Datasets:

AmazonScience
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document-haystack

+The secret currency is a "euro".
+The secret object #3 is a "spoon".
+The secret office supply is a "pencil".
+The secret sport is "basketball".
+The secret landmark is the "Eiffel Tower".
+The secret flower is a "rose".
+The secret object #5 is a "comb".
+The secret shape is a "circle".
+The secret drink is "coffee".
+The secret fruit is an "apple".
+The secret object #1 is a "book".
+The secret animal #3 is a "dolphin".
+The secret kitchen appliance is a "blender".
+The secret instrument is a "guitar".
+The secret object #2 is a "lamp".
+The secret object #4 is an "umbrella".
+The secret food is a "pizza".
+The secret transportation is a "car".
+The secret animal #4 is a "snake".
+The secret tool is a "hammer".
+The secret clothing is a "t-shirt".
+The secret animal #2 is a "zebra".
+The secret animal #5 is a "pig".
+The secret animal #1 is a "dog".
+The secret vegetable is a "carrot".

AIG/AIG_100Pages/needles_info.csv ADDED Viewed

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+The secret currency is a "euro".,2,8,black,white,0.052,0.023,helvetica,93
+The secret object #3 is a "spoon".,7,11,green,white,0.997,0.048,helvetica-bold,89
+The secret office supply is a "pencil".,11,9,orange,black,0.882,0.943,times-bold,130
+The secret sport is "basketball".,13,7,purple,white,0.85,0.774,courier,90
+The secret landmark is the "Eiffel Tower".,20,11,white,black,0.951,0.716,helvetica-boldoblique,94
+The secret flower is a "rose".,21,10,blue,white,0.708,0.296,courier-bold,81
+The secret object #5 is a "comb".,26,8,gray,white,0.785,0.395,times-italic,72
+The secret shape is a "circle".,30,9,red,white,0.902,0.883,times-bolditalic,84
+The secret drink is "coffee".,35,9,yellow,black,0.254,0.721,courier-oblique,104
+The secret fruit is an "apple".,40,11,brown,white,0.905,0.522,times-roman,78
+The secret object #1 is a "book".,42,12,white,black,0.642,0.102,courier-oblique,100
+The secret animal #3 is a "dolphin".,46,10,black,white,0.165,0.606,helvetica-bold,142
+The secret kitchen appliance is a "blender".,49,12,purple,white,0.099,0.623,times-bold,139
+The secret instrument is a "guitar".,54,10,yellow,black,0.584,0.466,courier-bold,74
+The secret object #2 is a "lamp".,59,11,brown,white,0.697,0.103,times-bolditalic,83
+The secret object #4 is an "umbrella".,61,9,gray,white,0.192,0.686,times-italic,129
+The secret food is a "pizza".,68,11,green,white,0.351,0.848,courier,111
+The secret transportation is a "car".,69,9,red,white,0.867,0.28,helvetica,102
+The secret animal #4 is a "snake".,76,13,orange,black,0.584,0.199,times-roman,128
+The secret tool is a "hammer".,80,8,blue,white,0.172,0.239,helvetica-boldoblique,97
+The secret clothing is a "t-shirt".,81,10,brown,white,0.434,0.96,times-roman,83
+The secret animal #2 is a "zebra".,87,12,yellow,black,0.84,0.673,courier-bold,116
+The secret animal #5 is a "pig".,92,12,white,black,0.391,0.826,times-italic,97
+The secret animal #1 is a "dog".,94,10,gray,white,0.55,0.342,times-bold,127
+The secret vegetable is a "carrot".,99,9,blue,white,0.63,0.651,helvetica-boldoblique,97

AIG/AIG_100Pages/prompt_questions.txt ADDED Viewed

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+What is the secret currency in the document?
+What is the secret object #3 in the document?
+What is the secret office supply in the document?
+What is the secret sport in the document?
+What is the secret landmark in the document?
+What is the secret flower in the document?
+What is the secret object #5 in the document?
+What is the secret shape in the document?
+What is the secret drink in the document?
+What is the secret fruit in the document?
+What is the secret object #1 in the document?
+What is the secret animal #3 in the document?
+What is the secret kitchen appliance in the document?
+What is the secret instrument in the document?
+What is the secret object #2 in the document?
+What is the secret object #4 in the document?
+What is the secret food in the document?
+What is the secret transportation in the document?
+What is the secret animal #4 in the document?
+What is the secret tool in the document?
+What is the secret clothing in the document?
+What is the secret animal #2 in the document?
+What is the secret animal #5 in the document?
+What is the secret animal #1 in the document?
+What is the secret vegetable in the document?

AIG/AIG_50Pages/needles.csv ADDED Viewed

	@@ -0,0 +1,25 @@

+The secret currency is a "euro".
+The secret object #3 is a "spoon".
+The secret office supply is a "pencil".
+The secret sport is "basketball".
+The secret landmark is the "Eiffel Tower".
+The secret flower is a "rose".
+The secret object #5 is a "comb".
+The secret shape is a "circle".
+The secret drink is "coffee".
+The secret fruit is an "apple".
+The secret object #1 is a "book".
+The secret animal #3 is a "dolphin".
+The secret kitchen appliance is a "blender".
+The secret instrument is a "guitar".
+The secret object #2 is a "lamp".
+The secret object #4 is an "umbrella".
+The secret food is a "pizza".
+The secret transportation is a "car".
+The secret animal #4 is a "snake".
+The secret tool is a "hammer".
+The secret clothing is a "t-shirt".
+The secret animal #2 is a "zebra".
+The secret animal #5 is a "pig".
+The secret animal #1 is a "dog".
+The secret vegetable is a "carrot".

AIG/AIG_50Pages/needles_info.csv ADDED Viewed

	@@ -0,0 +1,25 @@

+The secret currency is a "euro".,2,11,orange,black,0.317,0.002,helvetica,61
+The secret object #3 is a "spoon".,3,8,brown,white,0.837,0.388,helvetica-bold,85
+The secret office supply is a "pencil".,6,11,red,white,0.864,0.565,courier,96
+The secret sport is "basketball".,8,14,white,black,0.618,0.644,times-bold,93
+The secret landmark is the "Eiffel Tower".,10,9,blue,white,0.042,0.403,times-roman,107
+The secret flower is a "rose".,12,12,black,white,0.685,0.909,courier-bold,74
+The secret object #5 is a "comb".,13,10,purple,white,0.27,0.349,times-bolditalic,136
+The secret shape is a "circle".,15,12,gray,white,0.84,0.184,helvetica-boldoblique,104
+The secret drink is "coffee".,18,12,yellow,black,0.318,0.001,times-italic,118
+The secret fruit is an "apple".,19,12,green,white,0.293,0.101,courier-oblique,103
+The secret object #1 is a "book".,22,9,yellow,black,0.464,0.158,courier-oblique,93
+The secret animal #3 is a "dolphin".,24,7,orange,black,0.467,0.762,courier,105
+The secret kitchen appliance is a "blender".,26,10,white,black,0.679,0.866,courier-bold,104
+The secret instrument is a "guitar".,27,12,green,white,0.762,0.646,times-italic,106
+The secret object #2 is a "lamp".,30,10,red,white,0.024,0.32,helvetica,76
+The secret object #4 is an "umbrella".,31,10,blue,white,0.542,0.131,times-bolditalic,80
+The secret food is a "pizza".,34,10,gray,white,0.541,0.72,helvetica-bold,74
+The secret transportation is a "car".,35,10,black,white,0.1,0.247,helvetica-boldoblique,117
+The secret animal #4 is a "snake".,38,12,brown,white,0.538,0.493,times-bold,123
+The secret tool is a "hammer".,39,9,purple,white,0.483,0.414,times-roman,93
+The secret clothing is a "t-shirt".,42,12,gray,white,0.379,0.716,helvetica-bold,112
+The secret animal #2 is a "zebra".,43,12,white,black,0.409,0.536,courier-bold,104
+The secret animal #5 is a "pig".,45,7,brown,white,0.34,0.988,times-bold,75
+The secret animal #1 is a "dog".,47,11,red,white,0.273,0.619,courier,133
+The secret vegetable is a "carrot".,49,13,yellow,black,0.837,0.207,times-roman,114

Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_1.txt ADDED Viewed

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+History
+1983
+Company established end December
+(capital : 6 million EUR)
+1994
+Listed on the Brussels stock exchange,
+now called Euronext Brussels
+2005
+•  First healthcare real estate investments
+in Belgium
+•  First public-private partnership : the
+Antwerp Courthouse
+2011
+•  Launched partnership
+with MAAF for a portfolio of
+283 insurance agencies
+in France (Cofinimur I)
+•  Issued first convertible bonds
+2007
+Launched partnership with AB InBev
+Group for a portfolio of 1,068 pubs
+and restaurants located in Belgium
+and the Netherlands (Pubstone)
+2012
+•  First healthcare real
+estate investments in the
+Netherlands
+•  Adopted FBI status (Dutch REIT
+regime) in the Netherlands
+2008
+•  First healthcare real estate
+investments in France
+•  Adopted SIIC status (French REIT
+regime)
+•  First ISO 14001 certification
+1996
+Adopted Belgian SICAFI
+status
+The secret shape is a "heart".

Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_10.txt ADDED Viewed

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+real estate companies (Belgian law of 12.05.2014 and royal decree
+of 12.07.2014).
+The most relevant elements for risk factors are the debt-to-assets
+ratio (limited to 65 % by regulations and 60 % by credit agree -
+ments) and the assessment of concentration (see F.1.3.1 above).
+Potential effects :
+1. Penalties imposed by the regulator in the event of non-compli -
+ance with legal obligations or the corresponding parameters
+or ratios.
+2. Loss of confidence from the group’s credit providers, or even
+the arising of early repayment obligations for some or all loans.
+Almost all of the debt instruments (representing 3.7 billion EUR
+as at 31.12.2023) are indeed subject to acceleration or cross-de -
+fault clauses.
+F.2.3  Change in the group’s public financial rating
+Cofinimmo group has a public financial rating determined by
+an independent rating agency. This rating may be adjusted
+at any time. Standard & Poor’s gave Cofinimmo a BBB rating
+between May 2012 and May 2013. The rating was then reduced
+to BBB- between May 2013 and May 2015. Since 2015, Cofinimmo
+benefits from a BBB rating for its long-term debt (stable out -
+look) and A-2 for its short-term debt (confirmed on 21.03.2023,
+commented in the S&P bulletin on 03.05.2023 and updated on
+09.10.2023).
+Potential effects :
+1. A rating downgrade would have a direct effect on the group’s
+financing cost, and therefore on net result - group share, and
+on net assets per share*.
+2. A rating downgrade could also have an indirect effect on credit
+providers’ willingness to lend to Cofinimmo, on its financing
+cost, or on its ability to finance its growth and activities.
+F.2.4  Risks arising in the event of a change of control
+Most of the loan agreements (syndicated loan, bilateral loans,
+bonds, etc.) concluded by Cofinimmo group include a so-called
+‘change of control’ clause. This ensures that in the event of a
+change of control of Cofinimmo SA/NV (or more precisely in
+the event of the acquisition of control of Cofinimmo SA/NV, of
+which only one shareholder currently exceeds the 5 % transpar -
+ency notification threshold), lenders have the option to cancel
+the loans granted and require early repayment. As Cofinimmo’s
+shareholder base is widely dispersed, a change of control is a
+real possibility. Belgium, and the REITs in particular, have seen
+two recent examples : the acquisition of control of 100 % of the
+shares and delisting of Befimmo on 06.01.2023 and the condi -
+tional voluntary public tender offer on all outstanding shares of
+Intervest Offices & Warehouses since 17.10.2023.
+Potential effects :
+1. Early repayment of loans, to be financed by significant asset
+disposals, shareholder’s equity contributions in cash, or new
+financing.
+F.3 Legal and regulatory risks
+F.3.1  RREC, FIIS, SIIC and SOCIMI regimes
+Cofinimmo and some of its subsidiaries have the particular tax
+status in Belgium and in France of regulated real estate company
+(‘RREC’, qualified as public in the case of Cofinimmo SA/NV, and
+institutional in the case of certain subsidiaries), specialised real
+estate investment funds (‘FIIS’), of listed real estate investment
+company (‘SIIC’), and of sociedades cotizadas de inversion en
+el mercado inmobiliario (‘SOCIMI’). These statuses are reflected
+in tax transparency for their activities in Belgium, France and
+Spain. They are granted subject to the fulfilment of a series of
+conditions determined by the Belgian Law of 12.05.2014 (‘RREC law’)
+and the royal decree of 12.07.2014 (‘RREC royal decree’), together
+comprising the ‘RREC legislation’, the royal decree of 09.11.2016
+on specialised real estate investment funds and the French and
+Spanish legislations. There is therefore a risk of non-compliance
+of the group’s activities with these regulatory requirements. In
+addition, legislation may be subject to change by the legislator
+(see section ‘Standing document’ on page 374).
+Furthermore, when a Belgian company under common law is
+absorbed by a SIR, or obtains the status of SIRI or FIIS, it is liable
+for an exit tax on its unrealised capital gains and tax-exempt
+reserves, at a rate lower than the common law tax rate. The exit
+tax is calculated in accordance with the provisions of Belgian
+circular Ci.RH.423/567.729 of 23.12.2004, the interpretation or prac -
+tical application of which may be modified at any time. The real
+value of a property as referred to in the circular is calculated
+after deduction of real estate transfer tax or VAT. This real value
+differs from (and may therefore be lower than) the fair value of
+the property as provided in the IFRS balance sheet of Cofinimmo.
+Potential effects :
+1. In the event of non-compliance, the sanctions may go as far
+as the loss of the status in question, including losing the tax
+transparency benefit. This would cause a significant reduction
+in net result - group share, and net assets per share*, as well
+as an obligation to repay a large number of loans early.
+2. A decrease in net result - group share, and net assets per
+share*, in the event of an unfavourable legislative change.
+3. An increase in the revenue base on which the exit tax is cal -
+culated, decreasing net result – group share, and net assets
+per share*.
+F.3.2  Changes to social security schemes
+In healthcare real estate (accounting for 74 % of contractual
+rents and 75 % of investments properties), the income of tenants/
+operators is often derived from subsidies provided by the local
+social security scheme, at least partially, whether directly or
+indirectly. These schemes depend on national, regional or local
+authorities, and are subject to reform from time to time.
+Potential effects :
+1. A reduction in the healthcare real estate tenants’/operators’
+solvency in the geographical area affected by any unfavour -
+able reform, with an adverse impact on their ability to honour
+commitments to Cofinimmo (see F.1.1.2 above).
+2. A decrease in the fair value of part of the investment properties
+and net assets per share* (see F.1.2.1 above).
+F.3.3  FBI regime
+Cofinimmo benefits (through its subsidiary Superstone) from
+the ‘Fiscale Beleggingsinstelling’ (‘FBI’) status in the Netherlands,
+as reflected in the tax transparency for its activities. This status
+is granted subject to meeting a series of conditions deter -
+mined by Dutch legislation. In early 2020, the Dutch tax author -
+ities informed Cofinimmo SA/NV it would have to undergo a
+shareholding test to ensure it meets the requirements for being
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I
+8
+The secret vegetable is "cauliflower".

Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_2.txt ADDED Viewed

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+History
+2019
+•  Launched the 30³ project, aimed at
+reducing the portfolio’s energy intensity
+by 30 % by 2030 from 2017 levels, based
+on SBTi (Science Based Targets initiative)
+ •  Continued to accelerate investments
+in healthcare real estate (almost
+500 million EUR)
+•  First healthcare real estate investments
+in Spain
+•  Accelerated rebalancing of the office
+portfolio to the Brussels’ Central Business
+District
+•  Over 56 % of the consolidated portfolio
+invested in healthcare real estate
+2020
+•  First healthcare real estate investments
+in Finland
+•  Capital increases in the amount of
+nearly 143 million EUR
+•  Issued a first 500 million EUR benchmark
+sustainable bond
+•  More than 700 million EUR invested,
+including nearly 600 million EUR in
+healthcare real estate in Europe
+•  59 % of the consolidated portfolio
+invested in healthcare real estate
+2014
+•  First healthcare real estate investments
+in Germany
+•  Adopted RREC status in Belgium
+•  First sustainability report based on the
+GRI index
+2015
+•  Capital increase with preference rights
+in the amount of 285 million EUR
+•  Continued investing in healthcare real
+estate in the Netherlands and Germany
+2016
+•  Continued investing in healthcare real estate
+in the Netherlands and Germany
+•  Opened first Flex Corner® and The Lounge®
+sites
+•  Issued green & social bonds
+2018
+•  Capital increase with irrevocable
+allocation rights in the amount
+of 155 million EUR
+•  Accelerated investments in
+healthcare real estate
+(300 million EUR)
+•  Initiated the rebalancing of the
+office portfolio
+The secret flower is a "daisy".

Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_3.txt ADDED Viewed

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+2022
+•  Almost 550 million EUR invested in
+healthcare real estate in Europe
+•  70 % of the consolidated portfolio
+invested in healthcare real estate
+•  Capital increases in the amount of
+nearly 114 million EUR
+•  Further disposal of part of the
+Cofinimur I portfolio (property of
+distribution newtorks) for more than
+50 million EUR
+•  76 million EUR divested in office
+buildings
+2021
+•  Almost 1 billion EUR invested in healthcare
+real estate in Europe
+•  First healthcare real estate investments
+in Ireland, Italy and the United Kingdom
+•  67 % of the consolidated portfolio
+invested in healthcare real estate
+•  Contribution of the office portfolio into
+a subsidiary
+•  Capital increases in the amount of nearly
+565 million EUR
+•  Partially disposed of the Cofinimur I
+portfolio (property of distribution
+networks) for more than 40 million EUR
+2023
+•  Inclusion in the new Euronext BEL ESG
+index and the Financial Times 500
+Europe’s Climate Leaders list
+•  Achievement of the zero net investment
+target set at the beginning of the
+year (with a neutral impact on the
+debt-to-assets ratio)
+•  75 % of the consolidated portfolio
+invested in healthcare real estate
+• Capital increases in the amount of
+nearly 247 million EUR
+• Completion of the disposal of the
+ Cofinimur I portfolio (property
+of distribution networks) for a
+total amount of approximately
+111 million EUR
+•  40th anniversary of the group
+on 29.12.2023
+1
+ I  HISTORY  I
+The secret fruit is a "lemon".

Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_4.txt ADDED Viewed

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+  X Nursing and care home – Raisio (FI)
+About
+Cofinimmo
+The pandemic that the world has been
+experiencing in recent years has highlighted the
+importance of the healthcare sector for each and
+every one of us. Through its investments,
+Cofinimmo is actively participating in the
+operation, maintenance, expansion and renewal
+of the healthcare property portfolio in Europe.
+Cofinimmo has been acquiring, developing and managing rental properties for 40 years.
+The company has a portfolio spread across Belgium, France, the Netherlands, Germany,
+Spain, Finland, Ireland, Italy and the United Kingdom with a value of approximately
+6.2 billion EUR. Responding to societal changes, Cofinimmo’s mission is to provide
+high-quality care, living, and working spaces to partner-tenants that directly benefit
+their occupants.
+‘Caring, Living and Working - Together in Real Estate’ is the expression of this mission.
+Thanks to its expertise, Cofinimmo has assembled a healthcare real estate portfolio
+of approximately 4.7 billion EUR in Europe.
+As an independent company applying the highest standards of corporate governance
+and sustainability, Cofinimmo offers tenant services and manages its portfolio through
+a team of approximately 155 employees in Brussels, Paris, Breda, Frankfurt and Madrid.
+Cofinimmo is listed on Euronext Brussels (BEL20) and benefits from the REIT status in
+Belgium (RREC), France (SIIC) and the Netherlands (FBI). Its activities are supervised
+by the Financial Services and Markets Authority (FSMA), the Belgian regulator.
+Fair value of the porfolio on 31.12.2023
+6.2 billion EUR
+Cofinimmo is active in
+9 countries
+2
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I
+The secret instrument is a "violin".

Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_5.txt ADDED Viewed

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+Belgium
+France
+The Netherlands
+Germany
+Spain
+Finland
+Ireland
+Italy
+United Kingdom
+* For many years, Cofinimmo has used Alternative Performance Measures (APM) in its financial communications, within the meaning of the
+guidelines issued on 05.10.2015 by ESMA (European Securities and Market Authority). Some of these APM are recommended by the European
+Public Real Estate Association (EPRA), while others have been defined by the sector or by Cofinimmo in order to provide the reader with a
+better understanding of its results and performance. The APM included in this universal registration document are identified by an asterisk (*).
+The performance indicators that are defined by IFRS rules or by law are not considered as APM. Neither are indicators that are not based on
+income statement or balance sheet items. APM are defined, commented on and reconciled with the most relevant item, total or subtotal in
+the financial statements for this purpose in Note 48 to the consolidated financial statements included in this universal registration document.
+The definitions of APM may differ from those of other concepts with the same name in the financial statements of other companies.
+7.07 EUR/share
+Net result of core activities - group part -
+per share* (or EPRA Result*)
+3
+ I  ABOUT COFINIMMO  I
+The secret food is "chocolate".

Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_6.txt ADDED Viewed

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+Risk factors
+Structure of risk factors
+F.1  Risks associated with Cofinimmo’s activities
+and sectors of activity
+ F.1.1 Economic context
+  F.1.1.1  Global context
+  F.1.1.2  Leasing market conditions in the group’s
+operating segments
+  F.1.1.3  Investment market conditions in the group’s
+operating segments
+  F.1.1.4  Interest rate volatility
+  F.1.1.5  Situation of some healthcare operators
+ F.1.2 Property portfolio
+  F.1.2.1  Negative change in the fair value of property
+  F.1.2.2  Investments subject to conditions
+ F.1.3 Customers
+  F.1.3.1  Concentration risk
+  F.1.3.2 Vacancy rate
+F.2  Risks relating to Cofinimmo’s financial
+position
+ F.2.1  Liquidity risk
+ F.2.2  Contractual obligations and legal parameters
+ F.2.3  Change in the group’s public financial rating
+ F.2.4  Risks arising in the event of a change of control
+F.3  Legal and regulatory risks
+ F.3.1  RREC, FIIS, SIIC and SOCIMI regimes
+ F.3.2  Changes in social security schemes
+ F.3.3  FBI regime
+ F.3.4  Preventive double taxation agreement between
+Belgium and France
+F.4  Risks relating to internal control
+F.5  Environmental, social and governance risks
+ F.5.1  Building sustainability
+ F.5.2  ESG and sustainability transparency
+Following the 21.07.2019 entry into force of the European Parliament and
+Council’s Regulation (EU) 2017/1129 of 14.06.2017, known as the ‘Prospectus’
+Regulation, in particular its provisions for the presentation of risk factors, this
+section includes only the specific and most significant risk factors faced
+by the Cofinimmo group. The inclusion of each risk factor is based on
+the probability of its occurrence and the estimated impact on the group.
+Relevant risk factors are grouped into categories (numbered F.1 through
+F.5) and sub-categories (numbered F.1.1.1 through F.5.2), they are ranked
+according to their nature, the most significant risks being listed first within
+each category. The numbering of the risk factors makes it easier to refer
+from one factor to another and identify possible interdependencies.
+The quantified impacts of the various risk factors can be interpreted
+in light of the group’s 2023 financial results : it is recalled that the group
+generated a net result - group share of -55 million EUR and a net result
+from core activities - group share* of 241 million EUR. The group had net
+assets of 3,623 million EUR (i.e. 98.61 EUR per share), a 43.8 % debt-to-
+assets ratio, and contractual rents of 355 million EUR as at 31.12.2023.
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I
+4
+The secret kitchen appliance is a "microwave".

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+F.1.  Risks associated with Cofinimmo’s activities
+and sectors of activity
+F.1.1 Economic context
+F.1.1.1 Global context
+Cofinimmo’s activities are conducted in a global context
+which has undergone multiple upheavals in recent years : fol -
+lowing the outbreak of the COVID-19 coronavirus pandemic early
+2020, inflation started to rise in Europe in the second half-year of
+2021 to reach high levels in 2022 (to slow down in 2023), which led
+to a general increase in nominal interest rates (on the wane since
+Q4 2023), and war broke out again on the European continent
+in 2022, followed by the conflict in Israel and Gaza in Q4 2023.
+In this respect, the situation in Ukraine and the consequences
+deriving from the sanctions taken towards Russia, as well as the
+situation in Israel and Gaza, have no direct impact on the group’s
+activity nor its financial result, since the group is not active in
+these geographical areas (it should be noted that Finland, which
+shares a border with Russia, represents 2.5 % of the group’s invest-
+ment properties). The independent real estate valuers’ report
+mentions an explanatory note on the situation in Ukraine, in
+Israel and Gaza, and/or the current high volatility of markets.
+The indirect impact of the situation in these geographical areas
+can be assessed through the following risk factors :
+• high inflation and increasing energy prices : risk factors ‘F.1.1.2
+Leasing market conditions in the group’s operating segments’,
+‘F.1.3.2 Vacancy rate’ ;
+• delays or budget overruns in the implementation of devel -
+opment projects : risk factor ‘F.1.2.2 Investments subject to
+conditions’ ;
+• increasing interest rates : risk factors ‘F.1.1.3 Investment market
+conditions in the group’s operating segments’, ‘F.1.1.4 Interest
+rate volatility’, ‘F.1.2.1 Negative change in the fair value of pro-
+perty’, ‘F.2.1 Liquidity risk’, ‘F.2.2 Contractual obligations and legal
+parameters’, ‘F.2.3 Change in the group’s public financial rating’.
+In addition, although COVID-19 is no longer a global health
+emergency, the virus is still circulating. As a reminder, from the
+beginning of 2020, Cofinimmo has implemented several meas -
+ures to ensure continuity, while prioritising the health of all its
+stakeholders.
+The group’s operational teams remained in close contact with
+tenants to ensure the continuity of services and help them get
+through this difficult period, followed by a period of high inflation.
+Cofinimmo reviews the financial and operational situation of
+its counterparties on a case-by-case basis to find a balanced
+solution where appropriate. In this context, Cofinimmo recognised
+writedowns of 2.0 million EUR on trade receivables in 2020, with no
+equivalent in 2021, of 1.4 million in 2022 and 0.3 million EUR in 2023.
+In addition to the information included in this document, note
+that :
+• in the office segment, surface areas leased directly to mer -
+chants (retailers, restaurants, etc.) represent less than 0.2 % of
+the group’s contractual rents ;
+• in the healthcare real estate segment, sport & wellness centres
+account for less than 3 % of the group’s contractual rents. These
+centres, located in Belgium and Germany, have been closed
+intermittently to the public as from March 2020 and have only
+been fully reopened in June 2021. Nevertheless, the current
+situation calls for caution ;
+• in the property of distribution networks segment, the Pub -
+stone portfolios of pubs and restaurants in Belgium and the
+Netherlands represent less than 10 % of the group’s contrac -
+tual rents. Although Cofinimmo’s counterparty is the A- rated
+AB InBev group (S&P rating on 16.02.2024), the world’s leading
+brewer, it is not excluded that a decrease in the fair value will
+be recognised in the 2024 financial year, based on the evolution
+of market parameters or due to the evolution of contamination
+caused by COVID-19 and the measures that could be taken
+by the authorities to mitigate it (such as a new mandatory
+shut-down of the hospitality sector).
+F.1.1.2  Leasing market in the group’s operating segments
+The leasing market in the group’s two main operating segments
+(healthcare real estate in Europe, office property in Belgium,
+primarily Brussels) could experience a fall in demand, over-sup -
+ply, or the weakening of the financial position of its tenants. The
+effects of high inflation in Europe can be assessed (see also
+F.1.3.2) in terms of the weakening financial situation of tenants,
+as inflation indexed rents (or expenses, mainly energy related)
+may become unaffordable for some tenants.
+Potential effects :
+1. A decrease in net income resulting from an increase in the
+vacancy rate and associated costs. At 31.12.2022, a 1 % increase
+in the vacancy rate would have had an impact of around
+-2.5 million EUR on the net result - group share. For offices, the
+impact would have been -0.8 million EUR.
+2. Weakening of tenants’ solvency and an increase in doubt -
+ful accounts reducing the collection of rent and/or expenses
+charged to the tenants by the owners. At 31.12.2023, trade receiv -
+ables amount to 45 million EUR (see Note 28 of the consolidated
+accounts). In the course of the 2023 financial year, writedowns
+in the amount of 0.3 million EUR have been recognised, down
+compared to 2022, when it amounted to 1.4 million EUR. An
+increase in writedowns of 1 million EUR would have represented
+a decrease in the net result – group share of 1 million EUR.
+3. A decrease in the fair value of investment properties
+(see F.1.2.1. below).
+F.1.1.3  Investment market conditions in the group’s operating
+segments
+The investment market in the group’s two main operating seg -
+ments (healthcare real estate in Europe, offices in Belgium,
+primarily Brussels) currently see a fall in activity (decrease in
+the number of transactions, mainly due to the expectation gap
+between selling and buying real estate investors). This can lead
+to a reduction in the market price observed by independent
+real estate valuers for properties comparable to those held by
+the group, which would be reflected in the fair value of the group’s
+investment properties.
+Potential effects :
+1.  A decrease in the fair value of investment properties (see
+F.1.2.1 below).
+F.1.1.4  Interest rate volatility
+Short-term and/or long-term benchmark interest rates may
+be subject to significant fluctuations in international finan -
+cial markets, particularly in the context of rising inflation. As at
+31.12.2023, half of the 2.7 billion EUR financial debt was concluded
+at a fixed rate and half at a floating rate. The floating-rate debt
+5
+SECTION 1  I  RISK FACTORS  I
+The secret sport is "surfing".

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+is subject to hedging. Considering these hedges and the fixed-
+rate debt, the interest rate risk was fully hedged at the end of
+the financial year (situation as at 31.12.2023). However, as the
+financial debt fluctuates on a daily basis, while the fixed rate
+debt and hedges are determined by the financing and hedging
+contracts in place at 31.12.2023, the group remains sensitive to
+changes in market interest rates on the unhedged portion of the
+variable rate financial debt. In addition, property investments are
+generally (very) long-term investments and the group therefore
+needs to periodically refinance its financial debt (taking into
+account the group’s target debt-to-assets ratio), which has a
+shorter maturity than the investments, and/or to enter into new
+hedging transactions (also with a shorter maturity). Thus, as
+at 31.12.2023, the anticipated market interest rate risk was fully
+hedged as part of the long-term interest rate hedging policy.
+The hedging at each year-end will gradually decrease to nearly
+80 % (or more) at the end of 2027 based on the outlook of the
+debt assumptions (coverage ratio of 100 % at the end of 2024,
+94 % at the end of 2025, 91 % at the end of 2026 and 83 % at the
+end of 2027). The unhedged part of the financial debt (which
+fluctuates on a daily basis) means that Cofinimmo remains
+exposed to fluctuations in short-term market interest rates. It
+should also be noted that the forecast debt may differ from
+the actual debt, which could result in additional exposure to
+fluctuations in market interest rates.
+Potential effects :
+1. An increase in financial charges in the event of an increase in
+interest rates, on the debt portion that has been concluded at
+a floating rate and that would not be hedged, and therefore a
+decrease in net assets per share*. In 2024, assuming that the
+debt structure and level remain identical to those at 31.12.2023,
+and disregarding the hedging instruments put in place, an
+increase in interest rates of 50 basis points would result in an
+26 basis points increase in the financing cost, a decrease in
+the net result - group share of 7.3 million EUR and a decrease
+in net assets per share* of 0.20 EUR. Taking into account the
+hedging instruments put in place, an increase in interest rates
+of 50 basis points would not have a noticeable impact.
+2. A change in the fair value of financial instruments in the event
+of a change in interest rates, and hence a change in the net
+result - group share and in net assets per share*. In 2024, a
+negative change in the fair value of financial instruments of
+1 million EUR would represent a decrease in the net result - group
+share of 1 million EUR and a decrease in net assets per share*
+of 0.03 EUR. A positive change would have an opposite effect
+of the same magnitude.
+F.1.1.5  Situation of some healthcare operators
+The effects of the recent situation around some healthcare
+operators, mainly in France and Germany (see page 40 of this
+document), can be assessed from different angles that fit into
+the risk factor analysis :
+• leasing market conditions in the group’s operating segments
+(see F.1.1.2) : should the occupancy rate of the said operators
+durably be affected and/or as a result of an increase in their
+operating or financial expenses ;
+• concentration risk (see F.1.3.1)  : should some of the group’s cur -
+rent tenants be involved in a business combination ;
+• vacancy rate (see F.1.3.2) : in the event of early termination
+of leases ;
+• changes to social security schemes (see F.3.2) : should the legal
+framework in which these operators operate change in a way
+that it becomes unfavourable to their development or to the
+respect of their existing commitments towards the owners of
+the properties they operate ;
+• lack of ESG transparency (see F.5.2) : in the event of a conta -
+gion effect on the reputation of Cofinimmo and/or the other
+owners of properties operated by these tenants.
+As a regulated real estate company, Cofinimmo is in no way
+involved in the operation of the sites leased to healthcare oper -
+ators. The occupancy rate is managed by the operator of the
+sites, and the rents are independent of the local occupancy rate
+or the financial performance, within the framework of long-term
+contracts (see pages 82 to 86 of chapter ‘Compostion of con -
+solidated portfolio’ for more details on diversification in terms
+of tenant and geography).
+F.1.2 Property portfolio
+F.1.2.1  Negative change in the fair value of property
+The market value of the group’s investment properties, as
+reflected by the fair value recognised in the balance sheet,
+is subject to changes and depends on various factors. Some
+of these factors are outside the group’s scope of action, such
+as a decrease in demand and occupancy rate of the group’s
+operating real estate segments, a change in interest rates in
+the financial markets, or an increase in real estate transfer tax
+in the group’s operating geographical areas. Other factors also
+play a role in the valuation of investment properties, such as
+their technical condition, commercial positioning, or the invest -
+ment budgets necessary for proper functioning and marketing.
+A significant negative change in the fair value of investment
+properties from one period to another would represent a sig -
+nificant loss in the group’s income statement, with an adverse
+effect on its net assets and debt-to-assets ratio. The high level
+of inflation currently observed in Europe, which led to an increase
+in nominal interest rates, is likely to generate changes in the fair
+value of buildings that can be positive (as a result of inflation)
+or negative (as a result of nominal interest rates).
+Potential effects :
+1. At 31.12.2023, a 1 % change in value would have had an impact
+of around 62.3 million EUR on the net result (compared to
+62.0 million EUR at 31.12.2022), 1.70 EUR on the net asset value
+per share* (compared to 1.89 EUR at 31.12.2022) and 0.42 % on
+the debt-to-assets ratio (compared to 0.43 % at 31.12.2022).
+2. If the cumulative changes in the fair value of properties (repre -
+senting a cumulative unrealised gain of  188 million EUR as at
+31.12.2023) were to be reduced to a cumulative unrealised loss
+in value of -805 million EUR (which would mean a writedown of
+993 million EUR), the group would be partially or totally unable
+to pay dividends. The amount of 805 million EUR results from
+the application of article 7:212 of the Belgian Code of Com -
+panies and Associations (see page 329 of this document). It
+includes in particular distributable share premiums (of about
+619 million EUR), and is understood to be after the effect of
+the distribution in 2024 of the proposed dividend for the 2023
+financial year.
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I
+6
+The secret tool is a "ruler".

