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Quarterly information

1st quarter 2022

Cofinimmo's (Euronext Brussels: COFB) results in line with the outlook:

  • ▪ 11% increase of the net result from core activities - group share at 51 million EUR (46 million EUR as at 31.03.2021)

  • ▪ Gross dividend for the 2022 financial year confirmed at 6.20 EUR per share

Investments in healthcare real estate since 01.01.2022:

  • ▪ 134 million EUR investments in healthcare real estate in Europe in the 1st quarter

  • ▪ With 4.0 billion EUR, healthcare real estate accounts for 67% of the group's consolidated portfolio, which

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reaches 5.9 billion EUR

Financial envelope of nearly 700 million EUR of ongoing development projects to be achieved by 2024

Recentering of the office portfolio in line with the strategy:

  • ▪ Future disposal of the Everegreen office building for 23 million EUR

Partial disposal of the property of distribution networks portfolio:

  • ▪ Further disposal of part of the Cofinimur I portfolio

ESG:

  • ▪ 2021 Sustainable Growth Award granted by Euronext Brussels, rewarding the strongest sustainable growth over the last decade

  • ▪ Several BREEAM certifications in healthcare real estate

Solid operational performance:

  • ▪ Gross rental income up 10.4% over the last 12 months

  • ▪ High occupancy rate: 97.9%

  • ▪ Particularly long residual lease length: 13 years

Efficient management of the financial structure:

  • ▪ Second sustainable bond issued in January 2022 for 500 million EUR at 1% over 6 years (2.5 times

▪

oversubscribed)

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Interest rate risk hedged at nearly 90% (or more) until the end of 2025

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Headroom on committed credit lines of 581 million EUR as at 31.03.2022, after deduction of the backup of the commercial paper programme

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Average cost of debt: 1.2% (1.1% as at 31.12.2021)

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Low debt-to-assets ratio: 44.2% (44.2% as at 31.12.2021) Rating BBB/A-2 confirmed by S&P

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Jean-Pierre Hanin, CEO of Cofinimmo: "The first quarter of 2022 was marked by the dynamism of our investments in healthcare real estate in Europe, with 134 million EUR invested during the quarter, and an additional 63 million EUR announced after its closing. In order to finance our growth while executing our ESG objectives, we issued a second 500 million EUR sustainable bond at fixed rate (1%) over 6 years at the beginning of the financial year, demonstrating that sustainable investment and sustainable financing are priorities for the group. This was also highlighted by the Sustainable Growth Award granted in January by Euronext Brussels to reward the company with the strongest sustainable growth over the last decade."

Next ordinary general meeting:

Wednesday 11.05.2022 at 3:30pm (see press release dated 08.04.2022).

The 2021 universal registration document including the annual financial report and the ESG report is available on the websitewww.cofinimmo.com.

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  • 1. Summary of activity since 01.01.2022

  • 2. Consolidated key figures

    • 2.1. Global figures

    • 2.2. Data per share - group share

    • 2.3. Performance indicators based on the EPRA standard

  • 3. Evolution of the consolidated portfolio

  • 4. Major events occurring in the first quarter of 2022

    • 4.1. Healthcare real estate in Belgium

    • 4.2. Healthcare real estate in France

    • 4.3. Healthcare real estate in the Netherlands

    • 4.4. Healthcare real estate in Germany

    • 4.5. Healthcare real estate in Spain

    • 4.6. Healthcare real estate in Finland

    • 4.7. Healthcare real estate in Ireland

    • 4.8. Healthcare real estate in Italy

    • 4.9. Healthcare real estate in the United Kingdom

    4.10.Property of distribution networks

    • 4.10.1. Pubstone

    • 4.10.2. Cofinimur I

    • 4.10.3. Other - Belgium

    4.11.Offices

  • 5. Events after 31.03.2022

    • 5.1. Healthcare real estate in the Netherlands

    • 5.2. Healthcare real estate in Finland

  • 6. Operating results

    • 6.1. Occupancy rate (calculated based on rental income)

    • 6.2. Main tenants

    • 6.3. Average residual lease length

    • 6.4. Portfolio maturity

    • 6.5. Changes in gross rental revenues on a like-for-like basis

  • 7. Management of financial resources

    • 7.1. Financing transactions since 01.01.2022

      • 7.1.1. Issue of a new sustainable bond early 2022

      • 7.1.2. Other financing operations since 01.01.2022

    • 7.2. Availabilities

    • 7.3. Consolidated debt-to-assets ratio

    • 7.4. Weighted average maturity of financial debts

    • 7.5. Average cost of debt and hedging of the interest rate

    • 7.6. Financial rating

    • 7.7. Disposal of treasury shares

  • 8. Consolidated income statement - Analytical form (x 1,000 EUR)

  • 9. Consolidated balance sheet (x 1,000 EUR)

  • 10. Consolidated portfolio as at 31.03.2022

  • 11. Outlook for 2022

    11.1.2022 investments

    11.2.Net results from core activities and dividend per share

  • 12. Environmental, Social and Governance (ESG)

    12.1.References, notations and certifications

    12.2.Investigations and inspections towards some healthcare operators

  • 13. Corporate governance

    13.1.General meeting

    13.2.Shareholding

  • 14. Main risks and uncertainties

  • 15. 2022 shareholder calendar

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1.

