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Aedifica SA
Annual Report • Jul 31, 2024
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Annual Report
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31 July 2024 – before opening of markets
AEDIFICA
Public limited liability company Public regulated real estate company under Belgian law Office: Rue Belliard 40 (box 11), 1040 Brussels Enterprise number: 0877.248.501 (RLE Brussels) (the 'Company')
2024 half year financial report
Robust operational performance driving strong results above budget
- - EPRA Earnings* amounted to €118.8 million (+8% compared to 30 June 2023), or €2.50/share
- - Rental income increased to €165.8 million (+7% compared to 30 June 2023)
- - 3.2% increase in rental income on a like-for-like basis in the first half of the year
- - Weighted average unexpired lease term of 19 years and occupancy rate of 100%
Real estate portfolio* of over €6 billion as at 30 June 2024
- - 630 healthcare properties for nearly 47,800 end users across 8 countries
- - Investment programme of €261 million in pre-let development projects and acquisitions in progress, of which €101 million remains to be invested. Over the 1st half, 18 projects from the committed pipeline were delivered for a total investment budget of approx. €135 million
Solid balance sheet and strong liquidity
- - 42.0% debt-to-assets ratio as at 30 June 2024
- - €628 million of headroom on committed credit lines to finance CAPEX and liquidity needs
- - BBB investment-grade credit rating with a stable outlook reaffirmed by S&P
- - UK REIT regime will increase the contribution of UK operating cashflows to the Group's results
Improved outlook for 2024
- - Estimated EPRA Earnings* for the 2024 financial year increased to €231 million (previously €223 million)
- - EPRA Earnings* per share are estimated at €4.85/share (previously €4.70/share)
- - Proposed dividend for the 2024 financial year reconfirmed: €3.90/share (gross)
* Alternative Performance Measure (APM) in accordance with ESMA (European Securities and Market Authority) guidelines published on 5 October 2015. Aedifica has used Alternative Performance Measures in accordance with ESMA guidelines in its financial communication for many years. Some of these APMs are recommended by the European Public Real Estate Association (EPRA) and others have been defined by the industry or by Aedifica in order to provide readers with a better understanding of the Company's results and performance. The APMs used in this half year financial report are identified with an asterisk (*). Performance measures defined by IFRS standards or by Law are not considered to be APMs, neither are those that are not based on the consolidated income statement or the balance sheet. The APMs are defined, annotated and connected with the most relevant line, total or subtotal of the financial statements, in Note 15 of the Condensed Consolidated Financial Statements.
| Property-related key figures | 30/06/2024 | 31/12/2023 |
|---|---|---|
| Fair value of real estate portfolio* (in € million) 2 | 6,045 | 5,849 |
| Number of properties | 630 | 617 |
| Gross yield based on fair value (in %) | 5.9% | 5.8% |
| EPRA Net Initial Yield* (NIY) (in %) | 5.3% | 5.3% |
| EPRA Topped-up NIY* (in %) | 5.5% | 5.4% |
| Occupancy rate (in %) | 100% | 100% |
| EPRA Vacancy Rate* (in %) | 0.1% | 0.1% |
| WAULT (in years) | 19 | 19 |
| Like-for-like rental growth (group currency, in %) | 3.2% | 5.2% |
| Financial key figures | 30/06/2024 | 31/12/2023 |
| Debt-to-assets ratio (in %) | 42.0% | 39.7% |
| Average cost of debt (in %) | 1.7% | 1.7% |
| Average cost of debt (incl. commitment fees, in %) | 1.9% | 1.9% |
| Weighted average maturity of drawn credit lines (in years) | 3.9 | 4.4 |
| Interest Cover Ratio* (ICR) 3 | 6.5 | 5.9 |
| Hedge ratio (in %) | 89.0% | 95.8% |
| Weighted average maturity of hedging (in years) | 4.6 | 5.1 |
| Net debt/EBITDA* 4 | 8.9 | 8.4 |
| 30/06/2024 | 30/06/2023 | |
| Rental income (in € million) | 165.8 | 154.7 |
| EPRA Earnings* (in € million) | 118.8 | 110.4 |
| Net result (owners of the parent) (in € million) | 142.2 | 56.8 |
| EPRA Cost Ratio (including direct vacancy costs)* (in %) | 14.2% | 15.0% |
| EPRA Cost Ratio (excluding direct vacancy costs)* (in %) | 14.2% | 15.0% |
| Key figures per share | 30/06/2024 | 31/12/2023 |
| EPRA NRV* (in €/share) | 83.74 | 80.66 |
| EPRA NTA* (in €/share) | 73.44 | 70.67 |
| EPRA NDV* (in €/share) | 75.38 | 71.90 |
| 30/06/2024 | 30/06/2023 | |
| EPRA Earnings* (in €/share) | 2.50 | 2.76 |
| Net result (owners of the parent) (in €/share) | 2.99 | 1.42 |
1 See section 4.3 of the Interim Management Report for more information on key figures stemming from the financial statements.
2 Including marketable investment properties, assets classified as held for sale*, development projects, rights of use related to plots of land held in 'leasehold' in accordance with IFRS 16 and land reserve.
3 Calculated based on the definition set out in the prospectus of Aedifica's Sustainability Bond: the ratio of 'operating result before result on portfolio' (lines I to XV of the consolidated income statement) to 'net interest charges' (line XXI) on a 12-month rolling basis.
4 Not adjusted for projects under construction.
31 July 2024 – before opening of markets
I. Interim Management Report5
1. Summary of the activities since 1 January 2024
During the first half of 2024, Aedifica focused mainly on executing its investment programme and managing its portfolio. Backed by a healthy balance sheet, improving operator performance and an improving macroeconomic environment in which short-term interest rates seem to have reached their peak and inflation has fallen, Aedifica has started to resume its investment activity. Since the beginning of the year, the Group announced approx. €48 million in new investments in the healthcare real estate sector, which will continue to need additional capacity in the years to come due to the ageing European population. Aedifica again posted solid results, which is reflected in EPRA Earnings* that are above budget and increased by 8% compared to H1 2023.
PORTFOLIO CROSSES €6 BILLION MARK
At the end of June, Aedifica's real estate portfolio included 630 sites with a capacity of more than 35,700 residents and nearly 12,100 children. With a fair value of approx. €6,045 million (compared to €5,849 million at the beginning of the year), the Group's portfolio has crossed the €6 billion mark.
This was mainly due to the large number of completions from the investment programme. In the first half of the year, a total of eighteen projects were completed totalling approx. €135 million. This reduced the investment programme to approx. €261 million as at 30 June 2024 (see page 49). In the coming weeks and months, several more projects from the investment programme will be delivered, while a number of new projects are expected to be added.
Aedifica has focused not only on executing its investment programme, but also on executing its strategic asset rotation programme6 . At the publication date of this report, a total of nine buildings have been divested for approx. €50 million. On the one hand, these divestments optimise the composition of the existing portfolio, while on the other hand they generate capital that can be recycled to finance new investments.
HEALTHY BALANCE SHEET
Aedifica boasts a healthy balance sheet. As at 30 June 2024, the consolidated debt-to-assets ratio amounted to 42.0%, well below the 45% threshold the Group imposes on itself in its financial policy. After five consecutive quarters of negative portfolio valuations, the portfolio valuation is slightly positive on a like-for-like basis in the first two quarters of 2024, confirming the resilience of healthcare real estate.
During the first half of the year, financial resources were strengthened by contracting approx. €55 million in new long-term bank financing (early refinancing, linked to sustainability KPIs). At the end of June, headroom on committed credit lines stood at €628 million, providing ample resources to finance the execution of the investment programme and liquidity needs.
5 This Interim Management Report is an update of the Management Report issued as part of the 2023 Annual Report. Only the significant changes that have taken place since publication of the Annual Report are presented here.
6 As announced in the press release of 21 February 2024, the 2024 divestment programme amounts to €100 million.
31 July 2024 – before opening of markets
The average cost of debt* including commitment fees remained at 1.9% thanks to the Group's interest rate hedges covering nearly 89% of financial debt. The hedging's weighted average maturity is 4.6 years.
In addition, 47% of drawn credit lines are linked to sustainability KPIs, underlining the Group's efforts to integrate ESG criteria into its financial policy.
SOLID RESULTS
In the first half of 2024, Aedifica's portfolio generated a rental income of €165.8 million, an increase of more than 7% as compared to the same period last year. This increase is mainly explained by the projects delivered from the pipeline and the indexation of rents, amounting to 3.1% on a like-for-like basis. EPRA Earnings* amounted to €118.8 million (€110.4 million as at 30 June 2023, an increase of approx. 8%), i.e. €2.50 per share. EPRA Earnings* (absolute and per share) are above budget. Aedifica's total profit amounts to €142.2 million (€56.8 million as at 30 June 2023).
These solid results allow Aedifica's Board of Directors to reaffirm the proposed total gross dividend of €3.90 per share for the 2024 financial year and adjust the estimated EPRA Earnings* upwards to €4.85 per share (see section 5 'Outlook and dividend').
Fredenbeck – Fredenbeck (DE) Care home completed in March 2024
31 July 2024 – before opening of markets
2. Important events
2.1. Investments, completions and disposals during the 1 st half
- €48 million in new investments in the Netherlands, the UK and Finland
During the first half of 2024, Aedifica has announced new investments in the Netherlands, the UK and Finland for a total amount of nearly €48 million.
| Name | Type | Location | Date | Investment (€ million) |
Pipeline 1 (€ million) |
Lease | Operator |
|---|---|---|---|---|---|---|---|
| Netherlands | 25 | - | |||||
| Remaining stake of 50% in a portfolio of 6 care residences (AK JV) |
Acquisition | Various locations in the Netherlands |
02/02/2024 | 25 | - | WAULT 19 yrs - NNN |
Korian NL |
| United Kingdom 2 | 18 | 3 | |||||
| St. Joseph's Convent | Renovation & extension |
St. Hellier | 22/03/2024 | - | 3 | WAULT 23 yrs - NNN |
Emera |
| Rosewood House | Acquisition | London | 27/03/2024 | 18 | 30 yrs - NNN | Bondcare | |
| Finland | 1.5 | - | |||||
| Kerava Palopellonkatu | Acquisition | Kerava | 28/06/2024 | 1.5 | - | 16 yrs - NN | Norlandia |
| Total | 44.5 | 3 |
1 The amounts in this column are the budgets for projects that Aedifica will finance. The development projects are listed in the overview of the investment programme (see section 3.2 of the property report).
2 Amounts in GBP were converted into € based on the exchange rate of the transaction date.
Villa Florian in Blaricum (NL) Part of the AK JV portfolio of which the remaining stake was acquired in February 2024
Rosewood House in London (UK) Care home acquired in March 2024
31 July 2024 – before opening of markets
- 18 projects completed for €135 million
Over the course of the first half of 2024, eighteen projects from the investment programme were completed for a total amount of approx. €135 million.
| Name | Type | Location | Date | Investment 1 (€ million) |
Lease | Operator |
|---|---|---|---|---|---|---|
| Belgium | 17 | |||||
| Résidence le Douaire 2 | Forward purchase | Anderlues | 27/06/2024 | 17 | 27 yrs - NNN | Vulpia |
| Germany | 35 | |||||
| Haus Marxloh | Renovation | Duisburg | 31/01/2024 | 4 | WAULT 22 yrs - NN | Procuritas |
| Seniorenquartier Gera | Development | Gera | 29/02/2024 | 16 | 30 yrs - NNN | Modern Care |
| Fredenbeck | Development | Fredenbeck | 27/03/2024 | 15 | 30 yrs - NNN | Residenz Management |
| Netherlands | 12.5 | |||||
| De Volder Staete | Development | Almere | 12/06/2024 | 12.5 | 25 yrs - NNN | Amado Zorg |
| United Kingdom 3 | 31.5 | |||||
| Dawlish | Forward purchase | Dawlish | 15/02/2024 | 16 | 30 yrs - NNN | Maria Mallaband |
| Biddenham St James | Forward purchase | Biddenham | 05/04/2024 | 15.5 | 30 yrs - NNN | Maria Mallaband |
| Finland | 36.5 | |||||
| Salo Linnankoskentie | Development | Salo | 02/01/2024 | 3.5 | 15 yrs - NN | Sospro |
| Hollola Kulmatie | Development | Hollola | 08/01/2024 | 2.5 | 15 yrs - NN | HDL |
| Sotkamo Härkökivenkatu | Development | Sotkamo | 23/01/2024 | 2.5 | 15 yrs - NN | Esperi |
| Kuopio Torpankatu | Development | Kuopio | 31/01/2024 | 5.5 | 15 yrs - NN | Esperi |
| Rovaniemi Gardininkuja | Development | Rovaniemi | 29/02/2024 | 4 | 15 yrs - NN | Suomen kristilliset hoivakodit |
| Helsinki Landbontie | Development | Helsinki | 04/03/2024 | 5 | 15 yrs - NN | Kehitysvammatuki 57 |
| Järvenpää Uudenmaantie 4 |
Development | Järvenpää | 17/05/2024 | 2.5 | 25 yrs - NN | Keusote wellbeing county |
| Espoo Kuurinkallio | Development | Espoo | 31/05/2024 | 7.5 | 15 yrs - NN | Humana & Pilke |
| Espoo Palstalaisentie | Development | Espoo | 28/06/2024 | 3.5 | 15 yrs - NN | Peikkometsän Liikuntapäiväkoti |
| Sweden 3 | 1.5 | |||||
| Norby 31:78 | Development | Uppsala | 01/06/2024 | 1.5 | 10 yrs - NN | City of Uppsala |
| Ireland | 1 | |||||
| Altadore | Extension | Glenageary | 14/06/2024 | 1 | WAULT 22 yrs - NNN | Virtue |
| Total | 135 |
1 The amounts in this column only include the works that were carried out, except for the investment amounts of the projects in Anderlues, Dawlish and Biddenham, which also include the contractual value of the plot of land.
2 On the basis of Article 49 §1 of the Belgian Act of 12 May 2014 on Regulated Real Estate Companies, Aedifica reports that the contractual value of the property exceeds the fair value by more than 5%. This transaction was carried out pursuant to an agreement signed in 2021 in different market conditions.
3 Amounts in £ and SEK were converted into € based on the exchange rate of the transaction date.
4 Formerly known as 'Järvenpää Auertie'.
Espoo Kuurinkallio in Espoo (FI) Service community completed in May 2024
Résidence le Douaire in Anderlues (BE) Care home completed in June 2024
31 July 2024 – before opening of markets
- 5 disposals in Belgium, the Netherlands, the UK and Sweden
In the first half of 2024, three care homes and two plots of land located in Belgium, the Netherlands, the United Kingdom and Sweden totalling €10.7 million were divested in order to optimise the real estate portfolio.
| Name | Location | Date | Selling price (€ million) |
|---|---|---|---|
| Belgium | 3.5 | ||
| Seniorenhof | Tongeren | 29/04/2024 | |
| Netherlands | 1.9 | ||
| Natatorium (plot of land) | Velp | 31/03/2024 | |
| United Kingdom | 4.9 | ||
| Oak Lodge | Chard | 02/02/2024 | |
| Cherry Trees | Barnsley | 11/06/2024 | |
| Sweden | 0.4 | ||
| Marmormjölet 9 (plot of land) | Huddinge | 12/03/2024 | |
| Total | 10.7 |
Hollola Kulmatie in Hollola (FI) Specialist residential care centre completed in January 2024
Dawlish in Dawlish (UK) Care home completed in February 2024
31 July 2024 – before opening of markets
2.2. Completions and disposals after 30 June 2024
- 1 project completed for €19 million
After 30 June 2024, Aedifica completed one development project from its investment programme in Sweden amounting to approx. €19 million.
| Name | Type | Location | Date | Investment 1 (€ million) |
Lease | Operator |
|---|---|---|---|---|---|---|
| Sweden 2 | 19 | |||||
| Nynäshamn Källberga | Development | Nynäshamn | 01/07/2024 | 19 | 15 yrs - NN | Raoul Wallenbergskolan |
| Total | 19 |
1 The amount in this column includes the works that were carried out, as well as the contractual value of the plot of land. 2 Amounts in SEK were converted into € based on the exchange rate of the transaction date.
- 4 disposals in Belgium and the Netherlands
After 30 June 2024, four care homes located in Belgium and the Netherlands totalling approx. €40 million were divested in order to optimise the real estate portfolio.
| Name | Location | Date | Selling price (€ million) |
|---|---|---|---|
| Belgium | |||
| Les Jardins de la Mémoire 1 | Anderlecht | 05/07/2024 | |
| Netherlands | |||
| Holland | Baarn | 15/07/2024 | |
| Molenenk | Deventer | 15/07/2024 | |
| Villa Walgaerde | Hilversum | 15/07/2024 | |
| Total | 40 |
1 The existing sublease remains in place. The tenant redeemed the equivalent of future rent payments by a one-off lump-sum payment.
31 July 2024 – before opening of markets
2.3. Investment programme as at 30 June 2024
As at 30 June 2024, Aedifica had a total investment programme of approx. €261 million, of which approx. €160 million has already been spent and approx. €101 million remains to be invested (see section 3.2 of the property report for a complete overview). The projects have an average initial yield on cost of approx. 5.7%. Active management of the investment programme has led to a few projects totalling €22 million being withdrawn in the second quarter of the year.
In the coming months, a number of new projects are expected to be added to the investment programme.
The total investment budget can be broken down as follows:
Expected deliveries of projects and closings of acquisitions
Expected evolution of the investment programme (approximate, in € million) based on anticipated completion dates and not considering the addition of new projects
31 July 2024 – before opening of markets
3. Management of financial resources
3.1. Financial debts
During the first half of 2024, Aedifica strengthened its financial resources by contracting €55 million of six-year bank facilities (early refinancing) linked to sustainability KPIs.
In addition, Aedifica managed to increase its issuance of short-term treasury notes by €45 million, optimising its cost of debt.
Taking these elements into account, the maturity dates of Aedifica's financial debts as at 30 June 2024 are as follows:
| Financial debt (in € million) 1 |
Committed financing | Short-term treasury notes |
|
|---|---|---|---|
| Lines | Utilisation | ||
| 31/12/2024 | 55 | 55 | 205 |
| 31/12/2025 | 530 | 180 | 83 |
| 31/12/2026 | 393 | 263 | - |
| 31/12/2027 | 883 | 643 | - |
| 31/12/2028 | 556 | 436 | - |
| 31/12/2029 | 43 | 3 | - |
| >31/12/2029 | 678 | 643 | - |
| Total debt as at 30 June 2024 | 3,138 | 2,223 | 288 |
1 Amounts in £ were converted into € based on the exchange rate of 30 June 2024 (0.8474 €/£).
As at 30 June 2024, the weighted average maturity of the drawn financial debt is 3.9 years. Available committed financing amounts to €916 million. After deducting the backup for the short-term treasury notes, the available liquidity stands at €628 million.
Loans contracted under Aedifica's Sustainable Finance Framework or linked to sustainability KPIs amount to €1,340 million, of which €1,045 million is drawn on 30 June 2024 (47% of the drawn credit lines), underlining the Group's wish to further diversify its sources of financing and to integrate ESG criteria into its financial policy.
The average cost of debt* including commitment fees remained at 1.9% (31 December 2023: 1.9%) thanks to the interest rate hedges Aedifica had in place.
As at 30 June 2024, 89.0% of financial debt is hedged against interest rate risks, i.e., the ratio of the sum of the fixed rate debt and the notional amount of derivatives divided by the total financial debt. The hedging's weighted average maturity is 4.6 years.
As part of its financial policy, Aedifica aims to keep its debt-to-assets ratio below 45%. As at 30 June 2024, the Group's consolidated debt-to-assets ratio amounts to 42.0%.
31 July 2024 – before opening of markets
- Interest rate hedging7
3.2. Credit rating
In July, S&P has reaffirmed the BBB investment-grade rating with a stable outlook, reflecting the strength of the Group's balance sheet and its liquidity. The stable outlook reflects the predictable rental income supported by resilient health care assets and overall long leases which should continue to generate stable cash flows over the next few years. S&P's credit rating research is available on Aedifica's website.
7 Based on projected debt.
31 July 2024 – before opening of markets
4. Summary of the consolidated results as at 30 June 2024
4.1. Portfolio as at 30 June 2024
During the first half of 2024, Aedifica increased its portfolio of investment properties8 by approx. €196 million, from a fair value of €5,849 million to €6,045 million. This value of €6,045 million includes the marketable investment properties9 (€5,887 million) and the development projects (€158 million). The increase in marketable investment properties comes mainly from acquisitions and completed development projects (see section 2.1 above) and changes in the fair value of marketable investment properties recognised in income (+€4.2 million). The changes in the fair value of marketable investment properties10, as assessed by independent valuation experts, are broken down as follows:
- Belgium: -€13.4 million (-1.1%)
- Germany: -€8.4 million (-0.7%)
- Netherlands: +€4.3 million (+0.7%)
- United Kingdom: +€16.5 million (+1.6%)
- Finland: +€3.1 million (+0.3%)
- Sweden: -€0.0 million (-0.0%)
- Ireland: +€2.2 million (+0.6%)
- Spain: -€0.1 million
In the first half of 2024, after five consecutive quarters of negative portfolio valuations, expert valuations were up again (on a like-for-like basis, excluding any impact from currency translation) by 0.02% in Q1 and 0.12% in Q2. The most pronounced increase in portfolio valuation was recorded in the UK due to the strong operational performance of tenants, backed by the underlying resident occupancy of 90% for the stabilised portfolio at the end of March and a strong rental coverage. As at 31 March 2024, the rent cover11 over 12 months on stabilised assets of Aedifica's UK portfolio reached 2.3x.
Evolution of expert valuations per quarter on a like-for-like basis (in %)
As at 30 June 2024, Aedifica's portfolio comprised 630 marketable investment properties (including assets classified as held for sale*), with a total capacity of more than 35,700 residents and nearly 12,100 children and a total surface area of approx. 2,208,000 m2 . The total portfolio has an overall occupancy rate12 of 100%. The weighted average unexpired lease term (WAULT) for the Company's portfolio is 19 years.
- €1,236 million in Belgium (80 sites)
- €1,186 million in Germany (100 sites)
- €1,134 million in the United Kingdom (115 sites)
- €1,072 million in Finland (211 sites)
- €397 million in Ireland (22 sites)
- €75 million in Sweden (27 sites)
- €2.5 million in Spain (2 sites)
- €693 million in the Netherlands (73 sites)
8 Including assets classified as held for sale*.
9 Including assets classified as held for sale* amounting to €98 million, rights of use related to plots of land held in 'leasehold' in accordance with IFRS 16 totalling €74 million and a land reserve amounting to €16 million.
10 Including gains and losses on acquisitions.
11 Rent cover calculated as the tenants' Ebitdarm for the last 12 months divided by the rent for the same period.
12 Rate calculated according to the EPRA methodology.
- Operator occupancy rates trending towards pre-pandemic levels
After the COVID-19 pandemic, care home operators across Europe see their occupancy rates increase again and trending towards pre-pandemic levels, demonstrating the resilience of the sector. In all countries, operator occupancy rates for stabilised assets are well above 80% and generally showing an increasing trend. For the regions for which the Group was able to collect a representative sample of data, the table below lists the occupancy rates of operators as at 31 March 2024, as well as their likefor-like growth (expressed in base points). Only 'stabilised' assets13 are considered in the table.
| Operator occupancy rate | 31/03/2024 | 6-month growth (in base points) on a like-for-like basis |
Data coverage14 |
|---|---|---|---|
| Belgium | 93% | -50 | 88% |
| Germany | 83% | +150 | 82% |
| Netherlands | 85% | +150 | 66% |
| United Kingdom | 90% | +90 | 100% |
| Ireland | 93% | +200 | 100% |
13 Assets are considered 'stabilised' and included in the scope once they have been operating for at least two years. Assets are excluded from the scope if they are (partially) vacant for renovation works.
14 Based on the contractual rent of stabilised assets as at 31 March 2024.
31 July 2024 – before opening of markets
4.2. Gross yield by country
The table below presents the portfolio's gross yield by country, compared to the fair value of the marketable investment properties. In general, the gross yield based on the fair value amounts to 5.9%.
| 30/06/2024 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (x €1,000) | BE | DE | NL | UK 2 | FI | SE 2 | IE | ES 3 | Marketable investment properties 4 |
Development projects |
Right of use of plots of land |
Land reserve |
Investment properties 4 |
| Fair value | 1,235,899 | 1,186,350 | 693,370 | 1,134,358 | 1,072,200 | 75,397 | 396,961 | 2,468 | 5,797,003 | 157,856 | 73,976 | 15,782 | 6,044,617 |
| Annual contractual rents |
70,390 | 64,406 | 43,061 | 72,404 | 64,513 | 4,893 | 22,126 | 124 | 341,916 | - | - | - | - |
| Gross yield (%) 1 |
5.7% | 5.4% | 6.2% | 6.4% | 6.0% | 6.5% | 5.6% | - | 5.9% | - | - | - | - |
| 31/12/2023 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (x €1,000) | BE | DE | NL | UK 5 | FI | SE 5 | IE | ES 3 | Marketable investment properties 4 |
Development projects |
Right of use of plots of land |
Land reserve |
Investment properties 4 |
| Fair value | 1,235,918 | 1,157,294 | 651,180 | 1,045,800 | 1,027,080 | 74,788 | 393,084 | 2,578 | 5,587,722 | 168,950 | 73,172 | 18,671 | 5,848,515 |
| Annual contractual rents |
70,223 | 62,016 | 40,247 | 66,550 | 59,486 | 4,578 | 21,990 | 124 | 325,213 | - | - | - | - |
| Gross yield (%) 1 |
5.7% | 5.4% | 6.2% | 6.4% | 5.8% | 6.1% | 5.6% | - | 5.8% | - | - | - | - |
1 Based on the fair value (re-assessed every three months). For healthcare real estate, the gross yield and the net yield are generally equal ('triple net' contracts) with the operating charges, the maintenance costs and the rents on empty spaces related to the operations generally being supported by the operator in Belgium, the United Kingdom, Ireland, Spain and (often) the Netherlands. In Germany, Finland and Sweden (and the Netherlands, in some cases), the net yield is generally lower than the gross yield, with certain charges remaining the responsibility of the owner, such as the repair and maintenance of the roof, structure and facades of the building ('double net' contracts).
2 Amounts in £ and SEK were converted into € based on the exchange rate of 30 June 2024 (0.8474 €/£ and 11.35713 €/SEK).
3 Aedifica's portfolio in Spain currently includes only projects under construction, the plots of land generating limited rental income.
4 Including assets classified as held for sale*.
5 Amounts in £ and SEK were converted into € based on the exchange rate of 31 December 2023 (0.86632 €/£ and 11.14082 €/SEK).
31 July 2024 – before opening of markets
4.3. Consolidated results15
The Condensed Consolidated Financial Statements, prepared in accordance with IAS 34, are presented on page 53 of this half year financial report. In the following sections of the Interim Management Report, the financial statements are presented and analysed in an analytical form, aligned with Aedifica's internal reporting.
| Consolidated income statement – analytical format | 30/06/2024 | 30/06/2023 |
|---|---|---|
| (x €1,000) | ||
| Rental income | 165,768 | 154,715 |
| Rental-related charges | -54 | -611 |
| Net rental income | 165,714 | 154,104 |
| Operating charges* | -23,435 | -22,535 |
| Operating result before result on portfolio | 142,279 | 131,569 |
| EBIT margin* (%) | 85.9% | 85.4% |
| Financial result excl. changes in fair value* | -23,204 | -25,065 |
| Corporate tax | 164 | 4,166 |
| Share in the profit or loss of associates and joint ventures accounted for using the equity method in respect of EPRA Earnings |
-157 | 53 |
| Non-controlling interests in respect of EPRA Earnings | -326 | -362 |
| EPRA Earnings* (owners of the parent) | 118,756 | 110,361 |
| Denominator (IAS 33) | 47,550,119 | 39,919,959 |
| EPRA Earnings* (owners of the parent) per share (€/share) | 2.50 | 2.76 |
| EPRA Earnings* | 118,756 | 110,361 |
| Changes in fair value of financial assets and liabilities | 16,378 | 2,522 |
| Changes in fair value of investment properties | -2,224 | -82,352 |
| Gains and losses on disposals of investment properties | -22 | -304 |
| Tax on profits or losses on disposals | 0 | 0 |
| Goodwill impairment | 0 | 0 |
| Deferred taxes in respect of EPRA adjustments | 8,597 | 25,516 |
| Share in the profit or loss of associates and joint ventures accounted for using the equity method in respect of the above |
537 | -177 |
| Non-controlling interests in respect of the above | 140 | 1,218 |
| Roundings | 0 | 0 |
| Profit (owners of the parent) | 142,162 | 56,784 |
| Denominator (IAS 33) | 47,550,119 | 39,919,959 |
| Earnings per share (owners of the parent - IAS 33 - €/share) | 2.99 | 1.42 |
The consolidated turnover (consolidated rental income) for the first half of the 2024 financial year (1 January 2024 – 30 June 2024) amounted to €165.8 million, an increase of approx. 7% as compared to the turnover of €154.7 million on 30 June 2023.
15 The consolidated income statement covers the 6-month period from 1 January 2024 to 30 June 2024. Acquisitions are accounted for on the date of the effective transfer of control. These operations therefore present different impacts on the income statement, depending on whether they took place at the beginning, during, or at the end of the period.
31 July 2024 – before opening of markets
| Consolidated rental income (x €1,000) |
2024.01 – 2024.03 |
2024.04 – 2024.06 |
2024.01 – 2024.06 |
2023.01 – 2023.06 |
Var. (%) on a like for-like basis* 1 |
Var. (%) 2 |
|---|---|---|---|---|---|---|
| Belgium | 17,440 | 17,387 | 34,827 | 36,269 | +1.5% | -4.0% |
| Germany | 15,233 | 15,880 | 31,113 | 30,337 | +1.1% | +2.6% |
| Netherlands | 10,232 | 10,449 | 20,681 | 18,650 | +3.1% | +10.9% |
| United Kingdom | 17,592 | 17,872 | 35,464 | 32,088 | +3.8% | +7.8% |
| Finland | 15,050 | 15,008 | 30,058 | 27,038 | +3.6% | +11.2% |
| Sweden | 1,198 | 1,188 | 2,386 | 2,109 | +6.5% | +13.7% |
| Ireland | 5,230 | 5,947 | 11,177 | 8,025 | +3.7% | +39.3% |
| Spain | 31 | 31 | 62 | 199 | - | - |
| Total | 82,006 | 83,762 | 165,768 | 154,715 | +3.2% | +7.1% |
Aedifica's consolidated rental income by country is presented in the table below.
1 The variation on a like-for-like basis* is shown for each country in the local currency. The total variation on a like-for-like basis* is shown in the Group currency.
2 The variation is shown for each country in the local currency. The total variation is shown in the Group currency.
The increase in consolidated rental income can be attributed to the growth of Aedifica's portfolio through the delivery of development projects from the investment programme and is supported by the indexation of rental income.
The 3.2% like-for-like variation* in rental income can be broken down into +3.1% indexation of rents, -0.4% rent renegotiations and +0.5% exchange rate fluctuation.
Taking into account the rental-related charges (€0.1 million), the net rental income amounts to €165.7 million (+8% compared to 30 June 2023).
The property result amounts to €165.8 million (30 June 2023: €154.2 million). This result, less other direct costs, leads to a property operating result of €159.4 million (30 June 2023: €148.2 million). This implies an operating margin* of 96.2% (30 June 2023: 96.2%).
After deducting overheads of €16.9 million (30 June 2023: €16.7 million) and taking into account other operating income and charges, the operating result before result on the portfolio has increased by 8% to reach €142.3 million (30 June 2023: €131.6 million). This implies an EBIT margin* of 85.9% (30 June 2023: 85.4%).
The share of each segment in the operating result before result on the portfolio (segment result according to IFRS 8) is detailed in Note 3 of the Condensed Consolidated Financial Statements.
Taking into account the cash flows generated by hedging instruments, Aedifica's net interest charges amount to €21.3 million (30 June 2023: €23.7 million). Taking into account other income and charges of a financial nature, and excluding the net impact of the revaluation of hedging instruments to their fair value (non-cash movements accounted for in accordance with IAS 39 are not included in the EPRA Earnings* as explained below), the financial result excl. changes in fair value* represents a net charge of €23.2 million (30 June 2023: charge of €25.1 million).
Corporate taxes are composed of current taxes, deferred taxes, tax on profits or losses on disposals and exit tax. In conformity with the special tax system of Belgian RRECs, the taxes included in the EPRA Earnings* (30 June 2024: income of €0.2 million; 30 June 2023: income of €4.2 million) consist primarily of tax on the result of consolidated subsidiaries, tax on profits generated outside of Belgium and Belgian tax on Aedifica's non-deductible expenditures. On 30 June 2024, current taxes include a non-recurring
31 July 2024 – before opening of markets
refund of corporate taxes in the Netherlands following the obtention of the Fiscal Investment Institutions (Fiscale Beleggingsintellingen, 'FBI') regime for the year 2022 amounting to approx. €4.2 million (see section 4.4). As a reminder, also in the first half of 2023 current taxes included a nonrecurring refund of corporate taxes in the Netherlands of approx. €9.0 million for the period from 2016 to 2021.
The share in the result of associates and joint ventures mainly includes the result of the participation in Immobe NV (consolidated since 31 March 2019 using the equity method).
EPRA Earnings* (see Note 15.9.1) reached €118.8 million (30 June 2023: €110.4 million), or €2.50 per share (30 June 2023: €2.76 per share), based on the weighted average number of shares outstanding and taking into account the higher number of shares resulting from capital increases. This result (absolute and per share) is above budget.
The income statement also includes elements with no monetary impact (i.e., non-cash) that vary in line with external market parameters. These consist amongst others of changes in the fair value of investment properties (accounted for in accordance with IAS 40), changes in the fair value of financial assets and liabilities (accounted for in accordance with IAS 39), other results on portfolio and deferred taxes (arising from IAS 40):
- Over the first half of 2024, the combined changes in the fair value of marketable investment properties16 and development projects represent a decrease of €2.2 million for the period (30 June 2023: a decrease of €82.4 million).
- In order to limit the interest rate risk stemming from the financing of its investments, Aedifica has put in place long-term hedges which allow for the conversion of variable-rate debt to fixedrate debt, or to capped-rate debt. These financial instruments are detailed in Note 7 of the attached Condensed Consolidated Financial Statements. Changes in the fair value of financial assets and liabilities taken into the income statement as at 30 June 2024 represent an income of €16.4 million (30 June 2023: an income of €2.5 million).
- Gains and losses on disposals of investment properties (30 June 2024: loss of €0.0 million; 30 June 2023: loss of €0.3 million) are also taken into account here.
- Deferred taxes in respect of EPRA adjustments (income of €8.6 million as at 30 June 2024, compared to an income of €25.5 million on 30 June 2023) arose from the recognition at fair value of buildings located abroad, in conformity with IAS 40. In the first half of 2024, deferred taxes were positively impacted by obtaining REIT status in the UK.
Taking into account the non-monetary elements described above, the profit (owners of the parent) amounts to €142.2 million (30 June 2023: €56.8 million). The basic earnings per share (as defined by IAS 33) is €2.99 (30 June 2023: €1.42).
