Alternative Performance Measures and the term "EPRA earnings"

Alternative Performance Measures (APMs) are measures used by Xior Student Housing NV to measure and monitor its operational performance. The European Securities and Markets Authority (ESMA) has issued guidelines that apply since 3 July 2016 for the use and explanation of alternative performance measures. The concepts that Xior considers to be APMs are contained in Chapter 5.8 of this Half-Yearly Report. The APMs are marked with and are accompanied by a definition, purpose and reconciliation as required under the ESMA guidelines.

The EPRA (European Public Real Estate Association) is an organisation which promotes, helps to develop and represents the European publicly listed property sector in order to boost confidence in the sector and increase investment in publicly listed property in Europe. For more information about EPRA, visit www.epra.com.

This half-yearly financial report is also available in Dutch.

Xior Student Housing NV is responsible for the translation of this half-yearly financial report into English. Only the Dutch version of the halfyearly financial report has evidential value. Both versions are available on the Company website (www.xior.be) or from the registered office upon request (Xior Student Housing NV, Frankrijklei 64-68, 2000 Antwerp, Belgium).

01	CONSOLIDATED KEY FIGURES AS AT 30 JUNE 2023	7	5.2	Overview of total earnings	52
02	INTERIM MANAGEMENT REPORT	11	5.3	Condensed consolidated balance sheet	53
2.1 2.1.1	Notes to the consolidated results for the first half of 2023 Consolidated balance sheet	12 13	5.4	Consolidated statement of changes in equity	56
2.1.2	Composition of debt	15	5.5	Consolidated abbreviated cash flow statement	60
2.2	Data according to the EPRA reference system	17	5.6	Notes	61
2.2.1	EPRA Key Performance Indicators	17	5.6.1 5.6.2	Financial reporting principles – General Consolidation	61 61
2.3	Transactions and achievements	21
2.3.1	Transactions and achievements during the first half of 2023	21	5.7	Segment information	62
2.3.2	Transactions and achievements after the first half of 2023	21
			5.8	Alternative Performance Measures (APMs)	66
2.4	Portfolio en pipeline update	22	5.8.1	Glossary of the Alternative Performance Measures (APMs) used by Xior Student Housing	66
2.5	Operational & corporate update	22	5.9	Other notes	72
2.5.1	Rental season update: particularly strong commercial results supported by well performing		5.9.1	Property result	72
	student accommodation market.	22	5.9.2	Result on the portfolio	74
2.5.2	Update on digital transformation and integration: internal value creation,		5.9.3	Financial result	75
	sharing best practices and exploiting team synergies	22	5.9.4	Investment property	76
2.5.3	Update shareholdership	22	5.9.5	Financial fixed assets – Authorised hedging instruments	77
2.5.4	ESG update	23	5.9.6	Capital	78
2.5.5	Service costs Netherlands	24	5.9.7	Earnings per share	80
			5.9.8	Financial debts	80
2.6	Forecast for the second half of 2023	24	5.9.9	Financial assets and liabilities	82
2.6.1	Prospects for the second half of the financial year 2023	24	5.9.10	Transactions with related parties	83
			5.9.11	Post balance sheet events	83
2.7	THE XIOR SHARE	25	5.9.12	Scope of consolidation	84
2.7.1	The share on Euronext Brussels	25	5.9.13	Debt ratio	85
2.7.2	Shareholders	27	5.9.14	Off-balance sheet rights and obligations	87
			5.9.15	Statutory Auditor's report	88
03	RISKS FOR THE REMAINING MONTHS OF 2023	29	5.9.16	Statement accompanying the half-yearly financial report	89
			5.9.17	Forward-looking statements	89
04	PROPERTY REPORT	33
			06	IDENTITY CARD	91
4.1	Property market	34
4.1.1	The market in which Xior operates	34
4.1.2	Student housing evolution	36
4.2	Property portfolio	37
4.2.1	Portfolio summary	37
4.2.2	Description and diversification of the property portfolio	38
4.2.3	Report by property experts Stadim, Cushman & Wakefield and CBRE as at 30 June 2023	46

05	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST HALF YEAR OF 2023 49
5.1	Condensed consolidated income statement	50
5.2	Overview of total earnings	52
5.3	Condensed consolidated balance sheet	53
5.4	Consolidated statement of changes in equity	56
5.5	Consolidated abbreviated cash flow statement	60
5.6	Notes	61
5.6.1	Financial reporting principles – General	61
5.6.2	Consolidation	61
5.7	Segment information	62
5.8	Alternative Performance Measures (APMs)	66
5.8.1	Glossary of the Alternative Performance Measures (APMs) used by Xior Student Housing	66
5.9	Other notes	72
5.9.1	Property result	72
5.9.2	Result on the portfolio	74
5.9.3	Financial result	75
5.9.4	Investment property	76
5.9.5	Financial fixed assets – Authorised hedging instruments	77
5.9.6	Capital	78
5.9.7	Earnings per share	80
5.9.8	Financial debts	80
5.9.9	Financial assets and liabilities	82
5.9.10	Transactions with related parties	83
5.9.11	Post balance sheet events	83
5.9.12	Scope of consolidation	84
5.9.13	Debt ratio	85
5.9.14	Off-balance sheet rights and obligations	87
5.9.15	Statutory Auditor's report	88
5.9.16	Statement accompanying the half-yearly financial report	89
5.9.17	Forward-looking statements	89

The first half of 2023 covers the period from 1 January 2023 to 30 June 2023.

The results of the first half year are as follows:

EPRA earnings of EUR 0.92 per share1 EUR 1.00 per share after IFRIC 21 adjustment
EPRA earnings group share of EUR 0.92 per share1 EUR 1.00 per share after IFRIC 21 adjustment
EPRA earnings of KEUR 32,428 KEUR 35,155 after IFRIC 21 adjustment
EPRA earnings group share of KEUR 32,202 KEUR 34,929 after IFRIC 21 adjustment
EPRA NAV per share group share of EUR 40.92 compared to EUR 43.00 as at 31 December 2022
EPRA NTA per share of EUR 40.85 compared to EUR 42.96 as at 31 December 2022

In accordance with the guidelines issued by the European Securities and Market Authority (ESMA) on 3 July 2016, the Alternative Performance Measures (APMs) used by Xior are included in this Half-Yearly Report. The definitions of the APMs, together with the reconciliation tables and their purpose are included in Chapter 5.8 of this Half-Yearly Report. The APMs are marked with .

¹Figures per share are calculated on the basis of the weighted average number of shares unless stated otherwise.

² The total fee for the acquisition of the Basecamp management and development operations consisted of the initial fee of MEUR 36 and an earn-out of MEUR 34 if the earn-out conditions were met (as possibly adjusted in accordance with the calculations of the final settlement for any differences between the estimated and final amounts of cash, debt, net working capital and so on). In the meantime, the Basecamp teams proposed seven new potential investment files that met these earn-out conditions, resulting in the full activation of the earn-out. The actual payment of this earn-out will happen in stages: 50% on 31 March 2024 and 50% on 31 March 2025 by issuing new shares at a price per share equal to the 30 days of volume-weighted average price (VWAP) per share on Euronext Brussels immediately prior to the relevant payment date of the relevant part of the earn-out. All these shares are subject to a six-month lock-up. As the earn-out has been activated, it was included as a liability in the balance sheet as at 30 June 2023. The earn-out will be paid by issuing new shares, but since the issue price has not been set yet, the earn-out must be recognised as a debt rather than as equity under IFRS. Once the earn-out is paid by issuing shares, the capital will increase and the debt will be reversed. As at 30 June 2023, this will have an impact of approx. 1% on the debt ratio.

³ Without taking into account ongoing divestments until they are fully realised.

Net rental result of KEUR 69,310 for H1 2023
LfL rental growth at record level of +5.64% YoY
Net result (IFRS) of KEUR 8,909 for H1 2023
LTV of 54.43% compared to 51.39% on 31 December 2022.
Debt ratio of 55.31% compared to 52.02% on 31 December 2022. Debt ratio would be 54.29% if the earn-out2 obligation would be booked as equity.
98% occupancy rate compared to 98% for H1 2022
Property portfolio rises by 3.49% to MEUR 3,132 since 31 December 2022. If all acquisitions and redevelopments in the committed pipeline are completed, the portfolio will increase to approx. EUR 3.6 billion, with more than 26,100 lettable student units.³

Consolidated income statement
In KEUR	30/06/2023	30/06/2022

Net rental result	69,310	49,782
Property result	68,578	46,878
Operating result before result on the portfolio	44,477	31,978
Financial result (excluding variations in the fair value (FV) of financial assets and liabilities)	-10,291	-5,259
EPRA earnings	32,428	25,324
EPRA earnings after IFRIC 21 adjustment	35,155	27,380
EPRA earnings – group share	32,202	24,680
EPRA earnings – group share – after IFRIC 21 adjustment	34,929	26,736
Result on the portfolio (IAS 40)	-22,528	145,683
Revaluation of financial instruments (non-effective interest rate hedges)	-5,003	47,178
Share in the result of joint ventures	138	263
Deferred taxes	3,874	-15,230
Net result (IFRS)	8,909	203,218

	30/06/2023	30/06/2022


Number of lettable student units	18,225	13,992

Consolidated balance sheet
In KEUR	30/06/2023	31/12/2022

Equity	1,452,544	1,486,461
Equity – group share	1,452,035	1,486,268
Fair value of the investment property4	3,132,453	3,026,885
Loan-to-Value	54.43%	51.39%
Debt ratio (Act on Regulated Real Estate Companies)5	55.31%	52.02%
Debt ratio with earn-out in equity	54.29%

Key figures per share
(in EUR)	30/06/2023	30/06/2022

Debt ratio with earn-out in equity 54.29%

Key figures per share

Number of shares	35,618,161	28,011,322
Weighted average number of shares6	35,072,965	28,011,322
EPRA earnings per share (based on the weighted average number of shares)	0.92	0.90
EPRA earnings per share – group share – after IFRIC 21 adjustment	1.00	0.98
EPRA earnings per share – group share	0.92	0.88
EPRA earnings per sharee – group share – after IFRIC 21 adjustment	1.00	0.95
Result on the portfolio (IAS 40) (based on the weighted average number of shares)	-0.64	5.20
Revaluation of financial assets and liabilities (based on the weighted average number of shares)	-0.14	1.69
Net result per share (IFRS) (based on the weighted average number of shares)	0.25	7.25
Share's closing price	27.25	41.55
Net asset value per share (IFRS) (based on the number of shares issued)	40.78	42.21
Net asset value per share (IFRS) (based on the number of issued shares) – group share	40.77	41.47

⁴ The Fair Value of the investment property is the investment value as determined by an independent property expert, not including the transaction fees (see BE-REIT (Belgian Real Estate Investment Trusts) Association press release dated 10 November 2016). The fair value corresponds to the book value under IFRS.

⁵ Calculated in accordance with the Royal Decree of 13 July 2014 implementing the Act of 12 May 2014 on Regulated Real Estate Companies.

⁶ Shares are counted from the time of issue.

2.1 NOTES TO THE CONSOLIDATED RESULTS FOR THE FIRST HALF OF 2023

The net rental result is KEUR 69,310 in the first half of 2023 compared to KEUR 49,782 in the first half of 2022. This is an increase of 39%. This net rental result will continue to increase further in 2023, as certain buildings currently are being constructed or converted and will only start generating rental income from September 2023 or October 2023 or others have been acquired very recently and will, therefore, contribute fully to the result in the second half of the year.

This relates mainly to the following properties:

City Lofts, Leeuwarden: this property will be completed in Q3 and will generate rental income from then onwards;
Sint-Pietersplein, Ghent: this property will be completed in Q3 and will generate rental income from then onwards;
Hertz, Hasselt: this property will be completed in Q3 and will generate rental income from then onwards;
Lumiar, Lisbon: this property will be completed in Q3 and will generate rental income from then onwards;
Both Basecamp projects Aarhus and Malmö will be completed during the summer and will generate rental income from completion;
Pontoneros, Zaragoza: this property will be partially completed in Q3 and will generate a partial rental income from then onwards.

The average occupancy rate of the property portfolio was 98% for the first half of 2023 compared to 98% for the first half of 2022.

The property result was KEUR 68,578 as at 31 June 2023 (KEUR 46,878 as at 30 June 2022) and the property operating result was KEUR 53,420 (KEUR 37,453 as at 30 June 2022). The property charges (KEUR 15,158) mainly include costs related to maintenance and repair, insurance, property management, valuation expert expenses and other property charges. The latter charges are withholding taxes on property that may not be passed on to the tenants.

As a result of the application of the 'IFRIC 21 Levies' accountancy rule (implemented from the 2015 financial year), the figures dated 30 June 2023 include a provision for the entire year of 2023 with regard to taxes on property, taxes on second homes and the socalled "subscription tax" ("abonnementstaks" - a tax on collective investment schemes). This has had a substantial negative impact on the result for the first half of 2023, as these costs were recognised entirely in the first half year rather than spread across all quarters.

The impact of this accounting treatment will decrease as the financial year progresses. If these costs were to be spread by charging a quarter of the costs in each quarter, the result as at 30 June 2023 would go up by KEUR 2,727. In that theoretical case, EPRA earnings – group share would be KEUR 34,929.

The general costs are KEUR 9,891 compared to KEUR 5,487 as at 30 June 2022. This increase is mainly due to an increase in the "subscription tax" as a result of the capital increases in 2022, an increase in personnel costs (the recruitment of additional staff at HQ and severance packages) and an increase in consultancy costs (lawyers, tax consultants and compliance) in the different countries.

The property was acquired at a negotiated value (the acquisition value agreed between the parties), which was in line with (but not necessarily equal to) the Fair Value as assessed by the Valuation Experts.

The difference between the Fair Value of properties acquired through property acquisitions (sale-purchase) and the negotiated value of these properties is shown in "variations in the fair value of investment property"in the income statement.
For properties acquired through share acquisitions, the difference between the properties' book value and negotiated value and any other sources of discrepancies between the Fair Value and the negotiated value of the shares are treated as "other portfolio result" on the income statement. This "other portfolio result" relates to amounts arising from the application of the consolidation principles and merger transactions, and consists of the differences between the price paid for real estate companies and the fair value of the acquired net assets. This "other portfolio result" also covers directly attributable transaction fees. The difference between the negotiated value and the Fair Value was treated as "variations in the fair value of investment property"in the income statement.

The variation in Fair Value between 1 January 2023 and 30 June 2023 was recognised as negative or positive variations under investment property. There was a negative net investment property change (KEUR -20,577). Variations in the fair value remained largely stable in the first half of the year thanks to the positive effect of rent growth. The variations in the fair value of the portfolio remained limited to only -0.66% (compared to Q4 2022).

The financial result is KEUR -15,295 (KEUR 41,919 as at 30 June 2022). This result primarily includes interest on loans (KEUR -14,934), proceeds of approved hedging instruments (KEUR 5,021) and bank charges and other commissions (KEUR -706). The increases in the property portfolio and the increase in the average financing cost resulted in an increase in the net interest charges. These charges also include the market value of the hedging instruments (KEUR -5,003). The market value of these hedging instruments is recognised directly in the income statement. The average financing cost was 2.4% for the first half of 2023 (1.69% as at 30/06/2022).

The result before taxes was KEUR 6,792. Corporate taxes were KEUR 1,758. These are mainly taxes on the result from the permanent establishment in the Netherlands, the Dutch subsidiaries and the taxes on the Polish subsidiaries. However, KEUR -3,874 was recognised in provisions for deferred taxes (assets).

