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Xior Student Housing
Interim / Quarterly Report • Oct 25, 2024
4028_10-q_2024-10-25_a76d4957-43af-4bbd-9066-721402dc82cc.pdf
Interim / Quarterly Report
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Results 9M 2024 Xior Student Housing
25 October 2024 Interim results per 30.09.2024
1
PRESS RELEASE
Antwerp, Belgium | 25 October 2024 | 7h00 CET Regulated information
Solid 9M 2024 results: EPS & DPS guidance confirmed Students choose Xior en masse: again full occupancy Increased guidance LfL rental growth to 6.5% for FY 2024
Solid 9M 2024 results – strength student property confirmed with high LfL rental growth
- Earnings and dividend guidance 2024 reconfirmed at 2.21 EUR EPS and 1.768 EUR DPS with EPRA earnings at 1.53 EUR/share after IFRIC 21 adjustment based on strong first 9 months
- Net rental income +14% YoY thanks to +6.8% LfL rental growth and 98% occupancy rate. Confirmation of strength of market, pricing power as well as affordability of student accommodation
- Bridge loan fully repaid and further reduction of leverage to below 50% remains the focus. Debt ratio and LTV at 50.30% pro forma and 51.68% respectively
- Divestment plan realised and approx. 25 MEUR additional divestments committed
Operational update – strong demand and pricing power mark successful academic year
- Successful start of new academic year with higher rents (+6.2% from October) leading to increased guidance LfL rental growth to 6.5% for FY 2024 (vs. 5.5%)
- Students continue to choose Xior en masse, ensuring smooth rental season and consistently high occupancy of 98%
- Higher rents have no impact on demand
- Unique market fundamentals will continue to support further rental and earnings growth without losing sight of affordability
| 1. Key figures results 9M 2024 – LfL rental growth at new height and guidance raised4 | |
|---|---|
| 2. Operational update – rapid rental & high retention mark successful academic year5 | |
| 3. Financial update 6 | |
| 4. Update financial calendar 2024-20257 | |
| 5. Consolidated financial results Q3 2024 8 | |
| 6. Financing 12 | |
| 7. Major realisations in the first nine months of 2024 12 | |
| 8. Prospects13 | |
| 9. Financial summary14 | |
| 10. Alternative performance measures (APMs): reconciliation tables 19 | |
| 11. Glossary of Alternative Performance Measures (APMs) used by Xior Student Housing23 |
Highlights 9M 2024
1. Key figures results 9M 2024 – LfL rental growth at new height and guidance raised
- EPRA earnings group share increases to 62,272 KEUR after IFRIC 21 adjustment (+14% YoY)
- EPRA earnings/share – group share rises to 1.53 EUR/share1 after IFRIC 21 adjustment
- Net rental income up 14% to 120,911 KEUR vs Q3 2023 thanks to:
- o The delivery of new projects
- o LfL rental growth continuing again at record level of 6.8% YoY
- o High and stable occupancy rate at 98% for Q3 2024
- Stable valuation portfolio with +40 MEUR or 1.25% YtD
- Debt ratio decreases to 50.82% and is pro forma 50.30% including the positive impact of the earn-
- out2 payment in March 2025. LTV at 51.68%. Further reduction of leverage below 50% remains the focus
- Financing cost and hedge ratio stable: at 3.14% and 91% respectively
- EPRA NAV/share3 group share at 39.37 EUR vs 40.63 EUR on 31/12/2023
- EPRA NTA/share³ at 39.26 EUR vs 40.55 EUR on 31/12/2023
• Fair Value property portfolio increases to 3,271 MEUR, with 20,886 lettable student units (21,465 beds). If the full committed pipeline is realised, the portfolio will increase to around 3.7 billion EUR, with 24,978 lettable student units4
- Reconfirmation EPS and DPS guidance for 2024: EPS of 2.21 EUR and DPS of 1.768 EUR
- Increase guidance LfL rental growth to 6.5% for FY 2024 thanks to high demand for student rooms and pricing power
2. Operational update – rapid rental & high retention mark successful academic year
Successful rental season
Students continue to choose Xior en masse, which ensured a particularly smooth letting process for academic year 24/25. On the one hand, there was high tenant retention and, on the other, vacant and newly delivered rooms were rented out in no time. In most countries, the academic year has already started and the letting season is coming to an end. In Poland & Germany, the academic year starts a bit later and currently the last rooms are being let. Occupancy remains high and stable at 98%, which implies full occupancy capacity when check-in and check-out procedures are taken into account. The new deliveries that are in ramp-up are also doing especially well, with Malmö in the lead with booking rate already at 96%.
This reconfirms the satisfaction of our tenants as well as strong demand for high-quality student rooms and the efficient operation of Xior's rental teams. Moreover, this also proves that price increases do not have a negative impact on demand. Strong demand and pricing power once again ensure a successful start to the new academic year: rents in October increase by +6.2% YoY leading to a substantial increase in guidance LfL rental growth to 6.5% for the full year 2024 from the previously communicated min. 5.5%.
The long-term macroeconomic outlook for student accommodation remains positive, as the sector benefits from resilient and growing demand for higher education and the increasing student population.
New deliveries/openings
Xior opened about 1,000 new student rooms in September, which have since then generated rental income. The properties are all in prime locations near popular universities. In Antwerp, Felix (199 units) and Drie Eiken
1 The figures per share have been calculated on the basis of the weighted average number of shares, taking into account the dividend rights of the shares concerned, unless otherwise stated.
2 Under IFRS, the earn-out liability was recorded as debt until it was paid in shares and converted to equity. The earn-out payment will take place on or around 31 March 2025 and is therefore not yet reflected in the debt ratio as at 30 September 2024 with a positive impact of -0.53% on the debt ratio.
3 Based on the number of shares outstanding.
4 Without taking into account ongoing divestments until they are fully realised.
(334 units) residences opened, located in a green oasis close to campus Groenenborger and campus Drie Eiken (Faculty of Life Sciences). In Eindhoven, Boschdijk Veste opened a stone's throw from TU/Eindhoven, with which Xior also signed an agreement to take 150 of the 240 units. The remaining rooms were let out in record time just a couple of hours. The Zaragoza residence in Spain (340 units) opened its doors on 26 September through an official opening ceremony with students, the neighbourhood and the municipality. Zaragoza also achieved a LEED Silver certification (external sustainability certification). Drie Eiken was officially opened on 22 October together with students, nearby neighbours and university staff.
