers' in

• is as follows: investment properties 53% and finance leases 47%.
• Middelkerke are still under construction. Both projects were qualified as finance leases (IFRS16).
• (IAS 40).

(3) On 30 June 2019, the projects 'Les Saules' in Vorst (BE), 'De Orangerie' in Nijmegen (NL), 'Margaritha Maria Kerk' in Tilburg (NL) and 'Sterrenwacht' in Middelburg (NL) included in the balance sheet at fair value in the amount of the already booked construction costs, are still under construction. These projects were qualified as investment properties

2.2 Property portfolio

Period closed on 30 June	2019	2018	2017
Investment properties
Investment properties	312,264,821.61	223,127,310.51	124,108,485.62
Leasing activities (projects made available through long leases)
Finance lease receivables	178,730,108.16	163,521,047.17	160,602,774.64
Trade receivables with respect to finished projects	12,945,705.67	10,897,961.99	11,088,831.40

Period closed on 30 June	2019	2018	2017
Investment properties
Investment properties	312,264,821.61	223,127,310.51	124,108,485.62
Leasing activities (projects made available through long leases)
Finance lease receivables	178,730,108.16	163,521,047.17	160,602,774.64
Trade receivables with respect to finished projects	12,945,705.67	10,897,961.99	11,088,831.40

On 30 June 2019, Care Property Invest has 105 effectively acquired projects in its portfolio (also for 2 additional projects an agreement was signed, respectively on 28 September 2018 and 6 June 2019) of which 6 projects are under development. The increase of the 'finance lease receivables' from €163,521,047.17 to €178,730,108.16 is due to the acquisition of Igor Balen nv, owner of 'Residentie De Anjers', as well as the completion of building blocks D and C of the 'De Nieuwe Ceder' project in Deinze, on 6 May 2019 and 7 June 2019 respectively. Unlike the projects in the initial portfolio, for the projects ''Hof Driane' in Herenthout, 'Herfstvrede' in Moerbeke, 'Residentie De Anjers' in Balen and 'De Nieuwe Ceder' in Deinze, the canon consists not only of the interest component but also of the capital repayment, as a result of which the amount of the receivable will gradually decrease over the period of the leasehold agreement.

Amounts shown in euros.

Figures as 30 June 2019 Figures as 30 June 2019

EVOLUTION MARKET CAPITALISATION Million €

• (1) As at 30 June 2019, Care Property Invest has two projects in its portfolio subject to suspensory conditions, being a care residence in the Dutch province of North Holland (signed on 28 September 2018) and the 'De Gouden Leeuw' (The Golden Lion) project in Laag-Keppel (signed on 6 June 2019). The project in North Holland will be effectively acquired and included in the balance sheet once the conditions precedent have been met. The 'De Gouden Leeuw' project was effectively acquired after the closing date, i.e. on 9 July 2019, and will therefore be included in the balance sheet in the 'Interim Statement of the Board of Directors for the third quarter of 2019'. Including these 2 care residences, there are a total of 107 projects in the Company's portfolio, of which 105 have been effectively acquired as at 30 June 2019.
• (2) On 30 June 2019, the finance leases 'De Nieuwe Ceder' in Deinze (with the exception of buildings C and D, which have already been completed) and 'Assistentiewoningen De Stille Meers' in Middelkerke are still under development.
• (3) On 30 June 2019, the real estate investment 'Les Saules' in Forest is still under development.
• (4) On 30 June 2019, the real estate investments 'De Orangerie' in Nijmegen (NL), 'Margaritha Maria Kerk' in Tilburg (NL) and 'Sterrenwacht' in Middelburg (NL) are still under development

GEOGRAPHICAL DISTRIBUTION

2.3 Synthesis of the consolidated balance sheet and the global result statement

2.3.1 CONSOLIDATED GLOBAL RESULT STATEMENT

			Amounts shown in euros.
	Period closed on 30 June	2019	2018
I.	Rental income (+)	14,400,031.13	12,313,410.79
	NET RENTAL RESULT	14,400,031.13	12,313,410.79
	REAL ESTATE OPERATING RESULT	14,400,031.13	12,313,410.79
IV.	Recovery of property costs (+)	0.00	47,720.67
	XIV. General expenses of the Company (-)	-2,560,354.07	-1,947,575.15
	XV. Other operating income and expenses (+/-)	1,820,641.47	-440,776.58
	OPERATING RESULT BEFORE RESULT ON PORTFOLIO	13,660,318.53	9,972,779.73
	XVIII. Changes in fair value of real estate investments (+/-)	257,817.08	729,318.28
	XIX. Other results on portfolio (+/-)	-140,606.42	-339,430.14
	OPERATING RESULT	13,777,529.19	10,362,667.87
	XX. Financial income (+)	22,411.02	197.24
	XXI. Net interest expense (-)	-3,081,292.46	-2,812,440.48
	XXII. Other financial costs (-)	-120,659.08	-48,356.43
	XXIII. Changes in fair value of financial assets/liabilities (+/-)	-4,452,912.29	296,837.48
FINANCIAL RESULT		-7,632,452.81	-2,563,762.19
	RESULT BEFORE TAXES	6,145,076.38	7,798,905.68
	XXIV. Corporation tax (-)	-161,371.91	-218,364.35
XXV. Exit tax (-)		710,054.83	893,871.11
	NET RESULT ( group share)	6,693,759.30	8,474,412.44
GLOBAL RESULT		6,693,759.30	8,474,412.44

2.3.2 NET RESULT PER SHARE ON A CONSOLIDATED BASIS

		Amounts shown in euros.
Period closed on 30 June	2019	2018
NET RESULT / GLOBAL RESULT	6,693,759.30	8,474,412.44
net result per share based on weighted average shares outstanding (1)	0.3283	0.4386
gross yield compared to the initial issuing price in 1996	5.52%	7.37%
gross yield compared to stock market price on closing date	1.35%	2.34%

(1) The weighted average number of shares outstanding is the number of shares entitled to dividend at the end of the financial year. The total number of shares entitled to dividend as at 30 June 2019 was 20,390,588 shares and as at 30 June 2019 the total number of shares entitled to dividend was 19,322,845 shares.

2.3.3 COMPONENTS OF THE NET RESULT

Period closed on 30 June	2019	2018
NET RESULT/ GLOBAL RESULT	6,693,759.30	8,474,412.44
NON-CASH ELEMENTS INCLUDED IN THE NET RESULT	2,523,259.83	-517,270.85
depreciation, impairments and reversals of impairments	84,665.44	62,666.58
variations in fair value of investment properties	-257,817.08	-729,318.28
variations in fair value of authorised hedging instruments	4,452,912.29	-296,837.48
projects' profit or loss margin attributed to the period	-1,897,107.24	106,788.19
other results on portfolio	140,606.42	339,430.14
ADJUSTED EPRA EARNINGS	9,217,019.13	7,957,141.59
Adjusted EPRA earnings per share, based on the weighted average number of outstanding shares	€0.4520	€0.4118
gross yield compared to the issue price	7.60%	6.92%
gross yield compared to stock market price on closing date	1.85%	2.20%

Adjusted EPRA earnings per share, based on the weighted average number of outstanding shares €0.4520 €0.4118

The weighted average outstanding shares increased from 19,322,845 shares as at 30 June 2018 to 20,394,746 shares as at 30 June 2019 as a result of the issue of new shares in the framework of a contribution in kind of a project in Genval on the one hand, and of the offering of an optional dividend on the other hand, and also contains 4,158 treasury shares.

The initial issue price in 1996 amounted to €5,949,44 (or €5.9495 after the share split of 24 March 2014 based on 1/1,000), The share price was €24.40 as at 30 June 2019 and €18.75 as at 30 June 2018. The gross yield is calculated in the table '2.3.2 Net result per share on a consolidated basis' by dividing the net result per share by the initial issue price in 1996 on the one hand and the share price on closing date on the other hand. In table '2.3.3 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 on the one hand and the share price on the closing date on the other hand. There are no instruments with a potentially dilutive effect on the net result or the adjusted EPRA earnings per share.

On 3 April 2019, following the acquisition of a project in Genval, a contribution took place that led to a capital increase (including the issue premium) of €16,372,079.85, for which 764,031 new Care Property Invest shares were issued. The issue price was €21.43 per share. As of this date, the capital was represented by 20,086,876 shares.

On 29 May 2019 it was decided to offer an optional dividend to the shareholders. As a result of this optional dividend, 307,870 new shares were issued on 26 June 2019. As of that date, the capital is represented by 20,394,746 shares. This total number of shares must be reduced by the 4,158 treasury shares that the Company holds in portfolio as at 30 June 2019 as a result of the repurchase of treasury shares in April in fulfilment of its remuneration obligations (Share Purchase Plan and Share Purchase Plan bis).

Amounts shown in euros.

Notes to the global result statement

Operating result The Company's operating result increased by 32.95% compared to 30 June 2018.

The rental income as at 30 June 2019 increased by 16.95% compared to the same period last year. The increase in rental income from investment properties is explained, besides indexation, by the additional rental income following the acquisition of new investment properties in the last semester of 2018. The investment properties acquired in the first semester of 2019 also contribute to the increased rental income in 2019.

The increase in income from finance leases is explained, besides indexation, by the completion of the 'Hof Driane' project in Herenthout, which generates additional rental income as from 1 March 2018, and the acquisition of the 'Residentie de Anjers' project in Balen on 17 July 2018, which also generates additional rental income as from that date.

General operating expenses increased by €612,778.92 compared to 30 June 2018. The increase of the general operating expenses is mainly explained by the increase of the Company's workforce, which increased on average from 7.56 FTEs on 30 June 2018 to 11.44 FTEs on 30 June 2019.

Other operating costs and income have increased from a cost of €440,776.58 as at 30 June 2018 to a revenue of €1,820,641.47 as at 30 June 2019.

These are mainly costs and revenues that are corrected as non-cash elements for the calculation of the adjusted EPRA earnings. The largest operating cost related to the projects concerns the construction costs of €7,458,400.38. These are activated through other operating income. In addition, the operating income section also includes the profit margin of the projects.

The variations in the fair value of investment properties amount to €257,817.08. The decrease is due to the decrease of the fair value of the 'Residentie 't Neerhof' project, where the planned construction of additional service flats is not taking place. Again, these are unrealised variations that are corrected in the adjusted EPRA earnings.

Financial result

Interest expenses increased due to the acquisition of existing loans from newly acquired subsidiaries and the raising of borrowed funds to finance the acquisitions in the first semester of 2019. On 30 June 2019, this resulted in a weighted average interest rate of 2.50%. This is a significant decrease compared to the weighted average interest rates of 3.30% on 30 June 2018. The Company had €76.7 million outstanding commercial paper and €6 million in cash credits as at 30 June 2019.

The financial result was negatively influenced by the inclusion of the fair value of the financial instruments concluded. Due to a change in interest rates and the conclusion of two additional IRS, despite the further expiry of the term of existing financial instruments, a negative value of €-4,452,912.29 was obtained on 30 June 2019. As a result, the total impact to date amounts to €-24,168,379.42 compared to €-19,276,170.86 as at 30 June 2018.

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 tax amount of 30 June 2019 includes the estimated and prepaid corporate income tax as well as the change of the calculated exit tax of the subsidiaries.

The Programme Law of 25 December 2017 reforming the corporate income tax, published in the Belgian Official Gazette on 29 December 2017, ratified the reduction of the exit tax from 16.995% (16.5% including 3% crisis tax) to 12.75% (15.5% including 2% crisis tax) for the tax years 2019 and 2020 as well as the increase to 15% as from tax year 2021.

For companies that have acquired the SREIF statute in 2019, as a result of which the exit tax becomes payable for these companies, the reduced rate of 12.75% has been applied since this claimable position coincides with the regular tax return for tax year 2020.

For companies for which a merger proposal has already been submitted as at 30 June 2019, and which will therefore be merged in 2019, the rate of 12.75% has also been applied.

For the other companies the percentage of 15% was used, given that the Company does not intend to merge these subsidiaries in the short term. The positive amount of estimated corporation tax is therefore explained by the change in the exit tax rate. However, this is a one-time effect.

Adjusted EPRA earnings

The adjusted EPRA earnings on 30 June 2019 on a consolidated basis amounted to €9,217,019.13 compared to €7,957,141.59 on 30 June 2018. This represents an increase of 15,83%. The adjusted EPRA earnings per share have increased from €0.4118 on 30 June 2018 to €0.4520 on 30 June 2019 in spite of the issue of additional shares that are fully entitled to dividend in the financial year 2019 following the contribution in kind of the Genval project and the optional dividend.

2.3.4. CONSOLIDATED BALANCE SHEET

Period closed on	30 june 2019	31 december 2018
ASSETS
I. NON-CURRENT ASSETS	518,070,400.19	467,278,472.23
B. Intangible assets	147,853.06	145,478.62
C. Investment properties	312,264,821.61	271,431,222.33
D. Other tangible fixed assets	13,806,249.39	9,124,239.06
E. Financial fixed assets	175,662.30	175,358.00
F. Finance lease receivables	178,730,108.16	173,160,837.65
G. Trade receivables and other non-current assets	12,945,705.67	13,241,336.57
II CURRENT ASSETS	13,698,879.84	6,358,789.69
D. Trade receivables	6,986,197.11	962,811.01
E. Tax receivables and other current assets	1,439,050.81	2,492,129.75
F. Cash and cash equivalents	4,850,556.18	2,746,139.42
G. Deferrals and accruals	423,075.74	157,709.51
TOTAL ASSETS	531,769,280.03	473,637,261.92
EQUITY AND LIABILITIES
EQUITY	246,093,620.22	230,411,202.13
A. Capital	121,338,541.35	114,961,266.36
B. Share premium	104,198,588.05	87,551,065.26
C. Reserves	14,302,351.52	4,897,292.03
D. Net result for the financial year (1)	6,254,139.30	23,001,578.48
LIABILITIES	285,675,659.82	243,226,059.80
I. Non-current liabilities	191,754,111.61	170,794,880.37
A. Provisions	1,978.81	1,978.81
B. Non-current financial debts	166,546,504.29	144,726,760.10
C. Other non-current financial liabilities	24,168,379.42	19,556,182.94
E. Other non-current liabilities	1,037,249.09	338,555.63
F. Deferred taxation	0.00	6,171,402.89
II. Current liabilities	93,921,548.21	72,431,179.43
B. Current financial liabilities	85,963,114.09	67,022,936.27
D. Trade paybles and other current liabilities	3,771,610.39	4,092,270.19
E. Other current liabilities	2,528,834.49	250,000.00
F. Deferrals and accruals	1,657,989.24	1,065,972.97
TOTAL EQUITY + LIABILITIES	531,769,280.03	473,637,261.93

Notes to the consolidated balance sheet

Investment Properties

The Company's property portfolio increased by €40,833,599.28 in 2019 as a result of the acquisition of the investment properties, being the 'Huyse Elckerlyc' project in Riemst (Belgium), the project 'La Résidence du Lac' in Genval (Belgium), the project 'Villa Sijthof' in Wassenaar (The Netherlands) and the development, being the 'Margaritha Maria Kerk' project in Tilburg (The Netherlands) and the project 'Sterrenwacht' in Middelburg (The Netherlands).

The 5 new projects in Belgium and The Netherlands together have a fair value of €35,887,848. The investment properties, already in the portfolio as at 31 December 2018, increased in value to €276,376,974 including €17,187,399 for the development projects in Vorst and Nijmegen.

The property expert confirms the fair value of the property portfolio for a total amount of €311.05 million (property rights excluded). The fair value is equal to the net asset value (or the 'deed-in-hand' value including all purchase costs) from which the transfer taxes have been deducted at a rate of 2.5% for the real estate in Belgium and 6.5% for the real estate in the Netherlands.

Other tangible fixed assets

As at 30 June 2019, this heading includes €2,076,714.74 in 'tangible fixed assets for own use' and €11,729,534.65 in 'finance lease receivables' relating to projects in progress. For the projects in Deinze and Middelkerke, this section also includes €3,096,738.14 in added value.

Finance lease receivables

The item Finance lease receivables includes all final building rights fees that were due for repayment within the context of the building rights contracts for the 76 projects in the initial investment programme and for the projects 'Hof ter Moere' in Moerbeke, 'Hof Driane' in Herenthout, 'Residentie De Anjers' in Balen and the already completed blocks C and D of the project 'De Nieuwe Ceder' in Deinze.

The increase in the 'finance lease receivables is mainly explained by the delivery of blocks C and D of the 'De Nieuwe Ceder' project in Deinze, for an amount of €5,713,686.16. Unlike the projects in the initial portfolio, the canon for the projects in Moerbeke, Herenthout, Balen and Deinze, in addition to an interest component, also consists of a capital repayment, as a result of which the amount of the receivable will gradually decrease over the term of the leasehold agreement. The fair value of the finance leases amounted to €271,931,892.42 on 30 June 2019.

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

The difference between the nominal value of the final building right fees (included in the item 'finance lease receivables') and the fair value, calculated on the date it becomes available by discounting the future cash flows, is included in the item 'Trade receivables' and is depreciated on an annual basis.

The decrease in trade receivables related to the projects included in the 'finance lease receivables' is mainly explained by the amortization of the allocated profit or loss margin by writing it off from the canon revenue.

As at 30 June 2019, trade receivables increased by an amount of €6,986,197.11 compared to 31 December 2018 and relate to the payment of funds to the notary's account in connection with the acquisition of the 'De Gouden Leeuw' project in Laag-Keppel. This project was effectively acquired on 9 July 2019.

(1) The difference between the net result of the financial year included in the consolidated balance sheet and the net result based on the consolidated global result statement relates to the result as at 31 December 2018 of the Dutch subsidiaries Care Property Invest.NL B.V. and Care Property Invest.NL2 B.V. which have an extended financial year for a period ending on 31 December 2019. Therefore, the result can only be allocated after the general meeting in 2020.

