Codes – tickers

• ISIN code BE0974273055
• Euronext: CPINV
• Bloomberg: CPINV:BB
• Reuters: CPINV:BB

The dividends of Care Property Invest are subject to a 15% withholding tax, in contrast to the standard rate of 30%

The RREC status entails several important benefits:

• Dividends distributed by a (public) RREC are subject to a reduced withholding tax rate of 15%.
• There is also reduced corporate taxation. A public RREC is subject to corporate income tax at the normal rate, but only on a limited taxable base. This limited base consists of the sum of (i) any abnormal or gratuitous advantages received, (ii) disallowed expenses, and (iii) any secret commissions received.

A triple‑net lease agreement means that the tenant is responsible for paying the taxes related to the real property, the insurance premiums, and all maintenance costs, including both minor and major maintenance and repair works.

A double‑net lease agreement means that the tenant is responsible for paying the taxes related to the real property and the insurance premiums, but not for major maintenance and repair works. In a double‑net lease, the costs that fall under so‑called “landlord maintenance” (i.e. structural maintenance) are borne by the landlord.

Each Serviceflats Invest share (with coupon no. 18 attached) was automatically converted into 1,000 ‘Care Property Invest’ shares (with coupon no. 1 attached) as of the relaunch of Serviceflats Invest into Care Property Invest on 24 March 2014, following a share split at a 1/1,000 ratio. This name change and share split took place after approval by the Extraordinary General Meeting of 19 March 2014.

The split shares retained the same rights as before, proportionally applied per split share at a ratio of 1/1,000. The share split was therefore completely neutral, without any dilution of shareholders’ positions.

More information can be found under ‘General Meetings’, specifically in the coordinated articles of association and and this press release regarding the Extraordinary General Meeting of 19 March 2014.

Our strategy is aimed at creating stability for our investors, both in terms of returns and long‑term revenue, by entering into long‑term lease or leasehold agreements

The main risk factors we face are subject to continuous, day‑to‑day monitoring by the risk manager, the effective leaders, and the board of directors. They have put in place a prudent policy in this regard, which they will regularly adjust when necessary.

This includes daily financial and operational management, the analysis of new investment files, the formulation of our strategy and objectives, and the implementation of strict decision‑making procedures. Understanding and mitigating risks arising from both internal and external factors is essential to achieving a stable long‑term total return.

Since 2019, Care Property Invest has had an audit committee whose task, in terms of risk management, is to monitor the efficiency of the Company’s risk‑management systems.

A non‑exhaustive list of risks and the mitigating measures we take in response is included in the first chapter of the most recent annual financial report.

Please consult the page Reports and presentations for more information.

No. Since the withholding tax on dividends granted after 1 January 2013 is liberatory, taxpayers subject to personal income tax are not required to mention these revenues in their annual tax return. The withholding tax is automatically deducted from the dividend paid out. You do not need to pay any additional tax.

If you, as a non‑private (non-individual) shareholder, believe that you are not liable to pay withholding tax on the dividend, you may provide us with the documents demonstrating this. After verification, payment of the gross dividend may then be authorised.

RREC is the abbreviation for a Regulated Real Estate Company under Belgian law.

A Regulated Real Estate Company is subject to the RREC Act (NL) and the RREC Royal Decree (NL).

Below is an overview of the key characteristics of a public RREC, organised by domain.

General and operational

• A public RREC is an operational company whose purpose is to make real estate, directly or indirectly, available to users. It is managed in the interest of the company, i.e. in the interest of all of its shareholders.
• It is listed on the stock exchange, is supervised by the Financial Services and Markets Authority (FSMA), and must comply with very strict rules regarding conflicts of interest.
• It diversifies its real estate investments in such a way that investment risks are appropriately spread. Each building/real estate unit may, in principle, represent no more than 20% of total assets.
• It may engage in the leasing of one or more real estate properties with a purchase option as its main activity when those properties are intended for purposes of public interest, including social housing.
• It may not act as a property developer (except occasionally).