Opening Pontoneros - Zaragoza Felix - Antwerp Opening 3 Eiken - Antwerp Boschdijk Veste (Zernikestraat) - Eindhoven
Update divestments
3. Financial update
The previously announced divestment programme was fully realised during Q3. In addition, new agreements were concluded in Q3 2024 for the sale of a number of smaller less efficient buildings for a total amount of approximately 25 MEUR5 . The realisation of these is expected during Q4 2024. Xior continues to optimise its portfolio and views further sales opportunistically if they improve the average quality of the portfolio in terms of efficiency or sustainability.
Update financing
Xior also shifted gears in 2024 to extend or refinance financings as early as 12 months in advance. As already reported in the press release dated 2 September 2024, after repaying the remaining balance, Xior has fully repaid the bridge loan of 250 MEUR with ABN Amro. With this loan repaid, there are no loans maturing until Q3 2025. In Q3 2025, 2 smaller loans totalling 20 MEUR mature, which will only be repaid at maturity and not extended earlier to avoid relatively high costs. Below the new maturity table:
5 Subject to the usual (legal) conditions, such as due diligence, financing, administrative controls, etc.
Update Sustainable Finance Framework
Xior's Sustainable Finance Framework includes environmental criteria (E) to select and finance the greenest assets and social criteria (S) based on affordability and social pricing so that part of its portfolio also qualifies for social-linked financing. This is in line with Xior's environmental and social ambitions and commitments, in the context of rising prices and concerns about more affordable student housing.
As of 30 September, Xior has a total of 1.08 billion EUR in sustainable financing, of which 889 MEUR has already been drawn down. In total, Xior has about 2.2 billion EUR in sustainable assets, good to make all financing sustainable.
Financing cost and hedge ratio
The financing cost remains stable at 3.14% in Q3 2024 (vs. 3.14% as at H1 2024). The average maturity of the outstanding loans is 4.35 years. The hedge ratio as at Q3 2024 remains stable at 91% (vs. 91% at H1 2024) and covers a period of 6 years.
Interest Cover Ratio (ICR)
ICR remained stable at 2.53 as at 30 September 2024 (vs 2.54 as at H1 2024). Further deleveraging will further improve the ICR.
Net Debt/EBITDA
Net debt/EBITDA (adjusted) as at Q3 2024 improves to 12.37 (vs. 12.65 at H1 2024). For the full calculation, see Chapter 10 (Alternative Performance Measures (APMs)). Net debt/EBITDA is not a covenant.
4. Update financial calendar 2024-2025
| Financial calendar 2024-2025 | Date |
|---|---|
| Publication Annual Communiqué 2024 | 4 February 2025 (before market opening) |
| Publication of Annual Report | 15 April 2025 |
| Publication results per 31 March 2025 (Q1) | 25 April 2025 (before market opening) |
| Annual General Meeting | 15 May 2025 |
| Payment date for 2024 Dividend (coupon 25 & 26) | 21 May 2025 |
| Publication results per 30 June 2025 (H1) | 7 August 2025 (before market opening) |
| Publication results per 30 September 2025 (9M) | 24 October 2025 (before market opening) |
5. Consolidated financial results 9M 2024
| Consolidated Income statement (In thousands €) |
30.09.2024 | 30.09.2023 |
|---|---|---|
| Net rental result | 120,911 | 106,422 |
| Property result | 123,329 | 105,725 |
| Operating result before result on the portfolio | 90,047 | 73,119 |
| Financial result (excluding variations in the fair value of financial assets and liabilities) |
-26,417 | -17,323 |
| 6 EPRA earnings - group share |
60,517 | 53,355 |
| EPRA earnings – group share after IFRIC 21 adjustment |
62,272 | 54,809 |
| Result on the portfolio (IAS 40) | 2,576 | -30,372 |
| Revaluation of financial instruments (non-effective interest rate hedges) |
-18,843 | 339 |
| Share in the result of joint ventures | 0 | 208 |
| Deferred taxes | 3,006 | -5,071 |
| Net result (IFRS) | 41,454 | 28,399 |
| Portfolio update | 30.09.2024 | 30.09.2023 |
| Number of lettable student units | 20,886 | 19,536 |
| Number of beds | 21,4657 | |
| Number of countries | 8 | 8 |
6 Xior Student Housing NV uses alternative performance measures (APMs) to measure and monitor its operational performance. The European Securities and Markets Authority (ESMA) has issued guidelines applying as from 3 July 2016 for the use and explanation of alternative performance measures. Section 5.8 of the Half-Yearly Financial Report 2024 includes the concepts that Xior considers APMs. The APMs are marked with and are accompanied by a definition, an objective and a reconciliation (see Chapters 10 and 11 of this press release), as required by the ESMA Guideline.
7 From Q3 2024, the number of beds will also be reported.
| Consolidated balance sheet (In thousands €) |
30.09.2024 | 31.12.2023 |
|---|---|---|
| Equity – group share | 1,608,694 | 1,516,890 |
| Fair value of the investment property 8 |
3,271,487 | 3,212,855 |
| Loan-to-value | 51.68% | 52.40% |
| Debt ratio (Act on Regulated Real Estate Companies) 9 |
50.82% | 52.88% |
| Debt ratio with earn-out in equity | 50.30% | 51.87% |
| Key Figures per share (In €) |
30.09.2024 | 30.09.2023 |
| Number of shares | 42,344,283 | 35,618,161 |
| Weighted average number of shares10 | 40,706,703 | 35,347,804 |
| EPRA earnings11 per share | 1.49 | 1.50 |
| – group share EPRA earnings5 per share |
1.49 | 1.51 |
| EPRA earnings5 per share after IFRIC 21 adjustment |
1.53 | 1.54 |
| after IFRIC 21 adjustment – EPRA earnings5 per share group share |
1.53 | 1.55 |
| Result on the portfolio (IAS 40) | 0.06 | -0.86 |
| Variations in the fair value of hedging instruments | 0.31 | 0.01 |
| Net result per share (IFRS)12 | 1.02 | 0.80 |
| Share closing price | 33.85 | 27.10 |
| Net asset value per share (IFRS)11 – group share | 37.99 | 41.30 |
The financial information for the period ending 30 September 2024 was prepared in accordance with International Financial Reporting Standards (IFRS).
The figures published represent consolidated figures; holdings and subsidiaries are consolidated in accordance with the relevant legislation.
8 The fair value of investment properties is the investment value as determined by an independent real estate expert, excluding transaction costs (see BE-REIT Association press release of 10 November 2016). The fair value corresponds to the carrying amount under IFRS.
9 Calculated in accordance with the Royal Decree of 13 July 2014 implementing the Law of 12 May 2014 on regulated real estate
companies.