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+F.1.2.2  Investments subject to conditions
+Some investments announced by the Cofinimmo group are sub -
+ject to conditions, particularly for (re)construction, renovation,
+extension and acquisition projects that have not yet been formally
+completed. The committed investment programme represents
+290 million EUR still to be made in 2024 (255 million EUR) and after
+2024 (35 milion EUR), mainly in healthcare real estate (detailed
+on page 44 for healthcare real estate and 77 for offices). The
+main condition for each of these projects to contribute to the
+result in accordance with the announcements made at the time
+of their completion is that the project is completed. A project for
+which construction has not yet commenced is also generally
+subject to obtaining the necessary permits.
+Potential effects :
+1. Insofar as the return generated by these investments is already
+reflected in the outlook ( see also F.4 below) and in the market
+price of Cofinimmo shares, the outlook and the price are
+exposed to downside risks in the event of significant delay or
+non-completion of these investments.
+F.1.3 Customers
+F.1.3.1  Concentration risk
+Concentration risk is assessed for buildings, locations, and (groups
+of) tenants or operators. As at 31.12.2023, the Cofinimmo group had
+a diversified customer base (nearly 300 groups of tenants or
+operators), of which more than 70 in healthcare real estate. In
+2023, the group’s five main (groups of) tenants or operators
+generated 44.8 % of gross rental revenues. The two main (groups
+of) tenants or operators accounted respectively for 15.3 % (Clari-
+ane1 group) and 9.3 % (AB InBev) of these revenues. Furthermore,
+the public sector generated 5.8 % of gross rental revenues.
+Potential effects :
+1. Significant reduction in rental income and hence net result
+- group share, and net assets per share* in the event of the
+departure of major tenants or operators.
+2. Collateral effect on the fair value of investment properties (see
+F.1.2.1 above).
+3. Non-compliance with the diversification obligations provided
+for by the RREC legislation, which mandates that ‘no transaction
+carried out by a public RREC can have the effect that more
+than 20 % of its consolidated assets are placed in real estate
+assets (…) that form a single set of assets, or increase this
+proportion further, if it is already higher than 20 %, irrespective
+of the cause of the initial exceedance of this percentage’.
+A set of assets is defined as ‘one or more buildings or assets
+(...) whose investment risk is to be considered as a single risk
+for the public RREC’ (article 30 of the RREC law). The fair value
+of investment properties operated by entities of the Clariane
+and AB InBev groups represents respectively 13.4 % and 6.5 %
+of the consolidated assets.
+F.1.3.2  Vacancy rate
+A vacancy may arise in the event of non-renewal of expiring
+rental contracts, early termination, or unforeseen events, such
+as tenant/operator bankruptcies (see chapter ‘Composition of
+consolidated portfolio’). Given the high occupancy rate observed
+as at 31.12.2023 in the group’s operating sectors (healthcare real
+1. Previously known as Korian group.
+estate : 99.4 % ; offices : 93.9 % ; property of distribution networks :
+99.8 % ; group : 98.5 %), the risk of future rental vacancies is nat -
+urally greater than the opportunity to increase the occupancy
+rate in each of these segments. The effects of the high level
+of inflation in Europe can be assessed (see F.1.1.2) in terms of
+vacancy rate, should inflation be such that it makes indexed
+rents unaffordable for some tenants and increases vacancies.
+Potential effects :
+1.  As at 31.12.2023, a 1 % increase in the vacancy rate at group level
+would have had an impact of about 3.6 million EUR on the net
+result – group share, excluding amounts normally borne by
+tenants/operators and marketing costs borne by the group.
+F.2  Risks related to Cofinimmo’s financial
+situation
+F.2.1 Liquidity risk
+Cofinimmo’s investment strategy is largely based on its abil -
+ity to raise funds, whether borrowed capital or shareholder’s
+equity. This ability depends particularly on circumstances that
+Cofinimmo does not control, such as the state of international
+capital markets, banks’ ability to grant credit, market partici -
+pants’ perception of the group’s solvency, market participants
+perception of real estate in general and on the group’s operating
+segments in particular. The group could therefore encounter
+difficulties in obtaining financing necessary for growth or for
+the exercise of its activities. Cofinimmo monitors liquidity risk on
+an ongoing basis by keeping a close eye on the debt-to-assets
+ratio, headroom on committed credit lines, interest rate hedg -
+ing, the cost of debt and net result from core activities - group
+share* (in absolute terms and per share), while maintaining an
+ongoing dialogue with investors in the capital markets and with
+its network of banking institutions. As at 31.12.2023, Cofinimmo’s
+financial debt consisted mainly of bonds, commercial paper
+and bank loans. This debt was fully hedged, resulting in an aver -
+age cost of debt*, including bank margins, of 1.4 %. In addition,
+the maturities for the years 2024 and 2025 have been limited
+to approximately 13 % of total financing. The chapter ‘Financial
+resources management’ of this document details the group’s
+financing strategy and the manner in which it is implemented.
+It also presents the group’s debt structure and a timetable of
+financial commitments.
+Potential effects :
+1. Inability to finance acquisitions or development projects.
+2. Financing at a higher cost than expected, with an impact on
+net result - group share, and hence on net assets per share*.
+3. Inability to meet the group’s financial commitments (oper -
+ating activities, interest or dividend payments, repayment of
+maturing debts, etc).
+F.2.2 Contractual obligations and legal parameters
+Cofinimmo group is contractually or statutorily obliged to comply
+with certain obligations and certain parameters or ratios, par -
+ticularly within the framework of its contracted credit agree -
+ments. Non-compliance with these commitments, parameters,
+or ratios entails risks for the group. The main legal obligations,
+parameters, or ratios are specified in regulations on regulated
+7
+SECTION 1  I  RISK FACTORS  I
+The secret office supply is a "calculator".

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+Consolidated statement of financial position (balance sheet)
+ASSETS (x 1,000 EUR) Q1 2023 Q2 2023 Q3 2023 Q4 2023
+I. Non-current assets 6,607,856 6,532,589 6,655,639 6,512,921
+A. Goodwill 27,337 27,337 27,337 0
+B. Intangible assets 2,292  2,266 2,219 2,128
+C. Investment properties 6,165,583 6,084,820 6,239,717 6,187,930
+D. Other tangible assets 2,079 2,039 3,474 2,111
+E. Non-current financial assets 168,729 176,525 185,443 121,649
+F. Finance lease receivables 161,101 160,449 159,681 158,936
+G. Trade receivables and other non-current assets 1,804 1,836 6,725 6,719
+H. Deferred taxes 6,735 8,319 6,314 9,822
+I. Participations in associates and joint ventures 72,196 68,998 24,732 23,626
+II. Current assets 278,406 269,255 256,295 178,500
+A. Assets held for sale 101,374 113,202 106,278 43,111
+B. Current financial assets 6,545 4,635 2,742 642
+C. Finance lease receivables 4,761 4,073 4,407 4,419
+D. Trade receivables 41,532 43,981 45,706 44,810
+E. Tax receivables and other current assets 37,309 49,121 49,301 46,170
+F. Cash and cash equivalents 50,404 20,128 20,140 19,958
+G. Accrued charges and deferred income 36,481 34,115 27,720 19,390
+TOTAL ASSETS 6,886,262 6,801,844 6,911,934 6,691,421
+SHAREHOLDERS’ EQUITY 3,685,444 3,527,836 3,631,996 3,698,985
+I. Shareholders’ equity attributable to shareholders of
+the parent company 3,655,847 3,506,251 3,553,391 3,623,262
+A. Capital 1,761,872 1,794,023 1,820,923 1,970,211
+B. Share premium account 936,321 948,226 957,260 896,826
+C. Reserves 940,178 736,882 736,678 811,723
+D. Net result of the financial year 17,476 27,120 38,530 -55,497
+II. Minority interests 29,597 21,585 78,605 75,723
+LIABILITIES 3,200,818 3,274,007 3,279,938 2,992,436
+I. Non-current liabilities 1,961,807 2,022,575 1,844,624 1,891,516
+A. Provisions 25,146 23,311 23,814 26,426
+B. Non-current financial debts 1,857,310 1,921,553 1,745,232 1,791,325
+a. Banks 645,301 707,061 525,192 630,977
+b. Finance lease 0 0 0 0
+c. Other 1,212,009 1,214,492 1,220,040 1,160,348
+C. Other non-current financial liabilities 14,958 14,942 16,387 20,021
+D. Trade debts and other non-current debts 0 0 0 0
+E. Other non-current liabilities 0 0 0 0
+F. Deferred tax liabilities 64,392 62,769 59,191 53,744
+a. Exit tax 0 0 0 0
+b. Other 64,392 62,769 59,191 53,744
+II. Current liabilities 1,239,011 1,251,432 1,435,314 1,100,919
+A. Provisions 0 0 0 0
+B. Current financial debts 1,050,156 1,070,947 1,258,045 953,187
+a. Banks 106,151 110,919 111,016 111,169
+b. Finance lease 0 0 0 0
+c. Other 944,006 960,028 1,147,029 842,018
+C. Other current financial liabilities 0 0 0 0
+D. Trade debts and other current debts 158,676 154,294 150,682 128,645
+a. Exit tax 1,863 978 3,131 0
+b. Other 156,812 153,316 147,551 128,645
+E. Other current liabilities 0 0 0 0
+F. Accrued charges and deferred income 30,180 26,191 26,587 19,088
+TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 6,886,262 6,801,844 6,911,934 6,691,421
+106
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I

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+Appropriation of
+statutory profits
+The board of directors of the Cofinimmo group will propose to
+the ordinary general meeting of shareholders of 08.05.2024 to
+approve the annual accounts as at 31.12.2023, to allocate the
+result as shown in the table opposite and to distribute a gross
+dividend of 6.20 EUR, i.e. 4.34 EUR net per share.
+The dates and payment methods of the dividends are provided
+in the ‘Shareholder’s calendar’ (see page 187).
+Withholding tax is 30 % (see also section ‘Portfolio mix and outlook
+for withholding tax’ in the chapter ‘2024 outlook’).
+As at 31.12.2023, the Cofinimmo group held 22,511 treasury shares
+(22,311 at the sign-off date of the accounts, following the con -
+version of 200 treasury shares in the 1 st quarter of 2024). For the
+2023 financial year, the board of directors is proposing to cancel
+the right to dividends of those treasury shares.
+The distribution is based on the number of shares outstanding at
+the closing date of the 2023 accounts. Any sale of shares held by
+the group, or any new shares issued can modify the distribution.
+After the distribution of 228 million EUR proposed for the 2023
+financial year, the total amount of reserves and the statutory
+result of Cofinimmo SA/NV will be 188 million EUR, whereas the
+amount remaining for distribution according to the rule defined in
+article 7:212 of the Belgian Code of companies and associations
+(formerly article 617 of the Belgian company code) will reach
+805 million EUR (see chapter ‘Financial Statutory Statements’).
+For 2023, the consolidated net result from core activities - group
+share amounts to 241 million EUR and the consolidated net
+result  -  group share* to -55 million EUR. The pay-out ratio*
+amounts to 87.7 %, compared to 89.2 % in 2022.
+Appropriations and deductions
+(x 1,000 EUR) 2023 2022
+A. NET RESULT -51,866 481,657
+B. TRANSFER FROM/TO RESERVES 280,086 -277,587
+Transfer to the reserve of the positive balance of changes in the fair value of investment properties 0 -99,004
+Financial year 0 -99,004
+Prior years 0 0
+Transfer to the reserve of the negative balance of changes in the fair value of investment properties 181,803 0
+Financial year 181,803 0
+Prior years 0 0
+Transfer to/from the reserve of the estimated transaction costs and rights resulting from the
+hypothetical disposal of investment properties (+/-)
+0 0
+Transfer to the reserve of the negative balance of changes in the fair value of authorised hedging
+instruments qualifying for hedge accounting (+/-)
+0 0
+Financial year 0 0
+Prior years 0 0
+Transfer to the reserve of the negative balance of changes in the fair value of authorised hedging
+instruments not qualifying for hedge accounting (-)
+67,596 -190,735
+Financial year 67,596 -190,735
+Prior years 0 0
+Transfer to other reserves -85 -20
+Transfer from the result carried forward of previous years 30,772 12,171
+C. REMUNERATION OF THE CAPITAL -97,527 -133,536
+Distribution provided for in article 13, § 1, first paragraph of the royal decree of 13.07.2014 -97,527 -133,536
+D. REMUNERATION OF THE CAPITAL FOR FINANCIAL YEAR  OTHER THAN C. -130,692 -70,533
+Dividends -130,280 -70,145
+Profit-sharing scheme -412 -388
+E. RESULT TO BE CARRIED FORWARD 188,052 155,853
+6.20 EUR
+Gross dividend per share proposed
+for the 2023 financial year
+88 %
+Pay-out ratio* proposed for the
+2023 financial year
+107
+SECTION 4  I  MANAGEMENT REPORT  I  APPROPRIATION OF STATUTORY PROFITS  I
+The secret animal #5 is a "squirrel".

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+ESG report
+116
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I

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+Committed for more than 15 years to a global
+ESG strategy  118
+Major trends and their impact on the ESG strategy 120
+Life cycle management at the heart of the value chain 126
+Structured approach to climate risks 128
+Stakeholder dialogue as driver for transition  137
+Environment 141
+Reducing energy intensity of the portfolio 142
+Monitoring water usage 145
+Social 147
+Safety of occupants 148
+Responsible supply chain relations 149
+Diverse, trained and healthy employees 150
+I. Respect for differences and cultural diversity 150
+II. Employee training 152
+III. Employee safety and well-being 154
+Governance 155
+Profitability for investors and access to capital 156
+ESG report
+Contents
+  X Nursing and care home Bloemenhof - Oudenburg (BE)
+117
+SECTION 5  I  ESG REPORT  I

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+Since February 2023, Cofinimmo is part of the Top SBTi 1.5° ESG Bond
+Issuers and was also included in the new Euronext BEL ESG.
+Cofinimmo’s 30³ project ('thirty cubed') confirms its commitment to ESG and
+its alignment with the worldwide objective of limiting global warming.
+Committed for
+more than 15 years to
+a global ESG strategy
+  X Jacques van Rijckevorsel, Chairman of the Board of Directors
+  X Jean-Pierre Hanin, Chief Executive Officer
+118
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I

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+Global ESG strategy for more than 15 years
+Cofinimmo, a major player in European real estate, has been
+committed to a global ESG strategy for more than 15 years. It
+is actively involved in the Paris Agreement launched at COP21
+and supports the accelerated climate action package agreed
+at COP28. Fossil-free buildings now represent 7  % of the portfolio,
+the installation of solar panels as a renewable energy source,
+particularly in Finland, has increased the use of electricity from
+renewable sources by 30 %, and energy efficiency has been
+accelerated by the validation of the Paris-proof roadmap in
+the Netherlands and the submission of the documents for the
+Tertiary Decree in France. The group believes that it is possible
+to aim for a carbon-neutral society by 2050 while serving the
+interests of all its stakeholders.
+A science-based climate action
+Cofinimmo’s 30³ project on scope 1, 2 and 3 emissions related
+to energy use fits perfectly with this view. The project aims
+to reduce the final energy intensity of the portfolio by 30 % to
+130 kWh/m²/year by 2030 and remains a priority for 2023 and
+beyond. The 30³ project targets take 2017 as their baseline
+and have been established using the science-based targets
+methodology, through which the group can objectivise efforts to
+be made to contribute to the global objective of limiting global
+warming. The energy intensity of the portfolio has fallen from
+190 kWh/m²/year in 2017 to 142 kWh/m²/year in 2023 (vs. 165 kWh/
+m²/year in 2021 and 158 kWh/m²/year in 2022), i.e. a total reduc -
+tion of 25 % compared to 2017, well on track to achieve the 30 %
+reduction target of by 2030.
+In 2020, Cofinimmo joined the Belgian Alliance for Climate Action
+(BACA), a platform open to Belgian organisations that want to
+reduce their GHG emissions and increase their climate ambitions
+using the Science-Based Targets initiative.
+In order to achieve the objectives set at COP21 and those related
+to the maximum 1.5-degree scenario, Cofinimmo has launched
+its first in-depth and structured analysis of physical and tran -
+sitional risks. This will make it possible to define the level of risk
+exposure for individual assets and put in place an action plan
+progressively covering the whole portfolio. More information on
+Cofinimmo’s climate action is available on pages 128-136.
+A sound environmental management
+Since 2008, Cofinimmo has been using an environmental man -
+agement system, certified ISO 14001:2015, that covers the life cycle
+of its assets. This certification is renewed every three years and
+ensures that the company manages the environmental aspects
+of its activities, including its compliance with the applicable envi -
+ronmental regulations, in a structured manner. It focuses on
+relevant environmental topics in healthcare real estate, such as
+sustainable water management, on which all operational teams
+were trained in 2023. The external audit in 2023 revealed positive
+findings such as open, collegial working culture, excellent pro -
+cesses and a sense of ownership in terms of continuous learning
+and self-improvement.
+Responsible business practices
+In order to meet the demand of transparency coming from
+its stakeholders, the group has been proactive in the area of
+ESG, for example by participating in benchmark assessments
+and by completing questionnaires that provide primary and
+objective data to stakeholders. Throughout 2023, Cofinimmo
+further improved its ESG performance with the renewal of sev -
+eral labels and obtained several new BREEAM certifications for
+healthcare properties that cover now 9 % of the portfolio. In addi -
+tion, Cofinimmo was selected to be one of the ‘Top SBTi 1.5° ESG
+Bond Issuers’ and was included in the new Euronext Bel ESG Index.
+Cofinimmo pays particular attention to the alignment between
+its financial strategy and its ESG objectives. In 2023 the amount of
+sustainable financing reached 2.5 billion EUR. As a participant in
+the United Nations Global Compact it is essential for Cofinimmo to
+bring its policies to life through specific trainings. Zero tolerance
+of corruption is expected from all business partners.
+An ongoing dialogue with stakeholders
+Cofinimmo is aware of its impact on people and has defined
+actions towards occupants, suppliers and employees in its ESG
+strategy. In 2023, Cofinimmo decided to renew its tenant sat -
+isfaction survey. It is also committed to its employees and has
+been certified as a Great Place to Work®. Cofinimmo would like to
+thank all of its employees for contributing to its People, Planet and
+Profit management approach. Those distinctions are a fantastic
+achievement that motivates the company and its staff to con -
+tinue their efforts to construct a more sustainable environment.
+‘We support the United Nations
+Global Compact and are
+committed to continuously renew
+our commitment to this initiative.’
+SECTION 5  I  ESG REPORT  I  MESSAGE TO STAKEHOLDERS  I
+X ESG
+For Cofinimmo, the "S" in ESG also means giving back to
+society. In the context of the temporary protection for
+Ukrainian citizens currently in force in the Brussels-Capital
+Region, Cofinimmo has decided to grant the Brussels-Capital
+Region a precarious lease on the Loi/Wet 89 office building
+to welcome the NGO Ukraine Voices Refugee Committee
+(UV-RC) supported by UNHCR Belgium & Luxembourg and
+the Service public régional de Bruxelles.
+Located in the heart of the European district, in the Central
+Business District (CBD), this building, together with the adja -
+cent Loi/Wet 85 building, will be redeveloped to become a
+new sustainability flagship in Cofinimmo's portfolio, meeting
+the highest environmental standards.
+UV-RC provides Ukrainian refugees with language courses,
+training, seminars, employment and socio-medical assis -
+tance. The precarious lease has taken effect as from
+01.01.2024.
+119
+The secret object #5 is a "vase".