Legal

• In addition to various restrictions and obligations imposed by the Belgian Companies and Associations Code, the RREC Act and the RREC Royal Decree, the public RREC must also comply with the guidelines of the Belgian Corporate Governance Code.

Financial

• The RREC Royal Decree stipulates that the annual accounts of a public RREC must be prepared in accordance with the international IAS/IFRS standards.
• Real estate investments that are recorded as assets within the meaning of IAS 40 must be valued quarterly by an independent expert in accordance with the RREC Act.
• A public RREC does not depreciate its real estate portfolio.
• Its debt ratio is limited to 65% of its total assets. The RREC must submit a financial plan as soon as the debt ratio exceeds 50%.

Tax

• A public RREC must distribute a minimum amount as a return on capital, calculated in accordance with the RREC Royal Decree, being at least 80% of the (statutory) result.
• It is subject to corporate income tax at the standard rate, but only on a limited taxable base. This limited base consists of (i) the sum of abnormal or benevolent advantages received, (ii) expenses and costs that are not tax‑deductible as business expenses, and (iii) any hidden commissions.
• In accordance with the Inheritance Tax Code, a public RREC, as a collective investment vehicle, pays an annual subscription tax based on the total net amounts outstanding in Belgium on 31 December of the previous year.
• Dividends distributed by a public RREC are subject to a reduced withholding tax rate of 15%.

Care Property Invest actively focuses on the sustainability of both its existing and future real estate portfolio. Our goal is to create a resilient future by offering sustainable real estate solutions that address major challenges such as ageing populations, increasing inequality, climate change, and the energy transition.

As a responsible company, we take our environmental, social, and governance obligations seriously in the execution of our activities. This forms the core of our commitment to providing sustainable healthcare housing.

In 2022, we renewed our strategic framework by conducting an extensive materiality analysis, in line with the double‑materiality principle of the Corporate Sustainability Reporting Directive (CSRD). Based on this analysis, we defined our ESG ambitions, built around three key pillars: “Investing in sustainable buildings,” “Building sustainable relationships,” and “Pursuing ethical and responsible governance.” These ambitions were translated into concrete and measurable objectives, creating a solid sustainability foundation within our strategy and operations.

In addition, through the Science Based Targets initiative (SBTi), we formalised our commitment to achieving a net‑zero portfolio by 2050, in line with the Paris Agreement’s 1.5°C objective. Although this ambitious goal requires significant effort and investment, we are confident that it is achievable through a combination of energy‑efficient building practices and a strong commitment to sustainable investment decisions.

Europe is facing a major demographic challenge. In the coming decades, the number of elderly people in need of care in the EU — and consequently the demand for high‑quality care infrastructure — will increase exponentially. We aim to provide an answer to this challenge.

Our mission? To make well‑considered investments in high‑quality, sustainable real estate solutions for seniors and people with disabilities across Europe. This means acquiring, constructing and renovating high‑quality healthcare real estate (residential care centres, groups of assisted‑living apartments, etc.). In doing so, we help care operators organise their projects efficiently and at the best possible cost. In this way, we aim to guarantee future residents security of care and residential comfort, while ensuring that our shareholders achieve the returns they deserve.

Our mission statement? Care Property Invest provides tailored real estate with a focus on care and well‑being that meets the needs of end users and is socially responsible. In doing so, Care Property Invest creates stable, long‑term returns for its shareholders.

Care Property Invest (known as Serviceflats Invest until 2014) is a listed investor in healthcare real estate. This real estate is exclusively focused on housing for seniors and/or people with disabilities.

Care Property Invest operates in the form of a public regulated real estate company under Belgian law (referred to as a public RREC).

We are currently active in Belgium, the Netherlands, Spain and Ireland.

The dividends of Care Property Invest are, except in exceptional circumstances, paid out at the beginning of June, after the General Meeting concerning the previous financial year.

For more information, please consult our Shareholders’ calendar.