Debts and liabilities

The Company has an MTN programme at Belfius of €100 million with both Belfius and KBC as dealers. The Company also has provided the necessary backup lines for this purpose.

After closing date, this amount was increased to €140 million, including an increase in the backup lines. As at 30 June 2019, the amount already drawn amounts to €76.7 million in commercial paper and €19.5 million in bonds, being 2 bonds of €5 million each with an initial term of 6 and 7 years, a bond of €7.5 million with an initial term of 11 years, a bond of 1.5 million with a term of 8 years and a bond of €0.5 million with an initial term of 11 years.

Period closed on	30 june 2019	31 december 2018
average remaining term of financial debts	7.71 years	9.18 years
nominal amount of current and long-term financial debts	252,427,247.86	212,088,252.00
weighted average interest rate (1)	2.50%	2.90%
amount of financial debts hedged with a financial instrument	64,511,051.65	56,733,791.59
fair value of the hedging instruments	-24,936,590.84	-19,556,182.94
movement financial debts	40,338,995.86	81,884,994.20

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

The Company expects that the weighted average interest rate will further decrease during the financial year 2019 as the Company incurs new debts to finance additional investments. The Company has provided the necessary room for manoeuvre in view of its debt ratio.

The debt ratio, calculated in accordance with Article 13, §1, 2° of the RREC Decree, was 48.86% on 30 June 2019. The available space for further investments and completion of the developments already acquired before reaching a debt ratio of 55% amounts to €72.45 million on 30 June 2019.

The other non-current liabilities increase compared to 31 December 2018 to an amount of €1,037,249.09 and concern the debt relating to the right in rem of the 'La Résidence du Lac' project in Genval.

The other current liabilities also increase with respect to 31 December 2018 to an amount of €2,528,834.49 and relate to short-term liabilities with respect to development projects.

2.3.5 CONSOLIDATED BALANCE SHEET FINANCE LEASES AT FAIR VALUE (1)

Period closed on	30 June 2019	31 December 2018
Intangible assets	147,853.06	145,478.62
Investment properties	312,264,821.61	271,431,222.33
Investment properties	288,208,301.61	257,331,509.70
Investment properties - project developments	22,842,995.00	13,761,157.00
Investment properties - rights in rem	1,213,525.00	338,555.63
Finance lease receivables and trade receivables	271,931,892.42	249,138,429.41
Other assets included in the debt ratio	22,830,235.35	12,912,247.33
Other assets: Cash and cash equivalents	4,850,556.18	2,746,139.42
TOTAL ASSETS	612,025,358.62	536,373,517.11
Equity	326,349,698.81	293,147,457.32
Equity before changes in fair value of the financial products	265,649,803.16	249,825,165.43
Changes in fair value of the financial products	-19,556,182.94	-19,413,963.30
Revaluation gains on finance leases	80,256,078.59	62,736,255.19
Debts and liabilities included in the debt ratio (2)	259,847,312.35	216,091,966.56
Other liabilities	25,828,347.46	26,795,537.60
TOTAL EQUITY AND LIABILITIES	612,025,358.62	536,034,961.48
DEBT RATIO	42.46%	40.31%

(1) This balance sheet has not been prepared in accordance with IFRS standards.

(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.

Amounts shown in euros.

2.3.6 NET ASSETS AND NET VALUE PER SHARE ON A CONSOLIDATED BASIS

Period closed on	30 June 2019	31 December 2018
total assets	531,769,280.03	473,637,261.92
liabilities	-285,675,659.82	-243,226,059.80
NET ASSETS	246,093,620.21	230,411,202.12
net value per share (1)	€12.07	€11.92
total assets	531,769,280.03	473,637,261.92
current and long-term liabilities (excluding 'authorised hedging instruments' item)	-261,507,280.40	-223,669,876.86
NET ASSETS, EXCLUDING 'AUTHORISED HEDGING INSTRUMENTS'	270,261,999.63	249,967,385.06
Net value per share, excluding the 'authorised hedging instruments' column	€13.25	€12.94
total assets including the calculated fair value of finance lease receivables (2)	612,025,358.62	536,373,517.11
current and long-term liabilities (excluding 'authorised hedging instruments' and 'deferred taxes' item)	-261,507,280.40	-217,498,473.97
NET ASSETS EXCLUDING 'AUTHORISED HEDGING INSTRUMENTS' AND 'DEFERRED TAXES' AND INCLUDING THE 'FAIR VALUE OF LEASE RECEIVABLES ' EPRA NAV	350,518,078.22	318,875,043.14
Net value per share, excluding the 'authorised hedging receivables' and 'deferred taxes' and including the 'fair value of the finance lease receivables'	€17.19	€16.50

The total number of shares issued rose from 19,322,845 on 31 December 2018 to 20,390,588 shares (excluding 4,158 treasury shares) on 30 June 2019 as a result of the issue of new shares in the context of a contribution in kind of the project in Genval on the one hand and the offering of an optional dividend on the other.

(1) In accordance with the RREC Act, the net value per share is calculated based upon the total number of shares minus treasury shares. On 30 June 2019, the Company held 4,158 treasury shares.

(2) The fair value of finance leases is calculated by discounting the future cash flows of the completed projects, including the investment costs included under the heading 'finance lease receivables', at an IRS interest rate prevailing on the closing date of the relevant period, depending on the remaining term of the building period plus a risk margin that the bank would charge on the relevant closing date, i.e. the financing cost to the Company assuming that all these financing arrangements would be financed under these conditions on the closing date.

2.3.7 EPRA KEY PERFORMANCE INDICATORS

Period closed on 30 June	2019	2018
EPRA Earnings (in €/share)	0.53	0.39
Adjusted EPRA Earnings (in €/share) (1)	0.45	0.41
EPRA Cost Ratio (including direct vacancy costs) (in %)	5.14%	19.40%
EPRA Cost Ratio (excluding direct vacancy costs) (in %)	5.14%	19.40%
Period closed on	30 June 2019	31 December 2018
EPRA NAV (in €/share)	17.19	16.50
EPRA NNNAV (in €/share)	14.61	13.93
EPRA Net Initial Yield (NIY) (in%)	5.29%	5.27%
EPRA Topped-up NIY (in%)	5.34%	5.27%
EPRA Vacancy Rate (in%) (2)	0.00%	0.00%

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

(2) Care Property Invest only encounters a vacancy risk with the project 'Tilia' in Gullegem . With respect to the projects in the initial investment program the risk lies with the counterparty . The Company receives the ground rent whether or not a certain vacancy exists . The Company tries to shift this risk entirely or for a large part to the counterparty for the new projects as well. On 30 June 2019 there were no vacancies for the Tilia Project.

2018	2019
0.39	0.53
0.41	0.45
19.40%	5.14%
19.40%	5.14%
31 December 2018	30 June 2019
16.50	17.19
13.93	14.61
5.27%	5.29%
5.2.7%	5.34%
0.00%	0.00%

3. Outlook

The debt ratio is calculated in accordance with Section 13, paragraph 1, bullet 2 of the GVV-KB (Royal Decree regarding Regulated Real Estate Companies) and amounts to 48.86% as at 30 June 2019. In view of the fact that Care Property Invest's debt ratio does not exceed 50%, it is not subject to mandatory submission of a financial plan as referred to in Section 24 of the RREC Royal Decree.

3.1 Assumptions

Based on the balance sheet and the overall statement of income of the 2018 financial year and the first semester of the 2019 financial year, a forecast was prepared to create an outlook for the subsequent financial years.

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 debt securities;
• The financial costs are in line with the increase in financing during the financial year 2018 and the first semester of the financial year 2019. Additional financing costs for acquisitions in the second semester of 2019 were also taken into account.

Assumptions regarding factors that can not 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;
• 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.

3.2 Conclusion on outlook for the debt ratio

Based on the afore-mentioned hypotheses, even if the Company realises the next investments, the maximum debt ratio of 65% will not be exceeded on a consolidated basis in 2019. The debt ratio as calculated in accordance with Section 13 of the GVV-KB amounts to 48.86% as at 30 June 2019. The Company forecasts an increase in the debt ratio during the financial year 2019 based on additional investments and further completion of the projects currently in development.

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.

(1) With the exception of the project 'Les Terrasses du Bois' in Watermaal-Bosvoorde, for which a long-term 'double net' agreement was concluded. For this project, the risk of the maintenance costs is incurred by Care Property Invest.

3.3 Conclusion on outlook for dividends and distributable results

Taking into account the uncertainty of the current economic situation and the impact on Care Property Invest's results, the Company would have no obligation to distribute a compensation for the capital in the event of a negative result. Based on existing contracts and barring unforeseen circumstances, the Company assumes an increase in the distributable result and the dividend payment for the 2019 financial year.

The Company therefore maintains its guidance on rental income of at least €29 million. This results in an adjusted EPRA earnings per share of minimum €0.87. Care Property Invest intends to pay a gross dividend of €0.77 per share for the 2019 financial year. After deduction of the 15% withholding tax rate, this results in a net dividend of €0.65 per share. The Company's solvency is supported by the stable value of its real estate assets.

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

The Company operates in an economic climate that entails risks. The Board of Directors believes that the risk factors and uncertainties described on pages 8 to 31 of the 2018 annual financial report will continue to apply to the first semester of the 2019 financial year. The 2018 annual financial report is available on the Company's website, www.carepropertyinvest.be.

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 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 2019 (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 2019 as approved by the board of directors on 2 September 2019 of the Company.

The assumptions included in the paragraph I.3 'Outlook' result in the following consolidated financial forecasts for the accounting year 2019:

Adjusted EPRA earnings per share: €0.87;

Rental income: €29 million.

Board of directors' responsibility

It is the Company's board of directors' responsibility to prepare the consolidated financial forecasts, together with the material assumptions upon which it is based, in accordance with the requirements of EU Regulation n° 809/2004.

Auditor's responsibility

It is our responsibility to provide an opinion on the consolidated financial forecasts as required by Annex I, item 13.2 of the EU Regulation n° 809/2004. We are not required nor do we express an opinion on the possibility to achieve that result or on the assumptions underlying these forecasts.

We performed our work in accordance with the auditing standards applicable in Belgium, as issued by the Instituut van de Bedrijfsrevisoren/Institut des Réviseurs d'Entreprises including related guidance from its research institute and on the 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.

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. Any differences may be material.

Opinion

In our opinion: (i) the forecasts have been properly compiled on the basis stated; and (ii) the basis of accounting used for these forecasts is consistent with the accounting policies of Care Property Invest nv/sa.

Brussel, 2 September 2019

Ernst & Young Réviseurs d'Entreprises scrl Statutory auditor of Care Property Invest Represented by

Christel Weymeersch, Partner, Acting on behalf of a bvba/sprl

5. Conflicts of interest

In application of Article 523 of the Companies Code, a member of the Board of Directors who has a direct or indirect interest of a financial nature that conflicts with a decision or transaction that falls within the competence of the Board of Directors may not participate in the discussions of the Board. The copies of the approved minutes of the meetings were submitted to the statutory auditor. Extracts of the minutes showing the decisions are displayed below:

Minutes 16 January 2019:

Board of Directors 16/01/2019, agenda item 6

The Board of Directors decided on the adjustments of the remuneration of the members of the Board of Directors and the Management Committee (CEO, CFO and COO).

Extract from the minutes:

'Mr. Peter Van Heukelom declares to have a conflict of interest within the meaning of article 523 of the Companies Code. With regard to this agenda item, more specifically due to his capacity as director on the one hand and beneficiary of a variable remuneration on the other hand.

Mr Peter Van Heukelom declared that he had informed the statutory auditor of this conflict of interest. Mr. Peter Van Heukelom leaves the meeting together with Mr. Filip Van Zeebroeck and Mrs. Valérie Jonkers.

Minutes 20 March 2019

The Board of Directors decided on the determination of the amount of the variable remuneration for the CEO, CFO and COO for the financial year 2018, payable in 2019..

Extract from the minutes:

'Mr. Peter Van Heukelom declared, in his capacity as managing director, to have a direct conflicting interest of a patrimonial nature within the meaning of Article 523 of the Belgian Companies Code in connection with this agenda item. He reported this by e-mail to the statutory auditor.

This conflict of interest concerns the fact that, on the one hand, he has the capacity of managing director and, on the other hand, this agenda item concerns his personal remuneration as CEO.

He leaves the meeting and does not take part in the deliberations or the vote on this agenda item. Upon recommendation of the nomination and remuneration committee, the Board of Directors unanimously approves the granting of a variable remuneration for the financial year 2018. The Board of Directors determines the variable remuneration for the CEO, CFO and COO as follows: 50% of the fixed remuneration for the financial year 2018, of which the distribution is spread over the 3 following financial years according to the ratio of 50% in 2019, 25% in 2020 and 25% in 2021.

After the discussion and approval of this item, Mr. Peter Van Heukelom rejoins the meeting.'

Minutes 8 April 2019

Board of Directors 08/04/2019, agenda items 1 and 2

The Board of Directors made a decision regarding the approval of the Share Purchase Plan 2019 ( item 1) and 2019 bis ( item 2) for the executive management of Care Property Invest.

Extract from the minutes:

'Mr Peter Van Heukelom declared that he had a conflict of interest within the meaning of Section 523 of the Companies Code in the sense that he is a director of the company on the one hand and a beneficiary of the Shares Purchase Plan 2019 and the Shares Purchase Plan 2019 bis on the other hand.

The 2019 Share Purchase Plan provides for a gross distribution of EUR 100,000 in shares as a fixed remuneration. The 2019 bis Share Purchase Plan provides for the possibility of having all or part of the variable remuneration paid in the form of shares.

Mr Peter Van Heukelom left the discussion of agenda items 1 and 2.

The Company will also write to the FSMA under article 37 for the 3 beneficiaries of both plans.

The Board of Directors decided unanimously to approve the 2019 Share Purchase Plan for the executive management of Care Property Invest.

The Board of Directors decided unanimously to approve the 2019 bis Share Purchase Plan for the executive management of Care Property Invest subject to the addition of the words "current' and the names of the current CEO, CFO and COO in the definitions provided in the 2019 Share Purchase Plan.'

Care Property Invest is also obliged to comply with the procedure of Article 524 of the Companies Code if it takes a decision or conducts a transaction relating to: (a) relations of the Company with an affiliated company, excluding its subsidiaries; and (b) relations of a subsidiary of the Company with an affiliated company, with the exception of subsidiaries of that subsidiary.

The members of the Management Committee endorse the Care Property Invest policies relating to integrity and ethical conduct. For the rest, they are obliged to observe the relevant provisions of the Companies Code and RREC legislation. In the event of any potential conflict of interest, the members must immediately inform the CEO and the other members of the Management Committee in accordance with Article 524(ter) of the Companies Code. The Company's integrity policy (available on the website, www. carepropertyinvest.be) also sets out rules relating to conflict of interests for members of the Company's internal bodies.

6. Corporate governance

Composition of the Board of Directors

On 30 June 2019, the Board of Directors was structured as follows:

Mandate until after the General Meeting of 2021:
name	capacity
Mark Suykens	non-executive director/Chairman
Dirk Van den Broeck	managing director/Risk Management - Risk Manager
Willy Pintens	managing director/Internal audit function
Mandate until after the General Meeting of 2022:
name	capacity
Peter Van Heukelom	Chief Executive Officer (CEO)/managing director + Chairman

Management Committee

Carol Riské	independent non-executive director
Brigitte Grouwels	independent non-executive director
Paul Van Gorp	independent non-executive director

Within the meaning of Article 526(b) of the Belgian Companies Code, Ms Brigitte Grouwels, Ms Caroline Riské and Mr Paul Van Gorp will be deemed independent directors.

Composition of the management committee

On 30 June 2019, the management committee comprised the following persons, all effective leaders within the meaning of Section 14 of the Act of 12 May 2014:

name	capacity
Peter Van Heukelom	Chief Executive Officer (CEO)/Managing Director + Chairman of the management committee
Dirk Van den Broeck	Managing Director/Risk Management - Risk Manager
Willy Pintens	Managing director/internal auditor
Filip Van Zeebroeck	Chief Financial Officer (CFO) - Compliance Officer
Valérie Jonkers	Chief Operating Officer (COO)

Composition of the nomination and remuneration committee

On 30 June 2019, the composition of the nomination and remuneration committee consists of the following persons, as required by Article 526quater of the Belgian Companies Code:

name	capacity
Mark Suykens	Non-executive director / Chairman
Carol Riské	independent non-executive director
Brigitte Grouwels	independent non-executive director
Paul Van Gorp	independent non-executive director
Willy Pintens	representative of the Management Committee in an advisory capacity/ managing director/ member of the Management Committee

Composition of the audit committee

On 30 June 2019, the audit committee comprised the following persons, all effective leaders within the meaning of Section 14 of the Act of 12 May 2014:

name	capacity
Paul Van Gorp	Chairman of the audit committee / Independent non-executive director
Brigitte Grouwels	Independent non-executive director
Mark Suykens	Non-executive director

Composition of the investment committee

On 30 June 2019, the investment committee comprised the following persons, all effective leaders within the meaning of Section 14 of the Act of 12 May 2014:

name	capacity
Mark Suykens	Chairman of the investment committee
Peter Van Heukelom	Chief Executive Officer (CEO)/Managing director
Dirk Van den Broeck	Managing director
Willy Pintens	Managing director
Paul Van Gorp	Independent non-executive director
Carol Riské	Independent non-executive director
Brigitte Grouwels	Iindependent non-executive director

7. Research and development

Care Property Invest has not undertaken any activities within the meaning of Articles 96 and 119 of the Companies Code.

8. Capital increases in the context of authorised capital

Capital increase in kind

On 2 April 2019 (after trading hours) Care Property Invest signed the contribution agreement for the acquisition of 'La Résidence du Lac'. Subsequently, on 3 April 2019, the acquisition was completed through a contribution in kind of the shares of Immo du Lac SA into the capital of Care Property Invest within the framework of the authorised capital. The transaction resulted in an equity strengthening of €16,372,079.85 of which an amount of €4,545,602.44 was allocated to the capital item and an amount of €11,826,477.41 to the share premium item. The contribution was remunerated by 764,031 new shares. As a result, €110,415,663.92 of authorised capital is still available after this transaction.