The net result was KEUR 8,909 (KEUR 203,218 as at 30 June 2022) and reflects, in addition to the EPRA earnings, the negative impact of the variation in the fair value of the property portfolio in an amount of KEUR -20,577, the result of the first consolidation difference on the acquisitions of H1 (KEUR -1,951), the negative impact of the fair value of financial assets and liabilities of KEUR -5,003, the share in the result of joint ventures (KEUR 138) and the positive impact of the deferred taxes with regard to IAS adjustments of KEUR 3,874 as at 30 June 2023.

The EPRA earnings were KEUR 32,428 (KEUR 25,324 as at 30/06/2022). The calculation of the EPRA earnings per share takes into account the weighted average number of shares (based on their respective dividend entitlement) as at 30 June 2023, which was 35,072,965.

In KEUR	30/06/2023		Per share 30/06/2022	Per share
EPRA earnings	32,428	0.92	25,324	0.90
EPRA earnings – after IFRIC 21 adjustment	35,155	1.00	27,380	0.98
EPRA earnings – group share	32,202	0.92	24,680	0.88
EPRA earnings group share – after IFRIC 21 adjustment	34,929	1.00	26,736	0.95

2.1.1 CONSOLIDATED BALANCE SHEET

As at 30 June 2023, the portfolio consisted of 18,225 lettable student units. This resulted in a valuation of the property portfolio of KEUR 3,132,453 as at 30 June 2023, which represented a 3.5% increase of KEUR 105,568 since 31 December 2022 (KEUR 3,026,885). This increase is partly due to the further completion/development of the property on Boschdijk Veste in Eindhoven (NL), Project Connect U in Enschede (NL), Project Pontoneros in Zaragoza (ES), the project in Malmö, Sweden and the Aarhus project in Denmark, the acquisition and development of Tweebaksmarkt in Leeuwarden (NL) and the acquisition of an up-and-running student building in Avenue des Combattants in Namur (BE).

For a detailed description of the acquisitions, see Chapter 2.3.1 of this Half-Yearly Report.

If all acquisitions and projects currently in the committed pipeline are completed, this increase will continue and result in a property portfolio of approx. EUR 3.6 billion, with more than 26,108 lettable student units.⁷

As at 30 June 2023, the portfolio consisted of 159 properties (incl. committed pipeline) with 26,108 student units, of which 7,833 units or 30% were still under construction or to be converted into student units. The properties to be converted into student units will start contributing to the rental income from 2023/2026. Some of these properties are currently generating rental income as offices.

The current assets were KEUR 124,054, which is KEUR 52,916 more than on 31 December 2022. This increase was mainly due to an increase in deferred charges. As part of the postponement of the acquisition of Basecamp, this acquisition was already paid by issuing new shares on 25 April 2023. The capital increase was approx. MEUR 38, of which MEUR 29.5 had already been recognised as at 31 December 2022 as a premium for obtaining the Basecamp portfolio– the portfolio premium. See Chapter 5.2.1 of the 2022 Annual Report. The remainder (MEUR 8.5) is for the acquisition of the remaining Basecamp entities. As these have been paid but not yet acquired, this amount was recognised under accruals and deferrals. This amount will be allocated to those entities when the Basecamp entities are actually acquired. In addition, the earn-out obligation has been activated and recognised. It still has to be allocated to the new investment opportunities as soon as they are acquired. Pending this, this amount (MEUR 34) was recognised under accruals and deferrals. See also other long- and short-term liabilities.

⁷ Without taking into account ongoing divestments until they are fully realised.

They primarily include:

Outstanding trade receivables (KEUR 3,025): mainly unpaid rent;
Tax receivables and other receivables (KEUR 48,810): these mainly concern advance payments for Dutch corporation taxes and VAT to be recovered (KEUR 10,474), receivables from Lumiar, the joint venture company that is developing the project in Lisbon, Portugal (KEUR 15,145) and prepaid contract fees for the project developments. They also include advance payments relating to property developments and furnishings;
Cash and cash equivalents held by the various entities (KEUR 9,916).
Accruals and deferrals (KEUR 62,303), which are mainly property costs to be transferred (KEUR 45,926) - see above, property income received (KEUR 3,368), rental guarantees obtained (KEUR 7,200), prepaid expenses (KEUR 2,943) and service charges to be settled in the Netherlands (KEUR 2,866).

The equity – group share – was KEUR 1,452,035 as at 30 June 2023 (KEUR 1,486,268 as at 31 December 2022).

The net asset value per share (EPRA NAV) decreased by 4.82% to EUR 40.93 as at 30 June 2023, compared to EUR 43.01 as at 31 December 2022. The decrease is mainly the result of the dividend payment for the 2022 financial year in May 2023.

The long-term liabilities have increased by KEUR 174,790 since 31 December 2022. As at 30 June 2023, the loan-to-value was 54.43% compared to 51.39% as at 31 December 2022. The debt ratio (per Royal Decree on Regulated Real Estate Companies) as at 30 June 2023 was 55.31% compared to 52.02% as at 31 December 2022. The debt ratio would be 54.29% if the earn-out obligation was recognised in equity. See also below for further notes.

Other long-term liabilities were mainly MEUR 17 for the long-term part of the earn-out fee. The short-term portion payable as at 31 March 2024 was recognised under other short-term liabilities.

The total fee for the acquisition of the Basecamp management and development operations consisted of an initial fee and an earn-out of MEUR 34 if the earn-out conditions were met. In the meantime, the Basecamp teams proposed seven new potential investment files that met these earn-out conditions, resulting in the full activation of the earn-out. The actual payment of this earn-out will happen in stages: 50% on 31 March 2024 and 50% on 31 March 2025 by issuing new shares at a price per share equal to the 30 days of volume-weighted average price (VWAP) per share on Euronext Brussels immediately prior to the relevant payment date of the relevant part of the earn-out. All these shares are subject to a six-month lock-up. As the earn-out has been activated, it was included as a liability in the balance sheet as at 30 June 2023. The earn-out will be paid by issuing new shares, but since the issue price has not been set yet, the earn-out must be recognised as a debt rather than as equity under IFRS. Once the earn-out is paid by issuing shares, the capital will increase and the debt will be reversed. As at 30 June 2023, this will have an impact of approx. 1% on the debt ratio.

The current liabilities were KEUR 275,747. This is an increase of KEUR 19,200 since 31 December 2022.

Current liabilities are mainly short-term loans (KEUR 155,787), outstanding debts to suppliers (KEUR 30,197), advance payments received from tenants (KEUR 3,846), VAT, tax and social security owed (KEUR 23,921), security deposits received from tenants (KEUR 19,799), the price to be paid for the remaining shares in joint ventures (KEUR 5,476), a payable leasehold fee (KEUR 4,000), the short-term part of the earn-out obligation (KEUR 17,000) and accruals and deferrals (KEUR 13,264). Accrued and deferred liabilities (KEUR 13,264) mainly relate to rental income billed in advance (KEUR 2,818), accrued interest costs (KEUR 2,049), provisions for (overhead) costs (KEUR 1,410), accrued project costs (KEUR 3,537) and provisions for property taxes (KEUR 2,466).

2.1.2 COMPOSITION OF DEBT

As at 30 June 2023, the Company had concluded financing agreements with 19 lenders for MEUR 1,722. The Company had drawn down a total of MEUR 1,652 in financing as at 30 June 2023. Of the part that has not been drawn down, MEUR 50.25 is held as a backup for the drawn down CP amount.

The Company aims to stagger the loan maturities and the average maturity was 4.28 years as at 30 June 2023.

Xior has taken out a number of sustainable loans and bond loans for a total amount of MEUR 685, of which MEUR 535.25 had been drawn down as at 30 June 2023.

In early 2023, Xior announced that it had converted its Green Finance Framework to a Sustainable Finance Framework in light of rising prices and concerns about more affordable student housing. The new Sustainable Finance Framework includes not only environmental criteria (E) in order to finance its greenest assets, but now also includes social criteria (S) based on affordability and social pricing. This makes Xior's social portfolio also eligible for sustainable financing.

Based on the criteria stated in the Sustainable Finance Framework, the most ecological and social buildings were selected from the total property portfolio to make up the Sustainable Assets Portfolio. There is a total of EUR 1.33 billion in green eligible assets and MEUR 516 in social eligible assets (which corresponds to a total of approx. EUR 1.85 billion). These can be financed with sustainable loans as at 30 June 2023.

Xior's annual sustainability report shows the allocation of the sustainable loans before they are fully used to finance sustainable assets. The report will contain the following information: total amount for sustainable loans, total amount not allocated to green investments, portfolio composition, portfolio geographical split, financing versus refinancing and an overview of eligible assets.

We also refer to Chapter 9.3.4 Sustainable buildings in sustainable communities – Sustainable assets and a Sustainable Finance Framework of the 2022 Annual Financial Report.

In addition, Xior is well protected against rising interest rates by the long-term hedging of its existing debt position, with 81% of its drawn down loans (MEUR 1,705) hedged for a 5.9-year term, either with Interest Rate Swap agreements (MEUR 884) or fixed-rate interest rates (MEUR 500) as at 30 June 2023. This type of hedging is not at the individual financing level but for a longer term than the underlying loans. Consequently, this means that there is no additional interest risk on the maturity date of individual financing facilities.

The average financing cost for H1 2023 was 2.4% (2022: 1.69%).

The main covenants that the Company must respect in relation to these financing agreements are about compliance with a loanto-value (LTV) ratio (the outstanding amount of credit in relation to the value of the property portfolio calculated according to the Royal Decree on Regulated Real Estate Companies), which must always be less than 60%, an interest coverage ratio that must be greater than 2.5 and hedging of at least 70% of financing debt.

The debt ratio was 55.31% as at 30 June 2023. The debt ratio is calculated as follows: liabilities (excluding provisions, accruals and deferrals, interest rate hedging instruments and deferred taxes) divided by total assets (excluding interest rate hedging instruments).

As of 30 June 2023, the average maturity of outstanding loans was 4.28 years. The Company has always concluded financing contracts with a minimum maturity of 3 years. For a further breakdown of debts according to maturity, see Chapter 5.9.8 of this Half-Yearly Report.

The graph below provides an overview of the loans' maturity dates.

Loan maturities (June 2023)

The diagram above does not include loans with quarterly repayments and CP notes, as that would make the graph unreadable. This relates to a loan from ING to Stratos with quarterly repayments of approx. KEUR 220, loans from Santander to the UHUB entities with monthly repayments of approx. KEUR 114 and a loan for Leipzig with monthly repayments of approx. KEUR 55.

2.2 DATA ACCORDING TO THE EPRA REFERENCE SYSTEM⁸

⁸ Financial performance indicator calculated in accordance with the EPRA (European Public Real Estate Association) Best Practice Recommendations. See also www.epra.com.

2.2.1 EPRA KEY PERFORMANCE INDICATORS

These details are not required by the regulations on Regulated Real Estate Companies. The Statutory Auditor verified that the EPRA earnings, EPRA net asset value (NAV) and EPRA triple net asset value (NNNAV) ratios were calculated according to the definitions quoted in the EPRA Best Practice Recommendations and whether the financial data used in the calculation of these ratios corresponds to the accounting information included in the consolidated financial statements.

		30/06/2023
EPRA metrics	Definition	in KEUR	EUR per share
EPRA earnings	Underlying result from strategic operational activities.	32,428	0.92
EPRA NAV	Net asset value (NAV) adjusted to take into account the fair value of the investment property and excluding certain elements that do not form part of a financial model of long-term property investments.	1,458,022	40.93
EPRA NNNAV	EPRA net asset value (NAV) adjusted to take into account (i) the fair value of the financial instruments, (ii) the fair value of debts and (iii) deferred taxes.	1,452,544	40.78
EPRA Net Reinstatement Value (NRV)	Assumes that entities never sell property and aims to show the value needed to rebuild the property.	1,637,355	45.97
EPRA Net Tangible Asset (NTA)	EPRA Net Tangible Assets assumes that entities buy and sell assets, causing certain levels of unavoidable deferred tax to crystallise.	1,455,049	40.85
EPRA Net Disposal Value (NDV)	Represents the shareholder value in a "sell-off scenario", in which deferred tax, financial instruments and certain other adjustments are calculated to their fullest extent, after deduction of the resulting tax.	1,534,556	43.08
			%
EPRA cost ratio (incl. vacancy costs)	EPRA costs (including vacancy costs) divided by the gross rental income.		36.2%9
EPRA cost ratio (excl. vacancy costs)	EPRA costs (excluding vacancy costs) divided by the gross rental income.		35.7%10

⁹ The EPRA cost ratio (including vacancy costs) after IFRIC 21 adjustment is 32.2%.

¹⁰ The EPRA cost ratio (excluding vacancy costs) after IFRIC 21 adjustment is 31.7%.

EPRA earnings per share	30/06/2023	30/06/2022
Net result	8,909	203,218
Variations in the fair value of investment property	20,577	-146,472
Other portfolio result	1,951	789
Result from the sale of investment properties	0	0
Variations in the fair value of financial assets and liabilities	5,003	-47,178
Share of result of joint ventures	-138	-263
Deferred taxes relating to IAS 40 adjustments	-3,874	15,230
Weighted average number of shares	35,072,965	28,011,322
EPRA earnings per share	0.92	0.90
EPRA earnings per share – group share	0.92	0.88
IFRIC 21 impact	2,727	2,056
EPRA earnings per share after IFRIC 21 adjustment	1.00	0.98
	1.00	0.95
EPRA earnings per share – group share after IFRIC 21 adjustment
EPRA cost ratio	30/06/2023	30/06/2022
General costs	9,891	5,487
Impairments on trade receivables	35	450
Property charges	15,158	9,424
EPRA costs (incl. vacancy costs)	25,084	15,361
Vacancy costs	345	306
EPRA costs (excl. vacancy costs)	24,739	15,055
Gross rental income	69,344	50,232
EPRA cost ratio (incl. vacancy costs)	36.2%	30.6%
EPRA cost ratio (excl. vacancy costs)	35.7%	30.0%
IFRIC 21 impact	2,727	2,056
EPRA cost ratio (incl. vacancy costs) after IFRIC 21 adjustment	32.2%	26.5%

As at 30/06/2023	EPRA NRV	EPRA NTA	EPRA NDV	EPRA NAV	EPRA NNNAV
IFRS equity attributable to shareholders excluding minority
interests	1,452,035	1,452,035	1,452,035	1,452,035	1,452,035
Minority interests	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX	509	509
DEDUCTION
DT in relation to FV income from IP	64,822	64,822	XXXXXXXXXXX	64,822	XXXXXXXXXXX
FV of financial assets	-59,344	-59,344	XXXXXXXXXXX	-59,344	XXXXXXXXXXX
Intangible fixed assets as per IFRS BS	XXXXXXXXXXX	2,464	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX
ADDITION
FV of fixed-income debts	XXXXXXXXXXX	XXXXXXXXXXX	82,521	XXXXXXXXXXX	XXXXXXXXXXX
Taxes on property transfers	179,842	N/A	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX
NAV	1,637,355	1,455,049	1,534,556	1,458,022	1,452,544
Fully diluted number of shares	35,618,161	35,618,161	35,618,161	35,618,161	35,618,161
NAV per share	45.97	40.85	43.08	40.93	40.78
NAV per share – group share	45.97	40.85	43.08	40.92	40.77
Additional deferred tax, note if option (i) or (ii) is chosen		Fair value		as % of total portfolio % of deferred tax excluded
Portfolio subject to deferred taxes and intended to be held and not sold in the long term.		3,132,453		100	100
Portfolio subject to partial deferred tax and tax structuring			0	0	0

As at 31/12/2022	EPRA NRV	EPRA NTA	EPRA NDV	EPRA NAW	EPRA NNNAW
IFRS equity attributable to
shareholders excluding minority
interests	1,486,268	1,486,268	1,486,268	1,486,268	1,486,268
Minority interests	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX	193	193

DEDUCTION
DT in relation to FV income from IP	72,572	72,572	XXXXXXXXXXX	72,572	XXXXXXXXXXX
FV of financial assets	-64,347	-64,347	XXXXXXXXXXX	-64,347	XXXXXXXXXXX
Intangible fixed assets as per IFRS
BS	XXXXXXXXXXX	1,506	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX

ADDITION
FV of fixed-income debts	XXXXXXXXXXX	XXXXXXXXXXX	85,939	XXXXXXXXXXX	XXXXXXXXXXX
Taxes on property transfers	143,285	N/A	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX

NAV	1,637,778	1,492,987	1,572,207	1,494,686	1,486,461
Fully diluted number of shares	34,752,543	34,752,543	34,752,543	34,752,543	34,752,543
NAV per share	47.13	42.96	45.24	43.01	42.77
NAV per share – group share	47.13	42.96	45.24	43.00	42.77

Additional deferred tax, note if option (i) or (ii) is chosen	Fair value		as % of total portfolio % of deferred tax excluded
Portfolio subject to deferred taxes and intended to be
held and not sold in the long term.	3,026,885	100	100
Portfolio subject to partial deferred tax and tax
structuring	0	0	0

2.3 TRANSACTIONS AND ACHIEVEMENTS

2.3.1 TRANSACTIONS AND ACHIEVEMENTS DURING THE FIRST HALF OF 2023

2.3.1.1 General

Closing Rue Mélot, Namur

In 2019, an agreement was signed for the purchase of a student building to be developed in Namur. Xior would acquire this building after its development. The building has now been completed, so the shares of the company AXS Namur IV were transferred on 9 January 2023 (the name has now been changed to Xior Namen).