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+Cofinimmo’s strategy prepares for tomorrow’s world by anticipating
+and responding to major societal trends. The United Nations’
+17 Sustainable Development Goals (SDGs) are one of the major
+developments which Cofinimmo takes into account.
+The last years have been quite challenging in Europe. There
+was COVID-19 coronavirus pandemic in 2020-2022, during which
+European governments collaborated to ensure a recovery plan
+for all. The European economy is still facing the terrible crisis
+caused by the conflict between Ukraine and Russia, which started
+in February 2022. This conflict has led to a major energy crisis,
+particularly due to the EU’s dependence on natural gas supplies.
+In October 2023, the conflict in Israël and Gaza also escalated.
+These events happened in an already overall rising inflation
+environment. Today, even more than in the past, it is clear how
+important it is to work towards a transition to clean energy for all
+EU citizenships and even more for the European building stock
+and real estate sector. Cofinimmo positions itself as a driver for
+change in dealing with the challenges facing the built environ -
+ment, such as climate change, sustainable water management,
+ageing population, increased urbanisation, changing technol -
+ogies and working practices.
+First the pandemic and then the armed conflicts have highlighted
+some of the requirements that have arisen from new trends in
+sustainability, such as a stronger approach to clean renewable
+energy and circular usage of resources. For more than 15 years,
+Cofinimmo has been constructing more efficient buildings and
+managing them in a more cost-effective manner so as to meet
+tighter regulations on energy performance.
+Convinced that science-based climate action is the most effec -
+tive way to achieve its objectives, Cofinimmo confirmed its com -
+mitment to ESG in 2020 by validating its target by 2030 through
+the Science-Based Targets initiative (SBTi) and by joining the
+Belgian Alliance for Climate Action (BACA).
+According to the SBTi-criteria for target validation, Cofinimmo
+falls into the SME-category  ; a non-subsidiary, independent com -
+pany with fewer than 500 employees. Cofinimmo’s commitments
+include the company’s scope 1 and 2 emissions reduction tar -
+gets, its commitment to transparent environmental reporting for
+all scopes, the 1.5-degree scenario analysis that forms part of
+the company’s overall strategy and net-zero commitment. The
+SME-category does not allow to get validation from SBTi on scope
+3 emissions reduction targets but Cofinimmo’s commitment
+to ESG does not stop there as the objectives of its 30³ project
+include scopes 1, 2 and 3.
+In 2023, Cofinimmo continued its dialogue with stakeholders
+to ensure the highest level of transparency in its activities and
+objectives in terms of energy consumption reduction and resil -
+ience to climate change, including the path towards carbon neu -
+trality. It is demonstrated in the materiality analyses conducted
+according to the Global Reporting Initiative (GRI) Sustainability
+Reporting Standards and developed for the first time in 2014 (this
+document and all previous reports are available on the website
+www.cofinimmo.com/esg), which have been reviewed yearly.
+Support of both the board of directors and the executive com -
+mittee by signing off the materiality assessment is essential to
+transform the company’s ESG ambitions into concrete projects.
+The Head of ESG reports directly to the CEO which makes ESG
+governance central to the corporate governance structure. There
+are formal reviews of the ESG performance (this includes cli -
+mate-related and DEI performance) to the executive committee,
+chaired by the CEO. Each review is presented through a pres -
+entation by the Head of ESG and documented through meeting
+reports. The head of ESG reports weekly to the CEO and at least
+every month to the executive committee. ESG reporting allows to
+follow-up on objectives and KPI (including climate-related and
+DEI KPI). One of the reviews is the official ISO 14001 management
+review, following all standards described in the ISO standard
+such as : status of actions from previous reviews, changes in
+circumstances, extent to which objectives have been achieved,
+information on performance, adequacy of resources, complaints,
+opportunities for improvement. The progress of the different
+objectives is assessed and eventually corrected. The quarterly
+reporting to the audit committee includes the progress of partic -
+ipation in different benchmarks, the ESG performance achieved
+compared to objectives linked to LTI variable remuneration of
+the executive committee and updates/notifications regarding
+regulatory changes.
+As a result of its dialogue with investors, Cofinimmo has rein -
+forced its proactive approach to ESG benchmarks and ques -
+tionnaires, which are primary and objective data sources for
+Major trends and
+their impact on the
+ESG strategy
+120
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I

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+Business
+ethics
+Profitability
+for investors
+and access to
+capital
+Governance
+Accessibility
+for all
+Diversity of
+healthcare sites
+and aesthetics
+Safety of
+occupants
+Diverse,
+trained and
+healthy
+employees
+Responsible
+supply chain
+relations
+Materiality analysis
+The challenges included in the company’s materiality assess -
+ment reflect the importance and impact of these trends for
+both Cofinimmo and its stakeholders
+Waste linked
+to occupation
+Impact
+on green
+spaces
+Use of
+sustainable/
+recycled
+materials
+ESG
+Strategy
+Reducing
+energy
+intensity of
+the portfolio
+Active
+and clean
+mobility
+Environmental Social
+Monitoring
+water usage
+Nature of the
+activity
+121
+SECTION 5  I  ESG REPORT  I  MAJOR TRENDS AND THEIR IMPACTS ON THE ESG STRATEGY  I

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+investors. For greater transparency, Cofinimmo renewed its par -
+ticipation in the Carbon Disclosure Project in 2023, resulting in a
+confirmed B rating in the climate change category. The responses
+are publicly available and describe in detail the identified risks
+and opportunities associated with climate change.
+In addition to scaling up the effort to monitor and manage the
+risks and impacts related to climate change, Cofinimmo is col -
+laborating with MSCI in order to analyse the risk exposure of its
+healthcare real estate and office portfolio taking into account
+science based scenario analysis. The assets are being bench -
+marked against the CRREM decarbonisation path to identify cli -
+mate transition risks and avoid stranding. A high level physical
+risk analysis has been executed and is being followed by a more
+detailed risk analysis and vulnerability assessment for the assets
+with the highest risk. This will allow Cofinimmo to also define con -
+crete required action points on building resilience for its assets
+and positively contribute to the mitigation of and adaptation
+to climate risks.
+The impact materiality assessment, shown on the infographics
+on the previous page, consists of three circles, each representing
+one pillar. The topics appearing in each of the circles represent
+a sustainability challenge for the company. Their position in the
+circle reflects their importance, which is determined not only by
+the way the topic they represent is perceived by stakeholders,
+but also by the impact this same factor could have in the long
+term, as estimated internally by Cofinimmo.
+The area delineated by the inner circle contains the six pri -
+ority areas for action out of the 14 areas identified internally.
+Compared to last year, the impact on construction waste has
+been grouped with the use of sustainable/recycled materials. The
+most significant ESG risks are described in the risk factors (see
+page 9). The other topics in the materiality assessment are not
+considered to be a priority and lie outside of the circle. This does
+not reflect disinterest, but can be explained by the fact that the
+topics are subject to strict legislation that requires companies to
+address them, irrespective of the perception of their importance
+within the company, or the fact that the topics have gained
+maturity within the business processes. For example, Cofinimmo
+is pursuing its mobility policy and strategy for active and clean
+travel, but considers that the maturity of this issue allows it to
+be given a lower priority than other topics.
+Details of the actions carried out in 2023 and future objectives
+are listed in a dashboard (see pages 354-357). The objectives
+focus on the 6 material topics (reducing energy intensity of the
+portfolio, monitoring water usage, safety of occupants, diverse,
+trained and healthy employees, responsible supply chain rela -
+tions, profitability for investors and access to capital) :
+• raise awareness of the different stakeholders : tenants, sup -
+pliers, investors, etc. (for example : extension of sustainable
+collaboration agreement to 85 % of the healthcare real estate
+segment by 2024) ;
+• monitor what is measured : energy consumption and perfor -
+mance, etc. (for example : increase consumption data coverage
+for overall portfolio to 85 % by 2024) ;
+• be ambitious, go beyond the current regulation if economically
+viable (for example : refurbish 5.0 % of the portfolio between
+2024 and 2028, excluding new constructions and acquisitions) ;
+• communicate ESG information through a combined annual
+report, externally assured and participate in surveys (EPRA sBPR,
+Moody's, GRESB, CDP, MSCI, Sustainalytics).
+The ESG objectives are mostly short-term (one year) and some
+of them are long-term (five to seven years).
+The links between Cofinimmo’s priorities and the SDGs are listed
+in a cross-reference table (see pages 358-359).
+Mitigating and adapting
+to climate change
+Climate change represents a long-term risk. The sixth assess -
+ment report (AR6) of the IPCC states that keeping warming to
+1.5°C above pre-industrial levels requires deep, rapid and sus -
+tained greenhouse gas emissions reductions in all segments.
+Even if the impact of war slightly shifted priorities for businesses,
+environmental issues (including climate change) still list in
+the top four concerns of around 73 % of the real estate indus -
+try leaders (Source : Emerging Trends in Real Estate®, Europe
+2024, PWC & Urban Land Institute). Following up on the targets
+of the Paris Agreement at COP21 and the package to accel -
+erate climate action achieved at COP28 in 2023, substantial
+actions towards climate empowerment and climate change
+resilience at global level are needed. It also confirmed that
+richer nations should fund the loss and damages incurred by
+developing countries. This is considered a major challenge but
+also an opportunity for the real estate sector. Climate change
+currently has, and will continue to have, an impact on the level
+122
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+of capital available for investing, operating costs, and the speed
+of obsolescence of real estate assets.
+Cofinimmo’s rationale for adopting science-based climate action
+and joining BACA is based on three fundamental messages :
+• businesses need to take more ambitious climate action now ;
+• only by working hand-in-hand with all stakeholders can we lead
+the transition to a net zero emission economy ;
+• science-based climate action is the most effective way to
+achieve the targets set.
+Through the 30³ project, which aims to reduce the energy intensity
+of Cofinimmo’s portfolio by 30 % by 2030, the group intends to
+take up this challenge on scopes 1, 2 and 3 and thus maintain
+the value of its assets by complying with the Paris Agreement.
+This project is the key to achieving the objectives validated by
+the Science-Based Targets (SBTi) initiative.
+Reducing water stress through
+sustainable water management
+Water is the most valuable resource on Earth, supporting the
+existence of whole ecosystems, including human life and activity.
+Although not limited in focus to water consumption, the effects
+of climate change are demanding a re-think of strategy for
+sustainable water management that focuses on all the factors
+that make water such a complex and vital element for the sus -
+tainability of life.
+The past years have been increasingly challenging for chronic
+water risks such as droughts, threatening economic systems
+across Europe and in particular agricultural production. After
+severe drought for most of 2022 and the first quarter of 2023,
+the North-Eastern part of Europe kept suffering from drought
+while there was a high wildfire risk in the Mediterranean region
+according to the Global Drought Observatory (GDO) Analytical
+Report of August 2023.
+For many years United Nations agencies and projects such as
+FAO and the UN Global Compact (CEO Water Mandate) have
+promoted accurate information on water scarcity and water
+stewardship in order to ensure water security in different regions
+of the planet that are uniquely experiencing water distress.
+The real estate sector will be challenged by the dramatic effects
+of water distress, but it is part of the solution and needs to take
+a proactive approach on the issue. This can be represented by
+the 3 Rs applied to water management, namely Reduce, Reuse,
+Recycle in order to promote water conservation.
+From the risk of extreme events, such as floods or drought, real
+estate can first protect the environment and its assets by col -
+lecting data on water consumption and conducting analysis
+on ordinary and extraordinary consumption, then act when
+required. In addition to improving data metering, concrete
+action involves placing buildings themselves at the centre of
+the solution. From permeable pavements to bioswales to green
+roofs, green infrastructure is one of the tools for safeguarding
+resources such as water.
+Housing an ageing population
+Acceleration in population ageing has an impact on current
+social models. This includes the increasing retirement age, the
+organisation of healthcare delivery, etc.
+The growing healthcare real estate segment has to meet the
+expectations of an ever-increasing part of the population. This
+means, providing healthcare buildings that are more accom -
+modating of the degree of individual autonomy, combined with
+suitable housing.
+Property market analysts extend the ‘beds and sheds’ mantra to
+‘beds, sheds and meds’ to encompass the healthcare sector and
+the need for senior residences, nursing homes, hospitals, clinics
+and more (Source : Emerging Trends in Real Estate®, Europe 2024,
+PWC & Urban Land Institute).
+But what are the population projections for the EU-27 ? During
+the period from 2022 to 2100 the share of the population of work -
+ing age is expected to decline, while older people will probably
+account for an increasing share of the total population : those
+aged 65 years or over will account for 31.3 % of the EU’s popu -
+lation by 2100, compared with 21.1 % in 2022. As a result of the
+population movement between age groups, the EU’s old-age
+dependency ratio is projected to almost double from 33.0 % in
+2022 to 57.1 % by 2100 and the total-age dependency ratio is
+projected to rise from 56.5 % in 2022 to 82.6 % by 2100 (source :
+Eurostat, February 2023 data).
+This trend is reflected in Cofinimmo’s core strategy, which, through
+its healthcare real estate segment, aims to meet the needs of
+society, specifically : offering housing to seniors, whether ill, disa -
+bled or in rehabilitation ; creating socially responsible healthcare
+sites where each function co-exists in harmony ; promoting the
+accessibility of buildings to people with reduced mobility ; and
+developing safe buildings where it is pleasant to live.
+Growing urbanisation and space
+affordability
+According to the most recent studies of the European Commis -
+sion - Joint Research Centre (JRC) on the future of European
+cities which applies a global people-based definition of cities
+and settlements in the form of urban functional area (UFA), the
+process called growing urbanisation is in fact already happen -
+ing, with 75 % of the global population currently living in urban
+areas. Moreover, JRC projections to 2030 show that most major
+European cities will experience urban population growth as part
+of a continuous process of urbanisation.
+Urbanisation represents a major challenge in terms of integrating
+populations of different origins, providing food and shelter for all,
+but also in terms of mobility, pollution management, connectivity,
+etc. Inflation in general and rising energy prices in particular are
+raising concerns about the affordability of rentable spaces. House
+prices in European cities have increased by 45 % in ten years
+while salaries have increased by 17 %, which pushes people to
+123
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+rent instead of buying (Source : Emerging Trends in Real Estate®,
+Europe 2024, PWC & Urban Land Institute).
+When discussing these social aspects, the provision of community
+spaces has been a top priority during 2023.
+This phenomenon has an impact on the way real estate is per -
+ceived. One of the consequences is, for example, the progressive
+decrease in the average housing size.
+With an increased focus on health and safety, the COVID-19
+coronavirus increased the need for lower density and more spa -
+cious environments, which will accelerate the growth of suburbs.
+Accessibility for all
+In the context of an increasing urban population, pollution, and
+the fight against GHG emissions, mobility is beginning to be
+rethought.
+Cities such as Paris, Brussels, Antwerp, and Ghent are starting to
+restrict the most high-emission vehicles. Public transport com -
+panies are moving to electric vehicles. Initiatives are underway
+to promote micro-transport such as sharing less-polluting bicy -
+cles, electric mopeds, or scooters. Transportation is intended
+to be multimodal, flexible, and scalable according to actual
+travel needs. Aware of this challenge, Cofinimmo is expanding
+its transportation initiatives by testing shared vehicle solutions
+and by setting up infrastructures such as lockers and showers
+for cyclists in its buildings.
+The trend is also impacting real estate. The number of author -
+ised parking spaces is decreasing in order to push overstaying
+vehicles out of the cities. More and more charging stations for
+electric vehicles are being installed. The number of bicycle racks
+is increasing. From a circular point of view, parking areas are
+built in such a way that they can eventually be reassigned to
+another use. Larger drop-off areas are provided for taxi services
+or parcel delivery vans.
+With accessibility being linked to transport, the importance of the
+geographical location of assets becomes a real social challenge.
+In the case of healthcare, nursing and care homes are occupied
+by senior citizens who might feel excluded from society, due
+to their age and their physical distance from decision-making
+infrastructures. Ensuring accessibility to assets allows occupants
+to mix with the outside population, decreasing the likelihood
+senior citizens will feel isolated.
+The circular economy
+Natural resources are limited. As a result of NGO lobbying, circular
+economy initiatives are being promoted and even subsidised by
+the European Commission, as well as among certain countries,
+regions, and cities in Europe. This is to limit waste and increase
+the rate at which materials are reused.
+Aware of its impact during (re)development works, Cofinimmo
+seeks to select sustainable materials that can be easily recycled
+or, preferably, reused. Life cycle analysis is a powerful tool to
+understand the impacts that the construction and operation of
+buildings have on the environment in terms of embodied carbon,
+operating carbon and depletion of resources. This approach
+helps understand how it is possible to implement a beneficial
+circle that reuses and recycles the materials generated at a
+building’s end of life so that only a minimum of initial resources
+ends up being waste. When buildings are demolished, the waste
+is thus strictly separated. This is also the case in office buildings
+in operation, where every effort is made to promote sorting, and
+when possible, even going beyond legal requirements.
+The sharing economy
+Society’s increasing awareness of the importance of limiting
+carbon footprint, as well as the search for a more efficient and
+reasoned use of physical and financial resources, has lead
+a growing number of individuals and companies to embrace
+the principles of the sharing economy. Actors become product
+users rather than product owners, or, in the case of real estate,
+sole tenants. In addition, this approach provides users access to
+flexible solutions which are more in line with their rapidly changing
+needs, and it avoids certain investment costs.
+According to recent studies, more than eight out of ten respond -
+ents say they expect to see a shift towards co-location, the
+combination of different uses in single building or location. Some
+35 % expect a hybrid model of three or more sectors to be the
+most common combination within their portfolio, and 18 % expect
+to combine residential and offices (Source : Emerging Trends in
+Real Estate®, Europe 2024, PWC & Urban Land Institute).
+Many sharing applications already directly or indirectly impact
+the office real estate segment : shared meeting rooms in buildings
+and business parks, co-working areas, etc. In 2023 most compa -
+nies have continued applying teleworking systems, formalising
+the trend towards flexible working models in well-structured and
+agreed policies between the company and its employees. The
+industry needs to prioritise quality space that helps companies
+adapt to the latest working practices. Location, ability to attract
+talent and reducing overall costs are expected to be the most
+important factors driving occupants’ workplace strategies.
+Well aware of this issue, Cofinimmo is innovating by creating
+shared spaces in office buildings such as the Lounge® concept,
+shared meeting rooms or the Flex Corner® concept.
+The sharing economy also affects residential real estate. Hous -
+ing with more communal areas is being built, sometimes for a
+very targeted group of users, like Generation Y or Z, but also for
+seniors in the form of assisted-living units.
+124
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I

