Please find below Aedifica’s interim financial report for the 1st quarter of the 2026 financial year.
Creating Europe’s leading healthcare REIT
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Aedifica acquired control over Cofinimmo on 10 March 2026, with 80% of the shares tendered during the exchange offer
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A new Board of Directors has been appointed
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The newly composed Executive Committee has been appointed and will be effective as of the legal merger
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Extraordinary general meetings of Aedifica and Cofinimmo are convened in June to approve the merger by absorption of Cofinimmo by Aedifica, with effect from 1 July 2026
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The legal merger will accelerate the integration of the teams & portfolios and the realisation of synergies, with a full run-rate impact expected during 2027
Robust operational performance driving strong results
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EPRA Earnings* amounted to €74.5 million (+19% compared to 31 March 2025) or €1.32/share
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Rental income increased to €113.4 million (+22% compared to 31 March 2025)
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1.6% increase in rental income on a like-for-like basis* in Q1
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Weighted average unexpired lease term of 15 years and occupancy rate of 99.2%
Real estate portfolio* of €12.4 billion as at 31 March 2026
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Healthcare portfolio amounting to €11.0 billion: 923 properties for nearly 80,000 end users across 9 countries
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Valuation of marketable investment properties increased by 0.18% on a like-for-like basis in Q1
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€50 million in new investments announced in Q1 (5 new projects added to pipeline)
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4 projects totalling €29 million delivered in Q1
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Investment pipeline of €539 million
Solid balance sheet and strong liquidity
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40.4% debt-to-assets ratio as at 31 March 2026 (compared to 40.8% on 31 Dec. 2025)
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€1,820 million of headroom on committed credit lines to finance CAPEX and liquidity needs
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€150 million contracted in new long-term bank financing
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Average cost of debt* including commitment fees of 2.0%
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S&P raised Aedifica’s credit ratings from BBB to BBB+ with a stable outlook and assigned a short-term issuer rating of A-2, following the successful exchange offer for Cofinimmo
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EPRA NTA* of €80.34/share (vs. €78.40/share on 31 Dec. 2025)
Dividend outlook
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