Termination of the letter of intent to acquire Aachen BlueGate

On 22 February 2023, Xior announced the termination of the previously announced letter of intent to acquire the Aachen BlueGate project (total investment value MEUR 150). The letter of intent was terminated by mutual agreement and without compensation. Consequently, the investment planned in Q3/Q4 2023 will not take place. For more information, see the press release of 22 February 2023.

Xior exercises its right to postpone the final part of the Basecamp transaction

On 31 March 2023, Xior reported that, as permitted by the Basecamp transaction documentation, it exercised its right to postpone the final part of this transaction, which consists of the acquisition of the Basecamp group management and development companies by at least six months and at most one year. As a result of exercising this right of postponement, Xior has to pay the first tranche of the acquisition price, approx. MEUR 36. This was paid in shares at an issue price of EUR 44 per share on 25 April 2023. The postponement of this final part of the Basecamp transaction does not affect the previously announced earnings and dividend forecast for 2023 of EUR 2.20 EPS and EUR 1.76 DPS and has no negative effect on the debt ratio. For more information, see the press release of 31 March 2023.

Capital increase of approx. MEUR 38

On 25 April 2023, a capital increase of approx. MEUR 38 took place. This meant that 865,618 new shares were issued at an issue price of EUR 44 per share. This capital increase took place as part of the final part of the Basecamp transaction, which was the constitution of the Basecamp management and development operations. The majority of these shares are also subject to a six-month lock-up, as described in the securities note of 13 September 2022. The new shares are listed on the stock exchange from 27 April 2023.

2.3.1.2 Annual General Meeting

The Annual General Meeting of Xior Student Housing NV took place on 19 May 2023, including the approval of the annual accounts for 2022. The Annual General Meeting approved the distribution of a dividend of EUR 1.6560 gross or EUR 1.1592 net11 per share (taking into account the dividend entitlements of the shares and the coupons detached from them), represented by coupons no. 21 (EUR 1.1660 gross) and no. 22 (EUR 0.4900 gross).

2.3.2 TRANSACTIONS AND ACHIEVEMENTS AFTER THE FIRST HALF OF 2023

No significant transactions and achievements occurred after the close of the financial year.

¹¹This takes into account a 30% withholding tax to cover liability.

2.4 PORTFOLIO AND PIPELINE UPDATE

For the update on the divestment programme, pipeline and valuation yields, please refer to the press release issued on 4 August 2023 along with the announcement of the publication of the 2023 Half-Yearly report.

2.5 OPERATIONAL & CORPORATE UPDATE

2.5.1 RENTAL SEASON UPDATE: PARTICULARLY STRONG COMMERCIAL RESULTS SUPPORTED BY WELL PERFORMING STUDENT ACCOMMODATION MARKET.

Xior continues to deliver rock-solid operational results in Q2 of 2023 with high occupancy of 98% and proven pricing power with LfL rental growth of 5.64% year-on-year.

The ongoing rental season continues at record pace, driven in part by the shortage of quality rooms in the student housing market across Europe. The prospects for the student housing market remain promising: the rising student population and existing scarcity also underpin the continued ability to pass on inflation without impacting demand. The short-term nature of student contracts allows rising inflation to be absorbed more quickly.

An earlier start to the rental season, combined with higher retention and rising demand lead to lightning-fast rentals at record pace, in line with last year, resulting in full occupancy in many cities. The massive search led to long queues in many places during physical visits.

In some countries, the peak of the rental season only starts in the summer months and rentals are still in full swing, but here too rental rates are higher than in the past years. The first letting (ramp-up) of newly completed buildings also exceeds expectations: in Leeuwarden, the count already stands at 91.5% after only 2 months and in Zaragoza at 70%. Even in Malmö, the first Xior property in Sweden, the letting rate is already at 50%.

These figures show that rent increases implemented in response to rising inflation have no effect on the demand for student rooms. Xior always strives for a healthy mix of rooms in different price categories. Rental income is maximised without losing sight of affordability.

2.5.2 UPDATE ON DIGITAL TRANSFORMATION AND INTEGRATION: INTERNAL VALUE CREATION, SHARING BEST PRACTICES AND EXPLOITING TEAM SYNERGIES

As previously announced, Xior is working on a complete digital transformation with a new integrated property management system (Yardi) in order to manage the residences across all countries. This software will enable Xior to create a new student website with online bookings, including e-signatures and online payments, together with improved residential services on a mobile app and portal so as to improve the customer experience. The property management and financial accounting platform will also make maintenance and inspections more efficient and will mean less time is spent on bulk check-ins and check-outs as well as financial accounting and reporting.

The implementation of the Yardi software will enable Xior to scale up its digital presence, create internal synergies and digitalise the customer journey processes further in line with Gen-Z customer expectations. The 'core team' for the rollout has started up and is supported by Aremis, an official integration partner of Yardi. A global framework is currently being developed so that standardisation can be aligned at group level. This standardisation is essential for the rollout in all countries where Xior is present. The rollout of Yardi in the Netherlands, which will be the first country to use the system, will be started in Q1 of 2024 and will immediately cover 40% of the entire portfolio.

2.5.3 UPDATE SHAREHOLDERSHIP

Following the share-based remuneration for the contributions-inkind related to the Basecamp acquisition on 15 September 2022, the ESHF 2 and ST Holdings funds became Xior shareholders. The current position (as at 4 August 2023) of these two funds is only 4.26% for the ST Holdings fund and 2.89% for the ESHF2 fund, a total of 2,545,001 shares or 7.15%. This stems from an initial total position of 6,741,221 shares or 19.40% as at 15 September 2022. This means 62% of this position has already been successfully replaced and the remaining 'overhang' is reduced.

2.5.4 ESG UPDATE

CO2 reduction targets validated by SBTi

Xior is proud to announce that its CO2 reduction targets submitted earlier this year have been officially validated and approved by SBTi.

• By doing so, Xior commits to align with the goals of the Paris Agreement, with the ultimate aim of limiting global warming to 1.5°C. As part of this commitment and to become Net Zero Carbon by 2050, Xior has set ambitious targets for its operations. These include Scope 1, Scope 2 and Scope 3 emissions.

For Scope 1 and 2 (including the consumption of all student buildings), Xior will reduce its emissions by 42% by 2030, compared to 2020 as a base year. This will be achieved by improving energy efficiency by switching to 100% green electricity, digital monitoring and renewable energy, reducing the use of fossil fuels on its own sites, etc. Scope 1 and 2 are not only limited to the company buildings for Xior but include all its operational residences and the consumption of currently around 18,000 students.
For Scope 3 (mainly linked to new developments), Xior is committed to further mapping and reducing these together with its suppliers and partners and defining concrete targets based on a reduction of CO2 intensity/m².

Xior's path to net zero carbon by 2050 looks as follows:

DGNB Silver – Lyngby & South Campus Copenhagen

Xior has obtained two new external sustainability certificates for the Lyngby and South Campus properties in Copenhagen, Denmark. The DGNB system is based on three principles: life cycle, a holistic approach and performance focus. Certification is consistently based on a project's entire life cycle and evaluates a project's overall performance rather than individual measures.

Awards

Xior's Brinktoren project in Amsterdam won the "Middenhuur Award 2023" at the Provada property fair. This award focuses on affordable middle-income housing projects in the Netherlands.

Launch of Corporate Sustainability Reporting Directive (CSRD) readiness track

Xior is currently setting up various projects and task forces to prepare for the upcoming CSRD report, which will focus on embedding the environment, social and governance (ESG) ambitions and CO2 targets in the entire organisation.

2.5.5 SERVICE COSTS NETHERLANDS

In the Netherlands, as part of a tenancy agreement, a distinction is made between the rent and the service costs (cleaning, caretaker, utilities, etc). These costs come on top of the bare rent and the landlord may only charge the costs actually incurred. Xior makes a settlement of these costs once a year.

Just like other players in the market, Xior has already been before the rent assessment commission ("huurcommissie") in connection with disputes about the final settlement of students and will continue to do so in the future, as Xior is observing an evolution in the market with more tenants going to the rent assessment commission.

As a trusted provider of student accommodation, Xior is committed to fair and transparent settlement of service charges. To limit further misunderstandings, Xior will henceforth communicate as clearly and transparently as possible about the service costs charged and any changes to these costs.

Meanwhile, a dedicated task force has thoroughly analysed the current billing process and drawn up an action plan to ensure smoother handling of service charges in the future. A FAQ page was also set up to answer the most common questions from tenants. Furthermore, an accompanying letter was provided with the service cost settlements from now on. In this letter, tenants are invited to a meeting in their building where the Xior team explains all costs and tenants are given the opportunity to ask questions. This way, Xior wishes to create even more transparency for its tenants.

2.6 FORECAST FOR THE SECOND HALF OF 2023

2.6.1 PROSPECTS FOR THE SECOND HALF OF THE FINANCIAL YEAR 2023

Xior also aims to bring its debt ratio under control in the second half of 2023, by implementing its divestment programme and other measures, including exploring strategic options. Xior's priority remains to bring its LTV below 50%. Furthermore, the property portfolio is growing through further realisation of the active project development pipeline. The structural imbalance between supply and demand is expected to lead to further rent increases (like-for-like growth).

The Company proposes EPRA earnings of EUR 2.20/share for FY2023, resulting in EPS growth of 6.3% for 2022-2023, with a target dividend per share of EUR 1.76 gross per share with minimum payout of 80% (up 6.3% on 2022).

Xior expects the occupancy rate over 2023 to be in line with occupancy rate.

2.7 THE XIOR SHARE

2.7.1 THE SHARE ON EURONEXT BRUSSELS

The Xior share (ISIN code BE0974288202) has been listed on the regulated Euronext Brussels market since 11 December 2015. Xior is included in the Bel Mid index and in the EPRA Index, making Xior the first fully dedicated student housing REIT in continental Europe to be included in this index. Xior has also been included in the Morgan Stanley Capital International (MSCI) Global Small Cap Index since November 2021.

The closing price at the end of the first half of 2023 was EUR 27.25, which represented a 33% discount compared to the net asset value per share as at 30 June 2023 (see also Royal Decree on Regulated Real Estate Companies), which was EUR 40.78 per share. Xior's market capitalisation on Euronext Brussels fell to approx. MEUR 971 in the first half of 2023.

Xior share price trend (in EUR)

Data per share	30/06/2023	31/12/2022	31/12/2021
Number of shares issued	35,618,161	34,752,543	27,781,301
Weighted average number of shares1	35,072,965	30,005,985	24,644,517
Market capitalisation (in EUR)	970,594,887	1,004,348,492	1,362,672,814
Free float2	78.72%	72.15%	76.61%
Share price (closing price) for period concerned (in EUR)
Highest	32.95	52.40	56.90
Lowest	26.00	26.25	44.65
Average	29.64	41.40	49.87
At year-end	27.25	28.90	49.05
Volume (in number of shares)
Number of shares traded	6,263,525	11,426,394	5,750,438
Average daily volume	49,319	44,461	22,375
Share turnover	17.86%	38.08%	23.33%
NAV (IFRS) (in EUR)	40.78	42.77	36.13
EPRA NAV (in EUR)4	40.93	43.01	38.63
Dividend payout ratio	80.00%	80.00%	80.00%
/per share3 (in EUR) EPRA earnings	0.92	2.08	1.82
EPRA earnings /per share3 (in EUR) – group share	0.92	2.07	1.80

¹ Weighted average number of shares taking account of the dividend entitlements for the shares concerned.

² Approximate estimate taking account of the known percentages of shareholders who issu ed a transparency notice (based on the current total number of shares (denominator)) ³ Based on the weighted average number of listed shares, which does not necessarily match the weighted average number of shares entitled to dividends.

⁴Calculated based on the total number of shares outstanding.

Market: Euronext Brussels Symbol: XIOR ISIN code: BE0974288202 Trading: continuous Index: BEL Mid, EPRA Index & MSCI Global Small Cap Index Liquidity provider: Van Lanschot Kempen Wealth Management NV

2.7.2 SHAREHOLDERS

As at 30 June 2023, the registered capital of Xior Student Housing NV was EUR 641,126,898, represented by 35,618,161 fully paidup shares.

The following table illustrates Xior's shareholder structure based on the information received from the shareholders (see also transparency notifications) and/or publicly known information in the case of Aloxe NV.

Shareholder	Number of shares	Shares %
Aloxe NV - Mr C. Teunissen & Mr F. Snauwaert	5,031,870	14.13%1
STH2	1,515,573	4.26%3
E2H4	1,029,428	2.89%5

¹ Based on the transparency notification on 21 September 2022 and publicly available information (including the denominator as at 25 April 2023 (35,618,161)).

² ST Holdings Sàrl, a limited liability company incorporated under the laws of the Grand Duchy of Luxembourg and a wholly owned subsidiary of ESHF I.

³ Based on the transparency notification received on 3 July 2023 (including the denominator as at 25 April 2023 (35,618,161)).

⁴ ESHF 2 Holdings Sàrl, a limited liability company incorporated under the laws of the Grand Duchy of Luxembourg and a wholly owned subsidiary company of ESHF II.

⁵ Based on the transparency notification received on 3 July 2023 (including the denominator as at 25 April 2023 (35,618,161)).

The Board of Directors and management of Xior are aware of the specific risks associated with the provision and management of a property portfolio and try to manage optimally these risks by mitigating or neutralising them as far as possible.

For the principal risks and uncertainties for the remaining months of the financial year 2023, we refer to the description of these risks and uncertainties on pages 14 to 27 of the 2022 Annual Financial Report (available on the Company website, www.xior. be), which continues to be relevant for the remaining half of 2023.

4.1 PROPERTY MARKET

4.1.1 THE MARKET IN WHICH XIOR OPERATES

Xior Student Housing focuses on the student housing market in continental Europe, a market that is characterised by an increasing demand for quality student rooms from both domestic and international students. The student housing market has experienced tremendous professionalisation in recent years, due in part to a continuously growing student population with ever-higher expectations and quality requirements. This market is expected to continue to grow in the years ahead due to developments, such as demographic trends, international mobility, the democratisation of higher education and an increase in the average length of study programmes.