Optional dividend

On 29 May 2019 Care Property Invest decided to offer an optional dividend to its shareholders. At the end of the option period it can confirm that a total of 56.56% of the net dividend rights attached to the shares with coupon No. 10 (for the dividend for the 2018 financial year) have been exchanged for new shares of Care Property Invest, which will result in a strengthening of the equity of €6,688,783.62, which will be used to realise a further growth of the property portfolio.

For this purpose, 307,870 new ordinary shares were issued today at a fixed issue price of €21.726 per share, within the framework of the authorised capital, for a total issue amount of €6,688,783.62 (€1,831,672.57 in capital and €4,857,111.05 in issue premium). Consequently, the share capital of Care Property Invest is now represented by a total of 20,394,746 shares. Dividend rights that have not been contributed, representing a total net amount to be paid out of €5,136,797.52, have been paid out in cash. As a result, €108,583,991.35 of authorised capital is still available after this transaction.

9. Treasury shares

As a result of the share buy-back programme announced on 8 April 2019 and within the limits of the authorisation to buy back own shares granted by the extraordinary general meeting of shareholders of 16 May 2018, 10,780 shares were purchased by the Company at a price of €23.19 per share. The purpose of the buy-back programme is to enable Care Property Invest nv to meet its obligations arising from purchase plans in favour of the executive management of Care Property Invest.

As at 30 June 2019, the Company still had 4,158 of these in its portfolio. The total amount of €96,424.02 has been included as a reserve in the Company's equity. The capital value of €24,740.10 represents 0.02% of the total issued capital on 30 June 2019. The value of the shares based on the share price of €24.40 as at 30 June 2019 amounts to €101,455.20.

II. Care Property Invest on the Stock Market

Capital increase 15 March 2017

Capital increase in kind with emission of 1,844,160 new shares. The gross proceeds of the capital increase amounted to over €33.5 million. The total number of shares amounts to 15,028,880 as from 15 March 2017. All shares participate in the result of the 2017 financial year (period from 1 January 2017 up and until 31 December 2017).

Capital increase

27 October 2017

Capital increase in cash with irrevocable allocation right. The offer of 4,293,965 new shares was fully subscribed to at an emission price of €16.80 per share. The gross proceeds of the capital increase amounted to €72,138,612,00. As from 27 October 2017 the capital is represented by 19,322,845 shares.

Abolition of special shares

16 May 2018

Abolition of 150 000 special shares

These shares were all converted into ordinary shares and were admitted for trading on the regulated market of Euronext Brussels on 27 June 2018. As from this date, the Company has a free float of 100%.

Capital increase in kind

3 April 2019

Capital increase in kind following the acquisition of a project in Genval. The gross proceeds of the capital increase amounted to €16,372,079.85 and 764,031 new shares were issued. As of this date, the capital is represented by 20,086,876 shares.

Optional dividend

May-June 2019 57% of the shareholders subscribed.

307,870 new shares were issued for a total issue price of €6,688,783.62.

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

Introduction of the Care Property Invest share on Euronext Brussels as the first Belgian Bevak/sicafi.

Stock market History

Share split by a factor of 1,000. From this date, the share capital of the company was represented by 10,210,000 shares rather than 10,210 shares.

7 February 1996 Initial public offering

Share split 24 March 2014

capital increase of €565.69 through incorporation of a reserve for the conversion of the capital from Belgian francs to euros.

Capital increase 16 May 2001

The gross proceeds of the optional dividend amounted to €2,080,444,275. As of this date, the Company's capital is represented by 10,359,425 shares.

Optional dividend 20 June 2014

Capital increase in cash with irrevocable allocation right. The offering of 2,825,295 new shares was fully subscribed at an issue price of €13.45 per share. The gross proceeds of the capital increase amounted to €38,000,217.75. As of 22 June 2015, the share capital was represented by 13,184,720 shares.

22 June 2015 Capital increase

The Care Property Invest share has been listed on Euronext brussels for exactly 20 years.

7 February 2016 20 years on the stock market

Inclusion as a BEL Mid Cap in the BEL Mid Index and EPRA member as from December 2016. Therefore, the EPRA performance indicators have been included in our financial reports as from this date.

21 December 2016

Inclusion Bel Mid Index Membership EPRA

Since Care Property Invest is a RREC whose real estate portfolio consists of at least 60% of immovable property that is exclusively or primarily intended or used for residential or health care, it can re-benefit from a reduced withholding tax rate of 15%.

1 January 2017 Back to the reduced withholding taxe rate of 15%

1.1 Number and types of shares

Number of registered and dematerialised shares on	30 June 2019	31 December 2018
Total number of shares	20,394,746	19,322,845
of which:
- number of registered ordinary shares	1,385,780	1,311,795
- number of dematerialized ordinary shares	19,008,966	18,011,050
- number of own shares	4,158
- number of ordinary shares in circulation (after deduction of any own shares and registered shares)	19,004,808	18,011,050
- weighted average number of shares	20,390,588	19,322,845

		Amounts are in euro.
Number of ordinary and special shares on	30 June 2019	31 December 2018
Total number of shares	20,394,746	19,322,845
of which:
- number of ordinary shares	20,394,746	19,322,845

Value of shares on	30 June 2019	31 December 2018
Stock price on cut-off date	€24.40	€20.20
Highest closing share price of this period	€24.80	€20.30
Lowest closing stock price of this period	€19.90	€17.80
Average share price	€22.31	€18.98
Market capitalisation	€497,631,802	€390,321,469
Net value per share	€12.07	€11.92
Premium compared to the net fair value	50.54%	40.97%
EPRA NAV	€17.19	€16.50
Premium compared to the EPRA NAV	29.55%	18.30%
Free float	100.00%	100.00%
Average daily volume	19,851	9,664
Turnover rate	12.17%	12.75%

1. Stock price and volume

II. Care Property Invest on the Stock Market

(1) A strong increase in the liquidity of the share can be observed as a result of the capital increase in kind that took place on 3 April 2019 ( 'La Résidence du Lac' project in Genval), whereby the number of shares representing the share capital increased from 19,322,845 on 31 December 2018 to 20,086,876 shares. It was also decided on 29 May 2019 to offer an optional dividend to the shareholders. As a result of this optional dividend, the number of shares increased further to 20,394,746 shares (including 4,158 treasury shares).

EVOLUTION OF THE SHARE PRICE IN RELATION TO THE NET VALUE (OR NET ASSET VALUE) OF THE SHARE

LIQUIDITY OF THE SHARES

-

• (3) Earnings per share are rising despite 2 capital increases totalling €106 million.
• (4) Forecasts. See further in this chapter under item '2. Dividends policy' on page 49.

1.2 Index inclusions of the Care Property Invest share

As at 30 June The Care Property Invest share was included in 2 indexes, being the BEL Mid Index and the GPR Index. Since December 2016, the Company is also a member of the EPRA organization and although its share is not included in the EPRA index, it uses this index as a benchmark and also applies the EPRA standards to its yearly and half-yearly financial reporting. With the appointment of Bank Degroof Petercam as its liquidity provider from February 2018 onwards, the Company seeks to make the necessary efforts to meet the liquidity requirements needed to be included in the EPRA index. The Company also appointed KBC Securities as additional liquidity provider in November 2018 in order to further improve the liquidity of its share and to achieve its strategic objective, i.e. its inclusion in the EPRA index.

EVOLUTION OF THE SHARE PRICE AND VOLUME OF SHARES

EVOLUTION MARKET CAPITALISATION

EVOLUTION OF THE GROSS DIVIDEND (IN €/SHARE) SINCE INITIAL PUBLIC OFFERING)

€/share

1.2.1 BEL MID INDEX

The BEL Mid Index is an index of Euronext Brussels that reflects the evolution of a number of Belgian listed companies with a medium-sized market capitalization. To be included in this index a high free float of the shares is required. The composition of this index is reviewed every 3 months

As at 30 June 2019, Care Property Invest is included in the BEL Mid Index with a weight of 2.05% (free float market capitalisation). For more information about this index and the conditions for admission, see www.euronext.com/nl/indices/index-rules (Belgium/Brussels Indices-BEL family rules).

1.2.2 GPR INDEX

Global Property Research (GPR) specializes in creating benchmarks for leading financial institutions based on its own, unique database of international listed real estate and infrastructure companies.

Since 1 June 2017, Care Property Invest has been included in the GPR General Europe index. On 30 June 2019, it was included in the aforementioned index with a weighting of 0.1158% and in the GPR General Europe Quoted Index (excluding open-end bank funds) with a weighting of 0.1601%. For more information about this index, see www.globalpropertyresearch.com.

2. Dividends policy

In accordance with Article 11 §3 of the RREC Law, Article 616 of the Companies Code – 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 Royal Decree 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.

Based on the current existing contracts, the Company anticipates, barring unforeseen circumstances, an increase in the distributable result and the dividend payment for the financial year 2019. The Company therefore maintains its guidance on rental income of at least €29 million. This would result in an adjusted EPRA earnings per share of €0.87.

Care Property Invest intends to distribute a gross dividend of €0.77 per share for the financial year 2019. After deduction of the withholding tax of 15%, this means a net dividend of €0.65 per share. The Company's solvency is supported by the stable value of its real estate projects.

COMPARISON STOCK PRICE SHARES

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

3. Bonds and short-term debt securities

In order to finance its projects, the Company also relies on the capital market by issuing bonds and debt securities. At 30 June 2019, this form of financing was composed as follows:

3.1 Bonds

Issuer	ISIN code	nominal amount	issue date	expiry date	remaining term in years	coupon	indicative share price as at 30/06/2019
Care Property Invest nv	BE6296620592	€5,000,000.00	12/07/17	12/07/23	6	1.49%	105.25%
Care Property Invest nv	BE6296621608	€5,000,000.00	12/07/17	12/07/24	7	1.72%	106.58%
Care Property Invest nv	BE6303016537	€7,500,000.00	28/03/18	28/03/29	11	2.08%	110.61%
Total		€17,500,000.00

3.2 Short-term debt securities

Issuer	ISIN code	nominal amount	issue date	expiry date	remaining term in months		coupon indicative share price as at 30/06/2019	dealer
Care Property Invest nv	BE6311193823	€5,000,000.00	16/01/19	16/07/19	6	0.264%	NB	Belfius
Care Property Invest nv	BE6311276685	€1,000,000.00	18/01/19	18/07/19	6	0.264%	NB	Belfius
Care Property Invest nv	BE6311730376	€2,000,000.00	4/02/19	5/08/19	6	0.265%	NB	Belfius
Care Property Invest nv	BE6311730376	€5,000,000.00	4/02/19	5/08/19	6	0.264%	NB	Belfius
Care Property Invest nv	BE6311883936	€4,000,000.00	11/02/19	12/08/19	6	0.267%	NB	Belfius
Care Property Invest nv	BE6312518499	€3,000,000.00	12/03/19	12/09/19	6	0.268%	NB	Belfius
Care Property Invest nv	BE6312518499	€3,000,000.00	18/03/19	12/09/19	6	0.263%	NB	Belfius
Care Property Invest nv	BE6312816562	€1,000,000.00	28/03/19	30/09/19	6	0.272%	NB	Belfius
Care Property Invest nv	BE6313775452	€10,000,000.00	6/05/19	6/08/19	3	0.191%	NB	Belfius
Care Property Invest nv	BE6313776468	€2,500,000.00	6/05/19	6/11/19	6	0.268%	NB	Belfius
Care Property Invest nv	BE6314006824	€2,000,000.00	15/05/19	15/11/19	6	0.269%	NB	Belfius
Care Property Invest nv	BE6314109883	€5,000,000.00	20/05/19	20/08/19	3	0.188%	NB	Belfius
Care Property Invest nv	BE6314190727	€2,500,000.00	28/05/19	28/08/19	3	0.189%	NB	Belfius
Care Property Invest nv	BE6314396845	€1,000,000.00	4/06/19	4/07/19	1	0.122%	NB	Belfius
Care Property Invest nv	BE6314395839	€5,000,000.00	4/06/19	15/07/19	1.5	0.132%	NB	Belfius
Care Property Invest nv	BE6314424159	€3,000,000.00	10/06/19	10/09/19	3	0.180%	NB	Belfius
Care Property Invest nv	BE6311883936	€3,000,000.00	11/06/19	12/08/19	2	0.148%	NB	Belfius
Care Property Invest nv	BE6314424159	€2,000,000.00	14/06/19	10/09/19	3	0.176%	NB	Belfius
Care Property Invest nv	BE6311276685	€5,900,000.00	18/06/19	18/07/19	1	0.122%	NB	Belfius
Care Property Invest nv	BE6314661586	€3,000,000.00	20/06/19	22/07/19	1	0.112%	NB	Belfius
Care Property Invest nv	BE6314737378	€3,500,000.00	25/06/19	25/09/19	3	0.156%	NB	Belfius
Care Property Invest nv	BE6314736362	€4,300,000.00	25/06/19	25/07/19	1	0.102%	NB	Belfius
Total		€76,700,000.00

On 30 June 2019, all shares are therefore ordinary shares, the vast majority of which are dematerialised.

(1) The number of shares changed on the one hand as a result of a capital increase in kind for the purchase of the

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.

During the first semester of the 2019 financial year the Company has received no notifications for exceeding the threshold of 3%.

Share division on		31 December 2018
	% 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)
ORDINARY SHARES	100%	20,394,746	100%	19,322,845
Registered ordinary shares	6.79%	1,385,780	6.79%	1,311,795
Dematerialised ordinary shares	93.21%	19,008,966	93.21%	18,011,050

project in Genval. To this end, 76,031 new shares were issued on 3 April 2019. As a result, as of this date, the share capital amounted to €119,506,868.80 and this capital was represented by a total number of voting securities of 20,086,876 fully paid-up ordinary shares.

On the other hand, after the General Meeting, the shareholders were given the opportunity to participate in an optional dividend, which was successfully completed on 26 June 2019. As a result, the Company's share capital as of 26 June 2019 amounted to €121,338,541.37. As of this date, the capital is represented by a total number of voting securities of 20,394,746 fully paid-up ordinary shares, including 4,158 treasury shares.

For the 2019 financial year, the Company will propose a gross dividend of at least €0.77 per share. This represents a net dividend of €0,65 per share and an increase of 7%

5. Financial calendar

Interim statement 3rd quarter 2019 14 November 2019, after trading hours

These dates may be subject to changes. The calendar for further publications relating to the financial year 2019 will be published in the Interim Statement of the Board of Directors for the third quarter of 2019.

A

III. EPRA

These data are not compulsory according to the RREC legislation and are not subject to verification by the FSMA, but have been verified by the statutory auditor.

III. EPRA (1)

1. EPRA (European Public Real Estate Association)

With a joint real estate portfolio that exceeds the mark of €450 billion(2), more than 275 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(3).

Care Property Invest's efforts in the financial year 2017 to apply the EPRA standards as completely as possible in its yearly and half-yearly financial reports have been rewarded for the second time in September 2018 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.

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. As at 30 June 2019, the index was composed based on a group of 106 companies with a combined market capitalisation of more than €276 billion (full market capitalisation). The Company has the ambition to become a member of this index and expects to meet the liquidity conditions during the 2019 financial year. Currently, the Company is still in dialogue with the EPRA organisation with regard to the other conditions to be included in the EPRA index. 2 liquidity providers have been appointed in order to bring the liquidity up to the required level.

In November 2016 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 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.

1.2 EPRA key performance indicators: overview

(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 encounters a vacancy risk with the project 'Tilia' in Gullegem . With respect to the projects in the initial investment program. the risk lies with the counterparty. The Company receives the ground rent. whether or not a certain vacancy exists . The Company tries to shift this risk entirely or for a large part to the counterparty for the new projects as well. On 30 June 2019 there were no vacancies for the Tilia Project.

		Amounts shown in euros.
Period closed on	30 June 2019	30 June 2017
EPRA Earnings (in €/share)	0,53	0,39
Adjusted EPRA Earnings (in €/share)(1)	0,45	0,41
EPRA Cost Ratio (including direct vacancy costs) (in %)	5,14%	19,40%
EPRA Cost Ratio (excluding direct vacancy costs) (in %)	5,14%	19,40%
Period closed on	30 June 2018	31 December 2017
EPRA NAV (in €/share)	17,19	16,50
EPRA NNNAV (in €/share)	14,61	13,93
EPRA Net Initial Yield (NIY) (in%)	5,29%	5,27%
EPRA Topped-up NIY (in%)	5,34%	5,27%
EPRA Vacancy Rate (in%) (1)	0,00%	0,00%

1.3 EPRA key performance indicators: detailed overview

The purpose of the indicators included below is explained in the Company's Annual Financial Report 2018 in the chapter 'X. Glossary' under point '1.9 EPRA' on page 321.

EPRA Earnings

Adjusted EPRA Earnings (1)

EPRA cost ratio (incl. costs of direct vacancy)

			(x €1.000)
Period closed on		30 June 2019	30 June 2018
EPRA Earnings Current result from strategic operational activities.	x 1,000	10,889	7,448
	€/share	0.53	0.39
Adjusted EPRA Earnings (1) Current result from the strategic operational activities	x 1,000	9,217	7,957
corrected with company-specific non-cash elements.	€/share	0.45	0.41
EPRA cost ratio (incl. costs of direct vacancy) The administrative/operational expenses according to the IFRS financial results including the direct costs of vacant buildings, divided by the gross rental income less the cost of the land.	%	5.14%	19.40%
EPRA cost ratio (excl. costs of direct vacancy) Administrative/operational expenses according to the	%	5.14%	19.40%

EPRA cost ratio (excl. costs of direct vacancy)

Administrative/operational expenses according to the IFRS financial results less the direct costs of the vacant buildings, the whole divided by the gross rental income less the cost of the land.