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+Health and safety
+In the countries where Cofinimmo is active, there is a gradual
+decrease in the proportion of working people due to population
+ageing, and lower birth rates. This phenomenon is expected to
+accelerate by 2030. This situation is gradually leading to a fight
+for talent in which the winning company will be the one in a posi -
+tion to provide its employees with work-life balance, a degree of
+physical and mental well-being and, above all, meaningful work.
+In this context, Cofinimmo seeks to provide for the health and
+safety of its clients in all its buildings. Innovative infrastructure is
+therefore made available through its partners. In particular, they
+comprise of concierge-type services much like those found in the
+hotel industry. This includes, for example, leisure and relaxation
+areas, fitness centres, and personal services such as dry cleaning,
+ironing, shopping home delivery, car wash, etc.
+New types of certification are supplementing existing environ -
+mental certifications (BREEAM, LEED, HQE, etc.). They assess build -
+ings according to their ability to meet human needs : access
+to quality air and water, daylight, healthy food, contact with
+nature, etc.
+Digital transformation
+IIn the medium term, the health and economic crisis will acceler -
+ate the inevitable digital transformation of the construction and
+real estate sectors. More than ever, the survival of construction
+and real estate companies will depend on their ability to adapt,
+which will include the adoption of new technologies. The Internet
+of Things (IoT), augmented reality, artificial intelligence (AI), and
+digitalisation are all promising avenues that demonstrate the
+extent of the impact of evolving technology in the real estate
+sector. 2023 marked the wide breakthrough of AI with examples
+such as ChatGPT, GPT-4, Vision AI and other applications. Tech
+industry leaders are openly discussing about the opportunities
+and threats of the ongoing development of AI. The EU is working
+on the Artificial Intelligence Act to boost research and industrial
+capacity while ensuring safety and fundamental rights.
+Cofinimmo recognises that the use of AI tools can pose risks to
+operations and customers. Therefore, it is committed to protect -
+ing the confidentiality, integrity and availability of all information.
+The AI policy it developed to anticipate compliance obligations,
+requires all parties to use AI tools in a trustworthy manner, con -
+sistent with its security best practices.
+Today, technology makes it possible to go beyond the automation
+of repetitive tasks and provides support for more complex intel -
+lectual processes, customer relations, equipment maintenance,
+the management of breakdowns and energy management.
+Cofinimmo integrates these new technologies when renovating
+its buildings. The aim is to manage energy more efficiently, and
+in doing so, reduce GHG emissions.
+Generalised telework is seen as the ultimate test of the digital
+transformation in the workplace. Teleworking policies imple -
+mented in companies which have invested in digital capabili -
+ties have proven very popular among employees.
+Evolving technology in
+healthcare
+Technology is fuelling a gradual shift from curative to preven -
+tive medicine. The Internet of Medical Things (IoMT) is enabling
+a new approach to healthcare management, giving doctors a
+more dynamic view of their patients’ health and, if necessary,
+adjusting treatment more quickly according to their condition.
+These sensors can even trigger a call to emergency services in
+the event of serious anomalies in a patient’s metrics. All these
+possibilities have an impact on healthcare infrastructure, as
+hospital stays are now shorter.
+Other technologies, such as telehealth and electronic medical
+records (EMRs), are leading towards higher flexibility of space
+in healthcare facilities. While not intended to replace in-person
+visits, telehealth is redefining the doctor-patient relationship
+and the medical office space, allowing patients to access treat -
+ments from their connected devices, and doctors to rethink their
+medical practices.
+The EMR system will also help redefine healthcare spaces. With all
+records being digital, EMR reduces the amount of space needed
+to keep medical records, freeing up considerable space that
+could be used for alternate purposes, such as storage units
+for medical devices, or additional space to create more rooms
+for patients.
+Other types of healthcare real estate properties are being
+developed to meet the needs of the ageing population, which
+nevertheless remains very independent : rehabilitation centres,
+day centres, etc. This new generation of senior citizens wants to
+stay in their own homes as long as possible, and the technical
+evolution in healthcare will make this possible. However, it will
+require flexible housing design that can evolve according to a
+person’s stage in life.
+125
+SECTION 5  I  ESG REPORT  I  MAJOR TRENDS AND THEIR IMPACTS ON THE ESG STRATEGY  I

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+This objective was established following the science-based tar -
+gets methodology, which makes it possible to objectivise the
+effort required to contribute to the goal of limiting global warming
+to a maximum of 1.5°C. This builds on the many ESG initiatives set
+by Cofinimmo, and is in line with the UAE Consensus delivered at
+COP28 in 2023. Initiated at the beginning of 2020, the 30³ project
+covers the healthcare real estate and office segments, and all
+the activities directly managed within the company such as sales
+and acquisitions, development, construction management and
+relating day-to-day property management. Only a 360-degree
+approach, considering the entire life cycle of buildings, will enable
+the group to achieve the objective set.
+Approach on risks and
+opportunities linked to climate
+change
+At the heart of this structured response planning for climate
+risks lies a long-standing commitment to ESG data transpar -
+ency through a standardised reporting of ESG key performance
+indicators in line with the EPRA sBPR reporting standard (see
+pages 334-353).
+Knowing the real performance and being able to report it with a
+standardised approach, ESG and climate risks fit into Cofinimmo’s
+overall risk management approach, which is defined on pages
+4 to 9.
+The climate-related risk assessments consider the following types
+of risks, categorised according to the key risks identified in the
+Environmental, Social and Governance Risks section of the Risk
+Factors chapter (see page 9).
+Structured approach
+to climate risks
+  X Detail of the innovative timber structure of the office building Montoyer 10 - Brussels CBD (BE)
+In response to the risks generated by climate change, Cofinimmo decided to
+raise its environmental ambitions. Strategic thinking carried out in 2019 led to
+an ambitious project aimed at reducing the portfolio’s energy intensity by 30 %
+(compared to the 2017 level) by 2030, to reach 130 kWh/m²/year (30³ project).
+128
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+      Governance
+      Strategy
+      Risk management
+      Indicators & Objectives
+Harmonised ESG report
+and clear data collection
+targets.
+ISO 14001 : historical pillar of
+environmental risk management,
+reinforced by a structured
+approach to climate risks.
+Cofinimmo has been committed to
+a global ESG strategy for more than 15 years.
+Committed to the objectives of the Paris Agreement,
+the group believes that it is possible to aim
+for a carbon neutral society by 2050.
+Cofinimmo’s governance considers ESG
+and climate risks as an absolute priority.
+It integrates the risks and opportunities associated
+with climate change into its overall strategy.
+Impact on building sustainability Impact on ESG strategy
+Current regulations, such as the EU Energy Performance of Buildings
+Directive (transposed into national regulation) requires a higher level
+of energy performance for every new or refurbished building.
+Emerging regulations, such as the CSRD and the EU Taxonomy will
+define access to financial instruments in the future and determine
+what sustainable real estate activities need to respond to.
+The obligation to provide charging points for electric vehicles is a
+new technology for which the indirect risks have not yet been fully
+identified, such as the fire safety of electric cars in underground
+parking lots. As a result, insurance premiums may be higher.
+Investors use multiple benchmarks, which creates a reputational
+risk. Cofinimmo has considered the risk of not qualifying or
+proactively engaging with benchmarks and the potential impact
+of receiving a score that does not accurately reflect the company’s
+ESG efforts.
+Consumers are demanding buildings with a good energy
+performance as rising energy costs and the desire to reduce their
+carbon footprint create a risk in the market.
+During the acquisition phase (due diligence), acute and chronic
+physical risks are assessed through a specific risk analysis based on
+available climate risk tools and an organised framework to improve
+the quality of information used in the decision-making process.
+The section ‘Environment’, included in this document, describes
+how the group manages risks related to climate change miti -
+gation. In particular, it outlines the procedures aiming at reduc -
+ing greenhouse gas (GHG) emissions associated with the energy
+intensity of the portfolio. In line with its ESG strategy, Cofinimmo
+intends to pursue a sustainable financing policy, which is
+described in the chapter ‘Financial resources management’
+(see pages 87-99).
+Finally, the management of ESG issues, including the risks and
+opportunities related to climate change, is well integrated into
+the overall governance structure, with the Head of ESG reporting
+directly to the CEO. For more details on Cofinimmo’s governance
+structure and the company’s commitment to monitoring ESG
+and climate risks at all levels of its structure, see the ‘Corporate
+Governance Statement’ on page 204.
+129
+SECTION 5  I  ESG REPORT  I  STRUCTURED APPROACH TO CLIMATE RISKS  I

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+  X Nursing and care home Ohana - Juprelle (BE)
+GHG Protocol : Understanding Cofinimmo’s emissions
+Cofinimmo has been reporting its scope 1, 2 and 3 emissions in a
+consolidated way since 2010, using GHG protocol as a reference
+standard for measuring, managing, and reporting emissions.
+As shown, Cofinimmo opts for an operational control approach,
+together with market-based accounting approach for scope 2
+emissions. The group uses a whole building approach for carbon,
+which means emissions arising from operational energy con -
+sumption and from landlord and tenant-controlled spaces are
+included within the GHG inventory and target boundaries. This
+allows Cofinimmo to differentiate between the portfolio which
+is directly managed and the one that is not. While the former
+constitutes direct (Scope 1) and indirect (Scope 2) energy-re -
+lated emissions, the indirectly managed portfolio consists of
+only indirect (Scope 3 - category 13) emissions.
+In total, Cofinimmo aligns its reporting to three standards, i.e.
+the GHG protocol, EPRA sBPR, and the GRI Standards. Working for
+alignment helps not only at a corporate level but also for the
+purpose of harmonisation towards a level of carbon accounting
+that equals the financial one.
+As research evolves on GHG emissions and their calculation,
+so does carbon accounting. The GHG protocol represents an
+essential reference for the standardisation of carbon account -
+ing towards higher transparency. A higher transparency would
+eventually increase awareness on how to positively contribute
+to emissions’ reduction.
+Cofinimmo declares that there have been no significant changes
+in the group’s ESG position since the previous report on emissions
+data. The company has not undergone any structural changes,
+nor has the emissions accounting methodology and boundary
+changed in the reporting year.
+130
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+SCOPE 1
+DIRECT
+EMISSIONS FROM
+DIRECTLY MANAGED
+PORTFOLIO
+3,006 tonnes of CO2 e
+SCOPE 2
+INDIRECT
+EMISSIONS FROM
+DIRECTLY MANAGED
+PORTFOLIO
+3,835 tonnes of location-
+based CO2 e
+388 tonnes of market-
+based CO2 e
+Single-
+tenant
+offices
+Healthcare
+real estate
+Distribution
+networks
+PPP/
+financial
+leases
+Indirectly managed
+portfolio
+Medical office
+buildings
+Multi-tenant
+offices
+District
+heating
+District
+heating
+Electricity
+consumption
+Electricity
+consumption
+Fossil fuel
+consumption
+Fossil fuel
+consumption
+SCOPE 3
+INDIRECT
+EMISSIONS FROM
+INDIRECTLY MANAGED
+PORTFOLIO
+44,497 tonnes of CO2 e of
+operational carbon
+25,650 tonnes of CO2 e of
+embodied carbon
+INDIRECT EMISSIONS LINKED TO PURCHASED ENERGY
+DIRECT EMISSIONS
+INDIRECT EMISSIONS LINKED TO LEASED ASSETS
+Directly managed
+portfolio
+Head office
+Fossil fuel consumption
+39.5 tonnes of CO2 e
+Fuel for car fleet
+276.9 tonnes of CO2 e
+Fugitive emissions
+1.3 tonnes of CO2 e
+Electricity consumption
+8.5 tonnes of CO2 e
+ The group’s GHG emissions in 2023
+Visitors
+4.2 tonnes of CO2 e
+Business trips
+101.0 tonnes of CO2 e
+Waste
+5.3 tonnes of CO2 e
+Commuting
+47.5 tonnes of CO2 e
+Energy related
+(upstream scopes 1 & 2)
+83.5 tonnes of CO2 e
+Head office
+Equipment
+134.7 tonnes of CO2 e
+Paper purchase
+1.2 tonnes of CO2 e
+131
+SECTION 5  I  ESG REPORT  I  STRUCTURED APPROACH TO CLIMATE RISKS  I

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+Evolution of the average energy intesity of the
+portfolio between 31.12.2016 and 31.12.2023
+The graph shows a 25 % decrease in the average energy intensity
+over the last six years, all scopes combined.
+ Carbon footprint of Cofinimmo’s head office and offices abroad
+The total carbon footprint of Cofinimmo’s head office, including
+direct and indirect emissions associated with infrastructure
+and transportation, as well as indirect emissions associated
+with waste and equipment, has been tracked since 2009.
+The carbon footprint per FTE is 4.7 tonnes CO 2 e/FTE, a decrease
+of 32 % compared with 2009. The increase in the figures for 2023
+compared with 2022 is due to the fact that Cofinimmo has
+also taken into account the emissions of its offices located
+outside Belgium in order to have a more global view. If we
+make a like-for-like comparison between 2023 and 2022, the
+total footprint remains more of less stable at 694.8 tonnes CO 2 e
+(+30 % compared to 2009 and +1 % compared to 2022). The
+carbon footprint per FTE decreases to 4.6 tonnes CO 2 e/FTE, a
+reduction of 33 % compared with 2009. A bike for all policy is in
+place to further reduce transportation-related emissions, thus
+contributing to the commitment to reduce absolute scope 1 and
+scope 2 GHG emissions 50 % by 2030 from a 2018 base year, and
+to measure and reduce its scope 3 emissions as required by
+the Science Based Targets initiative for SMEs. Cofinimmo goes
+a step further and has set an energy intensity target on scope
+1-2-3 combined, see 30³ project.
+   22.1 %
+Cat. 3 Energy related
+(upstream scopes 1 & 2)
+   45 %
+Scope 1
+   54 %
+Scope 3
+  1.1 %
+Cat. 9 Visitors
+   1 %
+Scope 2    12.6 %
+Cat. 7 Commuting
+   26.8 %
+Cat. 6 Business trips
+   1.4 %
+Cat. 5 Waste
+Cofinimmo’s head offices - Footprint per scope in 2023 ( % emissions in tonnes CO2e)
+   0.3 %
+Cat. 1 Paper purchase
+   35.7 %
+Cat. 2 Equipment (fleet, IT)
+Evolution of the average energy intensity of
+the portfolio between 31.12.2016 and 31.12.2023
+230
+220
+210
+200
+190
+180
+170
+160
+150
+140
+130
+kWh/m²/year
+2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
+189
+226
+178179
+165 158163
+130
+-30 %
+142
+-25 %
+Scopes 1, 2 & 3 Scope 3 in details
+132
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I
+The secret clothing is a "sock".