16 That change corresponds to the sum of the positive and negative variations of the fair value of the buildings as at 31 December 2023 or the time of entry of new buildings in the portfolio, and the fair value estimated by the valuation experts as at 30 June 2024. It also includes ancillary acquisition costs and changes in the right of use of plots of land and the land reserve.
31 July 2024 – before opening of markets
4.4. Fiscal Investment Institutions ('FBI') in the Netherlands
In September 2022, the Dutch government announced its intention to exclude direct investments in real estate from the Fiscal Investment Institutions (Fiscale Beleggingsinstellingen, 'FBI') regime as from 1 January 2024. The entry into force of this measure was postponed to 1 January 2025.
Although Aedifica believed it met the conditions for claiming the FBI regime and submitted applications to the Dutch tax authorities to that effect, the Group opted as a matter of prudence for a common law tax burden on the results of its Dutch subsidiaries from the start of its operations in the Netherlands in 2016. Every year, the Group claimed the application of this regime.
At the end of 2022, the Group finally received confirmation that the FBI requirements were met for the past fiscal years. Aedifica decided to reverse the accrued tax provisions of previous years in the income statement upon receipt of the final corporate tax assessment. In 2023, approx. €9.0 million in refunds for the period from 2016 to 2021 was received and recognised in the income statement.
The final corporate tax assessment for the year 2022 was received early 2024. The accrued tax provisions for 2022 amounted to approx. €4.2 million. For the years 2023 and 2024, no provisions for corporate income tax have been made in the Dutch subsidiaries.
4.5. UK REIT regime
To make Aedifica's investments in the United Kingdom more attractive and increase the contribution of UK operating cash flows to the Group's results, Aedifica decided to operate in the UK under the REIT regime.
In this context, Aedifica has transferred its real estate activities in the UK, Jersey and the Isle of Man to the recently incorporated AED UK Holdings Ltd. This wholly owned non-listed entity now holds the shares of all UK subsidiaries within the Aedifica group. On 30 January 2024, the holding notified HMRC of its intention to become a REIT. As a result, the accounting period under the REIT regime began on 1 February 2024.
Under REIT legislation, companies are exempt from UK corporation tax on UK property investment income and gains on UK property. However, REITs must distribute 90% of underlying tax-exempt property income (not gains) to shareholders within twelve months. These distributions are subject to a 20% withholding tax. Following the double tax treaty between the United Kingdom and Belgium, the net impact of the withholding tax amounts to only 15%.
31 July 2024 – before opening of markets
4.6. Consolidated balance sheet
| Consolidated balance sheet | 30/06/2024 | 31/12/2023 |
|---|---|---|
| (x €1,000) | ||
| Investment properties including assets classified as held for sale* | 6,044,617 | 5,848,515 |
| Other assets included in debt-to-assets ratio | 242,041 | 254,372 |
| Other assets | 85,040 | 73,924 |
| Total assets | 6,371,698 | 6,176,811 |
| Equity | ||
| Equity excl. changes in fair value of hedging instruments* | 3,483,750 | 3,511,954 |
| Effect of the changes in fair value of hedging instruments | 80,793 | 63,908 |
| Non-controlling interests | 5,197 | 5,039 |
| Equity | 3,569,740 | 3,580,901 |
| Liabilities included in debt-to-assets ratio | 2,641,028 | 2,421,708 |
| Other liabilities | 160,930 | 174,202 |
| Total equity and liabilities | 6,371,698 | 6,176,811 |
| Debt-to-assets ratio (%) | 42.0% | 39.7% |
As at 30 June 2024, investment properties including assets classified as held for sale* represent 95% (31 December 2023: 95%) of the assets recognised on Aedifica's balance sheet, valued in accordance with IAS 4017 at €6,045 million (31 December 2023: €5,849 million). This heading includes:
- Marketable investment properties including assets classified as held for sale* (30 June 2024: €5,797 million; 31 December 2023: €5,588 million) increase in the amount of approx. €209 million. The net growth in the fair value of marketable investment properties is attributable to €138 million from the completion of development projects, to €53 million from investment operations, to €22 million from exchange rate differences and to €4 million from the change in the fair value of marketable investment properties, and is partly compensated by -€8 million from divestment operations.
- Development projects (30 June 2024: €158 million; 31 December 2023: €169 million) consist of investment properties under construction or renovation. They are part of a multi-annual investment programme (see section 3.2 of the property report).
- The right of use related to plots of land held in 'leasehold' in accordance with IFRS 16 (30 June 2024: €74 million; 31 December 2023: €73 million).
- A land reserve amounting to €16 million (31 December 2023: €19 million).
The item 'Other assets included in debt-to-assets ratio' includes, amongst other things, goodwill amounting to €117.6 million arising from the acquisition of Hoivatilat – which is the positive difference between the price paid for the shares of Hoivatilat Oyj and the accounting value of the acquired net assets – and holdings in associated companies and joint ventures. This mainly includes the 25% stake in Immobe NV which amounts to €32.0 million as at 30 June 2024 (31 December 2023: €35.5 million).
The other assets included in the debt-to-assets ratio represent 4% of the total balance sheet (31 December 2023: 4%).
17 The investment properties are represented at their fair value as determined by the valuation experts (Cushman & Wakefield Belgium NV/SA, Stadim BV/SRL, Savills Advisory Services Germany GmbH & Co. KG, C&W (UK) LLP German Branch, Cushman & Wakefield Netherlands BV, CBRE Valuation & Advisory Services BV, Knight Frank LLP, REnium Advisors Oy, Cushman & Wakefield Sweden AB, CBRE Unlimited Company and Jones Lang LaSalle España SA).
31 July 2024 – before opening of markets
The other assets (30 June 2024: €85.0 million; 31 December 2023: €73.9 million) include the fair value of hedging instruments.
Since Aedifica's incorporation, its capital has increased as a result of various real estate activities (contributions, mergers, etc.) and capital increases in cash. As at 30 June 2024 18, the Company's capital amounts to €1,255 million (31 December 2023: €1,255 million). Equity (also called net assets), which represents Aedifica's intrinsic net value and takes into account the fair value of its investment portfolio, amounts to:
- €3,484 million excluding the effect of the changes in fair value of hedging instruments* (31 December 2023: €3,512 million, including the €166.7 million dividend distributed in May 2024);
- or €3,565 million taking into account the effect of the changes in fair value of hedging instruments (31 December 2023: €3,576 million, including the €166.7 million dividend distributed in May 2024).
As at 30 June 2024, liabilities included in the debt-to-assets ratio (as defined in the Royal Decree of 13 July 2014 on RRECs) reached €2,641 million (31 December 2023: €2,422 million). Of this amount, €2,506 million (31 December 2023: €2,280 million) is effectively drawn on the Company's credit lines. Aedifica's consolidated debt-to-assets ratio amounts to 42.0% (31 December 2023: 39.7%).
Other liabilities of €160.9 million (31 December 2023: €174.2 million) represent the deferred taxes (30 June 2024: €129.9 million; 31 December 2023: €138.7 million), accrued charges and deferred income (30 June 2024: €26.9 million; 31 December 2023: €25.8 million) and the fair value of hedging instruments (30 June 2024: €4.1 million; 31 December 2023: €9.8 million).
18 IFRS requires that the costs incurred to raise capital are recognised as a decrease in the capital reserves.
31 July 2024 – before opening of markets
4.7. Net asset value per share
The table below details the change in the net asset value per share.
Excluding the non-monetary effects (i.e., non-cash) of the changes in fair value of hedging instruments19 and after accounting for the distribution of the 2023 dividend in May 2024 20 , the net asset value per share based on the fair value of investment properties amounted to €73.26 as at 30 June 2024 (31 December 2023: €70.35 per share).
| Net asset value per share (in €) | 30/06/2024 | 31/12/2023 | |
|---|---|---|---|
| Net asset value after deduction of the 2023 dividend, excl. changes in fair value of hedging instruments* |
73.26 | 70.35 | |
| Effect of the changes in fair value of hedging instruments | 1.70 | 1.34 | |
| Net asset value after deduction of the 2023 dividend | 74.96 | 71.70 | |
| Number of shares on the stock market | 47,550,119 | 47,550,119 | |
| Number of shares | 30/06/2024 | 31/12/2023 | 30/06/2023 |
| Total number of shares on the stock market | 47,550,119 | 47,550,119 | 40,234,717 |
| Total number of treasury shares | 67 | 277 | 277 |
| Number of shares outstanding after deduction of the treasury shares | 47,550,052 | 47,549,842 | 40,234,440 |
| Weighted average number of shares outstanding (IAS 33) | 47,550,119 | 43,706,129 | 39,919,959 |
| Number of dividend rights 1 | 47,550,119 | 43,862,078 | 40,234,717 |
1 Based on the rights to the dividend for the shares issued during the year.
19 The effect of the changes in fair value of hedging instruments of +€1.70 per share as at 30 June 2024 is the impact in equity of the fair value of hedging instruments, which is positive for €80.8 million, mainly booked in the assets on the balance sheet.
20 Recall that IFRS requires the presentation of the annual accounts before appropriation. The net asset value of €73.86 per share as at 31 December 2023 (as published in the 2023 Annual Report) thus included the gross dividend distributed in May 2024, and has been adjusted by €3.51 per share in this table so that it can be compared with the net asset value as at 30 June 2024. This amount corresponds to the total amount of dividends paid (€166.7 million), divided by the total number of shares outstanding as at 31 December 2023 (47,550,119).
31 July 2024 – before opening of markets
5. Outlook and dividend
The Board of Directors continues to pay close attention to the shifting economic, financial and political context, as well as the associated impact on the Group's activities.
Taking into account the results as at 30 June 2024 – which are ahead of budget – Aedifica's Board of Directors has updated the outlook for the current financial year. On the basis of the currently available information and the projected real estate portfolio, and without any unforeseen developments, rental income for the 2024 financial year is estimated to reach €334 million, resulting in €231 million in EPRA Earnings*. This is an increase of approx. 3.2% compared to the guidance as communicated in the 2023 Annual Report . The Board of Directors anticipates EPRA Earnings* of €4.85 per share21. In addition, the Board reaffirmed the dividend outlook of €3.90 (gross) per share, payable in May 2025.
| Outlook for 2024 | |
|---|---|
| Estimated rental income | €334 million |
| EPRA Earnings* | €231 million |
| EPRA Earnings* per share | €4.85 |
| Gross dividend | €3.90 |
21 The EPRA Earnings* for the first 6 months of 2024 include a non-recurring refund related to the FBI regime in the Netherlands (see section 4.4), impacting the EPRA Earnings* per share by approx. €0.09.
31 July 2024 – before opening of markets
6. Corporate social responsibility
6.1. 2023 Environmental Data Report
Aedifica already incorporated a large amount of CSR-related information in its 2023 Annual Report. Therefore, similar to last year, Aedifica has opted not to publish a separate CSR report. Instead, an Environmental Data Report providing an update on its environmental performance, including KPIs, was published in early June 2024.
Highlights
- A 5% reduction in net energy use intensity (nEUI) from 167 kWh/m² in 2022 to 158 kWh/m² in 2023, marking a significant step towards the 130 kWh/m2 target Aedifica aims to reach by 2030.
- Data coverage of the energy consumption of Aedifica's portfolio reached 86%, up from 83% in 2022.
- The share of green electricity within the portfolio's total electricity consumption increased by 50% from 14% in 2022 to 21% in 2023.
- The EPC coverage of the entire portfolio increased by 18% from 76% in 2022 to 90% in 2023.
6.2. Successful Operator Days in Belgium
In March 2024, following the success of 2023's Operator Days in Belgium, Aedifica organised two more events in Leuven and Ghent to support its Belgian tenants with their real estate issues. The sessions focused on sustainable care and improving the quality of life of care home residents. In addition to testimonials and expert panels, case studies from Finland designed and developed by our local Hoivatilat team were presented. Both Operator Days were – again – a success with over 300 representatives attending.
6.3. ESG ratings: excellent Sustainalytics Risk Rating & inclusion in new BE.Truth index
Aedifica's CSR efforts are paying off, as evidenced by two ESG ratings awarded in early 2024. Sustainalytics once again gave the Group a favourable 'Low' Risk Rating of 11.0, a slight improvement on last year (11.1). In addition, Aedifica was included in Axylia's new BE.Truth Index with an 'A' Carbon Score.
Visit Aedifica's website to find out more about its sustainability scores.
31 July 2024 – before opening of markets
7. Corporate governance
7.1. Renewal of mandates in the Board of Directors
On 14 May 2024, the General Meeting renewed, with immediate effect and for a period of three years (until the end of the Ordinary General Meeting to be held in 2027), the mandate of the following Directors:
- Mr Serge Wibaut, as non-executive independent Director;
- Ms Katrien Kesteloot, as non-executive independent Director;
- Ms Elisabeth May-Roberti, as non-executive independent Director; and
- Mr Stefaan Gielens, as executive Director.
7.2. Appointment of a new Director
On 14 May 2024, Ms Henrike Waldburg ended her mandate as Director of Aedifica. The Board of Directors wants to express its warmest thanks to her for her commitment and appreciated contribution to Aedifica's success over the past years.
On the same day, the General Meeting approved, with immediate effect and for a period of three years (until the end of the Ordinary General Meeting of 2027), the appointment of a new Director:
- Ms Kari Pitkin, as non-executive Independent Director.
7.3. Appointment of a new Statutory Auditor
On 14 May 2024, the General Meeting appointed, with immediate effect and for a period of three years (until the end of the Ordinary General Meeting to be held in 2027), Ernst & Young Bedrijfsrevisoren/Réviseurs d'Entreprises BV/SRL, represented by Christophe Boschmans, with offices located at Kouterveldstraat 7B box 001 at 1831 Diegem, as Statutory Auditor of the Company.
8. Principal risks and uncertainties
The Board of Directors considers that the key risk factors and uncertainties summarised in pages 111 to 120 of the 2023 Annual Report are relevant for the remaining months of the 2024 financial year.
Brussels, 30 July 2024 the Board of Directors
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II. EPRA22
The EPRA ('European Public Real Estate Association') is the voice of Europe's publicly traded real estate sector and the most widely used global benchmark for listed real estate. The Aedifica share has been included in the 'FTSE EPRA/NAREIT Developed Europe Index' since March 2013.
As at 30 June 2024, Aedifica is included in the EPRA Europe index with a weighting of approx. 1.4% and in the EPRA Belgium index with a weighting of approx. 17.6%.
Key performance indicators according to the EPRA principles
| 30/06/2024 | 30/06/2023 | |
|---|---|---|
| EPRA Earnings* (in €/share) | 2.50 | 2.76 |
| EPRA Cost Ratio (including direct vacancy costs)* (in %) | 14.2% | 15.0% |
| EPRA Cost Ratio (excluding direct vacancy costs)* (in %) | 14.2% | 15.0% |
| 30/06/2024 | 31/12/2023 | |
|---|---|---|
| EPRA Net Reinstatement Value* (NRV) (in €/share) | 83.74 | 80.66 |
| EPRA Net Tangible Assets* (NTA) (in €/share) | 73.44 | 70.67 |
| EPRA Net Disposal Value* (NDV) (in €/share) | 75.38 | 71.90 |
| EPRA Net Initial Yield* (NIY) (in %) | 5.3% | 5.3% |
| EPRA Topped-up NIY* (in %) | 5.5% | 5.4% |
| EPRA Vacancy Rate* (in %) | 0.1% | 0.1% |
| EPRA LTV* (in %) | 41.4% | 39.1% |
The EPRA indicators listed in the table above are considered alternative performance measures (APMs); they are discussed in Note 15.
The above-mentioned EPRA NRV*, EPRA NTA* and EPRA NDV* values as at 31 December 2023 were adjusted downward by €3.51 per share23 in comparison to the figures published in the 2023 Annual Report, so that they can be compared with the values as at 30 June 2024. This adjustment corresponds to the 2023 gross dividend distributed in May 2024.
In September 2023, Aedifica received an 9 th consecutive 'EPRA BPR Gold Award' for its Annual Report (financial year 2022), while its CSR reporting was awarded the 'EPRA sBPR Gold Award' for the fourth year in a row. As such, Aedifica remains in the leading group of European companies evaluated by EPRA.
22 The data in this chapter are not compulsory according to the RREC regulation and are not subject to verification by public authorities. The data as at 30 June 2024 in this chapter have not been reviewed by the statutory auditor.
23 This amount corresponds to the total amount of dividends paid (€166.7 million), divided by the total number of shares outstanding as at 31 December 2023 (47,550,119).
31 July 2024 – before opening of markets
III. Stock market performance
1. Stock price and volume
Aedifica's shares (AED) have been quoted on Euronext Brussels since October 2006. Aedifica has also been trading on Euronext Amsterdam via a secondary listing since November 2019.
Aedifica is registered in the BEL 20 Index with a weighting of approx. 2.5% (30 June 2024). In addition, the Aedifica share is also included in the BEL ESG, EPRA, GPR 250 and Stoxx Europe 600 indices.
The share price fluctuated between €51.7 and €64.3 over the first half of 2024 and closed at €56.7 on 30 June 2024, a decrease of approx. 11% compared to 31 December 2023 (€63.7).
Based on the stock price as at 30 June 2024, Aedifica shares have:
- a discount of 22.7% as compared to the net asset value per share excluding changes in fair value of hedging instruments*;
- a discount of 24.4% as compared to the net asset value per share.
- Based on the stock price as at 30 July 2024 (€60.35), Aedifica shares have:
- a discount of 17.6% as compared to the net asset value per share excluding changes in fair value of hedging instruments*;
- a discount of 19.5% as compared to the net asset value per share.
Between Aedifica's IPO (after deduction of the coupons which represented the preferential subscription rights or the priority allocation rights issued as part of capital increases) and 30 June 2024, Aedifica's stock price increased by 67.5%, as compared to a decrease of 7.1% for the BEL 20 index and a decrease of 39.3% for the EPRA Europe index over the same period.
The average daily volume of the Aedifica share over the past twelve months was approx. €4,130,000 or approx. 71,600 shares, resulting in a velocity of 38.7%. Aedifica continues its efforts to further broaden its investor base by regularly participating in road shows and events for both institutional and private investors.
| Aedifica share | 30/06/2024 | 31/12/2023 |
|---|---|---|
| Share price at closing (in €) | 56.65 | 63.65 |
| Net asset value per share excl. changes in fair value of hedging instruments* (in €) | 73.26 | 70.35 |
| Premium (+) / Discount (-) excl. changes in fair value of hedging instruments* | -22.7% | -9.5% |
| Net asset value per share (in €) | 74.96 | 71.70 |
| Premium (+) / Discount (-) | -24.4% | -11.2% |
| Market capitalisation | 2,693,714,241 | 3,026,565,074 |
| Free float 1 | 100.0% | 100.0% |
| Total number of shares listed | 47,550,119 | 47,550,119 |
| Denominator for the calculation of the net asset value per share | 47,550,119 | 47,550,119 |
| Average daily volume | 71,619 | 67,626 |
| Velocity 2 | 38.7% | 40.1% |
| Gross dividend per share (in €) 3 | 3.90 | 3.80 |
| Gross dividend yield 4 | 6.9% | 6.0% |
1 Percentage of the capital of a company held by the market, according to the definition of Euronext. See press release of 27 September 2022 and section 3 below.
2 Annualised total volume of exchanged shares divided by the total number of shares listed on the market, according to the definition of Euronext. 3 2024: dividend that will be proposed to the Annual General Meeting.
4 Gross dividend per share divided by the closing share price.
31 July 2024 – before opening of markets
2. Graphic illustrations of Aedifica's stock price
The charts below illustrate Aedifica's share price between the IPO and 30 June 2024.
Aedifica's stock price evolution compared to indices
24 Taking into account the value of the subscription rights of the rights issues, the IPO price of €41 was adjusted to €33.83.
31 July 2024 – before opening of markets
3. Shareholding structure
The table below lists Aedifica's shareholders holding more than 5% of the voting rights (based on the number of shares held by the shareholders concerned as at 23 September 2022) 25 .
| SHAREHOLDERS | # of voting rights | Date of the notification | % of the total number of voting rights |
|---|---|---|---|
| BlackRock, Inc. | 2,157,313 | 23/09/2022 | 5.4% |
| Others < 5% | 94.6% | ||
| Total | 100.0% |
On 30 June 2024, the total number of Aedifica shares amounts to 47,550,119.
4. Financial calendar26
| Financial calendar | ||||
|---|---|---|---|---|
| Interim results 30/09/2024 | 30/10/2024 | |||
| Annual press release 31/12/2024 | February 2025 | |||
| 2024 Annual Report | March 2025 | |||
| Annual General Meeting 2025 | 13/05/2025 | |||
| Payment dividend relating to the 2024 financial year | May 2025 | |||
| Half year results 30/06/2025 | July 2025 |
25 Declarations of transparency (including control strings) are available on Aedifica's website. The Company has not received any additional transparency notifications that would change the situation on 23 September 2022. According to the definition of Euronext, Aedifica's free float is 100%.
26 These dates are subject to change.
31 July 2024 – before opening of markets
IV. Property report
1. The healthcare real estate market27
1.1.European trends
In the European Union and the United Kingdom, the population of persons over 80 years old has increased to more than 30 million people (2023). This segment of the population is growing faster than other age groups. It is expected that this older segment of the European population will double to over 60 million people by 2060. In the coming decades, this demographic trend will further stimulate demand for healthcare real estate, underpinning the resilience of the sector.
European operators can be divided into three categories: public, non-profit and private operators. Their market share in the various countries differs depending on the local social security system. At European level, private care operators manage approx. 34% of the total number of beds in residential care centres (+400 bps in three years). Care providers in the consolidating private segment are developing their activities in both domestic and foreign markets. European governments are facing the challenge of addressing several key societal needs. As a result, they are more often focusing on financing care and care dependency rather than providing care as public operators. Also, both private and public operators will have to rely more often on private investors to finance healthcare real estate infrastructure that meets the needs of the ageing population.
Healthcare operators are facing similar phenomena across Europe. Not only is the sector confronted with a limited availability of staff, but since 2022 also with cost increases resulting from inflation (impacting wages and other operational costs). On the other hand, after a dip in operators' occupancy rates following the COVID-19 pandemic, occupancy is recovering to pre-pandemic levels in most regions, which, combined with increased revenues per resident, should result in a gradual improvement of the financial health of operators.
At European level, the investment volume in healthcare real estate has increased significantly in recent years (e.g. the investment volume in care homes in Europe has increased from approx. €3.5 billion in
27 This section was prepared by Aedifica and reflects the opinion of the valuation experts. The chart was prepared using publicly available information from Eurostat and the UK Office for National Statistics.
31 July 2024 – before opening of markets
2017 to over €8 billion in 2021). Prime yields of care home properties have been subject to decompression in 2023 with a rise of from 50 bps to 100 bps with differences in magnitude between countries. Although investment volumes across Europe declined significantly in 2023 due to increased financing costs, this upward trend is expected to accelerate in the medium to long term. This is because the demographic trend of an ageing population will accelerate from the mid-2020s, while development activity to provide more capacity in terms of specific healthcare infrastructure seems to slow down in the short term.
1.2.Belgium
- Population aged 80 and over: from 5.5% now to 10.2% in 2060
- # care home beds: 150,000 units in 1,500 care facilities
- Based on the demographic forecasts and the increase in life expectancy, the current increase in supply will not meet demand over time.
- Operator market: Approx. 30% of the care home beds in Belgium are managed by the public sector, while the non-profit sector and the private sector both operate approx. 35% of the beds. However, there are regional differences: in Flanders, approx. 50% of the beds are managed by the non-profit sector, while the private sector operates approx. 50% of the beds in Wallonia and even over 60% of the beds in Brussels. The three largest private players in Belgium currently manage approx. 25,000 beds (17% of the total number of beds).
- Investment volume: no new investments registered in H1 2024 (€285 million in 2023)
- Prime net yield: 5.0% 5.5%
1.3.Germany
- Population aged 80 and over: from 7.2% now to 10.5% in 2060
- # care home beds: 985,000 units in 16,115 care facilities
- Forecasts predict that approx. 168,000 extra beds will be needed by 2040, offering significant prospects for growth and consolidation. In some regions, demand already exceeds supply. Opportunities to create new capacity in care homes are limited by the lack of building sites and the high cost of plots and building materials. Consequently, there is currently more investment in existing sites and renovations.
- Operator market: Approx. 53% of care home beds are operated by non-profit operators, 42.5% by private operators and 4.5% by public operators. Although the German market is increasingly consolidating and privatising, it remains highly fragmented, with the ten largest private operators currently holding a market share of only 14%.
- Investment volume: approx. €260 million in H1 2024 (€1 billion in 2023)
- Prime net yield: approx. 5.1%
31 July 2024 – before opening of markets
1.4.Netherlands
- Population aged 80 and over: from 4.9% now to 10.2% in 2060
- # care home beds: 125,000 units in 2,400 care facilities
- Estimates suggest that around 150,000 additional beds will be needed by 2050 to provide the same level of care as today (on top of the necessary redevelopment of outdated existing care infrastructure).
- Operator market: Approx. 90% of care home beds are operated by non-profit operators. Private operators account for approx. 10% and mainly operate small-scale sites with an average capacity of 24 residents. Although the market share of the private sector is still small compared to the non-profit sector, the private sector has grown considerably in recent years.
- Investment volume: approx. €250 million in H1 2024 (€600 million in 2023)
- Prime net yield: approx. 5.25%
1.5.United Kingdom
- Population aged 80 and over: from 5.2% now to 9.6% in 2060
- # care home beds: approx. 481,300 units in 11,730 care facilities
- An increasingly ageing population with higher healthcare needs is expected to significantly drive demand for healthcare real estate in the UK in the near future.
- Operator market: With approx. 5,500 care home operators, many of which are independent private players operating small and outdated buildings, the UK's senior care market is still very fragmented. The five largest care home operators have a market share of 13% of the total bed capacity, while the top 10 account for 18%.
- The UK elderly care market is financed by a mix of public (Local Authorities and the National Health Service) and private funds (self-payers). The latter category's market share has risen sharply in recent years (46%). People who meet certain conditions regarding care needs can get social care services funded by Local Authorities after an assessment of their financial situation (43%). The NHS provides funding to seniors with continuing care needs (9%).
- Investment volume: £650 million in H1 2024 (£1.2 billion in 2023)
- Prime net yield: approx. 4.50% 4.75% (6.5% 7.5% for mid-market real estate)
1.6.Finland
- Population aged 80 and over: from 5.9% now to 11.1% in 2060
- # care home beds: 80,000 units in 2,650 care facilities
- The demand for healthcare real estate remains high, while supply is limited.
- Operator market: Finnish well-being services counties funded through national taxes are responsible for providing care to residents. Either they provide care themselves as public operators, or they organise care by outsourcing to private or non-profit care operators. Private healthcare operators have a market share of approx. 55%.
- Childcare: Over 70% of children aged 1 to 6 are enrolled full- or part-time in a day-care centre. Approx. 28% of day care centres are operated by private operators and their share is expected to increase in the future.
- Investment volume: <€100 million in H1 2024 (€350 million in 2023)
- Prime net yield: approx. 5.0%
31 July 2024 – before opening of markets
1.7.Sweden
- Population aged 80 and over: from 5.8% now to 10.1% in 2060
- # care home beds: 88,000 units for elderly people and 30,000 units for people with special care needs
- Approx. 50% of municipalities report a shortage of housing for people with special care needs.
- Operator market: Swedish municipalities financed with public funds are responsible for providing care to their residents. The focus of some municipalities seems to shift to giving freedom of choice so that people can choose their own care provider. Private care operators are a central part of that freedom of choice and have seen their market share rise in recent years. Currently, approximately 20-25% of all elderly care homes are operated by a private care operator.
- Investment volume: approx. €230 million in H1 2024 (€750 million in 2023)
- Prime net yield: approx. 5.5%
1.8.Ireland
- Population aged 80 and over: from 3.6% now to 10.6% in 2060
- # care home beds: 26,200 units in 420 care facilities (not including government facilities)
- Demand for healthcare real estate remains high, while supply is limited because developers' price expectations are not met.
- Operator market: Approx. 20% of care home beds are operated by the public sector while approx. 70% are operated by the private sector (split 50:50 between groups and individual operators) and 10% are run by non-profit operators.
- Virtually all care homes are entered into the 'Nursing Home Support Scheme' (budget of €1.4 billion for 2024) which provides a guaranteed weekly rate per bed and is supported by government funds to make up the shortfall for any residents that cannot afford care.
- Investment volume: approx. €55 million in H1 2024 (€140 million in 2023)
- Prime net yield: approx. 5.0% 5.5%
1.9.Spain
- Population aged 80 and over: from 6.0% now to 15.1% in 2060
- # care home beds: 387,000 units in 5,261 care facilities and an additional 47,300 beds under construction
- The investment volume in healthcare real estate in the first half of 2024 has dropped more than 40% compared to the same period in 2023. Although investors remain interested in the sector, they are selective in terms of quality and location. As the building stock is quite outdated, investments in Spanish healthcare real estate are currently going through an organic growth phase. Although the sector's pipeline has doubled in the past two years to over 10% of the current stock, demand still exceeds supply.
- Operator market: 62% of care home beds are operated by the private sector, while 38% are operated by the public sector.
- Investment volume: approx. €95 million in H1 2024 (€250 million in 2023)
- Prime net yield: approx. 5.5%
31 July 2024 – before opening of markets
2. Portfolio analysis as at 30 June 2024 28
2.1.Key figures
The weighted average unexpired lease term (WAULT) for all buildings in the Company's portfolio is 19 years.
The overall occupancy rate of the portfolio reached 100%.
28 Properties in the Channel Islands and Isle of Man are presented under the UK portfolio.
31 July 2024 – before opening of markets
2.2.Breakdown of contractual rents by tenant group Country Tenant group Number of sites 30/06/2024 31/12/2023
| United Kingdom | 115 | 21% | 20% | |
|---|---|---|---|---|
| Maria Mallaband | 19 | 5% | 4% | |
| Bondcare Group | 22 | 4% | 3% | |
| North Bay Group | 21 | 3% | 3% | |
| Care UK | 12 | 1% | 2% | |
| Emera 1 | 7 | 1% | 1% | |
| Anchor Hanover Group | 5 | 1% | 1% | |
| Renaissance | 9 | 1% | 1% | |
| Danforth Care | 3 | 1% | 1% | |
| Excelcare | 3 | 1% | 1% | |
| Caring Homes | 4 | 1% | 1% | |
| Lifeways | 2 | 0% | 0% | |
| Harbour Healthcare Other <1% |
2 6 |
0% 2% |
0% 2% |
|
| Belgium | 80 | 21% | 24% | |
| Korian Belgium 2 | 27 | 7% | 7% | |
| Armonea 3 | 21 | 6% | 7% | |
| Vulpia | 14 | 4% | 4% | |
| Apricusa 4 | 3 | 1% | 1% | |
| Emeis 5 | 4 | 1% | 1% | |
| Vivalto Home 6 | 1 | 0% | 0% | |
| Emera 1 | 1 | 0% | 0% | |
| Other <1% | 9 | 2% | 2% | |
| Finland | 211 | 19% | 18% | |
| Municipalities/Wellbeing counties | 31 | 4% | 4% | |
| Attendo 7 | 31 | 3% | 3% | |
| Mehiläinen | 19 | 2% | 2% | |
| Norlandia 8 | 16 | 1% | 1% | |
| Pilke | 22 | 1% | 1% | |
| Touhula | 22 | 1% | 1% | |
| Esperi | 6 | 1% | 1% | |
| Kristillinen koulu | 2 | 1% | 1% | |
| Ikifit | 3 | 0% | 0% | |
| Rinnekoti | 5 | 0% | 0% | |
| KVPS | 2 | 0% | 0% | |
| Sentica | 3 | 0% | 0% | |
| Sospro | 2 | 0% | 0% | |
| Aspa | 3 | 0% | 0% | |
| Musiikkikoulu Rauhala | 2 | 0% | 0% | |
| Siriuspäiväkodit | 2 | 0% | 0% | |
| Other <1% | 42 | 4% | 3% | |
| Germany | 100 | 19% | 19% | |
| Azurit Rohr | 23 | 4% | 5% | |
| Residenz Management 9 | 16 | 3% | 3% | |
| Vitanas | 12 | 2% | 3% | |
| Specht & Tegeler | 6 | 1% | 1% | |
| Emeis 5 | 5 | 1% | 1% | |
| Argentum | 7 | 1% | 1% | |
| EMVIA | 4 | 1% | 1% | |
| Alloheim | 5 | 1% | 1% | |
| Cosiq | 3 | 1% | 1% | |
| Korian Germany 2 | 1 | 0% | 0% | |
| Procuritas | 2 | 0% | 0% | |
| Specht Gruppe 9 | 1 | 0% | 0% | |
| Other <1% | 15 | 2% | 3% |
1 Emera group.
2 Clariane group.
3 Colisée group.
4 Formerly known as My-Assist.
5 Emeis group, formerly known as the Orpea group.
6 Vivalto group.
7 Attendo group.
8 Norlandia group.
9 Specht Gruppe.
31 July 2024 – before opening of markets
| Country | Tenant group | Number of sites | 30/06/2024 | 31/12/2023 | |
|---|---|---|---|---|---|
| Netherlands | 73 | 13% | 12% | ||
| Korian Netherlands 2 | 22 | 3% | 3% | ||
| Vitalis | 3 | 1% | 1% | ||
| Martha Flora | 10 | 1% | 1% | ||
| NNCZ | 5 | 1% | 1% | ||
| Compartijn 5 | 6 | 1% | 1% | ||
| Domus Valuas | 5 | 1% | 1% | ||
| Stichting Oosterlengte | 3 | 1% | 1% | ||
| Saamborgh | 2 | 0% | 0% | ||
| Stichting Rendant | 1 | 0% | 0% | ||
| Stichting Fundis | 2 | 0% | 0% | ||
| Zorghaven Groep | 2 | 0% | 0% | ||
| Wonen bij September 5 | 1 | 0% | 0% | ||
| Other <1% | 11 | 2% | 2% | ||
| Ireland | 22 | 6% | 7% | ||
| Bartra Healthcare | 4 | 3% | 3% | ||
| Virtue 1 | 8 | 2% | 2% | ||
| Silver Stream Healthcare | 3 | 1% | 1% | ||
| Mowlam Healthcare | 3 | 1% | 1% | ||
| Coolmine Caring Services | 3 | 1% | 1% | ||
| Grace Healthcare 6 | 1 | 0% | 0% | ||
| Sweden | 27 | 1% | 1% | ||
| Attendo 7,10 | 5 | 0% | 0% | ||
| Ambea | 4 | 0% | 0% | ||
| Kunskapsförskolan | 2 | 0% | 0% | ||
| Humana | 3 | 0% | 0% | ||
| NHC Group Services | 3 | 0% | 0% | ||
| MoGård | 2 | 0% | 0% | ||
| Norlandia 8 | 1 | 0% | 0% | ||
| Other <1% | 7 | 0% | 0% | ||
| Spain | 2 | 0% | 0% | ||
| Neurocare Home | 2 | 0% | 0% | ||
| TOTAL | 630 | 100% | 100% |
1 Emera group.
2 Clariane group.
3 Colisée group.
4 Formerly known as My-Assist.
5 Emeis group, formerly known as the Orpea group.
6 Vivalto group.
7 Attendo group.
8 Norlandia group.
9 Specht Gruppe.
10 Formerly known as Team Olivia.
31 July 2024 – before opening of markets
- Tenant exposure
Aedifica's real estate portfolio is operated by more than 150 tenant groups. Six groups operate properties in multiple countries in which the Group operates: Clariane, Attendo, Emeis, Emera, Norlandia and Vivalto. The weight of these groups in Aedifica's contractual rents is broken down by country in the table below.