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

⁽¹⁾ These data are not compulsory according to the RREC legislation and are not subject to verification by the FSMA, but have been verified by the statutory auditor.

⁽²⁾ Exclusively in European real estate

⁽³⁾ See chapter 'VII. Epra in the Annual Financial Report 2018 from page 152, in the Annual Financial Report 2017 from page 100 and in the Annual Financial Report 2016 from page 96.

			(x €1.000)
Period closed on			30 June 2019 31 December 2018
EPRA NAV Net Asset Value (NAV) adjusted to include the investment	x 1,000	350,518	318,875
properties at their fair value and to exclude certain items not expected to crystallise in a long-term investment property business model.	€/share	17.19	16.50
EPRA NNNAV EPRA NAV adjusted to include the fair value of (i) financial	x 1,000	297,963	269,141
instruments. (ii) debt and (iii) deferred taxes.	€/share	14.61	13.93
EPRA net initial yield (NIY) Annualised gross rental income based on the passing rents at the closing date. less property charges, divided by the market value of the portfolio, increased with estimated transaction costs resulting from the hypothetical disposal of investment properties.	%	5.29%	5.27%
EPRA 'topped up' NIY This measure incorporates an adjustment to the EPRA NIY in respect of the expiration of rent-free periods and other incentives.	%	5.34%	5.27%
EPRA vacancy rate (1) Estimated Rental Value (ERV) of vacant space divided by the ERV of the total portfolio.	%	0.00%	0.00%

(1) Care Property Invest only encounters a vacancy risk with the project 'Tilia' in Gullegem . With respect to the projects in the initial investment program. the risk lies with the counterparty. The Company receives the ground rent. whether or not a certain vacancy exists . The Company tries to shift this risk entirely or for a large part to the counterparty for the new projects as well. On 30 June 2019 there were no vacancies for the Tilia Project.

1.3.1. EPRA EARNINGS

			(x €1.000)
	Period closed on 30 June	2019	2018
	Net Earnings as mentioned in the financial statement	6,694	8,474
	Adjustments to calculate EPRA Earnings:	4,195	-1,026
(i)	Changes in fair value of investment properties and assets held for sale	-258	-729
(ii)	Profits or losses on disposal of investment properties.	0	0
	(iii) Profits or losses on sales of assets held for sale.	0	0
	(iv) Tax on profits or losses on disposals.	0	0
(v)	Negative goodwill / goodwill impairment.	0	0
	(vi) Changes in fair value of financial assets and liabilities (IAS 39) and associated close-out costs.	4,453	-297
	(vii) Acquisition costs and interests on share deals and joint ventures (IFRS 3).	0	0
	(viii) Deferred taxes in respect of EPRA adjustments.	0	0
	(ix) EPRA adjustments (i) to (viii) in respect of joint ventures.	0	0
(x)	Minority interests in respect of EPRA adjustments.	0	0
EPRA Earnings		10,889	7,448
	Weighted average outstanding number of shares (1)	20,390,588	19,322,845
	EPRA Earnings per share (in €)	0.53	0.39
	Period closed on 30 June	2019	(x €1.000) 2018
	Net Earnings as mentioned in the financial statement	6.694	8.474
	Adjustments to calculate EPRA Earnings:	2.439	-580
(i)	Changes in fair value of investment properties and assets held for sale	-258	-729
(ii)	Profits or losses on disposal of investment properties.	0	0
	(iii) Profits or losses on sales of assets held for sale.	0	0
	(iv) Tax on profits or losses on disposals.	0
(v)	Negative goodwill / goodwill impairment.	0	0
	(vi) Changes in fair value of financial assets and liabilities		0
	(IAS 39) and associated close-out costs.	4.453	-297
	(vii) Acquisition costs and interests on share deals and joint ventures (IFRS 3).	0	0
	(viii) Deferred taxes in respect of EPRA adjustments.	0	0
(x)	(ix) EPRA adjustments (i) to (viii) in respect of joint ventures.	0	0
	Minority interests in respect of EPRA adjustments.	0	0
	(xi) company-specific non-cash elements	-1.757	446
	Adjusted EPRA Earnings	9.132	7.894
	Weighted average outstanding number of shares (1)	20.390.588	19.322.845

-

-

(1) The weighted average of outstanding shares are the number of shares on closing date with rights to dividends. The total number of shares entitled to dividend at 30 June 2019 was 20,390,588 shares and at 30 June 2018 19,322,845 shares.

1.3.3. RECONCILIATION OF THE EPRA EARNINGS TO ADJUSTED EPRA EARNINGSS
-----------------------------------------------------------------------	--

Period closed on 30 June 2019		2018
EPRA Earnings	10,888.85	7,448.26
Depreciation, amortization. write-downs and reversals of impairments	84.67	62.67
taxes - deduction from deferred taxes	0.00	0.00
profit or loss margin projects allocated to the period	-1,897.11	106.79
decrease in trade receivable (profit or loss margin allocated in previous periods)	0.00	0.00
provisions	0.00	0.00
other portfolio result	140.61	339.43
Adjusted EPRA earnings	9,217.02	7,957.14

Weighted average number of shares outstanding (1) 20,390,588 19,322,845

		(in €/ share)
Period closed on 30 June	2019	2018
EPRA Earnings	0.5340	0.3855(2)
Depreciation, amortization. write-downs and reversals of impairments	0.0042	0.0032
taxes - deduction from deferred taxes	0.0000	0.0000
profit or loss margin projects allocated to the period	-0.0930	0.0055
decrease in trade receivable (profit or loss margin allocated in previous periods)	0.0000	0.0000
provisions	0.0000	0.0000
other portfolio result	0.0069	0.0176
Adjusted EPRA earnings	0.4520	0.4118

		(in €/ share - diluted) (2)
Period closed on 30 June	2019	2018
EPRA Earnings	0.5340	0.3855
Depreciation, amortization. write-downs and reversals of impairments	0.0042	0.0032
taxes - deduction from deferred taxes	0.0000	0.0000
profit or loss margin projects allocated to the period	-0.0930	0.0055
decrease in trade receivable (profit or loss margin allocated in previous periods)	0.0000	0.0000
provisions	0.0000	0.0000
other portfolio result	0.0069	0.0176
Adjusted EPRA earnings	0.4520	0.4118

(x €1.000)

(1) The weighted average of outstanding shares are the number of shares on closing date with rights to dividends. The total number of shares entitled to dividend at 30 June 2019 was 20,390,588 shares and at 30 June 2018 19,322,845 shares.

(2) Calculated on the weighted average number of shares.

1.3.4. EPRA NET ASSET VALUE (NAV)

		(x €1.000)
Period closed on	30 June 2019	31 December 2018
NAV per the financial statements	246,094	230,411
NAV per share per the financial statements	12.07	11.92
Effect of exercise of options, convertibles and other equity interests.	0	0
Diluted NAV, after the exercise of options, convertibles and other equity interests.	246,094	230,411
To be included:
(i) Re-evaluation to fair value of investment properties.	0	0
(ii) Re-evaluation to fair value of finance lease receivables. (1)	80,256	62,736
(iii) Re-evaluation to fair value of assets held for sale.	0	0
To be excluded:
(iv) Fair value of financial instruments.	-24,168	-19,556
(v.a) Deferred tax.	0	-6,171
(v.b) Part of goodwill as a result of deferred tax.	0	0
To be included/ To be excluded:
Adjustments (i) with respect to (v) respect of joint ventures.	0	0
EPRA NAV	350,518	318,875
Number of shares (2)	20,390,588	19,322,845
EPRA NAV per share (in €)	17.19	16.50
(1) The fair value of the 'finance lease receivables" was calculated by discounting future cash flows at an IRS rate prevailing on closing date, depending on the remaining duration of the underlying contract, increased by a margin. (2) The number of shares is the number of shares on closing date with rights to dividends.
1.3.5. EPRA TRIPLE NET ASSET VALUE (NNNAV)		(x €1.000)
Period closed on	30 June 2019	31 December 2018
EPRA NAV	350,518	318,875
To be included:
(i) Fair value of financial instruments	-24,168	-19,556
(ii) Fair value of debt	-28,386	-24,006 (2)
(iii) Deferred tax	0	-6,171
EPRA NNNAV	297,963	269,141
Number of shares (1)	20,390,588	19,322,845

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

(2) The comparative figures have been adjusted to allow for a reclassification of the leasing debt and to allow for a proper comparability.

1.3.6. EPRA NET INITIAL YIELD (NIY) & TOPPED UP NET INITIAL YIELD (EPRA 'TOPPED UP' NIY)

		(x €1.000)
Period closed on	30 June 2019	31 December 2018
Investment properties in fair value.	312,265	271,431
Finance lease receivables in fair value. (1)	271,932	249,138
Assets held for sale. (+)	0	0
Development projects. (-)	-22,843	-13,761
Investment properties in exploitation in fair value	561,354	506,808
Allowance for estimated purchasers' rights and costs in case of hypothetical disposal of investment properties.	7,236	6,442
Investment value of investment properties in exploitation	568,589	513,250
Annualised gross rental income. (+)	30,059	27,051
Property charges. (-)	0	0
Annualised net rental income	30,059	27,051
Rental discounts expiring within 12 months and other incentives. (-)	323	0
Topped-up and annualised net rental income	30,382	27,051
EPRA NIY (in %)	5.29%	5.27%
EPRA TOPPED-UP NIY (in %)	5.34%	5.27%

(1) The fair value of the 'finance lease receivables' was calculated by discounting future cash flows at an IRS rate prevailing on closing date, depending on the remaining duration of the underlying contract, increased by a margin.

1.3.7. EPRA RENTAL VACANCY (1)

Period closed on 30 June	2019	2018
Rental area (in m²)	0	0
ERV of vacant surfaces	0	0
ERV of total portfolio	0	0
EPRA RENTAL VACANCY ( IN %)	0.00%	0.00%

(1) Care Property Invest only encounters a vacancy risk with the project 'Tilia' in Gullegem . With respect to the projects in the initial investment program the risk lies with the counterparty. The Company receives the ground rent whether or not a certain vacancy exists . The Company tries to shift this risk entirely or for a large part to the counterparty for the new projects as well. On 30 June 2019 there were no vacancies for the Tilia Project.

1.3.8. PROPERTY PORTFOLIO - LIKE-FOR-LIKE NET RENTAL INCOME

							(x €1.000)
Period closed on	30 June 2018						30 June 2019
	Gross rental income at current perimeter	Acquisitions Sales		In operation	Gross rental income for the period	Gross rental income at current perimeter	Evolution of the gross rental income at current perimeter
Belgium	12,043	1,206	0	13,091	14,297	12,273	1.92%
Investment properties in operation	4,975	1,206	0	5,527	6,734	5,062
Finance leases	7,067	0	0	7,564	7,564	7,212
The Netherlands	0	150	0	0	150	0	0.00%
Investment properties in operation	0	150	0	0	150	0
Finance leases	0	0	0	0	0	0
Total investment properties and finance leases in operation	12,043	1,356	0	13,091	14,447	12,273	1.92%

Care Property Invest continues to aim for continuous improvement of its financial transparency and for inclusion in the EPRA index.

1.3.9 EPRA COST RATIOS

		(x €1.000)
Period closed on 30 June	2019	2018
Administrative/operating expense line per IFRS statement	-740	-2,388
Rental-related charges	0	0
Recovery of property charges	0	0
Rental charges and taxes normally paid by tenants on let properties	0	0
Technical costs	0	0
Commercial costs	0	0
Charges and taxes on unlet properties	0	0
Property management costs	0	0
Other property charges	0	0
Overheads (1)	-2,560	-1,948
Other operating income and charges	1,821	-441
EPRA Costs (including direct vacancy costs) (A)	-740	-2,388
Charges and taxes on unlet properties	0	0
EPRA Costs (excluding direct vacancy costs) (B)	-740	-2,388
Gross Rental Income (C)	14,400	12,313
EPRA Cost Ratio (including direct vacancy costs) (A/C)	5.14%	19.40%
EPRA Cost Ratio (excluding direct vacancy costs) (B/C)	5.14%	19.40%

(1) General and capitalized operating costs (share of joint ventures included).

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

1.3.10 EPRA CAPEX

Capitalised investment costs related to the investment properties

		(x €1.000)
Period closed on 30 June	2019	2018
Capitalised investment costs related to the investment properties
(1) Acquisitions	35,066	39,048
(2) Developments	15,543	3,352
(3) Real estate in operation	-1,189	71
(4) Other (capitalised interests and project management)	0	0
Total capitalized investment costs investment properties	49,419	42,471
		(x €1.000)
Period closed on 30 June	2019	2018
Capitalised investment costs related to the finance leases
(1) Acquisitions	15,370	0
(2) Developments	9,931	1,794
(3) Real estate in operation	-161	-4,082
(4) Other (capitalised interests and project management)	0	0

Capitalised investment costs related to the finance leases

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 substantial number of new investments, of which the icing on the cake was its first acquisitions on the Dutch healthcare property market.

It was able to close the first semester of 2019 with 3 Dutch additions to its property portfolio, being in chronological order the acquisitions of care residence 'Margaritha Maria Kerk' in Tilburg on 26 March 2019, care residence 'Sterrenwacht' in Middelburg on 12 June 2019 and care residence 'Villa Sijthof' in Wassenaar on 20 June 2019. On 6 June 2019 the Company also signed the agreement under suspensory conditions for the 'De Gouden Leeuw' care residence in Laag-Keppel, after which the actual acquisition of this project took place after the closing date, i.e. on 9 July 2019.

The Company was also able to add 2 Belgian projects, both investment properties, to its property portfolio during this period. On 19 February 2019 it acquired the 'Huyse Elckerlyc' project in Riemst and on 3 April 2019 it subsequently acquired the 'La Résidence du Lac' project in Genval by means of a contribution in kind.

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 first semester of 2019' on page 10.

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 both the Belgian and Dutch populations.

Care Property Invest's approach simultaneously meets the expectations and needs of operators in this market 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 still form an important target group. In this segment, the demand for affordable quality residential accommodation for the elderly and people with disabilities has been further exacerbated by the economic crisis. Furthermore, Care Property Invest also focuses on the private market through the realisation of residential care projects with experienced private operators in Belgium and The Netherlands.

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

As of 1 January 2019, as a result of the 6th state reform, care for the elderly is entirely the responsibility of the regional federated entities. In Belgium, the total number of ROB and RVT beds increased by 887 units to 144,946 in 2018. This is the lowest annual growth rate in recent years. On a national level, the number of beds has increased by 10,649 units over the last five years. This growth was mainly achieved in the Flemish region: + 9,345 units over the last five years. Nevertheless, many studies are based solely on the growth

(1) Drawn up by Stadim cvba and included in this half-yearly financial report with its consent.

IV. Real estate report

outlook for e.g. the number of over-65s, which will increase from 19% to 24% of the population between 2018 and 2035. However, the proportion of those who are able to care for themselves within this category is also rising sharply, so that the growth in the numbers needing care is less strong. It can be deduced from Statbel figures that life expectancy for men increased from 73.3 to 79.2 years between 1980 and 2010 and that for women from 80 to 83,7. The number of 'unhealthy' years has remained stable for men since 1990, at around 15 years, and for women since 1998, at around 20 years. Home automation and home care also play an increasingly important role. However, the average number of days of residence in the institution remains fairly stable.

Health care real estate is increasingly attracting a great deal of interest as a long-term investment. The investor market is rapidly expanding to insurance companies and pension funds, for which (very) long term and, furthermore, index-linked contracts form a decisive element. This is also consistent with the desire of health care operators to pursue a policy that is also focused on the long term. However, other financial reasons apply for this group, such as the ratio of debt to revenue, than for real estate investors. For the latter, a debt equal to eight times the revenue (rental income) is quite feasible, while for operators, the debt ratio is usually 25% of the revenue. 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. For the operator, the building, and in the case of expansion, the property is the property machine, as it were, that can never be allowed to stutter. 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. This is a misleading attraction for the investor. The investor is largely relieved of concern for the management of the building and the contract with the operator is for a very long term. The Achilles heel lies in the financial feasibility of the operation and the technical requirements of the building, including conformity with evolving regional regulations. What remains of the value of a building that, in the foreseeable future, will no longer meet the standards? If it is located in a zone for community facilities, the familiar blue zone, what possibilities for re-zoning remain? If the operation proves to be insufficiently profitable due to a reduction in government intervention, altered regulations or an excessive lease agreement, a downward correction of the contract will become necessary, or operation may even become impossible. The estimation and follow-up of all possible technical, regulatory and operation-related changes and trends are crucial for the investor.

It is to be welcomed that various government bodies are making moves to limit the offer of individual rooms as investment objects. Fortunately, this will lead to a dead end for joint ownership of health care real estate, as with apartments. Furthermore, apart from for justifiable social reasons, in due course it will be impossible to oblige the multitude of joint owners to make sometimes substantial investments at the same time. Hopefully, not only will this legislation be adopted by the different regional federated entities, but it will also be expanded to other types of ownership for the purpose of operation. How do you enforce the quality requirements for a hotel, a student home or even housing converted into multi-family accommodation in a case of joint ownership?

Within this general development of further professionalisation of the operating sector and broadening of the candidate investors, with simultaneous downward pressure on the interest rates, gross rental returns will steadily diminish. Transactions with triple net longer-term rental contracts are already being concluded with rental returns of less than 5%. The need for quality and polyvalence, or in general terms, the sustainability of the investment only increases as a result of this. With such low returns, a correction for incorrect expectations is no longer possible. Research in order to link other target groups needing care, such as young handicapped persons, to the experience built up and the expansion of care for the elderly, in which a number of services are offered jointly, such as nutrition, reception etc. could provide for a desirable addition and flexibility. For a number of target groups, the number of patients is too low to keep the operation affordable and complementarity will generate new opportunities, including for local projects.