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+10
+9
+8
+7
+6
+5
+4
+3
+2
+1
+0
+2009 2014 2017 2019 2020 2021 2022 2023
+6.9
+8.0
+5.4
+6.0
+4.1 4.0
+4.4 4.7
+Head offices GHG emissions intensity (t CO2 e/FTE)
+The head offices' GHG emissions intensity is expressed as a
+FTE to account for the relative impacts of mobility-related
+emissions.
+Since 2023, Cofinimmo has also included its offices located
+outside of Belgium.
+Committed to act on climate change
+According to the European Environment Agency, in 2021, the
+real estate sector was responsible for approximately 35 % of
+energy related greenhouse gas (GHG) emissions in Europe. This
+includes both embodied and operational emissions. In addition
+to carbon, fugitive emissions from fluorinated GHGs are also a
+significant and growing source of emissions for the buildings
+sector, mainly arising from refrigeration and air-conditioning
+systems. With a portfolio of more than 2.5 million m², Cofinimmo
+is aware of its carbon impact and its potential to contribute
+to limiting global warming. In light of these facts, Cofinimmo is
+committed to reducing the GHG emissions of its buildings and
+to ensuring they achieve optimal energy performance.
+In 2020, Cofinimmo became a member of the Belgian Alliance
+for Climate Action, a joint initiative of The Shift and WWF. It is an
+open platform for Belgian organisations, regardless of their size
+or sector of activity, that want to reduce their GHG emissions,
+raise their climate ambitions and use science based targets
+to achieve their climate objectives. By joining the organisation,
+around 100 organisations in Belgium have committed to align -
+ing their activities with the objectives of the Paris Agreement,
+i.e. to limit the global temperature rise to well below 2°C and
+to continue their efforts to limit the increase to 1.5°C. WWF, a
+co-founder of the Science Based Targets initiative, will provide
+expertise to the alliance members on target setting and will liaise
+with other climate alliances around the world.
+To limit the financial risk associated with climate change,
+Cofinimmo applies a seven-level approach :
+• acquisition policy aiming at reaching an average target energy
+intensity for the acquired portfolio by 2030 ;
+• renovation projects with a maximum target energy intensity,
+taking into account the economic profitability and technical
+constraints ;
+• maintenance works to reduce the energy intensity of the exist -
+ing portfolio by an average of 10 % ;
+• operational management in collaboration with suppliers to
+improve the energy performance of existing assets ;
+• proactive dialogue with tenants ;
+• sustainable financing framework based on a list of eligi -
+ble green and social assets ;
+• implementation of the ESG policy.
+Approximately 4,700 companies worldwide have targets val -
+idated by SBTi. The 2030 target has been set and an annual
+assessment is carried out to ensure that the commitments are
+met. Cofinimmo is also actively working on setting its 2050 tar -
+gets. Several intermediate targets will be set to ensure that the
+objectives are achieved by 2050, or even earlier. In this sense,
+Cofinimmo is participating in the Science Based Targets initi -
+ative (SBTi) pilot test for the development of the Buildings Sci -
+ence-Based Target-Setting Guidance and Tool.
+Cofinimmo intends to neutralise residual emissions and/or further
+reduce emissions beyond the value chain through offset and/
+or removal activities in the long term, but is focusing on energy
+reduction in the short term. Offsetting is not yet part of the group’s
+action plan, but project-based carbon credits have been applied
+for a project in 2023. Cofinimmo believes that carbon pricing
+regulation is a strong lever for GHG emission reductions, but
+does not intend to set an internal price on carbon.
+133
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+Operational carbon action plan for standing assets
+In 2023, Cofinimmo continued to implement the 30³ project
+aiming at reducing the energy intensity, as part of a ‘net zero’
+roadmap to contribute to the transition to a low-carbon system.
+This path includes a number of actions that affect both stra -
+tegic segments, such as renovations, which are at the heart of
+Cofinimmo’s low-carbon strategy. An example of a low-carbon
+product is Montoyer 10 in Brussels, which has been awarded a
+silver CO 2 neutral certification. Across the portfolio, increasing
+the availability of actual energy consumption data is a pillar
+of action. Cofinimmo is committed to achieving this objective
+through the systematic installation of remotely readable meters
+and the establishment of a partnership with the stakeholders
+who wish to participate in the reduction of energy intensity. Due
+to Cofinimmo’s leasing activities, the main focus for the reduc -
+tion of GHG emissions is within scope 3, more precisely tenants’
+energy consumption, which Cofinimmo has been reporting since
+2010 and which represents more than 95 % of its total emissions
+(excluding upfront embodied carbon).
+In order to take into account the policy risks associated
+with decarbonisation paths towards a net-zero economy,
+Cofinimmo has opted for the 1.5° CRREM scenario at asset level
+by 2050 in order to meet the highest standards. CRREM (Carbon
+Risk Real Estate Monitor) is the leading global standard and
+initiative for operational decarbonisation of real estate assets,
+targets and paths in terms of GHG intensity by property type
+and by country for the 1.5°C and 2°C global warming targets.
+Total GHG emissions linked to energy consumption of
+the portfolio (scopes 1, 2 and 3 in tonnes CO2e/m²)
+ Scope 1    Scope 2   Scope 3
+50
+45
+40
+35
+30
+25
+20
+15
+10
+5
+0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
+Group's GHG emissions (scopes 1 + 2) have been divided by 5.5 since 2010.
+Group's GHG emissions (scopes 1 + 2) have been reduced by 30 % between 2022 and 2023.
+The increase in scope 3 is explained by an increase in data coverage.
+The decrease in scope 2 between 2017 and 2018 is explained by a change in methodology
+(from location-related to market-related).
+Final energy intensity of the portfolio
+(in kWh/m²/year)
+ Offices intensity
+ Healthcare intensity   Overall group intensity
+240
+200
+160
+120
+80
+40
+0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
+Cofinimmo has managed to reduce its energy intensity by 10 % between 2022 and 2023.
+ In 2023, 90 % of energy consumption comes from real data.
+Group's energy intensity has been reduced by 35 % since 2010.
+The final target for energy intensity is 130 kWh/m²/year by 2030.
+134
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+A1 A2
+A4
+A5
+B1-B5
+B6-B7C1
+C2
+C3
+Extract
+raw materials
+Transport
+to factory Manufacturing
+of products
+Transport to
+construction
+site
+Construction
+process on
+site
+Maintain the building :
+use, maintain, repair,
+refurbish, replace
+Deconstruction
+or demolition of
+the building
+Transport :
+Haul away
+waste materials
+Waste
+processing
+Disposal
+Embodied carbon
+A4-A5 :
+CONSTRUCTION
+PROCESS
+STAGE
+B1-B7 :
+USE
+STAGE
+A1-A3 :
+PRODUCT
+STAGE
+C1-C4 :
+END OF LIFE
+STAGE
+D : BENEFITS AND
+CONSTRAINTS
+BEYOND THE BUILDING
+LIFE CYCLE
+- Reuse
+- Recovery
+- Recycling
+A3
+Operational carbon :
+operational energy use,
+operational water use
+C4
+ Embodied carbon
+Embodied carbon action plan for development projects
+The International Resource Panel (IRP), in its 2020 Resource Effi -
+ciency and Climate Change Report and the UN Environment
+Emissions Gap Report 2019, conclude that the carbon emissions
+related to the use of materials in construction is estimated to
+account for about 10 % of total yearly GHG emissions worldwide
+(Source : Ramboll study : 21 % embodied carbon out of 41 % carbon
+emissions during the whole life cycle (WLC - Whole Life Carbon)).
+A life cycle analysis (LCA) is a methodology that assesses the
+environmental impacts associated with all the life cycle stages
+of a building. Performing an LCA on a new development makes
+it possible to understand which stage and which material is the
+most harmful to the environment. Also, an LCA incorporates both
+the operational carbon and the embodied carbon and helps
+make design decisions. Aiming to reduce operational carbon
+emissions might mean that more materials are required during
+renovation, e.g. for insulation. The extra materials used will result
+in higher embodied carbon emissions, but these emissions will
+be offset over the lifetime of the asset by lower operational
+carbon emissions. Embodied carbon is now the main challenge,
+since operational carbon improvements linked to energy use of
+the building have had the focus over the last years. In 2023, the
+GHG emissions linked to the delivery of ten projects amounted
+to 25,650 tonnes of CO 2 e. Measuring GHG emissions of these
+delivered projects is part of the plan to manage, develop and
+construct net zero carbon buildings.
+135
+SECTION 5  I  ESG REPORT  I  STRUCTURED APPROACH TO CLIMATE RISKS  I

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+Shareholders and investors
+Individual or institutional shareholders and
+financial institutions
+As a listed company, Cofinimmo has a duty to have a transparent
+dialogue with its investors and to ensure the same informa -
+tion is available to all. An ESG-section is part of the quarterly
+presentations.
+The people primarily responsible for this dialogue are the mem -
+bers of the executive committee and, more specifically, the CEO
+and the CFO, assisted by investor relations, external communi -
+cation, finance, and ESG departments.
+In 2023, Cofinimmo participated in more than twenty roadshows,
+conferences, and other events bringing the company and inves -
+tors together. During these roadshows/conferences, company
+representatives were able to meet more than 150 institutional
+investors and to answer questions on the company’s strategy..
+Clients and occupants
+Healthcare properties operators, retailers, public
+services, office tenants and other occupants
+Depending on the business segment, the first contact that
+a client has with Cofinimmo is with the M&A team or the com -
+mercial representatives. The goal for the commercial staff is to
+meet the needs expressed by the client before a space is leased.
+Property managers, on the other hand, seek to ensure the cli -
+ent’s comfort and satisfaction throughout their occupancy of the
+building. If necessary, the project management team is available
+to carry out improvement works on tenants’ premises or, for
+healthcare real estate, to initiate structural projects.
+In the healthcare real estate segment, the client receives reg -
+ular visits from Cofinimmo’s property managers or their repre -
+sentatives. These visits are a fundamental part of the property
+management system linked to centralised data management
+systems and dashboards. In some countries, Cofinimmo has
+signed outsourcing agreements for the technical management
+of buildings because the properties are geographically dispersed.
+Each property is visited at least once a year to establish a proac -
+tive dialogue with the operator. In Finland for example, Cofinimmo
+concluded subcontracts with a local real estate manager. The
+main reasons for this are the requested local knowledge and
+the lack of Cofinimmo offices in Finland. The number of visits
+varies from one per month to one every six months, depending
+on the asset and the type of contract.
+In the office segment, the clients meet with a Cofinimmo
+employee in person at least once a year. Often, there are quarterly
+and even more frequent contacts if telephone conversations and
+e-mails are included. The client can also contact the company
+via the service desk, which is available 24/7. In 2023, the service
+desk responded to 7,439 client requests.
+In January 2024, Cofinimmo conducted a satisfaction survey
+relating to 2023 among its tenants. The objective of the survey
+was, among others, to better understand the level of overall satis -
+faction of the tenants with regard to the performance of the build-
+ings they use next to satisfaction level on building characteristics,
+contacts with owner, maintenance and works management.
+Through this survey, Cofinimmo sought to strengthen the dialogue
+with tenants in all segments to understand their ESG priorities
+for building management.
+Using a Net Promoter Score (NPS), the results showed that
+tenants are globally promoters of Cofinimmo with a NPS
+score of +4 based on 36 % of respondents, and 78 % of con -
+tacts who responded to the survey are satisfied with the
+landlord-tenant relationship, and that the most impor -
+tant ESG aspects are to ensure occupant safety, reduce the
+energy intensity of the portfolio and ensure accessibility for
+everyone. These results will be part of a focused action plan
+to make sure tenant feedback is considered in the overall
+strategy. In order to understand the evolution of tenants’ sat -
+isfaction but also the evolution of their needs and priorities in
+terms of ESG and beyond, Cofinimmo plans to conduct the same
+survey every two years.
+Employees
+Due to the size of the company, which currently counts 154 per -
+manent staff, employees have regular contacts with the Head of
+human resources and the members of the executive committee.
+Informational meetings and informal consultations, open to all
+employees, are regularly organised and facilitate discussion
+with members of the executive committee.
+The individual performance reviews provide an opportunity to
+discuss expectations, roles and objectives more formally. At the
+end of 2021, Cofinimmo switched to a ‘performance preview’
+system, where employees are empowered to propose their
+own contributions toward achieving the company’s strategic
+objectives. The system of two reviews per year was abandoned
+in favour of a permanent feedback system, based on regular
+interviews. With this new system, employees and their managers
+work hand in hand to ensure the success of their team.
+In 2022, after the submission of a survey aimed at defining per -
+sonality traits of Cofinimmo’s employees, Cofinimmo put together
+a working group where a diverse group of employees and man -
+agement worked together to extract a common denominator of
+values, reflecting high ethical standards. These resulted into our
+common values ‘we care, we connect, we commit’.
+Although the right to freedom of association and collective bar -
+gaining is provided through mandatory social elections, which
+take place every four years, no trade union representation has
+been set up so far, due to a lack of candidates.
+Regardless of the absence of a trade union, Cofinimmo is
+committed to managing reorganisations responsibly. For all
+To thank the tenants for their participation
+in the satisfaction survey, Cofinimmo
+donated 10 EUR per completed
+questionnaire to the ICRC (International
+Committee of the Red Cross).
+138
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I

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+operational changes impacting multiple people, applicable leg -
+islation mandates a minimum notice period of six weeks. No
+collective reorganisation involving job losses has taken place
+within the group in recent years.
+Suppliers of goods and services
+Developers, contractors, service providers,
+facility managers, real estate agents, lawyers,
+consultants
+Cofinimmo works with less than 2,000 suppliers. These are primar -
+ily contractors responsible for the (re)development of buildings,
+and companies that carry out regular maintenance on buildings
+(technical maintenance, energy supply, cleaning, etc.). The top
+98 significant tier 1 suppliers with yearly spent above 250,000 EUR
+represent 84 % of the total spent in 2023.
+There are many interactions with the suppliers of goods and
+services. In the design phase of a building being (re)developed,
+Cofinimmo organises meetings with architects and, where
+appropriate, contractors. In the construction phase, weekly site
+meetings are held to assess the progress, make decisions on
+issues that arise as a result of unforeseen factors, and ensure
+the safety of all involved.
+In the operation phase, Cofinimmo meets monthly with the
+companies overseeing the maintenance of its buildings’ tech -
+nical installations. These meetings are an opportunity to, among
+other things, discuss how best to ensure occupant comfort and
+technician safety, carry out system maintenance, and reduce
+energy consumption.
+As described above Cofinimmo monitors both internal and exter -
+nal property managers’ as well as other direct external suppliers’
+compliance with ESG-specific requirements in the supplier code
+of conduct through checks performed by third parties (like tech -
+nical auditors and health and safety coordinators) and through
+regular meetings with Cofinimmo’s employees.
+Supervisory authorities
+Financial Services and Markets Authority
+(FSMA), the National Bank, auditors, municipal,
+regional and federal authorities
+As a Belgian listed company, Cofinimmo contributes to eco -
+nomic life in its operating countries, most notably through the
+payment of taxes and duties.
+Both operational and finance teams maintain relationships with
+public supervisory bodies to ensure the proper payment of taxes
+and the publication of transparent financial information. Interac -
+tions with the authorities take place on an ad hoc basis : during
+applications for building, planning, or environmental permits, for
+the validation of published financial information, and for financial
+statement audits, etc.
+Media, financial analysts
+In addition to Cofinimmo’s annual and half-yearly financial
+reports, the company published 42 press releases in 2023, all
+of which are made available to interested parties in the financial
+world. This information is published in three languages (French,
+Dutch and English) on the company’s website. Press releases
+relating to operations in Germany, Spain, Italy and Finland are
+also published in German, Spanish, Italian, Finnish and Swedish,
+respectively. To follow the volatility and impact of social media,
+Cofinimmo is active on X (Twitter), LinkedIn and since May 2023
+on Instagram. Together these accounts have reached 13,927
+followers. In 2023, Cofinimmo published 118 posts on LinkedIn,
+42 posts on X and 49 posts on Instagram.
+Finally, Cofinimmo renewed its participation in several ESG ratings
+and benchmarks, notably GRESB, S&P Corporate Sustainabil -
+ity Assessment, Carbon Disclosure Project and EPRA sBPR, thus
+maintaining its position among the best real estate companies.
+‘The Shift is the national contact point
+for the World Business Council for
+Sustainable Development (WBCSD)
+and the UN Global Compact (UNGC).
+Over 560 organisations from
+different sectors are members of this
+network, including businesses, NGOs,
+associations, universities, public bodies
+and other key players in society.’
+139
+SECTION 5  I  ESG REPORT  I  STAKEHOLDER DIALOGUE AS DRIVER FOR TRANSITION  I