10 Shares are counted from the time of issue.
11 Calculated on the basis of the weighted average number of shares.
12 Based on the number of shares.
1. Net rental result
Xior achieved a net rental result of 120,911 KEUR for the first nine months of 2024, compared to 106,422 KEUR for the first nine months of 2023. This is an increase of 14%. This net rental result will continue to increase throughout the next quarter, as certain acquisitions or developments will only start generating rental income in the last quarter of 2024.
This relates mainly to the following properties:
- Zernikestraat, Eindhoven (Boschdijk Veste): this property was delivered systematically from the start of Q2 and generated full rental income from Q3 onwards;
- Campo Pequeño, Lisbon: this property was acquired at the end of Q2 2024 and generates rental income from then on;
- Xior Kraków: this property was acquired on 5 July 2024 and generates rental income from then on;
- Campus 3 Eiken, Antwerp: this site was completed over the summer and welcomed the first students from mid-September 2024;
- Felix, Antwerp: this site was completed over the summer and welcomed the first students from mid-September 2024.
As at 30 September 2024, Xior has been able to calculate like-for-like rental income for 61%. For this rental income, the company has achieved a year-on-year growth of 6.8% compared to 30 September 2023. The LfL rental growth increases as at October 2024 to 6.2% YoY, clearly reflecting the positive impact of the new prices for the just-started academic year. This leads to an increase in guidance for LfL rent growth over the full year 2024 to +6.5% compared to previously communicated 5.5% increase.
2. EPRA earnings
EPRA earnings (excluding the portfolio result, excluding deferred taxes related to IAS 40 adjustments, and excluding the impact of the variation in fair value of financial assets and liabilities) amounts to 60,726 KEUR, up from 53,153 KEUR as at Q3 2023. EPRA earnings – group share amounts to 60,517 KEUR. EPRA earnings after IFRIC 21 adjustment is 62,481 KEUR as at 30 September 2024, compared to 54,607 KEUR for Q3 2023. EPRA earnings after IFRIC 21 adjustment – group share amount to 62,272 KEUR.
EPRA earnings per share13 amount to 1.49 EUR and EPRA earnings per share – group share amount to 1.49 EUR. After IFRIC 21 adjustment, EPRA earnings per share amount to 1.53 EUR and EPRA earnings per share after IFRIC 21 adjustment – group share amount to 1.53 EUR.
| In KEUR | 30/09/2024 | Per share | 30/09/2023 |
|---|---|---|---|
| EPRA earnings | 60,726 | 1.49 | 53,153 |
| EPRA earnings – group share | 60,517 | 1.49 | 53,355 |
| EPRA earnings – after IFRIC 21 adjustment | 62,481 | 1.53 | 54,607 |
| EPRA earnings – after IFRIC 21 adjustment – group share | 62,272 | 1.53 | 54,809 |
As a result of the application of the accounting rule "IFRIC 21 Levies" (introduced in the 2015 financial year), the figures of 30 September 2024 include a provision for the full year 2024 with regard to real estate withholding tax, Dutch property taxes, taxes on secondary residencies and the so-called "subscription tax". This has a substantial negative impact on the result of the first three quarters of 2024, since these costs are not spread across all quarters, but are entirely booked against the first quarter.
The effect of this accounting treatment will reduce as the financial year progresses. If, however, these costs were recognised in profit and loss in a staggered manner, with one quarter of the cost being taken each quarter,
13 The EPRA earnings per share calculation is based on the weighted average number of shares on 30 September 2024, which was 40,706,703.
the result as at 30 September 2024 would increase by an amount of 1,755 KEUR. Under this assumption, EPRA earnings – group share would amount to 62,272 KEUR.
3. Net result
The net result is 41,454 KEUR at 30 September 2024, compared to 28,399 KEUR at 30 September 2023. The net earnings per share amount to 1.02 EUR14. The increase in net result compared to last year is mainly due to the impact of fair value on investment properties and hedging instruments.
The net result includes the impact of variations in fair value of the investment property, other portfolio result, deferred taxes related to IAS 40 and variations in the fair value of financial assets and liabilities. EPRA earnings are the net result adjusted based on the effects set out above.
4. Fair value of property portfolio
On 30 September 2024, the portfolio consists of 20,886 lettable student units. The total property portfolio is valued at 3.271 billion EUR as at 30 September 2024, representing an increase of 1.8% or 58,632 KEUR compared to 31 December 2023 (3,212,855 KEUR). This increase stems partly from the further completion/development of the property located at Boschdijk Veste in Eindhoven (NL), the Connect U project in Enschede (NL), the Brinktoren located in Amsterdam (NL), the Felix and 3 Eiken properties located in Antwerp (BE) and the acquisition of Campo Pequeño in Lisbon (PT) and the property located at Romanowicza St. 4 in Kraków (PL).
In the past, all projects in Xior's pipeline were usually started immediately after obtaining the necessary permits along with the signing of fixed prices construction agreements. Given the current rising construction costs and the broader economic environment, Xior will be more selective in which projects to start immediately. Xior's pipeline is therefore split into an active pipeline (where construction has started or has been committed to) and a landbank pipeline (secured projects which may be postponed or even sold).
The current active pipeline amounts to an initial estimated investment value of c. 135 MEUR, with a total cost to come of c. 60.5 MEUR to finalise the active pipeline. For 2024, the cost to come amounts to c. 22 MEUR. The 2025-2026 cost to come amounts to 38.5 MEUR and takes into account the sale of part of Brinktoren to Ymere (committed sale), for which the capex has already been partly borne and is still partly investable.
If all committed acquisitions and projects in the active and landbank pipeline are realised, the portfolio will increase further to c. 3.7 billion EUR, with 24,978 lettable student units.
5. LTV
As of 30 September 2024, the LTV was 51.68%, compared to 52.40% as of 31 December 2023.
As at 30 September 2024, the debt ratio was 50.82% compared to 52.88% as at 31 December 2023. The debt ratio is still negatively impacted by the technical effect of booking the earn-out related to the Basecamp transaction: 17 MEUR of the original 34 MEUR is still recognised as debt under IFRS rules until it will be paid in shares (50% was meanwhile paid in shares on 18 April 2024, the remaining 50% including dividend rights will be paid on or around 31 March 2025). The capital increase on 18 April 2024 immediately reduced the debt ratio by 0.5%. The 2nd earn-out tranche (on or around 31 March 2025) will again have a positive effect of 0.5% on the debt ratio, since there is no cash out. Taking this technical effect into account, the debt ratio would be 50.30%.
14 This is based on the weighted average number of shares.
6. Financing
As at 30 September 2024, the Company had concluded financing agreements with 22 lenders for a total amount of 1,706 MEUR. As of 30 September 2024, the Company had drawn down a total of 1,661 MEUR in financing. Of the undrawn portion, 34.9 MEUR is held as backup for the amount of CP drawn down.