| Tenant | Country | Number of sites | 30/06/2024 | 31/12/2023 |
|---|---|---|---|---|
| Clariane group | 50 | 10% | 10% | |
| Belgium | 27 | 7% | 7% | |
| Germany | 1 | 0% | 0% | |
| Netherlands | 22 | 3% | 3% | |
| Attendo group | 36 | 3% | 3% | |
| Finland | 31 | 3% | 3% | |
| Sweden | 5 | 0% | 0% | |
| Emera group | 16 | 3% | 3% | |
| Belgium | 1 | 0% | 0% | |
| United Kingdom | 7 | 1% | 1% | |
| Ireland | 8 | 2% | 2% | |
| Emeis group | 16 | 3% | 3% | |
| Belgium | 4 | 1% | 1% | |
| Germany | 5 | 1% | 1% | |
| Netherlands | 7 | 1% | 1% | |
| Norlandia group | 17 | 2% | 1% | |
| Finland | 16 | 1% | 1% | |
| Sweden | 1 | 0% | 0% | |
| Vivalto group | 2 | 0% | 1% | |
| Belgium | 1 | 0% | 0% | |
| Ireland | 1 | 0% | 0% |
31 July 2024 – before opening of markets
3. Summary of investment properties
3.1.Investment properties as at 30 June 2024
| Total surface (m²) |
Residents | Children | Contractual rents 1 |
Estimated rental value (ERV) 1 |
Year of build/ renovation |
Location | |
|---|---|---|---|---|---|---|---|
| Marketable investment properties | 2,170,705 | 35,026 | 12,060 | €341,381,167 | €338,605,830 | ||
| Belgium | 498,837 | 8,184 | - | €70,389,796 | €65,468,727 | ||
| Korian Belgium | 148,924 | 2,702 | - | €22,810,883 | |||
| Kasteelhof | 4,989 | 102 | - | €645,526 | 1994 (2020) | Dendermonde | |
| Ennea | 1,848 | 34 | - | €255,044 | 1998 | Sint-Niklaas | |
| Wielant | 4,834 | 112 | - | €682,865 | 1997 (2001) | Anzegem/Ingooigem | |
| Résidence Boneput | 2,414 | 76 | - | €576,116 | 2003 | Bree | |
| Résidence Aux Deux Parcs | 2,365 | 68 | - | €516,910 | 1987 (2020) | Jette | |
| Résidence l'Air du Temps | 5,083 | 137 | - | €1,105,267 | 1994 (2016) | Chênée | |
| Au Bon Vieux Temps | 7,850 | 104 | - | €1,029,876 | 2016 | Mont-Saint-Guibert | |
| Op Haanven | 5,321 | 111 | - | €853,288 | 2001 (2016) | Veerle-Laakdal | |
| Résidence Exclusiv 2 | 4,253 | 104 | - | €903,786 | 1993 (2013) | Evere | |
| Séniorie Mélopée | 2,608 | 70 | - | €523,366 | 1993 (2010) | Sint-Jans-Molenbeek | |
| Seniorie de Maretak Résidence du Plateau |
5,684 8,069 |
122 143 |
- - |
€663,847 €1,569,832 |
2006 (2008) 1994 (2007) |
Halle Wavre |
|
| De Edelweis | 6,485 | 122 | €969,344 | 1992 (2014) | Begijnendijk | ||
| Residentie Sporenpark | 9,786 | 127 | - | €1,348,673 | 2013 | Beringen | |
| Résidence Les Cheveux d'Argent | 3,744 | 99 | - | €544,590 | 1988 (2002) | Jalhay | |
| 't Hoge | 4,632 | 81 | - | €835,951 | 1972 (2018) | Kortrijk | |
| Helianthus | 4,799 | 67 | - | €597,120 | 2006 (2014) | Melle | |
| Villa Vinkenbosch | 9,153 | 114 | - | €1,194,603 | 2016 (2018) | Hasselt | |
| Heydeveld | 5,336 | 110 | - | €780,567 | 2017 | Opwijk | |
| Oosterzonne | 4,121 | 77 | - | €885,038 | 2016 | Zutendaal | |
| De Witte Bergen | 7,715 | 119 | - | €1,250,133 | 2006 | Lichtaart | |
| Beerzelhof | 3,910 | 61 | - | €408,699 | 2007 | Beerzel | |
| Uilenspiegel | 6,090 | 97 | - | €890,945 | 2007 | Genk | |
| Coham | 7,599 | 120 | - | €1,073,332 | 2007 | Ham | |
| Sorgvliet | 6,281 | 110 | - | €983,285 | 2021 | Linter | |
| Ezeldijk | 7,101 | 105 | - | €875,938 | 2016 | Diest | |
| Les Jardins de la Mémoire 2 | 6,852 | 110 | - | €846,944 | 2006 (2018) | Anderlecht | |
| Armonea | 143,006 | 2,295 | - | €21,397,998 | |||
| Les Charmes en Famenne | 4,818 | 96 | - | €369,932 | 1975 (2012) | Houyet | |
| Seniorerie La Pairelle | 6,016 | 140 | - | €972,381 | 2012 (2015) | Wépion | |
| Residence Gaerveld | 1,504 | 20 | - | €207,913 | 2008 | Hasselt | |
| Gaerveld Pont d'Amour |
6,177 10,334 |
115 146 |
- - |
€1,004,572 €1,231,835 |
2008 (2010) 2011 (2015) |
Hasselt Dinant |
|
| Marie-Louise | 2,446 | 30 | - | €464,718 | 2014 | Wemmel | |
| Hestia | 10,978 | 208 | - | €1,685,745 | 2014 (2018) | Wemmel | |
| Koning Albert I | 7,775 | 110 | - | €1,162,883 | 2012 (2014) | Dilbeek | |
| Eyckenborch | 9,351 | 141 | - | €1,379,171 | 2004 (2014) | Gooik | |
| Rietdijk | 2,155 | 66 | - | €444,801 | 1994 (2012) | Vilvoorde | |
| Larenshof | 6,988 | 117 | - | €1,300,828 | 2011 (2014) | Laarne | |
| Ter Venne | 7,061 | 102 | - | €1,232,362 | 2010 (2012) | Sint-Martens-Latem | |
| Plantijn | 5,377 | 110 | - | €1,281,807 | 1975 (2021) | Kapellen | |
| Salve | 6,730 | 117 | - | €1,356,075 | 2014 | Brasschaat | |
| Huize Lieve Moenssens | 4,172 | 78 | - | €688,264 | 2017 | Dilsen-Stokem | |
| De Stichel | 6,645 | 152 | - | €1,080,531 | 2018 | Vilvoorde | |
| De Notelaar | 8,651 | 94 | - | €1,177,886 | 2011 | Olen | |
| Overbeke | 6,309 | 113 | - | €991,500 | 2012 | Wetteren | |
| Senior Flandria | 6,942 | 108 | - | €773,959 | 1989 | Bruges | |
| Rembertus | 6,786 | 100 | - | €940,835 | 2020 | Mechelen | |
| Klein Veldekens | 15,792 | 132 | €1,650,000 | 2020 | Geel | ||
| Vulpia | 98,568 | 1,549 | - | €13,102,754 | |||
| 't Spelthof | 6,098 | 121 | - | €1,126,636 | 2022 | Binkom | |
| Twee Poorten | 7,219 | 129 | - | €1,226,208 | 2014 | Tienen | |
| Demerhof Halmolen |
10,657 8,362 |
120 140 |
- - |
€1,180,556 €1,258,823 |
2013 2013 |
Aarschot Halle-Zoersel |
|
| La Ferme Blanche | 4,240 | 90 | - | €677,527 | 2016 | Remicourt | |
| Villa Temporis | 8,354 | 103 | - | €883,631 | 1997 (2017) | Hasselt | |
| Residentie Poortvelden | 4,243 | 60 | €563,449 | 2014 | Aarschot | ||
| Leopoldspark | 10,888 | 153 | €1,352,837 | 2016 | Leopoldsburg | ||
| Residentie Den Boomgaard | 5,444 | 90 | - | €772,216 | 2016 | Glabbeek | |
| Blaret | 7,732 | 107 | - | €999,662 | 2016 | Sint-Genesius-Rode | |
| Residentie Kartuizerhof | 8,913 | 128 | - | €1,085,381 | 2018 | Sint-Martens-Lierde | |
| Résidence de la Paix | 3,365 | 107 | - | €722,700 | 2017 | Evere | |
| Résidence Véronique | 4,218 | 72 | - | €525,529 | 2021 | Somme-Leuze | |
| Résidence Le Douaire | 8,837 | 129 | - | €727,600 | 2024 | Anderlues |
1 See glossary in the 2023 Annual Report.
2 Asset classified as held for sale. This property was divested on 5 July 2024.
| Total surface |
Residents | Children | Contractual rents |
Estimated rental value |
Year of build/ |
Location | |
|---|---|---|---|---|---|---|---|
| (m²) | (ERV) | renovation | |||||
| Apricusa | 33,476 | 332 | - | €3,106,895 | |||
| Domaine de la Rose Blanche Militza Brugge |
5,790 10,690 |
121 120 |
- | €1,019,760 €1,386,040 |
2014 2013 |
Durbuy Bruges |
|
| Militza Gent | 16,996 | 91 | €701,095 | 2004 | Ghent | ||
| Emeis | 20,460 | 431 | - | €2,858,688 | |||
| Château Chenois | 6,354 | 100 | - | €742,813 | 2006 | Waterloo | |
| Résidence Grange des Champs | 3,396 | 75 | - | €502,466 | 1994 | Braine-l'Alleud | |
| Résidence Augustin | 4,832 | 94 | - | €695,487 | 2006 | Forest | |
| Résidence Parc Palace | 5,878 | 162 | - | €917,922 | 1991 | Uccle | |
| Orelia Group | 5,963 | 101 | - | €1,074,476 | |||
| Le Jardin Intérieur | 5,963 | 101 | - | €1,074,476 | 2018 | Frasnes-lez-Anvaing | |
| Hof van Schoten Hof van Schoten |
8,313 8,313 |
101 101 |
- - |
€995,409 €995,409 |
2014 | Schoten | |
| Dorian groep | 5,400 | 115 | - | €850,090 | |||
| De Duinpieper | 5,400 | 115 | - | €850,090 | 2021 | Ostend | |
| Vivalto Home | 5,434 | 107 | - | €755,037 | |||
| Familiehof | 5,434 | 107 | - | €755,037 | 2016 | Schelle | |
| Résidence de la Houssière | 5,521 | 94 | - | €714,905 | |||
| Résidence de la Houssière | 5,521 | 94 | - | €714,905 | 2006 | Braine-le-Comte | |
| Pierre Invest NV | 4,677 | 65 | - | €703,860 | |||
| Bois de la Pierre | 4,677 | 65 | - | €703,860 | 1955 (2023) | Wavre | |
| Buitenhof VZW | 4,585 | 80 | - | €683,620 | |||
| Buitenhof | 4,585 | 80 | - | €683,620 | 2005 (2008) | Brasschaat | |
| Emera | 4,020 | 84 | - | €501,112 | |||
| In de Gouden Jaren Bremdael VZW |
4,020 4,347 |
84 66 |
- - |
€501,112 €422,417 |
2005 | Tienen | |
| Bremdael | 4,347 | 66 | - | €422,417 | 1994 (2012) | Herentals | |
| Sint Franciscus | 5,824 | 58 | - | €400,540 | |||
| Klein Veldeken | 5,824 | 58 | - | €400,540 | 1998 (2014) | Asse | |
| Other | 320 | 4 | - | €11,111 | |||
| Villa Bois de la Pierre | 320 | 4 | - | €11,111 | 1955 (2000) | Wavre | |
| Germany | 569,946 | 10,071 | - | €64,286,978 | €65,685,381 | ||
| Azurit Rohr | 137,764 | 2,636 | - | €14,781,042 | |||
| Azurit Seniorenresidenz Sonneberg | 4,876 | 101 | - | €664,163 | 1889 (2011) | Sonneberg | |
| Azurit Seniorenresidenz Cordula 1 | 4,970 | 75 | - | €355,240 | 1970 (2017) | Oberzent-Rothenberg | |
| Azurit Seniorenresidenz Cordula 2 | 1,204 | 39 | - | €184,725 | 1993 (2017) | Oberzent-Rothenberg | |
| Seniorenzentrum Weimar | 7,609 | 144 | - | €883,008 | 2019 | Weimar | |
| Sz Haus Asam Sz Laaberg |
6,701 6,710 |
168 105 |
- - |
€919,800 €574,875 |
1996 2004 |
Rohr Tann-Eiberg |
|
| Sz Grünstadt | 5,201 | 140 | - | €766,500 | 2003 | Grünstadt | |
| Sz Berghof | 2,838 | 78 | - | €352,050 | 2005 | Rinteln | |
| Sz Abundus | 7,023 | 150 | - | €821,250 | 1993 | Fürstenzell | |
| Sz Bad Höhenstadt | 4,668 | 95 | - | €520,125 | 1998 | Fürstenzell | |
| Sz Hutthurm | 5,344 | 108 | - | €591,300 | 1992 | Hutthurm | |
| Sz Gensingen | 7,269 | 144 | - | €840,960 | 2007 | Gensingen | |
| Sz Hildegardis | 14,927 | 196 | - | €1,159,635 | 2017 | Langenbach | |
| Pz Wiesengrund | 3,054 | 52 | - | €303,680 | 2006 | Langenbach | |
| Sz Großalmerode Sz Bad Köstritz |
3,202 8,448 |
83 196 |
- - |
€513,920 €1,073,100 |
2017 2014 |
Großalmerode Bad Köstritz |
|
| Sz Talblick | 4,647 | 95 | - | €520,125 | 2010 | Grasellenbach | |
| Sz Birken | 3,075 | 83 | - | ||||
| Sz Altes Kloster | |||||||
| Sz Alte Zwirnerei | 4,939 | 80 | - | €454,425 €493,480 |
2010 2009 |
Birken-Honigsessen Much |
|
| 8,350 | 104 | - | €569,400 | 2010 | Gersdorf | ||
| Sz St. Benedikt | 7,768 | 124 | - | €656,270 | 2017 | Passeau | |
| Sz Sörgenloch | 7,995 | 148 | - | €837,310 | 2014 | Sörgenloch | |
| Seniorenzentrum Borna | 6,946 | 128 | - | €725,700 | 2012 | Borna | |
| Residenz Management | 93,159 | 1,420 | - | €11,880,518 | |||
| Die Rose im Kalletal | 4,027 | 96 | - | €757,446 | 2009 | Kalletal | |
| Senioreneinrichtung Haus Matthäus | 2,391 | 50 | - | €402,554 | 2009 | Olpe-Rüblinghausen | |
| Senioreneinrichtung Haus Elisabeth | 3,380 | 80 | - | €644,088 | 2010 | Wenden-Rothemühle | |
| Bremerhaven I Bremerhaven II |
6,077 2,129 |
85 42 |
- - |
€1,106,634 €360,772 |
2016 2003 |
Bremerhaven Bremerhaven |
|
| Cuxhaven | 810 | 9 | - | €125,893 | 2010 | Cuxhaven | |
| Schwerin | 5,000 | 87 | - | €646,800 | 2019 | Schwerin | |
| Seniorenquartier Kaltenkirchen | 6,650 | 123 | - | €916,800 | 2020 | Kaltenkirchen | |
| Seniorenquartier Wolfsburg | 17,742 | 141 | - | €1,561,410 | 2021 | Wolfsburg | |
| Seniorenquartier Kaemena Hof | 7,057 | 75 | - | €700,253 | 2021 | Bremen | |
| Seniorenquartier Weyhe | 7,373 | 109 | - | €871,568 | 2021 | Weyhe | |
| Seniorenquartier Cuxhaven | 7,360 | 120 | - | €908,484 | 2021 | Cuxhaven | |
| Seniorenquartier Gera Seniorenquartier Schwerin |
6,673 5,235 |
123 87 |
- - |
€831,408 €606,084 |
2024 2022 |
Gera Schwerin |
|
| Fredenbeck Seniorenresidenz Twistringen |
5,595 5,660 |
94 99 |
- - |
€753,760 €686,565 |
2024 2022 |
Fredenbeck Twistringen |
31 July 2024 – before opening of markets
| Total | Residents | Children | Contractual | Estimated | Year of | Location | |
|---|---|---|---|---|---|---|---|
| surface | rents | rental value | build/ | ||||
| Vitanas | (m²) 86,611 |
1,614 | - | €8,425,569 | (ERV) | renovation | |
| Am Kloster | 5,895 | 136 | - | €908,313 | 2002 | Halberstadt | |
| Rosenpark | 4,934 | 79 | - | €502,710 | 2001 | Uehlfeld | |
| Patricia | 7,556 | 174 | - | €1,156,900 | 2001 (2010) | Nürnberg | |
| St. Anna | 7,176 | 161 | - | €1,037,856 | 2001 | Höchstadt | |
| Frohnau | 4,101 | 107 | - | €650,767 | 2018 | Berlin | |
| Am Schäfersee 1 Am Stadtpark |
12,658 7,297 |
187 135 |
- - |
€675,333 €869,571 |
1969 1970 (2023) |
Berlin Berlin |
|
| Am Bäkepark 1 | 3,828 | 90 | - | €45,000 | 1999 | Berlin | |
| Rosengarten | 7,695 | 165 | - | €1,064,944 | 2023 | Berlin | |
| Am Parnassturm | 7,042 | 84 | - | €326,657 | PROJECT | Plön | |
| Am Marktplatz | 4,880 | 79 | - | €154,348 | 1976 | Wankendorf | |
| Am Tierpark | 13,549 | 217 | - | €1,033,171 | 1994 | Ueckermünde | |
| Specht & Tegeler Seniorenquartier Lübbecke |
41,085 4,240 |
556 80 |
- - |
€4,368,769 €609,327 |
2019 | Lübbecke | |
| Seniorenquartier Espelkamp | 9,458 | 113 | - | €857,874 | 2021 | Espelkamp | |
| Seniorenquartier Beverstedt | 5,475 | 80 | - | €563,850 | 2020 | Beverstedt | |
| Quartier am Rathausmarkt | 7,650 | 80 | - | €804,000 | 2022 | Bremervörde | |
| Langwedel | 8,250 | 113 | - | €859,197 | 2022 | Langwedel | |
| Seniorenquartier Sehnde | 6,012 | 90 | - | €674,520 | 2023 | Sehnde | |
| Emeis | 20,507 | 444 | - | €3,481,649 | |||
| Seniorenresidenz Mathilde | 3,448 | 75 | - | €627,109 | 2010 | Enger | |
| Seniorenresidenz Klosterbauerschaft | 3,497 | 80 | - | €667,409 | 2010 | Kirchlengern | |
| Bonifatius Seniorenzentrum Seniorenresidenz Am Stübchenbach |
3,967 5,874 |
80 130 |
- - |
€679,555 €885,134 |
2009 2010 |
Rheinbach Bad Harzburg |
|
| Seniorenresidenz Kierspe | 3,721 | 79 | - | €622,442 | 2011 | Kierspe | |
| Argentum | 25,688 | 511 | €3,117,197 | ||||
| Seniorenheim am Dom | 4,310 | 126 | - | €733,320 | 2008 | Bad Sachsa | |
| Haus Nobilis | 3,186 | 70 | - | €575,098 | 1950 (2015) | Halberstadt | |
| Haus Alaba | 2,560 | 64 | - | €246,471 | 1903 (1975) | Bad Sachsa | |
| Haus Concolor | 5,715 | 74 | - | €558,667 | 1950 (2008) | Bad Sachsa | |
| Haus Arche | 531 | 13 | - | €82,157 | 1900 (1975) | Bad Sachsa | |
| Seniorenheim J.J. Kaendler | 4,094 | 73 | - | €327,952 | 1955 (2020) | Meissen | |
| Haus Wellengrund EMVIA |
5,292 26,854 |
91 543 |
- | €593,533 €3,064,514 |
2022 | Stemwede | |
| Residenz Zehlendorf | 4,540 | 180 | - | €1,034,427 | 2002 | Berlin | |
| Seniorenwohnpark Hartha | 10,715 | 177 | - | €848,698 | 1996 (2010) | Tharandt | |
| Seniorenpflegezentrum Zur alten Linde | 4,208 | 82 | - | €446,509 | 2004 | Rabenau | |
| Seniorenquartier Heiligenhafen | 7,391 | 104 | - | €734,880 | 2021 | Heiligenhafen | |
| Alloheim | 23,330 | 473 | - | €3,056,624 | |||
| AGO Herkenrath | 4,000 | 80 | - | €621,526 | 2010 | Bergisch Gladbach | |
| AGO Dresden | 5,098 | 116 | - | €663,365 | 2012 | Dresden | |
| AGO Kreischa Bonn |
3,670 5,927 |
84 108 |
- - |
€474,189 €853,528 |
2011 2018 |
Kreischa Bonn |
|
| Mühlhausen | 4,635 | 85 | - | €444,015 | 1988 (2012) | Mülhausen | |
| Cosiq | 17,060 | 264 | - | €1,983,902 | |||
| Seniorenresidenz an den Kienfichten | 4,332 | 88 | - | €508,088 | 2017 | Dessau-Rosslau | |
| Pflegeteam Odenwald | 1,202 | 32 | - | €251,311 | 1995 (2012) | Wald-Michelbach | |
| Wohnstift am Weinberg | 11,526 | 144 | - | €1,224,502 | 2022 | Kassel | |
| SARA | 12,196 | 162 | - | €1,140,000 | |||
| SARA Seniorenresidenz | 12,196 | 162 | - | €1,140,000 | 1964 (2017) | Bitterfeld-Wolfen | |
| Korian Germany | 7,618 | 151 | - | €968,52 | |||
| Haus Steinbachhof | 7,618 | 151 | - | €968,52 | 2017 | Chemnitz | |
| Procuritas | 7,050 | 127 | - | €924,877 | |||
| Haus Wedau Haus Marxloh |
3,892 3,158 |
70 57 |
- - |
€460,000 €464,877 |
2007 2007 |
Duisburg Duisburg |
|
| Aspida | 5,095 | 120 | - | €707,925 | |||
| Pflegecampus Plauen | 5,095 | 120 | - | €707,925 | 2020 | Plauen | |
| New Care | 6,113 | 79 | - | €693,231 | |||
| Park Residenz | 6,113 | 79 | - | €693,231 | 1899 (2001) | Neumünster | |
| Deutsches Rotes Kreuz | 4,088 | 83 | - | €614,202 | |||
| Kreisverband Nordfriesland e. V. | |||||||
| Käthe-Bernhardt-Haus | 4,088 | 83 | - | €614,202 | 2008 | Husum | |
| Seniorenresidenz Laurentiusplatz GmbH | 5,506 | 79 | - | €551,952 | |||
| Laurentiusplatz | 5,506 | 79 | - | €551,952 | 2018 | Wuppertal | |
| Johanniter Johanniter-Haus Lüdenscheid |
3,950 3,950 |
74 74 |
- - |
€548,461 €548,461 |
2006 | Lüdenscheid | |
| Volkssolidarität | 4,141 | 83 | - | €504,546 | |||
| Goldene Au | 4,141 | 83 | - | €504,546 | 2010 | Sonneberg | |
| advita Pflegedienst | 6,422 | 91 | - | €489,396 | |||
| Advita Haus Zur Alten Berufsschule | 6,422 | 91 | - | €489,396 | 2016 | Zschopau | |
| Hansa Gruppe | 11,203 | 106 | - | €484,960 | |||
| Hansa Pflege-und Betreuungszentrum Dornum | 11,203 | 106 | - | €484,960 | 1993 (2016) | Dornum | |
| Seniorenhaus Lessingstrasse | 3,963 | 73 | - | €475,023 | |||
| Seniorenhaus Lessingstrasse | 3,963 | 73 | - | €475,023 | 2021 | Wurzen |
1 Asset classified as held for sale.
| Total | Residents | Children | Contractual | Estimated | Year of | Location | |
|---|---|---|---|---|---|---|---|
| surface | rents | rental value | build/ | ||||
| (m²) | (ERV) | renovation | |||||
| Birgit Henkel Wohn und Pflegeheim | 5,750 | 80 | - | €454,501 | |||
| Sonnenhaus Ramsloh | 5,750 | 80 | - | €454,501 | 2006 | Saterland-Ramsloh | |
| ATV Lemförde GmbH | 4,741 | 85 | - | €444,000 | |||
| Sr Lemförde | 4,741 | 85 | - | €444,000 | 2007 | Lemförde | |
| CareCiano | 2,457 | 60 | €426,000 | ||||
| Haus am Jungfernstieg | 2,457 | 60 | - | €426,000 | 2010 | Neumünster | |
| Inter Pares | 3,275 | 63 | - | €390,000 | |||
| Seniorenhaus Wiederitzsch | 3,275 | 63 | - | €390,000 | 2018 | Leipzig | |
| Auriscare | 4,320 | 94 | - | €309,603 | |||
| BAVARIA Senioren- und Pflegeheim | 4,320 | 94 | - | €309,603 | PROJECT | Sulzbach-Rosenberg | |
| Netherlands | 357,458 | 3,306 | - | €43,060,891 | €43,786,659 | ||
| Korian Netherlands | 73,536 | 825 | - | €11,162,296 | |||
| Saksen Weimar | 2,291 | 42 | - | €615,514 | 2015 | Arnhem | |
| Spes Nostra | 2,454 | 30 | - | €574,966 | 2016 | Vleuten | |
| Villa Koornmarkt | 3,611 | 37 | - | €588,887 | 2017 | Kampen | |
| HGH Leersum | 2,280 | 26 | - | €485,359 | 2018 | Leersum | |
| Stepping Stones Leusden | 1,689 | 21 | - | €297,211 | 2019 | Leusden | |
| Zorghuis Smakt | 2,111 | 30 | - | €247,831 | 1950 (2010) | Smakt | |
| Zorgresidentie Mariëndaal | 8,728 | 75 | - | €997,932 | 1870 (2011) | Velp | |
| Sorghuys Tilburg | 1,289 | 22 | - | €329,251 | 2020 | Berkel-Enschot | |
| HGH Leiden | 6,468 | 58 | - | €656,909 | 2017 | Leiden | |
| HGH Amersfoort | 2,261 | 33 | - | €445,575 | 1974 (2020) | Amersfoort | |
| HGH Harderwijk | 4,202 | 45 | - | €664,692 | 2020 | Harderwijk | |
| HGH Franeker Stepping Stones Zwolle |
10,750 1,770 |
70 24 |
- - |
€706,527 €390,331 |
2016 2020 |
Franeker Zwolle |
|
| Villa Casimir | 1,273 | 20 | - | €223,657 | 2020 | Roermond | |
| HGH Lelystad | 4,301 | 45 | - | €635,526 | 2022 | Lelystad | |
| Hengelo | 1,288 | 21 | - | €196,151 | 2017 | Hengelo | |
| Villa Horst en Berg | 2,634 | 36 | - | €520,856 | 2022 | Soest | |
| Villa den Haen | 2,150 | 36 | - | €535,030 | 2022 | Woudenberg | |
| Villa Florian | 2,700 | 29 | - | €475,610 | 2022 | Blaricum | |
| Het Gouden Hart Almere | 4,911 | 68 | - | €899,397 | 2023 | Almere | |
| Villa Meirin | 2,175 | 27 | €245,000 | 2023 | Witmarsum | ||
| Villa Nuova | 2,200 | 30 | - | €430,084 | 2021 | Vorden | |
| Stichting Vitalis Residentiële Woonvormen | 90,984 | 446 | - | €4,805,276 | |||
| Parc Imstenrade | 57,181 | 263 | - | €2,569,209 | 2006 | Heerlen | |
| Genderstate | 8,815 | 44 | - | €621,130 | 1991 | Eindhoven | |
| Petruspark | 24,988 | 139 | - | €1,614,937 | 2018 | Eindhoven | |
| Martha Flora | 22,850 | 259 | - | €4,506,405 | |||
| Martha Flora Hilversum | 4,055 | 31 | - | €662,642 | 2017 | Hilversum | |
| Martha Flora Den Haag | 2,259 | 28 | - | €630,950 | 2018 | Den Haag | |
| Martha Flora Rotterdam | 2,441 | 29 | - | €626,158 | 2019 | Rotterdam | |
| Martha Flora Bosch en Duin | 2,241 | 27 | - | €513,034 | 2018 | Bosch en Duin | |
| Martha Flora Hoorn | 780 | 12 | - | €93,577 | 2012 | Hoorn | |
| Martha Flora Dordrecht | 2,405 | 28 | - | €420,836 | 2021 | Dordrecht | |
| Martha Flora Hulsberg | 2,452 | 28 | - | €363,209 | 2021 | Hulsberg | |
| Martha Flora Goes | 2,405 | 28 | - | €401,629 | 2022 | Goes | |
| Martha Flora Oegstgeest | 1,428 | 20 | - | €380,475 | 2022 | Oegstgeest | |
| Martha Flora Breda | 2,384 | 28 | - | €413,894 | 2022 | Breda | |
| NNCZ | 38,440 | 340 | - | €3,350,541 | |||
| Wolfsbos | 11,997 | 93 | - | €936,142 | 2013 | Hoogeveen | |
| De Vecht | 8,367 | 79 | - | €792,323 | 2012 | Hoogeveen | |
| De Kaap | 6,254 | 61 | - | €697,679 | 2017 | Hoogeveen | |
| Krakeel | 5,861 | 57 | - | €579,398 | 2016 | Hoogeveen | |
| WZC Beatrix | 5,961 | 50 | - | €345,000 | 1969 (1996) | Hoogeveen | |
| Compartijn | 16,297 | 173 | - | €3,313,640 | |||
| Huize de Compagnie | 3,593 | 42 | - | €720,301 | 2019 | Ede | |
| Huize Hoog Kerckebosch | 3,212 | 32 | - | €648,193 | 2017 | Zeist | |
| Huize Ter Beegden | 1,895 | 19 | - | €373,070 | 2019 | Beegden | |
| Huize Roosdael | 3,361 | 26 | - | €531,384 | 2019 | Roosendaal | |
| Huize Groot Waardijn | 1,920 | 26 | - | €513,091 | 2019 | Tilburg | |
| Huize Eresloo | 2,316 | 28 | - | €527,601 | 2019 | Duizel | |
| Domus Valuas | 9,932 | 125 | - | €2,974,550 | |||
| Holland 1 | 2,897 | 34 | - | €1,044,251 | 2013 | Baarn | |
| Benvenuta | 924 | 10 | - | €270,926 | 2009 | Hilversum | |
| Molenenk 1 | 2,811 | 40 | - | €870,546 | 2017 | Deventer | |
| Villa Walgaerde 1 | 1,375 | 15 | - | €380,510 | 2017 | Hilversum | |
| Residence Coestraete | 1,925 | 26 | - | €408,318 | 2023 | Zwolle | |
| Stichting Oosterlengte | 18,878 | 152 | - | €1,876,747 | |||
| Het Dokhuis | 4,380 | 32 | - | €487,412 | 2017 | Oude Pekela | |
| Emmaheerdt | 11,698 | 84 | - | €968,126 | 2020 | Winschoten | |
| Havenzicht | 2,800 | 36 | - | €421,209 | 2020 | Scheemda | |
| Stichting Laverhof | 13,191 | 108 | - | €1,362,446 | |||
| Zorgcampus Uden | 13,191 | 108 | - | €1,362,446 | 2019 | Uden |
1 Assets classified as held for sale. These properties were divested on 15 July 2024
31 July 2024 – before opening of markets
| Total | Residents | Children | Contractual | Estimated | Year of | Location | |
|---|---|---|---|---|---|---|---|
| surface (m²) |
rents | rental value (ERV) |
build/ renovation |
||||
| Saamborgh | 4,902 | 76 | - | €1,069,945 | |||
| Hoge Haeghe | 2,352 | 38 | - | €556,500 | 2022 | Almere | |
| Hof van Waal | 2,550 | 38 | - | €513,445 | 2023 | Tiel | |
| Stichting Rendant Heerenhage |
13,142 13,142 |
126 126 |
- - |
€1,031,190 €1,031,190 |
2021 | Heerenveen | |
| Stichting Zorggroep Noorderboog | 13,555 | 140 | - | €987,285 | |||
| Oeverlanden | 13,555 | 140 | - | €987,285 | 2017 | Meppel | |
| Stichting Fundis | 4,738 | 60 | - | €926,748 | |||
| Amadeushuis Alphen aan den Rijn | 2,307 | 27 | - | €417,827 | 2023 | Alphen a/d Rijn | |
| Amadeushuis Waarder Stichting Nusantara |
2,431 4,905 |
33 70 |
- - |
€508,921 €739,774 |
2023 | Waarder | |
| Rumah Saya | 4,905 | 70 | - | €739,774 | 2011 | Ugchelen | |
| Stichting Leger des Heils | 6,017 | 75 | - | €710,211 | |||
| Welzijns- en Gezondheidszorg | |||||||
| De Merenhoef | 6,017 | 75 | - | €710,211 | 2019 | Maarssen | |
| Amado Zorg De Volder Staete |
2,890 2,890 |
52 52 |
- - |
€699,988 €699,988 |
2024 | Almere | |
| U-center | 7,416 | 59 | - | €695,031 | |||
| U-center | 7,416 | 59 | - | €695,031 | 2015 | Epen | |
| Zorghaven Groep | 3,489 | 36 | - | €574,118 | |||
| Zuyder Haven Oss | 1,674 | 18 | - | €321,082 | 2018 | Oss | |
| Buyten Haven Dordrecht | 1,815 | 18 | - | €253,036 | 2016 | Dordrecht | |
| Zorggroep Apeldoorn Pachterserf |
2,653 2,653 |
48 48 |
- - |
€508,633 €508,633 |
2011 | Apeldoorn | |
| Sandstep Healthcare | 1,911 | 0 | - | €466,029 | |||
| Gender Clinic Bosch en Duin | 1,911 | 0 | - | €466,029 | 1950 | Bosch en Duin | |
