- 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.

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 firstSustainability 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 in all of its seven
countries for a total amount of approx. €900 million. These investments are detailed in Appendix 5 on page 33.

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