Belgium

The investment market in Belgium is limited and is mainly in the hands of private investors (large international players are not yet active here). As in many European countries, the institutional market for student housing and purpose-built student accommodation (PBSA) is largely underdeveloped. However, this market is becoming more and more professional in Belgium. The Belgian student market is very stable and is characterised by a high demand for rooms from domestic students who continue to study in their own country due to the existing quality education on offer in Belgium. However, international students are also finding their way to Belgium: the increase in international students will continue to push up demand for new quality student rooms, which will increase the pressure on the market to replace the older rooms on offer. Recent trends suggest that, as in other European cities, the student housing market in Belgium will be more operator-driven with a focus on quality student housing and excellent services, with the "community" aspect playing an increasingly greater role.

The Netherlands

The Netherlands has experienced a strong wave of development of large new student complexes in recent years, which has pushed the market towards maturity. Despite this professionalisation and other developments, there is still a major shortage of student rooms. The student population continues to grow, mainly because of an influx of international students. The expected growth in the number of students is putting further pressure on an already very tight rental market for student accommodation. There are big shortages in almost all student towns and they are expected to increase further in the coming years. The Netherlands remains an attractive place to study, especially for foreign students. Because of the affordability of education, possible rent subsidies and English-language programmes, demand for quality student rooms will undoubtedly continue to rise. The umbrella organisation for student housing providers has estimated that there is currently a shortage of 27,000 student units, which is set to increase to 60,000 over the next eight years.

In the Netherlands, the largest players are mainly the associations, cooperatives and social institutions, but their offer is still partly outdated. In many places, there is a mismatch between housing supply and student demand in terms of the quality. The private market has taken major steps to offer the quality that students are looking for today.

Spain and Portugal

Higher education in Spain and Portugal has seen significant growth, modernisation and internationalisation in recent years. Both countries have a particularly large student population, which includes both international and domestic students. The current range of student accommodation is largely inadequate and, furthermore, for the main part, outdated considering the numbers of international students and domestic students who study outside their own region.

Both countries are characterised by an immature and fragmented student housing market, which is now only at the beginning of the cycle. This market still has huge potential and has, therefore, attracted international players in recent years, which have set things thoroughly in motion. Although investments in student housing in Spain and Portugal have risen sharply recently, demand is expected to continue to exceed supply for several years ahead.

This contributes to the growing demand for high-quality, purposebuilt student housing. Spain and Portugal are major destinations for international students. Latin American students, in particular, also see Spain and Portugal as very attractive study destinations. Affordable living, a mild climate and a rich culture and history combined with a strong range of higher education options make these countries very attractive for students. Spain is also one of the top destinations in Europe for students in the Erasmus programme.

Denmark

The number of young people (aged 18 to 29) has increased sharply in Denmark, particularly in the larger towns and cities. Since 2008, this age group has increased by 35% in Copenhagen and by 21% in Denmark as a whole. The two largest university towns in Denmark are Copenhagen and Aarhus.

Although, in the last 10 years, the number of student housing units in the municipality of Copenhagen has increased by around 50%, there is still high demand. In 2019, there were 12,233 student units in the centre of Copenhagen and 25,477 units in the entire Copenhagen region. If we compare the total number of student housing units to the number of students resident, Copenhagen currently has a 17% margin and the Copenhagen region a 23% margin.

In other words, the current range of accommodation covers only 1 in 5 students. The data indicates a very high need for student housing in Copenhagen. In 2018, approx. 40% of students lived in privately rented homes.

Poland

Poland has a very high student population. The number of international students is growing each year. The country has many academic centres. In many towns and cities, students represent more than 15% of the total population.

The international recognition of Polish universities, both through overseas marketing strategies and international rankings, has played a central role in attracting an increasing number of foreign students. It is also remarkable that many universities offer English education programmes (ETPs). The latest data from the government statistics office Statistics Poland shows that 1.22 million students were enrolled in higher education in Poland in the 2021/22 academic year, 89,420 (8%) of which were international students. Poland is also a popular destination for Erasmus students: its 17,921 incoming students and trainees made it the 6th most popular destination in 2019/20.

Currently there are almost 7,000 beds in operational PBSA and almost another 8,000 in the pipeline. The public sector is the dominant provider of beds, with an estimated total of 127,000 PBSA beds, of which the public sector provides 95% and the private sector provides the rest. This gives a ratio of 9.6 students per bed on a national basis and 6.3 if we look at those who are enrolled full-time. PBSA projects in Poland do not focus solely on Warsaw. They are present in almost all markets with large student populations. They offer an excellent student accommodation alternative because of the low number of university residences, which are often of low quality as well. The investors/operators currently active in the market include Basecamp, Gryphon Real Estate (Student Depot) and Golub GetHouse.

Germany

There are currently 83.2 million people living in Germany. Population growth will remain largely stable until 2030 – although there are regional differences. The population continues to grow at an above-average rate, especially in the metropolitan regions and in university and student towns and cities. This is mainly caused by international migration and internal migration within Germany. Further analysis shows that young educational migrants (aged 18 to 24) and young professionals (aged 25 to 29), in particular, show a strong positive migration balance to the top seven towns and cities and the independent metropolitan areas. People under the age of 30 are also increasingly moving from rural and sparsely populated areas to urban areas. This is also because of the good educational and employment opportunities in the major towns and cities.

By 2030, the number of young people in major German cities, such as Berlin, Hamburg and Munich, is expected to increase by 9%, 5.6% and 18.3%, respectively. This is caused by attractive study opportunities with relatively low tuition fees and the increasing number of international students, which compensate for the declining numbers. The establishment of start-ups and innovative businesses will also encourage younger, highly mobile adults to settle in the big towns and cities.

Many private managers offer a mixed model of student housing and apartments for young professionals. As a result, it is often difficult to determine the number of student apartments individually. Private managers currently provide about 50,000 student and business apartments in Germany, most of them in the top seven towns and cities.

By 2025, around 500 additional developments that include a total of 50,000 apartments will be realised in Germany. Most residential projects will be built in the top seven towns and cities and university towns and cities, where the demand from students and young professionals is highest. Some of these projects are already being implemented by established private operators and developers. However, in some cases, newcomers are also entering the market. The demand for micro-apartments with appropriate quality management concepts will continue to increase.

Sweden

Sweden has more than 50 universities, most of which are government-owned. They are all publicly funded and free of tuition fees for all EU students, regardless of their ownership. There are just over 450,000 students in total, 9% of whom are international students. The largest universities are Stockholm, Gothenburg, Uppsala and Lund. They each have more than 40,000 students and more than 10 different universities. With more than 100,000 students, Stockholm is the largest student city. The Swedish government has increased its funding and student numbers over the last five years. Some additional initiatives during the pandemic resulted in record-high student numbers.

The long-term trend is to continue to strengthen higher education and research. In addition, the largest universities are among the best-ranked universities in the world. The Karolinska Institute (Stockholm's medical university), Lund University and Uppsala University are often at the top of the international rankings.

The Swedish student market is experiencing a major shortage of rooms. Of the 290 municipalities, 200 say they have a housing shortage. The Swedish National Housing Council estimates that 570,000 new student rooms will be needed between 2022 and 2030 to meet current and future demand. An addition of 63,000 per year.

The student housing market in Sweden consists mainly of public housing companies and non-profit providers. In recent years, the share of private companies has risen to around 25%. Universities are not permitted to own property, including housing. The largest universities, therefore, rent rooms from various providers at the current market conditions. They mainly target exchange students, for whom they must provide accommodation in accordance with the agreement with the partner university. Since 2023, universities are no longer allowed to rent rooms to Swedish students. Student contracts are usually for an indefinite period.

4.1.2 STUDENT HOUSING EVOLUTION

The increasing importance of the student housing property sector has also led to further developments within this sector, so that new operational models and concepts are emerging. Co-living, compact living and co-working have all been on the rise for some time now and are leading to hybrid and flexible concepts where home life, private life, studying and/or working blend seamlessly together and where long and short stays are combined together.

International and Erasmus students often have different needs from domestic students in terms of self-contained and furnished units, flexibility and length of stay. Students are also spending more years in higher education and an increasing amount of students are often staying longer in their student flat after their studies, for their first working years, or during a doctorate or specialist programme. Xior also responds to this by allocating a small percentage of rooms to short stays and fitting them out where possible. Xior continues to analyse the market in order to respond to market trends. For example, Xior launched its Roxi concept in Brussels in 2019 and has also opened a second location in Ghent in early 2021. The ARC residence was also opened in Liège. This is a co-living concept with spacious rooms that is aimed mainly at young professionals and masters students, and offers extra services, such as a wellness centre with sauna, cinema, sky bar, library and so on.

This student housing property segment is also characterised by growing consolidation and professionalisation. The recent influx of large new student complexes is also a conscious strategy on the part of the towns and educational institutions, in partnership with major developers and institutional investors. This trend will continue in the years ahead.

Educational institutions are also asking for quality student accommodation, better management, better care and maintenance and affordable rents. They also increasingly enter into public-private partnership agreements with the professional property sector so as to increase and improve the supply in their city or town. The future lies with well-equipped and affordable student accommodation, under good management. Major professional players, such as Xior, are taking advantage of this and universities are actively contacting the company to complement their academic offering with availability of the right housing.

The number of students in the eight countries in which Xior operates is expected to continue to grow over the next few years. This is mainly because of further internationalisation, often driven by coordinated European or international exchange programmes. However, the attractiveness of these countries also plays an important part: relatively low educational costs, highquality universities, English-language courses, the general quality of life and a competitive labour market strengthen their appeal to international students. Generally, it is the large student towns and the most popular universities that attract the most international students, with the availability of high quality, reliable student housing being a crucial, decisive factor in attracting foreign students.

4.2 PROPERTY PORTFOLIO

A summary and description of the Company's property portfolio, including its composition and diversification, is provided below.

4.2.1 PORTFOLIO SUMMARY

	Rental income as at	Units –	Units –
Country	30 June 2023 in EUR	rooms	other	Fair Value
Belgium	15,290,325	5,047	118	621,725,832
Denmark	8,132,131	1,136	1	290,277,143
Germany	2,391,137	648		73,120,000
The Netherlands	22,894,359	6,260	90	934,471,587
Poland	4,508,218	1,851	10	108,077,592
Portugal	2,585,010	1,105		93,621,000
Spain	9,143,276	2,127	2	323,925,000
Under construction – Denmark				122,814,674
Under construction – the Netherlands	1,550,000		1	132,357,539
Under construction – Portugal				59,493,000
Under construction – Spain				29,570,000
Under construction – Sweden				82,577,403
Under renovation – Belgium				63,882,410
Under renovation – The Netherlands	1,320,979			94,901,740
To be developed – Belgium				3,763,750
To be developed – the Netherlands				14,360,377
To be developed – Poland				35,680,000
To be developed – Spain				15,595,000
To be converted – Belgium	696,673	51		22,128,656
To be converted – the Netherlands	832,241			137,427,753
Total	69,344,348	18,225	222	3,259,770,456

(1) The number of room units quoted refers to the planned number of student units after the planning permission and conversion. The number of other units mentioned refers to the number of current car park and commercialspaces.

(2) The total fair value estimated by the valuation expert was KEUR 3,259,770 as at 30 June 2023. The consolidated balance sheet included investment properties for an amount of KEUR 3,132,453. The difference is due to a) the properties related to the joint ventures; the 100% value of the properties is included in the table above, but is not accounted for under the investment property line (KEUR 95,173); b) a number of properties are still under construction/renovation as at 30 June 2023; foreseeable construction costs were taken into account when determining the amount included in the consolidated balance sheet (KEUR 27,917); c) certain structural works will be carried out on a number of properties in the portfolio (renewal of elevators, update of installations, façade works, etc.), again for which the amount included in the consolidated balance sheet takes account of the foreseeable costs (KEUR 4,227).

4.2.2 DESCRIPTION AND DIVERSIFICATION OF THE PROPERTY PORTFOLIO

4.2.2.1 General description of the property portfolio As at 30 June 2023, the Company's property portfolio consisted of 157properties. Of these, 79 properties were located in Belgium, 49 in the Netherlands, 11 in Spain, 7 in Portugal, 4 in Poland, 4 in Denmark, 1 in Sweden and 2 in Germany. These properties offer a total of 18,225 lettable student rooms. The property portfolio also includes two properties used only for short stay activities: Roxi Ghent with 50 units and Roxi Zaventem with 99 units. The Company has a number of properties that are currently rented out as office space pending their conversion into student rooms. As at 30 June 2023, the property portfolio had a total occupancy rate of 98%, not including the buildings that are under construction and are being converted.

The total fair value of the property portfolio as at 30 June 2023 was KEUR 3,132,45312. The Company is a so-called pure player in student housing and student property is its core activity. The property portfolio is strategically diversified: its student accommodation is a well-balanced mix in terms of geographical diversification and student property types (see different types of student rooms). The large number of different tenants, on the one hand, and of various room types, on the other, attracting a wide range of different types of student or tenants, also ensures a good diversification in terms of tenant types.

12 This is the fair value as included in the balance sheet of 30 June 2023. We refer to Chapter 4.2.1 for the reconciliation between the value included in the balance sheet and the
valuation of the Valuation Expert.

¹³ The contracted rental income as at 30 June 2023 has been included for properties acquired in the course of 2023

4.2.2.2 Breakdown into sub-portfolios

The following summary lists the property portfolio by subportfolio, country and city. Each sub-portfolio shows the fair value, rental income, purchase value and insured value.

The rental income is the annual rent based on the tenancy schedule as at 31 December 202213.

Country Belgium Denmark Germany	City or town Antwerp Brussels Ghent Hasselt, Liège Leuven Mechelen Namur Aarhus Kongens Lyngby Copenhagen Leipzig Potsdam	Fair Value 174,765,382 195,997,730 135,581,417 70,387,673 109,528,295 1,757,743 23,482,409 122,814,674 218,282,890 71,994,253 44,270,000	31/12/2022 4,836,843 10,370,988 6,360,528 3,442,296 5,260,562 84,192 1,262,100 0 10,329,684 3,837,246	Insured value 73,872,706 120,947,870 59,496,249 44,812,398 40,513,082 1,453,638 13,100,000 63,201,775 120,086,600	costs 136,362,409 172,407,278 123,320,617 70,521,214 99,586,618 1,906,054 20,869,000 149,950,000









					229,350,000
				37,114,234	75,900,000
			2,684,150	20,000,000	42,420,000
		28,850,000	2,008,302	20,000,000	28,300,000
The Netherlands	Amstelveen	98,192,638	0	46,001,419	110,876,896
	Amsterdam	224,725,569	5,958,988	68,095,610	220,337,543
	Breda	52,679,591	2,978,434	27,495,741	43,259,505
	Delft	56,079,591	2,544,268	20,979,214	40,556,779
	The Hague	59,403,711	2,666,593	29,055,039	46,120,682
	Eindhoven	50,547,928	679,392	16,617,455	29,670,589
	Enschede	73,016,421	1,964,859	29,091,568	65,981,990
	Groningen	204,700,746	9,997,187	81,403,379	128,830,916
	Leeuwarden	34,603,168	646,701	10,837,514	29,386,767
	Leiden	17,326,138	795,574	14,169,768	13,100,382
	Maastricht	166,293,964	8,163,480	121,839,011	137,056,888
	Rotterdam	128,170,759	2,091,721	66,926,988	84,177,274
	Tilburg	6,911,250	415,027	4,718,749	5,555,326
	Utrecht	60,588,399	2,942,315	29,686,772	48,752,243
	Vaals	41,892,755	2,652,734	21,793,963	38,511,893
	Venlo	23,609,244	1,315,590	14,269,792	19,124,020
	Wageningen	14,777,123	843,669	11,255,286	14,234,938
Poland	Katowice	34,618,251	3,110,166	42,983,249	40,750,000
	Łodź	73,459,341	5,537,418	73,088,607	68,180,000
	Warsaw	35,680,000	0	0	0
Portugal	Lisbon	100,828,000	2,971,722	16,758,750	33,159,473
	Porto	52,286,000	3,401,129	26,310,000	47,048,124
Spain	Barcelona	76,108,000	5,354,341	26,934,289	66,786,622
	Granada	37,479,000	2,590,825	27,482,000	37,000,000
	Madrid	154,633,000	10,806,490	63,922,777	107,692,946
	Malaga	43,700,000	3,512,167	25,425,299	44,333,040
	Seville	27,600,000	2,458,273	8,456,000	27,079,971
	Zaragoza	29,570,000	0	0	23,536,248
Sweden	Malmö	82,577,403	0	68,488,949	113,750,000
Total		3,259,770,456	136,875,954	1,608,685,739	2,835,744,242

Xior Student Housing's property portfolio is insured for a total reconstruction value of MEUR 1,609, which does not include the land on which the properties are built, compared to a fair value of MEUR 3,260 (including land) as at 30 June 2023, i.e. 49% of the fair value. KEUR 613 was paid in insurance premiums for the first six months.