| Warm Hart | 2,114 | 27 | - | €383,873 | |||
| Oosterbeek Zilverheuvel | 2,114 | 27 | - | €383,873 | 2022 | Oosterbeek | |
| Cardea | 2,565 | 63 | - | €356,851 | |||
| OZC Orion | 2,565 | 63 | - | €356,851 | 2014 | Leiderdorp | |
| Wonen bij September September Nijverdal |
1,466 1,466 |
20 20 |
- - |
€303,374 €303,374 |
2019 | Nijverdal | |
| Omega | 1,587 | 26 | - | €255,941 | |||
| Meldestraat | 1,587 | 26 | - | €255,941 | 2019 | Emmeloord | |
| United Kingdom 1 | 335,457 | 7,363 | - | €72,403,618 £61,354,839 |
€75,961,690 £64,369,949 |
||
| Maria Mallaband | 63,431 | 1,394 | £13,541,436 | ||||
| Ashmead | 4,557 | 110 | - | £1,176,325 | 2004 | Putney | |
| Belvoir Vale | 2,158 | 56 | - | £779,762 | 1991 (2016) | Widmerpool | |
| Blenheim 2 | 2,288 | 64 | - | £284,148 | 2000 (2015) | Ruislip | |
| Coplands Eltandia Hall |
3,445 3,531 |
79 83 |
- - |
£680,645 £825,939 |
1998 (2016) 1999 |
Wembley Norbury |
|
| Glennie House | 2,279 | 52 | - | £140,780 | 2005 (2014) | Auchinleck | |
| Heritage | 2,972 | 72 | - | £985,023 | 2002 (2015) | Tooting | |
| Kings Court (MM) | 2,329 | 60 | - | £268,908 | 2000 (2016) | Swindon | |
| Knights Court Ottery |
3,100 3,513 |
80 62 |
- - |
£575,223 £840,491 |
1998 (2017) 2019 |
Edgware Ottery St Mary |
|
| River View | 5,798 | 137 | - | £1,052,613 | 2001 | Reading | |
| The Windmill | 2,332 | 53 | - | £225,146 | 2007 (2015) | Slough | |
| Deepdene | 3,009 | 66 | - | £935,749 | 2006 | Dorking | |
| Princess Lodge | 4,087 | 85 | - | £439,213 | 2006 | Swindon | |
| Minster Grange Chartwell Manor |
4,815 3,702 |
83 61 |
- - |
£1,108,274 £776,993 |
2012 2022 |
York Aylesbury |
|
| Creggan Bahn Court | 2,652 | 60 | - | £556,758 | 2022 | Ayr | |
| Dawlish | 3,744 | 71 | £915,103 | 2024 | Dawlish | ||
| Biddenham St James | 3,120 | 60 | £974,343 | 2024 | Biddenham | ||
| Bondcare Group | 64,483 | 1,484 | - | £10,655,733 | |||
| Alexander Court Ashurst Park |
3,347 2,145 |
82 47 |
- - |
£587,174 £528,686 |
2002 1990 (2016) |
Dagenham Tunbridge Wells |
|
| Ashwood | 2,722 | 70 | - | £406,113 | 2001 (2017) | Hayes | |
| Beech Court | 2,135 | 51 | - | £415,230 | 1999 | Romford | |
| Beechcare | 2,739 | 65 | - | £815,666 | 1989 (2017) | Darenth | |
| Bentley Court Brook House |
3,755 3,155 |
77 74 |
- - |
£395,200 £536,967 |
2009 (2016) 2001 (2017) |
Wednesfield Thamesmead |
|
| Chatsworth Grange | 2,558 | 66 | - | £302,276 | 1998 (2017) | Sheffield | |
| Clarendon | 2,132 | 51 | - | £355,809 | 1998 (2017) | Croydon | |
| Coniston Lodge | 3,733 | 92 | - | £458,579 | 2003 | Feltham | |
| Derwent Lodge | 2,612 | 62 | - | £571,735 | 2000 | Feltham | |
| Green Acres Lashbrook House |
2,352 1,741 |
62 46 |
- - |
£293,392 - |
2000 (2017) 1995 (2016) |
Leeds Lower Shiplake |
|
| Meadowbrook | 3,334 | 69 | - | £316,078 | 1991 (2015) | Gobowen | |
| Moorland Gardens | 3,472 | 79 | - | £469,427 | 2004 | Luton | |
| Springfield | 3,153 | 80 | - | £356,658 | 2000 | Ilford |
1 Amounts in £ were converted into € based on the exchange rate of 30 June 2024 (0.8474 €/£).
2 Asset classified as held for sale.
31 July 2024 – before opening of markets
| Total | Residents | Children | Contractual | Estimated | Year of | Location | |
|---|---|---|---|---|---|---|---|
| surface | rents | rental value | build/ | ||||
| (m²) | (ERV) | renovation | |||||
| The Fountains The Mount |
2,510 1,229 |
62 35 |
- - |
£398,093 - |
2000 2001 (2015) |
Rainham Wargrave |
|
| The Grange | 7,693 | 160 | - | £813,305 | 2005 | Southall | |
| The Hawthorns | 4,558 | 73 | - | £835,344 | 2011 | Woolston | |
| Uplands | 3,411 | 81 | - | £1,050,000 | 2007 | Shrewsbury | |
| Care UK | 32,368 | 740 | - | £4,211,800 | |||
| Armstrong House | 2,799 | 71 | - | £351,384 | 2006 (2016) | Gateshead | |
| Cheviot Court Church View 1 |
2,978 1,653 |
73 42 |
- - |
£596,872 £150,421 |
2006 (2016) 2004 (2015) |
South Shields Seaham |
|
| Collingwood Court | 2,525 | 63 | - | £541,517 | 2005 (2016) | North Shields | |
| Elwick Grange | 2,493 | 60 | - | £333,334 | 2002 | Hartlepool | |
| Grangewood Care Centre | 2,317 | 50 | - | £348,978 | 2005 (2016) | Houghton Le Spring | |
| Hadrian House 1 | 2,487 | 55 | - | £332,131 | 2002 (2016) | Blaydon | |
| Hadrian Park | 2,892 | 73 | - | £271,962 | 2004 | Billingham | |
| Ponteland Manor | 2,160 | 52 | - | £192,539 | 2003 (2016) | Ponteland | |
| Stanley Park The Terrace |
3,240 2,190 |
71 40 |
- - |
£466,908 £264,742 |
2006 (2015) 1800 (2016) |
Stanley Richmond |
|
| Ventress Hall 1 | 4,635 | 90 | - | £361,011 | 1994 (2017) | Darlington | |
| Emera | 17,262 | 268 | - | £4,004,728 | |||
| Lavender Villa | 1,724 | 20 | - | £332,404 | 2011 | Grouville | |
| Crovan Court | 2,397 | 52 | - | £366,885 | 2019 | Ramsey | |
| Le Petit Bosquet | 2,179 | 43 | - | £543,379 | 2023 | St. Laurence | |
| St. Joseph's | 7,777 | 83 | - | £1,476,545 | PROJECT | St. Helier | |
| Les Charrières | 2,413 | 50 | - | £657,090 | 2020 | Jersey | |
| St. Joseph's Flats 1 | 772 | 20 | - | £330,750 | 1970 | St. Helier | |
| St. Joseph's Land 1 Highgate Care 2 |
- 24,481 |
- 612 |
- - |
£297,675 £3,839,790 |
- | St. Helier | |
| Oaktree Hall & Lodge | 2,471 | 65 | - | £457,068 | 2005 (2014) | Bessingby | |
| Figham House | 2,131 | 63 | - | £584,358 | 2017 | Beverley | |
| Foresters Lodge | 2,241 | 69 | - | £400,327 | 2017 | Bridlington | |
| Maple Lodge | 1,673 | 55 | - | £246,232 | 1989 (2017) | Scotton | |
| Cranswick Lodge | 1,812 | 48 | - | £299,647 | 1995 (2015) | Driffield | |
| The Elms & Oakwood | 5,361 | 80 | - | £458,171 | 1995 (2016) | Louth | |
| The Grange | 2,919 | 73 | - | £349,219 | 2005 (2015) | Darlington | |
| The Lawns The Limes |
2,459 3,414 |
62 97 |
- - |
£252,452 £792,317 |
2005 (2017) 2017 |
Darlington Driffield |
|
| Anchor Hanover Group | 17,000 | 330 | - | £3,613,918 | |||
| Hazel End | 3,210 | 66 | - | £832,631 | 2019 | Bishops Stortford | |
| Marham House | 3,435 | 66 | - | £709,331 | 2020 | Bury St. Edmunds | |
| Corby Priors Hall Park | 3,499 | 66 | - | £646,463 | 2021 | Corby | |
| Glenvale Park | 3,456 | 66 | - | £679,578 | 2022 | Wellingborough | |
| Overstone House | 3,400 | 66 | - | £745,915 | 2022 | Northampton | |
| Renaissance | 22,414 | 512 | - | £3,437,750 | |||
| Beech Manor Jesmond |
2,507 2,922 |
46 65 |
- - |
£228,855 £486,125 |
1995 (2017) 2008 (2015) |
Blairgowrie Aberdeen |
|
| Kingsmills | 2,478 | 60 | - | £640,237 | 1997 (2010) | Inverness | |
| Letham Park | 2,954 | 70 | - | £441,102 | 1995 (2017) | Edinburgh | |
| Meadowlark | 2,005 | 57 | - | £200,942 | 1989 (2015) | Forres | |
| Persley Castle | 1,550 | 40 | - | £268,270 | 1970 (2017) | Aberdeen | |
| The Cowdray Club | 2,581 | 35 | - | £416,075 | 2009 (2016) | Aberdeen | |
| Torry | 3,028 | 81 | - | £367,012 | 1996 (2016) | Aberdeen | |
| Whitecraigs | 2,389 | 58 | - | £389,133 | 2001 | Glasgow | |
| Rosedale Care 2 Crystal Court |
15,145 2,879 |
376 68 |
- - |
£2,894,811 £695,426 |
2012 | Harrogate | |
| Highfield Care Centre | 3,260 | 88 | - | £450,163 | 2003 (2015) | Castleford | |
| Maple Court | 3,045 | 64 | - | £540,418 | 2018 | Scarborough | |
| Priestley | 1,520 | 40 | - | £278,566 | 2002 (2016) | Birstall | |
| The Hawthornes | 1,512 | 40 | - | £307,709 | 2003 (2017) | Birkenshaw | |
| The Sycamores | 1,627 | 40 | - | £401,347 | 2003 (2016) | Wakefield | |
| York House | 1,302 | 36 | - | £221,181 | 1999 (2016) | Dewsbury | |
| Danforth Care | 9,812 | 186 | £2,456,036 | ||||
| Weavers Court The Mayfield Care Home |
3,456 3,178 |
66 60 |
- | £808,496 £823,860 |
2022 2023 |
Rawdon Whitby |
|
| Heath Lodge | 3,178 | 60 | - | £823,680 | 2022 | Holt | |
| Excelcare | 14,007 | 244 | - | £2,430,355 | |||
| Abbot Care Home | 6,827 | 98 | - | £844,730 | 2016 | Harlow | |
| Stanley Wilson Lodge | 3,766 | 75 | - | £677,082 | 2010 | Saffron Walden | |
| St Fillans | 3,414 | 71 | - | £908,544 | 2012 | Colchester | |
| Hamberley Care Homes | 7,177 | 129 | - | £1,920,143 | |||
| Richmond Manor | 3,808 | 69 | - | £1,027,001 | 2020 | Ampthill | |
| Abbotts Wood | 3,369 | 60 | - | £893,142 | 2021 | Hailsham |
1 Asset classified as held for sale.
2 Part of North Bay Group.
31 July 2024 – before opening of markets
| Total surface |
Residents | Children | Contractual rents |
Estimated rental value |
Year of build/ |
Location | |
|---|---|---|---|---|---|---|---|
| (m²) | (ERV) | renovation | |||||
| Caring Homes | 8,898 | 221 | - | £1,556,557 | |||
| Brooklyn House | 1,616 | 38 | - | £362,981 | 2009 (2016) | Attleborough | |
| Guysfield | 2,052 | 51 | - | £409,316 | 2000 (2015) | Letchworth | |
| Hillside House and Mellish House | 3,629 | 92 | - | £504,851 | 2005 (2016) | Sudbury | |
| Sanford House | 1,601 | 40 | - | £279,409 | 1998 (2016) | East Dereham | |
| St Mary's Care 1 Shipley Manor |
6,794 3,799 |
133 66 |
- - |
£1,219,150 £510,000 |
2022 | Shipley | |
| St Mary's Riverside | 2,995 | 67 | - | £709,150 | 2021 | Hessle | |
| Lifeways | 3,880 | 67 | - | £1,169,859 | |||
| Heath Farm | 2,832 | 47 | - | £764,908 | 2009 | Scopwick | |
| Sharmers Fields House | 1,048 | 20 | - | £404,951 | 2008 (2010) | Leamington Spa | |
| Marton Care 1 | 6,900 | 173 | - | £872,523 | |||
| Grosvenor Park | 6,900 | 173 | - | £337,417 | 2004 (2016) | Darlington | |
| Riverside View | 2,312 | 61 | - | £337,418 | 2004 (2016) | Darlington | |
| The Lodge | 2,362 | 59 | - | £197,688 | 2003 (2016) | South Shields | |
| Sandstone Care Group | 4,107 | 80 | - | £855,000 | |||
| Priesty Fields | 4,107 | 80 | - | £855,000 | 2021 | Congleton | |
| HC-One Blakelands Lodge |
3,048 3,048 |
60 60 |
- - |
£823,680 £823,680 |
2022 | Marston Moretaine | |
| Harbour Healthcare | 5,339 | 147 | - | £710,479 | |||
| Bentley Rosedale Manor | 2,896 | 78 | - | £411,958 | 2010 (2017) | Crewe | |
| Tree Tops Court | 2,442 | 69 | - | £298,520 | 1990 (2015) | Leek | |
| Torwood Care | 3,256 | 68 | - | £651,250 | |||
| Sleaford Ashfield Road | 3,256 | 68 | - | £651,250 | 2023 | Sleaford | |
| Barchester | 1,554 | 49 | - | £489,842 | |||
| Edingley Lodge 2 | 1,554 | 49 | - | £489,842 | 2008 (2023) | Edingley | |
| Finland | 284,366 | 3,879 | 11,450 | €64,512,674 | €62,817,769 | ||
| Municipalities / Wellbeing counties | 56,045 | 354 | 3,679 | €12,441,054 | |||
| (multiple tenants) | |||||||
| Koy Raahen Palokunnanhovi | 423 | - | 60 | €91,141 | 2010 | Raahe | |
| Koy Siilinjärven Sinisiipi | 568 | - | 72 | €114,296 | 2012 | Toivala | |
| Koy Mäntyharjun Lääkärinkuja | 1,667 | 41 | - | €322,152 | 2017 | Mäntyharju | |
| Koy Uudenkaupungin Puusepänkatu | 1,209 | 30 | - | €287,728 | 2017 | Uusikaupunki | |
| Koy Uudenkaupungin Merimetsopolku B (PK) | 661 | - | 78 | €154,785 | 2017 | Uusikaupunki | |
| Koy Siilinjärven Risulantie Koy Ylivieskan Mikontie 1 |
2,286 847 |
30 15 |
- - |
€626,400 €242,863 |
2018 2018 |
Siilinjärvi Ylivieska |
|
| Koy Ylivieskan Ratakatu 12 | 1,294 | 30 | - | €324,457 | 2018 | Ylivieska | |
| Koy Raahen Vihastenkarinkatu | 800 | - | 120 | €173,868 | 2018 | Raahe | |
| Koy Rovaniemen Mäkirannantie | 530 | - | 75 | €143,623 | 1989 | Rovaniemi | |
| Koy Jyväskylän Ailakinkatu | 1,542 | - | 150 | €425,799 | 2019 | Jyväskylä | |
| Koy Siilinjärven Nilsiäntie | 1,086 | - | 100 | €232,259 | 2019 | Siilinjärvi | |
| Koy Laihian Jarrumiehentie | 630 | - | 75 | €76,004 | 2019 | Laihia | |
| Koy Mikkelin Sahalantie | 1,730 | - | 150 | €500,671 | 2019 | Mikkeli | |
| Koy Rovaniemen Santamäentie Koy Vaasan Uusmetsäntie |
2,200 2,519 |
- - |
203 210 |
€408,440 €521,964 |
2020 2020 |
Rovaniemi Vaasa |
|
| Koy Rovaniemen Gardininkuja | 653 | - | 76 | €232,022 | 2020 | Rovaniemi | |
| Koy Oulun Ruismetsä | 2,140 | - | 205 | €529,172 | 2020 | Oulu | |
| Oulun Salonpään koulu | 2,026 | - | 206 | €687,244 | 2021 | Oulu | |
| Koy Kuopion Männistönkatu PK | 2,104 | - | 168 | €360,281 | 2021 | Kuopio | |
| Koy Oulun Valjastie (Hintta) | 1,901 | - | 150 | €496,534 | 2021 | Oulu | |
| Raahe care home | 2,450 | 60 | - | €486,870 | 2021 | Raahe | |
| Jyväskylä Harjutie | 943 | - | 91 | €275,219 | 2021 | Vaajakoski | |
| Kaskinen Bladintie Kokkola Ilkantie |
600 3,353 |
13 73 |
- - |
- €598,344 |
2009 2016 |
Kaskinen Kokkola |
|
| Helsinki Kansantie | 3,654 | - | 360 | €713,490 | 2022 | Helsinki | |
| Koy Keravan Lehmuskatu | 2,990 | 62 | - | €482,660 | 2022 | Kerava | |
| Tampere Teräskatu | 3,363 | - | 240 | €613,133 | 2023 | Tampere | |
| Koy Oulun Jahtivoudintie | 3,622 | - | 340 | €808,980 | 2023 | Helsinki | |
| Koy Oulun Riistakuja | 3,406 | - | 300 | €674,132 | 2022 | Oulu | |
| Oulu Mäntypellonpolku | 1,799 | - | 150 | €505,680 | 2022 | Oulu | |
| Rovaniemi Koulukaari | 1,050 | - | 100 | €330,843 | 2023 | Rovaniemi | |
| Attendo | 49,126 | 1,185 | - | €11,035,724 | |||
| Koy Vihdin Vanhan sepäntie Koy Kouvolan Vinttikaivontie |
1,498 1,788 |
40 48 |
- - |
€370,738 €442,259 |
2015 2015 |
Nummela Kouvola |
|
| Koy Lahden Vallesmanninkatu | 1,199 | 30 | - | €288,525 | 2015 | Lahti | |
| Koy Orimattilan Suppulanpolku | 1,498 | 40 | - | €390,301 | 2016 | Orimattila | |
| Koy Espoon Vuoripirtintie | 1,480 | 35 | - | €347,239 | 2016 | Espoo | |
| Koy Kajaanin Erätie | 1,920 | 52 | - | €398,193 | 2017 | Kajaani | |
| Koy Heinolan Lähteentie | 1,665 | 41 | - | €373,861 | 2017 | Heinola | |
| Koy Porvoon Fredrika Runebergin katu | 973 | 29 | - | €295,621 | 2017 | Porvoo | |
| Koy Pihtiputaan Nurmelanpolku | 963 | 24 | - | €215,670 | 2017 | Pihtipudas | |
| Koy Pihtiputaan Nurmelanpolku Koy Nokian Näsiäkatu |
460 1,665 |
16 41 |
- - |
€73,345 €385,323 |
2004 2017 |
Pihtipudas Nokia |
|
| Koy Oulun Ukkoherrantie B | 878 | 20 | - | €223,562 | 2017 | Oulu | |
1 Part of North Bay Group.
2 Asset classified as held for sale.
| Total | Residents | Children | Contractual | Estimated | Year of | Location | |
|---|---|---|---|---|---|---|---|
| surface | rents | rental value | build/ | ||||
| Koy Keravan Männiköntie | (m²) 862 |
27 | - | €280,477 | (ERV) | renovation 2017 |
Kerava |
| Koy Lohjan Ansatie | 1,593 | 40 | - | €384,137 | 2017 | Lohja | |
| Koy Uudenkaupungin Merimetsopolku C (HKO) | 655 | 15 | - | €161,284 | 2017 | Uusikaupunki | |
| Koy Nurmijärven Ratakuja | 856 | 20 | - | €209,282 | 2017 | Nurmijärvi | |
| Koy Rovaniemen Matkavaarantie | 977 | 21 | - | €205,246 | 2018 | Rovaniemi | |
| Koy Mikkelin Ylännetie 8 Koy Vaasan Vanhan Vaasankatu |
982 1,195 |
22 25 |
- - |
€210,350 €244,155 |
2018 2018 |
Mikkeli Vaasa |
|
| Koy Oulun Sarvisuontie | 1,190 | 27 | - | €249,407 | 2019 | Oulu | |
| Koy Vihdin Hiidenrannantie | 1,037 | 23 | - | €250,624 | 2019 | Nummela | |
| Koy Kokkolan Ankkurikuja | 1,218 | 31 | - | €255,014 | 2019 | Kokkola | |
| Koy Kuopion Portti A2 | 2,706 | 65 | - | €677,430 | 2019 | Kuopio | |
| Koy Pieksämäen Ruustinnantie | 792 | 20 | - | €170,589 | 2020 | Pieksämäki | |
| Koy Kouvolan Ruskeasuonkatu Koy Lohjan Sahapiha (elderly care) |
3,019 2,470 |
60 50 |
- - |
€567,652 €489,112 |
2020 2021 |
Kouvola Lohja |
|
| Kotka Metsäkulmankatu | 1,521 | 40 | - | €353,271 | 2010 | Kotka | |
| Vasaa Tehokatu | 3,068 | 78 | - | €532,313 | 2010 | Vaasa | |
| Oulu Isopurjeentie | 3,824 | 86 | - | €777,969 | 2010 | Oulu | |
| Teuva Tuokkolantie | 834 | 18 | - | €144,228 | 2010 | Teuva | |
| Koy Oulun Juhlamarssi | 2,477 | 52 | - | €506,469 | 2022 | Oulu | |
| Kokkola Metsämäentie Kokkola Kärrytie |
1,078 790 |
26 23 |
- - |
€303,312 €258,766 |
2014 2008 |
Kokkola Kokkola |
|
| Mehiläinen | 24,876 | 557 | - | €5,665,097 | |||
| Koy Porin Ojantie | 1,629 | 40 | - | €390,617 | 2015 | Pori | |
| Koy Jyväskylän Väliharjuntie | 1,678 | 42 | - | €408,406 | 2015 | Vaajakoski | |
| Koy Espoon Hirvisuontie | 823 | 20 | - | €190,426 | 2017 | Espoo | |
| Koy Hollolan Sarkatie | 1,663 | 42 | - | €423,882 | 2017 | Hollola | |
| Koy Hämeenlinnan Jukolanraitti | 1,925 | 40 | - | €430,159 | 2018 | Hämeenlinna | |
| Koy Sipoon Aarretie | 964 | 21 | - | €208,035 | 2018 | Sipoo | |
| Koy Lappeenrannan Orioninkatu Koy Porvoon Haarapääskyntie |
935 886 |
22 17 |
- - |
€214,349 €159,911 |
2018 2019 |
Lappeenranta Porvoo |
|
| Koy Äänekosken Likolahdenkatu | 771 | 15 | - | €153,918 | 2019 | Äänekoski | |
| Koy Kangasalan Rekiäläntie | 1,240 | 28 | - | €290,138 | 2019 | Kangasala | |
| Koy Iisalmen Satamakatu | 2,630 | 53 | - | €539,879 | 2020 | Iisalmi | |
| Koy Oulun Siilotie | 1,868 | 45 | - | €438,810 | 2020 | Oulu | |
| MT Espoo Kurttilantie | 998 | 26 | - | €222,507 | 2022 | Espoo | |
| Jyväskylä Sulkulantie Oulun Villa Sulka |
850 2,973 |
18 60 |
- - |
€164,720 €692,354 |
2017 2016 |
Jyväskylä Oulu |
|
| Mikkelin Kastanjakuja | 963 | 20 | - | €198,817 | 2019 | Mikkeli | |
| Kuopion Oiva | 619 | 17 | - | €162,239 | 2019 | Kuopio | |
| Jyväskylä Martikaisentie | 832 | 17 | - | €218,917 | 2014 | Jyväskylä | |
| Nokian Luhtatie | 630 | 14 | - | €157,013 | 2018 | Nokia | |
| Norlandia | 21,728 | 244 | 1,291 | €5,108,452 | |||
| Koy Jyväskylän Haperontie | 700 | - | 84 | €154,262 | 2016 | Jyväskylä | |
| Koy Espoon Oppilaantie Koy Kuopion Rantaraitti |
1,045 822 |
- - |
120 96 |
€224,316 €184,033 |
2017 2017 |
Espoo Kuopio |
|
| Koy Ruskon Päällistönmäentie | 697 | - | 84 | €170,396 | 2017 | Rusko | |
| Koy Uudenkaupungin Merilinnuntie | 702 | - | 84 | €165,619 | 2018 | Uusikaupunki | |
| Koy Lahden Piisamikatu | 697 | - | 84 | €164,487 | 2018 | Lahti | |
| Koy Turun Lukkosepänkatu | 882 | - | 100 | €214,779 | 2018 | Turku | |
| Koy Sipoon Aarrepuistonkuja | 668 | - | 75 | €165,347 | 2018 | Sipoo | |
| Koy Keuruun Tehtaantie | 538 | - | 60 | €125,809 | 2018 | Keuruu | |
| Koy Mynämäen Opintie Koy Ruskon Päällistönmäentie (2.phase) |
697 505 |
- - |
84 60 |
€165,137 €118,096 |
2019 2019 |
Mynämäki Rusko |
|
| Koy Haminan Lepikönranta | 575 | - | 80 | €152,895 | 2019 | Hamina | |
| Koy Jyväskylän Vävypojanpolku | 769 | - | 84 | €182,066 | 2019 | Jyväskylä | |
| Tuusula Isokarhunkierto (elderly care) | 1,920 | 46 | - | €416,432 | 2020 | Tuusula | |
| Tuusula Isokarhunkierto (childcare) | 789 | - | 84 | €171,130 | 2020 | Tuusula | |
| Helsinki Pakarituvantie (childcare) | 620 | - | 50 | €119,244 | 2022 | Helsinki | |
| Helsinki Pakarituvantie (elderly care & other) | 4,960 | 108 | - | €1,189,904 | 2022 | Helsinki | |
| Kerava Palopellonkatu Kuopion Opistotie |
550 3,595 |
- 90 |
62 - |
€127,596 €896,904 |
2024 2022 |
Kerava Kuopio |
|
| Pilke | 18,606 | - | 2,161 | €4,576,045 | |||
| Koy Mäntsälän Liedontie | 645 | - | 66 | €172,465 | 2013 | Mäntsälä | |
| Koy Lahden Vallesmanninkatu | 561 | - | 72 | €146,130 | 2015 | Lahti | |
| Koy Kouvolan Kaartokuja | 566 | - | 68 | €149,579 | 2016 | Kouvola | |
| Koy Nokian Vikkulankatu | 993 | - | 126 | €196,045 | 2016 | Nokia | |
| Koy Vantaan Tuovintie | 584 | - | 73 | €159,870 | 2016 | Vantaa | |
| Koy Rovaniemen Ritarinne Koy Vantaan Mesikukantie |
1,186 959 |
- - |
132 120 |
€316,767 €215,952 |
2016 2016 |
Rovaniemi Vantaa |
|
| Koy Vantaan Mesikukantie | 531 | - | 64 | €136,379 | 2018 | Vantaa | |
| Koy Pirkkalan Perensaarentie | 1,313 | - | 168 | €320,243 | 2017 | Pirkkala | |
| Koy Jyväskylän Mannisenmäentie | 916 | - | 102 | €185,894 | 2017 | Jyväskylä | |
| Koy Kaarinan Nurminiitynkatu | 825 | - | 96 | €192,878 | 2017 | Kaarina | |
| Koy Porin Koekatu | 915 | - | 96 | €203,314 | 2018 | Pori | |
| Koy Mikkelin Väänäsenpolku | 648 | - | 72 | €145,782 | 2018 | Mikkeli | |
| Koy Sotkamon Kirkkotie Koy Oulun Soittajanlenkki |
547 1,091 |
- - |
72 120 |
€162,393 €249,558 |
2018 2018 |
Sotkamo Oulu |
| Total | Residents | Children | Contractual | Estimated | Year of | Location | |
|---|---|---|---|---|---|---|---|
| surface | rents | rental value | build/ | ||||
| (m²) | (ERV) | renovation | |||||
| Koy Oulun Soittajanlenkki (extension) As Oy Lahden Vuorenkilpi |
654 703 |
0 0 |
75 90 |
€153,926 €186,134 |
2019 2019 |
Oulu Lahti |
|
| Koy Lohjan Sahapiha (childcare) | 478 | 0 | 60 | €108,571 | 2021 | Lohja | |
| Espoo Kuurinkallio (childcare) | 622 | 0 | 75 | €319,094 | 2024 | Espoo | |
| Koy Nurmijärvi Luhtavillantie | 1,153 | 0 | 120 | €256,911 | 2021 | Klaukkala | |
| Kangasalan Topin Mäki | 857 | 0 | 87 | €215,170 | 2022 | Kangasala | |
| Liminka Saunarannantie | 917 | 0 | 99 | €178,030 | 2022 | Liminka | |
| Oulu Pateniemenranta | 614 | 0 | 66 | €114,060 | 2023 | Oulu | |
| Espoo Ylismäenkuja Touhula |
331 17,901 |
0 - |
42 2,049 |
€90,900 €4,556,741 |
2023 | Espoo | |
| Koy Nurmijärven Laidunalue | 477 | - | 57 | €110,303 | 2011 | Nurmijärvi | |
| Koy Nurmijärven Laidunalue (extension) | 603 | - | 66 | €137,901 | 2023 | Nurmijärvi | |
| Koy Kuopion Sipulikatu | 564 | - | 72 | €146,649 | 2013 | Kuopio | |
| Koy Porvoon Peippolankuja | 564 | - | 70 | €153,633 | 2014 | Porvoo | |
| Koy Pirkkalan Lehtimäentie | 734 | - | 90 | €186,021 | 2014 | Pirkkala | |
| Koy Pirkkalan Lehtimäentie | 452 | - | 53 | €121,896 | 2015 | Pirkkala | |
| Koy Espoon Fallåkerinrinne Koy Tampereen Lentävänniemenkatu |
891 737 |
- - |
75 93 |
€230,517 €185,046 |
2014 2015 |
Espoo Tampere |
|
| Koy Tampereen Lentävänniemenkatu (extension) | 468 | - | 50 | €109,141 | 2019 | Tampere | |
| Koy Turun Vähäheikkiläntie | 911 | - | 97 | €235,619 | 2015 | Turku | |
| Koy Turun Vähäheikkiläntie | 553 | - | 60 | €127,231 | 2018 | Turku | |
| Koy Turun Vakiniituntie | 567 | - | 60 | €162,296 | 2015 | Turku | |
| Koy Vantaan Koetilankatu | 890 | - | 108 | €242,720 | 2015 | Vantaa | |
| Koy Espoon Tikasmäentie | 912 | - | 108 | €235,801 | 2015 | Espoo | |
| Koy Kangasalan Mäntyveräjäntie | 561 | - | 72 | €156,120 | 2015 | Kangasala | |
| Koy Ylöjärven Työväentalontie | 707 | - | 84 | €174,291 | 2015 | Ylöjärvi | |
| Koy Vantaan Vuohirinne | 896 | - | 108 | €227,737 | 2016 | Vantaa | |
| Koy Porvoon Vanha Kuninkaantie Koy Espoon Meriviitantie |
670 769 |
- - |
84 96 |
€174,495 €203,880 |
2016 2016 |
Porvoo Espoo |
|
| Koy Vantaan Punakiventie | 484 | - | 58 | €136,269 | 2016 | Vantaa | |
| Koy Espoon Vuoripirtintie | 472 | - | 54 | €120,493 | 2016 | Espoo | |
| Koy Kirkkonummen Kotitontunkuja | 565 | - | 72 | €157,674 | 2017 | Kirkkonummi | |
| Koy Tornion Torpin Rinnakkaiskatu | 635 | - | 72 | €141,481 | 2017 | Tornio | |
| Koy Lahden Jahtikatu | 894 | - | 72 | €269,727 | 2018 | Lahti | |
| Koy Iisalmen Petter Kumpulaisentie | 644 | - | 72 | €149,118 | 2018 | Iisalmi | |
| As Oy Oulun Figuuri | 330 | - | 41 | €70,837 | 2018 | Oulu | |
| As Oy Kangasalan Freesia | 252 | - | 35 | €58,044 | 2018 | Kangasala | |
| Tampere Sisunaukio (childcare) | 703 | - | 70 | €131,801 | 2022 | Tampere | |
| Esperi Koy Loviisan Mannerheiminkatu |
10,893 1,133 |
263 29 |
- - |
€2,471,674 €247,058 |
2015 | Loviisa | |
| Koy Kajaanin Menninkäisentie | 1,178 | 30 | - | €348,264 | 2016 | Kajaani | |
| Koy Iisalmen Kangaslammintie | 802 | 20 | - | €200,374 | 2018 | Iisalmi | |
| Kuopio Torpankatu | 1,727 | 47 | - | €336,540 | 2024 | Kuopio | |
| Sotkamo Härkökivenkatu | 837 | 22 | - | €168,336 | 2024 | Sotkamo | |
| Seinäjoki Kutojankatu | 5,217 | 115 | - | €1,171,102 | 2018 | Seinäjoki | |
| Kristillinen koulu | 7,915 | - | 717 | €1,758,316 | |||
| Koy Järvenpään Yliopettajankatu | 1,784 | - | 180 | €351,410 | 2020 | Järvenpää | |
| Koy Espoon Matinkartanontie | 6,131 | - | 537 | €1,406,906 | 2021 | Espoo | |
| Multiple tenants | 6,554 | 95 | - | €1,562,696 | |||
| Koy Euran Käräjämäentie Vantaa Asolantie |
2,400 4,154 |
42 53 |
- - |
€326,660 €1,236,036 |
2018 2012 |
Eura Vantaa |
|
| Ikifit | 5,845 | 137 | - | €1,255,762 | |||
| Koy Kangasalan Hilmanhovi | 995 | 30 | - | €234,396 | 2009 | Kangasala | |
| Turun Malin Trällinkuja | 1,923 | 50 | - | €462,686 | 2022 | Turku | |
| Koy Tampereen Sisunaukio (elderly care) | 2,927 | 57 | - | €558,680 | 2022 | Tampere | |
| Rinnekoti | 4,973 | 103 | - | €950,744 | |||
| Koy Turun Lemmontie | 926 | 21 | - | €187,240 | 2021 | Turku | |
| Oulu Ukkoherrantie A | 1,073 | 21 | - | €184,439 | 2021 | Oulu | |
| Jyväskylä Haukankaari | 1,232 | 26 | - | €241,505 | 2022 | Jyväskylä | |
| Hollola Kulmatie | 690 | 14 | - | €139,560 | 2024 | Hollola | |
| Nokia Tähtisumunkatu | 1,052 | 21 | - | €198,000 | 2023 | Nokia | |
| Nonna Group | 4,014 | - | 110 | €817,008 | |||
| Oulu Vaarapiha Helsingin Ensikoti |
4,014 3,962 |
- 32 |
110 - |
€817,008 €785,340 |
2023 | Oulu | |
| Helsinki Ensikodintie | 3,962 | 32 | - | €785,340 | 2023 | Helsinki | |
| KVPS | 3,066 | 59 | - | €668,608 | |||
| Koy Jyväskylän Palstatie | 825 | 15 | - | €165,514 | 2019 | Jyväskylä | |
| Koy Lahden keva makarantie | 791 | 15 | - | €173,726 | 2020 | Lahti | |
| Koy Helsinin Pakarituvantie (disabled care) | 1,450 | 29 | - | €329,368 | 2022 | Helsinki | |
| Sentica | 2,642 | - | 318 | €635,111 | |||
| Koy Raision Tenavakatu | 622 | - | 75 | €157,944 | 2013 | Raisio | |
| Koy Maskun Ruskontie | 622 | - | 75 | €151,336 | 2014 | Masku | |
| Koy Maskun Ruskontie (extension) | 579 | - | 72 | €142,158 | 2018 | Masku | |
| Koy Paimion Mäkiläntie | 820 | - | 96 | €183,673 | 2018 | Paimio |
| Total | Residents | Children | Contractual | Estimated | Year of | Location | |
|---|---|---|---|---|---|---|---|
| surface | rents | rental value | build/ | ||||
| Suomen Kristilliset Hoivakodit | (m²) 2,411 |
57 | - | €529,731 | (ERV) | renovation | |
| Koy Kajaani Uitontie | 1,178 | 27 | - | €266,331 | 2021 | Kajaani | |
| Koy Rovaniemen Gardininkuja (extension) | 1,233 | 30 | - | €263,400 | 2024 | Rovaniemi | |
| Sospro | 2,454 | 41 | 0 | €528,853 | |||
| Koy Janakkalan Kekanahontie Salo Linnakoskentie |
1,457 997 |
27 14 |
0 0 |
€313,823 €215,030 |
2019 2024 |
Janakkala Salo |
|
| Aspa | 2,433 | 70 | - | €483,448 | |||
| KEVA Lohja Porapojankuja | 774 | 15 | - | €144,524 | 2021 | Lohja | |
| Loimaan Villa Inno Kouvolan Oiva |
1,093 566 |
23 32 |
- - |
€207,416 €131,508 |
2019 2019 |
Loimaa Kouvola |
|
| Hovi Group | 1,978 | 32 | - | €393,506 | |||
| Nokia Kivimiehenkatu | 1,978 | 32 | - | €393,506 | 2012 | Nokia | |
| Musiikkikoulu Rauhala | 1,609 | - | 195 | €385,221 | |||
| Koy Laukaan Hytösenkuja Koy Laukaan Saratie |
730 879 |
- - |
87 108 |
€192,250 €192,971 |
2015 2018 |
Laukaa Laukaa |
|
| Pohjanmaan hyvinvointialue | 1,425 | 35 | - | €345,420 | |||
| Vaasa Mäkikaivontie | 1,425 | 35 | - | €345,420 | 2010 | Vaasa | |
| Peurunka | 1,086 | 22 | - | €323,930 | |||
| Laukaa Peurungantie Pääkaupungin turvakoti |
1,086 1,018 |
22 14 |
- - |
€323,930 €322,899 |
2020 | Laukaa | |
| Koy Helsingin Työnjohtajankadun Seppä 3 | 1,018 | 14 | - | €322,899 | 2021 | Helsinki | |
| Tampereen ensija turvakoti | 950 | 18 | - | €321,317 | |||
| Tampere Haiharansuu | 950 | 18 | - | €321,317 | 2022 | Tampere | |
| Paltan Palveluasunnot | 1,507 | 24 | 54 | €317,986 | |||
| Koy Turun Paltankatu Pihlajantertut |
1,507 1,613 |
24 33 |
54 - |
€317,986 €294,454 |
2019 | Turku | |
| Espoo Rajamännynahde | 1,613 | 33 | - | €294,454 | 2002 | Espoo | |
| Rebekan Hoitokoti | 1,222 | 30 | - | €287,464 | |||
| Koy Iisalmen Vemmelkuja | 1,222 | 30 | - | €287,464 | 2019 | Iisalmi | |