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

Dutch Economy

The Dutch economy showed a strong recovery in 2016, 2017 and 2018. In 2019, this growth seems to be slowing down. The gross domestic product (GDP) increased by 0.5% in the second quarter of 2019 compared to the previous quarter (quarter-on-quarter). That is the same growth rate as in the previous two quarters. Total domestic investment did not grow, while foreign trade contributed significantly to growth in The Netherlands.

Domestic spending varies. On the one hand, private consumption increased significantly after a somewhat austere first quarter. Business and residential investments also showed a positive trend. On the other hand, government spending fell.

As far as the Dutch economy is concerned, it is expected that the economy will not be able to maintain its current rate of growth. This is mainly due to unfavourable international developments. Recently, the trade conflict between the US and China has become even more acute. For The Netherlands, this probably means that next year's growth could be just under 1%. Thanks to the better-than-expected figure in the second quarter, growth is expected to be around 1.5% in 2019.

Inflation in the Netherlands is still moderate, at 1.6% in 2018 after 1.3% in 2017. In 2019, the annual price increase in line with the expectations of the Dutch Central Bank increased sharply to a level of 2.5% in July 2019. The latter was partly due to the increases in energy taxes and the increase in the low VAT rate (from 6% to 9%).

Dutch demand for care

Healthcare in the Netherlands is developing rapidly. The former building regime has been abolished. Instead, a normative funding system for the capital costs of healthcare has been introduced in the Netherlands. As a result, Dutch health care institutions have become responsible for the operation of the health care real estate. As a result of this reform, fewer and fewer users will gradually be using existing intramural care.

If the health care institution is unable to maintain the occupancy rate of its health care property, it will lose both the reimbursement for the care and for housing and accommodation. This forces Dutch healthcare institutions to behave in a targeted and efficient manner. Renting care property has become an option in this respect. As a result of the extramuralisation of healthcare, a market has emerged in the Netherlands for investors in healthcare real estate.

Market for Dutch health care real estate

Dutch housing corporations are required to focus primarily on the operation of social housing, as a result of which this traditional Dutch health care real estate investor is forced to be much less active in this area. More and more housing cooperatives are disposing of their care-related properties and putting them at a distance. Stock exchange funds, pension funds and wealthy individuals are increasingly investing in Dutch healthcare real estate. In long-term care, private parties are emerging as an alternative to housing cooperatives.

As a result of the extramuralisation of care, with the focus on staying at home for as long as possible, a strong demand has arisen in the Netherlands for the free sector of care apartments. As a result, a rapidly growing shortage of care apartments has arisen in a short period of time. The shortage of private care apartments in the Netherlands continues to grow. Due to the strong demand, the shortage in the Netherlands has increased to approximately 32,000 apartments. As long as this supply is not expanded, this shortage is expected to increase further to a level of approximately 52,000 homes in 2040. The Dutch healthcare real estate market is estimated to be about the same size as the Dutch office market. The market is not only large, but also diverse, with extra- and intramural care homes and first-line and second-line care real estate. The first line of care is the general practitioner or physiotherapist, who are nowadays more and more often housed together in a health centre. An example of second-line care is the hospital. Extra- and intramural care homes are also referred to as Care, while primary and secondary care are also referred to as Cure. Major plus points of Dutch care real estate are the relatively stable expectations with regard to returns, the economic insensitivity, the limited correlation with other real estate segments and the possibility of often concluding long-term rental agreements. Investment volume

The first quarter of 2019 showed a record level of investment in Dutch real estate with a total investment volume of €4.2 billion. Never before has investment volume been so high in the first quarter. The volume is mainly driven by high investments in residential properties and striking investments in offices in Amsterdam and The Hague. This is shown by figures from international real estate advisor CBRE. The investment volume is often partly determined by several large transactions. In the first half of 2018, healthcare real estate purchased by investors amounted to €345 million. This is approximately 48% more than in the first half of 2017. More and more healthcare institutions and housing cooperatives are focusing on their primary services and decide to sell their healthcare real estate to investors. Investments in health care real estate were lower in the first quarter of 2019 compared to the same period in 2018 (10%). Expectations for 2019 are still good, although the investment volume is expected to level off.

Return

In recent years, the direct return on Dutch healthcare property (also referred to as the cash flow return) has been relatively stable at around 5.50%. This return appears to remain stable in 2019 as well. Interest rates on Dutch health care bonds that are specifically invested in health care real estate fluctuate between 5.50 and 7.00%. Many investors are mainly in a fund because of the relative 'certainty' about the direct return. An important indication of this is the gross initial yield (BAR), i.e. the rental income in the first year of operation divided by the investment.

The market showed a decline in gross initial yields in 2018 compared with 2017. . No concrete figures are yet available for 2019, but the returns achieved appear to be stable (in line with 2018). The percentages below represent the 'prime A-1' gross initial yields that were applicable in the first half of 2018. For residential care real estate, this is based on a 15-year lease in line with the market with a solvent tenant, in a new building that is fully suitable for the care operation in question and is situated in a good location.

Primary health centres	5,80%
Second-line centres	6,75%
Intramural real estate	5,20%
Extramural (residential) care real estate	4,40%
Private (residential) care real estate	5,50%

⁽¹⁾ Prepared by, and included in this half-yearly financial report in full and unaltered form, in agreement with Stadim cvba.

2. Analysis of the full consolidated property portfolio as at 30 June 2019

2.1 Geographical distribution

Most of the projects are currently still on Belgian territory, more specifically within the Flemish Region. During the second half of 2018, the Company made its first investments in The Netherlands. The 105 effectively acquired projects (1) in portfolio as at 30 June 2019 are geographically spread over the different Belgian regions and The Netherlands as follows:

2.2 Distribution of the number of projects per operator

(1) As at 30 June 2019, Care Property Invest has two projects in its portfolio subject to suspensory conditions, being a care residence in the Dutch province of North Holland (signed on 28 September 2018) and the 'De Gouden Leeuw' (The Golden Lion) project in Laag-Keppel (signed on 6 June 2019). The project in North Holland will be effectively acquired and included in the balance sheet once the conditions precedent have been met. The 'De Gouden Leeuw' project was effectively acquired after the closing date, i.e. on 9 July 2019, and will therefore be included in the balance sheet in the 'Interim Statement of the Board of Directors for the third quarter of 2019'. Including these 2 care residences, there are a total of 107 projects in the Company's portfolio, of which 105 have been effectively acquired as at 30 June 2019.

(2) On 30 June 2019, the finance leases 'De Nieuwe Ceder' in Deinze (with the exception of buildings C and D, which have already been completed) and 'Assistentiewoningen De Stille Meers' in Middelkerke are still under development.

• (3) On 30 June 2019, the real estate investment 'Les Saules' in Forest is still under development.
• (4) On 30 June 2019, the real estate investments 'De Orangerie' in Nijmegen (NL), 'Margaritha Maria Kerk' in Tilburg (NL) and 'Sterrenwacht' in Middelburg (NL) are still under development

2.3 Distribution of income received from rental and long lease agreements per operator

2.4 Breakdown of projects by the remaining term of the leasehold or rental period

Period closed on 30	Number of projects ending
June 2019	between 0 and 1 years	between 1 and 5 years	between 5 and 10 years	between 10 and 15 years	between 15 and 20 years	> 20 years	Total
Investment properties in operation	0	0	0	1	3	16	20
Financial leases	0	0	20	21	17	21	79
Total	0	0	20	22	20	37	99(1)

(1) On 30 June 2019, Care Property Invest has 105 effectively acquired projects in its portfolio, of which 99 completed projects and 6 projects under development (the residential care centre 'Les Saules' in Vorst, the housing complex for persons with disabilities and acquired brain injuries 'De Nieuwe Ceder' in Deinze (with the exception of buildings C and D which have already been completed), the group of assisted living apartments 'Assistentiewoningen Welzijnshuis' in Middelkerke, the care residence 'De Orangerie' in Nijmegen, the care residence 'Margaritha Maria Kerk' in Tilburg and the care residence 'Sterrenwacht' in Middelburg). As at 30 June 2019, there are also two projects for which the Company has already signed an agreement under suspensory conditions (construction of a care residence in North Holland and the acquisition of a care residence in Laag-Keppel).

The first building right (of the initial investment programme) will expire in 2026, i.e. within 7.01 years.

Figures as 30 June 2019 Figures as 30 June 2019

GEOGRAPHICAL DISTRIBUTION OF

THE NUMBER OF PROJECTS (1)

GEOGRAPHICAL DISTRIBUTION OF THE NUMBER OF RESIDENTIAL UNITS

Within the total property portfolio, the PCSW of Antwerp has a share of 4 projects, the PCSW of Bruges also has 4 projects and the following PCSWs each have 2 projects in portfolio: Tienen, Leopoldsburg, Zonhoven, Opwijk, Zaventem, Sint-Niklaas, Destelbergen, Hooglede, Brecht, Ninove, Hamme, Hamont-Achel and Essen.

a subsidiary of Anima Care nv (which is a full subsidiary of Ackermans & Van Haaren) after the provisional acceptance. As the project

• (1) The residential care centre 'Les Saules' in Vorst, for which construction works have started on 15 September 2017, will be operated by does not currently generate any rental income, it is not yet included in this graph.
• (2) A subsidiary of the French listed company Korian.
• (3) The following operator is also included in the rental income with a share of less than 0.5%: Ontzorgd Wonen Groep with 0.1%.

As at 30 June 2019, the PCSWs represent 47.47% of the Company's total rental income. PCSW (OCMW/CPAS) Antwerp has the largest share (3.51%), followed by PCSW (OCMW/CPAS) Bruges (2.70%) and PCSW (OCMW/ CPAS) Waregem (2.13%). The remaining balance of the rental income is derived from the projects operated by NPOs and and various private operators and NPOs, Anima Care, Armonea, Qaly@Beersel, Senior Living Group and Vulpia Care Group.'

⁽¹⁾ The residential care centre 'Les Saules' in Vorst, for which construction works have started on 15 September 2017, will be operated by a subsidiary of Anima Care nv (which is a full subsidiary of Ackermans & Van Haaren) after the provisional acceptance

⁽²⁾ A subsidiary of the French listed company Korian.

The average remaining term of the contracts is 17.05 years (1). This period includes the remaining term of the building right which, for the contracts in the initial leasing programme, is equal to the remaining leasehold period and the remaining tenancy period. For the new projects, only the rental or leasehold period is taken into account.

(1) The average remaining term of finance leases is 15.42 years and that of investment properties 23.58 years.

2.5 Breakdown of income deriving from leasehold and rental agreements in function of their residual duration

(1) The balance includes the remaining lease and rental income as at 30 June 2019 on the basis of the non-index-linked ground rent, respectively the rental remuneration for the entire remaining term of the contract (due dates not split) and with regard to the project for which the Company bears the risk of voids ('Tilia' in Gullegem), taking into account an occupancy rate of 100%.

2.6 Breakdown of projects by age of the buildings

Period closed on 30 June 2019	x €1.000. Income to be received for the period
	0-1 years	1-5 years	5-10 years	10-15 years	15-20 years	> 20 years
Investment properties in operation	14,120	56,480	70,600	70,066	69,987	56,793
Financial leases	10,330	41,318	48,920	33,828	23,137	14,578
Total (1)	24,450	97,798	119,520	103,894	93,124	71,371

(1) On 30 June 2019, Care Property Invest has 105 effectively acquired projects in its portfolio, of which 99 completed projects and 6 projects under development (the residential care centre 'Les Saules' in Vorst, the housing complex for persons with disabilities and acquired brain injuries 'De Nieuwe Ceder' in Deinze (with the exception of buildings C and D which have already been completed), the group of assisted living apartments 'Assistentiewoningen Welzijnshuis' in Middelkerke, the care residence 'De Orangerie' in Nijmegen, the care residence 'Margaritha Maria Kerk' in Tilburg and the care residence 'Sterrenwacht' in Middelburg). As at 30 June 2019, there are also two projects for which the Company has already signed an agreement under suspensory conditions (construction of a care residence in North Holland and the acquisition of a care residence in Laag-Keppel).

In the first semester of 2019, Care Property Invest was able to include 5 additional investments in the consolidated real estate portfolio, of which 2 new developments.

2.7 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 voids of the residential units therefore have no impact on the revenues generated by the Company.

Therefore the Company can confirm that the general occupancy rate of its investment properties and finance leases amounts to 100% on 30 June 2019.

(1) Care Property Invest only encounters a vacancy risk with the project 'Tilia' in Gullegem. The vacancy rate for the 'Tilia' project is therefore negligible in the entire portfolio. It was completely occupied on both 30 June 2018 and 30 June 2019, so there were no vacancies. With respect to the projects in the initial investment program, the risk lies with the counterparty. The Company receives the ground rent, whether or not a certain vacancy exists. For the new projects as well, the Company tries to shift this risk entirely or for a large part to the counterparty.

2.8 Insured value of the real estate

Period closed on 30	x €1.000. number of projects first occupied in
June 2019	in 2018	between 1 and 5 years ago	between 5 and 10 years ago	more than 10 years ago	Total
Investment properties in operation	0	9	4	7	20
Financial leases	1	3	23	52	79
Total	1	12	27	59	99 (1)

For the buildings that the Company develops or has developed itself, the Company contracts CAR insurance as well as liability insurance during the construction phase. 10-year liability insurance is contracted from the date that the projects are made available. The premiums paid by Care Property Invest are all paid by the operator.

The lease-, tenancy and provision contracts include an obligation for all leaseholders, tenants and parties to which the property is made available to contract the necessary fire insurance for the new construction value. The insurance obligation for real estate that is shown in investment properties is also borne by the leaseholder or tenant (operator), in accordance with the requirements included in the lease contracts or tenancy agreements. Care Property Invest therefore pays no insurance premiums for these buildings. The Company exercises control over the compliance of the operators with their insurance obligations.

(1) For the definition of the acquisition value, reference is made to chapter 'X Lexicon' in the Company's Annual Financial Report 2018 on page 320.

						Amounts shown in euros.
	Acquisition value (1)	Fair value	Rental income received	Rental income received compared to the fair value	Insured value	Insurance premium paid
Investment properties in operation	278,172,607	288,208,302	6,836,147	2.27%	0 (2)	0 (2)
Investment properties under development	23,229,705	22,842,995	0	0.00%	0 (2)	0 (2)
finance leases	203,953,505	271,931,892	7,563,884		2.78% 96 979 203 (3)	0 (2)
Total	505,355,816	595,926,204	14,400,031		96,979,202.65	0

administrative center, Hooglede: including municipal center, Hamme: including the substructure, Kapellen: including relaxation room and connecting building, Hamont-Achel: including connecting building and connection with flat no. 12, Oosteeklo: including vicarage,

(3) In principle, the 10-year liability is covered by the general contractor of the project in question, however the Company, for hedging purposes in case of default by the contractor, has concluded itself an additional 10-year liability insurance for the entire projectthe insured values refer only to the construction work covered by the 10-year liability for the projects: Lichtervelde: including Hemiksem: including the eligible part being 70.25% of the general contracting, Kontich: including renovation castle, Zulte: including connecting corridor, Lennik including community facilities, Hooglede (Gits) including day care centre, Sint-Niklaas (Priesteragie): including the substructure – Meise: including connecting corridor – Mol: including the 39 flats. All other insurances should, as determined in the contract, be concluded by the lessees.

⁽²⁾ The necessary insurance policies should be concluded by the operator of the property (given the 'triple net' agreements) or are passed on so that the final costs are to be borne by the operator.

2.9 Breakdown by building

In compliance with Article 30 of the RREC Law, no more than 20% of the consolidated assets may be invested in property that constitutes a single property unit. As at 30 June 2019, 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.

3. Real estate portfolio

Real estate strategy new projects

Based on the expertise and know-how that it gained in the realisation of 1,988 service flats (initial investment programme) Care Property Invest creates and finances affordable, high quality and attractive care infrastructure and forms of residential accommodation for the elderly and people with disabilities. A selection from the range are residential care centres, service centres, groups of assisted living apartments and housing complexes for persons with disabilities and acquired brain injuries.

Every project within the real estate portfolio of Care Property Invest was tailor-made by the multidisciplinary team of the Company. For example, the Company participates in public tenders (DBF(M) procedures), develops projects and acquires future or existing residential care projects that are or will be operated by experienced operators in both Belgium and The Netherlands.

A project is included in the property portfolio only after a thorough risk analysis and assessment by the Company's Board of Directors. The property must also always comply with the criteria laid down in the Company's mission statement. This provides that the property offered must always be socially responsible and appropriate for the end-users. This careful selection process takes place in the interests of Care Property Invest's shareholders, for which Care Property Invest aims to realise stable long-term returns.

The continuation of the strategy also involves permanent compliance with the requirements of the RREC Law and the RREC Royal Decree (see chapter 'IV. Report of the Board of Directors', paragraph '1. Strategy: Care building in complete confidence' on page 48 of the Company's annual financial report 2018).

For more information on the 5 residential care projects, including 2 developments, that the Company could effectively add to its property portfolio during the first semester of 2019, we refer to point '1. Important events' on page x of chapter 'II Interim Report of the Board of Directors'. A total of 2 projects have been acquired in Belgium and 3 in The Netherlands.