The insured value does not take into account insurance for "all construction site risks" for projects under development. As soon as the project has been finalised and is ready for rental, fire insurance is contracted for the total reconstruction value of the property.

The insurance policies also include additional cover for lost rent if the properties are no longer usable. The lost rent will be paid out until the building has been reconstructed. Xior Student Housing also has civil liability (third party) insurance.

4.2.2.3 Property portfolio type

The following graph shows the diversification of rental income for each type of property based on the rental income achieved for the respective properties in the property portfolio as at 30 June 2023.

The summary above shows the strong focus on student property, which accounts for 93% of rental income. There is also temporary rental income from offices pending their conversion (1%). The "Other" segment (6% of Total Rent) includes, in addition to the retail spaces, also rent from other activities such as Roxi Ghent and Roxi Brussels.

4.2.2.4 Geographical diversification of the property portfolio

The following graphics show the diversification of the property portfolio by country based on its Fair Value. In the Netherlands, the portfolio consists of 49 properties, representing a total Fair Value of MEUR 1,314 or 40% of the entire property portfolio. in Belgium, the portfolio consists of 79 properties, representing a total Fair Value of MEUR 712 or 22% of the entire property portfolio. in Spain and Portugal the portfolio consists of 18 properties, with a total Fair Value of MEUR 522, which represent 16% of the entire property portfolio. The remaining 22% is located in Denmark, Germany, Poland and Sweden, with a total of 11 properties and a Fair Value of MEUR 713. Based on Total Rent, Belgium with a value of MEUR 32 accounts for 23% of the property portfolio, and the Netherlands with MEUR 46.7 accounts for 34% of Total Rent, followed by Spain and Portugal with MEUR 31, which accounts for 23%. The remaining 20% is located in Denmark, Germany and Poland with a Total Rent of MEUR 27.5.

Fair value – Split by country

Rental income – Split by country

The diversified property portfolio of the RREC (Regulated Real Estate Company) includes 157 properties spread across 8 cities in Belgium, 17 cities in the Netherlands, 6 cities in Spain, 2 cities in Portugal, 3 cities in Poland, 3 cities in Denmark, 1 city in Sweden and 2 cities in Germany. The properties are located in the most important student cities of Belgium (Leuven, Ghent, Antwerp, Brussels, Mechelen, Hasselt, Namur and Liège), as well as the major student cities in the Netherlands (Amsterdam, Amstelveen, Breda, The Hague, Tilburg, Maastricht, Eindhoven, Delft, Rotterdam, Utrecht, Venlo, Leiden, Groningen, Leeuwarden, Enschede and Wageningen), the major student cities in Spain

(Barcelona, Madrid, Malaga, Seville, Zaragoza and Granada) the major student cities in Portugal (Porto and Lisbon), the major student cities in Poland (Warsaw, Łódź and Katowice), the major student cities in Denmark (Aarhus, Copenhagen, Kongens Lyngby), one of the major student cities in Sweden (Malmö) and a couple of major student cities in Germany (Leipzig and Potsdam). A new location since the start of 2023 is the property in Namur. The locations of the various properties in Belgium, the Netherlands, Spain, Portugal, Poland, Denmark, Sweden and Germany and what they represent in the property portfolio in terms of Fair Value and Total Rent are shown on the next page:

Representation in Fair Value and Total Rent

City	Fair Value		Rent
Aarhus	3.77%	Aarhus	0.00%
Amstelveen	3.01%	Amstelveen	0.00%
Amsterdam	6.89%	Amsterdam	4.35%
Antwerp	5.36%	Antwerp	3.53%
Barcelona	2.33%	Barcelona	3.91%
Breda	1.62%	Breda	2.18%
Brussels	6.01%	Brussels	7.58%
Delft	1.72%	Delft	1.86%
The Hague	1.82%	The Hague	1.95%
Eindhoven	1.55%	Eindhoven	0.50%
Enschede	2.24%	Enschede	1.44%
Ghent	4.16%	Ghent	4.65%
Granada	1.15%	Granada	1.89%
Groningen	6.28%	Groningen	7.30%
Hasselt	0.60%	Hasselt	0.76%
Katowice	1.06%	Katowice	2.27%
Kongens Lyngby	6.70%	Kongens Lyngby	7.55%
Copenhagen	2.21%	Copenhagen	2.80%
Leeuwarden	1.06%	Leeuwarden	0.47%
Leiden	0.53%	Leiden	0.58%
Leipzig	1.36%	Leipzig	1.96%
Leuven	3.36%	Leuven	3.84%
Lisbon	3.09%	Lisbon	2.17%
Łodź	2.25%	Łodź	4.05%
Liège	1.56%	Liège	1.76%
Maastricht	5.10%	Maastricht	5.96%
Madrid	4.74%	Madrid	7.90%
Malaga	1.34%	Malaga	2.57%
Malmö	2.53%	Malmö	0.00%
Mechelen	0.05%	Mechelen	0.06%
Namur	0.72%	Namur	0.92%
Porto	1.60%	Porto	2.48%
Potsdam	0.89%	Potsdam	1.47%
Rotterdam	3.93%	Rotterdam	1.53%
Seville	0.85%	Seville	1.80%
Tilburg	0.21%	Tilburg	0.30%
Utrecht	1.86%	Utrecht	2.15%
Vaals	1.29%	Vaals	1.94%
Venlo	0.72%	Venlo	0.96%
Wageningen	0.45%	Wageningen	0.62%
Warsaw	1.09%	Warsaw	0.00%
Zaragoza	0.91%	Zaragoza	0.00%

4.2.2.5 Diversification in terms of Fair Value

The following tables show the property portfolio top 10 in terms of Fair Value.

Top 10 Fair Value

0 2.000.000 4.000.000 6.000.000 8.000.000 10.000.000

16/18 Rembielinskiego St., Lodz Skovbrynet 4, Kongens Lyngby 29 Krasinskiego St., Katowice Hippokrateslaan 14 (Alma), Brussel Karspeldreef 15-18, Amsterdam

Brouwersweg 100 (Annadal), Maastricht

Birketinget 6, Kopenhagen

Hoogeweg 1-3 (Zernike Toren), Groningen Skovbrynet 2 and 2A, Kongens Lyngby

Calle Tajo S/N (Xior Picasso - Xior Velázquez), Madrid

With a total value of EUR 151,816,741, the site at Skovbrynet 2-2A in Kongens Lyngby has the highest Fair Value in the property portfolio. This represents 4.66% of the property portfolio's total Fair Value. The properties Helsingforsgade in Aarhus and Hogeweg 1-3 (Zernike tower) in Groningen complete the top 3 most significant properties in the property portfolio in terms of Fair Value. They represent 3.77% and 3.61% of the property portfolio's total Fair Value, respectively. The other 154 properties represent 87.96% of the property portfolio's Fair Value.

Helsingforsgade – Aarhus Zernike tower – Groningen

Skovbrynet 2-2A – Kongens Lyngby

4.2.3 REPORT BY PROPERTY EXPERTS STADIM, CUSHMAN & WAKEFIELD AND CBRE AS AT 30 JUNE 2023

Dear Sir or Madam,

We are pleased to present our appraisal of the value of the property portfolio of Xior Student Housing nv as at 30 June 2023: Stadim: 79 properties in Belgium and 49 properties in the Netherlands; Cushman & Wakefield Portugal: 7 properties; Cushman & Wakefield Spain: 4 properties; CBRE Spain: 7 properties; and CBRE Limited: 11 properties.

Xior has appointed us, as independent property experts, to determine the investment value and fair value of its property portfolio. The appraisals took into account the comments and definitions stated in the reports as well as the guidelines set out in the International Valuation Standards, issued by the International Valuation Standards Council (IVSC).

IAS 40 defines fair value as the amount for which assets would be transferred between two well-informed parties on a voluntary basis and without any special interests, mutual or otherwise. IVSC considers these conditions to be met if the parties observe the aforementioned definition of market value. The market value must in addition be a reflection of the current tenancy agreements, the current gross margin of self-financing (or cash flow), the reasonable assumptions concerning the potential rental income and of the expected costs.

The notarial charges must be adapted in this context to the factual market situation. After analysing a large number of transactions, the property experts, acting at the request of listed real estate companies, came to the conclusion in a working group that, since property can be transferred in various ways, the impact of the transaction fees on large investment properties in the Belgian market, the value of which exceeds MEUR 2.5, is limited to 2.5%. The value including the transaction fees payable by the purchaser is, therefore, the fair value plus 2.5% in notarial charges. The fair value is, therefore, calculated by dividing the value including the transaction fees by 1.025. Properties valued at less than the MEUR 2.5 threshold and foreign companies fall under the normal registration duty and their fair value thus matches the value that includes the transaction fees payable by the purchaser.

We have acted as independent experts. As property experts, we hold a relevant and accredited qualification and have up-to-date experience with properties of a similar type and similar location to the properties in Xior's property portfolio.

The valuation of the properties took into consideration both the current tenancy agreements and all the rights and obligations arising from these agreements. Each property was valued separately. The valuations do not take account of any potential added value that could be achieved by offering the entire portfolio for sale. Our valuations do not take into account any marketing costs inherent to a transaction, such as agent's fees or advertising costs. In addition to an annual inspection of the properties concerned, our valuations are also based on the information supplied by Xior in relation to the tenancy situation, floor areas, drawings or plans, rental charges and taxes in relation to the specific property, its legal compliance and any environmental pollution. The information provided was assumed to be accurate and complete. Our appraisals assume that any non-disclosed information is not of such a nature as to influence the value of the property.

Based on the comments above, we can confirm that the fair value of the part of Xior's property portfolio valued by Stadim (79 properties in Belgium and 49 in the Netherlands) was EUR 2,025,019,644 (two billion twenty-five million nineteen thousand six hundred and forty-four euros) as at 30 June 2023.

Based on the comments above, we can confirm that the estimated fair value of the part of Xior's property portfolio appraised by Cushman & Wakefield Portugal (7 properties in Portugal) was EUR 153,114,000 (one hundred and fifty-three million one hundred and fourteen thousand euros) as at 30 June 2023.

Based on the above comments, we can confirm that the rounded fair value of the part of Xior's property portfolio valued by Cushman & Wakefield Spain (4 properties in Spain) was EUR 103,650,000 (one hundred and three million, six hundred and fifty thousand euros) as at 30 June 2023.

Based on the comments above, we can confirm that the rounded fair value of the part of Xior's property portfolio appraised by CBRE Spain (7 properties in Spain) was EUR 265,440,000 (two hundred and sixty-five million four hundred and forty thousand euros) as at 30 June 2023.

Based on the comments above, we can confirm that the estimated fair value of the part of Xior's property portfolio appraised by CBRE Limited (4 properties in Poland, 2 properties in Germany, 4 properties in Denmark and 1 property in Sweden)

was EUR 712,546,812 (seven hundred and twelve million five hundred and forty-six thousand eight hundred and twelve euros) as at 30 June 2023.

Yours faithfully

Stadim Cushman & Wakefield Portugal Cushman & Wakefield Spain CBRE Spain CBRE Limited

5.1 COMPREHENSIVE CONSOLIDATED INCOME STATEMENT

	In KEUR		Note	30/06/2023	30/06/2022
I	(+)	Rental income		69,344	50,232
	(+)	Rental income		62,857	48,211
	(+)	Rental guarantees		6,646	2,198
	(+/-)	Rent reductions		-159	-177
	(+/-)	Rent-related expenses		-35	-450
		Impairments of trade receivables		-35	-450
		NET RENTAL INCOME	5.9.1	69,310	49,782
V	(+)	Recovery of rental charges and taxes normally payable by the tenants in rented properties		12,381	10,632
		Recharging of rental charges borne by the owner		12,312	10,595
		Calculation of withholding tax and taxes on rented properties		70	38
		Rental charges and taxes normally payable by the tenants for rented
VII	(-)	properties		-14,507	-13,654
		Rental charges borne by the owner		-14,371	-13,606
		Withholding tax and taxes on rented properties		-137	-48
VIII		(+/-) Other rent-related income and expenditure		1,393	118
		PROPERTY RESULT	5.9.1	68,578	46,878
IX	(-)	Technical costs		-3,584	-2,376
		Recurring technical costs		-3,601	-2,408
	(-)	Repairs		-2,988	2,032
	(-)	Insurance premiums		-613	-376
		Non-recurring technical costs		17	31
	(-)	Damage		17	31
X	(-)	Commercial costs		-442	-287
	(-)	Advertising		-340	-224
	(-)	Lawyers' fees and legal costs		-102	-63
XI	(-)	Costs and taxes for unlet properties		-345	-306
XII	(-)	Property management costs		-5,641	-3,059
	(-)	External management costs		0	0
	(-)	Internal management costs		-5,641	-3,059
XIII	(-)	Other property charges		-5,145	-3,396
	(-)	Architects' fees		-13	-1
	(-)	Valuation expert fees		-315	-246
	(-)	Other		-4,817	-3,149
		(+/-) PROPERTY CHARGES		-15,158	-9,424
		PROPERTY OPERATING RESULT		53,420	37,453
XIV (-)		Company general costs		-9,891	-5,487
XV		(+/-) Other operating income and costs		948	11

		OPERATING RESULT BEFORE RESULT ON PORTFOLIO		44,477	31,978
		XVI (+/-) Result from the sale of investment properties		0	0
XVII (+/-)		Net property sales (sales price - transaction fees)		0	0
		Book value of sold property		0	0
		XVIII (+/-) Variations in the fair value of investment property	5.9.2	-20,577	146,472
	(+)	Positive variations in the fair value of investment properties		38,017	149,000
	(-)	Negative variations in the fair value of investment properties		-58,593	-2,528
XIX (+)		Other portfolio result	5.9.2	-1,951	-789
		OPERATING RESULT		21,949	177,661
XX	(+)	Financial income		528	676
	(+)	Interest and dividends collected		528	676
XXI (-)		Net interest costs		-10,114	-4,831
	(-)	Nominal interest charges paid on loans		-14,934	-2,950
	(-)	Breakdown of the nominal amount of financial debt		-201	-202
	(-)	Costs of permitted hedging instruments		5,021	-1,677
XXII (-)		Other financial costs		-706	-1,104
	(-)	Bank costs and other commissions		-271	-917
	(-)	Other		-435	-187
		XXIII (+/-) Variations in the fair value of financial assets and liabilities		-5,003	47,178
		FINANCIAL RESULT	5.9.3	-15,295	41,919
XXIV		Share in the result of associated companies and joint ventures		138	263
		RESULT BEFORE TAXES		6,792	219,843
		XXV (+/-) Corporation tax		-1,758	-1,396
		XXVI (+/-) Exit tax		810	0
XXVII		Deferred taxes		3,064	-15,230
		(+/-) TAXES		2,116	-16,625