The Company strives to stagger the loan maturities: the average maturity is 4.35 years as at 30 September 2024. This does not include CP notes, all of which are short-term.
Moreover, Xior is to a large extent protected against a rising interest rate climate by the long-term hedging of its existing debt position, with 91% of the financing is hedged for a term of 6 years as of 30 September 2024, either via Interest Rate Swap agreements (1,093 MEUR) or via fixed interest rates (453 MEUR). As these hedges do not take place at the level of individual financings, but for a longer duration than the underlying loans, the coming to maturity of individual financings does not result in an additional interest rate risk.
The average financing cost for Q3 2024 is 3.14% (Q3 2023: 2.54%).
7. Major realisations in the first nine months of 2024
Sale of ESHF 2 Holdings SARL
On 2 January 2024, Xior announced that it had received a transparency notification from ESHF 2 Holdings SARL and ST Holdings SARL. With this notification, all remaining shares of ESHF 2 Holdings SARL were sold. Together with the termination of an agreement to act in concert, a downward crossing of the lowest threshold took place.
Extraordinary General Meeting of 19 February 2024
On 19 January 2024, Xior held its Extraordinary General Meeting. At the Extraordinary General Meeting, the renewal of the authorisation of the authorised capital was approved by the Company's shareholders.
Closing Basecamp
On 31 March 2023, Xior exercised its deferral right for the final part of the Basecamp acquisition (acquiring the management and development business and teams involved via a call option). On 10 April 2024, Xior published details surrounding the completion of this acquisition. For more information, see the press release of 10 April 2024 as well as the press release of 26 April 2024.
Announcement of contribution-in-kind earn-out Basecamp and capital increase
On 15 April 2024, Xior announced that the capital increase for payment of the first tranche of earn-out consideration, amounting to approximately 17 MEUR, in the context of the Basecamp acquisition, would take place on 18 April 2024. Under this issue, coupons No 24 and No 25 were detached, effective 16 April 2024 (exdate). As part of the earn-out, a capital increase was carried out for 676,877 shares, at around 25.60 EUR per share. The new shares were listed on the stock exchange from 19 April 2024.
Annual General Meeting
The Annual General Meeting of Xior Student Housing NV was held on 16 May 2024, at which, among other things, the annual accounts for 2023 were approved. Among other things, the Annual General Meeting
approved the payment of a dividend of 1.768 EUR gross or 1.2376 EUR net per share (divided between coupons No 23 and No 24).
Optional dividend
On 16 May 2024, Xior announced the terms of an optional dividend. On 4 June, it was announced that Xior shareholders opted for approximately 42% of their dividend entitlement for a contribution of net dividend rights in exchange for new shares instead of paying the dividend in cash. This result led to a capital increase (including share premium) for Xior of approx. 18.91 MEUR through the creation of 670,432 new shares.
Acquisition 2 new residences via contribution in kind and new cornerstone shareholder
On 27 June 2024, Xior announced an agreement to acquire two operational student residences: Campo Pequeño in Lisbon, Portugal with 380 units and LivinnX in Kraków, Poland with 620 units (673 beds) and an average gross investment yield of 8.41%. These acquisitions are realised entirely through a contribution in kind against the issue of new shares at an issue price of 29.0196 EUR (not rounded). The total contribution value was approximately 80 MEUR. The shares were placed with Car Logistics Brussels NV (subsidiary of Katoen Natie Group SA), a new long-term shareholder in Xior's capital.
Private placement of Xior shares by Aloxe to Car Logistics Brussels
On 5 July 2024, the acquisition of the LivinnX residence in Kraków was completed. In preparation for the acquisition of these new shares, Aloxe NV made a private placement of an identical number of shares (1,216,453 shares) on 4 July 2024. These shares were placed through ING with Car Logistics Brussels NV (subsidiary of Katoen Natie SA) at the same price as the issue price namely 29.0196 EUR per share (not rounded). As the placement price was set equal to the issue price, no arbitrage gains were realised on the price of the shares.
Finalisation of acquisition residence LivinnX in Kraków, Poland
On 5 July 2024, Xior fully completed the acquisition of the LivinnX residence in Kraków, Poland. The LivinnX residence is a modern student residence, completed in 2019, with a total of 620 units, 673 beds and various common areas.
Special and Extraordinary General Meeting of 12 September 2024
On 12 September 2024, Xior held its Extraordinary and Special General Meeting. At the Extraordinary General Meeting, the renewal of the authorisation of the authorised capital was approved by the Company's shareholders. The notarial deed as well as the coordinated Articles of Association are available on Xior's website. At the Special General Meeting, the remuneration report was approved. The minutes of this meeting are available on Xior's website.
8. Prospects
Xior's focus remains to bring the LTV below 50%. Furthermore, the property portfolio is growing through further realisation of the active project development pipeline and through new acquisitions. The structural imbalance between supply and demand is expected to lead to further rent increases (like-for-like growth). Thanks to the increase in earnings as a result of the 2 recent acquisitions, the completion of approx. 1,000 new student rooms in 2024 and the increased expected LfL rental growth of 6.50% confirming the pricing power of student accommodation, Xior reaffirms its earnings forecast of at least 2.21 EUR per share & gross dividend expectation of 1.768 EUR per share (with a minimum payout of 80%) for FY 2024. This takes into account the impact on EPS of committed sales to date and new shares (10.8% new shares in 2024). Xior expects occupancy rate over 2024 to be in line with current occupancy rate.