| Huhtihovi Salo Papinkuja |
1,199 1,199 |
30 30 |
- - |
€281,835 €281,835 |
2021 | Salo | |
| Sotehotellit | 1,521 | 32 | - | €277,919 | |||
| Koy Ulvilan Kulmalantie | 1,521 | 32 | - | €277,919 | 2020 | Ulvila | |
| Validia | 1,053 | 17 | - | €265,235 | |||
| Koy Kuusankosken Keva Kehitysvammatuki 57 |
1,053 1,395 |
17 24 |
- - |
€265,235 €264,672 |
2021 | Kouvola | |
| Helsinki Landbontie | 1,395 | 24 | - | €264,672 | 2024 | Helsinki | |
| Priimi | 1,157 | - | 142 | €262,705 | |||
| Kuopio Amerikanraitti | 841 | - | 100 | €188,491 | 2017 | Kuopio | |
| Kuopio Amerikanraitti (extension) K-P Hoitopalvelu |
316 911 |
- 25 |
42 - |
€74,214 €256,358 |
2021 | Kuopio | |
| Koy Kokkolan Vanha Ouluntie | 911 | 25 | - | €256,358 | 2017 | Kokkola | |
| Siriuspäiväkodit | 985 | - | 108 | €247,781 | |||
| Koy Limingan Kauppakaari | 564 | - | 72 | €149,935 | 2013 | Tupos | |
| Koy Oulunsalon Vihannestie Dagmaaria |
421 1,199 |
- 32 |
36 - |
€97,846 €245,375 |
2021 | Oulu | |
| Koy Porin Kerhotie | 1,199 | 32 | - | €245,375 | 2021 | Pori | |
| Stafiko | 1,180 | 30 | - | €241,021 | |||
| Hämeenlinna Kampuskaarre | 1,180 | 30 | - | €241,021 | 2021 | Hämeenlinna | |
| Palvelukoti Kotipetäjä Koy Rovaniemen Rakkakiventie |
1,106 1,106 |
27 27 |
- - |
€230,842 €230,842 |
2023 | Rovaniemi | |
| Förkkeli | 1,096 | 16 | - | €230,397 | |||
| Oulun Maininki | 1,096 | 16 | - | €230,397 | 2017 | Oulu | |
| Vantaan Turvakoti | 844 | 14 | - | €218,422 | |||
| Koy Vantaan Koivukylän Puistotie | 844 | 14 | - | €218,422 | 2019 | Vantaa | |
| Autismisäätiö Koy Kotka Särmääjänkatu |
1,042 1,042 |
12 12 |
- - |
€217,557 €217,557 |
2021 | Kotka | |
| Peikkometsän | 1,012 | 108 | - | €211,368 | |||
| Espoo Palstalaisentie | 1,012 | 108 | - | €211,368 | 2024 | Espoo | |
| Keusote | 800 | - | 16 | €210,060 | |||
| Järvenpää Uudenmaantie Lapin Turkoosi |
800 960 |
- - |
16 120 |
€210,060 €195,296 |
2024 | Järvenpää | |
| Koy Rovaniemen Muonakuja | 960 | - | 120 | €195,296 | 2020 | Rovaniemi | |
| Oulun Englanninkielinen Leikkikoulu | 820 | - | 115 | €173,496 | |||
| Koy Oulun Upseerinkatu | 820 | - | 115 | €173,496 | 2023 | Oulu | |
| Pihlajalinna Koy Riihimäen Jyrätie |
741 741 |
16 16 |
- - |
€171,518 €171,518 |
2019 | Riihimäki | |
| Folkhälsan | 783 | - | 84 | €171,221 | |||
| Koy Turun Teollisuuskatu | 783 | - | 84 | €171,221 | 2017 | Turku | |
| Peikkometsä | 659 | - | 72 | €166,704 | |||
| Koy Lahden Kurenniityntie Kotoisin |
659 824 |
- 18 |
72 - |
€166,704 €166,325 |
2020 | Villahde | |
| Koy Kempeleen Ihmemaantie | 824 | 18 | - | €166,325 | 2021 | Kempele | |
| Tuike | 677 | - | 75 | €160,206 | |||
| Koy Iisalmen Eteläinen Puistoraitti | 677 | - | 75 | €160,206 | 2018 | Iisalmi |
31 July 2024 – before opening of markets
| Total | Residents | Children | Contractual | Estimated | Year of | Location | |
|---|---|---|---|---|---|---|---|
| surface (m²) |
rents | rental value (ERV) |
build/ renovation |
||||
| Humana | 1,393 | 26 | - | €151,939 | |||
| Espoo Kuurinkallio (disabled care) | 1,393 | 26 | - | €151,939 | 2024 | Espoo | |
| Hoitokoti Äänenniemen Helmi | 624 | 15 | - | €148,903 | |||
| Äänekoski Ääneniementie | 624 | 15 | - | €148,903 | 2022 | Äänekoski | |
| Jaarlin Päiväkodit | 565 | - | 72 | €147,302 | |||
| Koy Hämeenlinnan Vanha Alikartanontie | 565 | - | 72 | €147,302 | 2015 | Hämeenlinna | |
| Aurinkosilta | 660 | 16 | - | €136,320 | |||
| Valkeakoski Juusontie | 660 | 16 | - | €136,320 | 2023 | Valkeakoski | |
| Kuntoukumoskoti Metsätähti Tuusula Temmontie |
665 665 |
16 16 |
- - |
€132,724 €132,724 |
2023 | Tuusula | |
| Pikkutassu | 646 | - | 72 | €106,572 | |||
| Koy Kajaanin Hoikankatu | 646 | - | 72 | €106,572 | 2019 | Kajaani | |
| €4,892,619 | €4,612,205 | ||||||
| Sweden 1 | 18,908 | 146 | 610 | SEK55,566,372 | SEK52,381,654 | ||
| Attendo | 3,128 | 36 | - | SEK 9,827,322 | |||
| Gråmunkehöga 3:2 | 494 | 6 | - | SEK 1,643,393 | 2020 | Uppsala | |
| Vallby 28:1 | 494 | 6 | - | SEK 1,638,854 | 2021 | Tierp | |
| Almungeberg 1:21 | 535 | 6 | - | SEK 1,585,021 | 2018 | Uppsala | |
| Hässlinge 2:3 1 | 535 | 6 | - | SEK 1,610,321 | 2018 | Enköping | |
| Hässlinge 2:3 2 | 535 | 6 | - | SEK 1,679,910 | 2020 | Enköping | |
| Almungeberg 1:22 | 535 | 6 | - | SEK 1,669,824 | 2021 | Uppsala | |
| Ambea | 2,802 | 30 | - | SEK 8,275,792 | |||
| Emmekalv 4:325 | 540 | 6 | - | SEK 1,706,933 | 2019 | Oskarshamn | |
| Steglitsan 2 | 800 | 12 | - | SEK 2,434,654 | 2020 | Växjö | |
| Saga 2 | 932 | 12 | - | SEK 2,434,654 | 2021 | Växjö | |
| Singö 10:2 | 530 | 0 | - | SEK 1,699,551 | 2022 | Österåker | |
| Kunskapsförskolan | 2,244 | - | 250 | SEK 6,412,099 | |||
| Östhamra 1:52 | 1,158 | - | 125 | SEK 3,329,053 | 2020 | Norrtälje | |
| Paradiset 2 | 1,086 | - | 125 | SEK 3,083,046 | 2020 | Älmhult | |
| Humana | 1,610 | 18 | - | SEK 5,039,928 | |||
| Nyby 3:68 | 540 | 6 | - | SEK 1,679,910 | 2019 | Laholm | |
| Hovsta Gryt 7:2 | 535 | 6 | - | SEK 1,679,912 | 2019 | Örebro | |
| Törsjö 3:204 | 535 | 6 | - | SEK 1,680,106 | 2021 | Örebro | |
| NHC Group Services | 1,668 | 18 | - | SEK 4,693,777 | |||
| Bälinge Lövsta 9:19 | 540 | 6 | - | SEK 1,566,222 | 2012 | Uppsala | |
| Sunnersta 120:2 & 120:4 | 593 | 6 | - | SEK 1,566,222 | 2013 | Uppsala | |
| Bälinge Lövsta 10:140 | 535 | 6 | - | SEK 1,561,333 | 2013 | Uppsala | |
| British mini | 1,499 | - | 140 | SEK 4,171,673 | |||
| Mesta 6:56 | 1,499 | - | 140 | SEK 4,171,673 | Eskilstuna | ||
| MoGård | 1,070 | 6 | 0 | SEK 3,340,773 | |||
| Anderbäck 1:60 | 540 | 6 | 0 | SEK 1,670,949 | 2020 | Nyköping | |
| Bergshammar Ekeby 6:66 | 530 | 0 | 0 | SEK 1,669,825 | 2022 | Nyköping | |
| TP | 1,097 | - | 120 | SEK 2,843,455 | |||
| Kalleberga 8:269 | 1,097 | - | 120 | SEK 2,843,455 | 2021 | Kallinge | |
| Norlandia | 886 | - | 100 | SEK 2,743,572 | |||
| Eds Prästgård 1:115 | 886 | - | 100 | SEK 2,743,572 | 2021 | Upplands Väsby | |
| Multiple tenants | 832 | 14 | - | SEK 1,888,830 | |||
| Borggård 1:553 | 832 | 14 | - | SEK 1,888,830 | 2015 | Staffanstorp | |
| Ersta Diakonisällskap | 535 | 6 | - | SEK 1,731,668 | |||
| Västlunda 2:12 | 535 | 6 | - | SEK 1,731,668 | 2020 | Vallentuna | |
| Serigmo Care Kås | 500 | 6 | - | SEK 1,653,094 | |||
| Fanna 24:19 | 500 | 6 | - | SEK 1,653,094 | 2022 | Enköping | |
| Caritas Fastigheter | 494 | 6 | - | SEK 1,643,388 | |||
| Heby 3:17 | 494 | 6 | - | SEK 1,643,388 | 2020 | Heby | |
| Uppsala municipality | 543 | 6 | - | SEK 1,301,000 | |||
| Norby 31:78 | 543 | 6 | - | SEK 1,301,000 | 2024 | Uppsala | |
| Ireland | 105,733 | 2,077 | - | €21,834,592 | €20,273,399 | ||
| Bartra Healthcare | 28,859 | 612 | - | €8,619,003 | |||
| Loughshinny Nursing Home | 5,649 | 123 | - | €1,484,219 | 2019 | Dublin | |
| Northwood Nursing Home | 5,074 | 118 | - | €1,436,724 | 2020 | Dublin | |
| Beaumont Lodge | 10,395 | 221 | - | €3,973,060 | 2020 | Dublin | |
| Clondalkin Nursing Home | 7,741 | 150 | €1,725,000 | 2023 | Dublin | ||
| Virtue | 32,209 | 572 | - | €4,914,522 | |||
| Brídhaven | 7,299 | 184 | - | €1,574,255 | 1989 | Mallow | |
| Waterford | 3,888 | 64 | - | €584,798 | 2018 | Waterford | |
| New Ross | 3,200 | 62 | - | €420,147 | 2018 | New Ross | |
| Bunclody | 5,590 | 62 | - | €391,758 | 2018 | Bunclody | |
| Killerig | 4,800 | 45 | - | €193,040 | 2016 | Killerig | |
| Altadore | 3,515 | 66 | - | €1,063,994 | 2015 | Glenageary | |
| Craddock House | 3,917 | 89 | - | €686,530 | 2017 | Naas |
1 Amounts in SEK were converted into € based on the exchange rate of 30 June 2024 (11.35713 €/SEK).
31 July 2024 – before opening of markets
| Total surface (m²) |
Residents | Children | Contractual rents |
Estimated rental value (ERV) |
Year of build/ renovation |
Location | |
|---|---|---|---|---|---|---|---|
| Silver Stream Healthcare | 15,965 | 346 | - | €2,942,129 | |||
| Dundalk Nursing Home | 6,002 | 130 | €1,098,540 | 2022 | Dundalk | ||
| Duleek Nursing Home | 5,498 | 120 | - | €1,037,279 | 2022 | Duleek | |
| Riverstick Nursing Home | 4,465 | 96 | - | €806,310 | 2022 | Riverstick | |
| Mowlam Healthcare | 14,717 | 273 | - | €2,349,485 | |||
| Tramore Coast Road | 5,596 | 93 | - | €805,564 | 2023 | Tramore | |
| Kilbarry Nursing Home | 4,579 | 90 | - | €770,761 | 2023 | Waterford | |
| Kilkenny Nursing Home | 4,542 | 90 | - | €773,160 | 2023 | Kilkenny | |
| Coolmine Caring Services Group | 8,890 | 182 | - | €2,098,789 | |||
| Milbrook Manor | 3,377 | 85 | - | €1,055,789 | 2001 | Saggart | |
| St. Doolagh's | 5,513 | 97 | - | €1,043,000 | 2023 | Balgriffin | |
| Grace Healthcare | 5,093 | 92 | - | €910,665 | |||
| Dunshaughlin Business Park | 5,093 | 92 | - | €910,665 | 2023 | Dunshaughlin | |
| Investment properties in development 1 | 37,677 | 705 | - | €534,761 | |||
| Germany | 10,564 | 161 | - | €118,800 | |||
| Specht Gruppe | 10,564 | 161 | - | €118,800 | |||
| Seniorenquartier Gummersbach | 10,564 | 161 | - | €118,800 | PROJECT | Gummersbach | |
| Ireland | 11,635 | 224 | - | €291,700 | |||
| Virtue | 6,063 | 119 | - | €253,000 | |||
| Dublin Stepaside | 6,063 | 119 | - | €253,000 | PROJECT | Kilgobbin | |
| Coolmine Caring Services Group | 5,572 | 105 | - | €38,700 | |||
| Sligo Finisklin Road | 5,572 | 105 | - | €38,700 | PROJECT | Sligo | |
| Spain | 15,478 | 320 | - | €124,261 | |||
| Neurocare Promociones | 15,478 | 320 | - | €124,261 | |||
| Tomares Miró | 8,449 | 180 | - | €69,136 | PROJECT | Tomares | |
| Zamora Av. de Valladolid | 7,029 | 140 | - | €55,125 | PROJECT | Zamora | |
| Total investment properties | 2,208,382 | 35,731 | 12,060 | €341,915,928 | €339,140,591 |
1 Although still under construction, these sites already generate limited rental income. This explains why they are included in this table and why the estimated rental value is not mentioned.
31 July 2024 – before opening of markets
3.2.Overview of the investment programme
| Projects and renovations (in € million) 1 |
Operator | Current budget |
Invest. as at 30/06/2024 |
Future invest. |
|---|---|---|---|---|
| Projects in progress | 242 | 160 | 82 | |
| Completion 2024 | 147 | 125 | 22 | |
| BE | 11 | 9 | 2 | |
| Résidence Véronique | Vulpia | 10 | 9 | 1 |
| In de Gouden Jaren UK |
Emera | 1 33 |
0 21 |
1 12 |
| St Mary's Lincoln | North Bay Group | 16 | 9 | 8 |
| York Bluebeck Drive | Torwood Care | 16 | 12 | 4 |
| FI | 47 | 39 | 7 | |
| Finland – pipeline 'childcare centres' | Multiple tenants | 23 | 19 | 4 |
| Finland – pipeline 'other' | Multiple tenants | 24 | 21 | 4 |
| SE | 19 | 19 | 0 | |
| Sweden – pipeline 2024 3 | Multiple tenants | 19 | 19 | 0 |
| IE | 26 | 25 | 0 | |
| Dublin Stepaside 2 | Virtue | 26 | 25 | 0 |
| ES | 12 | 11 | 1 | |
| Tomares Miró | Neurocare Home | 12 | 11 | 1 |
| Completion 2025 | 61 | 32 | 29 | |
| DE | 1 | 1 | 0 | |
| Bavaria Senioren- und Pflegeheim | Auriscare | 1 | 1 | 0 |
| UK | 3 | 0 | 3 | |
| St. Joseph's Convent | Emera | 3 | 0 | 3 |
| FI | 29 | 20 | 9 | |
| Finland – pipeline 'childcare centres' | Multiple tenants | 3 | 2 | 1 |
| Finland – pipeline 'elderly care homes' | Multiple tenants | 19 | 16 | 4 |
| Finland – pipeline 'other' | Multiple tenants | 7 | 2 | 5 |
| IE | 16 | 7 | 9 | |
| Sligo Finisklin Road 2 | Coolmine Caring Services Group | 16 | 7 | 9 |
| ES | 12 | 4 | 8 | |
| Zamora Av. de Valladolid 2 | Neurocare Home | 12 | 4 | 8 |
| Completion 2026 | 5 | 1 | 5 | |
| DE | 5 | 1 | 5 | |
| Am Parnassturm Seniorenzentrum Berghof |
Vitanas Azurit |
4 2 |
1 0 |
3 2 |
| Completion 2027 | 29 | 2 | 27 | |
| DE | 29 | 2 | 27 | |
| Seniorenquartier Gummersbach 2 | Specht Gruppe | 29 | 2 | 27 |
| Projects subject to outstanding conditions/forward purchases | 19 | 0 | 19 | |
| Completion 2024 | 19 | 0 | 19 | |
| UK Spaldrick House |
LV Care Group | 12 12 |
0 0 |
12 12 |
| FI | 7 | 0 | 7 | |
| Finland – pipeline 'childcare centres' | Multiple tenants | 7 | 0 | 7 |
| TOTAL INVESTMENT PROGRAMME | 261 | 160 | 101 | |
| Changes in fair value | -6 | |||
| Roundings & other | 4 | |||
| On balance sheet | 158 |
1 The figures in this table are rounded amounts. The sum of certain figures might therefore not correspond to the stated total. Amounts in £ and SEK were converted into € based on the exchange rate of 30 June 2024 (0.8474 €/£ and 11.35713 €/SEK).
2 Although still under construction, development projects often already generate limited rental income, in particular for the plots of land that have already been acquired. Their values are therefore no longer mentioned in the table above. This explains why the estimated investment values differ from those mentioned earlier.
3 This project has already been completed after 30 June 2024 (see section I.2.2 above).
In the first half of 2024, 1 new project has been added to the investment programme, while 18 pipeline projects have been completed. Active management of the investment programme has led to a few projects totalling €22 million being withdrawn in the second quarter of the year.
Given the completion of a development project in Sweden after 30 June 2024, the total investment budget will be reduced by approx. €19 million (see section 2.2 of the Interim Management Report).
31 July 2024 – before opening of markets
4. Valuation experts' report29
Aedifica assigned to each of the eleven valuation experts the task of determining the fair value (from which the investment value is derived30) of one part of its portfolio of investment properties. Assessments are established taking into account the remarks and definitions contained in the reports and following the guidelines of the International Valuation Standards issued by the 'IVSC'.
Each of the eleven valuation experts has confirmed that:
- they acted individually as valuation expert and have a relevant and recognised qualification, as well as an ongoing experience for the location and the type of buildings they assessed;
- their opinion of fair value was primarily derived using comparable recent market transactions on arm's length terms;
- the relevant properties were considered in the context of current leases and of all rights and obligations that these commitments entail;
- they evaluated each entity individually;
- that their assessment:
- does not take into account a potential value that can be generated by offering the whole portfolio on the market;
- does not take into account selling costs applicable to a specific transaction, such as brokerage fees or advertising;
- is based on the inspection of real estate properties and information provided by Aedifica (i.e. rental status and surface area, sketches or plans, rental charges and property taxes related to the property, and compliance and pollution matters); and
- is made under the assumption that no non-communicated piece of information is likely to affect the value of the property;
- they assumed the information provided to them to be accurate and complete.
Based on the eleven assessments, the consolidated fair value of the portfolio amounted to €5,970,641,50731 as at 30 June 2024. The marketable investment properties32 held by Aedifica group amounted to €5,797,002,984. Contractual rents amounted to €341,915,928 which corresponds to an initial rental yield of 5.90% compared to the fair value of marketable investment properties. The current occupancy rate amounts to 99.94%. Assuming that the marketable investment properties are 100% rented and that the current vacancy is let at market rent, contractual rent would amount to €342,132,288, i.e. an initial yield of 5.90% compared to the fair value of the marketable investment properties.
29 The expert report was reproduced with the agreement of Cushman & Wakefield Belgium NV/SA, Stadim BV/SRL, Savills Advisory Services Germany GmbH & Co. KG, C&W (UK) LLP German Branch, Cushman & Wakefield Netherlands BV, CBRE Valuation & Advisory Services BV, Knight Frank LLP, REnium Advisors Oy, Cushman & Wakefield Sweden AB, CBRE Unlimited Company and Jones Lang LaSalle España SA. The sum of all elements of the portfolio individually assessed by the abovementioned valuation experts constitutes Aedifica's whole consolidated portfolio.
30 'Investment value' is defined by Aedifica as the value assessed by a valuation expert, of which transfer costs are not deducted (also known as 'gross capital value').
31 The abovementioned portfolio is broken down in two lines on the balance sheet (lines 'I.C. Investment properties' and 'II.A. Assets classified as held for sale').
32 'Marketable investment properties' are defined by Aedifica as investment properties including assets classified as held for sale and excluding development projects and land reserve. Marketable investment properties are hence completed properties that are let or lettable.
31 July 2024 – before opening of markets
The above-mentioned amounts include the fair values and contractual rents of the UK based assets in pound sterling and converted into euro as well as the assets located in Sweden in Swedish Krona converted into euro taking the exchange rates as per 28/06/2024 (0.8474 €/£ and 11.35713 €/SEK) into account.
As at 30 June 2024:
- the consolidated fair value of the assets located in Belgium amounted to €1,248,647,280; including €1,235,898,952 for marketable investment properties. Contractual rents amounted to €70,389,796 which corresponds to an initial yield of 5.7% to the fair value of the marketable investment properties;
- the consolidated fair value of the assets located in Germany amounted to €1,197,980,000; including €1,186,350,000 for marketable investment properties. Contractual rents amounted to €64,405,778 which corresponds to an initial yield of 5.4% to the fair value of the marketable investment properties;
- the consolidated fair value of the assets located in the Netherlands amounted to €693,380,000; including €693,370,000 for marketable investment properties. Contractual rents amounted to €43,060,891 which corresponds to an initial yield of 6.2% to the fair value of the marketable investment properties;
- the consolidated fair value of the assets located in the United Kingdom amounted to £979,142,992; including £961,255,000 for marketable investment properties. Contractual rents amounted to £61,354,839 which corresponds to an initial yield of 6.4% to the fair value of the marketable investment properties;
- the consolidated fair value of the assets located in Finland amounted to €1,134,190,000; including €1,072,200,000 for marketable investment properties. Contractual rents amounted to €64,512,674 which corresponds to an initial yield of 6.0% to the fair value of the marketable investment properties;
- the consolidated fair value of the assets located in Sweden amounted to SEK 1,064,300,000; including SEK 856,300,000 for marketable investment properties. Contractual rents amounted to SEK 55,566,372 which corresponds to an initial yield of 6.5% to the fair value of the marketable investment properties;
- the consolidated fair value of the assets located in Ireland amounted to €427,675,000; including €396,960,845 for marketable investment properties. Contractual rents amounted to €22,126,292 which corresponds to an initial yield of 5.6% to the fair value of the marketable investment properties;
- the consolidated fair value of the assets located in Spain amounted to €19,590,550; including €2,468,172 for marketable investment properties. Contractual rents amounted to €124,261 which corresponds to an initial yield of 5.0% to the fair value of the marketable investment properties.
In the context of a reporting in compliance with the International Financial Reporting Standards, our evaluations reflect the fair value. The fair value is defined by IAS 40 and IFRS 13 as 'the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date'. The IVSC considers that the definition of fair value under IAS 40 and IFRS 13 is generally consistent with market value.
31 July 2024 – before opening of markets
Opinions of the valuation experts33
| Valuation expert | Fair value of valued assets of portfolio as at 30 June 2024 |
Investment value (before deduction of transfer costs34) |
||
|---|---|---|---|---|
| BE | Cushman & Wakefield Belgium NV/SA | Gregory Lamarche | €630,825,500 | €646,876,000 |
| BE | Stadim BV/SRL | Nicolas Janssens | €617,821,780 | €633,390,093 |
| DE | Savills Advisory Services Germany GmbH | Draženko Grahovac & | €604,780,000 | €650,214,250 |
| & Co. KG | Thomas Berger | |||
| DE | C&W (UK) LLP German Branch | Peter Fleischmann | €593,200,000 | €628,310,000 |
| NL | Cushman & Wakefield Netherlands BV | Fabian Pouwelse | €579,810,000 | €639,410,000 |
| NL | CBRE Valuation & Advisory Services BV | Annette Postma | €113,570,000 | €126,508,426 |
| UK | Knight Frank LLP | Kieren Cole & | £979,142,992 | £1,046,492,711 |
| Andrew Sage | (€1,155,467,062 35) | (€1,234,945,118 35 ) |
||
| FI | REnium Advisors Oy | Ville Suominen | €1,134,190,000 | €1,156,812,507 |
| SE | Cushman & Wakefield Sweden AB | Mårten Lizén | SEK 1,064,300,000 | SEK 1,109,520,000 |
| (€93,711,615 36) | (€97,693,236 36 ) |
|||
| IE | CBRE Unlimited Company | Maureen Bayley | €427,675,000 | €470,254,861 |
| ES | Jones Lang LaSalle España SA | Lourdes Pérez Carrasco & | €19,590,550 | €19,981,250 |
| Felix Painchaud | ||||
| Total | €5,970,641,507 | €6,304,395,741 | ||
| of which: | ||||
| Marketable investment properties | €5,698,818,901 | €6,017,763,989 | ||
| Development projects | €157,856,044 | €164,949,416 | ||
| Assets classified as held for sale | €98,184,083 | €104,841,870 | ||
| Land reserve | €15,782,479 | €16,840,466 |
33 Each valuation expert has valued only a part of Aedifica's portfolio and does not take responsibility for the valuation of the portfolio as a whole. The valuation experts therefore sign only for the accuracy of the figures of the assets they have valued themselves. No further liability for any other valuation expert will be accepted.
34 In this context, the transfer costs require adaptation to the market conditions. Based on the analysis of a large number of transactions in Belgium, the Belgian experts acting at the request of publicly traded real estate companies, reunited in a working group, came to the following conclusion: given the various ways to transfer property in Belgium, the weighted average of the transfer costs was estimated at 2.5%, for investment properties with a value in excess of €2.5 million. The investment value corresponds therefore to the fair value plus 2.5% of transfer costs. The fair value is also calculated by dividing the investment value by 1.025. Properties in Belgium below the threshold of €2.5 million remain subject to usual transfer costs (10.0% or 12.5% depending on their location). Their fair value corresponds thus to the value excluding transfer costs. Assets located in Germany, the Netherlands, the United Kingdom, Finland, Sweden, Ireland and Spain are not concerned by this footnote. In the assessment of their investment value, the usual local transfer costs and professional fees are taken into account.
35 Based on the exchange rate of 0.8474 €/£ as at 30 June 2024.
36 Based on the exchange rate of 11.35713 €/SEK as at 30 June 2024.
31 July 2024 – before opening of markets
V. Condensed consolidated financial statements
1. Consolidated income statement
| (x €1,000) | Notes | 30/06/2024 | 30/06/2023 |
|---|---|---|---|
| I. | Rental income | 165,768 | 154,715 |
| II. | Writeback of lease payments sold and discounted | 0 | 0 |
| III. | Rental-related charges | -54 | -611 |
| Net rental income | 165,714 | 154,104 | |
| IV. | Recovery of property charges | 3 | 0 |
| V. | Recovery of rental charges and taxes normally paid by tenants on let properties |
4,658 | 3,675 |
| VI. | Costs payable by the tenant and borne by the landlord on rental damage and repair at end of lease |
0 | 0 |
| VII. | Charges and taxes not recovered by the tenant on let properties | -4,677 | -3,701 |
| VIII. | Other rental-related income and charges | 91 | 116 |
| Property result | 165,789 | 154,194 | |
| IX. | Technical costs | -1,758 | -1,358 |
| X. | Commercial costs | -1 | -31 |
| XI. | Charges and taxes on unlet properties | -23 | -12 |
| XII. | Property management costs | -3,446 | -3,207 |
| XIII. | Other property charges | -1,146 | -1,369 |
| Property charges | -6,374 | -5,977 | |
| Property operating result | 159,415 | 148,217 | |
| XIV. | Overheads | -16,858 | -16,742 |
| XV. | Other operating income and charges | -278 | 94 |
| Operating result before result on portfolio | 142,279 | 131,569 | |
| XVI. | Gains and losses on disposals of investment properties | -22 | -304 |
| XVII. | Gains and losses on disposals of other non-financial assets | 0 | 0 |
| XVIII. | Changes in fair value of investment properties | -2,224 | -82,352 |
| XIX. | Other result on portfolio | 0 | 0 |
| Operating result | 140,033 | 48,913 | |
| XX. | Financial income | 605 | 1,179 |
| XXI. | Net interest charges | -21,251 | -23,706 |
| XXII. | Other financial charges | -2,558 | -2,538 |
| XXIII. | Changes in fair value of financial assets and liabilities 7 |
16,378 | 2,522 |
| Net finance costs | -6,826 | -22,543 | |
| XXIV. | Share in the profit or loss of associates and joint ventures accounted for using the equity method |
380 | -124 |
| Profit before tax (loss) | 133,587 | 26,246 | |
| XXV. | Corporate tax | 8,626 | 29,715 |
| XXVI. | Exit tax | 135 | -33 |
| Tax expense | 8,761 | 29,682 | |
| Profit (loss) | 142,348 | 55,928 | |
| Attributable to: | |||
| Non-controlling interests | 186 | -856 | |
| Owners of the parent | 142,162 | 56,784 | |
| Basic earnings per share (€) 8 |
2.99 | 1.42 | |
| Diluted earnings per share (€) 8 |
2.99 | 1.42 |
31 July 2024 – before opening of markets
2. Consolidated statement of comprehensive income
| (x €1,000) | 30/06/2024 | 30/06/2023 | |
|---|---|---|---|
| I. | Profit (loss) | 142,348 | 55,928 |
| II. | Other comprehensive income recyclable under the income statement | ||
| A. | Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties |
0 | 0 |
| B. | Changes in the effective part of the fair value of authorised cash flow hedge instruments as defined under IFRS 1 |
2,132 | -81 |
| D. | Currency translation differences linked to conversion of foreign activities 2 | 14,191 | 15,383 |
| H. | Other comprehensive income, net of taxes 3 | -1,882 | -742 |
| Comprehensive income | 156,789 | 70,488 | |
| Attributable to: | |||
| Non-controlling interests | 186 | -856 | |
| Owners of the parent | 156,603 | 71,344 |
-
Corresponds to 'Changes in the effective portion of the fair value of hedging instruments (accrued interests)' as detailed in Note 7.
-
Mainly correponds to the movement of the year of the reserve 'g. Foreign currency translation reserves'.
-
Mainly includes the transfer to the income statement of interests paid on hedging instruments and the amortisation of terminated derivatives (see Note 7).