		NET RESULT		8,909	203,218

5.2 OVERVIEW OF TOTAL EARNINGS

In KEUR	30/06/2023	30/06/2022
Net result	8,909	203,218
Other components of comprehensive income	0	0

(+/-) Impact on the fair value of estimated transaction fees and costs resulting from the hypothetical disposal of investment property	0	0
(+/-) Variations in the effective part of the fair value of permitted cash flow hedging instruments	0	0

Comprehensive result	8,909	203,218
Attributable to:
Minority interests	226	1,755
Group shareholders	8,683	201,463

5.3 CONDENSED CONSOLIDATED BALANCE SHEET

ASSETS		In KEUR	Note	30/06/2023	31/12/2022
I		FIXED ASSETS		3,251,918	3,144,761
	B	Intangible fixed assets		2,464	1,506
	C	Investment property	5.9.4	3,132,453	3,026,885
		Property available to let		2,576,545	2,517,237
		Property developments		555,908	509,647
	D	Other tangible fixed assets		11,995	11,105
		Fixed assets for own use		11,995	11,105
	E	Financial fixed assets	5.9.5	61,109	66,052
		Permitted hedging instruments		59,344	64,347
		Other		1,765	1,705
	G	Trade receivables and other fixed assets		18,707	20,101
	H	Deferred taxes – assets		9,379	3,478
		Shareholdings in associated companies and joint ventures, equity
	I	movements		15,811	15,635
II		CURRENT ASSETS		124,054	71,137
	D	Trade receivables		3,025	3,732
	E	Tax receivables and other current assets		48,810	44,491
		Taxes		10,474	11,327
		Other		38,336	33,164
	F	Cash and cash equivalents		9,916	7,824
	G	Accruals and deferrals		62,303	15,091
		Prepaid property charges		45,926	3,711
		Accrued rental income not yet due		10,568	3,821
		Other		5,809	7,559
	TOTAL ASSETS			3,375,971	3,215,899

LIABILITIES	In KEUR	Note	30/06/2023	31/12/2022
EQUITY			1,452,544	1,486,461
I	Equity attributable to parent company shareholders	5.4	1,452,035	1,486,268
A	Capital	5.9.6	635,643	620,103
	Issued capital		641,127	625,546
	Costs of capital increase		-5,484	-5,443
B	Issue premiums	5.9.6	708,650	686,144
C	Reserves	5.4	99,059	-6,164
	Reserve for the balance of variations in the fair value of property		62,055	24,298
	Reserve for the impact on the fair value of the estimated transaction fees and costs resulting from the hypothetical disposal of investment properties		-30,421	-34,736
	Reserve for the balance of the variations in the fair value of permitted hedging instruments not subject to hedging accounting as defined under IFRS		60,123	-12,838
	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	-7,405
	Reserve for conversion differences arising from the conversion of foreign
	operations		-2,470	-2,755
	Other reserves		102	29,602
	Retained earnings from previous financial years		17,445	-2,330
D	Net result for the financial year		8,683	186,186
II	Minority interests		509	193
LIABILITIES			1,923,427	1,729,437
I	Non-current liabilities		1,647,680	1,472,890
B	Non-current financial debts	5.9.8	1,554,292	1,397,028
	a. Credit institutions		1,296,023	1,138,689
	b. Financial leasing		4,941	5,018
	c. Other		253,329	253,322
C	Other non-current financial liabilities		0	0
	a. Permitted hedging instruments		0	0
E	Other long-term liabilities		17,749	2,038
F	Deferred taxes – liabilities		75,639	73,824
	a Exit tax		1,437	1,252
	b Other		74,201	72,572

LIABILITIES		In KEUR	30/06/2023	31/12/2022
II		Current liabilities	275,747	256,548
	B	Current financial liabilities	155,787	163,592
		a. Credit institutions	155,787	163,592
	D	Trade debts and other current liabilities	57,963	47,573
		a. Exit tax	0	0
		b. Other	57,963	47,573
		Suppliers	30,197	22,291
		Tenants	3,846	1,351
		Taxes, salaries and social security charges	23,921	23,932
	E	Other current liabilities	48,733	29,335
		Other	48,733	29,335
	F	Accruals and deferrals	13,264	16,048
		Deferred income	2,818	3,702
		Accrued interest not yet due and other costs	2,049	3,343
		Other	8,397	9,003
		TOTAL EQUITY AND LIABILITIES	3,375,971	3,215,899

5.4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Figures in KEUR	Capital	Issue premiums	Reserves	Net result of the financial year	Minority interests	Equity
Balance as per 1 January 2022	494,772	508,008	-99,519	81,175	19,416	1,003,852
Appropriation of net result 2021						0
Transfer of result on the portfolio to reserves			26,019	-26,019		0
Transfer of operating result to reserves						0
Result for the period				186,186	341	186,527
Other elements recognised in the comprehensive income						0
Impact on fair value of estimated transaction fees and costs resulting from the hypothetical disposal of investment properties						0
Variations in the fair value of financial assets and liabilities			11,671	-11,671		0
Issue of new shares	10,965					10,965
Capital raise through contributions in kind	296,614					296,614
Costs of issuing new shares and of capital increase	-152	-3,961				-4,113
Partial allocation of capital to share premiums	-182,097	182,097				0
Dividends				-35,488	-97	-35,585
Acquisition minority stake			19,572		-19,572	0
Other reserves			29,500			29,500
Conversion of foreign operations			-2,755			-2,755
Other reserves			9,348	-7,997	105	1,456
Balance as per 31 December 2022	620,102	686,144	-6,164	186,186	193	1,486,461
Appropriation of net result 2022						0
Transfer of result on the portfolio to reserves			41,703	-41,703		0
Transfer of operating result to reserves			6,438	-6,438		0
Result for the period				8,683	226	8,909
Other elements recognised in the comprehensive income						0
Impact on fair value of estimated transaction fees and costs resulting from the hypothetical disposal of investment properties						0
Variations in the fair value of financial assets and liabilities			72,961	-72,961		0
Issue of new shares						0
Capital raise through contributions in kind	38,087					38,087
Costs of issuing new shares and of capital increase	-40					-40
Partial allocation of capital to share premiums	-22,506	22,506				0
Dividends				-49,690		-49,690
Acquisition minority stake						0
Other reserves			-29,500			-29,500
Conversion of foreign operations			285			285
Other reserves			13,336	-15,394	90	-1,968
Balance as per 30 June 2023	635,643	708,650	99,059	8,683	509	1,452,544

Figures in KEUR	Reserve for the balance of variations in the fair value	Reserve for the impact on the fair value of the estimated transaction fees and costs resulting from the hypothetical disposal of	Reserve for the balance of the variations in the fair value of permitted hedging instruments that are not subject to hedging accoun	Reserve for the share of profit or loss and unrealised income of subsidiaries, associated companies and joint ventures accounted for using the equity	Reserve for the conversion of foreign		Retained earnings from previous
Detail of reserves	of property	investment properties	ting as defined under IFRS	method	activities	Other reserves	financial years	Total reserves
Balance as per 31 December 2021	-2,018	-34,439	-24,509	-5,456		102	-33,199	-99,519
Net appropriation of earnings						,	78,068	78,068
Transfer of result on the portfolio to reserves	26,316	-297		-1,949			-24,070	0
Transfer of operating result to reserves
Other elements recognised in the comprehensive income
Impact on fair value of estimated transaction fees and costs resulting from the
hypothetical disposal of investment properties
Variations in the fair value of financial assets and liabilities			11,671				-11,671	0
Issue of new shares
Capital raise through contributions in kind
Costs of issuing new shares and of capital increase
Capital reduction to create an available reserve to cover future losses
Acquisition minority stake							19,572	19,572
Dividends							-35,585	-35,585
Conversion differences					-2,755			-2,755
Other						29,500	4,554	34,054
Balance as per 31 December 2022	24,298	-34,736	-12,838	-7,405	-2,755	29,602	-2,330	-6,164
Net appropriation of earnings						,	170,792	170,792
Transfer of result on the portfolio to reserves	37,757	4,315		-369			-41,703	0
Transfer of operating result to reserves
Other elements recognised in the comprehensive income
Impact on fair value of estimated transaction fees and costs resulting from the hypothetical disposal of investment properties
Variations in the fair value of financial assets and liabilities			72,961				-72,961	0
Issue of new shares
Capital raise through contributions in kind
Costs of issuing new shares and of capital increase
Capital reduction to create an available reserve to cover future losses
Acquisition minority stake
Dividends							-49,690	-49,690
Conversion differences					285			285
Other						-29,500	13,337	-16,163
Balance as per 30 June 2023	62,055	-30,421	60,123	-7,774	-2,470	102	17,445	99,059

5.5 CONSOLIDATED ABBREVIATED CASH FLOW STATEMENT

In KEUR	30/06/2023	30/06/2022
CASH AND CASH EQUIVALENTS AT THE START OF THE PERIOD	7,824	10,849
1. Cash flow from operating activities	-267	-41,890
Cash flow relating to operations:	21,032	21,977
Operating result	44,476	31,978
Interest paid	-22,047	-8,348
Interest received	0	0
Other	0	0
Corporation tax paid	-1,397	-1,652
Non-cash elements added to/deducted from earnings	-11,468	-33,451
* Amortisations and impairments	285	196
Depreciations/impairments (or writebacks) on tangible and intangible assets	285	196
* Other non-cash elements	-11,753	-33,647
Variations in the fair value of the investment properties	0	0
Other non-cash elements	-11,753	-33,647
Change in the working capital required:	-9,831	-30,416
* Change in assets:	-12,209	-17,578
* Change in liabilities:	2,378	-12,838
2. Cash flow from investment activities	-97,376	-105,151
Acquisition of investment properties and property developments	-95,639	-102,172
Sale of investment property	0	0
Purchase of shares in property companies	0	-1,078
Sale of shares in property companies	0	0
Acquisition of other fixed assets	-1,803	-1,634
Acquisition of long-term financial assets	-1,328	-267
Receipts from trade receivables and other long-term assets	1,394	0
Assets held for sale	0	0
3. Cash flow from financing activities	99,729	147,415
* Change in financial liabilities and financial debts
Increase in financial debts	159,537	141,675
Reduction in financial debts	-10,000	-4,500
Repayment of shareholder loans	0	0
* Change in other liabilities
Increase (+)/decrease (-) in other liabilities	-77	33,500
Increase (+)/decrease (-) in other debts	0	0
Increase in minority interests	0	1,481
* Change in equity
Increase (+)/decrease (-) in capital/issue premiums	0	0
Other	0	0
Costs for the issue of shares	-41	-122
* Dividend
Dividend for the previous financial year (-)	-49,690	-24,619
Increase in cash following mergers/acquisitions	6	0
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	9,916	11,224

5.6 NOTES

5.6.1 FINANCIAL REPORTING PRINCIPLES – GENERAL

Xior Student Housing nv is a public Regulated Real Estate Company (RREC) that is subject to Belgian law and has its registered office in Antwerp.

This interim financial information for the period ending on 30 June 2023 was drawn up in accordance with IAS 34 "Interim Financial Reporting". This interim report must be read together with the financial statement for the financial year ending 31 December 2022. In the first half of 2023, Xior did not include any new IFRS standards or interpretations in its principles and the valuation rules applied for the preparation of the interim financial information are identical to those applied for the financial year ending 31 December 2022.

These figures include Xior Student Housing nv and its subsidiaries (the "Group").

No statutory half-yearly financial report was prepared as at 30 June 2023. Statutory financial statements are only prepared at year-end.

5.6.2 CONSOLIDATION

The figures published in this Half-Year Report represent consolidated figures; subsidiaries have been consolidated in accordance with the relevant legislation.

5.7 SEGMENT INFORMATION

The segmentation basis for reporting by segment is by geographic region. The rental income is broken down by geographic location: Belgium, the Netherlands, Iberia (Spain and Portugal), Nordics (Denmark and Sweden), Germany and Poland. Every location is broken down further into students and other.

Commercial decisions are taken at this level, and rental income and occupancy rate are tracked at this level.

The unallocated amounts category includes all expenses that cannot be allocated to a segment.

At the level of income statement, only the net rental income, the variations in the fair value of investment property and the other portfolio result are broken down by segment.

					As at 30/06/2023
In KEUR	Belgium		The Netherlands		Iberia				Germany + Poland
	Students	Other	Students	Other	Students	Other	Students	Other	Students	Other	Unallocated amounts	Total
Net rental income	17,295	1,279	21,925	2,083	11,699	0	6,261	1,871	6,898	0	0	69,310
Property result											68,578	68,578
Property charges											-15,158	-15,158
Property operating result												53,420
General costs											-9,891	-9,891
Other operating income and costs											948	948
Operating result before result on the portfolio												44,477
Result from the sale of investment property											0	0
Variations in the fair value of investment property	-6,692	-30	13,803	77	7,393	0	-21,661	-2,978	-10,487	0	0	-20,577
Other portfolio result	-857	0	-555	75	63	0	-918	-29	738	0	-469	-1,951
Operating result												21,949
Financial result											-15,295	-15,295
Share in earnings of associated companies and joint ventures											138	138
Result before taxes												6,792
Taxes											2,116	2,116
Net result												8,909
EPRA earnings											32,428	32,428
Result on the portfolio	-7,549	-30	13,248	152	7,456	0	-22,579	-3,007	-9,749	0	-469	-22,528

					As at 30/06/2023
In KEUR	Belgium			The Netherlands	Iberia			Nordics		Germany + Poland	Unallocated
	Students	Other	Students	Other	Students	Other	Students	Other	Students	Other	amounts	Total
Total assets	685,450	10,432	1,211,979	103,539	458,971	0	414,954	66,466	180,663	0	243,518	3,375,971
Investment property	685,450	10,432	1,211,979	103,539	458,971	0	414,954	66,466	180,663	0		3,132,453
Other assets											243,518	243,518
Total liabilities and equity											3,375,971	3,375,971
Equity											1,452,544	1,452,544
Liabilities											1,923,427	1,923,427

					As at 30/06/2022
In KEUR	Belgium		The Netherlands		Iberia				Germany + Poland
	Students	Other	Students	Other	Students	Other	Students	Other	Students	Other	Unallocated amounts	Total
Net rental income	12,191	2,109	20,967	2,234	12,281	0	0	0	0	0		49,782
Property result											46,878	46,878
Property charges											-9,424	-9,424
Property operating result												37,454
General costs											-5,487	-5,487
Other operating income and costs											11	11
Operating result before result on the portfolio												31,978
Result from the sale of investment property											0	0
Variations in the fair value of investment property	19,596	225	105,479	-10	21,182	0	0	0	0	0		146,472
Other portfolio result	-378	0	0	0	-411	0	0	0	0	0		-789
Operating result												177,661
Financial result											41,919	41,919
Share in earnings of associated companies and joint ventures											263	263
Result before taxes												219,843
Taxes											-16,625	-16,625
Net result												203,218
EPRA earnings											25,324	25,324
Result on the portfolio	19,218	225	105,479	-10	20,771	0	0	0	0	0	0	145,683

					As at 31/12/2022
In KEUR Belgium			The Netherlands		Iberia			Nordics		Germany + Poland
	Students	Other	Students	Other	Students	Other	Students	Other	Students	Other	Unallocated amounts	Total
Total assets	642,942	10,433	1,181,953	84,044	436,277	0	416,877	69,522	184,837	0	189,014	3,215,899
Investment property	642,942	10,433	1,181,953	84,044	436,277	0	416,877	69,522	184,837	0		3,026,885
Other assets											189,014	189,014
Total liabilities and equity											3,215,899	3,215,899
Equity											1,486,461	1,486,461
Liabilities											1,729,438	1,729,438