9. Financial summary
CONSOLIDATED OVERVIEW OF FINANCIAL POSITION
| Assets (In thousands €) |
30.09.2024 | 31.12.2023 | |
|---|---|---|---|
| I. FIXED ASSETS | 3,344,210 | 3,285,224 | |
| B. Intangible fixed assets | 4,527 | 3,161 | |
| C. Investment property | 3,271,487 | 3,212,855 | |
| a. Property available to let | 2,894,881 | 2,710,234 | |
| b. Project developments | 376,606 | 502,621 | |
| D. Other tangible fixed assets | 11,216 | 11,476 | |
| a. Own-use tangible assets | 11,216 | 11,476 | |
| E. Financial fixed assets | 8,910 | 26,962 | |
| Permitted hedging instruments | 6,330 | 25,179 | |
| Other | 2,581 | 1,783 | |
| G. Trade receivables and other non-current assets | 29,427 | 14,013 | |
| H. Deferred taxes - assets | 16,993 | 15,517 | |
| I. Shareholdings in associated companies and joint ventures, movements in equity |
1,651 | 1,240 | |
| II. CURRENT ASSETS | 142,156 | 111,640 | |
| D. Trade receivables | 2,926 | 3,969 | |
| E. Tax receivables and other current assets | 54,596 | 28,226 | |
| a. Taxes | 14,816 | 4,896 | |
| c. Other | 39,780 | 23,329 | |
| F. Cash and cash equivalents | 8,342 | 13,768 | |
| G. Accruals and deferrals | 76,293 | 65,677 | |
| Prepaid property expenses | 29,803 | 38,969 | |
| Accrued rental income not due | 34,679 | 18,130 | |
| Other | 11,811 | 8,578 | |
| TOTAL ASSETS | 3,486,367 | 3,396,864 | |
| Liabilities (In thousands €) |
30.09.2024 | 31.12.2023 | |
| EQUITY | 1,609,923 | 1,517,667 |
| Equity attributable to parent company shareholders I. |
1,608,694 | 1,516,890 |
|---|---|---|
| A. Capital | 753,905 | 681,298 |
| a. Issued capital | 762,197 | 688,100 |
| b. Capital increase costs (-) | -8,292 | -6,802 |
| B. Issue premiums | 779,858 | 737,356 |
| C. Reserves | 33,677 | 108,134 |
| Reserve for the balance of variations in the the fair value of property |
34,399 | 62,055 |
| Reserve for the impact on the fair value of the estimated transaction fees and costs resulting from the hypothetical disposal of investment properties |
-34,896 | -30,421 |
| Reserve for the balance of the variations in the fair value of permitted hedging instruments not subject to hedging accounting as defined by IFRS |
24,637 | 60,123 |
| Reserves for the share of profit or loss and unrealised income of subsidiaries, associates and joint ventures accounted for using the equity method |
-7,774 | -7,774 |
| Reserve for the translation differences arising from the translation of a foreign operation |
4,960 | 4,723 |
| Other reserves | 102 | 102 |
| Retained earnings from previous financial years | 12,249 | 19,325 |
| D. Net result for the financial year | 41,253 | -9,897 |
| Minority interests II. |
1,229 | 777 |
| LIABILITIES | 1,876,444 | 1,879,197 |
| I. Non-current liabilities | 1,701,675 | 1,313,224 |
| B. Non-current financial debts | 1,619,493 | 1,217,937 |
| a. Credit institutions | 1,360,559 | 959,659 |
| b. Financial leasing | 5,577 | 4,878 |
| c. Other | 253,357 | 253,400 |
| E. Other non-current liabilities | 46 | 17,741 |
| F. Deferred taxes - liabilities | 82,136 | 77,545 |
| a. Exit tax | 366 | 565 |
| b. Other | 81,769 | 76,980 |
| II. Current liabilities | 174,769 | 565,972 |
| B. Current financial liabilities | 76,696 | 470,320 |
| a. Credit institutions | 76,696 | 470,320 |
| D. Trade debts and other current liabilities | 26,407 | 34,510 |
| a. Exit tax | 196 | 0 |
|---|---|---|
| b. Other | 26,211 | 34,510 |
| Suppliers | 6,462 | 9,629 |
| Tenants | 1,279 | 654 |
| Taxes, wages and social security contributions | 18,465 | 24,226 |
| E. Other current liabilities | 46,570 | 42,379 |
| Other | 46,570 | 42,379 |
| F. Accruals and deferrals | 25,096 | 18,764 |
| a. Deferred property income | 4,210 | 7,074 |
| b. Accrued interest not due | 5,393 | 2,557 |
| c. Other | 15,493 | 9,133 |
| TOTAL EQUITY AND LIABILITIES | 3,486,367 | 3,396,864 |
CONSOLIDATED PROFIT AND LOSS ACCOUNT
| Income statement (In thousands €) |
30.09.2024 | 30.09.2023 |
|---|---|---|
| I. (+) Rental income | 121,168 | 106,473 |
| (+) Rental income | 109,026 | 94,250 |
| (+) Rental guarantees | 12,593 | 12,455 |
| (-) Rental reductions | -451 | -232 |
| Impairments on trade receivables | -257 | -51 |
| NET RENTAL INCOME | 120,911 | 106,422 |
| V. (+) Recovery of rental charges and taxes normally payable by the tenant on let properties |
21,798 | 18,113 |
| - Transmission of rental charges borne by the proprietor | 21,380 | 17,939 |
| - Transmission of withholding tax and taxes on let properties | 418 | 174 |
| VII. (-) Rental charges and taxes normally payable by the tenant on let properties |
-24,206 | -21,174 |
| - Rental charges borne by the proprietor | -23,758 | -20,969 |
| - Withholding tax and taxes on let properties | -448 | -205 |
| VIII. (+/-) Other rental-related income and expenditure | 4,825 | 2,365 |
| PROPERTY RESULT | 123,329 | 105,725 |
| IX. (-) Technical costs | -5,244 | -5,013 |
| Recurring technical costs | -5,311 | -5,124 |
|---|---|---|
| (-) Maintenance | -4,304 | -4,221 |
| (-) Insurance premiums | -1,007 | -904 |
| Non-recurring technical costs | 67 | 112 |
| (-) Damages | 67 | 112 |
| X. (-) Commercial costs | -1,087 | -647 |
| (-) Publicity, etc. | -755 | -489 |
| (-) Legal costs | -332 | -158 |
| XI. (-) Costs and taxes for non-let properties | -72 | -405 |
| XII. (-) Property management costs | -10,597 | -8,665 |
| (-) Management costs (external) | 0 | 0 |
| (-) Management costs (internal) | -10,597 | -8,665 |
| XIII. (-) Other property charges | -6,845 | -5,746 |
| (-) Architects' fees | -5 | -39 |
| (-) Valuation expert fees | -506 | -528 |
| (-) Other property charges | -6,334 | -5,178 |
| (+/-) PROPERTY COSTS | -23,845 | -20,476 |
| OPERATING PROPERTY RESULT | 99,483 | 85,249 |
| XIV. (-) General company expenses | -10,440 | -12,955 |
| XV. (+/-) Other operating income and costs | 1,004 | 825 |
| OPERATING RESULT BEFORE RESULT ON PORTFOLIO | 90,047 | 73,119 |
| XVI. (+/-) Result on the sale of investment property | -24,812 | -311 |
| (-) Net sales of the investment properties (sale price - transaction costs) |
134,981 | 10,011 |
| (+) Book value of sold investment properties | -159,793 | -10,322 |
| XVII. (+/-) Result on the sale of other non-financial assets | 0 | 0 |
| XVIII. (+/-) Variations in the fair value of investment property | 40,134 | -23,665 |
| (+) Positive variations in the fair value of investment property |
94,868 | 43,921 |
| (-) Negative variations in the fair value of investment property |