3. Consolidated balance sheet
| ASSETS | Notes | 30/06/2024 | 31/12/2023 | |
|---|---|---|---|---|
| (x €1,000) | ||||
| I. | Non-current assets | |||
| A. | Goodwill | 117,597 | 117,597 | |
| B. | Intangible assets | 1,360 | 1,663 | |
| C. | Investment properties | 4 | 5,946,433 | 5,790,357 |
| D. | Other tangible assets | 3,214 | 2,184 | |
| E. | Non-current financial assets | 85,387 | 98,665 | |
| F. | Finance lease receivables | 0 | 0 | |
| G. | Trade receivables and other non-current assets | 0 | 0 | |
| H. | Deferred tax assets | 2,449 | 3,023 | |
| I. | Equity-accounted investments | 32,538 | 35,985 | |
| Total non-current assets | 6,188,978 | 6,049,474 | ||
| II. | Current assets | |||
| A. | Assets classified as held for sale | 4 | 98,184 | 58,158 |
| B. | Current financial assets | 0 | 0 | |
| C. | Finance lease receivables | 0 | 0 | |
| D. | Trade receivables | 25,454 | 23,290 | |
| E. | Tax receivables and other current assets | 15,148 | 9,384 | |
| F. | Cash and cash equivalents | 21,592 | 18,253 | |
| G. | Deferred charges and accrued income | 22,342 | 18,252 | |
| Total current assets | 182,720 | 127,337 | ||
| TOTAL ASSETS | 6,371,698 | 6,176,811 |
| (x €1,000) EQUITY I. Issued capital and reserves attributable to owners of the parent A. Capital 5 1,203,638 1,203,638 B. Share premium account 1,719,001 1,719,001 C. Reserves 499,742 628,688 a. Legal reserve 0 0 b. Reserve for the balance of changes in fair value of investment properties 358,390 481,914 d. Reserve for the balance of changes in fair value of authorised hedging 4,594 4,344 instruments qualifying for hedge accounting as defined under IFRS e. Reserve for the balance of changes in fair value of authorised hedging 62,735 113,177 instruments not qualifying for hedge accounting as defined under IFRS f. Reserve of exchange differences relating to foreign currency monetary items 58 -294 g. Foreign currency translation reserves 14,203 64 h. Reserve for treasury shares -4 -31 j. Reserve for actuarial gains and losses of defined benefit pension plans -244 -244 k. Reserve for deferred taxes on investment properties located abroad -88,576 -112,367 m. Other reserves -1,726 -3,277 n. Result brought forward from previous years 143,508 136,909 o. Reserve- share NI & OCI of equity method invest 6,804 8,493 D. Profit (loss) of the year 142,162 24,535 Equity attributable to owners of the parent 3,564,543 3,575,862 II. Non-controlling interests 5,197 5,039 TOTAL EQUITY 3,569,740 3,580,901 LIABILITIES I. Non-current liabilities A. Provisions 0 0 B. Non-current financial debts 6 2,084,918 1,958,750 a. Borrowings 1,288,215 1,166,915 c. Other 796,703 791,835 C. Other non-current financial liabilities 87,172 90,943 a. Authorised hedges 7 4,142 9,760 b. Other 83,030 81,183 D. Trade debts and other non-current debts 125 251 E. Other non-current liabilities 0 0 F. Deferred tax liabilities 129,915 138,658 Non-current liabilities 2,302,130 2,188,602 II. Current liabilities A. Provisions 0 0 B. Current financial debts 6 421,486 321,549 a. Borrowings 133,436 78,949 c. Other 288,050 242,600 C. Other current financial liabilities 7 2,707 2,798 D. Trade debts and other current debts 48,762 57,177 a. Exit tax 0 44 b. Other 48,762 57,133 E. Other current liabilities 0 0 F. Accrued charges and deferred income 26,873 25,784 Total current liabilities 499,828 407,308 TOTAL LIABILITIES 2,801,958 2,595,910 TOTAL EQUITY AND LIABILITIES 6,371,698 6,176,811 |
EQUITY AND LIABILITIES | Notes | 30/06/2024 | 31/12/2023 | |
|---|---|---|---|---|---|
31 July 2024 – before opening of markets
4. Consolidated cash flow statement
| (x €1,000) | 30/06/2024 | 30/06/2023 |
|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES | ||
| Profit (loss) | 142,162 | 56,784 |
| Adjustments for non-monetary items | -31,192 | 51,933 |
| Tax expense | -11,778 | -26,559 |
| Amortisation, depreciation and write-downs | 1,281 | 1,773 |
| Change in fair value of investment properties (+/-) | 2,224 | 82,352 |
| Changes in fair value of the derivatives | -16,378 | -2,522 |
| Goodwill impairment | 0 | 0 |
| Other adjustment for non-monetary items | -6,541 | -3,111 |
| Gains and losses on disposals of investment properties | 22 | 304 |
| Net finance costs | 23,204 | 25,065 |
| Changes in working capital requirements | -18,019 | -18,349 |
| Changes in net assets resulting from foreign exchange differences linked to the conversion of foreign operations (+/-) |
-7,270 | -11,636 |
| Net cash from operating activities | 108,907 | 104,101 |
| CASH FLOW RESULTING FROM INVESTING ACTIVITIES | ||
| Purchase of real estate companies 1 | -66,563 | 0 |
| Purchase of marketable investment properties and development projects | -25,572 | -5,680 |
| Purchase of intangible and other tangible assets | -220 | -327 |
| Development costs | -82,112 | -126,480 |
| Disposals of investment properties | 10,524 | 33,858 |
| Net changes in non-current receivables | 24,402 | -5,527 |
| Net cash from investing activities | -139,541 | -104,156 |
| CASH FLOW FROM FINANCING ACTIVITIES | ||
| Capital increase, net of costs 2 | 0 | 0 |
| Dividend for previous fiscal year and interim dividend | -166,704 | -116,013 |
| Net changes in borrowings | 225,718 | 144,664 |
| Net changes in other non-current financial liabilities | -261 | -89 |
| Net financial items received (+) / paid (-) | -24,780 | -27,932 |
| Net cash from financing activities | 33,973 | 630 |
| TOTAL CASH FLOW FOR THE PERIOD | ||
| Total cash flow for the period | 3,339 | 575 |
| RECONCILIATION WITH BALANCE SHEET | ||
| Cash and cash equivalents at beginning of period | 18,253 | 13,891 |
| Total cash flow for the period | 3,339 | 575 |
| Cash and cash equivalents at end of period | 21,592 | 14,466 |
-
This amount includes €69,140 k for assets acquired through companies acquired in cash (see Note 4). Also included in this line is the working capital of those acquired real estate companies and which brings down the cash flow on this line to €66,563 k.
-
Some types of capital increases (contributions in kind, partial demergers) do not result in any cash flow.
31 July 2024 – before opening of markets
5. Consolidated statement of changes in equity
| (x €1,000) | 01/01/2023 | Capital increase in cash ¹ |
Capital increase in kind ¹ |
Acquisitions / disposals of treasury shares |
Consolidated comprehensive income ² |
Appropriation of the previous year's result |
Other transfer relating to asset disposals 3 |
Transfers between reserves |
Other and roundings |
31/12/2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Capital | 1,006,881 | 186,845 | 9,913 | 0 | 0 | 0 | 0 | 0 | -1 | 1,203,638 |
| Share premium account | 1,516,108 | 187,364 | 15,529 | 0 | 0 | 0 | 0 | 0 | 0 | 1,719,001 |
| Reserves | 428,018 | 0 | 0 | 0 | 9,465 | 190,615 | 0 | 0 | 590 | 628,688 |
| a. Legal reserve | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| b. Reserve for the balance of changes in fair value of investment properties |
389,859 | 0 | 0 | 0 | 0 | 85,794 | 6,412 | -152 | 1 | 481,914 |
| d. Reserve for the balance of changes in fair value of authorised hedging instruments qualifying for hedge accounting as defined under IFRS |
8,945 | 0 | 0 | 0 | -4,635 | 34 | 0 | 0 | 0 | 4,344 |
| e. Reserve for the balance of changes in fair value of authorised hedging instruments not qualifying for hedge accounting as defined under IFRS |
-11,193 | 0 | 0 | 0 | 0 | 124,370 | 0 | 0 | 0 | 113,177 |
| f. Reserve of exchange differences relating to foreign currency monetary items |
-451 | 0 | 0 | 0 | 0 | 157 | 0 | 0 | 0 | -294 |
| g. Foreign currency translation reserves | -13,629 | 0 | 0 | 0 | 14,242 | 0 | 0 | -549 | 0 | 64 |
| h. Reserve for treasury shares | -31 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -31 |
| j. Reserve for actuarial gains and losses of defined benefit pension plans |
-99 | 0 | 0 | 0 | -145 | 0 | 0 | 0 | 0 | -244 |
| k. Reserve for deferred taxes on investment properties located abroad |
-71,715 | 0 | 0 | 0 | 0 | -40,651 | 0 | 0 | -1 | -112,367 |
| m. Other reserves | 250 | 0 | 0 | 0 | 0 | -251 | -3,277 | 0 | 1 | -3,277 |
| n. Result brought forward from previous years | 117,023 | 0 | 0 | 0 | 3 | 21,728 | -3,135 | 701 | 589 | 136,909 |
| o. Reserve- share NI & OCI of equity method invest | 9,059 | 0 | 0 | 0 | 0 | -566 | 0 | 0 | 0 | 8,493 |
| Profit (loss) | 331,778 | 0 | 0 | 0 | 24,535 | -331,778 | 0 | 0 | 0 | 24,535 |
| Equity attributable to owners of the parent | 3,282,785 | 374,209 | 25,442 | 0 | 34,000 | -141,163 | 0 | 0 | 589 | 3,575,862 |
| Non-controlling interests | 6,564 | 0 | 0 | 0 | -1,983 | 0 | 0 | 0 | 458 | 5,039 |
| TOTAL EQUITY | 3,289,349 | 374,209 | 25,442 | 0 | 32,017 | -141,163 | 0 | 0 | 1,047 | 3,580,901 |
1. For more details, see Note 5 of the condensed consolidated financial statements of this half year financial report and section 1.3.2 'Equity' of the 'Financial Review' chapter of the 2023 Annual Report.
-
For more details, see the comprehensive income table on page 54.
-
This column shows the reserve made available through the sale of assets, detailed in section 1.1 'Investments and disposals in 2023' of the 'Financial Review' chapter of the 2023 Annual Report.
31 July 2024 – before opening of markets
| (x €1,000) | 01/01/2024 | Capital increase in cash ¹ |
Capital increase in kind ¹ |
Acquisitions / disposals of treasury shares |
Consolidated comprehensive income ² |
Appropriation of the previous year's result |
Other transfer relating to asset disposals ⁴ |
Transfers between reserves |
Other and roundings |
30/06/2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Capital | 1,203,638 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,203,638 |
| Share premium account | 1,719,001 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,719,001 |
| Reserves | 628,688 | 0 | 0 | 27 | 14,441 | -142,141 | 0 | 0 | -1,273 | 499,742 |
| a. Legal reserve | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| b. Reserve for the balance of changes in fair value of investment properties |
481,914 | 0 | 0 | 0 | 0 | -125,250 | 1,726 | 0 | 0 | 358,390 |
| d. Reserve for the balance of changes in fair value of authorised hedging instruments qualifying for hedge accounting as defined under IFRS |
4,344 | 0 | 0 | 0 | 250 | 0 | 0 | 0 | 0 | 4,594 |
| e. Reserve for the balance of changes in fair value of authorised hedging instruments not qualifying for hedge accounting as defined under IFRS |
113,177 | 0 | 0 | 0 | 0 | -50,442 | 0 | 0 | 0 | 62,735 |
| f. Reserve of exchange differences relating to foreign currency monetary items |
-294 | 0 | 0 | 0 | 0 | 352 | 0 | 0 | 0 | 58 |
| g. Foreign currency translation reserves | 64 | 0 | 0 | 0 | 14,139 | 0 | 0 | 0 | 0 | 14,203 |
| h. Reserve for treasury shares | -31 | 0 | 0 | 27 | 0 | 0 | 0 | 0 | 0 | -4 |
| j. Reserve for actuarial gains and losses of defined benefit pension plans |
-244 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -244 |
| k. Reserve for deferred taxes on investment properties located abroad |
-112,367 | 0 | 0 | 0 | 0 | 23,791 | 0 | 0 | 0 | -88,576 |
| m. Other reserves | -3,277 | 0 | 0 | 0 | 0 | 3,277 | -1,726 | 0 | 0 | -1,726 |
| n. Result brought forward from previous years | 136,909 | 0 | 0 | 0 | 52 | 7,821 | 0 | 0 | -1,274 | 143,508 |
| o. Reserve- share NI & OCI of equity method invest | 8,493 | 0 | 0 | 0 | 0 | -1,690 | 0 | 0 | 1 | 6,804 |
| Profit (loss) | 24,535 | 0 | 0 | 0 | 142,162 | -24,535 | 0 | 0 | 0 | 142,162 |
| Equity attributable to owners of the parent | 3,575,862 | 0 | 0 | 27 | 156,603 | -166,676 3 | 0 | 0 | -1,273 | 3,564,543 |
| Non-controlling interests | 5,039 | 0 | 0 | 0 | 186 | 0 | 0 | 0 | -28 | 5,197 |
| TOTAL EQUITY | 3,580,901 | 0 | 0 | 27 | 156,789 | -166,676 | 0 | 0 | -1,301 | 3,569,740 |
-
For more details, see Note 5 of the condensed consolidated financial statements of this half year financial report.
-
For more details, see the comprehensive income table on page 54.
-
For more details on the pay-out of the 2023 dividend, see the corrected profit table on page 178 of the 2023 Annual Report.
-
This column shows the reserve made available through the sale of assets, detailed in Note 4 and section 2.1 of the Interim Management Report.
31 July 2024 – before opening of markets
6. Notes
Note 1: General information
Aedifica is a Belgian listed company that is specialised in offering innovative and sustainable real estate concepts to care operators and their residents across Europe, focusing in particular on housing for elderly people with care needs.
Aedifica is listed on Euronext Brussels (2006) and Euronext Amsterdam (2019). Since 2020, the Company has been part of the BEL 20, Euronext Brussels' leading share index. Moreover, since 2023, Aedifica has been part of the BEL ESG, the index tracking companies that perform best on ESG criteria. It is also included in the EPRA, Stoxx Europe 600 and GPR 250 indices.
Aedifica NV/SA (referred to in the Condensed Consolidated Financial Statements as 'the Company' or 'the Parent') is a limited liability company having opted for public Regulated Real Estate Company (RREC) status under Belgian law. The Company is entered in the Brussels Registry of Legal Entities (R.L.E., or 'R.P.M.' in French / 'R.P.R.' in Dutch) under No. 0877.248.501. Its primary shareholders are listed in Note 5. The address of its office is the following: Rue Belliard 40, B-1040 Brussels (telephone: +32 (0)2 626 07 70).
The Aedifica Group (referred to as 'the Group') is composed of the parent-company and its subsidiaries.
The Condensed Consolidated Financial Statements as at 30 June 2024 were approved by the Board of Directors on 30 July 2024.
Note 2: Accounting policies
The Condensed Consolidated Financial Statements cover the 6-month period from 1 January 2024 to 30 June 2024. They have been prepared in accordance with the International Financial Reporting Standards ('IFRS') as adopted by the European Union and the interpretations as published by the International Accounting Standards Board ('IASB') and the International Financial Reporting Interpretations Committee ('IFRIC'), to the extent to which they are applicable to the Group's activities and are effective for the financial years starting on or after 31 December 2023. The Consolidated Financial Statements have also been prepared in accordance with the Royal Decree of 13 July 2014 on Regulated Real Estate Companies. The Consolidated Financial Statements are prepared in euros, and presented in thousands of euros.
The Consolidated Financial Statements have been prepared with application of the historical cost convention, except for the following assets and liabilities, which are measured at fair value: investment properties, investment properties held for sale, financial assets and liabilities held for hedging purposes or not (mainly derivatives), put options granted to non-controlling shareholders and equity-accounted investments.
The Consolidated Financial Statements have been prepared in accordance with accrual accounting principles on a going concern basis.
31 July 2024 – before opening of markets
The preparation of the Consolidated Financial Statements in conformity with IFRS requires significant judgment in the application of accounting policies (including the classification of lease contracts, identification of business combinations, and calculation of deferred taxes) and the use of certain accounting estimates (such as goodwill impairment tests and determination of fair value of investment properties). Underlying assumptions are based on prior experience, input from third parties (notably real estate experts), and on other relevant factors. Actual results may vary on the basis of these estimations. Consequently, the assumptions and estimates are regularly revisited and modified as necessary.
The new and amended standards and interpretations listed below are compulsory for the Group since 1 January 2024, but had no significant impact on the current Consolidated Financial Statements:
- amendment to IAS 1 'Presentation of Financial Statements: Classification of Liabilities as Current or Non-current' (applicable as from 1 January 2024);
- amendments to IFRS 16 'Lease Liability in a Sale and Leaseback' (applicable as from 1 January 2024);
- amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments 'Disclosures: Supplier Finance Arrangement' (applicable as from 1 January 2024).
Certain new standards, amendments and interpretations of existing standards have been published and will be compulsory for financial years starting on or after 1 January 2025. These amendments, which the Group did not apply early, are as follows (situation as at 19 July 2024):
- new standard for IFRS 14 'Regulatory Deferral Accounts' (for which no application date can be determined because the EU has decided not to start the approval process of this provisional standard, pending the publication of a final standard);
- amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates 'Lack of Exchangeability' (applicable as from 1 January 2025, subject to EU approval);
- IFRS 18 'Presentation and Disclosure in Financial Statements' (applicable as from 1 January 2027, subject to EU approval);
- amendments to IFRS 9 and IFRS 7 on the classification and measurement of financial instruments (applicable as from 1 January 2026, subject to EU approval);
- IFRS 19 'Subsidiaries without Public Accountability: disclosures' (applicable as from 1 January 2027, subject to EU approval).
31 July 2024 – before opening of markets
Note 3: Operating segments
The segmentation below reflects the geographic markets in which Aedifica operates and is consistent with the Group's organisation.
| 30/06/2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| BE | DE | NL | UK | FI | SE | IE | ES | Non allocated |
TOTAL | ||
| SEGMENT RESULT | |||||||||||
| I. | Rental income | 34,827 | 31,113 | 20,681 | 35,464 | 30,058 | 2,386 | 11,177 | 62 | - | 165,768 |
| II. | Writeback of lease payments sold and discounted |
- | - | - | - | - | - | - | - | - | - |
| III. | Rental-related charges | 28 | 52 | -72 | - | -62 | - | - | - | - | -54 |
| Net rental income | 34,855 | 31,165 | 20,609 | 35,464 | 29,996 | 2,386 | 11,177 | 62 | - | 165,714 | |
| IV. | Recovery of property charges | - | - | - | - | 3 | - | - | - | - | 3 |
| V. | Recovery of rental charges and taxes normally paid by tenants on let properties |
64 | 3,027 | 658 | 246 | 586 | 46 | 31 | - | - | 4,658 |
| VI. | Costs payable by the tenant and borne by the landlord on rental damage and repair at end of lease |
- | - | - | - | - | - | - | - | - | - |
| VII. | Charges and taxes not recovered by the tenant on let properties |
-72 | -3,019 | -664 | -246 | -599 | -46 | -31 | - | - | -4,677 |
| VIII. | Other rental-related income and charges |
1 | -26 | 32 | 0 | 94 | -10 | - | - | - | 91 |
| Property result | 34,848 | 31,147 | 20,635 | 35,464 | 30,080 | 2,376 | 11,177 | 62 | - | 165,789 | |
| IX. | Technical costs | -69 | -648 | -439 | 149 | -630 | -115 | -6 | - | - | -1,758 |
| X. | Commercial costs | - | - | -1 | - | - | - | - | - | - | -1 |
| XI. | Charges and taxes on unlet properties |
- | - | 6 | - | -29 | - | - | - | - | -23 |
| XII. | Property management costs | -426 | -953 | -532 | -1,292 | - | -68 | -137 | -38 | - | -3,446 |
| XIII. | Other property charges | - | -76 | -304 | - | -718 | - | - | -48 | - | -1,146 |
| Property charges | -495 | -1,677 | -1,270 | -1,143 | -1,377 | -183 | -143 | -86 | - | -6,374 | |
| Property operating result | 34,353 | 29,470 | 19,365 | 34,321 | 28,703 | 2,193 | 11,034 | -24 | - | 159,415 | |
| XIV. | Overheads | - | - | - | - | - | - | - | - | -16,858 | -16,858 |
| XV. | Other operating income and charges |
- | - | - | - | - | - | - | - | -278 | -278 |
| OPERATING RESULT BEFORE RESULT ON PORTFOLIO |
34,353 | 29,470 | 19,365 | 34,321 | 28,703 | 2,193 | 11,034 | -24 | -17,136 | 142,279 | |
| SEGMENT ASSETS | |||||||||||
| Marketable investment properties | 1,219,594 | 1,175,030 | 662,060 | 1,095,109 | 1,072,200 | 75,397 | 396,961 | 2,468 | - | 5,698,819 | |
| Development projects | 9,390 | 3,620 | 10 | 21,109 | 61,460 | 18,050 | 29,594 | 14,623 | - | 157,856 | |
| Right of use of plots of land | - | 3,357 | - | - | 70,619 | - | - | - | - | 73,976 | |
| Land reserve | 3,358 | 8,010 | - | - | 530 | 264 | 1,120 | 2,500 | - | 15,782 | |
| Investment properties | 5,946,433 | ||||||||||
| Assets classified as held for sale | 16,305 | 11,320 | 31,310 | 39,249 | - | - | - | - | - | 98,184 | |
| Other assets 1 | 32,037 | - | 501 | - | 117,597 | - | - | - | 176,946 | 327,081 | |
| Total assets | 6,371,698 | ||||||||||
| Equity | |||||||||||
| Equity attributable to owners of the parent | - | - | - | - | - | - | - | - | 3,564,543 | 3,564,543 | |
| Non-controlling interests | - | - | - | - | - | - | - | - | 5,197 | 5,197 | |
| Liabilities | - | - | - | - | - | - | - | - | 2,801,958 | 2,801,958 | |
| Total equity and liabilities | 6,371,698 | ||||||||||
| GROSS YIELD IN FAIR VALUE 2 | 5.7% | 5.4% | 6.2% | 6.4% | 6.0% | 6.5% | 5.6% | - | - | 5.9% | |
-
The figures in Belgium and the Netherlands relate to investments accounted for using the equity method and the figure in Finland relates to goodwill. The 'Nonallocated' section includes all other lines of the assets.
-
The gross yield in fair value is calculated by dividing the contractual rent by the fair value of the marketable investment properties and assets classified as held for sale.
| 30/06/2023 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| BE | DE | NL | UK | FI | SE | IE | ES | Non allocated |
TOTAL | ||
| SEGMENT RESULT | |||||||||||
| I. | Rental income | 36,269 | 30,337 | 18,650 | 32,088 | 27,038 | 2,109 | 8,025 | 199 | - | 154,715 |
| II. | Writeback of lease payments sold and discounted |
- | - | - | - | - | - | - | - | - | - |
| III. | Rental-related charges | -242 | -301 | -50 | - | -18 | - | - | - | - | -611 |
| Net rental income | 36,027 | 30,036 | 18,600 | 32,088 | 27,020 | 2,109 | 8,025 | 199 | - | 154,104 | |
| IV. | Recovery of property charges | - | - | - | - | - | - | - | - | - | - |
| V. | Recovery of rental charges and taxes normally paid by tenants on let properties |
4 | 2,801 | 481 | 5 | 323 | 55 | 6 | - | - | 3,675 |
| VI. | Costs payable by the tenant and borne by the landlord on rental damage and repair at end of lease |
- | - | - | - | - | - | - | - | - | - |
| VII. | Charges and taxes not recovered by the tenant on let properties |
-4 | -2,814 | -512 | -9 | -298 | -58 | -6 | - | - | -3,701 |
| VIII. | Other rental-related income and charges |
0 | -3 | -166 | -1 | 314 | -28 | - | - | - | 116 |
| Property result | 36,027 | 30,020 | 18,403 | 32,083 | 27,359 | 2,078 | 8,025 | 199 | - | 154,194 | |
| IX. | Technical costs | -139 | -185 | -141 | -33 | -628 | -227 | -5 | - | - | -1,358 |
| X. | Commercial costs | - | - | -31 | - | - | - | - | - | - | -31 |
| XI. | Charges and taxes on unlet properties |
0 | -5 | -1 | - | -6 | - | - | - | - | -12 |
| XII. | Property management costs | -396 | -725 | -595 | -1,313 | -17 | - | -119 | -42 | - | -3,207 |
| XIII. | Other property charges | - | -2 | -225 | - | -1,142 | - | - | - | - | -1,369 |
| Property charges | -535 | -917 | -993 | -1,346 | -1,793 | -227 | -124 | -42 | - | -5,977 | |
| Property operating result | 35,492 | 29,103 | 17,410 | 30,737 | 25,566 | 1,851 | 7,901 | 157 | - | 148,217 | |
| XIV. | Overheads | - | - | - | - | - | - | - | - | -16,742 | -16,742 |
| XV. | Other operating income and charges |
- | - | - | - | - | - | - | - | 94 | 94 |
| OPERATING RESULT BEFORE RESULT ON PORTFOLIO |
35,492 | 29,103 | 17,410 | 30,737 | 25,566 | 1,851 | 7,901 | 157 | -16,648 | 131,569 |
31 July 2024 – before opening of markets
Note 4: Investment properties
| (x €1,000) | 30/06/2024 | 31/12/2023 |
|---|---|---|
| Marketable investment properties | 5,698,819 | 5,529,564 |
| + Right of use of plots of land | 73,976 | 73,172 |
| + Development projects | 157,856 | 168,950 |
| + Land reserve | 15,782 | 18,671 |
| Investment properties | 5,946,433 | 5,790,357 |
| + Assets classified as held for sale | 98,184 | 58,158 |
| Investment properties including assets classified as held for sale, or real estate portfolio |
6,044,617 | 5,848,515 |
| - Development projects | -157,856 | -168,950 |
| Marketable investment properties including assets classified as held for sale*, or investment properties portfolio |
5,886,761 | 5,679,565 |
The evolution of the marketable investment properties and development projects is detailed in the following table:
| (x €1,000) | Marketable investment | Development | TOTAL | |
|---|---|---|---|---|
| properties | projects | |||
| CARRYING AMOUNT AS AT 01/01/2023 | 5,365,071 | 184,295 | 5,549,366 | |
| Acquisitions | 54,769 | 4,513 | 59,282 | |
| Disposals | -73,978 | - | -73,978 | |
| Capitalised interest charges | - | 5,722 | 5,722 | |
| Capitalised development costs | - | 1,043 | 1,043 | |
| Other capitalised expenses | 3,106 | 257,290 | 260,396 | |
| Spreading of rental gratuities and concessions | 8,865 | - | 8,865 | |
| Transfers due to completion | 262,282 | -262,282 | - | |
| Changes in fair value | -124,135 | -14,244 | -138,379 | |
| Other expenses booked in the income statement | - | - | - | |
| Net exchange difference on foreign operation | 22,084 | 803 | 22,887 | |
| Transfers to land reserve | -14,375 | -8,190 | -22,565 | |
| Assets classified as held for sale | 25,875 | - | 25,875 | |
| CARRYING AMOUNT AS AT 31/12/2023 | 5,529,564 | 168,950 | 5,698,514 | |
| CARRYING AMOUNT AS AT 01/01/2024 | 5,529,564 | 168,950 | 5,698,514 | |
| Acquisitions 1 | 94,712 | - | 94,712 | |
| Disposals | -10,545 | - | -10,545 | |
| Capitalised interest charges | - | 2,407 | 2,407 | |
| Capitalised development costs | - | 936 | 936 | |
| Other capitalised expenses | 3,060 | 79,051 | 82,111 | |
| Spreading of rental gratuities and concessions | 5,047 | - | 5,047 | |
| Transfers due to completion | 88,582 | -88,582 | - | |
| Changes in fair value | 4,184 | -4,996 | -812 | |
| Other expenses booked in the income statement | - | - | - | |
| Net exchange difference on foreign operation | 22,047 | 81 | 22,128 | |
| Transfers to land reserve | 2,194 | 9 | 2,203 | |
| Assets classified as held for sale | -40,026 | - | -40,026 | |
| CARRYING AMOUNT AS AT 30/06/2024 | 5,698,819 | 157,856 | 5,856,675 |
1 Including forward purchases.
Assets classified as held for sale (line II.A. included in the assets on the balance sheet) amount to €98.2 million as at 30 June 2024. They relate to two care properties in Belgium, two care properties in Germany, three care properties in the Netherlands and seven care properties in the United Kingdom that are considered to be non-strategic assets.
31 July 2024 – before opening of markets
Acquisitions, as detailed in section I.2.1, can be realised in four ways:
- Acquisition of a property directly, paid in cash, presented under the item 'Purchase of Investment Properties and Development Projects' of the cash flow statement;
- Acquisition of a property, paid in shares, these transactions are not included in the cash flow statement as they do not generate cash flow;
- Acquisition of the company owning a property, paid in cash, shown under the item 'Purchase of Real Estate companies' of the cash flow statement for the amount of the shares bought;
- Acquisition of the company owning a property, paid in shares, these transactions are not included in the cash flow statement as they do not generate cash flow.
| (x €1,000) | 30/06/2024 | 31/12/2023 | |
|---|---|---|---|
| Marketable investment properties | |||
| Properties against cash | 25,572 | 41,150 | |
| Properties against shares | 0 | 0 | |
| Companies against cash | 69,140 | 13,620 | |
| Companies against shares | 0 | 0 | |
| Development projects | |||
| Properties against cash | 0 | 3,245 | |
| Properties against shares | 0 | 0 | |
| Companies against cash | 0 | 1,268 | |
| Companies against shares | 0 | 0 | |
| TOTAL | 94,712 | 59,282 |
The amount of €25,572 k included in the cash flow statement under the heading 'Purchase of Investment Properties and Development Projects' comprises the sum of the properties paid in cash. The amount of €66,563 k included in the cash flow statement under the heading 'Purchase of Real Estate companies' comprises among other things the sum of the companies paid in cash.
The main disposals of investment properties over the first half of 2024 are listed below:
| DISPOSALS | Selling price (in € million) |
Disposal date |
|---|---|---|
| Belgium | 3.5 | |
| Seniorenhof | 29/04/2024 | |
| Netherlands | 1.9 | |
| Natatorium (plot of land) | 31/03/2024 | |
| United Kingdom | 4.9 | |
| Oak Lodge | 02/02/2024 | |
| Cherry Trees | 11/06/2024 | |
| Sweden | 0.4 | |
| Marmormjölet 9 (plot of land) | 12/03/2024 | |
| TOTAL | 10.7 |
31 July 2024 – before opening of markets
Note 5: Equity
During the first half of 2024, the capital has remained unchanged:
| Number of shares | Capital (x €1,000) |
|
|---|---|---|
| Situation at the beginning of the previous year | 39,855,243 | 1,051,692 |
| Capital increase of 31 May 2023 | 379,474 | 10,013 |
| Capital increase of 4 July 2023 | 7,315,402 | 193,037 |
| Situation at the end of the previous year | 47,550,119 | 1,254,742 |
| Situation as at 30 June 2024 | 47,550,119 | 1,254,742 |
Capital is presented above before subtracting the costs of raising capital (the capital value presented on the balance sheet, is shown net of these costs, in accordance with IFRS).
The table below lists Aedifica's shareholders holding more than 5% of the voting rights (based on the number of shares held by the shareholders concerned on 23 September 2022). As at the closing date of this financial report, Aedifica has not received any additional transparency notifications that would change the situation on 23 September 2022. Transparency notifications and control strings are available on Aedifica's website. According to the definition of Euronext, Aedifica's free float amounts to 100%.
| SHAREHOLDERS | Voting rights (in %) |
|---|---|
| BlackRock, Inc. | 5.4 |
| Others < 5% | 94.6 |
| Total | 100.0 |
The capital increases that occurred prior to 1 January 2024 are disclosed in the 'Standing Documents' section of the 2023 Annual Report. All subscribed shares are fully paid-up, with no par value. The shares are registered or dematerialised shares and grant one vote each. All Aedifica shares are listed on the regulated markets of Euronext Brussels and Euronext Amsterdam.
As at 30 June 2024, Aedifica NV/SA holds 67 treasury shares.
The Board of Directors is authorised to increase the capital in one or more instalments37, on the dates and in accordance with the terms and conditions as will be determined by the Board of Directors, by a maximum amount of:
- 1) 50% of the amount of the capital on the date of the extraordinary general meeting of 14 May 2024, as the case may be, rounded down to the euro cent, for capital increases by contribution in cash whereby the possibility is provided for the exercise of the preferential subscription right or the priority allocation right by the shareholders of the Company,
- 2) 20% of the amount of the capital on the date of the extraordinary general meeting of 14 May 2024, as the case may be, rounded down to the euro cent, for capital increases in the framework of the distribution of an optional dividend, and
37 The Extraordinary General Meeting of 14 May 2024 renewed of the authorisation regarding the authorised capital.
31 July 2024 – before opening of markets
- 3) 10% of the amount of the capital on the date of the extraordinary general meeting of 14 May 2024, as the case may be, rounded down to the euro cent, for a. capital increases by contribution in kind, b. capital increases by contribution in cash without the possibility for the shareholders of the Company to exercise the preferential subscription right or priority allocation right, or c. any other kind of capital increase,
provided that the capital within the context of the authorised capital can never be increased by an amount higher than the capital on the date of the extraordinary general meeting that has approved the authorization (in other words, the sum of the capital increases in application of the proposed authorisations cannot exceed the amount of the capital on the date of the extraordinary general meeting that has approved the authorisation).
This authorisation is granted for a renewable period of two years, calculated from the publication of the minutes of the extraordinary general meeting of 14 May 2024, in the annexes to the Belgian Official Gazette.
For each capital increase, the Board of Directors will determine the price, the issue premium (if any) and the terms and conditions of issue of the new securities.
The capital increases that are thus decided on by the Board of Directors may be subscribed to in cash, in kind, or by means of a mixed contribution, or by incorporation of reserves, including profits carried forward and issue premiums as well as all equity components under the Company's statutory IFRS financial statements (drawn up in accordance with the regulations applicable to the regulated real estate companies) which are subject to conversion into capital, with or without the creation of new securities. These capital increases can also be realised through the issue of convertible bonds, subscription rights or bonds repayable in shares or other securities which may give rise to the creation of the same securities.
On 30 June 2024, the remaining balance of the authorised capital amounts to:
- 1) €627,371,130.01 for capital increases by contribution in cash whereby the possibility is provided for the exercise of the preferential subscription right or the priority allocation right by the shareholders of the Company;
- 2) €250,948,452.00 for capital increases in the framework of the distribution of an optional dividend;
- 3) €125,474,226.00 for a. capital increases by contribution in kind, b. capital increases by contribution in cash without the possibility for the shareholders of the Company to exercise the preferential subscription right or priority allocation right, or c. any other kind of capital increase;
provided that the capital within the context of the authorised capital can never be increased by an amount that exceeds the legal maximum amount of the capital of €1,254,742,260.03, on the dates and in accordance with the terms and conditions as will be determined by the Board of Directors.