Table summarising the investment properties

Project	the Ind m ica ap tio on n o pa f th ge e l pa oc ge ati 79 on of	Ye ren ar ov of ati co on ns tru cti on /(l ate st)	Oc cu pa nc y r ate	To res tal ide le nti tta al ble flo or are a ( m2 )	Nu mb er of res ide nti al un its	Ind ex ed co ntr ac tua l re nts	ER Co ntr V o ac n v tua ac l re an cy nts +	Es tim ate d r en tal va lue (E RV )	Re nt pe r m ²	con Fai r v sol alu ida e c ted om as par set ed s to
Belgium
Tilia (8560 Gullegem)	1	2014-2015 100%		1,454		15 134,622	134,622	131,234	93	0.52%
Aan de Kaai (2300 Turnhout)	2		2012 100%	7,950		84 825,000	825,000	903,020	104	3.19%
De Nieuwe Kaai (2300 Turnhout)	3		2005 100%	7,806		99 862,840	862,840	973,287	111	3.35%
Boeyendaalhof (2270 Herenthout)	4	1991-2011 100%		7,139		118 750,000	750,000	875,106	105	3.03%
Ter Bleuk (2820 Bonheiden-Rijmenam)	5	2013-2016 100%		5,593		52 750,000	750,000	721,921	134	2.59%
3 Eiken (3620 Lanaken)	6	2015-2016 100%		7,990		122 920,000	920,000	995,416	115	3.73%
Les Saules (1190 Vorst)	7	2017-2019	/	7,239	118	/	/	/	/	1.88%
Les Terrasses du Bois(1170 Watermaal	8		2014 100%	16,568		164 1,769,689		1,769,689 1,827,557	107	6.66%
Bosvoorde) Bois de Bernihè (6800 Libramont)	9		2013 100%	6,886		126 610,000	610,000	730,293	89	2.29%
Qaly@Beersel (1652 Alsemberg)	10		2016 100%	6,834		87 850,000	850,000	846,660	124	3.24%
Oase (1861 Wolvertem)	11		2016 100%	6,730		80 800,000	800,000	865,377	119	3.09%
Residentie Moretus (2600 Berchem)	12	2005-2011 100%		8,034		150 1,150,000		1,150,000 1,218,974	143	4.43%
Park Kemmelberg (2600 Berchem)	13		2014 100%	2,412		31 350,000	350,000	404,033	145	1.39%
Home Aldante (1081 Koekelberg)	14		2003 100%	2,372		60 175,000	175,000	250,797	74	0.71%
Residentie 't Neerhof (9660 Brakel)	15		2013 100%	8,236		108 740,000	740,000	992,172	90	2.78%
Residentie De Anjers (2940 Balen) (1)	5	/	/	/	/	/	/	/	/	0.04%
Ter Meeuwen (3670 Oudsbergen)	16		2015 100%	8,628		101 693,750	693,750	801,493	80	2.80%
Wiart 126 (1090 Jette)	17		2014 100%	6,875		132 970,000		970,000 1,034,460	141	3.73%
Huyse Elckerlyc (3770 Riemst)	18		2007 100%	3,944		73 325,000	325,000	416,699	82	1.24%
La Résidence du Lac (1332 Genval)	19		2009 100%	5,410		109 922,000	922,000	920,196	170	3.33%
La Résidence du Lac(1332 Genval) (1)	19	/	/	/	/	/	/	/	/	0.19%
The Netherlands
De Orangerie (6538 DM Nijmegen)	1	2018-2020	/	6,567	68	/	/	/	/	1.35%
Villa Pavia (3701 AK Zeist)	2		2004 100%	1,638		16 280,000	280,000	395,110	171	0.98%
Margaritha Maria Kerk (5025 VB	3	2020	/	3,547	38	/	/	/	/	0.73%
Tilburg) Villa Sijthof (2245 CH Wassenaar)	4		2015 100%	1,411		19 329,480	329,480	364,154	234	1.12%
Sterrenwacht (4331 PX Middelburg)	5	2020	/	1,530	26	/	/	/	/	0.33%
Total			100%		1,996

The occupancy rate of the investment properties as at 30 June 2019 was 100%. The projects under development 'Les Saules' in Vorst, 'De Orangerie' in Nijmegen, 'Margaritha Maria Kerk' in Tilburg and 'Sterrenwacht' te Middelburg are not included in this percentage as they will only be completed by mid-2019 and beginning of 2020, respectively. For the hypotheses and principles adopted for the estimate of the rental value, reference is made to paragraph '4. Report of the real estate expert' on page 85. For the 'Aan de Kaai' investment property, the real estate expert based the calculation of the rental value on the assumption that the day-care centre will/can be converted into an additional 10 rooms.

⁽¹⁾ These are the rights in rem relating to the projects 'La Résidence du Lac' in Genval and 'Residentie De Anjers' in Balen, which according to IFRS 16 have to be recorded as an asset on the balance sheet.

Table summarising the finance leases

Period closed on	30 June 2019	31 December 2018
Finance lease receivables	178,730,108.16	173,160,837.65
Initial portfolio	156,518,609.97	156,518,609.97
New portfolio	22,211,498.19	16,642,227.68
Trade receivables related to completed projects	12,945,705.67	13,241,336.57
Initial portfolio	9,880,714.64	10,151,987.77
New portfolio	3,064,991.03	3,089,348.80
Total amount capitalised for leasing contracts	191,675,813.83	186,402,174.22

Table summarising the projects under development

							x 1.000.
Name	Marker on map on page 81	Estima ted future cost	Estimated total cost	Estimated delivery	Number of residential units	ERV after completion (on an annual basis)	ERV after comple tion (on an annual basis)
Investment properties
Les Saules (1190 Vorst - BE)	7	10,413	5,087	15,500	End 2019	118	760
De Orangerie (6538 DM Nijmegen - NL)	1	7,301	2,081	9,382	Beginning 2020	68	550
Margaritha Maria Kerk (5025 VB Tilburg- NL)	3	3,903	4,137	8,040	Fall 2020	38	444
Sterrenwacht (4331 PX Middelburg- NL)	5	1,612	3,888	5,500	End 2020	26	304
Finance leases
De Nieuwe Ceder (9800 Deinze - BE)	3	9,113	1,887	11,000	End 2019	86	600
Assistentiewoningen De Stille Meers (8430 Middelkerke - BE)	4	4,906	3,644	8,550	End 2019	60	500
Total		37,247	20,725	57,972			3,158

Investment properties

Initial investment programme

To date, the Company has 1,988 completed service flats in its portfolio, all of which were realised within the initial investment program of 2,000 service flats planned on the incorporation of the Company. For these projects, the cooperation between the Company and the OCMWs or non-profit associations was always laid down in a real estate leasing contract. In this structure, leasing is based on a 'triple net' leasehold on the building which takes effect after the provisional delivery of the project on the land made available to the Company by the OCMW or non-profit association via building rights. After the end of the 30-year rights of superficies, the OCMW or non-profit association owes Care Property Invest a final fee equal to the nominal amount of the initial investment costs, in order for the OCMW or the non-profit association to become the owner of the service flats.

The amount of the final building rights fee will not be reviewed nor index-linked. Once a building is ready for use, i.e. from the provisional delivery of the service flat building, on average 14 months after the commencement of the right of superficies, a leasehold period of 27 years commences, during which the OCMW or the non-profit association enjoys full use of the building and is fully responsible for its operation as a service flat building, by payment of a monthly ground rent installments for each service flat. The ground rent represents the interest paid on the capital invested by Care Property Invest and is indexed annually. This ground rent is independent of the occupancy of the building.

During the transitional period after the termination of the leasehold period until the end of the 30-year right of superficies, a tenancy agreement will apply, during which the OCMW or the non-profit association will owe a fee in line with the prevailing market interest rates at that time. The first right of lease in these contracts will expire in 2024.

The Flemish Community provided an 18-year subsidy for the benefit of the OCMW or non-profit association for the 2,000 service flats in the initial investment program, commencing on the date of the final recognition of the service flats by the Flemish government (which is confirmed by the Flemish Community about one year after the delivery of a project).

The company records the investment costs of these projects in its accounts in accordance with the IAS/ IFRS standards as long-term receivable (more specifically, as IAS 17 'Lease contracts'). The profit or loss margin allocated in accordance with the IAS/IFRS on the conclusion of these contracts is recorded in 'Trade receivables' and is capitalised via the global result statement.

The discounted value (positive or negative) is calculated by discounting the future cash flows arising from these contracts at a rate equal to the interest rate applying on the contracting date of the lease contract (further details on this calculation are provided in paragraph ''Notes 2: Accounting policies' on page <?> of chapter 'VIII. Financial Statements'). In accordance with the RREC regulations, these rights in rem on which the contracts were based do not need to be valued by a real estate expert.

Table summarising the new finance leases

Period closed on 30 June 2019	Marker on map on page 79	Number of flats	Commencement of leasehold	Ground rent due (1)	Insured value (2)	Acquisition cost (3)
MOERBEKE - Hof Ter Moere	1	22	April 2017	105,261.36	1,248,806.16	3,686,169.01
HERENTHOUT - Hof Driane	2	22	March 2018	90,915.71	1,020,079.41	3,449,199.92
BALEN - Residentie De Anjers	5	62	July 2018	310,000.00	/	9,781,179.71
DEINZE - De Nieuwe Ceder	3	86	/	/	2,948,940.00	9,112,668.01
MIDDELKERKE - Assistentiewoningen De Stille Meers	4	60	/	/	2,766,420.00	4,905,589.29
5 projects		252		506,177.07	7,984,245.57	30,934,805.94

(1) The ground rent owed from 1 January 2019 up to and including 30 June 2019 - this ground rent is independent of the occupancy rate of the building.

(2) In principle, liability cover is provided by the principal contractor of the relevant project for 10 years, but in order to hedge against default by that contractor, the Company has itself contracted additional 10-year liability insurance for the entire project - the insured values relate only to the buildings subject to 10-year liability. For the project in Balen, the necessary insurance policy must be taken out by the operator of the real estate (in view of the 'triple net' agreements).

(3) Capitalised costs relating to the creation of the service flats, including VAT. For the projects 'De Nieuwe Ceder' in Deinze and 'Assistentiewoningen De Stille Meers' in Middelkerke, these costs are the capitalised costs as at 31 December 2018.

Table summarising the projects in the initial investment programme

PROVINCE/MUNICIPALITY	Number flats	Commencement of leasehold	Ground rent due (1)	Insured value (2)	Acquisition cost (3)
ANTWERP
ZWIJNDRECHT – Dorp	26	October 1997	208,621.92	1,429,613.34	1,651,929.65
ZOERSEL – Sint-Antonius	24	June 1998	165,991.68	1,283,194.93	1,491,391.73
HOOGSTRATEN – Loenhoutseweg	23	January 1999	185,825.28	1,323,036.05	1,591,192.89
ARENDONK – Horeman	20	December 1998	158,976.00	1,050,613.98	1,258,806.57
DEURNE – Boterlaar	24	February 2000	207,383.04	1,318,387.38	1,642,136.89
KAPELLEN – Hoogboom	22	February 2000	175,090.08	1,288,259.07	1,386,416.23
KONTICH – Altena	25	December 2003	263,031.00	895,224.58	2,128,076.52
ESSEN – Maststraat	20	January 2001	181,776.00	1,165,628.20	1,439,363.34
ESSEN – Maststraat uitbreiding (fase 1)	10	April 2010	88,822.80	428,752.46	1,114,374.84
RETIE – Kloosterhof	24	November 2001	211,443.84	621,127.08	1,674,319.74
MERKSEM – De Brem	42	January 2002	341,873.28	871,697.37	2,707,138.69
VOSSELAAR – Woestenborghslaan	17	June 2002	153,452.88	430,284.58	1,215,136.97
ANTWERPEN – Grisarstraat	28	January 2003	309,859.20	718,280.65	2,453,562.72
HEMIKSEM – Sint-Bernardusabdij	24	May 2004	208,313.28	2,191,183.00	1,685,377.26
RAVELS – Mgr. Paapsstraat	25	August 2004	226,965.00	561,881.56	1,836,289.37
BRECHT – Gasthuisstraat	25	April 2005	198,132.00	1,216,910.79	1,903,193.13
EKEREN – Geestenspoor	19	July 2006	151,127.52	527,990.35	1,735,239.29
NIJLEN – Ten Velden	21	January 2011	104,086.08	892,763.63	2,419,420.86
BRECHT – Sint-Job	36	December 2011	136,140.48	1,400,089.88	4,215,610.62
SCHILDE – Molenstraat	22	December 2012	123,478.08	690,359.98	2,443,304.55
VORSELAAR – Nieuwstraat	22	October 2012	140,891.52	1,146,274.12	2,495,197.09
BEERSE – Boudewijnstraat	37	April 2012	231,510.48	2,458,167.86	3,965,857.61
MOL – Jakob Smitslaan	50	January 2013	145,104.00	4,165,828.54	5,444,482.30
			4,317,895.44	28,075,549.38	49,897,818.86

Amounts shown in euros

PROVINCE/MUNICIPALITY	Number flats	Commencement of leasehold	Ground rent due (1)	Insured value (2)	Acquisition cost (3)
WEST FLANDERS
HOOGLEDE – Hogestraat	22	February 1999	181,515.84	1,492,469.64	1,437,339.01
LICHTERVELDE – Statiestraat	19	February 1999	155,363.76	1,132,407.67	1,230,240.98
TORHOUT – K. de Goedelaan	21	February 1998	165,032.28	1,185,172.32	1,306,796.30
LO-RENINGE – Reninge	10	March 1999	83,371.20	551,543.46	698,604.38
ROESELARE – Centrum	30	October 2000	240,123.60	1,551,196.33	1,901,389.12
ZEDELGEM – Loppem	14	September 2009	120,981.84	375,604.58	995,172.10
WAREGEM – Zuiderlaan	63	April 2002	613,025.28	3,795,305.31	4,854,264.93
WERVIK – Gasstraat	17	March 2002	146,555.64	671,264.07	1,215,889.38
BRUGGE – Sint-Andries	36	December 2002	309,908.16	944,635.21	2,718,417.54
BRUGGE – De Vliedberg	35	January 2011	172,544.40	nvt	4,535,567.66
BRUGGE – 7-torentjes	33	November 2012	111,477.96	1,144,970.90	4,267,463.75
BRUGGE – Ten Boomgaarde	38	July 2012	184,534.08	2,298,989.67	6,408,174.91
MENEN – Lauwe	19	March 2003	175,010.52	555,425.10	1,385,782.73
MOORSLEDE – Marktstraat	17	January 2006	113,513.76	477,856.61	1,411,631.96
HOOGLEDE, Gits – Singellaan	20	October 2011	155,709.60	1,066,588.22	2,628,798.61
BREDENE – Duinenzichterf	48	December 2011	311,806.08	1,517,187.59	5,143,425.97
KORTEMARK – Hospitaalstraat	33	December 2011	240,985.80	1,166,696.74	3,830,409.52
			3,481,459.80	19,927,313.42	45,969,368.85
EAST FLANDERS
NINOVE – Denderwindeke	20	November 1997	153,141.60	1,044,505.81	1,212,658.83
ASSENEDE – Bassevelde	15	June 1998	112,210.20	811,548.10	888,510.01
AALST – Moorsel	47	Sept. + Nov. 1998	369,287.04	2,284,370.71	2,924,145.95
NINOVE – Burchtstraat	17	January 2000	145,164.36	912,921.50	1,149,451.51
ASSENEDE – Oosteeklo	16	June 2000	132,151.68	1,169,194.69	1,046,421.43
DE PINTE – Bommelstraat	20	August 2000	171,218.40	1,097,897.81	1,355,767.48
HAMME – Roodkruisstraat	20	January 2001	171,988.80	1,238,490.80	1,361,852.97
DEINZE – Ten Bosse	19	March 2002	152,119.32	906,005.00	1,204,571.93
HAMME – Moerzeke	11	May 2004	121,463.76	300,819.65	996,160.25
ZULTE – Pontstraat	26	June 2005	131,177.28	595,814.12	1,920,143.59
WAASMUNSTER – Molenstraat	24	December 2005	164,926.08	697,046.93	2,064,529.27
DESTELBERGEN – Steenvoordestraat	20	November 2006	164,193.60	600,629.30	1,998,805.04
DESTELBERGEN – Heusden	20	January 2015	175,855.20	1,493,021.60	3,074,689.54
SINT-NIKLAAS – Zwijgershoek	36	February 2009	155,373.12	1,631,812.54	3,382,787.41
SINT-NIKLAAS – Priesteragie	60	January 2013	197,020.80	2,984,302.45	9,663,258.24
			2,517,291.24	17,768,381.01	34,243,753.45

PROVINCE/MUNICIPALITY	Number flats	Commencement of leasehold	Ground rent due (1)	Insured value (2)	Acquisition cost (3)
WEST FLANDERS
HOOGLEDE – Hogestraat	22	February 1999	181,515.84	1,492,469.64	1,437,339.01
LICHTERVELDE – Statiestraat	19	February 1999	155,363.76	1,132,407.67	1,230,240.98
TORHOUT – K. de Goedelaan	21	February 1998	165,032.28	1,185,172.32	1,306,796.30
LO-RENINGE – Reninge	10	March 1999	83,371.20	551,543.46	698,604.38
ROESELARE – Centrum	30	October 2000	240,123.60	1,551,196.33	1,901,389.12
ZEDELGEM – Loppem	14	September 2009	120,981.84	375,604.58	995,172.10
WAREGEM – Zuiderlaan	63	April 2002	613,025.28	3,795,305.31	4,854,264.93
WERVIK – Gasstraat	17	March 2002	146,555.64	671,264.07	1,215,889.38
BRUGGE – Sint-Andries	36	December 2002	309,908.16	944,635.21	2,718,417.54
BRUGGE – De Vliedberg	35	January 2011	172,544.40	nvt	4,535,567.66
BRUGGE – 7-torentjes	33	November 2012	111,477.96	1,144,970.90	4,267,463.75
BRUGGE – Ten Boomgaarde	38	July 2012	184,534.08	2,298,989.67	6,408,174.91
MENEN – Lauwe	19	March 2003	175,010.52	555,425.10	1,385,782.73
MOORSLEDE – Marktstraat	17	January 2006	113,513.76	477,856.61	1,411,631.96
HOOGLEDE, Gits – Singellaan	20	October 2011	155,709.60	1,066,588.22	2,628,798.61
BREDENE – Duinenzichterf	48	December 2011	311,806.08	1,517,187.59	5,143,425.97
KORTEMARK – Hospitaalstraat	33	December 2011	240,985.80	1,166,696.74	3,830,409.52
			3,481,459.80	19,927,313.42	45,969,368.85
EAST FLANDERS
NINOVE – Denderwindeke	20	November 1997	153,141.60	1,044,505.81	1,212,658.83
ASSENEDE – Bassevelde	15	June 1998	112,210.20	811,548.10	888,510.01
AALST – Moorsel	47	Sept. + Nov. 1998	369,287.04	2,284,370.71	2,924,145.95
NINOVE – Burchtstraat	17	January 2000	145,164.36	912,921.50	1,149,451.51
ASSENEDE – Oosteeklo	16	June 2000	132,151.68	1,169,194.69	1,046,421.43
DE PINTE – Bommelstraat	20	August 2000	171,218.40	1,097,897.81	1,355,767.48
HAMME – Roodkruisstraat	20	January 2001	171,988.80	1,238,490.80	1,361,852.97
DEINZE – Ten Bosse	19	March 2002	152,119.32	906,005.00	1,204,571.93
HAMME – Moerzeke	11	May 2004	121,463.76	300,819.65	996,160.25
ZULTE – Pontstraat	26	June 2005	131,177.28	595,814.12	1,920,143.59
WAASMUNSTER – Molenstraat	24	December 2005	164,926.08	697,046.93	2,064,529.27
DESTELBERGEN – Steenvoordestraat	20	November 2006	164,193.60	600,629.30	1,998,805.04
DESTELBERGEN – Heusden					3,074,689.54
	20	January 2015	175,855.20	1,493,021.60
SINT-NIKLAAS – Zwijgershoek	36	February 2009	155,373.12	1,631,812.54	3,382,787.41
SINT-NIKLAAS – Priesteragie	60	January 2013	197,020.80	2,984,302.45	9,663,258.24
			2,517,291.24	17,768,381.01	34,243,753.45