5.8 ALTERNATIVE PERFORMANCE MEASURES (APMS)

5.8.1 GLOSSARY OF THE ALTERNATIVE PERFORMANCE MEASURES (APMS) USED BY XIOR STUDENT HOUSING

APM name	Definition	Use
EPRA earnings	Net result +/- variations in the fair value of 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
	EPRA earnings after IFRIC 21 adjustment Net result +/- variations in the fair value of investment property +/- other portfolio result +/- result of the sale of investment property +/- variations in the fair value of financial assets and liabilities +/- deferred taxes arising from IAS 40 +/- the impact of IFRIC 21 divided over 4 quarters	Measuring the result of the strategic operating activities, excluding changes in the fair value of investment property, other portfolio result, result from the sale of investment property and changes in the fair value of financial assets and liabilities, deferred taxes arising from IAS 40 and adjusted for the impact of IFRIC 21. 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 the average debt interest cost to allow a comparison with peers and analysis of trends over time
Average financing costs	Interest charges including IRS interest charges + arrangement fees and commitment fees, divided by the average outstanding debt during the period	Measuring the average financing costs to allow comparison with peers and analysis of trends over time
Average financing cost excluding IRS interest charges	Interest costs excluding IRS interest charges + arrangement fees and commitment fees, divided by the average outstanding debt during the period	Measuring the average debt interest costs to allow a comparison with peers and analysis of evolution over time
EPRA earnings per share	Net result +/- result on the sale 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

APM name	Definition	Use
EPRA earnings per share after IFRIC 21 adjustment	The net result +/- result of the sale of investment property +/- changes in the fair value of investment property +/- other portfolio result +/- changes in the fair value of financial assets and liabilities +/- deferred taxes arising from IAS 40 adjustments +/- IFRIC 21 adjustment, 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 property and other investments at their fair value and to exclude certain items that are not expec ted 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 the financial instruments, (ii) the fair value of debts and (iii) the deferred taxes	Comparability with other RRECs and international property players
EPRA Net Reinstatement Value (NRV)	Assumes that entities never sell property and aim to show the value needed to rebuild the property.	Comparability with other RRECs and international property players. The EPRA NAV metrics make adjustments to the NAV via the IFRS financial sta tements in order 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 Asset (NTA)	EPRA Net Tangible Assets assumes that entities buy and sell assets, causing certain levels of unavoidable deferred tax to crystallise	Comparability with other RRECs and international property players. The EPRA NAV metrics make adjustments to the NAV via the IFRS financial sta tements in order 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-off scenario", in which deferred tax, financial instru ments and certain other adjustments are calcu lated to their fullest extent, after deduction of the resulting tax	Comparability with other RRECs and international property players. The EPRA NAV metrics make adjustments to the NAV as per the IFRS financial statements in order to provide stakeholders with the most relevant information about the fair value of a property company's assets and liabilities un der various scenarios
	EPRA Cost Ratio (including 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, minus the rent still to be paid on rented land	Comparability with other RRECs and international property players

Alternative Performance Measures (APMs): reconciliation tables

Figures in KEUR

EPRA earnings	30/06/2023	30/06/2022
Net result	8,909	203,218
Variations in the fair value of investment property	20,577	-146,472
Other portfolio result	1,951	789
Result from the sale of investment properties	0	0
Variations in the fair value of financial assets and liabilities	5,003	-47,178
Share of result of joint ventures	-138	-263
Deferred taxes arising from IAS 40	-3,874	15,230
EPRA earnings	32,428	25,324
EPRA earnings – group share	32,202	24,680

EPRA earnings after IFRIC 21 adjustment	30/06/2023	30/06/2022
Net result	8,909	203,218
Variations in the fair value of investment property	20,577	-146,472
Other portfolio result	1,951	789
Result from the sale of investment properties	0	0
Variations in the fair value of financial assets and liabilities	5,003	-47,178
Share of result of joint ventures	-138	-263
Deferred taxes arising from IAS 40	-3,874	15,230
EPRA earnings	32,428	25,324
IFRIC 21 impact	2,727	2,056
EPRA earnings after IFRIC 21 adjustment	35,155	27,380
EPRA earnings – group share – after IFRIC 21 adjustment	34,929	26,736

Result on the portfolio	30/06/2023	30/06/2022
Result from the sale of investment properties	0	0
Variations in the fair value of investment property	-20,577	146,472
Other portfolio result	-1,951	-789
Result on the portfolio	-22,528	145,683

Average interest rate	30/06/2023	30/06/2022
Nominal interest burden on loans	14,934	2,950
Costs of permitted hedging instruments	-5,021	1,677
Capitalised interest	9,835	2,667
Average outstanding debt during the period	1,677,182	1,015,467
Average interest rate	2.35%	1.44%
Average interest rate excl. costs of permitted hedging instruments	2.95%	1.11%

Average financing costs excl. costs of permitted hedging instrum

Average financing costs
Average outstanding debt during the period
Bank costs and other commissions
Breakdown of the nominal amount of financial debt
Capitalised interest
Costs of permitted hedging instruments
Jominal interest burden on loans

Average financing costs	30/06/2023	30/06/2022
Nominal interest burden on loans	14,934	2,950
Costs of permitted hedging instruments	-5,021	1,677
Capitalised interest	9,835	2,667
Breakdown of the nominal amount of financial debt	201	202
Bank costs and other commissions	271	1,104
Average outstanding debt during the period	1,677,182	1,015,467
Average financing costs	2.4%	1.69%
Average financing costs excl. costs of permitted hedging instruments	3.0%	1.36%

EPRA earnings per share	30/06/2023	30/06/2022
Net result	8,909	203,218
Variations in the fair value of investment property	20,577	-146,472
Other portfolio result	1,951	789
Result from the sale of investment properties	0	0
Variations in the fair value of financial assets and liabilities	5,003	-47,178
Share of result of joint ventures	-138	-263
Deferred taxes arising from IAS 40	-3,874	15,230
Weighted average number of shares	35,072,965	28,011,322
EPRA earnings per share	0.92	0.90
IFRIC 21 impact	2,727	2,056
EPRA earnings per share after IFRIC 21 adjustment	1.00	0.98
EPRA earnings per share – group share – after IFRIC 21 adjustment	1.00	0.95

EPRA cost ratio	30/06/2023	30/06/2022
General costs	9,891	5,487
Impairments on trade receivables	35	450
Property charges	15,158	9,424
EPRA costs (incl. vacancy costs)	25,084	15,361
Vacancy costs	345	306
EPRA costs (excl. vacancy costs)	24,739	15,055
Gross rental income	69,344	50,232
EPRA cost ratio (incl. vacancy costs)	36.2%	30.6%
EPRA cost ratio (excl. vacancy costs)	35.7%	30%
IFRIC 21 impact	2,727	2,056
EPRA cost ratio (incl. vacancy costs) after IFRIC 21 adjustment	32.2%	26.5%
EPRA cost ratio (excl. vacancy costs) after IFRIC 21 adjustment	31.7%	25.9%

As at 30/06/2023	EPRA NRV	EPRA NTA	EPRA NDV	EPRA NAV	EPRA NNNAV
IFRS equity attributable to shareholders
excluding minority interests	1,452,035	1,452,035	1,452,035	1,452,035	1,452,035
Minority interests	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX	509	509

DEDUCTION
DT in relation to FV income from IP	64,822	64,822	XXXXXXXXXXX	64,822	XXXXXXXXXXX
FV of financial assets	-59,344	-59,344	XXXXXXXXXXX	-59,344	XXXXXXXXXXX
Intangible fixed assets as per IFRS BS	XXXXXXXXXXX	2,464	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX

ADDITION
FV of fixed-income debts	XXXXXXXXXXX	XXXXXXXXXXX	82,521	XXXXXXXXXXX	XXXXXXXXXXX
Taxes on property transfers	179,842	N/A	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX

NAV	1,637,355	1,455,049	1,534,556	1,458,022	1,452,544

Fully diluted number of shares	35,618,161	35,618,161	35,618,161	35,618,161	35,618,161

NAV per share	45.97	40.85	43.08	40.93	40.78
NAV per share – group share	45.97	40.85	43.08	40.92	40.77

Additional deferred tax, note if option (i) or (ii) is chosen

	Fair value	% of total portfolio	% of deferred tax excluded
Portfolio subject to deferred taxes and intended to be held and not sold in the long
term.	3,132,453	100	100
Portfolio subject to partial deferred tax and tax structuring	0	0	0

EPRA NAV

As at 31/12/2022	EPRA NRV	EPRA NTA	EPRA NDV	EPRA NAV	EPRA NNNAV
IFRS equity attributable to shareholders
excluding minority interests	1,486,268	1,486,268	1,486,268	1,486,268	1,486,268
Minority interests	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX	193	193

DEDUCTION
DT in relation to FV income from IP	72,572	72,572	XXXXXXXXXXX	72,572	XXXXXXXXXXX
FV of financial assets	-64,347	-64,347	XXXXXXXXXXX	-64,347	XXXXXXXXXXX
Intangible fixed assets as per IFRS BS	XXXXXXXXXXX	1,506	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX

ADDITION
FV of fixed-income debts	XXXXXXXXXXX	XXXXXXXXXXX	85,939	XXXXXXXXXXX	XXXXXXXXXXX
Taxes on property transfers	143,285	N/A	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX

NAV	1,637,778	1,492,987	1,572,207	1,494,686	1,486,461

Fully diluted number of shares	34,752,543	34,752,543	34,752,543	34,752,543	34,752,543

NAV per share	47.13	42.96	45.24	43.01	42.77
NAV per share – group share	47.13	42.96	45.24	43.00	42.77

Additional deferred tax, note if option (i) or (ii) is chosen

	Fair Value	% of total portfolio	% of deferred tax excluded
Portfolio subject to deferred taxes and intended to be held and not sold in the long
term.	3,026,885	100	100
Portfolio subject to partial deferred tax and tax structuring	0	0	0

5.9 OTHER NOTES

Due to rounding to thousands, rounding differences may arise between the balance sheet, income statement and the attached details.

5.9.1 PROPERTY RESULT

	Figures in KEUR	30/06/23	30/06/22
(+)	Rental income	69,344	50,232
	- Rent	62,857	48,211
	- Rental guarantees	6,646	2,198
	- Rent reductions	-159	-177
(+)	Writeback of rentals carried over and discounted	0	0
(+/-)	Rent-related expenses	-35	-450

	Net rental income	69,310	49,782

(+)	Recovery of property charges	0	0
(+)	Recovery of rental charges and taxes normally payable by the tenants for rented properties	12,381	10,632
(-)	Costs of tenants and borne by the landlord for rental damage and refurbishment at the end of the tenancy	0	0
(-)	Rental charges and taxes normally payable by the tenants for rented properties	-14,507	-13,654
(+/-)	Other rent-related income and expenditure	1,394	118

	Property result	68,578	46,878

Rent-related expenses include impairments recorded on rent receivables.

The rental guarantees as at 30 June 2023 included the rental guarantees given by the sellers upon acquisition in 2022 and 2023. Those rental guarantees have a term of 1 to 2 years and cover the vacant units.

Figures in KEUR	30/06/23	30/06/22
Summary of rental income that could cease to exist in future
Within one year	58,946	44,919
Between one and five years	1,305	778
More than five years	2,606	2,514
Total	62,857	48,211

The above table shows how much of the rental income earned in the first half of 2023 could theoretically cease to exist in future if the current tenants gave notice of termination on the next contractually permitted date and no new tenant was found.

Most of Xior Student Housing nv's tenancy agreements are shortterm contracts for letting student units. These contracts are typically concluded for a one-year period, after which they may be extended. Xior also tries to conclude long-term contracts with research universities or universities of applied sciences for some of the rooms in its portfolio.

Please find below a list of Xior's main rental and guarantee contracts with research universities or universities of applied sciences:

University	Location	End date
Tenancy agreement
University of Antwerp	Antwerp	31/08/2026
James Madison University	Antwerp	31/08/2024
BRIK	Brussels	15/09/2031
Université Saint-Louis	Brussels	14/09/2026
Université Saint-Louis	Brussels	14/09/2026
Université Libre de Bruxelles	Brussels	14/09/2024
EPHEC	Brussels	31/08/2024
PXL University of Applied Sciences	Hasselt	31/08/2024
PXL University of Applied Sciences	Hasselt	31/08/2024
PXL University of Applied Sciences	Hasselt	28/02/2030
HoGent	Ghent	31/08/2036
HoGent	Ghent	31/08/2036
KUL	Leuven	14/10/2044
Saxion Universities of Applied Sciences	Enschede	31/07/2026
Saxion Universities of Applied Sciences	Enschede	31/08/2027
Saxion Universities of Applied Sciences	Enschede	28/02/2029
Saxion Universities of Applied Sciences	Enschede	30/04/2029
Twente Regional Training Centres Foundation	Enschede	31/03/2030
Twente Regional Training Centres Foundation	Enschede	31/07/2030
Maastricht University	Maastricht	Unlimited period
Maastricht University	Maastricht	31/01/2031
Maastricht University	Maastricht	2031
Maastricht University	Maastricht	31/01/2031
Maastricht University	Maastricht	31/01/2031
Veste Foundation	Maastricht	31/07/2029
Gestion Logement Namur	Namur	30/09/2025
Odalys Portugal	Porto	12/09/2034
Warranty agreement
Navitas	Enschede	31/05/2024
Zuyd University of Applied Sciences	Maastricht	31/07/2024
Zuyd University of Applied Sciences	Maastricht	31/07/2024
Zuyd University of Applied Sciences	Maastricht	31/07/2024
Utrecht University of Applied Sciences	Utrecht	31/03/2024
Rotterdam School of Management	Rotterdam	31/12/2024

Xior Student Housing has several other types of tenancy agreements that are also long-term. These are mainly tenancy agreements for the commercial properties, which typically have terms that exceed 1 year. The term of these contracts generally ranges from 3 to 10 years.

Rents are paid monthly in advance. Certain property-related costs, such as utility costs, taxes and levies and municipal charges, are also payable by the tenant. Tenants pay a fixed monthly advance payment for these with an annual reconciliation or a fixed annual amount may be charged to cover these costs. In order to ensure that tenants comply with their obligations, a rental deposit of at least 1 month's rent and, in most cases, 2 months' rent is charged. This is usually shown on the balance sheet under other short-term liabilities. In some countries, the last month's rent is also paid in advance at the start of the tenancy agreement.

5.9.2 RESULT ON THE PORTFOLIO

	Figures in KEUR	30/06/23	30/06/22
(+/-)	Result from the sale of investment properties	0	0
(+/-)	Result from the sale of other non-financial assets	0	0
(+/-)	Variations in the fair value of investment property	-20,577	146,472
	- Positive variations in the fair value of investment properties	38,017	149,000
	- Negative variations in the fair value of investment properties	-58,593	-2,528
	- Positive variations of the estimated transaction fees and costs resulting from the
	hypothetical disposal of investment properties	0	0
	- Negative variations of the estimated transaction fees and costs resulting from the
	hypothetical disposal of investment properties	0	0
(+/-)	Other portfolio result	-1,951	-789
	Result on the portfolio	-22,528	145,683

Properties were acquired through share acquisitions in the first half of 2023.

The difference between the acquired properties' fair value and negotiated value is processed as "variations in the fair value of investment property" on the income statement.
For properties purchased through share acquisitions, the difference between the properties' book value and negotiated value and any other sources of discrepancies between the fair value and the negotiated value of the shares are processed as "other portfolio earnings" on the income statement. This "other portfolio result" relates to amounts arising from the application of the consolidation principles and merger transactions, and consists of the differences between the price paid for property companies and the fair value of the acquired net assets. This "other portfolio result" also covers directly attributable transaction fees.
The variation in Fair Value between 1 January 2023 and 30 June 2023 was posted as negative or positive variations under investment property.

