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2020 Annual Results

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2020 Annual Results PRESS RELEASE REGULATED INFORMATION Brussels, embargo until 25.02.2021, 5:40 PM CET 2020 Annual results Cofinimmo’s (Euronext Brussels: COFB) results in line with the outlook, as fine-tuned last November: ▪ Net result from core activities – group share: 181 million EUR (166 million EUR as at 31.12.2019), up 9%, i.e. 6.85 EUR per share (6.81 EUR per share as at 31.12.2019) ▪ Gross dividend for the 2020 financial year, payable in 2021: 5.80 EUR per share, up compared to 2019 Investments in healthcare real estate since 01.01.2020: ▪ 579 million EUR investments in healthcare real estate ▪ With 2.9 billion EUR, healthcare real estate accounts for 59% of the portfolio, which reaches 4.9 billion EUR as at 31.12.2020 ▪ First investment in Finland (in November 2020) and in Ireland (in January 2021) Recentering of the office portfolio in line with the strategy: ▪ Acquisition of two office buildings in the Central Business District of Brussels (CBD) for approximately 140 million EUR and provisional acceptance of the Quartz office building ▪ Launch early February 2021 of the contribution of the office portfolio into a subsidiary, giving the option to open the capital of this subsidiary to future investors ESG ▪ Delivery of several projects contributing to the objective of reducing the energy intensity of the portfolio by 30% by 2030 ▪ Renewal of the ISO 14001 environmental certification ▪ ‘EPRA Gold Award Sustainability Best Practices Recommendations’ for the 7th consecutive year ▪ Support of initiatives aiming at fighting against the coronavirus pandemic and its effects in the healthcare sector Solid operational performance: ▪ Gross rental revenues up 8.5% over the last 12 months (or 1.4% on a like-for-like basis) ▪ High occupancy rate: 97.4% (97.0% as at 31.12.2019) ▪ Particularly long residual lease length: 12 years Efficient management of the financial structure: ▪ Capital increases of nearly 143 million EUR (contributions in kind and optional dividend) ▪ Issuance of a first benchmark sustainable bond (500 million EUR, six times oversubscribed) ▪ Headroom on committed credit lines of 532 million EUR (as at 31.12.2020), after deduction of the backup of the commercial paper programme ▪ Average cost of debt down: 1.3% (1.4% as at 31.12.2019) ▪ Debt-to-assets ratio: 46.1% (41.0% as at 31.12.2019) ▪ Rating BBB/A-2 2021 outlook: ▪ Net result from core activities – group share: 7.00 EUR/share, assuming a gross investment budget of approximately 333 million EUR for 2021 ▪ Gross dividend for the 2021 financial year, payable in 2022: 6.00 EUR/share, up compared to 2020 1 PRESS RELEASE REGULATED INFORMATION Brussels, embargo until 25.02.2021, 5:40 PM CET Jean-Pierre Hanin, CEO of Cofinimmo: “The pandemic that the world has been experiencing for a year now has highlighted the societal importance of the healthcare sector. Through its numerous development projects, Cofinimmo is actively participating in the extension and renewal of the property portfolio dedicated to healthcare in Europe. In terms of financing, Cofinimmo has distinguished itself by issuing a first benchmark sustainable bond, showing that sustainable investment and sustainable financing are a priority for the group. In this context, Cofinimmo's results proved to be solid and the investment activity very sustained, including in two new geographies (Finland and Ireland), despite the health situation. With 733 million EUR invested during the financial year, thanks to the efforts made by its teams, Cofinimmo largely exceeded the budget of 375 million EUR of investments planned for 2020, and its assets now account for more than 5 billion EUR. Ongoing development projects represent an envelope of almost 450 million EUR to be achieved by 2023.” 2 PRESS RELEASE REGULATED INFORMATION Brussels, embargo until 25.02.2021, 5:40 PM CET 1. Summary of activity since 01.01.2020 ......................................................................................................................... 5 2. Consolidated key figures ............................................................................................................................................. 7 2.1. Global figures .................................................................................................................................................... 7 2.2. Data per share .................................................................................................................................................. 8 2.3. Performance indicators based on the EPRA standard ...................................................................................... 9 3. Portfolio evolution ...................................................................................................................................................... 9 4. Major events occurring in 2020 ................................................................................................................................ 11 4.1. Healthcare real estate in Belgium ................................................................................................................... 11 4.2. Healthcare real estate in France ..................................................................................................................... 15 4.3. Healthcare real estate in the Netherlands ...................................................................................................... 17 4.4. Healthcare real estate in Germany ................................................................................................................. 20 4.5. Healthcare real estate in Spain ....................................................................................................................... 25 4.6. Healthcare real estate in Finland .................................................................................................................... 29 4.7. Property of distribution networks .................................................................................................................. 31 4.8. Offices ............................................................................................................................................................. 32 4.9. Public-Private Partnerships ............................................................................................................................. 36 5. Events after 31.12.2020 ............................................................................................................................................ 37 5.1. Healthcare real estate in Belgium ................................................................................................................... 37 5.2. Healthcare real estate in France ..................................................................................................................... 38 5.3. Healthcare real estate in Finland .................................................................................................................... 39 5.4. Healthcare real estate in Ireland .................................................................................................................... 41 5.5. Offices ............................................................................................................................................................. 43 6. Operating results ....................................................................................................................................................... 44 6.1. Occupancy rate (calculated based on rental income) ..................................................................................... 44 6.2. Main tenants ................................................................................................................................................... 44 6.3. Average residual lease length ......................................................................................................................... 45 6.4. Portfolio maturity ........................................................................................................................................... 45 6.5. Changes in gross rental revenues on a like-for-like basis ............................................................................... 46 7. Management of financial resources .......................................................................................................................... 47 7.1. Financing transactions in 2020 ....................................................................................................................... 47 7.2. Debt structure ................................................................................................................................................ 50 7.3. Availabilities .................................................................................................................................................... 51 7.4. Consolidated debt-to-assets ratio .................................................................................................................. 52 7.5. Weighted average maturity of financial debts ............................................................................................... 52 7.6. Average cost of debt and interest rate hedging ............................................................................................. 53 7.7. Financial rating ..............................................................................................................................................
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