Interim statement Q3 2021 - 10/11/2021

PRESS RELEASE

Regulated information

10 November 2021 - before opening of markets

Under embargo until 07:30 CET

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')

Interim statement from the Board of Directors

3rd quarter 2021

• • EPRA Earnings* amounted to €110.5 million as of 30 September 2021 (+31% compared to 30 September 2020), or €3.22/share: ahead of budget
  • Increased EPS guidance for the 2021 financial year: at least €4.28/share
  • Dividend guidance for the 2021 financial year increased from €3.30 to €3.40/share (gross)
  • Rental income increased to €168.9 million as of 30 September 2021 (+22% compared to 30 September 2020)
  • Real estate portfolio* in excess of €4.6 billion as of 30 September 2021, an increase of approx. €810 million (+21%) compared to 31 December 2020, the end of the previous financial year
  • 572 healthcare sites for more than 42,500 users across 7 countries:
  • • €1,207 million in Belgium (83 sites)
    • €975 million in Germany (97 sites)
    • €777 million in Finland (190 sites)
    • €742 million in the United Kingdom (102 sites)
    • €565 million in the Netherlands (71 sites)
    • €72 million in Sweden (21 sites)
    • €72 million in Ireland (8 sites)
  • Investment programme of €788 million in construction and renovation projects and €50 million in acquisitions subject to outstanding conditions. Over the 3rd quarter, 13 projects were delivered for a total investment budget of approx. €68.5 million, while the conditions were satisfied for the acquisition of 17 care properties in Germany and Sweden totalling €85 million
  • Weighted average unexpired lease term of 20 years and occupancy rate of 100%
  • 42.4% debt-to-assets ratio as of 30 September 2021
  • First issuer credit rating from S&P Global: BBB with a stable outlook
  • Successful issuance of inaugural €500 million Sustainability Bond
• 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 interim 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 Appendix 4.

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Regulated information

10 November 2021 - before opening of markets

Under embargo until 07:30 CET

1. Summary of the activities since 1 July 2021

In the third quarter of 2021, Aedifica once again lived up to its ambitions as a leading European healthcare real estate investor. The international expansion continued unabated with numerous completions and acquisitions across the seven European countries in which the Group operates. The market's confidence in Aedifica's growth strategy was reflected in a successful inaugural Sustainability Bond issuance that raised €500 million, strengthening the Group to continue its growth momentum and sustainability efforts.

EUROPEAN EXPANSION

Aedifica's ambitions were reaffirmed last quarter as the Group announced investments and developments in eleven sites across Europe for more than €151 million. Furthermore, a total of thirteen projects from the development pipeline amounting to approx. €68.5 million were completed, while the conditions were satisfied for the previously announced acquisition of 17 care properties in Germany and Sweden, totalling €85 million.

All the investments carried out in recent months have increased Aedifica's real estate portfolio to 572 sites with a capacity of approx. 32,500 residents and approx. 10,000 children. The fair value of investment properties increased by approx. €810 million (+21%) to €4,624 million (compared to €3,815 million at the beginning of the financial year). In addition, as of 30 September 2021, the Group has a total investment programme in pre-let development projects and acquisitions in progress of approx. €838 million (see Appendix 3). Considering this investment programme, Aedifica's total portfolio is expected to reach the €5.4 billion mark by the end of 2024.

SOUND RESULTS

Aedifica focuses not only on investments and growth but also on managing its existing real estate assets. The result of this effort is reflected in an excellent rental income of €168.9 million as of 30 September 2021 (€138.8 million a year earlier, an increase of approx. 22%). The EPRA Earnings* are above budget and amount to €110.5 million, i.e. €3.22 per share. Aedifica's total profit amounts to €171 million. Following the excellent above-budget results, Aedifica increased its guidance for the 2021 financial year. The full-year EPRA Earnings* per share are now estimated to be at least €4.28/share, well above the 12-months restated EPRA Earnings* per share for 2020 (€4.23/share), notwithstanding the significantly increased average number of shares after the capital increases of 2020 and 2021. Aedifica demonstrated its ability to grow the company while maintaining a strong focus on financial performance through an increase in earnings per share and a sound debt-to-assets ratio. In addition, the Board of Directors increased the 2021 dividend guidance from €3.30 to €3.40 (gross) per share.