PROVINCE/MUNICIPALITY	Number flats	Commencement of leasehold	Ground rent (1) received	Insured value (2)	Acquisition (3) cost
FLEMISH BRABANT
OPWIJK – Kloosterstraat	13	March 1998	103,034.88	696,568.88	815,873.14
OPWIJK – Kloosterstraat (phase 2)	32	February 2014	321,108.48	1,549,454.14	4,592,556.69
KORTENBERG – Leuvensestnwg	24	June 2007	183,021.12	742,522.02	2,398,855.72
ZAVENTEM – Sterrebeek	15	September 2008	146,313.00	549,923.76	1,827,654.52
ZAVENTEM – Sint-Stevens-Woluwe	18	December 2010	244,207.44	1,154,168.59	3,026,839.21
TIENEN – Houtemstraat	31	April 2008	287,879.64	1,010,999.74	3,382,906.85
TIENEN – Houtemstraat (phase 2)	31	April 2010	240,951.84	1,249,237.58	3,455,560.46
LENNIK – Stationsstraat	16	September 2011	135,406.08	944,697.97	1,822,180.35
LIEDEKERKE – Fabriekstraat	36	March 2012	130,826.88	1,718,342.13	4,522,763.78
MEISE – Godshuisstraat	43	September 2012	179,903.40	2,258,463.25	6,143,210.15
			1,972,652.76	11,874,378.06	31,988,400.87

LIMBURG
HAMONT – De Kempkens	16	November 2000	136,229.76	972,542.97	1,078,707.46
LEOPOLDSBURG – Heppen	19	November 2003	177,456.96	470,860.10	1,435,709.20
ZONHOVEN – Rozenkransweg	31	October 2001	272,121.72	754,824.79	2,154,751.95
LEOPOLDSBURG – Centrum	31	September 2004	280,993.92	833,141.60	2,304,535.76
AS – Dorpstraat	18	October 2005	174,681.36	400,884.21	1,457,524.43
HAMONT-ACHEL – Achel	25	November 2000	141,336.00	1,104,605.75	3,144,985.21
DILSEN-STOKKEM – Langs de Graaf	28	May 2008	297,978.24	1,100,841.53	3,330,436.58
ZONHOVEN – Dijkbeemdenweg	40	August 2009	169,718.40	2,360,844.65	5,644,646.36
BERINGEN – Klitsbergwijk	24	October 2009	165,162.24	1,071,539.26	2,984,965.48
HEUSDEN-ZOLDER – Hesdinstraat	28	March 2012	169,639.68	981,277.63	3,004,334.33
HAM – Speelstraat	37	May 2013	130,318.44	1,297,972.72	3,969,442.96
			2,115,636.72	11,349,335.21	30,510,039.72
76 projects	1.988		14,404,935.96	88,994,957.08	192,609,381.75

(1) The ground rent owed from 1 January 2019 to 31 December 2019 - this ground rent is independent of the occupancy rate of the building.

(2) In principle, liability cover is provided by the principal contractor of the relevant project for 10 years, but in order to hedge against default by that contractor, the Company has itself contracted additional 10-year liability insurance for the entire project - the insured values relate only to the buildings subject to 10-year liability, for the following projects: Lichtervelde, including the administrative centre; Hooglede, including the municipal centre; Hamme, including the foundations; Kapellen, including the relaxation area and the connecting building; Hamont, including the connecting building and link to flat No. 12; Oosteeklo, including the parsonage; Hemiksem, including the subsidisable part comprising 70.25% of the general contract; Kontich: including renovation of the castle; Zulte, including walkway; Lennik, including community facilities; Hooglede (Gits), including the day care centre; Sint-Niklaas (Priesteragie), including foundations; Meise, including walkway, and Mol, including the 39 flats. As contractually agreed, all other insurance must be contracted by the lessees.

(3) Capitalised costs relating to the creation of the service flats, inclusive of VAT (contractual pre-payments of €36,090,771.86 have not yet been deducted from this and will be deducted from the final building right fees still due on termination of the right of superficies). The acquisition value takes into account the final settlement of the invested amount for certain projects

4. Report of the real estate expert

Dear Sir or Madam,

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 2019.

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. 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.

On 30 June 2019, the fair value of the property portfolio amounted to €311,051,300 and the market value with no additional costs payable by the buyer (or the investment value, before deduction of transfer tax) to €319,367,800. The fair value of the outstanding ground rent amounts to €1,213,500.

Antwerp, 30 June 2019

Katrien Van Grieken, MRE Consultant Surveyor STADIM cvba

Philippe Janssens, FRICS Managing Director STADIM cvba

VI. Verkorte financiële staten V Condensed financial statements

V. Condensed financial statements 2 Consolidated balance sheet

		Amounts shown in euros.
Period closed on	30 June 2019	31 December 2018
ASSETS
I. NON-CURRENT ASSETS	518,070,400.19	467,278,472.23
B. Intangible assets	147,853.06	145,478.62
C. Investment properties	312,264,821.61	271,431,222.33
D. Other tangible fixed assets	13,806,249.39	9,124,239.06
E. Financial fixed assets	175,662.30	175,358.00
F. Finance lease receivables	178,730,108.16	173,160,837.65
G. Trade receivables and other non-current assets	12,945,705.67	13,241,336.57
II. CURRENT ASSETS	13,698,879.84	6,358,789.69
D. Trade receivables	6,986,197.11	962,811.01
E. Tax receivables and other current assets	1,439,050.81	2,492,129.75
F. Cash and cash equivalents	4,850,556.18	2,746,139.42
G. Deferrals and accruals	423,075.74	157,709.51
TOTAL ASSETS	531,769,280.03	473,637,261.92
EQUITY AND LIABILITIES
EQUITY	246,093,620.22	230,411,202.13
A. Capital	121,338,541.35	114,961,266.36
B. Share premium	104,198,588.05	87,551,065.26
C. Reserves	14,302,351.52	4,897,292.03
D. Net result for the financial year (1)	6,254,139.30	23,001,578.48
LIABILITIES	285,675,659.82	243,226,059.80
I. Non-current liabilities	191,754,111.61	170,794,880.37
A. Provisions	1,978.81	1,978.81
B. Non-current financial liabilities	166,546,504.29	144,726,760.10
C. Other non-current financial liabilities	24,168,379.42	19,556,182.94
E. Other non-current liabilities	1,037,249.09	338,555.63
F. Deferred taxation	0.00	6,171,402.89
II. Current liabilities	93,921,548.21	72,431,179.43
B. Current financial liabilities	85,963,114.09	67,022,936.27
D. Trade payables and other current liabilities	3,771,610.39	4,092,270.19
E. Other current liabilities	2,528,834.49	250,000.00
F. Deferrals and accruals	1,657,989.24	1,065,972.97
TOTAL EQUITY + LIABILITIES	531,769,280.03	473,637,261.93

(1) The difference between the net result of the financial year included in the consolidated balance sheet and the net result based on the consolidated global result statement relates to the result as at 31 December 2018 of the Dutch subsidiaries Care Property Invest.NL B.V. and Care Property Invest.NL2 B.V. which have an extended financial year for a period ending on 31 December 2019. Therefore, the result can only be allocated after the general meeting in 2020.

1. Consolidated global result statement

		Amounts shown in euros.
Period closed on 30 June	2019	2018
I. Rental income (+)	14,400,031.13	12,313,410.79
NET RENTAL INCOME	14,400,031.13	12,313,410.79
REAL ESTATE OPERATING RESULT	14,400,031.13	12,313,410.79
IV. Recovery of real estate costs (+)	0.00	47,720.67
XIV. General expenses of the Company (-)	-2,560,354.07	-1,947,575.15
XV. Other operating income and expenses (+/-)	1,820,641.47	-440,776.58
OPERATING RESULT BEFORE RESULT ON PORTFOLIO	13,660,318.53	9,972,779.73
XVIII. Changes in fair value of real estate investments (+/-)	257,817.08	729,318.28
XIX. Other results on portfolio (+/-)	-140,606.42	-339,430.14
OPERATING RESULT	13,777,529.19	10,362,667.87
XX. Financial income (+)	22,411.02	197.24
XXI. Net interest expense (-)	-3,081,292.46	-2,812,440.48
XXII. Other financial costs (-)	-120,659.08	-48,356.43
XXIII. Changes in fair value of financial assets/liabilities (+/-)	-4,452,912.29	296,837.48
FINANCIAL RESULT	-7,632,452.81	-2,563,762.19
RESULT BEFORE TAXES	6,145,076.38	7,798,905.68
XXIV. Corporation tax (-)	-161,371.91	-218,364.35
XXV. Exit tax (-)	710,054.83	893,871.11
NET RESULT (part of the group)	6,693,759.30	8,474,412.44
GLOBAL RESULT	6,693,759.30	8,474,412.44

3. Statement of changes in consolidated equity

	CAPITAL	SHARE PREMIUM	reserves for the balance of changes in the fair value of real estate		reserves for impact of swaps (1)
			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 resulting from hypothetical disposal of investment properties (-)
net appropriation account for the 2017 financial year	0	0	909,191	-451,714	2,049,041
net appropriation account for the 2018 financial year	0	0	5,431,796	-165,090	-142,220

	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 results carried treasury shares 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 resulting from hypothetical disposal of investment properties (-)
1 January 2018	114,961,266	87,551,065	3,728,391	-113,122	-21,463,004	1 January 2018	11,499,810	0	7,705,123	1,357,197	14,287,714	218,157,243
net appropriation account for the 2017 financial year	0	0	909,191	-451,714	2,049,041	net appropriation account for the 2017 financial year	-1,017,478	0	2,051,056	3,540,095	-3,540,095
dividends	0	0	0	0	0	dividends	0	0	0	0	-10,747,620
treasury shares	0	0	0	0	0	treasury shares	0	0	0	0	0
result for the period (2)	0	0	0	0	0	result for the period (2)	0	0	0	0	8,474,412
interim dividend	0	0	0	0	0	interim dividend	0	0	0	0	0
capital increase	0	0	0	0	0	capital increase	0	0	0	0	0
30 June 2018	114,961,266	87,551,065	4,637,581	-564,836	-19,413,963	30 June 2018	10,482,332	0	9,756,178	4,897,292	8,474,412	215,884,036
1 January 2019	114,961,266	87,551,065	2,884,002	-1,578,417	-19,413,963	1 January 2019	11,283,515	0	11,722,154	4,897,292	23,001,578
net appropriation account for the 2018 financial year	0	0	5,431,796	-165,090	-142,220	net appropriation account for the 2018 financial year	0	0	4,404,264	9,528,750	-9,528,750
dividends	0	0	0	0	0	dividends	0	0	0	0	-13,912,448
treasury shares	0	0	0	0	0	treasury shares	0	-123,691		-123,691	0
result for the period (2)	0	0	0	0	0	result for the period (2)	0	0	0	0	6,693,759
interim dividend	0	0	0	0	0	interim dividend	0	0	0	0	0
capital increase	6,377,275	16,647,523	0	0	0	capital increase	0	0	0	0	0
30 June 2019	121,338,541	104,198,588	8,315,799	-1,743,507	-19,556,183	30 June 2019	11,283,515	-123,691	16,126,418	14,302,352	6,254,139	246,093,620

(1) Reserve for the changes in the fair value of permitted hedging instruments that are not subject to hedge accounting as defined in 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.

4. Cash flow table

Period closed on 30 June	2019	Amounts shown in euros. 2018 (1)
CASH AND CASH EQUIVALENTS AT START OF THE FINANCIAL YEAR	2,746,139	5,641,055
1. CASH FLOW FROM OPERATING ACTIVITIES	-21,882	2,745,842
Net result for the financial year	6,693,759	8,474,412
taxes	-548,683	-675,507
net interest costs	3,081,292	2,812,440
income from interests	-22,411	-197
Net result for the financial year (excluding interest and taxes)	9,203,958	10,611,149
Non-cash items to be added to/deducted from the result	2,523,260	-517,271
changes in the fair value of swaps	4,452,912	-296,837
changes in the fair value of investment properties	-257,817	-729,318
depreciations and amortisations, impairments and reversals of impairments of property, tangible fixed assets	84,665	62,667
decrease in trade receivables (profit or loss margins attributed to previous periods)	-1,897,107	106,788
other portfolio result	140,606	339,430
Change in working capital requirement	-11,749,100	-7,348,036
Movements in assets	-6,444,220	-795,002
Movements in liabilities	-5,304,880	-6,553,034
2. CASH FLOW FROM INVESTMENT ACTIVITIES	-28,008,727	-12,838,110
investments in finance leases (developments)	-9,584,169	-1,980,061
investment properties (including developments)	-13,956,701	-2,184,823
investments in shares of real estate companies	-4,334,164	-8,537,936
investments in tangible fixed assets	-115,081	-135,289
investments in intangible fixed assets	-18,612	0
3. CASH FLOW FROM FINANCING ACTIVITIES	30,135,026	8,980,857
Cash elements included in the result	-2,913,394	-3,131,734
interest payments	-2,978,995	-3,175,425
received interest (swap)	65,601	43,692
Change in financial liabilities and financial debts	39,215,401	22,860,210
increase (+) in financial debts	40,700,000	24,012,750
decrease (-) in financial debts: repayments	-1,484,599	-1,152,540
Change in equity	-6,166,982	-10,747,620
buy-back/sale of treasury shares	-123,691	0
dividend payments	-4,982,637	-9,135,477
payment of withholding tax on dividends	-1,060,655	-1,612,143
TOTAL CASH FLOWS (1) + (2) + (3)	2,104,417	-1,111,411
CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL YEAR	4,850,556	4,529,644

`

(1) As a result of the summarized presentation of the cash flow table compared to that of 30 June 2018, a number of reclassifications have been performed in the figures as at 30 June 2018, in order to allow for a correct comparison.

5. Notes

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 highquality 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.

Care Property Invest is listed on Euronext Brussels and is a constituent of the Bel Mid and GPR index.

The consolidated interim financial statements of the Company as at 30 June 2019 comprise the Company and its subsidiaries. The consolidated interim financial statements are presented in euro, unless otherwise stated, and cover the 6-month period ended on 30 June 2019.

5.2 Accounting policies

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 consolidated interim financial statements should be read in conjunction with the financial statements for the financial year ended 31 December 2018. Care Property Invest did not adopt any new IFRS standards or interpretations during the first half of 2019. The adoption of IFRS 16 has already been applied early in 2018.

5.3 Segment information

In view of the fact that Care Property Invest nv has been active on the Dutch market since October 2018 and has the ambition to make the Dutch market its second home market, the Company has since (in accordance with IFRS 8) made a distinction between 2 geographical segments: Belgium and the Netherlands. The segmented information has been prepared taking into account the operating segments and the information used internally to take decisions. The operating results are regularly assessed by the chief operating decision maker (senior officers of the entity) or CODM in order to take decisions regarding the distribution of available resources and to determine the performance of the segment. Within Care Property Invest nv the management committee acts as CODM.

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

5.3.1 SEGMENTED INFORMATION - RESULT

Amounts shown in euros. Period closed on 30 June 2019
Operating result	Belgium	The Netherlands	Non allocated amounts	Total
NET RENTAL INCOME	14,249,963.70	150,067.43	0.00	14,400,031.13
REAL ESTATE OPERATING RESULT	14,249,963.70	150,067.43	0.00	14,400,031.13
General expenses of the Company	-2,511,397.80	-48,956.27	0.00	-2,560,354.07
Other operating revenue and expenses	1,836,622.26	-15,980.79	0.00	1,820,641.47
OPERATING RESULT BEFORE RESULT ON PORTFOLIO	13,575,188.16	85,130.37	0.00	13,660,318.53
Changes in the fair value of investment properties	-143,844.28	401,661.36	0.00	257,817.08
Other portfolio result	-108,972.42	-31,634.00	0.00	-140,606.42
OPERATING RESULT	13,322,371.46	455,157.73	0.00	13,777,529.19
Financial result			-7,632,452.81	-7,632,452.81
RESULT BEFORE TAXES				6,145,076.38
Taxes			548,682.92	548,682.92
NET RESULT				6,693,759.30
OVERALL RESULT				6,693,759.30

5.3.2 SEGMENTED INFORMATION - BALANCE SHEET

				Amounts shown in euros.
Period closed on 30 June 2019
Balance sheet	Belgium	The Netherlands	Non allocated amounts	Total
TOTAL ASSETS	288,270,533.34	23,994,288.27	219,504,458.42	531,769,280.03
Investment properties	288,270,533.34	23,994,288.27	0.00	312,264,821.61
Investment properties	277,047,740.34	11,160,561.27	0.00	288,208,301.61
Investment properties - project developments	10,009,268.00	12,833,727.00	0.00	22,842,995.00
Investment properties - rights in rem	1,213,525.00	0.00	0.00	1,213,525.00
Other assets			219,504,458.42	219,504,458.42
TOTAL EQUITY AND LIABILITIES			531,769,280.03	531,769,280.03
Shareholders' Equity			246,093,620.22	246,093,620.22
Liabilities			285,675,659.81	285,675,659.81

Period closed on 31 December 2019
Balance sheet	Belgium	The Netherlands	Non allocated amounts	Total
TOTAL ASSETS	261,554,673.33	9,876,549.00	202,206,039.59	473,637,261.92
Investment properties	261,554,673.33	9,876,549.00	0.00	271,431,222.33
Investment properties	252,135,331.70	5,196,178.00	0.00	257,331,509.70
Investment properties - project developments	9,080,786.00	4,680,371.00	0.00	13,761,157.00
Investment properties - rights in rem	338,555.63	0.00	0.00	338,555.63
Other assets			202,206,039.59	202,206,039.59
TOTAL EQUITY AND LIABILITIES			473,637,261.93	473,637,261.93
Shareholders' Equity			230,411,202.13	230,411,202.13
Liabilities			243,226,059.79	243,226,059.79

Amounts shown in euros.