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+Stakeholders : expectations and responses
+Stakeholders Expectations Responses
+SHAREHOLDERS AND
+INVESTORS
+Individual and institutional
+shareholders, financial
+institutions
+• The protection of the invested capital ;
+• A moderate risk profile ;
+• The provision of transparent financial
+information ;
+• A long-term relationship ;
+• A socially responsible investment ;
+• The repayment of the debt and payment of
+interests.
+• A clear investment policy in the three business segments :
+healthcare real estate, distribution networks and PPP, and offices ;
+• Seeking income over the long term ;
+• Transparent financial information, audited by the external auditor,
+governed by the regulations, and supervised by the Financial
+Services and Markets Authority : annual report, participation in
+investor fairs, general meeting, etc. ;
+• Full application of the corporate governance code.
+CUSTOMERS AND
+OCCUPANTS
+Healthcare real estate
+operators, retailers, public
+services, office tenants
+and other occupants
+• A building that meets the specific needs of their
+activities ;
+• The ability to innovate in order to meet changing
+needs ;
+• Rents in line with their financial potential
+and clear information on their rights prior to the
+signature of a lease ;
+• Control of rental-related expenses ;
+• A trustworthy, stable landlord ;
+• Sustainable buildings which guarantee security
+and comfort.
+• A team of professionals active in various real estate fields :
+commercial representatives to fully understand customers’ needs,
+project managers to ensure the buildings’ construction quality,
+property managers to ensure efficient management of buildings
+in operation, and control of rental expenses.
+• A commercial offer with clear and transparent clauses.
+EMPLOYEES • Pleasant working conditions ;
+• Fair treatment ;
+• A guaranteed, stable and attractive wage grid ;
+• A skills development plan (training, career
+prospects, etc.) ;
+• Management with strong ethical values, a sense
+of leadership and the ability to listen.
+• A code of good conduct ;
+• Wage conditions that ensure a fair, appropriate and comfortable
+standard of living and salary development protecting staff
+against increases in the cost of living ;
+• A system of permanent dialogue between the employee and their
+manager to help each other as much as possible in successfully
+contributing to the company’s objectives ;
+• Consultation on working conditions and working atmosphere, with
+a view to improve work through agreements ;
+• Freedom of association and collective bargaining protected by
+mandatory elections and regular interaction opportunities with
+colleagues and the management ;
+• Responsible management and reorganisation (where it occurs) ;
+• Access to training ;
+• Regular employee engagement surveys.
+SUPPLIERS OF GOODS AND
+SERVICES
+Developers, contractors,
+service providers,
+facility managers,
+real estate agents,
+lawyers, consultants
+• Collaboration opportunities ;
+• Compliance with purchase orders and signed
+contracts : product and service prices, payment
+deadlines, etc. ;
+• A healthy, well-balanced commercial
+relationship ;
+• Respect for suppliers’ staff.
+• A supplier code of conduct
+• Clear specifications and tender rules ;
+• Acceptance of the delivered products and services agreed upon
+by both parties ;
+• Payment of agreed amounts within the agreed deadlines ;
+• Openness to dialogue in the event of a dispute ;
+• A code of good conduct that includes supplier relationships ;
+• Commitment to reduce social risks in its supply chain.
+SUPERVISORY AUTHORITIES
+The Financial Services and
+Markets Authority (FSMA),
+the National Bank, auditors,
+municipal, regional, and
+federal authorities
+• Compliance with the laws and regulations
+in effect, particularly those governing town
+planning and environment ;
+• Open dialogue through professional
+associations ;
+• Compliance with public space planning rules.
+• Financial publications and press releases that meet regulatory
+requirements ;
+• Timely transmission of information on the transactions carried
+out to enable the supervisory authority to review them without
+undue haste ;
+• Compliance with the legislation and procedures in effect, and the
+forms required by the authorities.
+MEDIA,
+FINANCIAL ANALYSTS
+• Accurate, reliable information and timely
+dissemination.
+• Annual reports, press releases and other publications ;
+• Participation in interviews, round tables, debates and roadshows ;
+• Press conferences ;
+• ESG ratings and references.
+CIVIL SOCIETY, LOCAL
+COMMUNITIES
+Local residents, civil
+society associations, etc.
+• Responsiveness to society’s actual real estate
+needs ;
+• A contribution to citizens’ well-being ;
+• Improvement in urban quality of life
+and harmony ;
+• Payment of taxes.
+• Investment in segments that represent a demand and respond to
+a present and future societal challenge (healthcare real estate,
+PPP) ;
+• Respect for the neighbourhood when refurbishing buildings or
+during new developments ;
+• Citizens’ initiatives supported by Cofinimmo’s employees.
+Civil society, local communities
+Local residents, civic associations, etc.
+Cofinimmo pays close attention to its impact on civil society.
+To monitor this impact, Cofinimmo regularly takes part in con -
+ferences related to its activities, participated in interviews with
+journalists and helps university students in their academic work.
+The company is also a member of associations such as The
+Shift, which brings together businesses and NGOs. These forums
+provide an opportunity to reflect on ways to improve the com -
+pany’s sustainability policies.
+140
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I

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+Environment
+Cofinimmo’s environmental policy can be found on the company’s website :
+www.cofinimmo.com/about-us/governance/charters
+Organisation /
+Institution
+Rating / certification Initial rating Evolution
+2023
+Green Star
+with a score of 77 %
+(Peer average 75 %)
+45 %
+2014
+70 %
+70 %
+77 %
+2021                  2022                  2023
+2023
+B
+(on a scale from A to D-)
+Europe regional average B
+Financial services sector average B-
+C
+2013
+B
+B
+B
+2021                  2022                  2023
+2023
+BREEAM - Good to Excellent
+(11 sites)
+HQE - Excellent
+(1 site)
+BREEAM In-Use - Good to Excellent
+(14 sites)
+ActiveScore - Gold
+(1 site)
+1
+site
+2010
+15
+sites
+20
+sites
+27
+sites
+2021                  2022                  2023
+9.8 t CO 2 e/MEUR
+GHG emissions intensity for scopes 1 and 2 in
+relation to the property result
+-9.7 %
+Change in GHG emissions for scopes 1, 2 and 3
+-3.2 %
+Change in electricity consumption
+12.7 kg CO 2 e/m²
+GHG emissions intensity linked to energy consumption
+of portfolio for scopes 1 and 2
+138.2 t CO 2 e/MEUR
+GHG emissions intensity for scopes 1, 2 and 3 in
+relation to the property result
+-11.5 %
+Change in fuel consumption
+142 kWh/m²/year
+Energy intensity
+23.9 kg CO 2 e/m²
+GHG emissions intensity linked to energy consumption
+of portfolio for scopes 1, 2 and 3
+141
+SECTION 5  I  ESG REPORT  I  ENVIRONMENT  I

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+According to the European Environment Agency, in 2021, the real estate sector
+was responsible for approximately 35 % of energy-related greenhouse gas (GHG)
+emissions in Europe. In light of this fact, Cofinimmo aims to reduce its buildings’
+emissions and strives to ensure they deliver optimal energy performance.
+Reducing
+energy intensity
+of the portfolio
+In October 2023, the European Commis -
+sion adopted the last two proposals com-
+pleting its Fit for 55 package of measures
+to reduce GHG emissions by at least 55 %
+by 2030 (compared to 1990 levels). Build -
+ing and renovating in an energy and resource-efficient way is
+one of the policies that will bring about major changes to help
+transform the EU economy for a sustainable future. Cofinimmo
+is publishing energy data of its portfolio since 2010 which allows
+to establish a reference benchmark and a transition plan to
+reduce the energy intensity of the portfolio by monitoring energy,
+preventing energy need and increasing the share of renewable
+energy.
+Cofinimmo, a major player in European real
+estate, has demonstrated its commitment
+to ESG for 15 years. The company remains
+convinced that it is possible to achieve a car -
+bon-neutral society by 2050 while serving the
+interests of its stakeholders.
+Cofinimmo’s 30³ project is part of this approach. The project has
+been validated by the Science Based Targets initiative (SBTi)
+and contributes directly to the company’s objective of reduc -
+ing GHG emissions. The objective of this ambitious project is to
+reduce the energy intensity by 30 % (below 2017 level) to reach
+130 kWh/m²/year by 2030. To achieve this objective, a 360-degree
+approach will be applied, taking into account the entire life cycle
+of buildings, as well as scopes 1, 2 and 3.
+This corporate project applies to both the office and health -
+care real estate segments, and all related activities under the
+company’s direct management, such as sales and acquisitions,
+development projects, construction projects management, and
+day-to-day building management.
+Around 4,700 companies worldwide have targets validated by
+SBTi. The 2030 target has been set and an assessment is carried
+out annually to ensure that the commitments are met. Cofinimmo
+is also actively working to set up its objectives for 2050. Several
+intermediate targets will be set with a view to ensure objectives
+are achieved by 2050, or even sooner.
+Monitor
+Reducing energy intensity starts by better understanding the
+portfolio of buildings. With this in mind, Cofinimmo is gradually,
+and more effectively, recording buildings energy consumption.
+The action plan, implemented in the multi-tenant office segment
+since 2013, was completed in 2018. As a result, these buildings
+are now equipped with remotely readable meters connecting
+the facilities to the energy accounting software. Some opera -
+tors in the healthcare real estate portfolio have taken similar
+approaches to automatically record their energy consumption.
+This general approach is being pursued for the healthcare real
+estate and the single-tenant office segments with a view to
+equip 75 % of the portfolio in the healthcare real estate and
+office segments with automatic consumption records. In 2023,
+Automated consumption meter readings for
+healthcare and office portfolio (in %)
+2020 2021 2022 2023
+70 %
+60 %
+50 %
+40 %
+30 %
+20 %
+10 %
+0 %
+14 %
+19 %
+64 % 66 %66 %
+142
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I
+The secret transportation is a "bike".

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+5.0 %
+Renovation of the portfolio (excluding
+new constructions, extensions and
+acquisitions) for 2028.
+130 kWh/m²/year
+Energy intensity across all segments
+by 2030.
+85 %
+Surface areas covered by a sustainable
+collaboration agreement between
+Cofinimmo and the tenant (healthcare
+real estate and office segments) by 2024.
+a monitoring system is installed for 66 % of the healthcare real
+estate segment and 67 % of the office segment. Further digiti -
+sation and availability of energy data as public data would help
+to overcome the challenge of accurately tracking emissions to
+the building level.
+Cofinimmo believes that landlords and tenants have a shared
+interest in reducing the environmental impact of rented space.
+Building occupants are responsible for managing their own
+energy consumption. Nevertheless, Cofinimmo raises tenants’
+awareness through sustainable collaboration agreements which
+enable the sharing of consumption data and the implementation
+of initiatives to reduce consumption. When appropriate, these
+agreements are formalised by a green clause, a green charter,
+a proxy, or, for existing leases, a simple exchange of emails.
+Since 2020, a green clause has been included in all new leases.
+This clause includes an agreement to collaborate in good faith
+to improve the environmental performance of the leased prem -
+ises and to share all data and relevant information relating to
+energy and water usage. All consumption data from the shared
+spaces under Cofinimmo’s management, as well as the private
+consumption data voluntarily provided by different tenants, is
+collected within the energy accounting software. As at 31.12.2023,
+80 tenants have accepted a sustainable collaboration agree -
+ment so that energy consumption data is available for 75 % of the
+portfolio. Energy intensity and GHG emissions data is provided in
+the chapter ‘EPRA performance indicators’ (see pages 334-353).
+Prevent
+What is the best way to participate in global efforts to reduce GHG
+emissions in the real estate sector ? Cofinimmo aims to prevent
+energy need through development projects (3.2 % of total area in
+2023). The company strives to do as much as possible in terms
+of energy intensity, often going beyond legal requirements to
+address net zero policy at building level by 2050, while main -
+taining desired profitability. Efforts taken to reduce consumption
+differs by sector, but the general approach is to limit the use of
+fossil fuels. In the healthcare real estate segment, Cofinimmo’s
+involvement is focused on raising tenants’ awareness. For offices,
+Cofinimmo is often involved in the day-to-day management
+of most buildings. This enables Cofinimmo to influence energy
+consumption once the building is occupied.
+In the portfolio under operational control, opportunities for emis -
+sions reduction go beyond renovations. A five-year plan ensures
+that maintenance work is targeted toward reducing the port -
+folio’s energy intensity.
+In 2023, the net zero roadmap has been pursued by facilitating 57
+energy audits for strategic assets in the last three years, covering
+13 % of total energy consumption at end of 2023. This roadmap
+allows to contribute to national decarbonisation plans like the
+Tertiary Decree in France and the Information Obligation in the
+Netherlands. In 2023, the energy consumption based on calen -
+dar year 2022 has been entered for 70 % of the buildings on the
+official French Operat platform. The demonstrated sustainability
+ambition combined with the high degree of transparency led to
+the approval of the roadmap in the Netherlands by the authorities
+responsible for environment. In this way Cofinimmo could secure
+participation in the portfolio approach for the Dutch healthcare
+real estate portfolio that runs for the period 2023-2026 in which
+a reduction of 20 % is targeted on final energy consumption.
+Following energy efficiency measures were mainly implemented
+in the portfolio in the last three years :
+• upgrade of regulation management system in 15 buildings ;
+• installation of high-efficiency HVAC equipment in 15 buildings ;
+• wall and/or roof insulation in 6 buildings ;
+• window replacements in 13 buildings.
+Operational management aims to proactively improve the energy
+performance of buildings in collaboration with technical main -
+tenance companies.
+Renewable energy
+While reducing and limiting energy consumption remains a
+necessity, an overarching global goal is to increase the share of
+renewable energy. To this end, Cofinimmo has signed a contract
+for the supply of electricity from renewable sources for areas
+under its operational control in both the healthcare real estate
+and office segments. Electricity delivered under this contract
+is produced off-site, thus GHG emissions are reduced to zero.
+At the same time, Europe is confronted with more frequent heat -
+waves asking for sustainable and efficient cooling systems in
+buildings. How can solar energy provide a cooling solution during
+heatwaves ? While the sun is shining strongest during heatwaves,
+solar energy can power cooling systems, reducing pressure on
+the grid and lowering energy costs. This creates a win-win situa -
+tion for tenants and the environment. According to the roadmap
+approved by authorities for the Dutch healthcare real estate
+portfolio, photovoltaic panels will be installed in 27 buildings by
+143
+SECTION 5  I  ESG REPORT  I  ENVIRONMENT  I

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+the end of 2026. In 2023, 11 facilities in our healthcare portfolio
+in Finland have been equipped with photovoltaic panels, rep -
+resenting more than 900 panels and a total energy production
+of 377 kWp. For example, our medical centre in Vaasa is the first
+Mehiläinen hospital in Finland to be equipped with photovoltaic
+panels. These panels will help reduce the building's GHG emis -
+sions. The electricity produced will be almost entirely used to
+compensate for the energy consumption of the complex, which is
+also limited thanks to LED lighting, mechanical supply and exhaust
+air ventilation systems, as well as heat recovery and remotely
+readable metres. At 31.12.2023, photovoltaic panels are installed
+in 59 buildings, and, combined, produce 3,965 MWh per year.
+Also within the delivery of construction, renovation and extension
+projects, Cofinimmo focuses on the installation of photovol -
+taic panels. At 31.12.2023, 28 % of ongoing projects are designed
+to contain photovoltaic panels covering 21 % of energy need
+(525 MWh estimated production).
+  X Nursing and care home - Hoogerheide (NL)
+144
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I
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+According to MIT researchers, 52 % of the world’s population, now estimated
+to be 9.7 billion people, will live in regions with water stress by 2050. The
+U.S. environmental programme also estimates that the built environment
+is responsible for 20 % of water consumption. The water consumption
+data, reported by the real estate sector, however, is often limited in scope,
+accuracy and detail. Given the significant volume of water consumed
+in the healthcare real estate segment, Cofinimmo seeks to implement
+targeted actions for sustainable management of the water cycle.
+Monitoring water
+usage
+Challenges related to water management, and more specifi -
+cally access to drinking water, are no longer limited to devel -
+oping countries. Indeed, climate change impacts variability in
+the water cycle and its extremes all over the world. Europe has
+experienced very real effects of climate change in recent years,
+with summers marked by a combination of severe droughts and
+extremely violent floods.
+This situation calls for political action to introduce regulations
+on water use, wastewater treatment, and land use. In addition to
+regulations, sustainable certifications such as BREEAM address
+these issues, from environmental responsibility and health per -
+spectives. These changes impact the company’s portfolio in
+terms of both its construction and management and require
+certain improvements. Water cannot be reused, for example,
+without the installation of water tanks. The group’s action is
+not limited to specialised equipment, however.
+Measure and act
+Following the installation of remotely readable energy meters,
+Cofinimmo went on to equip buildings’ water meters with a
+remote connection. In addition to measuring water consump -
+tion, the meters are designed to trigger an action when a dis -
+crepancy is detected. A simple algorithm detects anomalies in
+water consumption and sends an alarm to the building man -
+ager for further analysis to identify the source of the problem.
+The paradox of water consumption, whether in healthcare real
+estate or in offices, is that bills are relatively low for normal use,
+but can increase exponentially in the event of a leak. Indeed, a
+seemingly minor drip can lead very quickly to thousands of liters
+of water lost.
+What does it take to minimise water consumption ?
+The process of minimising water consumption takes place not
+only within the building but also outside.
+In the building, limiting water consumption is related to installed
+appliances, and human behaviour. As for the former, specific
+installations for different water usages exist (e.g. sanitary appli -
+ances, including toilets, taps, showers, and kitchens). For exam -
+ple, low-flow sanitary equipment is standard practice now to limit
+the consumption of flush, while other installation types such
+as waterless toilets are future-oriented installations. Compli -
+ance with applicable hygiene requirements is of the utmost
+importance, including with regard to sanitation facilities and
+therefore the human right to water (an integral part of human
+rights policy).
+Together with appliances, it is important to recognize that not
+all these water-saving measures work independently from one
+pivotal aspect, human behaviour. Academic research shows
+that influencing human behaviour can be successful in reducing
+water consumption. Very interestingly, data-driven personalised
+reports about tenants’ actual water use can influence water
+conservation. Indeed, showing tenants their attitude behaviour
+discrepancies evokes a feeling of discomfort, triggering water
+conservation (as tenants may experience a cognitive disso -
+nance between this feedback information and how they perceive
+themselves, or how they want others to view them). Real-time
+information prompts temporary water savings. It still needs to be
+explored whether such changes in behaviour are only temporary
+or have lasting effect.
+As for the external layout of a building, it can have a dual func -
+tion : creating captured and underground water reserves and
+delaying rainwater runoff.
+The installation of green roofs delays rainwater runoff by creating
+active roofs. Limiting hard surfaces allows better permeability
+of the ground so that rainwater can supply the groundwater.
+In the event of heavy rain, which is increasingly common, this
+makes it possible to reduce flood risk. The impact of biodiversity,
+from vegetation, whether on the roof or on the ground, must
+also be considered.
+720 litres/m²
+Water consumption
+per surface area.
+66 %
+Buildings equipped with remotely
+readable water meters (healthcare
+real estate and office segments).
+145
+SECTION 5  I  ESG REPORT  I  ENVIRONMENT  I

