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Introduction & Market Context
Care Property Invest (EBR:CPINV), a Belgian healthcare-focused real estate investment trust (REIT), presented its half-year 2025 results on September 2, highlighting continued growth across its European portfolio. The company, which specializes in healthcare real estate across Belgium, the Netherlands, Spain, and Ireland, reported strong financial performance despite challenging market conditions, with its share price currently trading at €12.30, down 0.81% in recent trading.
The company’s presentation emphasized its position as a pure-play healthcare REIT with an inflation-linked investment portfolio, focusing on the growing elderly care market across its four core countries.
As shown in the company’s leadership slide, Care Property Invest is led by CEO Patrick Couttenier and CFO Filip Van Zeebroeck:
HY 2025 Performance Highlights
Care Property Invest reported impressive financial results for the first half of 2025, with EPRA earnings increasing 13% year-over-year to €22.5 million. Total income rose 6.6% to €36.6 million, while earnings per share reached €0.61 for the half-year period.
The company’s portfolio fair value has grown to €1.25 billion, with investment properties accounting for 82% (€1.027 billion) and finance leases representing 18% (€222 million) of the total. The REIT maintains 100% occupancy across its 151 sites operated by 25 different healthcare providers.
The following slide details the company’s key financial, operational, and risk metrics for HY 2025:
From a risk management perspective, Care Property Invest reported an EPRA loan-to-value ratio of 47.31%, with €64 million in financing headroom and an average cost of debt of 3.03%. The company’s shares currently trade at a 29.84% discount to net tangible assets, potentially offering value for investors. The weighted average tenor of its leases stands at 9 years, while the weighted average tenor for rents is 18 years, providing long-term stability to the company’s income stream.
Portfolio Strategy and Geographic Distribution
Care Property Invest maintains a focused strategy on four core European markets within the Eurozone/EEA, with no plans to enter additional markets in the near term. The portfolio is distributed across Belgium (63%), the Netherlands (20%), Spain (9%), and Ireland (8%).
The company’s core markets strategy is illustrated in the following slide:
By number of projects, the Flemish Region of Belgium represents the largest portion at 39%, followed by the Walloon Region at 26%. When measured by residential units, the distribution shifts slightly, with the Flemish Region accounting for 32%, the Walloon Region 20%, and the Brussels-Capital Region 16%.
The geographical distribution of Care Property Invest’s portfolio is presented in the following chart:
Market Outlook and Demographics
A key driver of Care Property Invest’s strategy is the aging demographic trend across its markets. The company highlighted significant projected population growth in the elderly segments across all four countries, with particularly strong growth in the 85+ age group.
In Belgium, the company’s largest market, Care Property Invest maintains a 93.64% occupancy rate in its mature portfolio. The Belgian market features 150,000 beds distributed across private (35%), public (30%), and not-for-profit (35%) sectors. With an aging population, Belgium is projected to require 20,000 additional beds by 2030 and 100,000 by 2040. Population projections show 9.4% overall growth, with the 85+ demographic expected to grow by 136%.
The Belgian market outlook is illustrated in this comprehensive slide:
Similar demographic trends are evident in the company’s other markets. The Netherlands shows projected growth of 157% in the 85+ age group, Spain 152%, and Ireland a remarkable 250%, creating strong long-term demand for healthcare facilities.
Recent Acquisitions and Developments
Care Property Invest continues to expand its portfolio through strategic acquisitions and development projects. In January 2025, the company acquired Fleurâge Residences in Bloemendaal, Netherlands, for €10.1 million under a 20-year triple-net agreement with operator Domus Valuas.
The company also completed the development of ’t Nieuwland in Almelo, Netherlands, in April 2025, valued at €8.9 million with a 20-year triple-net agreement with operator Saamborgh. Additionally, Solimar Elche in Spain is expected to be completed in Q4 2025, representing a €10.9 million investment with a 20-year triple-net agreement with operator Vivalto.
Forward-Looking Guidance
For the full year 2025, Care Property Invest has provided guidance for earnings per share of €1.11 and a dividend per share of €1.00, subject to a 15% withholding tax. This represents a continuation of the company’s sustainable dividend policy, one of the key investment highlights emphasized in the presentation.
The company’s key investment highlights include its focus on energy-efficient properties, inflation-linked investments, lean organizational structure, and stable cash flows based on long-term contracts. With 23% of income derived from the public sector, Care Property Invest offers a relatively acyclical investment profile with profitability aligned with its conservative risk approach.
As shown in this key takeaways slide, the company emphasizes several strengths that position it for continued growth:
With strong occupancy rates across all markets and continued expansion through new acquisitions and developments, Care Property Invest appears well-positioned to capitalize on the growing demand for healthcare facilities driven by aging demographics across its European markets.
Full presentation:
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