MARKET RECOGNITION

Aedifica's growth strategy continues to enjoy market confidence, as evidenced by Aedifica's first issuer credit rating, provided by S&P Global. The Group was assigned a BBB investment-grade rating with a stable outlook, highlighting the strength of Aedifica's balance sheet and business model.

The appreciation of the market is also reflected in the premium with which the Group's share is listed as of 9 November 2021: 60% compared to the net asset value per share excluding changes in fair value of the hedging instruments* or a premium of 58% compared to the net asset value per share.

SUSTAINABLE GROWTH

Aedifica is paying more attention than ever to sustainability and puts its objectives into practice by investing in the (re)development and renovation of care properties (e.g. Orpea care homes in Brussels, nearly zero-energy buildings in Ireland and the Netherlands, etc). In addition, the Group issued its first

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Sustainability Bond for a total size of €500 million. The strong investor demand for Aedifica was evidenced by an orderbook covering the deal size more than 3.6 times. The proceeds will be used to (re)finance environmentally sustainable healthcare assets as defined in the Company's updated Sustainable Finance Framework, providing the Group with sufficient financial resources to continue its growth momentum and pursue its sustainability ambitions.

FUTURE GROWTH

In the past quarter, Aedifica once again proved that it can deliver on its growth ambitions even in a volatile macroeconomic environment. The Group intends to continue along this path in the remaining months of 2021. Aedifica has already taken a few big steps forward in terms of international growth in 2021 thanks to its first investments in Ireland and the acquisition of two substantial portfolios of 19 German care homes and 16 Swedish residential care centres. In addition, various new investment opportunities are being analysed. Even without taking into account new investments, the Group's future growth is assured by its extensive investment programme. Through the combination of new investments and existing agreements on the development, acquisition, renovation, expansion and redevelopment of numerous sites, Aedifica can build up a portfolio of high-quality buildings that offer attractive net returns and further strengthen its position as a European market reference in listed healthcare real estate.

INVESTMENTS SINCE THE BEGINNING OF 2021

Since 1 January 2021, Aedifica carried out investments and announced new projects countries for a total amount of approx. €900 million. These investments are detailed page 33.

in all of its seven in Appendix 5 on

YTD investment total: €900m

€55m

€96m

€110m

€37m

€179m

€356m

€67m

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10 November 2021 - before opening of markets

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2. Important events

2.1. Investments, completions and disposals during the third quarter

• Over €151 million in new investments and developments

During the third quarter, Aedifica carried out investments and announced new projects in eleven sites in Germany, the Netherlands, Finland, Sweden and Ireland for a total volume of approx. €151.5 million.

Name	Type	Location	Date	Investment	Pipeline	Gross rental	Completion/	Lease	Operator
				(€ million) 1	(€ million) 2	yield	implementation
						(approx. %)
Germany				-	18
Haus Wedau &	Acquisition	Duisburg	30/09/2021	-	18	5.5%	-	25 yrs - NN	Procuritas
Haus Marxloh	subject to
	outstanding
	conditions
Netherlands				1.5	10
De Volder Staete	Acquisition &	Almere	06/07/2021	1.5	10	5.5%	Q4 2022	25 yrs - NNN	Amado Zorg
	development								Stichting Pinahuis
Finland				3	32
Kuopio Opistotie	Development	Kuopio	06/09/2021	2	11	6%	Q4 2022	15 yrs - NN	Norlandia
Helsinki Ensikodintie	Redevelopment	Helsinki	30/09/2021	-	12	6%	Q4 2022	30 yrs - NN	Helsingin Ensikoti
Tampere service	Development	Tampere	30/09/2021	1	9	6%	Q1 2023	20 yrs - NN	2 experienced
community									operators
Sweden 3				0.5	2
Enköping Litslenavägen	Development	Enköping	19/08/2021	0.5	2	6%	Q3 2022	15 yrs - NN	Serigmo Care
									KÅS
Ireland				23	61.5
Millbrook Manor	Acquisition &	Saggart	26/07/2021	13	4	5.5%	Q3 2022	25 yrs - NNN	Coolmine Caring
	extension								Services Group
St. Doolagh's	Acquisition &	Balgriffin	26/07/2021	5	14.5	5.5%	Q3 2022	25 yrs - NNN	Coolmine Caring
	development								Services Group
Dublin Stepaside	Acquisition &	Dublin	23/08/2021	5	25	5,5%	Q3 2023	25 yrs - NNN	Virtue
	development
Altadore Nursing Home	Acquisition	Dublin	30/09/2021	-	18	5%	-	25 yrs - NNN	Virtue
	subject to
	outstanding
	conditions
Total				28	123.5