-54,734 | -67,586 |
| XIX. (+) Other portfolio result | -12,746 | -6,395 |
| OPERATING RESULT | 92,623 | 42,748 |
| XX. (+) Financial income | 2,945 | 867 |
| (+) Interest and dividends collected | 2,945 | 867 |
|---|---|---|
| XXI. (-) Net interest costs | -27,750 | -17,105 |
| (-) Nominal interest paid on loans | -43,537 | -26,278 |
| (-) Reconstitution of the nominal amount of financial debt | -435 | -338 |
| (-) Cost of permitted hedging instruments | 16,223 | 9,512 |
| XXII. (-) Other financial costs | -1,612 | -1,085 |
| - Bank costs and other commissions | -217 | -317 |
| - Other | -1,394 | -768 |
| XXIII. (+/-) Variations in the fair value of financial assets and liabilities |
-18,842 | 339 |
| (+/-) FINANCIAL RESULT | -45,260 | -16,984 |
| XXIV Share in the result of associated companies and joint ventures |
0 | 208 |
| RESULT BEFORE TAXES | 47,363 | 25,972 |
| XXV. Corporate taxes | -2,903 | -2,644 |
| XXVI. Exit tax | 22 | 1,695 |
| XXVII. Deferred taxes | -3,029 | 3,376 |
| (+/-) TAXES | -5,910 | 2,427 |
| NET RESULT | 41,454 | 28,399 |
| EPRA EARNINGS | 60,726 | 53,153 |
| EPRA EARNING – GROUP SHARE | 60,517 | 53,355 |
| RESULT ON THE PORTFOLIO | 2,576 | -30,372 |
| DEFERRED TAXES WITH REGARD TO IAS 40 ADJUSTMENTS | 3,006 | -5,071 |
| VARIATIONS IN THE FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES |
-18,843 | 547 |
| EPRA EARNINGS PER SHARE (in EUR) |
1.49 | 1.50 |
| EPRA EARNINGS PER SHARE (in EUR) – GROUP SHARE |
1.49 | 1.51 |
10. Alternative performance measures (APMs): reconciliation tables
| EPRA earnings | 30.09.2024 | 30.09.2023 |
|---|---|---|
| Net result | 41,454 | 28,399 |
| Variations in the fair value of the investment property | -40,134 | 23,665 |
| Other portfolio result | 12,746 | 6,395 |
| Result on the sale of the investment property | 24,812 | 312 |
| Variations in the fair value of financial assets and liabilities | 18,842 | -547 |
| Deferred taxes with regard to IAS 40 | 3,006 | -5,071 |
| EPRA earnings | 60,726 | 53,153 |
| EPRA earnings – group share | 60,517 | 53,355 |
| EPRA earnings after IFRIC 21 adjustment | 30.09.2024 | 30.09.2023 |
| Net result | 41,454 | 28,399 |
| Variations in the fair value of the investment property | -40,134 | 23,665 |
| Other portfolio result | 12,746 | 6,395 |
| Result on the sale of the investment property | 24,812 | 312 |
| Variations in the fair value of financial assets and liabilities | 18,842 | -547 |
| Deferred taxes with regard to IAS 40 | 3,006 | -5,071 |
| EPRA earnings | 60,726 | 53,153 |
| IFRIC 21 impact | 1,755 | 1,454 |
| EPRA earnings after IFRIC 21 adjustment | 62,481 | 54,607 |
| EPRA profit after IFRIC 21 adjustment – group share | 62,272 | 54,809 |
| Result on the portfolio | 30.09.2024 | 30.09.2023 |
| Result on the sale of investment property | -24,812 | -312 |
| Variations in the fair value of the investment property | 40,134 | -23,665 |
| Other portfolio result | -12,746 | -6,395 |
| Result on the portfolio | 2,576 | -30,372 |
| Average interest rate | 30.09.2024 | 30.09.2023 | ||||
|---|---|---|---|---|---|---|
| Nominal interest paid on loans | 43,537 | 26,278 | ||||
| Cost of permitted hedging instruments | -16,223 | -9,512 | ||||
| Capitalised interest | 12,532 | 15,351 | ||||
| Average outstanding debt for the period | 1,721,740 | 1,718,213 | ||||
| Average interest rate | 3.09% 2.49% |
|||||
| Average interest rate excluding cost of permitted hedging instruments |
4.34% | 3.23% | ||||
| Average financing costs | 30.09.2024 | 30.09.2023 | ||||
| Nominal interest paid on loans | 43,537 | 26,278 | ||||
| Cost of permitted hedging instruments | -16,223 | -9,512 | ||||
| Capitalised interest | 12,532 | 15,351 | ||||
| Breakdown of the nominal amount of financial debt | 435 | 338 | ||||
| Bank charges and other commissions | 217 | |||||
| Average outstanding debt for the period | 1,721,740 | 1,718,213 | ||||
| Average financing costs | 3.14% | 2.54% | ||||
| Average financing costs excluding costs of permitted hedging instruments |
4.39% | 3.28% | ||||
| Per 30.09.2024 | EPRA NRV | EPRA NTA | EPRA NDV | EPRA NAV | EPRA NNAV | |
| IFRS equity attributable to shareholders excluding minority interests |
1,608,694 | 1,608,694 | 1,608,694 | 1,608,694 | 1,608,694 | |
| Minority interests | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXXX | 1,229 | 1,229 | |
| DEDUCTION | ||||||
| Deferred taxes related to FV earnings on IP |
64,776 | 64,776 | XXXXXXXXXXX | 64,776 | XXXXXXXXXXX | |
| FV of financial instruments | -6,330 | -6,330 | XXXXXXXXXXX | -6,330 | XXXXXXXXXXX | |
| Intangible fixed assets in accordance with IFRS BS |
XXXXXXXXXXX | 4,527 | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXXX | |
| ADDITION | ||||||
| FV of fixed income debts | XXXXXXXXXXX | XXXXXXXXXXX | 63,225 | XXXXXXXXXXX | XXXXXXXXXXX | |
| Transaction fees | 190,906 | N/A | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXXX | |
| NAV | 1,858,046 | 1,662,613 | 1,671,919 | 1,668,369 | 1,609,923 | |
| Fully diluted number of shares | 42,344,283 | 42,344,283 | 42,344,283 | 42,344,283 | 42,344,283 | |
| NAV per share | 43.88 | 39.26 | 39.48 | 39.40 | 38.02 | |
| NAV per share – group share | 43.88 | 39.26 | 39.48 | 39.37 | 37.99 |
|---|---|---|---|---|---|
| Per 30.09.2024 | Fair value | % of total portfolio | % excl. deferred taxes | ||
| Portfolio subject to deferred taxes and intended to be held and not sold in the long term |
3,271,487 | 100 | 100 | ||
| Portfolio subject to partial deferred tax and tax restructuring |
0 | 0 | 0 | ||
| Per 31.12.2023 | EPRA NRV | EPRA NTA | EPRA NDV | EPRA NAV | EPRA NNAV |
| IFRS equity attributable to shareholders excluding minority interests |
1,516,890 | 1,516,890 | 1,516,890 | 1,516,890 | 1,516,890 |
| Minority interests | XXXXXXXXXXXXX | XXXXXXXXXXXXX XXXXXXXXXXXXX | 777 | 777 | |
| DEDUCTION | |||||
| Deferred taxes related to FV earnings on IP | 61,463 | 61,463 | XXXXXXXXXXXXX | 61,463 | XXXXXXXXXXXXX |
| FV of financial instruments | -25,179 | -25,179 | XXXXXXXXXXXXX | -25,179 | XXXXXXXXXXXXX |
| Intangible fixed assets in accordance with IFRS BS |
XXXXXXXXXXXXX | 3,161 | XXXXXXXXXXXXX XXXXXXXXXXXXX XXXXXXXXXXXXX | ||
| ADDITION | |||||
| FV of fixed-rate debts | XXXXXXXXXXXXX | XXXXXXXXXXXXX | 68,837 | XXXXXXXXXXXXX XXXXXXXXXXXXX | |
| Transaction fees | 183,110 | N/A | XXXXXXXXXXXXX XXXXXXXXXXXXX XXXXXXXXXXXXX | ||
| NAV | 1,736,284 | 1,550,013 | 1,585,727 | 1,553,951 | 1,517,667 |