Summary of activity since 01.01.2022

For almost 40 years, Cofinimmo has been developing, managing and investing in rental real estate. Attentive to societal changes, Cofinimmo's permanent objective is to offer high-quality care, living and working spaces

('Caring, Living and Working - Together in Real Estate'). Capitalising on its expertise, Cofinimmo consolidates its leadership in European healthcare real estate.

The pandemic that the world has been experiencing for two years now has highlighted the importance of the healthcare sector for each and every one of us. Through its investments, Cofinimmo is actively participating in the operation, maintenance, expansion and renewal of the healthcare property portfolio in nine countries.

During the 1st quarter of 2022, Cofinimmo made several investments (for 134 million EUR) in various healthcare real estate sub-segments in Europe. Thanks to these operations, healthcare real estate assets (4.0 billion EUR) account for 67% of the group's consolidated portfolio as at 31.03.2022, which reaches 5.9 billion EUR. Moreover, after 31.03.2022, the group announced new investments for 63 million EUR. Ongoing development projects represent a financial envelope of nearly 700 million EUR to be achieved by 2024.

In the office segment, Cofinimmo is also executing its strategy which consists in rebalancing its office portfolio between the various sub-segments to the benefit of high-quality buildings located in Brussels' Central Business District of Brussels (CBD). The group announced the future disposal of the Everegreen building located in the decentralised area of Brussels for 23 million EUR.

Cofinimmo constantly evaluates its assets portfolio based on the key points of its strategy and the available market opportunities. In this context, the group continued the partial disposal of its property of distribution networks Cofinimur I in France. As at 31.03.2022, the fair value of the 99 assets already sold (in 2021 and 2022) reached 56 million EUR.

As part of the ESG policy adopted by the group for almost 15 years now, and which remains a priority, the group's extensive efforts have been rewarded again. Cofinimmo further improved its performance in terms of ESG (Equileap), and received several new BREEAM certifications in healthcare real estate. Moreover, Cofinimmo has very recently distinguished itself by obtaining in January the Sustainable Growth Award from Euronext Brussels, rewarding the company with the strongest sustainable growth over the last decade.

In terms of financing, Cofinimmo issued a 2nd sustainable bond for 500 million EUR in January 2022 (at 1% fix over 6 years, 2.5 times oversubscribed), demonstrating that sustainable investment and sustainable financing are priorities for the group. As at 31.03.2022, Cofinimmo had 581 million EUR of headroom of its credit lines after deduction of the backup of the commercial paper programme.

The group's momentum in terms of investments and financing (average cost of debt of 1.2%), coupled with effective management of the existing portfolio (occupancy rate of 97.9%, gross rental income up 1.7% on a like-for-like basis, operating margin at 81.9%), enabled the company to realise a net result from core activities ̶ group share of 51 million EUR as at 31.03.2022, in line with the outlook1 (compared to the 46 million EUR that were made as at 31.03.2021, i.e. a 11% increase), mainly due to the scope effects of acquisitions made, higher due to the scope effect of disposals. The net result from core activities per share - group share amounts to 1.60 EUR (in line with the outlook, compared to 1.67 EUR as at 31.03.2021), taking into account the issuances of shares in 2021.

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i.e. the annual outlook presented in the 2021 universal registration document.

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The net result - group share amounted to 167 million EUR (i.e. 5.28 EUR per share) as at 31.03.2022, compared to 45 million EUR (i.e. 1.65 EUR per share) as at 31.03.2021. This growth is due to the increase in the net result from core activities - group share as well as the changes in the fair value of investment properties and hedging instruments - non-cash items - between the first quarter of 2021 and the first quarter of 2022.

With a debt-to-assets ratio stable at 44.2% as at 31.03.2022, Cofinimmo's consolidated balance sheet (whose BBB/A-2 rating was confirmed in March 2022) shows a strong solvency (information on risks and uncertainties is stated in section 14).

Taking into account the current status of investment files, the investment and divestment budget for 2022 published on 24.02.2022 (and detailed in the annual financial report) is still relevant. Based on the information currently available, and barring major unforeseen events, Cofinimmo confirms its outlook with a net result from core activities per share - group share of 6.90 EUR for the 2022 financial year, taking into account the prorata temporis dilutive effects of the 2021 capital increases (approximately 0.50 EUR per share) and the disposals carried out in 2021 and budgeted in 2022 (approximately 0.35 EUR per share). The gross dividend outlook for the 2022 financial year, payable in 2023, can therefore be confirmed at 6.20 EUR per share. This outlook is provided subject to the main risks and uncertainties stated below (see section 14).

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Cofinimmo SA published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 15:57:31 UTC.