Care Property Invest / : Bekijk presentatie FY2023

Villa Maria I Tilburg (NL)

Care building

in complete confidence

CEO

CFO

/PeterVanHeukelom

peter.vanheukelom@

carepropertyinvest.be

[phone]

/FilipVanZeebroeck

filip.vanzeebroeck@

carepropertyinvest.be

[phone]

COO

/valerie-jonkers

valerie.jonkers@

carepropertyinvest.be

[phone]

Care Property Invest I

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Serviceflats Invest

A Solid Foundation

Care Property Invest

The New Business Model

Care Property Invest

Investments and Pipeline

Care Property Invest

Financial Information

AGENDA

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The Share

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Sustainability

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KEY INVESTMENT HIGHLIGHTS

1	High visibilty/solid existing	3	Attractive
cashflows	dividend yield

5 Experienced management team

Long duration of lease contracts with adjusted debt maturities at a fixed interest rate (1).

Annually indexed triple net contracts, no vacancy risk and

strong solvency profile of the

tenants.

Gross dividend yield of 7.01%(2).

Executive committee with a varied background in finance and real estate.

Valuable experience in the niche market of service flats through the realization of 1,988 service flats.

2	perfect placement to seize	4	Strong track record
new growth opportunities	CPI share
	Solid relationship with the local		First listed Belgian RECC in 1995.
	governments (OCMW/CPAS).

Market with a favourable demographic evolution.

6 Favorable market dynamics

Ageing population causes rising demand.

1. The average remaining term of the contracts is 14.62 years on 31 December 2023.
2. Based on the share price on 31 December 2023 and the proposed DPS for the financial year 2023 of €1.00. Dividends are subject to the decision of the annual general meeting of shareholders and must comply with Article 13 of the Belgian Royal Decree concerning RRECs and Article 7:212 of the Belgian Code for Companies and Associations (BCCA).

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Solimar Tavernes Blanques I Tavernes Blanques (ES)

1 Serviceflats Invest

A solid foundation

www.carepropertyinvest.be

OVER 25 YEARS OF EXPERIENCE

Serviceflats Invest

SERVICEFLATS INVEST

RREC - BE-REIT

founded in October 1995

Initiative of the Flemish government

Building and financing of 2,000 qualitative and affordable service flats targeted at 75+ year-olds (assisted living units) in Flanders and Brussels

Cooperation with:

Local governments and municipalities

Non Profit Organisations ('Caritatieve vzw's/ASBL caritative or 'NPOs') (1)

Subsidised structure by the Flemish government

REALISED (2):

1,988 assisted living units built on 76 sites in Flanders Investments of €164.02m(3) generating a rental income of €17.00m (for the full financial year 2023).

1. Part of Zorgnet Vlaanderen, structure with a Catholic background. Since 2015 merged with Icuro to Zorgnet Icuro.
2. As of 31 December 2016.
3. Sum of receivables financial lease (€156.52m) and trade receivables related to fixed assets (real estate a.o.) (€7.50m) (31/12/2023).

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PROJECT STRUCTURE

DESIGN - BUILD - FINANCE STRUCTURE

GENERAL
CONTRACTOR/
N V • O P E N B A R E B E VA K N A A R B E L G I S C H R E C H T
ARCHITECT

Developer

Financier

Freehold footprint

Building right(1)

Leasehold	Triple net
building(2)	Canon

(1)	Recht van opstal/droit de superficie.	CLIENT/OPERATOR
Local government(3)
(2)	Erfpacht/droit d'emphythéose.
(3)	Same structure applies for NPOs.	Retains freehold of land

(ex. buildings)

Serviceflats Invest

STRUCTURE

Local governments receive a yearly subsidy from the Flemish government per service flat.

Upon termination of the building right period, ownership right of the building automatically gets transferred back to the local government.

SFI is not responsible for maintenance, insurance,taxes or renting: economical occupancy rate of 100%.

Structure subsidised by the Flemish

Government

Triple net leasehold contracts (4)

with 100% investment repayment at end of leasehold.

Average remaining term of the finance leases

(initial portfolio only) at 31 December 2023 was

10.21 years.

(4) The operating costs, maintenance costs and loss of

rent associated with the vacancy are borne by the 8 operator.

Serviceflats Invest

LOW-RISK HIGH VISIBILITY

Due to solvency profile of tenants(1)

NPO (5%)

Contracts backed by a mortgage mandate on the properties.

LOCAL GOVERNMENT (95%)

Guaranteed by the municipalities.

In case of default by the local government, Serviceflats Invest is entitled to a claim on the government fund (dotation from the Flemish government - rated AA2/AA).

Subsidy stream on blocked account used to partially

reimburse Serviceflats Invest at end of building right(2).

(1)	Distribution based on the rental income on 31 December 2023 for the Serviceflats Invest portfolio (initial portfolio only).
(2)	€1,140.43 since 2008 per flat per year of the Flemish Government.	9
	Care Property Invest I

Serviceflats Invest

SPREAD FINAL BUILDING RIGHTS FEE VS RELATED DEBT MATURITY

EVOLUTION OF THE FINAL BUILDING RIGHTS FEES AND RELATED DEBT MATURITY RELATING TO THE INITIAL PORTFOLIO

40000
35000
30000
25000
20000
15000
10000
5000
0
-5000
-10000
-15000
-20000
2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	2042	2043

Final building rights fee (cash in) - in K EUR

Related debt maturity (cash out) - in K EUR

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