| Fully diluted number of shares | 38,227,797 | 38,227,797 | 38,227,797 | 38,227,797 | 38,227,797 |
| NAV per share | 45.42 | 40.55 | 41.48 | 40.65 | 39.70 |
| NAV per share - group share | 45.42 | 40.55 | 41.48 | 40.63 | 39.68 |
| Per 31.12.2023 | Fair value | % of total portfolio % excl. deferred taxes | |||
| Portfolio subject to deferred taxes and intended to be held and not sold in the long term |
3,212,855 | 100 | 100 | ||
| Portfolio subject to partial deferred tax and tax structuring |
0 | 0 | 0 |
Net debt/EBITDA (adjusted)
The net debt/EBITDA (adjusted) is calculated from the consolidated accounts as follows: in the denominator the normalised EBITDA of the past 12 months (12M rolling) and including the annualised impact of external growth; in the numerator the net financial debt adjusted for the projects in progress multiplied by the group's loan-to-value (as these projects do not yet generate rental income but are already (partly) financed on the balance sheet).
| In KEUR | 30.09.2024 | |
|---|---|---|
| Non-current and current financial liabilities (IFRS) | 1,690,612 | |
| -Cash and cash equivalents (IFRS) | -8,342 | |
| Net debt (IFRS) | A | 1,682,270 |
| Operating result (before portfolio result) (IFRS) 12M rolling B | 129,721 | |
|---|---|---|
| +Share of operating profit of joint ventures | 416 | |
| EBITDA (IFRS) | C | 130,137 |
| Net debt/EBITDA | A/C | 12.93 |
| In KEUR | 30.09.2024 | |
|---|---|---|
| Non-current and current financial liabilities (IFRS) | 1,690,612 | |
| -Cash and cash equivalents (IFRS) | -8,342 | |
| Net debt (IFRS) | A | 1,682,270 |
| -Projects in progress x LTV | -194,630 | |
| -Financing to Joint ventures x LTV | -11,756 | |
| Net debt (adjusted) | B | 1,475,885 |
| Operating result (before portfolio result) (IFRS) 12M rolling C | 129,721 | |
| +Share of operating profit of joint ventures | 416 | |
| Operating result (before portfolio result) (IFRS) 12M rolling D | 130,137 | |
| Bridge to normalised EBITDA | -10,793 | |
| EBITDA (adjusted) | E | 119,344 |
| Net debt/EBITDA (adjusted) | B/E | 12.37 |
EPRA LTV
| Proport. consolidation |
||||
|---|---|---|---|---|
| 30/09/2024 | ||||
| EPRA LTV ratio | Group | share in JVs | Combined | |
| Add: | ||||
| Credit institutions | 1,372,836 | 1,372,836 | ||
| Commercial paper | 64,419 | 64,419 | ||
| Bond issues | 253,357 | 253,357 | ||
| Leasehold obligations | 5,577 | 5,577 | ||
| Net payable | 15,413 | -176 | 15,237 | |
| (-) Long-term trade receivables | 6,200 | 6,200 | ||
| (-) Trade receivables | 2,968 | 2,968 | ||
| (-) Tax receivables and other current assets | 48,396 | 406 | 48,802 | |
| (+) Trade debts and other current debts | 26,407 | 230 | 26,637 | |
| (+) Other current liabilities | 46,570 | 46,570 | ||
| Exclusion: | ||||
| Cash | 8,342 | 4 | 8,346 | |
| Net debt (a) | 1,703,260 | -180 | 1,703,080 | |
| Add: | ||||
| Property available for rent | 2.894.881 | 2.894.881 | ||
| Project developments | 376,606 | 5,121 | 381,727 | |
| Assets or groups of assets held for sale | 0 | 0 | ||
| Intangible assets | 4,527 | 4,527 |
| Receivables from associates and joint ventures | 22,748 | -5,914 | 16,834 |
|---|---|---|---|
| Total property value (b) | 3,298,762 | -794 | 3,297,968 |
| Real estate transfer tax | 190,906 | 190,906 | |
| Total property value incl. RETTs (c) | 3,489,668 | -794 | 3,488,874 |
| EPRA LTV (a/b) | 51.63% | 51.64% | |
| EPRA LTV (incl RETTs) (a/c) | 48.81% | 48.81% |
11. Glossary of Alternative Performance Measures (APMs) used by Xior Student
| Housing | ||
|---|---|---|
| APM name | Definition | Use |
| EPRA earnings | Net result +/- variations in the fair value of the investment property +/- other portfolio result +/- result on the sale of investment property +/- variations in the fair value of financial assets and liabilities +/- deferred taxes arising from IAS 40 adjustments |
Measuring the results of the strategic operational activities, excluding variations in the fair value of investment property, other portfolio result, result on the sale of investment property and variations in the fair value of financial assets and liabilities and deferred taxes with regard to IAS 40. This indicates the extent to which dividend payments are covered by earnings |
| Result on the portfolio |
Result on the sale of investment property +/- variations in the fair value of investment property +/- other portfolio result |
Measuring the realised and unrealised gain/loss on investment property |
| Average interest rate |
Interest charges including IRS interest charges divided by the average outstanding debt during the period |
Measuring average debt interest costs to allow comparison with peers and analysis of trends over time |
| Average interest rate excluding IRS interest charges |
Interest charges excluding IRS interest charges divided by the average outstanding debt during the period |
Measuring average debt interest costs to allow comparison with peers and analysis of trends over time |
| Average financing cost |
Interest charges including IRS interest charges + arrangement fees and commitment fees, divided by the average outstanding debt during the period |
Measuring average debt interest costs to allow comparison with peers and analysis of trends over time |
| Average financing cost excluding IRS interest charges |
Interest charges excluding IRS interest charges + arrangement fees and commitment fees, divided by the average outstanding debt during the period |
Measuring average financing costs to allow comparison with peers and analysis of trends over time |
| EPRA earnings per share |
Net result +/- result on the sales of investment property +/- variations in the fair value of investment property +/- other portfolio result +/- variations in the fair value of financial assets and liabilities +/- deferred taxes arising from IAS 40 adjustments, divided by the average number of shares |
Comparability with other RRECs and international property players |
| EPRA NAV | This is the NAV that has been adjusted to include real estate and other investments at their fair value and to exclude certain items that are not expected to materialise in a business model with long-term investment property |
Comparability with other RRECs and international property players |
| EPRA NNNAV | EPRA NAV adjusted to take into account (i) the fair value of financial assets and |
Comparability with other RRECs and international property players. EPRA NAV |
