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Debt information

Key figures

Key figures30/06/202631/12/2025
Debt-to-assets ratio 142.7% 340.8%
Total credit lines/drawn (in € million)6,832/4,2623,232/2,005
Average cost of debt (incl. commitment fees)1.9%2.1%
Weighted average maturity 23.3 years3.4 years

1 Calculated in accordance with the RREC legislation [Financial & other debts / total assets]
2 Of the drawn financial debt, without regard to short-term treasury notes.
3 Incl. seasonal effect of the dividend payment in May 2026.

Liquidity and debt maturity profile

Financial debt
(in € million)1		LinesUtilisation
Short-term treasury notes
31/12/20261221121,003
31/12/202799083280
31/12/20281,6431,184–
31/12/2029563332–
31/12/20301,452932–
31/12/20311,668671–
31/12/20329550–
> 31/12/2032299149–
Total as of 30 June 20266,8324,2621,083

1. Amounts in GBP were converted into EUR based on the exchange rate of 30 June 2026 (0.861616 EUR/GBP).

    Aedifica’s financial policy aims to keep the Group’s debt-to-assets ratio below 45%.

    Debt structure

    • Sustainable bond: Aedifica has successfully issued its first benchmark Sustainability Bond for a total size of €500 million. The notes were issued under the Sustainable Finance Framework with a tenor of 10 years paying a fixed coupon of 0.75% per annum. The bond (ISIN code: BE6330288687) is listed on the Luxemburg Stock Exchange (Euro MTF Market) since 09/09/2021.
      Information memorandum
    • Treasury notes: Aedifica has a treasury notes programme on a short-term basis (with a duration of less than one year) and on a medium-term basis (with a duration of more than one year).
      • Short-Term Treasury Notes (or Commercial Paper Programme) are fully covered by revolving loans and undrawn credit facilities that serve as a guarantee for refinancing if the full placement or extension of the commercial paper couldn’t be prolonged.
      • Medium-term treasury notes: Aedifica completed 5 private placements (see table below) amounting to €87 million:
        ISIN codeNominal amount (in € million)Maturity (years)Issue dateMaturity dateCoupon (%)
        BE6310388531151021/12/201821/12/20282.176%
        BE632283786340*725/06/202025/06/20271.466%
        BE6323122802121015/07/202015/07/20301.850%
        BE632586914510716/12/202016/12/20271.274%
        BE632620155310714/02/202114/01/20281.329%

        *Sustainable medium-term treasury note issued under Aedifica’s Sustainable Finance Framework.

    Interest rate hedging*

      In order to limit the interest rate risk stemming from the financing of its investments, Aedifica has put in place long-term hedges which allow for the conversion of variable-rate debt to fixed-rate debt, or to capped-rate debt. Also, forward contracts are in place to hedge the exchange rate risk of the portfolio in the United Kingdom. The USPP and the benchmark bond issue balance Aedifica’s mix of fixed and floating rate debt.

      * Based on projected debt.

      Credit rating

      Moody’s Ratings

      Aedifica benefits from an A3 issuer rating from Moody’s, with a stable outlook, demonstrating Aedifica’s leading position as a listed European healthcare property platform. Also Aedifica’s senior unsecured notes totalling €1,500 million were assigned an A3 rating. This rating reflects Aedifica’s strong occupancy levels, long lease terms, highly predictable rental cash flows, disciplined financial policy and established access to funding.

      The stable outlook reflects the expectation that the combined group will sustain robust operating performance over the next 12 to 18 months while maintaining its current financial policy, supported by high-quality assets, disciplined capital expenditure and strong cash flow visibility.

      Download Moody’s Credit Opinion: “Aedifica-New rating, with Stable Outlook” (16 October 2026)

      S&P Global

      In addition, Aedifica is supported by a ‘BBB+’ credit rating from S&P, with a stable outlook, as well as a short-term issuer rating of ‘A-2’. The credit rating was reconfirmed in July 2026 following the legal merger by absorption of Cofinimmo.

      The stable outlook reflects the expectation that the newly combined group, supported by strong demand across the elderly care sector, will generate stable cash flow through its robust (healthcare) portfolio over the next 24 months while maintaining its current financial policy.

      Download S&P’s Research Update: “Aedifica Upgraded To ‘BBB+’ On Successful Takeover Exchange Offer For Cofinimmo, with Stable Outlook” (13 March 2026)

      Sustainable Finance Framework

      Aedifica developed its Sustainable Finance Framework in order to attract specific funding to (re)finance assets and/or investments and support its sustainability strategy and commitments.

      September 2026

      Sustainable Finance Framework

      Second Party Opinion

       

      August 2021

      Sustainable Finance Framework

      Second Party Opinion

       

      August 2020

      Sustainable Finance Framework

      Second Party Opinion

      Get directions

      Our headquarters, located at Tervurenlaan 270, 1150 Brussels, is easily accessible by public transport, including train, metro, tram, and bicycle.

      By train

      If you are travelling by train, we recommend getting off at Brussels-Schuman station. From there, take metro line 1 towards Stockel and get off at Montgomery station. Continue with tram 39 or 44 and alight at Jules César, just a short walk from our offices.

      By metro

      Take metro line 1 and get off at Montgomery station. From there, you can either take tram 39 or 44 to Jules César or enjoy a short walk along Tervurenlaan to reach our building.

      By bicycle

      Cycling is a convenient and sustainable way to reach our offices. Bicycle racks are available nearby.

      While our offices can also be reached by car, we encourage visitors to use public transport, cycling, or other environmentally friendly travel options whenever possible.

      How to reach our offices