31 July 2024 – before opening of markets
Note 6: Borrowings
| (x €1,000) | 30/06/2024 | 31/12/2023 |
|---|---|---|
| Non-current financial debts | 2,084,918 | 1,958,750 |
| Credit institutions | 1,288,215 | 1,166,915 |
| Other | 796,703 | 791,835 |
| Current financial debts | 421,486 | 321,549 |
| Credit institutions | 133,436 | 78,949 |
| Other | 288,050 | 242,600 |
| TOTAL | 2,506,404 | 2,280,299 |
The classification between current and non-current financial debts is based on the maturity dates of the credit lines on which the drawings are made instead of the maturity dates of the drawings.
On 30 June 2024, Aedifica had committed credit facilities totalling €2,339 million granted by 21 banks.
- Aedifica can use up to €2,250 million depending on its needs, as long as the debt-to-assets ratio does not exceed 60% and other covenants are met (in line with market practice). Each withdrawal is made in euro for a period of up to 12 months, at a fixed margin set with reference to the Euribor rate prevailing at the time of the withdrawal. €222 million of these credits lines were directly contracted by Hoivatilat Oyj.
- Aedifica also has amortising facilities with fixed interest rates between 0.8% and 5.8% amounting to €42 million and variable interest rates amounting to €47 million, of which €44 million are credits held directly or indirectly by Hoivatilat Oyj.
Aedifica NV/SA also has a €500 million treasury notes programme, of which €350 million is available for treasury notes with a duration of less than one year and €150 million is available for treasury notes with a duration of more than one year.
| ISIN code | Nominal amount (in € million) |
Maturity (years) |
Issue date | Maturity date | Coupon (%) |
|---|---|---|---|---|---|
| BE6310388531 | 15 | 10 | 21/12/2018 | 21/12/2028 | 2.176% |
| BE6322837863 | 40 | 7 | 25/06/2020 | 25/06/2027 | 1.466% |
| BE6323122802 | 12 | 10 | 15/07/2020 | 15/07/2030 | 1.850% |
| BE6325869145 | 10 | 7 | 16/12/2020 | 16/12/2027 | 1.274% |
| BE6326201553 | 10 | 7 | 14/01/2021 | 14/01/2028 | 1.329% |
- Under this programme, Aedifica has completed 5 private placements (see table above) amounting to €87 million. These amounts are presented on line 'Other' of the 'Non-current financial debts'.
- As at 30 June 2024, the short-term portion of the treasury notes programme (listed under the heading 'Other' of 'Current financial debts') is used for an amount of €263 million.
Hoivatilat Oyj also issues treasury notes in its own name. As at 30 June 2024, the outstanding amount was €25 million (listed under the heading 'Other' of 'Current financial debts').
The entire outstanding amount of the treasury notes programme is fully backed by the available funds on committed long-term credit lines.
31 July 2024 – before opening of markets
Moreover, in 2021, Aedifica successfully issued:
- a bond ('USPP') of £180 million through a private placement with US, UK and Canadian institutional investors. The bonds have maturities of 7 and 12 years with a coupon of 2.58% and 2.79% respectively.
- its first benchmark Sustainability Bond (ISIN BE6330288687) for an amount of €500 million with a tenor of 10 years and a coupon of 0.75% per annum.
Loans contracted under Aedifica's Sustainable Finance Framework or linked to sustainability KPIs amount to €1,340 million, of which €1,045 million is drawn on 30 June 2024 (47% of the drawn debt), highlighting the Group's wish to further diversify its sources of financing and to integrate ESG criteria into its financial policy.
The average cost of debt* including commitment fees remained at 1.9% (31 December 2023: 1.9%) owing to the hedges Aedifica had in place. Taking into account the duration of the drawings, the carrying amount of the financial debts with variable interest rate approximates their fair value (€1,668 million). The interest rate hedges are discussed in Note 7. The fair value of the financial debts with fixed interest rate (€839 million) is estimated at €701 million.
As at 30 June 2024, the Group did not mortgage or pledge any Belgian, Dutch, British or Irish building to its creditors. In Germany, Finland and Sweden, however, it is common practice for real estate to be secured as part of bank financing. As at 30 June 2024, the ratio between the secured financial debt and the total consolidated assets was 2%, while the ratio between the encumbered assets and the total consolidated assets was 4%.
Taking these elements into account, the maturity dates of Aedifica's financial debts as at 30 June 2024 are as follows:
| Financial debt (in € million) 1 |
Committed financing | Short-term treasury notes |
|
|---|---|---|---|
| Lines | Utilisation | ||
| 31/12/2024 | 55 | 55 | 205 |
| 31/12/2025 | 530 | 180 | 83 |
| 31/12/2026 | 393 | 263 | - |
| 31/12/2027 | 883 | 643 | - |
| 31/12/2028 | 556 | 436 | - |
| 31/12/2029 | 43 | 3 | - |
| >31/12/2029 | 678 | 643 | - |
| Total debt as at 30 June 2024 | 3,138 | 2,223 | 288 |
1 Amounts in £ were converted into € based on the exchange rate of 30 June 2024 (0.8474 €/£).
As at 30 June 2024, the weighted average maturity of the committed drawn financial debt is 3.9 years. Available committed credit lines amount to €916 million. After deducting the backup for the short-term commercial paper, the available liquidity stands at €628 million.
31 July 2024 – before opening of markets
Note 7: Hedging instruments
Aedifica takes on a large proportion of its financial debts at floating rates and is therefore able, where appropriate, to benefit from low interest rates on the unsecured portion of its borrowings. In order to limit the interest rate risk, Aedifica has put in place hedges that allow for the conversion of floating-rate debt to fixed-rate debt, or to capped-rate debt ('cash flow hedges').
Furthermore, the acquisition of the healthcare real estate portfolio in the United Kingdom in February 2019 has exposed the Group to foreign exchange rate risk.
The foreign exchange rate risk is partly hedged by loans denominated in pound sterling, providing a natural hedge against exposure to assets in the United Kingdom: on the one hand by a private placement of £180 million and on the other hand by bank loans totalling £160 million (see Note 6).
1. Management of interest rate risk
1.1 Framework
All hedges (interest rate swaps or 'IRS' and caps) are related to existing or highly probable risks. Aedifica applies hedge accounting to some derivatives initiated before 2017 that meet the criteria to allow hedge accounting. From 2017, in line with market practice, Aedifica chose not to apply hedge accounting to derivatives, even if they meet those strict criteria. The change in the fair value of the financial derivatives has no impact on EPRA Earnings, the main KPI for dividend distribution, and therefore the application of hedge accounting has limited added value.
Nevertheless, all derivatives provide economic hedging against interest rate risk, regardless of their accounting method. All hedges are provided in the framework of the hedging policy set out in Note 36 of the 2023 Annual Report. The fair value of these instruments is assessed on the basis of the present value of the estimated expected cash flows based on market data. This fair value is adjusted in accordance with IFRS 13 to reflect the company's own credit risk ('debit valuation adjustment' or 'DVA') and the counterparty's credit risk ('credit valuation adjustment' or 'CVA'). The tables below list the Company's hedging instruments.
31 July 2024 – before opening of markets
| INSTRUMENT | Notional amount | Beginning | Periodicity | Duration | Hedge accounting | Interest rate | Fair value |
|---|---|---|---|---|---|---|---|
| Analysis as at 31 December 2023 |
(x 1,000) | (months) | (years) | (yes/no) | (in %) | (x €1,000) | |
| IRS | €25,000 | 02/08/2019 | 3 | 8 | Yes | 0.33 | 1,751 |
| IRS | €50,000 | 01/01/2021 | 3 | 3 | No | 0.80 | 12 |
| IRS | €50,000 | 03/01/2022 | 3 | 2 | No | 0.73 | 12 |
| IRS | €25,000 | 02/05/2019 | 3 | 6 | Yes | 1.10 | 692 |
| IRS | €50,000 | 01/02/2022 | 3 | 2 | No | 0.34 | 163 |
| IRS | €25,000 | 01/07/2019 | 3 | 6 | No | 1.69 | 453 |
| IRS | €50,000 | 01/07/2024 | 3 | 4 | No | 0.08 | 3,856 |
| IRS | €50,000 | 02/01/2023 | 3 | 2 | No | 2.80 | 238 |
| IRS | €50,000 | 02/01/2023 | 3 | 2 | No | 2.67 | 302 |
| IRS | €50,000 | 02/01/2023 | 3 | 5 | No | 2.50 | -320 |
| IRS | €50,000 | 01/04/2025 | 3 | 3 | No | 2.50 | -713 |
| IRS 1 | €2,333 | 30/09/2019 | 3 | 12 | No | 1.55 | 76 |
| IRS 2 | €8,523 | 01/04/2011 | 3 | 32 | Yes | 4.89 | -1,920 |
| IRS | €25,000 | 03/02/2020 | 3 | 10 | Yes | 0.66 | 2,166 |
| IRS | €15,000 | 01/07/2019 | 3 | 10 | No | 2.01 | 230 |
| IRS | €8,000 | 01/07/2019 | 3 | 10 | No | 2.05 | 106 |
| IRS | €12,000 | 01/07/2019 | 3 | 10 | No | 1.99 | 194 |
| IRS | €50,000 | 01/02/2022 | 3 | 3 | No | 0.46 | 1,498 |
| IRS 2 | €19,421 | 31/07/2014 | 3 | 29 | No | 4.39 | -3,071 |
| IRS | €25,000 | 03/07/2019 | 3 | 10 | No | 1.04 | 1,705 |
| IRS | €200,000 | 01/07/2024 | 3 | 4 | No | -0.02 | 16,260 |
| IRS | €50,000 | 01/01/2023 | 3 | 3 | No | 1.58 | 1,070 |
| IRS | €50,000 | 01/01/2023 | 3 | 5 | No | 2.69 | -695 |
| IRS | €50,000 | 01/11/2019 | 3 | 5 | Yes | 0.78 | 1,110 |
| IRS | €50,000 | 03/02/2025 | 3 | 4 | No | 0.15 | 3,500 |
| IRS | €100,000 | 01/07/2024 | 3 | 4 | No | 0.07 | 7,776 |
| IRS | €50,000 | 01/07/2024 | 3 | 4 | No | 0.12 | 3,790 |
| IRS | €50,000 | 02/01/2023 | 3 | 4 | No | 1.30 | 1,621 |
| IRS | €50,000 | 03/04/2023 | 3 | 2 | No | 3.08 | 3 |
| IRS | €50,000 | 02/01/2025 | 3 | 3 | No | 2.56 | -798 |
| IRS | €50,000 | 02/01/2025 | 3 | 4 | No | 0.05 | 3,731 |
| IRS | €50,000 | 02/01/2025 | 3 | 4 | No | 0.06 | 3,674 |
| IRS | €50,000 | 02/01/2026 | 3 | 3 | No | 2.44 | -549 |
| IRS | €50,000 | 01/01/2023 | 3 | 5 | No | 2.59 | -489 |
| IRS | €50,000 | 01/01/2025 | 3 | 3 | No | 2.85 | -1,205 |
| IRS | £50,000 | 28/07/2022 | 3 | 5 | No | 2.46 | 2,039 |
| IRS | £60,000 | 07/07/2022 | 3 | 5 | No | 2.43 | 2,511 |
| IRS | £50,000 | 28/07/2022 | 3 | 5 | No | 2.29 | 2,352 |
| IRS | €10,000 | 19/03/2019 | 6 | 5 | No | 0.83 | 70 |
| IRS | €15,000 | 31/03/2020 | 1 | 5 | No | 0.46 | 512 |
| CAP | €200,000 | 01/01/2024 | 3 | 1 | No | 0.00 | 3,690 |
| CAP | €100,000 | 04/01/2021 | 3 | 4 | No | 0.25 | 3,018 |
| CAP | €100,000 | 01/07/2021 | 3 | 3 | No | 0.00 | 1,871 |
| CAP | €50,000 | 01/07/2021 | 3 | 3 | No | 0.00 | 938 |
| CAP | €50,000 | 01/07/2021 | 3 | 3 | No | 0.00 | 938 |
| TOTAL 3 | €2,299,966 | 64,164 |
1 Notional amount to be amortised over the duration of the swap. Aedifica and the bank may liquidate these contracts in advance every 10 years.
2 Notional amount to be amortised over the duration of the swap.
3 For the total amount, notional amounts in £ converted into € based on the exchange rate of 31 December 2023 (0.86632 €/£).
31 July 2024 – before opening of markets
| INSTRUMENT | Notional amount | Beginning | Periodicity | Duration | Hedge accounting | Interest rate | Fair value |
|---|---|---|---|---|---|---|---|
| Analysis as at 30 June 2024 |
(x 1,000) | (months) | (years) | (yes/no) | (in %) | (x €1,000) | |
| IRS | €25,000 | 02/08/2019 | 3 | 8 | Yes | 0.33 | 1,906 |
| IRS | €25,000 | 02/05/2019 | 3 | 6 | Yes | 1.10 | 608 |
| IRS | €25,000 | 01/07/2019 | 3 | 6 | No | 1.69 | 419 |
| IRS | €50,000 | 01/07/2024 | 3 | 4 | No | 0.08 | 5,176 |
| IRS | €50,000 | 02/01/2023 | 3 | 2 | No | 2.80 | 202 |
| IRS | €50,000 | 02/01/2023 | 3 | 2 | No | 2.67 | 234 |
| IRS | €50,000 | 02/01/2023 | 3 | 5 | No | 2.50 | 615 |
| IRS | €50,000 | 01/04/2025 | 3 | 3 | No | 2.50 | 244 |
| IRS 1 | €2,188 | 30/09/2019 | 3 | 12 | No | 1.55 | 101 |
| IRS 2 | €8,392 | 01/04/2011 | 3 | 32 | Yes | 4.89 | -1,578 |
| IRS | €25,000 | 03/02/2020 | 3 | 10 | Yes | 0.66 | 2,508 |
| IRS | €15,000 | 01/07/2019 | 3 | 10 | No | 2.01 | 530 |
| IRS | €8,000 | 01/07/2019 | 3 | 10 | No | 2.05 | 268 |
| IRS | €12,000 | 01/07/2019 | 3 | 10 | No | 1.99 | 433 |
| IRS | €50,000 | 01/02/2022 | 3 | 3 | No | 0.46 | 929 |
| IRS 2 | €18,929 | 31/07/2014 | 3 | 29 | No | 4.39 | -2,394 |
| IRS | €25,000 | 03/07/2019 | 3 | 10 | No | 1.04 | 2,103 |
| IRS | €200,000 | 01/07/2024 | 3 | 4 | No | -0.02 | 21,574 |
| IRS | €50,000 | 01/01/2023 | 3 | 3 | No | 1.58 | 1,205 |
| IRS | €50,000 | 01/01/2023 | 3 | 5 | No | 2.69 | 292 |
| IRS | €50,000 | 01/11/2019 | 3 | 5 | Yes | 0.78 | 494 |
| IRS | €50,000 | 03/02/2025 | 3 | 4 | No | 0.15 | 4,663 |
| IRS | €100,000 | 01/07/2024 | 3 | 4 | No | 0.07 | 10,433 |
| IRS | €50,000 | 01/07/2024 | 3 | 4 | No | 0.12 | 5,118 |
| IRS | €50,000 | 02/01/2023 | 3 | 4 | No | 1.30 | 2,055 |
| IRS | €50,000 | 02/01/2024 | 3 | 3 | No | 2.53 | 561 |
| IRS | €50,000 | 02/01/2025 | 3 | 3 | No | 2.56 | 249 |
| IRS | €50,000 | 02/01/2025 | 3 | 4 | No | 0.05 | 4,931 |
| IRS IRS |
€50,000 €50,000 |
02/01/2025 02/01/2026 |
3 3 |
4 3 |
No No |
0.06 2.44 |
4,873 170 |
| IRS | €50,000 | 01/01/2023 | 3 | 5 | No | 2.59 | 468 |
| IRS | €50,000 | 01/01/2025 | 3 | 3 | No | 2.85 | -162 |
| IRS | £50,000 | 28/07/2022 | 3 | 5 | No | 2.46 | 2,894 |
| IRS | £60,000 | 07/07/2022 | 3 | 5 | No | 2.43 | 3,504 |
| IRS | £50,000 | 28/07/2022 | 3 | 5 | No | 2.29 | 3,169 |
| IRS | €15,000 | 31/03/2020 | 1 | 5 | No | 0.46 | 351 |
| CAP | €200,000 | 01/01/2024 | 3 | 1 | No | 0.00 | -5 |
| CAP | €100,000 | 04/01/2021 | 3 | 4 | No | 0.25 | 1,692 |
| CAP | €100,000 | 01/07/2021 | 3 | 3 | No | 0.00 | -2 |
| CAP | €50,000 | 01/07/2021 | 3 | 3 | No | 0.00 | -1 |
| CAP | €50,000 | 01/07/2021 | 3 | 3 | No | 0.00 | -1 |
| FLOOR | €50,000 | 02/01/2025 | 3 | 1 | No | 2.50 | 68 |
| TOTAL 3 | €2,193,322 | 80,898 |
1 Notional amount to be amortised over the duration of the swap. Aedifica and the bank may liquidate these contracts in advance every 10 years.
2 Notional amount to be amortised over the duration of the swap.
3 For the total amount, notional amounts in £ converted into € based on the exchange rate of 30 June 2024 (0.8474 €/£).
The total notional amount of €2,193 million presented in the table above is broken down as follows:
- operational and active instruments: €1,393 million, of which €500 million caps;
- instruments with forward start: €800 million, of which a €50 million floor.
The total fair value of the hedging instruments presented in the table above (+€80,898 k) can be broken down as follows: €85,040 k on line I.E. of the asset side of the consolidated balance sheet and €4,142 k on line I.C.a. of the liability side of the consolidated balance sheet. Taking into account the carrying amount of the upfront premiums paid for the caps (€105 k), the effect of the changes in fair value of interest rate hedging instruments on equity amounts to €80,793 k.
31 July 2024 – before opening of markets
1.2. Derivatives for which hedge accounting is applied
| (x €1,000) | 30/06/2024 | 31/12/2023 |
|---|---|---|
| Changes in fair value of the derivatives | ||
| Beginning of the year | 4,642 | 9,574 |
| Changes in the effective portion of the fair value of hedging instruments (accrued interests) | 2,132 | -2,293 |
| Transfer to the income statement of interests paid on hedging instruments | -1,991 | -2,459 |
| Transfer to the reserve account regarding revoked designation | 0 | 0 |
| Transfer to the reserve account of the net gain or loss on matured hedges | -90 | -180 |
| AT YEAR-END | 4,693 | 4,642 |
The amounts recorded in equity will be transferred to net finance costs in line with the payment of interest on the hedged financial debt, between 1 July 2024 and 31 July 2043.
The equity value as at 30 June 2024 includes the effective part (as defined in IFRS 9) of the change in fair value (gain of €141 k) of the financial instruments corresponding to the derivatives for which hedge accounting may be applied, and the ineffective portion of the 2023 financial year (nil) that was appropriated in 2024 by decision of the Annual General Meeting held in May 2024. These financial instruments are 'level 2' derivatives (according to IFRS 13p81). The ineffective part (according to IAS 39) is nil as at 30 June 2024.
1.3. Derivatives for which hedge accounting is not applied
The financial result includes an income of €16,745 k (31 December 2023: a loss of €50,249 k), arising from the change in the fair value of derivatives for which hedge accounting is not applied (in line with IFRS 9, as listed in the aforementioned framework) and the linear amortisation of the fair value of disqualified derivatives as at their date of disqualification, which amounts to a loss of €199 k (31 December 2023: a loss of €300 k). The latter is recognised on line 'II. H. Other comprehensive income, net of taxes' of the Consolidated Statement of Comprehensive Income. These financial instruments are 'level 2' derivatives (as defined in IFRS 13p81). The financial result also includes the amortisation of the premiums paid at the time of the subscription to the caps, which amounts to €207 k (31 December 2023: €198 k).
1.4. Sensitivity analysis
The fair value of the hedging instruments is determined by the interest rates on the financial markets. These changes partly explain the change in the fair value of the hedging instruments between 1 January 2024 and 30 June 2024. This resulted in an income of €16,546 k, recognised in the income statement, and to an income of €339 k, recognised in equity.
A change in the interest rate curve would impact the fair value of instruments for which hedge accounting is applied (in accordance with IFRS 9), and recognised in equity (line 'I.C.d. Reserve for the balance of changes in fair value of authorised hedging instruments qualifying for hedge accounting as defined under IFRS'). All else being equal, a positive change of 10 bps of the interest rate curve at the balance sheet date would have a positive impact on equity in the amount of €301 k (€367 k on 31 December 2023). A negative change of 10 bps would have a negative impact in the same range. The impact of a change in the interest rate on the fair value of the instruments for which hedge accounting is not applied cannot be determined as precisely, since options can be embedded within these instruments. The fair value of these options will change in a non-symmetric and non-linear pattern, and is a function of other parameters (e.g. volatility of interest rates). The sensitivity of the 'mark-to-market' value of these instruments to an increase of 10 bps of the interest rate is estimated to have a positive impact of €4,341 k
31 July 2024 – before opening of markets
(€4,801 k on 31 December 2023) on the income statement. A decrease of 10 bps in the interest rate would have a negative impact of €4,340 k on the income statement (€4,802 k on 31 December 2023).
2. Management of foreign exchange risk
All hedges (forward purchase contracts of foreign currencies) are related to existing or highly probable risks. The hedging instruments are derivatives for which Aedifica will not systematically apply hedge accounting and which provide economic hedging against foreign exchange risk. All hedges are provided in the framework of the hedging policy set out in Note 36 of the 2023 Annual Report. The fair value of these instruments is assessed on the basis of the present value of the estimated cash flows based on market data. These financial instruments are 'level 2' derivatives (according to IFRS 13p81). As at 30 June 2024, Aedifica had no hedging contracts in place. During the first half of 2024, cash flows linked to Aedifica's external debt denominated in pound sterling have partially offset net cash flows resulting from financial income from intra-group loans, other intra-group revenues and capital expenditures in the United Kingdom.
Note 8: Earnings per share
Earnings per share ('EPS' as defined by IAS 33) are calculated as follows:
| 30/06/2024 | 30/06/2023 | |
|---|---|---|
| Profit (loss) (Owners of the parent) (x €1,000) | 142,162 | 56,784 |
| Weighted average number of shares outstanding during the period | 47,550,119 | 39,919,959 |
| Basic EPS (in €) | 2.99 | 1.42 |
| Diluted EPS (in €) | 2.99 | 1.42 |
Aedifica uses EPRA Earnings* to comply with the EPRA's recommendations and to measure its operational and financial performance; however, this performance measure is not defined under IFRS (see Note 15). It is calculated as follows:
| (x €1,000) | 30/06/2024 | 30/06/2023 |
|---|---|---|
| Profit (loss) (Owners of the parent) | 142,162 | 56,784 |
| Changes in fair value of investment properties | 2,224 | 82,352 |
| Gain and losses on disposal of investment properties | 22 | 304 |
| Deferred taxes in respect of EPRA adjustments | -8,597 | -25,516 |
| Tax on profits or losses on disposals | 0 | 0 |
| Changes in fair value of financial assets and liabilities | -16,378 | -2,522 |
| Goodwill impairment | 0 | 0 |
| Share in the profit or loss of associates and joint ventures accounted for using the equity method in respect of EPRA corrections |
-537 | 177 |
| Non-controlling interests in respect of the above | -140 | -1,218 |
| Roundings | 0 | 0 |
| EPRA Earnings* | 118,756 | 110,361 |
| Weighted average number of shares outstanding during the period | 47,550,119 | 39,919,959 |
| EPRA Earnings* per share (in €) | 2.50 | 2.76 |
| EPRA Earnings* diluted per Share (in €) | 2.50 | 2.76 |
The calculation in accordance with the model recommended by EPRA is included in Note 15.9.1 of the Condensed Consolidated Financial Statements.
31 July 2024 – before opening of markets
Note 9: Net asset value per share
| Net asset value per share (in €) | 30/06/2024 | 31/12/2023 |
|---|---|---|
| Net asset value after deduction of the 2023 dividend, excl. changes in fair value of hedging instruments* |
73.26 | 70.35 |
| Effect of the changes in fair value of hedging instruments | 1.70 | 1.34 |
| Net asset value after deduction of the 2023 dividend | 74.96 | 71.70 |
| Number of shares on the stock market | 47,550,119 | 47,550,119 |
Recall that IFRS requires the presentation of the annual accounts before appropriation. The net asset value of €73.86 per share as at 31 December 2023 (as published in the 2023 Annual Report) thus included the gross dividend distributed in May 2024, and has been adjusted by €3.51 per share in this table so that it can be compared with the net asset value as at 30 June 2024. This amount corresponds to the total amount of dividends paid (€166.7 million), divided by the total number of shares outstanding as at 31 December 2023 (47,550,119).
Note 10: Contingencies and commitments
Aedifica's commitments as at 30 June 2024 are stated below. The contingencies as at 31 December 2023 are listed in Note 37 of the Consolidated Financial Statements included in the 2023 Annual Report (see page 160).
| NAME | Country | Type | Progress | Budget 1 (in € million) |
|---|---|---|---|---|
| Am Parnassturm | DE | Renovation | In progress (forward funding) | 4 |
| Bavaria Senioren- und Pflegeheim | DE | Renovation | In progress (forward funding) | 1 |
| Dublin Stepaside | IE | Construction | In progress (forward funding) | 26 |
| Finland – pipeline 'childcare centres' | FI | Construction | In progress (own development) | 26 |
| Finland – pipeline 'childcare centres' | FI | Acquisition | Project subject to outstanding conditions/forward purchase |
7 |
| Finland – pipeline 'elderly care homes' | FI | Construction | In progress (own development) | 19 |
| Finland – pipeline 'other' | FI | Construction | In progress (own development) | 31 |
| In de Gouden Jaren | BE | Renovation | In progress (forward funding) | 1 |
| Résidence Véronique | BE | Renovation & extension | In progress (forward funding) | 10 |
| Seniorenquartier Gummersbach | DE | Construction | In progress (forward funding) | 29 |
| Seniorenzentrum Berghof | DE | Renovation | In progress (forward funding) | 2 |
| Sligo Finisklin Road | IE | Construction | In progress (forward funding) | 16 |
| Spaldrick House | UK | Acquisition | Project subject to outstanding conditions/forward purchase |
12 |
| St Mary's Lincoln | UK | Construction | In progress (forward funding) | 16 |
| St. Joseph's Convent | UK | Renovation & extension | In progress (forward funding) | 3 |
| Sweden – pipeline 2024 2 | SE | Construction | In progress (own development) | 19 |
| Tomares Miró | ES | Construction | In progress (forward funding) | 12 |
| York Bluebeck Drive | UK | Construction | In progress (forward funding) | 16 |
| Zamora Av. de Valladolid | ES | Construction | In progress (forward funding) | 12 |
| TOTAL | 261 |
1 The acquisition values mentioned below respect the requirements laid down in Article 49 § 1 of the Belgian Act of 12 May 2014 on Regulated Real Estate Companies (at the time of the signing of the agreements which generated the commitment).
2 This project has already been completed after 30 June 2024 (see Note 12).
31 July 2024 – before opening of markets
Note 11: Dividends paid
The General Meeting of 14 May 2024 approved the distribution of the result of the 2023 financial year as proposed by the Board of Directors. A gross dividend of €3.80 was paid out on 22 May 2024 to shareholders entitled to a full dividend (the dividend was allocated over two coupons – see table below). The total amount distributed was approx. €166.7 million. After deduction of the withholding tax of 15%38 , the total net dividend per share amounted to €3.23.
| Coupon | Period | Ex-coupon date |
Payment date |
Gross dividend (€) |
Net dividend (€) |
Shares entitled to dividend |
|---|---|---|---|---|---|---|
| 33 | 01/01/2023 – 03/07/2023 | 22/06/2023 | 22/05/2024 | 1.9156 | 1.6283 | 40,234,440 |
| 34 | 04/07/2023 – 31/12/2023 | 16/05/2024 | 22/05/2024 | 1.8844 | 1.6017 | 47,550,119 |
| TOTAL | 3.80 | 3.23 |
Note 12: Post-closing events
The table below lists all post-balance sheet events up to and including 30 July 2024, the closing date of this report. See section I.2.2 for more information about these events.
| NAME | Date | Transaction | Country | Location |
|---|---|---|---|---|
| Nynäshamn Källberga | 01/07/2024 | Completion of a development project | SE | Nynäshamn |
| Les Jardins de la Mémoire | 05/07/2024 | Disposal of a care home 1 | BE | Anderlecht |
| Holland, Molenenk & | 15/07/2024 | Disposal of a portfolio of 3 care properties | NL | Baarn, Deventer |
| Villa Walgaerde | operated by Domus Valuas | & Hilversum |
1 The existing sublease remains in place. The tenant redeemed the equivalent of future rent payments by a one-off lump-sum payment.
Note 13: Related party transactions
Related party transactions (as defined under IAS 24 and the Belgian Companies and Associations Code) relate exclusively to the remuneration of the members of the Board of Directors and the Executive Committee (€2,294 k for the first half of 2024, compared to €2,010 k for the first half of 2023).
| (x €1,000) | 30/06/2024 | 30/06/2023 |
|---|---|---|
| Short-term benefits | 2,074 | 1,878 |
| Post-employment benefits | 135 | 132 |
| Other long-term benefits | 0 | 0 |
| Termination benefits | 0 | 0 |
| Share-based payments | 85 | 0 |
| Total | 2,294 | 2,010 |
38 As Aedifica is a RREC investing more than 80% of its portfolio in European (residential) healthcare real estate, its shareholders benefit from a reduced withholding tax rate of only 15%. Following Brexit, a transition regime was provided for UK assets acquired prior to 1 January 2021 so that they can be included in the calculation of the 80% threshold until the end of the 2025 financial year. Therefore, if legislation does not change in the meantime and no major changes happen in the Group's portfolio, Aedifica estimates that its shareholders will continue to benefit from the reduced withholding tax rate of 15% on dividends paid or attributed until 31 December 2025.
31 July 2024 – before opening of markets
Note 14: Consolidation scope
The following entities have been added to the consolidation scope during the first half of 2024:
- Le Douaire Invest BV/SRL
- AED UK Holdings Limited
- Aedifica UK (Dawlish) Limited
- Aedifica UK (Whitechapel) Limited
- Aedifica (Biddenham) Limited
- Koy Espoon Finnoonkartanonkatu
- Koy Kokkolan Kruunupyyntie
- Koy Keravan Palopellonkatu
There were no liquidations or mergers during the first half of the year.
Note 15: Calculation details of the Alternative Performance Measures (APMs)
Aedifica has used Alternative Performance Measures in accordance with ESMA (European Securities and Market Authority) guidelines published on 5 October 2015 in its financial communication for many years. Some of these APMs are recommended by the European Public Real Estate Association (EPRA) and others have been defined by the industry or by Aedifica in order to provide readers with a better understanding of the Company's results and performance. The APMs used in this half year financial report are identified with an asterisk (*). Performance measures defined by IFRS standards or by Law are not considered to be APMs, neither are those that are not based on the consolidated income statement or the balance sheet. The definition of APMs, as applied to Aedifica's financial statements, may differ from those used in the financial statements of other companies.
Note 15.1: Investment properties
Aedifica uses the performance measures presented below to determine the value of its investment properties; however, these measures are not defined under IFRS. They reflect alternate clustering of investment properties with the aim of providing the reader with the most relevant information.
| (x €1,000) | 30/06/2024 | 31/12/2023 |
|---|---|---|
| Marketable investment properties | 5,698,819 | 5,529,564 |
| + Right of use of plots of land | 73,976 | 73,172 |
| + Development projects | 157,856 | 168,950 |
| + Land reserve | 15,782 | 18,671 |
| Investment properties | 5,946,433 | 5,790,357 |
| + Assets classified as held for sale | 98,184 | 58,158 |
| Investment properties including assets classified as held for sale, or real estate portfolio |
6,044,617 | 5,848,515 |
| - Development projects | -157,856 | -168,950 |
| Marketable investment properties including assets classified as held for sale*, or investment properties portfolio |
5,886,761 | 5,679,565 |
31 July 2024 – before opening of markets
Note 15.2: Rental income on a like-for-like basis*
Aedifica uses the net rental income on a like-for-like basis* to reflect the performance of investment properties excluding the effect of scope changes.
| (x €1,000) | 01/01/2024 - 30/06/2024 |
01/01/2023 - 30/06/2023 |
|---|---|---|
| Rental income | 165,768 | 154,715 |
| - Scope changes | -13,852 | -7,478 |
| = Rental income on a like-for-like basis* | 151,916 | 147,237 |
Note 15.3: Operating charges*, operating margin* and EBIT margin*
Aedifica uses operating charges* to aggregate the operating charges*. It represents items IV. to XV. of the income statement.