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+Safety of occupants
+In today’s society, guaranteeing safety within buildings is part
+of expectations. In addition to functional requirements, build -
+ings must contribute to the health of the users. New certifica -
+tions and benchmarks underpin this shift, making it essential for
+Cofinimmo’s buildings to meet these expectations.
+Characteristics of the building
+Both construction choices and maintenance quality impact the
+safety of building occupants. The presence of unverified hazard -
+ous materials, non-compliance with safety standards and the
+impact of inadequate ventilation systems on indoor air quality
+can all affect occupants’ health.
+Asbestos management (in %)
+ No traces of asbestos
+ Traces of encapsulated asbestos
+Healthcare real estate  1,861,367 m²
+Distribution networks  308,917 m²
+PPP and others  206,069 m²
+Office  331,226 m²
+Total portfolio  2,707,569 m²
+62
+57
+70
+65
+100
+38
+43
+30
+35
+Cofinimmo systematically analyses all elements likely to have
+an impact on public health, according to the current available
+knowledge and the legislation in place at the moment of the
+design, no later than the urban planning permit date. The due
+diligence process as part of the acquisition and investment
+procedure includes a compulsory analysis of the presence
+of asbestos, soil pollution and aspects relating to fire-fighting
+and fire prevention. For the portfolio under operational control,
+next to clear evacuation plans, the group organises annually
+evacuation exercises for tenants. In the healthcare real estate
+segment, compliance checks on accessibility for people with
+reduced mobility are part of the due diligence process and are
+regulated by the approval for the operation of the buildings. In
+the office segment, 100 % of the projects have been audited for
+accessibility for people with reduced mobility in 2023.
+The asbestos risk is closely monitored for older buildings in the
+portfolio based on the existence of an internal asbestos risk
+management policy and internal training on this policy. Asbestos
+present in buildings is usually encapsulated in the materials.
+In the event of deterioration, these materials are removed in
+accordance with legal requirements to ensure individual safety.
+In addition to regulations, sustainable certifications such as
+BREEAM also address these social issues. Indoor air quality, water
+quality, visual comfort or daylight, thermal and acoustical comfort
+are part of the design criteria for new constructions following
+targeted certifications of 22 ongoing projects at 31.12.2023.
+Internal and external facilities
+The impact of nature on physical or mental health is well estab -
+lished, whether through the quality of the environment in which
+we live (presence of green spaces and landscaping), the quality
+of the air we breathe or even biodiversity. This is why Cofinimmo
+always seeks to provide green spaces to its occupants and pays
+particular attention to biodiversity whenever initiating a new
+project, whether in the healthcare real estate or office segments.
+At the same level the surroundings have a positive impact on
+fighting loneliness in the healthcare segment. In the Fundis project
+(Rotterdam, the Netherlands), onsite services like a dentist or a
+pharmacy facilitate visits by family members as they combine
+visits to occupants with those other services.
+Real estate’s impact on the external environment is increasingly well
+managed. But what about its impact on the internal environment ? According
+to the publication of Emerging Trends in Real Estate®, Europe 2024 by PWC
+& Urban Land Institute, the importance of the internal environment for
+occupiers and end users has increased the most since the start of 2023
+and is expected to rise further in significance over the next five years.
+100 %
+of the directly managed portfolio has asbestos
+monitoring
+94 %
+of the directly managed portfolio has fire audit
+monitoring
+No infringements that might present a penalty
+or health impact on occupants have been
+detected during fire audits and asbestos
+monitoring in the directly managed portfolio.
+148
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I

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+The net result - group share amounts to -55 million EUR (i.e.
+-1.63 EUR per share) as at 31.12.2023, compared to +483 million EUR
+(i.e. +15.09 EUR per share) as at 31.12.2022. This change is due to
+the fact that the increase in the net result from core activities
+– group share* is lower than the negative change in the fair value
+of hedging instruments and investment properties – non–cash
+items – between 31.12.2022 and 31.12.2023.
+A contained debt-to-assets ratio
+With a debt-to-assets ratio of 43.8 % as at 31.12.2023 (com -
+pared with 45.6 % as at 31.12.2022 and 47.0 % as at 30.09.2023),
+Cofinimmo’s consolidated balance sheet (whose BBB/Stable/A-2
+rating was confirmed on 21.03.2023 and was the subject of a
+report published on 03.05.2023 and an update on 09.10.2023)
+shows a strong solvency (information on main risks and uncer -
+tainties are stated in the ‘Risk factors’ section of this document).
+These results allow to confirm that the board of directors will
+propose, during the ordinary general meeting of 08.05.2024, the
+allocation of a gross dividend of 6.20 EUR per share for the 2023
+financial year, payable in May 2024.
+Based on the information currently available and the assump -
+tions detailed in section ‘2024 oulook’ on page 110 of this doc -
+ument (gross investments of 320 million EUR and divestments
+of 270 million EUR in 2024, with these net investments having
+a near neutral effect on the debt-to-assets ratio), and con -
+sidering the disposals carried out in 2023, Cofinimmo expects,
+barring major unforeseen events, to achieve rental income, net
+of rental charges* of 349 million EUR (including the effect of
+divestments made in 2023 and budgeted in 2024 amounting to
+around 23 million EUR) leading to a net result from core activities
+– group share* of 235 million EUR (compared to 241 million EUR
+as at 31.12.2023), i.e. 6.40 EUR per share for the 2024 financial year,
+taking into account the prorata temporis dilutive effects of the
+capital increases carried out in 2023 (approximately 0.50 EUR
+per share) and the disposals carried out in 2023 and budgeted
+in 2024 (approximately 0.40 EUR per share). Based on the same
+data and assumptions, the debt-to-assets ratio would remain
+almost stable at approximately 44 % as at 31.12.2024. This ratio
+does not take into account possible changes in fair value of
+investment properties (which will be determined by the inde -
+pendent real estate valuers).
+This outlook (provided subject to the main risks and uncertainties,
+see section ‘Risk factors’) would allow the distribution of a gross
+dividend (for the 2024 financial year, payable in 2025) of 6.20 EUR
+per share, subject to the evolution of the net result from core
+activities – group share – per share* and the evolution of the
+debt-to-assets ratio.
+As we celebrate Cofinimmo’s 40 th anniversary, it is worth remem -
+bering that the Group owes its excellent performance to the
+enthusiasm, competence and commitment of all its employees,
+who spare no effort in furthering the group’s development. The
+board of directors wishes to express its warmest congratulations
+to the Cofinimmo teams, and to encourage them in this time of
+crises (health and geopolitics) that affects us all.
+  X  Jacques VAN RIJCKEVORSEL,
+Chairman of the board of directors
+  X  Jean-Pierre HANIN,
+Chief Executive Officer
+‘Cofinimmo is the only real estate
+player among the eight Belgian
+companies included in Financial
+Times’ 500 Europe’s Climate Leaders.’
+Investment programme in 2023 (x 1,000,000 EUR - per segment)
+ Healthcare      Offices       Distribution networks       Healthcare (contributions in kind)
+Investments 2023 Divestments 2023
+4 -24
+-236
+-44
+250
+47
+302 -303
+36
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I
+16

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+ Highlights
+Caring
+286 million EUR
+Investments
+9 countries
+Portfolio geographical
+footprint
+479 million EUR
+Financial envelope of ongoing
+development projects in
+healthcare real estate
+Living
+19 million EUR
+Completion of the disposal of
+the Cofinimur I portfolio, i.e.
+approximately 111 million EUR
+in total
+Working
+236 million EUR
+Divestments carried out
+With 4.7 billion EUR, healthcare
+real estate accounts for 75 %
+of the group’s consolidated
+portfolio which reaches
+6.2 billion EUR.
+ESG
+•  Inclusion in the new Euronext
+BEL ESG index since its launch
+in February 2023
+•  Only Belgian real estate
+player included in Financial
+Times’ 500 Europe’s Climate
+Leaders
+•  Renewal and improvement
+of several ESG labels, and
+new certification ‘Great Place
+to Work®’ in Belgium and
+Germany
+•  Several BREEAM certifications
+for offices and healthcare
+real estate
+•  Granted the ‘CO2
+Neutral label certificate –
+Building label – Silver level’
+for the redevelopment of the
+Montoyer 10 office building
+Operational
+performance
++ 8.5 %
+Increase in gross rental income over the last 12 months
+Financial
+structure
+•  Interest rate risk fully hedged
+as at 31.12.2023 as part of
+the long-term interest rate
+hedging policy
+•  Capital increases
+(non-budgeted) for
+247 million EUR (optional
+dividend in the 2nd quarter,
+contributions in kind in the
+3rd quarter and ABB in the
+4th quarter)
+•  Headroom on committed
+credit lines of approximately
+1 billion EUR as at 31.12.2023,
+after deduction of the
+backup of the commercial
+paper programme
+2024 outlook
+6.20 EUR/share
+Gross dividend for the 2024
+financial year, payable in 2025
+(stable compared to 2023),
+subject to the evolution
+of the net result from core
+activities – group share –
+per share* and the evolution
+of the debt-to-assets ratio
+17
+SECTION 3  I  MESSAGE TO THE SHAREHOLDERS  I

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+manage        ment report
+  X Nursing and care home Les Jardins d’Ameline - Oupeye (BE)
+18
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I

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+manage        ment report
+Contents
+Mission 20
+Strategy 21
+Key figures as at 31.12.2023 26
+Transactions & achievements in 2023 30
+Caring 36
+A vast and qualitative European portfolio  46
+Achievements in 2023 48
+Belgium 48
+France 50
+The Netherlands 52
+Germany 54
+Spain 56
+Finland 58
+Ireland 59
+Italy 60
+United Kingdom 61
+Living 62
+Working 70
+Composition of the consolidated portfolio 78
+Financial resources management 87
+Summary of the consolidated accounts 100
+Summary of
+quarterly consolidated accounts 104
+Appropriation of statutory profits  107
+Events after 31.12.2023 108
+2024 outlook 110
+Statutory auditor’s report on the outlook 114
+19
+SECTION 4  I  MANAGEMENT REPORT  I

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+‘Caring, Living and Working – Together in real estate’ is the expres-
+sion of this mission.
+More specifically, Cofinimmo’s mission is to :
+• Promote, within its high-quality care, living, and working spaces,
+exchanges that will foster inspiration and well-being through
+the provision of services that anticipate the needs and aspi -
+rations of their occupants ;
+• Provide an inspiring work and living environment, in service
+of an exciting commercial project ;
+• Provide shareholders with the opportunity to make long-term,
+socially responsible investments that fuel dividends as well as
+returns to the community.
+Beyond the stakeholders identified above, the community
+itself greatly benefits from Cofinimmo’s services on many levels,
+whether in healthcare, the working world, or simply in places
+where people interact and share. Furthermore, Cofinimmo
+contributes to enhance and renovate public and parapublic
+property through large-scale projects undertaken by way of
+public-private partnerships.
+Mission
+Responding to societal changes, Cofinimmo’s mission is
+to provide high-quality care, living, and working spaces to
+partner-tenants that directly benefit their occupants.
+  X Nursing and care home - Milton Keynes (UK)
+‘The community benefits
+from Cofinimmo’s
+services whether in
+healthcare, the working
+world, or simply in
+places where people
+interact and share.’
+ Caring, Living
+and Working –
+Together in real estate
+20
+  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I

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+Real estate strategy
+Healthcare real estate
+Cofinimmo’s strategy consists in consolidating its leadership in
+the European healthcare real estate segment. In this context,
+Cofinimmo’s primary objective is to expand its healthcare real
+estate portfolio by investing in high-quality functional build -
+ings. In principle, these buildings create an elevated, predictable
+and indexed cash flow within the framework of usually long-
+term lease contracts.
+The group’s growth goes hand-in-hand with the diversification
+that is already underway, in the healthcare real estate segment.
+Once limited to nursing and care homes, Cofinimmo’s healthcare
+real estate portfolio grew over time through the acquisition of
+other types of assets such as medical office buildings, spe -
+cialised clinics, rehabilitation clinics, psychiatric clinics, etc. But
+diversification was also marked on a geographical level through
+the expansion of the group’s activities beyond Belgium, first in
+France, then in the Netherlands and Germany and, since 2019,
+in Spain, Finland, Ireland, Italy and the United Kingdom. The nine
+countries in which the company is active are at different stages
+of development.
+As part of its healthcare real estate strategy, Cofinimmo partic -
+ipates in the expansion and renewal of the healthcare property
+portfolio in Europe. Several innovative projects aimed at making
+residents’ stay more attractive, including encouraging interaction
+with people living in the surrounding area as well as family visi -
+tations. By way of example, it is worth mentioning the healthcare
+campus De State Hillegersberg in Rotterdam, whose complete
+renovation was completed in the 1 st quarter of 2022. Initiated in
+2019, this large-scale project consisted of two pillars : the com -
+plete renovation of the rehabilitation centre, and the demolition
+and reconstruction of the nursing and care home. The goal of
+this new site is not only to meet the residents’ needs but also
+to create a central place to live for the entire neighbourhood
+and, by doing so, to fight against the isolation of care-depend -
+ent seniors. Part of the building is intended for local general
+practitioners who receive the nursing and care home residents’
+relatives as well as local residents. The latter can also enjoy the
+nice brasserie and a beautiful garden. Finally, the clinic is also
+home to an innovative nursing house concept for elderly people
+who still need temporary assistance after their rehabilitation.
+Given the above, it is clear that the share of healthcare real estate
+in Cofinimmo’s consolidated portfolio, which already represents
+75 %, is bound to grow significantly in the future.
+Property of distribution networks and PPPs
+Property of distribution networks, public-private partnerships
+(PPPs), and healthcare real estate all share the characteris -
+tic of generating high, predictable, and indexed cash flows,
+through long-term contracts.
+The other characteristics of the property of distribution networks
+portfolios are their acquisition at an attractive price as part of
+sale & leaseback transactions, their usefulness as a retail network
+for the tenant, the granularity of risk they carry and the potential
+to optimise their composition over time.
+The portfolio of pubs and restaurants leased to the AB InBev
+brewery group (Pubstone) has been subject to individual ‘run of
+the mill’ asset disposals since its creation. Since the end of 2021,
+the portfolio of insurance agencies leased to the MAAF insurance
+company (Cofinimur I) was subject to a gradual divestment
+strategy per sub-portfolio clusters or per unit. The last assets
+of this portfolio were sold on 06.11.2023. PPPs are intended to be
+held for the long term.
+Offices
+Since its establishment in December 1983, Cofinimmo has been
+a major player in the Brussels office market in Belgium, which
+consists of different sub-segments.
+It is in this market that the company has built its expertise in real
+estate for 40 years. Specifically, Cofinimmo’s staff are experts in
+every aspect of the building life cycle, and are well-versed in the
+A to Z management of major projects. Whether it is the design,
+construction, renovation, reconversion or development of sites,
+the goal is always the eventual rental or sale of these assets. In
+addition to the office segment, this know-how is also applied
+to healthcare real estate, property of distribution networks, and
+PPPs, which all benefit from the synergies created.
+Having divested large single-tenant office spaces, Cofinimmo
+continues its overall rebalancing strategy by carrying out selec -
+tive asset arbitrage and the rebalancing of its office portfolio by
+reducing holdings in Brussels’ decentralised areas and expand-
+ing its holdings of high-quality buildings in the Central Business
+District (CBD), and more specifically in the Leopold district (i.e.
+in the vicinity of the European institutions). The vacancy rate in
+this segment, which is substantially lower than the average in
+the Brussels market, makes it possible to obtain higher net yields.
+On 29.10.2021, Cofinimmo contributed its office branch to a
+wholly-owned subsidiary called Cofinimmo Offices SA/NV. This
+spin-off stems naturally from the strategy of refocusing on the
+Brussels CBD, initiated in mid-2018 and is part of the execution
+of the value creation strategy for the office portfolio. It allows
+the capital of the subsidiary specialised in offices to be opened
+up to future investors, in due time, who would then benefit from
+Cofinimmo’s experienced management and investment plat -
+form, while allowing the group to recycle a part of the capital
+invested in this portfolio.
+Strategy
+Cofinimmo’s strategy is to reaffirm its leadership in the European healthcare real
+estate segment. With its numerous development projects, Cofinimmo actively
+participates in the expansion and renewal of the healthcare property portfolio
+in Europe.
+21
+SECTION 4  I  MANAGEMENT REPORT  I  STRATEGY  I