1. The amounts in this column include the contractual value of the plots of land and the existing buildings. These investments generate rental income (sites under construction also generate limited rental income (except in Finland and Sweden), in particular for the plots of land that have already been acquired).
2. The amounts in this column are the budgets for development projects that Aedifica will finance or acquisitions of which the conditions precedent will be fulfilled in the course of the coming months. The development projects are listed in the overview of the investment programme (see Appendix 3).
3. Amounts in £ and SEK were converted into € based on the exchange rate of the transaction date.

St. Doolagh's in Balgriffin (IE)	De Volder Staete in Almere (NL)
Development project (impression)	Development project (impression)

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• 13 projects completed & conditions satisfied for the acquisition of 17 care properties

Over the course of the third quarter, a total of thirteen development projects from Aedifica's investment programme were delivered for a total amount of €68.5 million. In addition, the conditions were satisfied for the acquisition of 17 previously announced care properties in Germany and Sweden, totalling €85 million.

Name	Type	Location	Date	Investment	Gross	Lease	Operator
				(€ million) 1	rental yield
					(approx. %)
Belgium				7.5
Sorgvliet	Extension	Linter	09/07/2021	6	5%	20-year lease	Senior Living Group
						extension - NNN
Plantijn	Extension	Kapellen	25/08/2021	1.5	5%	27-year lease	Armonea
						extension - NNN
Germany				68

Seniorenquartier Wolfsburg 2	Development	Wolfsburg	22/07/2021	15	>5%	30 yrs - NNN	EMVIA Living
Seniorenquartier Weyhe	Development	Weyhe	29/09/2021	15	>5%	30 yrs - NNN	EMVIA Living
Azurit portfolio	Acquisition	Germany	Q3 2021	38	5%	25 yrs - NN	Azurit
(3 out of 19 sites)	subject to
	outstanding
	conditions

Finland				27.5
Kuopion Amerikanraitti	Extension	Kuopio	15/07/2021	1	8%	15 yrs - NN	Priimi
Lohja Porapojankuja	Development	Lohja	16/07/2021	2	5.5%	20 yrs - NN	Aspa
Raahe care home	Development	Raahe	15/08/2021	7.5	5.5%	15 yrs - NN	Municipality of Raahe
Kotka Särmääjänkatu	Development	Kotka	31/08/2021	3	6.5%	15 yrs - NN	Autismisäätiö
Kajaani Uitontie	Development	Kajaani	31/08/2021	3	7%	20 yrs - NN	Suomen Kristilliset
							Hoivakodit
Oulu Ukkoherrantie	Development	Oulu	17/09/2021	2.5	6.5%	20 yrs - NN	Rinnekoti
Kuusankosken Keva	Development	Kouvola	30/09/2021	2.5	6.5%	15 yrs - NN	Validia

Oulu Salonpään koulu	Development	Oulu	30/09/2021	6	7%	25 yrs - NN	Municipality of Oulu
Sweden 3				50.5
Upplands Väsby Havregatan	Development	Upplands	01/08/2021	3.5	6.5%	15 yrs - NN	Norlandia Förskolor
		Väsby
14 specialist care centres	Acquisition	Sweden	08/09/2021	47	>4.5%	WAULT 13 yrs - NN	Multiple tenants
	subject to
	outstanding
	conditions

Total	153.5

1. For completed development projects, the amounts in this column only include the works that were carried out. For acquisitions of which the outstanding conditions have been fulfilled, this amount includes the contractual value of the plots of land and the existing buildings.
2. Partial completion.
3. Amounts in SEK were converted into € based on the exchange rate of the transaction date.

Seniorenquartier Weyhe in Weyhe (DE)	Sorgvliet in Linter (BE)
Development project completed on 29 September 2021	Extension project completed on 9 July 2021

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