Aedifica uses the operating margin* and the EBIT margin* to reflect the profitability of its rental activities. They represent the property operating result divided by net rental income and the operating result before result on portfolio divided by net rental income, respectively.
| 30/06/2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (x €1,000) | BE | DE | NL | UK | FI | SE | IE | ES | Non allocated |
TOTAL |
| SEGMENT RESULT | ||||||||||
| Rental income (a) | 34,827 | 31,113 | 20,681 | 35,464 | 30,058 | 2,386 | 11,177 | 62 | - | 165,768 |
| Net rental income (b) | 34,855 | 31,165 | 20,609 | 35,464 | 29,996 | 2,386 | 11,177 | 62 | - | 165,714 |
| Property result (c) | 34,848 | 31,147 | 20,635 | 35,464 | 30,080 | 2,376 | 11,177 | 62 | - | 165,789 |
| Property operating result (d) | 34,353 | 29,470 | 19,365 | 34,321 | 28,703 | 2,193 | 11,034 | -24 | - | 159,415 |
| OPERATING RESULT BEFORE RESULT ON PORTFOLIO (e) |
34,353 | 29,470 | 19,365 | 34,321 | 28,703 | 2,193 | 11,034 | -24 | -17,136 | 142,279 |
| Operating margin* (d)/(b) | 96.2% | |||||||||
| EBIT margin* (e)/(b) | 85.9% | |||||||||
| Operating charges* (e)-(b) | 23,435 | |||||||||
| 30/06/2023 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (x €1,000) | BE | DE | NL | UK | FI | SE | IE | ES | Non allocated |
TOTAL |
| SEGMENT RESULT | ||||||||||
| Rental income (a) | 36,269 | 30,337 | 18,650 | 32,088 | 27,038 | 2,109 | 8,025 | 199 | - | 154,715 |
| Net rental income (b) | 36,027 | 30,036 | 18,600 | 32,088 | 27,020 | 2,109 | 8,025 | 199 | - | 154,104 |
| Property result (c) | 36,027 | 30,020 | 18,403 | 32,083 | 27,359 | 2,078 | 8,025 | 199 | - | 154,194 |
| Property operating result (d) | 35,492 | 29,103 | 17,410 | 30,737 | 25,566 | 1,851 | 7,901 | 157 | - | 148,217 |
| OPERATING RESULT BEFORE RESULT ON PORTFOLIO (e) |
35,492 | 29,103 | 17,410 | 30,737 | 25,566 | 1,851 | 7,901 | 157 | -16,648 | 131,569 |
| Operating margin* (d)/(b) | 96.2% | |||||||||
| EBIT margin* (e)/(b) | 85.4% |
Operating charges* (e)-(b) 22,535
31 July 2024 – before opening of markets
Note 15.4: Financial result excl. changes in fair value of financial instruments*
Aedifica uses the financial result excl. changes in fair value of financial instruments* to reflect its financial result before the non-cash effect of financial instruments; however, this performance measure is not defined under IFRS. It represents the total of items XX., XXI. and XXII. of the income statement.
| (x €1,000) | 30/06/2024 | 30/06/2023 |
|---|---|---|
| XX. Financial income | 605 | 1,179 |
| XXI. Net interest charges | -21,251 | -23,706 |
| XXII. Other financial charges | -2,558 | -2,538 |
| Financial result excl. changes in fair value of financial instruments* | -23,204 | -25,065 |
Note 15.5: Average cost of debt*
Aedifica uses average cost of debt* and average cost of debt* (incl. commitment fees) to reflect the costs of its financial debts; however, these performance measures are not defined under IFRS. They represent annualised net interest charges deducted by reinvoiced interests and IFRS 16 (and commitment fees) divided by weighted average financial debts.
| (x €1,000) | 30/06/2024 | 31/12/2023 |
|---|---|---|
| Weighted average financial debts (a) | 2,343,935 | 2,395,149 |
| XXI. Net interest charges | -21,251 | -45,004 |
| Reinvoiced interests (incl. in XX. Financial income) | 321 | 2,181 |
| Interest cost related to leasing debts booked in accordance with IFRS 16 | 698 | 1,393 |
| Annualised net interest charges (b) | -40,686 | -41,430 |
| Average cost of debt* (b)/(a) Commitment fees (incl. in XXII. Other financial charges) |
1.7% -1,694 |
1.7% -3,514 |
| Annualised net interest charges (incl. commitment fees) (c) | -44,093 | -44,944 |
| Average cost of debt* (incl. commitment fees) (c)/(a) | 1.9% | 1.9% |
Note 15.6: Interest Cover Ratio* (ICR)
Aedifica uses the Interest Cover Ratio* to measure its ability to meet interest payments obligations related to debt financing and should be at least equal to 2.0x. The ICR* is calculated based on the definition set out in the prospectus of Aedifica's Sustainability Bond: 'Operating result before result on the portfolio' (lines I to XV of the consolidated income statement) divided by 'Net interest charges' (line XXI) on a 12-month rolling basis.
| (x €1,000) | 01/07/2023 - 30/06/2024 |
01/01/2023 - 31/12/2023 |
|---|---|---|
| Operating result before result on portfolio | 276,520 | 265,810 |
| XXI. Net interest charges | -42,549 | -45,004 |
| Interest Cover Ratio* | 6.5 | 5.9 |
31 July 2024 – before opening of markets
Note 15.7: Net debt/EBITDA*
This APM indicates how long a company would have to operate at its current level to pay off all its debts. It is calculated by dividing net financial debts, i.e., long-term and current financial debts minus cash and cash equivalents (numerator) by the EBITDA of the past twelve months (TTM) (denominator). EBITDA is the operating result before result on portfolio plus depreciation and amortisation.
| (x €1,000) | 30/06/2024 | 31/12/2023 |
|---|---|---|
| Non-current and current financial debts | 2,506,404 | 2,280,299 |
| - Cash and cash equivalents | -21,592 | -18,253 |
| Net debt (IFRS) | 2,484,812 | 2,262,046 |
| Operating result before result on portfolio (TTM) 1 | 276,520 | 265,810 |
| + Depreciation and amortisation of other assets (TTM) 1 | 2,331 | 2,180 |
| EBITDA (IFRS) | 278,851 | 267,990 |
| Net Debt / EBITDA | 8.9 | 8.4 |
1 TTM (trailing 12 months) means that the calculation is based on financial figures for the past 12 months.
Note 15.8: Equity
Aedifica uses equity excl. changes in fair value of hedging instruments* to reflect equity before non-cash effects of the revaluation of hedging instruments; however, this performance measure is not defined under IFRS. It represents the line 'equity attributable to owners of the parent' without cumulated noncash effects of the revaluation of hedging instruments.
| (x €1,000) | 30/06/2024 | 31/12/2023 |
|---|---|---|
| Equity attributable to owners of the parent | 3,564,543 | 3,575,862 |
| - Effect of the distribution of the 2023 dividend | 0 | -166,676 |
| Sub-total excl. effect of the distribution of the 2023 dividend | 3,564,543 | 3,409,186 |
| - Effect of the changes in fair value of hedging instruments | -80,793 | -63,908 |
| Equity excl. changes in fair value of hedging instruments* | 3,483,750 | 3,345,278 |
31 July 2024 – before opening of markets
Note 15.9: Key performance indicators according to the EPRA principles
Aedifica is committed to standardising reporting to improve the quality and comparability of information and makes most of the indicators recommended by EPRA available to its investors. The following indicators are considered to be APMs:
Note 15.9.1: EPRA Earnings*
| EPRA Earnings* | 30/06/2024 | 30/06/2023 |
|---|---|---|
| x €1,000 | ||
| Earnings (owners of the parent) per IFRS income statement | 142,162 | 56,784 |
| Adjustments to calculate EPRA Earnings*, exclude: | ||
| (i) Changes in value of investment properties, development properties held for investment and other interests |
2,224 | 82,352 |
| (ii) Profits or losses on disposal of investment properties, development properties held for investment and other interests |
22 | 304 |
| (iii) Profits or losses on sales of trading properties including impairment charges in respect of trading properties |
0 | 0 |
| (iv) Tax on profits or losses on disposals | 0 | 0 |
| (v) Goodwill impairment | 0 | 0 |
| (vi) Changes in fair value of financial instruments and associated close-out costs | -16,378 | -2,522 |
| (vii) Acquisition costs on share deals and non-controlling joint venture interests (IFRS 3) | 0 | 0 |
| (viii) Deferred taxes in respect of EPRA adjustments | -8,597 | -25,516 |
| (ix) Adjustments (i) to (viii) above in respect of joint ventures | -537 | 177 |
| (x) Non-controlling interests in respect of the above | -140 | -1,218 |
| Roundings | 0 | 0 |
| EPRA Earnings* (owners of the parent) | 118,756 | 110,361 |
| Number of shares (Denominator IAS 33) | 47,550,119 | 39,919,959 |
| EPRA Earnings per Share (EPRA EPS - in €/share) | 2.50 | 2.76 |
| EPRA Earnings diluted per Share (EPRA diluted EPS - in €/share) | 2.50 | 2.76 |
31 July 2024 – before opening of markets
Note 15.9.2: EPRA Net Asset Value indicators
| Situation as per 30 June 2024 | EPRA Net Reinstatement |
EPRA Net Tangible |
EPRA Net Disposal |
|---|---|---|---|
| Value* | Assets* | Value* | |
| x €1,000 | |||
| NAV per the financial statements (owners of the parent) | 3,564,543 | 3,564,543 | 3,564,543 |
| NAV per the financial statements (in €/share) (owners of the parent) | 74.96 | 74.96 | 74.96 |
| (i) Effect of exercise of options, convertibles and other equity interests (diluted basis) |
94 | 94 | 94 |
| Diluted NAV, after the exercise of options, convertibles and other equity interests |
3,564,449 | 3,564,449 | 3,564,449 |
| Include: | |||
| (ii.a) Revaluation of investment properties (if IAS 40 cost option is used) | - | - | - |
| (ii.b) Revaluation of investment properties under construction (IPUC) (if IAS 40 cost option is used) |
- | - | - |
| (ii.c) Revaluation of other non-current investments | - | - | - |
| (iii) Revaluation of tenant leases held as finance leases | - | - | - |
| (iv) Revaluation of trading properties | - | - | - |
| Diluted NAV at Fair Value | 3,564,449 | 3,564,449 | 3,564,449 |
| Exclude: | |||
| (v) Deferred taxes in relation to fair value gains of IP | 127,435 | 127,435 | |
| (vi) Fair value of financial instruments | -80,793 | -80,793 | |
| (vii) Goodwill as a result of deferred taxes | 45,161 | 45,161 | 45,161 |
| (vii.a) Goodwill as per the IFRS balance sheet | -162,758 | -162,758 | |
| (vii.b) Intangibles as per the IFRS balance sheet | -1,360 | ||
| Include: | |||
| (ix) Fair value of fixed interest rate debt | 137,626 | ||
| (ix) Revaluation of intangibles to fair value | - | ||
| (xi) Real estate transfer tax | 325,603 | - | |
| Include/exclude: | |||
| Adjustments (i) to (v) in respect of joint venture interests | - | - | - |
| Adjusted net asset value (owners of the parent) | 3,981,855 | 3,492,135 | 3,584,479 |
| Number of shares on the stock market | 47,550,119 | 47,550,119 | 47,550,119 |
| Adjusted net asset value (in €/share) (owners of the parent) | 83.74 | 73.44 | 75.38 |
| (x €1,000) | Fair value | as % of total portfolio |
% of deferred tax excluded |
|---|---|---|---|
| Portfolio that is subject to deferred tax and intention is to hold and not to sell in the long run |
2,861,827 | 49% | 100% |
31 July 2024 – before opening of markets
| Situation as per 31 December 2023 | EPRA Net Reinstatement Value* |
EPRA Net Tangible Assets* |
EPRA Net Disposal Value* |
|---|---|---|---|
| x €1,000 | |||
| NAV per the financial statements (owners of the parent) | 3,409,186 | 3,409,186 | 3,409,186 |
| NAV per the financial statements (in €/share) (owners of the parent) | 71.70 | 71.70 | 71.70 |
| (i) Effect of exercise of options, convertibles and other equity interests (diluted basis) |
1,366 | 1,366 | 1,366 |
| Diluted NAV, after the exercise of options, convertibles and other equity interests |
3,407,820 | 3,407,820 | 3,407,820 |
| Include: | |||
| (ii.a) Revaluation of investment properties (if IAS 40 cost option is used) | - | - | - |
| (ii.b) Revaluation of investment properties under construction (IPUC) (if IAS 40 cost option is used) |
- | - | - |
| (ii.c) Revaluation of other non-current investments | - | - | - |
| (iii) Revaluation of tenant leases held as finance leases | - | - | - |
| (iv) Revaluation of trading properties | - | - | - |
| Diluted NAV at Fair Value | 3,407,820 | 3,407,820 | 3,407,820 |
| Exclude: | |||
| (v) Deferred taxes in relation to fair value gains of IP | 135,907 | 135,907 | |
| (vi) Fair value of financial instruments | -63,908 | -63,908 | |
| (vii) Goodwill as a result of deferred taxes | 45,161 | 45,161 | 45,161 |
| (vii.a) Goodwill as per the IFRS balance sheet | -162,758 | -162,758 | |
| (vii.b) Intangibles as per the IFRS balance sheet | -1,663 | ||
| Include: | |||
| (ix) Fair value of fixed interest rate debt | 128,732 | ||
| (ix) Revaluation of intangibles to fair value | - | ||
| (xi) Real estate transfer tax | 310,623 | - | |
| Include/exclude: | |||
| Adjustments (i) to (v) in respect of joint venture interests | - | - | - |
| Adjusted net asset value (owners of the parent) | 3,835,603 | 3,360,558 | 3,418,955 |
| Number of shares on the stock market | 47,550,119 | 47,550,119 | 47,550,119 |
| Adjusted net asset value (in €/share) (owners of the parent) | 80.66 | 70.67 | 71.90 |
| (x €1,000) | Fair value | as % of total portfolio |
% of deferred tax excluded |
| Portfolio that is subject to deferred tax and intention is to hold and not to sell in the long run |
4,484,235 | 79% | 100% |
The EPRA NRV*, EPRA NTA* and EPRA NDV* values in euro and euro per share as at 31 December 2023 (presented in the table above) were adjusted by €166,676 k (or €3.51 per share) in comparison to the figures published in the 2023 Annual Report, so that they can be compared with the values as at 30 June 2024. This adjustment corresponds to the 2023 gross dividend, which was distributed in May 2024.
31 July 2024 – before opening of markets
Note 15.9.3: EPRA Net Initial Yield* (NIY) and EPRA Topped-up NIY*
| EPRA Net Initial Yield (NIY) 1 and EPRA Topped-up NIY |
30/06/2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| x €1,000 | BE | DE | NL | UK | FI | SE | IE | ES | Total |
| Investment properties – wholly owned |
1,228,984 | 1,178,650 | 662,070 | 1,116,218 | 1,133,660 | 93,447 | 426,555 | 17,091 | 5,856,675 |
| Investment properties – share of JVs/Funds |
- | - | - | - | - | - | - | - | - |
| Trading properties (including share of JVs) |
16,305 | 11,320 | 31,310 | 39,249 | - | - | - | - | 98,184 |
| Less: developments | -9,390 | -3,620 | -10 | -21,109 | -61,460 | -18,050 | -29,594 | -14,623 | -157,856 |
| Completed property portfolio | 1,235,899 | 1,186,350 | 693,370 | 1,134,358 | 1,072,200 | 75,397 | 396,961 | 2,468 | 5,797,003 |
| Allowance for estimated purchasers' costs |
31,164 | 79,671 | 72,538 | 78,067 | 21,392 | 3,204 | 39,520 | 47 | 325,603 |
| Gross up completed property portfolio valuation |
1,267,063 | 1,266,021 | 765,908 | 1,212,425 | 1,093,592 | 78,601 | 436,481 | 2,515 | 6,122,606 |
| Annualised cash passing rental income |
70,661 | 62,791 | 40,334 | 67,831 | 64,513 | 4,893 | 21,216 | 124 | 332,362 |
| Property outgoings 2 | -289 | -1,582 | -1,047 | -852 | -1,219 | -243 | -5 | -109 | -5,346 |
| Annualised net rents | 70,372 | 61,209 | 39,287 | 66,979 | 63,294 | 4,650 | 21,211 | 15 | 327,016 |
| Add: notional rent expiration of rent free periods or other lease incentives |
-271 | 1,615 | 2,727 | 4,573 | - | - | 911 | - | 9,554 |
| Topped-up net annualised rent | 70,101 | 62,824 | 42,014 | 71,551 | 63,294 | 4,650 | 22,121 | 15 | 336,570 |
| EPRA NIY (in %) | 5.6% | 4.8% | 5.1% | 5.5% | 5.8% | 5.9% | 4.9% | 0.0% | 5.3% |
| EPRA Topped-up NIY (in %) | 5.5% | 5.0% | 5.5% | 5.9% | 5.8% | 5.9% | 5.1% | 0.0% | 5.5% |
| EPRA Net Initial Yield (NIY) 1 and EPRA Topped-up NIY |
31/12/2023 | ||||||||
| BE | DE | NL | UK | FI | SE | IE | ES | Total | |
| x €1,000 Investment properties – wholly owned |
1,229,591 | 1,174,890 | 657,630 | 1,027,150 | 1,096,970 | 89,823 | 412,685 | 9,775 | 5,698,514 |
| Investment properties – share of JVs/Funds |
- | - | - | - | - | - | - | - | - |
| Trading properties (including share of JVs) |
11,612 | 11,420 | - | 35,126 | - | - | - | - | 58,158 |
| Less: developments | -5,285 | -29,016 | -6,450 | -16,476 | -69,890 | -15,035 | -19,601 | -7,197 | -168,950 |
| Completed property portfolio | 1,235,918 | 1,157,294 | 651,180 | 1,045,800 | 1,027,080 | 74,788 | 393,084 | 2,578 | 5,587,722 |
| Allowance for estimated purchasers' costs |
31,140 | 78,479 | 68,536 | 69,455 | 20,629 | 3,178 | 39,112 | 94 | 310,623 |
| Gross up completed property portfolio valuation |
1,267,058 | 1,235,773 | 719,716 | 1,115,255 | 1,047,709 | 77,966 | 432,196 | 2,672 | 5,898,345 |
| Annualised cash passing rental income |
70,748 | 60,318 | 38,531 | 66,232 | 59,486 | 4,578 | 19,535 | 124 | 319,552 |
| Property outgoings 2 | -856 | -1,767 | -1,786 | -1,438 | -1,547 | -466 | -22 | -84 | -7,966 |
| Annualised net rents | 69,892 | 58,551 | 36,745 | 64,794 | 57,939 | 4,112 | 19,513 | 40 | 311,586 |
| Add: notional rent expiration of rent free periods or other lease incentives |
-525 | 1,698 | 1,716 | 318 | - | - | 2,455 | - | 5,662 |
| Topped-up net annualised rent | 69,367 | 60,249 | 38,461 | 65,112 | 57,939 | 4,112 | 21,967 | 40 | 317,248 |
| EPRA NIY (in %) | 5.5% | 4.7% | 5.1% | 5.8% | 5.5% | 5.3% | 4.5% | 0.0% | 5.3% |
1 See Note 3 of the condensed consolidated financial statements of this half year financial report for more details on segment information.
2 The scope of the real-estate charges to be excluded for calculating the EPRA Net Initial Yield is defined in the EPRA Best Practices and does not correspond to 'real-estate charges' as presented in the consolidated IFRS accounts.
EPRA Topped-up NIY (in %) 5.5% 4.9% 5.3% 5.8% 5.5% 5.3% 5.1% 0.0% 5.4%
31 July 2024 – before opening of markets
Note 15.9.4: EPRA Vacancy Rate*
| Investment properties – | 30/06/2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Rental data | Gross rental income¹ |
Net rental income² |
Lettable space (in m²) |
Contractual rents³ |
Estimated rental value (ERV) on |
Estimated rental value |
EPRA Vacancy rate |
||
| x €1,000 | empty spaces | (ERV) | (in %) | ||||||
| Segment | |||||||||
| Belgium | 33,875 | 33,376 | 487,732 | 70,390 | - | 65,470 | 0.0% | ||
| Germany | 30,944 | 29,273 | 556,941 | 64,406 | - | 65,804 | 0.0% | ||
| Netherlands | 19,464 | 18,220 | 357,458 | 43,061 | 75 | 43,787 | 0.2% | ||
| United Kingdom | 34,272 | 33,120 | 318,622 | 72,404 | - | 75,962 | 0.0% | ||
| Finland | 29,994 | 28,718 | 284,366 | 64,513 | 141 | 62,819 | 0.2% | ||
| Sweden | 2,386 | 2,193 | 18,908 | 4,893 | - | 4,612 | 0.0% | ||
| Ireland | 11,177 | 11,034 | 117,368 | 22,126 | - | 20,565 | 0.0% | ||
| Spain | 62 | -24 | 15,478 | 124 | - | 124 | 0.0% | ||
| Total marketable investment properties |
162,174 | 155,910 | 2,156,873 | 341,916 | 216 | 339,143 | 0.1% | ||
| Reconciliation to income statement |
|||||||||
| Properties sold during the 2024 financial year |
258 | 266 | |||||||
| Properties held for sale | 3,250 | 3,233 | |||||||
| Land reserve | 32 | 6 | |||||||
| Other Adjustments | - | - | |||||||
| Total marketable investment properties |
165,714 | 159,415 | |||||||
| Investment properties – Rental data |
30/06/2023 | ||||||||
| Gross rental income¹ |
Net rental income² |
Lettable space (in m²) |
Contractual rents³ |
Estimated rental value (ERV) on empty spaces |
Estimated rental value (ERV) |
EPRA Vacancy rate (in %) |
|||
| x €1,000 | |||||||||
| Segment | |||||||||
| Belgium | 33,329 | 32,794 | 507,949 | 73,119 | - | 64,713 | 0.0% | ||
| Germany | 28,787 | 27,854 | 556,780 | 62,345 | - | 62,595 | 0.0% | ||
| Netherlands | 18,521 | 17,331 | 345,576 | 38,859 | - | 39,883 | 0.0% | ||
| United Kingdom | 31,001 | 29,650 | 313,388 | 64,465 | - | 63,340 | 0.0% | ||
| Finland | 26,200 | 24,746 | 255,782 | 55,647 | 257 | 54,976 | 0.5% | ||
| Sweden | 2,109 | 1,851 | 17,323 | 4,060 | - | 3,909 | 0.0% | ||
| Ireland Spain |
8,020 45 |
7,896 3 |
99,817 15,449 |
17,182 129 |
- - |
16,287 129 |
0.0% 0.0% |
||
| Total marketable investment | 148,012 | 142,125 | 2,112,064 | 315,806 | 257 | 305,832 | 0.1% | ||
| properties | |||||||||
| Reconciliation to income statement |
|||||||||
| Properties sold during the 2023 financial year |
973 | 973 | |||||||
| Properties held for sale | 4,552 | 4,552 | |||||||
| Land reserve | 567 | 567 | |||||||
| - | - |
1 The total 'gross rental income' defined in EPRA Best Practices, reconciled with the consolidated IFRS income statement, corresponds to the 'net rental income' of the consolidated IFRS accounts.
2 The total 'net rental income' defined in EPRA Best Practices, reconciled with the consolidated IFRS income statement, corresponds to the 'property operating result' of the consolidated IFRS accounts.
3 The current rent at the closing date plus future rent on leases signed as at 30 June 2024 or 30 June 2023.
154,104 148,217
Total marketable investment
properties
31 July 2024 – before opening of markets
Note 15.9.5: EPRA Cost Ratios*
| EPRA Cost ratios* | 30/06/2024 | 30/06/2023 |
|---|---|---|
| (x €1,000) | ||
| Administrative/operating expense line per IFRS statement | -23,489 | -23,146 |
| Rental-related charges | -54 | -611 |
| Recovery of property charges | 3 | - |
| Charges and taxes not recovered by the tenant on let properties | -19 | -26 |
| Other rental-related income and charges | 91 | 116 |
| Technical costs | -1,758 | -1,358 |
| Commercial costs | -1 | -31 |
| Charges and taxes on unlet properties | -23 | -12 |
| Property management costs | -3,446 | -3,207 |
| Other property charges | -1,146 | -1,369 |
| Overheads | -16,858 | -16,742 |
| Other operating income and charges | -278 | 94 |
| EPRA Costs (including direct vacancy costs)* (A) | -23,489 | -23,146 |
| Charges and taxes on unlet properties | 23 | 12 |
| EPRA Costs (excluding direct vacancy costs)* (B) | -23,466 | -23,134 |
| Gross Rental Income (C) | 165,768 | 154,715 |
| EPRA Cost Ratio (including direct vacancy costs)* (A/C) | 14.2% | 15.0% |
| EPRA Cost Ratio (excluding direct vacancy costs)* (B/C) | 14.2% | 15.0% |
| Overhead and operating expenses capitalised (including share of joint ventures) | 936 | 372 |
As explained in Note 2.2 of Aedifica's 2023 Annual Report (summary of material accounting policy information): Aedifica capitalises overhead costs and operational expenses (project management fees, marketing costs, legal fees, etc.) that are directly linked to development projects.
31 July 2024 – before opening of markets
Note 15.9.6: Capital expenditure
| Capital expenditure |
Group (excl. joint ventures) |
(proportionate share) | Joint venture | Total group |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 30/06/2024 | BE | DE | NL | UK | FI | SE | IE | ES | 30/06/2024 | ||
| x €1,000 Property related |
(6 months) | (6 months) | |||||||||
| capex | |||||||||||
| (1) Acquisitions 1 | 94,712 | 17,118 | - | 25,172 | 49,724 | 1,758 | - | 940 | - | - | 94,712 |
| (2) Development | 79,987 | 3,985 | 8,160 | 5,055 | 6,757 | 31,290 | 6,394 | 10,759 | 7,587 | - | 79,987 |
| (3) Investment | 3,060 | 17 | 1,371 | 418 | 425 | 735 | 38 | 54 | 2 | - | 3,060 |
| properties | |||||||||||
| Incremental lettable space |
735 | - | - | - | - | 735 | - | - | - | - | 735 |
| No incremental lettable space |
2,325 | 17 | 1,371 | 418 | 425 | 0 | 38 | 54 | 2 | - | 2,325 |
| Capex related incentives |
- | - | - | - | - | - | - | - | - | - | - |
| Other | - | - | - | - | - | - | - | - | - | - | - |
| (4) Capitalised interests |
2,407 | 118 | 400 | 208 | 118 | 971 | 242 | 347 | 3 | - | 2,407 |
| Total capex | 180,166 | 21,238 | 9,931 | 30,853 | 57,024 | 34,754 | 6,674 | 12,100 | 7,592 | - | 180,166 |
| Conversion from accrual to cash basis |
-3,976 | -118 | -400 | -841 | -118 | -1,855 | -294 | -347 | -3 | - | -3,976 |
| Total capex on cash basis |
176,190 | 21,120 | 9,531 | 30,012 | 56,906 | 32,899 | 6,380 | 11,753 | 7,589 | - | 176,190 |
| Capital | Group | Joint venture | Total | ||||||||
| expenditure | (excl. joint ventures) | (proportionate share) |
group | ||||||||
| x €1,000 | 31/12/2023 (12 months) |
BE | DE | NL | UK | FI | SE | IE | ES | 31/12/2023 (12 months) |
|
| Property related capex |
|||||||||||
| (1) Acquisitions 1 | 59,282 | 1,697 | 0 | 28 | 0 | 12,502 | 5,227 | 38,333 | 1,495 | - | 59,282 |
| (2) Development | 258,333 | 6,290 | 29,109 | 30,057 | 29,668 | 102,518 | 12,906 | 41,485 | 6,300 | 0 | 258,333 |
| (3) Investment | 3,106 | 49 | 2,975 | -959 2 | 642 | 63 | -40 | 376 | - | - | 3,106 |
| properties | |||||||||||
| Incremental | 959 | 3 | 28 | 244 | 489 | 46 | 0 | 149 | - | - | 959 |
| lettable space No incremental |
2,147 | 46 | 2,947 | -1,203 | 153 | 17 | -40 | 227 | - | - | 2,147 |
| lettable space | |||||||||||
| Capex related incentives |
- | - | - | - | - | - | - | - - |
- | 0 | |
| Other | - | - | - | - | - | - | - | - - |
- | 0 | |
| (4) Capitalised interests |
5,722 | 100 | 1,383 | 779 | 451 | 1,060 | 142 | 1,804 | 3 | - | 5,722 |
-7,398 -100 -1,383 -1,411 -451 -2,104 -142 -1,804 -3 - -7,398
basis Total capex on cash basis 319,045 8,036 32,084 28,494 30,310 114,039 18,093 80,194 7,795 - 319,045
1 Including forward purchases.
Conversion from accrual to cash
2 Following the payment of an insurance reimbursement, capital expenditure was reduced by €1.8 million.
31 July 2024 – before opening of markets
Note 15.9.7: EPRA LTV*
| EPRA LTV* | |||||
|---|---|---|---|---|---|
| Group – as reported |
Share of joint |
Proportionate consolidation Share of material |
Non controlling |
Combined | |
| x €1,000 | ventures | associates | interest | ||
| Include: | |||||
| Borrowings from Financial Institutions | 1,633,450 | - | 9,263 | 27,368 | 1,615,345 |
| Commercial paper | 288,050 | - | - | - | 288,050 |
| Hybrids (including convertibles, preference shares, debt, options and forwards) |
- | - | - | - | - |
| Bond loans | 584,904 | - | - | - | 584,904 |
| Foreign currency derivatives (futures, swaps, options and forwards) |
- | - | - | - | - |
| Net payables | 8,160 | - | - | 1,265 | 6,895 |
| Owner-occupied property (debt) | - | - | - | - | - |
| Current accounts (equity characteristics) | - | - | - | - | - |
| Exclude: | |||||
| Cash and cash equivalents | 21,592 | 46 | 3,134 | 16 | 24,756 |
| Net debt (A) | 2,492,972 | -46 | 6,129 | 28,617 | 2,470,438 |
| Include: | |||||
| Owner-occupied property | - | - | - | - | - |
| Investment properties at fair value | 5,698,819 | - | 26,562 | 40,683 | 5,684,698 |
| Properties held for sale | 98,184 | - | 12,052 | 679 | 109,557 |
| Properties under development | 157,856 | 465 | - | 116 | 158,205 |
| Land reserve | 15,782 | - | - | 481 | 15,301 |
| Intangibles | - | - | - | - | - |
| Net receivables | - | 5 | 315 | - | 320 |
| Financial assets | - | - | - | - | - |
| Total property value (B) | 5,970,641 | 470 | 38,929 | 41,959 | 5,968,081 |
| LTV (A/B) | 41.75% | 41.39% |
| EPRA LTV* | 31/12/2023 | |||||||
|---|---|---|---|---|---|---|---|---|
| Proportionate consolidation | ||||||||
| Group – as reported |
Share of joint |
Share of material |
Non controlling |
Combined | ||||
| x €1,000 | ventures | associates | interest | |||||
| Include: | ||||||||
| Borrowings from Financial Institutions | 1,452,945 | - | 17,704 | 27,204 | 1,443,445 | |||
| Commercial paper | 242,600 | - | - | - | 242,600 | |||
| Hybrids (including convertibles, preference shares, debt, options and forwards) |
- | - | - | - | - | |||
| Bond loans | 584,754 | - | - | - | 584,754 | |||
| Foreign currency derivatives (futures, swaps, options and forwards) |
- | - | - | - | - | |||
| Net payables | 24,503 | - | - | 1,456 | 23,047 | |||
| Owner-occupied property (debt) | - | - | - | - | - | |||
| Current accounts (equity characteristics) | - | - | - | - | - | |||
| Exclude: | ||||||||
| Cash and cash equivalents | 18,253 | 39 | 4,675 | 142 | 22,825 | |||
| Net debt (A) | 2,286,549 | -39 | 13,029 | 28,518 | 2,271,021 | |||
| Include: | ||||||||
| Owner-occupied property | - | - | - | - | - | |||
| Investment properties at fair value | 5,529,564 | - | 22,373 | 38,785 | 5,513,152 | |||
| Properties held for sale | 58,158 | - | 20,195 | 686 | 77,667 | |||
| Properties under development | 168,950 | 465 | 6,408 | 1,434 | 174,389 | |||
| Land reserve | 18,671 | - | - | 528 | 18,143 | |||
| Intangibles | - | - | - | - | - | |||
| Net receivables | - | 5 | 375 | - | 380 | |||
| Financial assets | 24,402 | - | - | - | 24,402 | |||
| Total property value (B) | 5,799,745 | 470 | 49,351 | 41,433 | 5,808,133 | |||
| LTV (A/B) | 39.42% | 39.10% |
31 July 2024 – before opening of markets
7. Auditors' report (limited review)
Statutory auditor's report to the board of directors of Aedifica nv/sa on the review of the condensed consolidated interim financial information as at 30 June 2024 and for the six-month period then ended
Introduction
We have reviewed the accompanying condensed consolidated balance sheet of Aedifica nv/sa (the 'Company') and its subsidiaries (collectively referred to as 'the Group') as at 30 June 2024, the related condensed consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated cash flow statement for the six-month period then ended, and notes ('the condensed consolidated interim financial information'). The board of directors is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IAS 34, 'Interim Financial Reporting' as adopted by the European Union. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.
Scope of Review
We conducted our review in accordance with the International Standard on Review Engagements 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity'. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information as at 30 June 2024 and for the six-month period then ended is not prepared, in all material respects, in accordance with IAS 34, 'Interim Financial Reporting' as adopted by the European Union.
Brussels, 31 July 2024
EY Bedrijfsrevisoren bv/EY Réviseurs d'Entreprises srl Statutory auditor represented by
Cristophe Boschmans39 Partner
39 Acting on behalf of a bv/srl.
31 July 2024 – before opening of markets
VI. Forward-looking statement
This half year financial report contains forward-looking information involving risks and uncertainties; in particular, statements concerning Aedifica's plans, objectives, expectations and intentions. It is brought to the attention of the reader that these statements may involve known or unknown risks and be subject to significant uncertainties related to operational, economic and competitive plans, many of which are outside of Aedifica's control. In the event that some of these risks and uncertainties were to materialise, or should the assumptions prove incorrect, actual results may deviate significantly from those anticipated, expected, projected or estimated. In this context, Aedifica assumes no responsibility for the accuracy of the forward-looking information provided.
VII. Responsible persons statement
Mr. Serge Wibaut, Chairman of Aedifica's Board of Directors, and Mr. Stefaan Gielens, CEO of Aedifica, declare that to the best of their knowledge:
- the Condensed Consolidated Financial Statements, prepared in accordance with applicable accounting standards, give an accurate picture of the assets, financial situation and the results of Aedifica and the businesses included in the consolidation;
- the Interim Management Report contains an accurate account of the important events and related party transactions that occurred during the first six months of the financial year and their impact on the Condensed Consolidated Financial Statements, as well as a description of the main risks and uncertainties facing the company during the remaining months of the financial year.
| I. | Interim Management Report 3 | |
|---|---|---|
| 1. | Summary of the activities since 1 January 2024 3 | |
| 2. | Important events 5 | |
| 3. | Management of financial resources 10 | |
| 4. | Summary of the consolidated results as at 30 June 2024 12 | |
| 5. | Outlook and dividend 22 | |
| 6. | Corporate social responsibility 23 | |
| 7. | Corporate governance 24 | |
| 8. | Principal risks and uncertainties 24 | |
| II. | EPRA 25 | |
| III. | Stock market performance 26 | |
| 1. | Stock price and volume 26 | |
| 2. | Graphic illustrations of Aedifica's stock price 27 | |
| 3. | Shareholding structure 28 | |
| 4. | Financial calendar 28 | |
| IV. | Property report 29 | |
| 1. | The healthcare real estate market 29 | |
| 2. | Portfolio analysis as at 30 June 2024 33 | |
| 3. | Summary of investment properties 37 | |
| 4. | Valuation experts' report 50 | |
| V. | Condensed consolidated financial statements 53 | |
| 1. | Consolidated income statement 53 | |
| 2. | Consolidated statement of comprehensive income 54 | |
| 3. | Consolidated balance sheet 54 | |
| 4. | Consolidated cash flow statement 56 | |
| 5. | Consolidated statement of changes in equity 57 | |
| 6. | Notes 59 | |
| 7. | Auditors' report (limited review) 88 | |
| VI. | Forward-looking statement 89 |
31 July 2024 – before opening of markets
Public Regulated Real Estate Company under Belgian law Rue Belliard 40 (box 11) – 1040 Brussels Tel: +32 (0)2 626 07 70 Fax: +32 (0)2 626 07 71 VAT - BE 0877 248 501 - Registry of Legal Entities of Brussels www.aedifica.eu
This half year financial report is also available in French and Dutch40 .
| Auditor | Ernst & Young Réviseurs d'Entreprises BV/SRL, represented by Christophe Boschmans, Partner |
|---|---|
| Valuation experts | Cushman & Wakefield Belgium NV/SA, Stadim BV/SRL, Savills Advisory Services Germany GmbH & Co. KG, C&W (UK) LLP German Branch, Cushman & Wakefield Netherlands BV, CBRE Valuation & Advisory Services BV, Knight Frank LLP, REnium Advisors Oy, Cushman & Wakefield Sweden AB, CBRE Unlimited Company and Jones Lang LaSalle España SA |
| Financial year | 1 January – 31 December |
For additional information, please contact:
Stefaan Gielens, CEO – [email protected] Ingrid Daerden, CFO – [email protected] Delphine Noirhomme, Investor Relations Manager – [email protected]
40 The Dutch and French versions are translations and were written under Aedifica's supervision. In case of inconsistency with the English version or inaccuracy, the English text shall prevail.