| EPRA Net Reinstatement Value (NRV) |
liabilities, (ii) fair value of debt and (iii) deferred taxes Assumes that entities never sell property and aims to represent the value needed to rebuild the property |
metrics make adjustments to NAV per IFRS financial statements to provide stakeholders with the most relevant information about the fair value of a property company's assets and liabilities under various scenarios. Comparability with other RRECs and international property players. EPRA NAV metrics make adjustments to NAV per IFRS financial statements to provide stakeholders with the most relevant information about the fair value of a |
|---|---|---|
| property company's assets and liabilities under various scenarios. |
||
| EPRA Net Tangible Assets (NTA) |
Assumes that entities buy and sell assets, causing certain levels of unavoidable deferred taxes to materialise |
Comparability with other RRECs and international property players. EPRA NAV metrics make adjustments to NAV per IFRS financial statements to provide stakeholders with the most relevant information about the fair value of a property company's assets and liabilities under various scenarios. |
| EPRA Net Disposal Value (NDV) |
Represents the shareholder value in a sell out scenario, in which deferred tax, financial instruments and certain other adjustments are calculated to the full extent, after deduction of the resulting tax |
Comparability with other RRECs and international property players. EPRA NAV metrics make adjustments to NAV per IFRS financial statements to provide stakeholders with the most relevant information about the fair value of a property company's assets and liabilities under various scenarios. |
| EPRA Net Initial Yield (NIY) |
Annualised gross rental income based on the current rent on the closing date, excluding the property charges, divided by the portfolio market value plus the estimated transaction rights and costs in case of hypothetical disposal of investment property |
Comparability with other RRECs and international property players |
| EPRA Adjusted Net Initial Yield (Adjusted NIY) |
This metric integrates an adjustment of the EPRA NIY for the end of rent-free periods or other non-expired rental incentives |
Comparability with other RRECs and international property players |
| EPRA rental vacancy | Estimated rental value of vacant units divided by the estimated rental value of the total portfolio |
Comparability with other RRECs and international property players |
| EPRA Cost Ratio (incl. vacancy costs) |
EPRA costs (including vacancy costs) divided by the gross rental income, less the rent still to be paid on rented land |
Comparability with other RRECs and international property players |
| EPRA Cost Ratio (excluding vacancy costs) |
EPRA costs (excluding vacancy costs) divided by the gross rental income, less the rent still to be paid on rented land |
Comparability with other RRECs and international property players |
| EPRA LTV | A key measure to determine the percentage of debt to assessed value of properties. The EPRA LTV is calculated by dividing debt by the market value of the property |
Comparability with other RRECs and international property players |
PRESS RELEASE
For more information, please contact:
Xior Student Housing NV Frankrijklei 64-68 2000 Antwerp, Belgium www.xior.be
Christian Teunissen, CEO Frederik Snauwaert, CFO [email protected] T +32 3 257 04 89
Xior Investor Relations Sandra Aznar IR & ESG Director [email protected] T +32 3 257 04 89
About Xior Student Housing
Xior Student Housing NV is the first Belgian public regulated real estate company (RREC) specialising in the student housing segment in Belgium, the Netherlands, Spain, Portugal, Germany, Poland, Denmark and Sweden. Within this property segment, Xior Student Housing offers a variety of accommodation, ranging from rooms with shared facilities to en-suite rooms and fully equipped studios. Since 2007, as owner-operator, Xior Student Housing has built high-quality, reliable student accommodation for students looking for the ideal place to study, live and relax. A place with that little bit extra, where every student immediately feels at home.
Xior Student Housing has been accredited as a public RREC under Belgian law since 24 November 2015. Xior Student Housing's shares have been listed on Euronext Brussels (XIOR) since 11 December 2015. On 30 September 2024, Xior Student Housing held a property portfolio worth approximately EUR 3.3 billion. More information is available at www.xior.be.
Xior Student Housing NV, a Public RREC under Belgian law (BE-REIT) Frankrijklei 64-68, 2000 Antwerp, Belgium BE 0547.972.794 (Antwerp Register of Legal Entities, Antwerp Division)
Disclaimer
This press release contains forward-looking information, projections, convictions, opinions and estimates produced by Xior in relation to the expected future performance of Xior and of the market in which it operates ('forward-looking statements'). By nature, forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, that appear justified at the time at which they are made but which may or may not turn out to be accurate, and there is a risk that the forward-looking statements will not be realised. Some events are difficult to predict and may depend on factors outside of Xior's control. In addition, the forward-looking statements are only valid on the date of this press release. Statements in this press release relating to past trends or activities may not be interpreted as an indication that such trends or activities will persist in future. Neither Xior nor its representatives, officers or advisers can guarantee that the parameters upon which the forward-looking statements are based are free of errors, nor can they indicate, guarantee or predict whether the expected results set out in such a forward-looking statement will ultimately be achieved. Actual profits, the financial situation and Xior's performance or results may therefore differ substantially from the information projected or implied in forward-looking statements. Xior expressly does not accept any obligations or guarantees as to public updates or reviews of forward-looking statements unless required to do so by law. This press release has been prepared in Dutch and has been translated into English and French. In case of discrepancies between the different versions of this press release, the Dutch version will prevail.