5.4 Property portfolio

(1) On 30 June 2019, Care Property Invest had 79 projects in portfolio, 2 of which were under development. The increase of the finance lease receivables from €173,160,837.65 to €178,730,108.16 is due to the inclusion of buildings C and D of the 'De Nieuwe Ceder' project in Deinze, completed on 7 June 2019 and 6 May 2019, respectively, as finance leases (IFRS 16). Unlike the projects in the initial portfolio, for the projects 'Hof Driane' in Herenthout and 'Residentie De Anjers' in Balen, the canon consists not only of the interest component but also of the capital repayment, as a result of which the amount of the receivable will gradually decrease over the period of the leasehold agreement , as was the case for the 'Hof ter Moere' project in Moerbeke, 'Hof Driane' in Herenthout and 'Residentie De Anjers' in Balen.

		Amounts shown in euros.
Period closed on	30 June 2019	31 December 2018
Investment properties
total fair value	312,264,821.61	271,431,222.33
average remaining duration until the end of the leasehold or rental period	23.58	23.74
Leasing activities (projects made available) by means of leasehold agreements)
receivables finance leases	178,730,108.16	173,160,837.65
trade receivables related to completed projects	12,945,705.67	13,241,336.57
total receivable finance leases	191,675,813.83	186,402,174.22
fair value of the finance lease receivables (1)	271,931,892.42	249,138,429.41
average remaining duration until the end of the building period	15.42	15.73
difference between total receivable/ fair value	80,256,078.59	62,736,255.19

5.5 Change in fair value of investment properties

				Amounts shown in euros.
	Fair value at 31 December 2018	Investments and acquisitions by purchase or contribution	Change in fair value	Fair value at 30 June 2019
Belgium	261,554,673.33	26,876,579.71	-160,719.70	288,270,533.34
Properties in operation	252,135,331.70	24,244,678.00	667,730.64	277,047,740.34
Project developments	9,080,786.00	1,930,866.21	-1,002,384.21	10,009,268.00
Rights in rem	338,555.63	701,035.50	173,933.87	1,213,525.00
The Netherlands	9,876,549.00	13,747,711.91	370,027.36	23,994,288.27
Properties in operation	5,196,178.00	5,883,735.27	80,648.00	11,160,561.27
Project developments	4,680,371.00	7,863,976.64	289,379.36	12,833,727.00
Rights in rem	0.00	0.00	0.00	0.00
Total	271.431.222,33	40.624.291,62	209.307,66	312.264.821,61

5.6 Financial liabilities

	31/12/2018	Cash elements	Non-cash elements				30/06/2019
			Acquisitions	Ex change rate move ments	Changes in fair value	Other changes
Non-current financial liabilities	144,726,760	22,000,000	1,358,966	0	0	-1,539,221	166,546,504
Current financial liabilities	67,022,936	17,215,401	103,185	0	0	1,539,221	85,880,744
Authorised hedging instruments	19,556,183	0	0	0	4,452,912	159,284	24,168,379
Total liabilities from financial activities	231,305,879	39,215,401	1,462,151	0	4,452,912	159,284	276,595,628

5.7 Financial instruments

Care Property Invest has raised foreign funds to finance new projects. 17 of these loans were hedged by means of a swap transaction. The fair values of these financial instruments are included, in accordance with IAS 39, 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 IAS 39 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 224 of the chapter 'VIII Annual Accounts' of the Company's Annual Financial Report 2018. 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 devaluation adjustment' (DVA)) and the credit rating of the counter-party ("credit valuation adjustment" (CVA)).

OVERVIEW OF FINANCING AS AT 30 JUNE 2019					Amounts shown in euro.
financing for the project in	amount of the loan (notional amount)	due date	fixed interest rate of the swap	maturity (in years)	valuation as at 30 June 2019
Moorslede	1,187,486.05	01/02/33	5.100%	13.85	-765,353.57
Essen - 2nd phase	1,213,164.72	03/08/26	5.190%	7.35	-432,727.65
Achel	1,511,366.06	02/10/34	4.850%	15.52	-1,028,546.09
Ekeren	1,618,798.95	02/05/33	4.620%	14.10	-927,988.27
Zaventem - Sterrebeek	1,667,307.15	02/05/35	4.315%	16.10	-1,011,148.49
Sint-Niklaas	1,736,652.10	02/01/36	5.050%	16.77	-1,326,873.88
Destelbergen	1,885,159.00	03/10/33	4.300%	14.52	-1,065,425.17
Waasmunster	2,067,360.12	02/11/32	4.040%	13.60	-1,031,883.22
Kortenberg	2,147,304.69	03/04/34	4.065%	15.02	-1,121,376.47
Beringen	2,283,967.00	01/10/36	5.010%	17.52	-1,818,079.17
Zonhoven - 2nd phase	2,406,536.94	01/08/36	4.930%	17.35	-1,887,272.32
Tienen	2,993,023.90	01/03/35	4.650%	15.93	-1,921,438.82
Dilsen-Stokkem	3,003,107.81	01/12/34	4.940%	15.68	-2,077,941.08
Zaventem - Sint-Stevens-Woluwe	3,061,489.19	01/02/27	5.260%	7.85	-1,085,718.99
Bruges - Vliedberg	3,222,432.60	31/12/36	4.710%	17.77	-2,361,032.85
Tienen - 2nd phase	3,786,791.37	31/12/36	4.350%	17.77	-2,553,866.85
Total fair value confirmed by Belfius Bank					-22,416,672.87
IRS 19022212 - Konli (1)	0.00	31/03/26	2.460%	7.01	-688,868.78
IRS 19022207 - Konli (1)	0.00	31/03/26	2.060%	7.01	-252,807.38
IRS 11664152 - VSP Wolvertem	2,156,104.00	30/06/29	2.530%	10.26	-551,059.54
Total fair value confirmed by BNP Paribas Fortis Bank					-1,492,735.70
IRS 12934821 - Balen	12,000,000.00	17/07/26	0.653%	7.30	-713,043.17
IRS 13985771	8,000,000.00	29/03/29	0.488%	10.00	-314,139.10
Total fair value confirmed by KBC Bank					-1,027,182.27
Correction DVA					768,211.42
Total fair value					-24,168,379.42

(1) The amount still outstanding as at 30 June 2019 for these projects was €3,685,000.00 and €2,878,000.00 respectively.

The fair value of the hedging instruments is subject to the evolution of interest rates on the financial markets. This evolution largely explains the change in fair value of the hedging instruments between 1 January 2019 and 30 June 2019. This led to a loss of €-4,452,912.29 recorded in the Company's global result statement as at 30 June 2019. These fluctuations in value relate to unrealised variations that are corrected in the adjusted EPRA earnings. A 0.25% change in the yield curve (more positive or negative) would have an impact on the fair value of the instruments of approximately €2.8 million.

An increase in interest rates would have a positive effect on the global result and a decrease in interest rates would have a negative impact on the global result.

The summary of the hedges is presented below:

5.8 Debt ratio

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

calculation of debt burden in accordance with article 13 § 1 of the RREC Decree.
less: (cfr. article 13 § 1 of the RREC Decree)
provisions	-1,978.81
authorised hedging instruments	-24,168,379.42
deferred taxes (liability- incl. exit tax)	0.00
deferrals and accruals	-1,657,989.24

		Amounts shown in euros
Period closed on	30 June 2019	31 December 2018
calculation of debt burden in accordance with article 13 § 1 of the RREC Decree.
total debt burden	285,675,659.82	242,887,504.17
less: (cfr. article 13 § 1 of the RREC Decree)
provisions	-1,978.81	-1,978.81
authorised hedging instruments	-24,168,379.42	-19,556,182.94
deferred taxes (liability- incl. exit tax)	0.00	-6,171,402.89
deferrals and accruals	-1,657,989.24	-1,065,972.97
assets taken into account to calculate the debt ratio in accordance with article 13 § 1 of the RREC Decree.	259,847,312.35	216,091,966.56
total assets	531,769,280.03	473,637,261.92
DEBT RATIO OF THE COMPANY	48.86%	45.62%

The available space for further investments and completion of the developments already acquired before reaching a debt ratio of 55% amounts to €72.45 million on 30 June 2019.

5.9 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.

				Amounts shown in euro.
	Level 1	Level 2	Level 3	Amounts shown in the balance sheet as at 30 June 2019
Investment properties			312,264,821.61	312,264,821.61
Finance lease receivables and trade receivables etc, (1)		271,931,892.42		191,675,813.83
Financial fixed assets		175,662.30		175,662.30
Trade receivables		6,986,197.11		6,986,197.11
Cash and cash equivalents	4,850,556.18			4,850,556.18
Non-current and current financial liabilities		245,103,902.69		252,509,618.38
Other non-current financial liabilities (swaps)		-24,168,379.42		-24,168,379.42
Other non-current liabilities		1,037,249.09		1,037,249.09
Trade payables and other current liabilities		3,771,610.38		3,771,610.38
Other current liabilities		2,528,834.49		2,528,834.49

				Amounts shown in the balance sheet as at
	Level 1	Level 2	Level 3	31 December 2018
Investment properties			271,431,222.33	271,431,222.33
Finance lease receivables and trade receivables etc, (1)		249,138,429.41		186,402,174.22
Financial fixed assets		175,358.00		175,358.00
Trade receivables		962,811.01		962,811.01
Cash and cash equivalents	2,746,139.42			2,746,139.42
Non-current and current financial liabilities		199,963,775.58		211,749,696.37
Other non-current financial liabilities (swaps)		-19,556,182.94		-19,556,182.94
Other non-current liabilities		338,555.63		338,555.63
Trade payables and other current liabilities		4,092,270.18		4,092,270.18
Other current liabilities		250,000.00		250,000.00

(1) The fair value of 'financial trade receivables' and the 'financial liabilities' was calculated by discounting all future cash flows at an IRS rate prevailing as at the closing date of the relevant period depending on the maturity of the underlying contract,plus a margin.

Amounts shown in euro.

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 first semester of 2019' on page 17 in chapter 'I. Interim report of the Board of Directors'.

7. Transactions with affiliated parties

Transactions with related parties are in compliance with IAS 24 and the Companies Code.

In the first semester of the 2019 financial year, no transactions were carried out outside the scope of normal commercial relations.

8. Participating interests

On 30 June 2019, Care Property invests has 9 Belgian (1) and 5 Dutch subsidiaries (2). More details about these companies are listed in the table below. .

Name	Category	VAT number	Acquisition date	Share in the capital of CPI in %
Care Property Invest nv (RREC)	Parent company	BE0456.378.070
Belgian subsidiaries
Siger nv	Subsidiary	BE0876.735.785	13/07/17	100%
Igor Balen nv	Subsidiary	BE0456.378.070	17/07/18	100%
Anda Invest bvba	Subsidiary	BE0475.004.743	29/12/17	100%
Tomast bvba	Subsidiary	BE0475.004.842	29/12/17	100%
't Neerhof service nv (FIIS/GVBF)	Subsidiary	BE0444.701.349	29/03/18	100%
De Meeuwen nv (FIIS/GVBF)	Subsidiary	BE0833.779.534	2/10/18	100%
B.E.R.L. International (FIIS/GVBF)	Subsidiary	BE0462.037.427	19/12/18	100%
Decorul nv	Subsidiary	BE0440.216.880	19/02/19	100%
Immo du Lac nv (FIIS/GVBF)	Subsidiary	BE0888.891.766	3/04/19	100%
Dutch subsidiaries
Care Property Invest.NL B.V.	Subsidiary	Kvk 72865687	17/10/18	100%
Care Property Invest.NL2 B.V.	Subsidiary	Kvk 73271470	5/12/18	100%
Care Property Invest.NL3 B.V.	Subsidiary	Kvk 74201298	5/03/19	100%
Care Property Invest.NL4 B.V.	Subsidiary	Kvk 74580000	15/04/19	100%
Care Property Invest.NL5 B.V.	Subsidiary	Kvk 74918516	23/05/19	100%

⁽¹⁾ On 23 July 2019, the companies Siger nv and Igor Balen nv merged with Care Property Invest.

⁽²⁾ On 8 August 2019, Care Property Invest established a sixth Dutch 100% subsidiary with the name Care Property Invest.NL6 B.V. This subsidiary was also set up to acquire healthcare real estate sites in the Netherlands.

9. Auditors' report

REPORT OF THE STATUTORY AUDITOR TO THE SHAREHOLDERS OF CARE PROPERTY INVEST NV/SA ON THE REVIEW OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2019 AND FOR THE SIX-MONTH PERIOD THEN ENDED

Introduction

We have reviewed the accompanying interim condensed consolidated balance sheet of Care Property Invest nv/sa (the 'Company'), and its subsidiaries (collectively referred to as 'the Group') as at 30 June 2019 and the related interim condensed consolidated global result statement, the statement of changes in consolidated equity and the cash flow table for the six-month period then ended, and explanatory notes, collectively, the 'Interim Condensed Consolidated Financial Statements'. These statements show a consolidated balance sheet total of €531.769 thousand and a consolidated profit for the six-month period of €6.694 thousand. The board of directors is responsible for the preparation and presentation of these Interim Condensed Consolidated Financial Statements in accordance with International Financial Reporting Standard IAS 34 Interim Financial Reporting ('IAS 34') as adopted by the European Union. Our responsibility is to express a conclusion on these Interim Condensed Consolidated Financial Statements based on our review.

Scope of limited 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 the 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 Interim Condensed Consolidated Financial Statements are not prepared, in all material aspects, in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union.

Brussels, 2 September 2019

Ernst & Young Bedrijfsrevisoren cvba/Ernst & Young Réviseurs d'Entreprises scrl Statutory auditor of Care Property Invest NV/SA represented by

Christel Weymeersch Partner, Acting on behalf of a bvba/sprl

10. Alternative Performance Measures (1)

Care Property Invest has used APMs (Alternative Performance Measures) within the meaning of the guidelines recently laid down by the European Securities and Markets Authority, ESMA. These APMs have been defined by the Company with a view to offering the reader a better understanding of its results and performances. Performance indicators defined by IFRS or by law are not considered to be APMs. Nor are indicators that are not based on balance sheet or global result statement headings. The definitions of the performance measures below may differ from other concepts with the same name used by other companies.

10.1 Operating margin

The operating margin is used by Care Property Invest to measure the Company's operating profitability as a percentage of rental income and is calculated by dividing the operating result before the portfolio result by the net rental result.

Period closed on 30 June		2019	2018
Operating result before portfolio income	= A	13,660,318.53	9,972,779.73
Net rental income	= B	14,400,031.13	12,313,410.79
Operating margin	= A/B	94.86%	80.99%

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

This measure is used by Care Property Invest to calculate the result from its strategic operating activities and does not take into account the changes in fair value (IAS 39-IAS 40). It represents the financial result (financial income, net interest cost and other financial charges) excluding changes in the fair value of financial assets and liabilities (permissible hedging instruments not subject to hedge accounting as defined by IFRS and others such as financial assets held for sale).

Period closed on 30 June		2019	2018
Financial result	= A	-7,632,452.81	-2,563,762.19
Changes in fair value of financial assets / liabilities	= B	-4,452,912.29	296,837.48
Financial result before changes in fair value of financial assets/liabilities	= A-B	-3,179,540.52	-2,860,599.67

Financial result before changes in fair value of financial assets/liabilities

(1) These figures have not been audited.

10.3 Equity before changes in fair value of financial products

Care Property Invest uses this measure to reflect equity without taking into account the hypothetical market value of the derivatives. This is equity excluding the reserve for the balance of changes in fair value of hedging instruments (not subject to hedge accounting as defined in IFRS).

10.4 Interest coverage ratio

			Amounts shown in euros
Period closed on		30 June 2019	31 December 2018
Equity	= A	246,093,620.22	230,411,202.13
Changes in fair value of financial products	= B	19,556,182.94	19,413,963.30
Equity before changes in fair value of the financial product	= A-B	226,537,437.28	210,997,238.83

The interest coverage ratio is used by Care Property Invest to calculate how many times the Company earns its interest costs. It is a measure of the extent to which operational profit can be reduced without the Company getting into financial difficulties. According to KBC's covenant, this value should be at least 2. This measure is calculated by dividing the operating result before the result on the portfolio by the interest charges paid.

Period closed on 30 June		2019	2018
Operating result before result on portfolio	= A	13,660,318.53	9,972,779.73
Total amount of interest charges paid	= B	3,081,292.46	2,812,440.48
Interest coverage ratio	= A/B	4.43	3.55

Care Property Invest NV/SA

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