5.9.3 FINANCIAL RESULT - Nominal interest charges paid on loans- Breakdown of the nominal amount of financial debt- Costs of permitted hedging instruments- Bank costs and other commissions- Other(+/-) Variations in the fair value of financial assets and liabilities - Market value of interest rate swaps- Other

	Figures in KEUR	30/06/23	30/06/22
(+)	Financial income	528	676
(-)	Net interest expense	-10,114	-4,831
	- Nominal interest charges paid on loans	-14,934	-2,950
	- Breakdown of the nominal amount of financial debt	-201	-202
	- Costs of permitted hedging instruments	5,021	-1,677
(-)	Other financial costs	-706	-1,104
	- Bank costs and other commissions	-271	-917
	- Other	-435	-187
(+/-)	Variations in the fair value of financial assets and liabilities
	- Market value of interest rate swaps	-5,003	47,178
	- Other	0	0
	Financial result	-15,295	41,919

The average interest rate ¹⁴ was 2.35% (2.95% excluding hedging instruments) as at 30 June 2023, compared to 1.44% as at 30 June 2022. The average financing cost was 2.4% as at 30 June 2023, compared to 1.69% as at 30 June 2022.

The Company is subject to fluctuations in interest rates, because most long-term liabilities were negotiated based on variable interest rates. An increase in the interest rate can, therefore, cause an increase in the interest charges. In addition, Xior is well protected against rising interest rates by the long-term hedging of its existing debt position, with 81% of the borrowed financing hedged for a 5.9-year term as at 30 June 2023. This type of hedging is not at the individual financing level but for a longer term than the underlying loans. Consequently, this means that there is no additional interest risk on the maturity date of individual financing facilities.

The derivatives used by Xior Student Housing do not qualify as hedging transactions. As a result, the changes in their fair value are included in the income statement immediately.

¹⁴ For the calculation of the APMs, please refer to Chapter 5.8 of this Half-Yearly Report.

INVESTMENT PROPERTY

Figures in KEUR		Project
Investment table	Investment property in operation	developments	Total
Balance as at 01/01/2022	1,817,597	149,459	1,967,056
Acquisition of property companies through purchase or contributions	554,731	214,388	769,119
Other capex investments	30,890	165,231	196,121
Purchases and received contributions of investment property	466	5,492	5,958
Sale of investment property	-8,030	0	-8,030
Capitalised interest charges	2,375	6,843	9,218
Change in the fair value	119,198	-22,577	96,621
Transfer from/to	9,189	-9,189	0
Taking over property for own use	-9,179	0	-9,179
Balance as at 31/12/2022	2,517,237	509,647	3,026,885
Acquisition of property companies through purchase or contributions	23,449	0	23,449
Other capex investments	35,628	61,898	97,155
Purchases and received contributions of investment property	0	0	0
Sale of investment property	-4,665	0	-4,665
Capitalised interest charges	1,237	8,598	9,835
Change in the fair value	3,659	-24,235	-20,576
Transfer from/to	0	0	0
Taking over property for own use	0	0	0
Balance as at 30/06/2023	2,576,545	555,908	3,132,453

5.9.5 FINANCIAL FIXED ASSETS – AUTHORISED HEDGING INSTRUMENTS

The other long-term financial assets totalled KEUR 59,344 as at 30 June 2023. They are related to the fair value of the outstanding interest rate swap (IRS) agreements as at 30 June 2023.

IFRS classification	Level (IFRS)	Notional amount	Interest rate (as %)	Expires on	Fair value
Interest rate swap	2	60,000,000	2.98	28/09/2029	-139,902
Interest Rate Swap	2	60,000,000	2.72	30/06/2026	-1,255,640
Interest Rate Swap	2	12,500,000	0.09	30/09/2026	1,402,894
Interest Rate Swap	2	672,000	0.074	30/09/2026	73,609
Interest Rate Swap	2	6,480,000	0.074	30/09/2026	709,806
Interest Rate Swap	2	6,936,000	0.074	30/09/2026	759,755
Interest Rate Swap	2	6,960,000	0.074	30/09/2026	762,384
Interest Rate Swap	2	3,816,000	0.074	30/09/2026	417,997
Interest Rate Swap	2	22,000,000	0.785	7/02/2029	2,441,472
Interest Rate Swap	2	12,500,000	0.14	28/09/2029	2,193,773
Interest Rate Swap	2	18,000,000	0.59	30/12/2024	853,694
Interest Rate Swap	2	25,000,000	0.7	1/04/2025	1,479,275
Interest Rate Swap	2	43,000,000*	0.391	31/12/2029	4,276,097
Interest Rate Swap	2	52,000,000	0.397	31/12/2030	9,237,713
Interest Rate Swap	2	50,000,000	2.73	30/09/2029	824,830
Interest Rate Swap	2	25,000,000	1.85	31/12/2029	1,706,882
Interest Rate Swap	2	25,000,000	1.95	31/12/2030	1,698,895
Interest Rate Swap	2	28,000,000	4.04	9/09/2029	426,823
Interest Rate Swap	2	18,000,000	1.193	27/02/2026	1,469,862
Interest Rate Swap	2	48,000,000	1.3466	9/11/2027	3,757,378
Interest Rate Swap	2	22,000,000	0.9765	30/06/2028	2,196,770
Interest Rate Swap	2	25,000,000	0.185	11/12/2028	3,493,224
Interest Rate Swap	2	30,000,000	0.413	9/08/2029	4,515,856
Interest Rate Swap	2	55,000,000	1.5	31/12/2025	2,740,789
Interest Rate Swap	2	45,000,000	1.401	30/12/2027	3,423,208
Interest Rate Swap	2	35,000,000	1.5	30/12/2026	2,171,971
Interest Rate Swap	2	32,500,000	0.195	24/06/2025	2,191,915
Interest Rate Swap	2	32,500,000	0.195	24/06/2025	2,191,915
Interest Rate Swap	2	25,000,000	0.895	30/06/2027	2,025,328
Interest Rate Swap	2	50,000,000	2.5135	30/09/2025	1,209,991
Interest Rate Swap	2	50,000,000	2.9521	27/06/2030	84,978
TOTAL					59,343,879

* This is a deferred IRS starting on 31/12/2024 and replacing the above two Interest Rate Swaps.

The market value of the outstanding IRS contracts is received through the various financial institutions.

CAPITAL

Evolution of capital Figures in EUR		Previous capi tal (EUR)	Capital incre ase (EUR)	New capital (EUR)	Previous num ber of shares	New number of shares	Fractional value (EUR)
Date	Transaction
	10/03/2014 Incorporation of company		20,000	20,000		200	100.00
	23/09/2015 Capital increase	20,000	1,230,000	1,250,000	200	12,500	100.00
23/11/2015 Share split		1,250,000		1,250,000	12,500	42,500	29.41
	11/12/2015 Sister company mergers	1,250,000	23,328,937	24,578,937	42,500	975,653	25.19
11/12/2015	Capital increase by way of contribution in kind, as a result of the Share Contribution	24,578,937	3,256,783	27,835,720	975,653	1,105,923	25.17
	11/12/2015 Mergers by acquisition	27,835,720	3,696,060	31,531,780	1,105,923	1,253,764	25.15
11/12/2015	Capital increase below fractional value via cash contributions for the issue of new shares	31,531,780	58,710,898	90,242,678	1,253,764	4,626,780	19.50
	11/12/2015 Capital reduction to create a reserve to cover foreseeable losses	90,242,678	-6,960,638	83,282,040	4,626,780	4,626,780	18.00
	1/03/2016 Merger with Devimmo	83,282,040	4,151,826	87,433,866	4,626,780	4,857,437	18.00
	1/08/2016 Merger with CPG	87,433,866	1,320,948	88,754,814	4,857,437	4,930,823	18.00
	11/10/2016 Woonfront Tramsingel B.V.contribution in kind	88,754,814	6,114,204	94,869,018	4,930,823	5,270,501	18.00
	17/01/2017 KVS project contribution in kind	94,869,018	2,669,976	97,538,994	5,270,501	5,418,833	18.00
	22/06/2017 Capital increase	97,538,994		48,769,488 146,308,482	5,418,833	8,128,249	18.00
	26/03/2018 Enschede project contribution in kind	146,308,482		9,317,304 155,625,786	8,128,249	8,645,877	18.00
	12/06/2018 Capital increase	155,625,786		77,812,884 233,438,670	8,645,877	12,968,815	18.00
	12/12/2018 All-In Annadal bv contribution in kind	233,438,670		14,400,000 247,838,670	12,968,815	13,768,815	18.00
	4/06/2019 Optional dividend	247,838,670		2,702,574 250,541,244	13,768,815	13,918,958	18.00
	13/06/2019 Stratos KvK NV contribution in kind	250,541,244		7,756,002 258,297,246	13,918,958	14,349,847	18.00
	27/10/2019 Capital increase	258,297,246		86,099,076 344,396,322	14,349,847	19,133,129	18.00
	18/06/2020 Capital increase through contributions-in-kind	344,396,322		2,918,916 347,315,238	19,133,129	19,295,291	18.00
	7/10/2020 Patrimoine Couronne - Franck N.V. contribution	347,315,238		11,835,702 359,150,940	19,295,291	19,952,830	18.00
	25/11/2020 Capital increase	359,150,940		19,684,998 378,835,938	19,952,830	21,046,441	18.00
	18/03/2021 Capital increase	378,835,938		75,767,184 454,603,122	21,046,441	25,255,729	18.00
	14/12/2021 Capital increase	454,603,122		45,460,296 500,063,418	25,255,729	27,781,301	18.00
	7/06/2022 Optional dividend	500,063,418		4,140,378 504,203,796	27,781,301	28,011,322	18.00
	15/09/2022 Basecamp contribution in kind (phase 1)		504,203,796 121,341,978 625,545,774		28,011,322	34,752,543	18.00
	25/04/2023 Basecamp contribution in kind (phase 2)	625,545,774		15,581,124 641,126,898	34,752,543	35,618,161	18.00

Evolution in issue premiums

Date	Transaction (in KEUR)	Issue premiums
31/12/15		25,615
1/03/16	Merger with Devimmo	1,615
1/08/16	Merger with CPG	514
11/10/16	Woonfront contribution in kind	4,517
17/01/17	KVS project contribution in kind	2,394
22/06/17	Capital increase	35,222
26/03/18	Enschede project contribution in kind	8,800
12/06/18	Capital increase	53,332
12/12/18	All-In Annadal contribution in kind	15,230
4/06/19	Optional dividend	3,378
13/06/19	Stratos KvK NV contribution in kind	10,241
27/10/19	Capital increase	115,582
18/06/20	Capital increase through contributions-in-kind	4,581
7/10/20	Patrimoine Couronne - Franck nv contribution in kind	22,047
25/11/20	Capital increase	34,996
18/03/21	Capital increase	99,228
14/12/21	Capital increase	70,716
7/06/22	Optional dividend	6,825
15/09/22	Basecamp contribution in kind (phase 1)	171,311
25/04/23	Basecamp contribution in kind (phase 2)	22,506
	Total issue premiums as at 30/06/2023	708,650
Unavailable issue premiums		480,544
Available issue premiums		228,106

EARNINGS PER SHARE

	30/06/2023	30/06/2022
Number of ordinary shares in circulation	35,618,161	28,011,322
Weighted average number of shares	35,072,965	28,011,322
Net earnings per ordinary share (in EUR)	0.25	7.25
Diluted net earnings per ordinary share (in EUR)	0.25	7.25
EPRA earnings per share (in EUR)	0.92	0.90
EPRA earnings per share (in EUR) after IFRIC 21 adjustment	1.00	0.98
EPRA earnings per share (in EUR) group share	0.92	0.88
EPRA earnings per share (in EUR) after IFRIC 21 adjustment – group share	1.00	0.95

5.9.8 FINANCIAL DEBTS

Figures in KEUR	30/06/2023	31/12/2022
Long-term financial debts
Bilateral loans – variable or fixed interest rates	1,547,404	1,393,973
Loan draw-down costs	-1,948	-1,963
Total	1,549,3521	1,392,0101

¹These amounts exclude financial lease liabilities (30/06/2023: 4,941 KEUR and 31/12/2022: 5,018 KEUR).

Figures in KEUR	30/06/2023	31/12/2022
Non-current financial debts (excl. interests)
Breakdown according to maturity
Within the year
Between one and two years	449,870	437,631
Between two and five years	768,484	611,384
More than five years	329,049	344,958
Total	1,547,404	1,393,973
Figures in KEUR	30/06/2023	31/12/2022
Unutilised loans
Due within one year	35,000	0
Due after one year	35,000	162,500
Total	70,000	162,500

The financial debts that have been closed at Xior Student Housing level without underlying collateral. Exceptions to this are loans taken out by subsidiaries, i.e. the loan of Stratos KvK, the loan of Uhub Benfica, the loan of Uhub São João, the loan of ST Potsdam S.à r.l., the loan of Studentenwohnheim Prager Strasse GmbH and the loan of ESHF 2 Birketinget ApS. This was taken over on acquisition of 100% of the shares. This loan is partly secured by securities.

Most financial debts have variable interest rates. A total of MEUR 883 in financing is hedged with IRS contracts. This means that 52% of all outstanding financing is hedged with IRS contracts. These IRS contracts do not have a one-on-one link with specific individual loans (no perfect hedging). Xior engages in macrohedging. The average maturity of these IRS contracts was 5.9 years as at 30 June 2023. There is also MEUR 500 in fixed interest rate loans. In total, 81% of all outstanding financing is hedged either with IRS contracts or with a fixed interest rate. Consequently, Xior is well protected against rising interest rates.

Estimated future interest charges Liquidity commitments on maturity dates associated with the hedging instruments

Figures in KEUR	30/06/2023	31/12/2022
Estimated future interest charges
Within one year	19,999	22,780
Between one and five years	47,915	54,907
More than five years	36,766	46,027
Total	104,680	123,714
Figures in KEUR	30/06/2023	31/12/2022
Liquidity commitments on maturity dates associated with the hedging instruments
Within one year	13,883	10,781
Between one and five years	43,038	36,850
More than five years	10,942	11,313
Total	67,863	58,944

The estimate of interest expenses takes into account the debt position as at 30 June 2023.

FINANCIAL ASSETS AND LIABILITIES

	30/06/2023	30/06/2023	31/12/2022	31/12/2022
Figures in KEUR	Book value	Fair value	Book value	Fair value	Level
Summary of financial assets and liabilities
Assets
Financial fixed assets	105,006	105,006	105,265	105,265
Financial fixed assets	1,765	1,765	1,704	1,704	Level 2
Trade receivables and other fixed assets	18,707	18,707	20,101	20,101	Level 2
Deferred tax assets	9,379	9,379	3,478	3,478	Level 2
Shareholdings in associated companies and joint ventures	15,811	15,811	15,635	15,635	Level 2
Financial derivatives	59,344	59,344	64,347	64,347	Level 2
Financial current assets	61,751	61,751	56,047	56,047
Trade receivables	3,025	3,025	3,732	3,732	Level 2
Tax receivables and other current assets	48,810	48,810	44,491	44,491	Level 2
Cash and cash equivalents	9,916	9,916	7,824	7,824	Level 1
Total financial assets	166,757	166,757	161,312	161,312

Liabilities

Long-term financial liabilities	1,572,041	1,489,520	1,399,065	1,313,127
Long-term financial liabilities	1,554,292	1,471,771	1,397,027	1,311,089	Level 2
Financial derivatives	0	0	0	0	Level 2
Other long-term liabilities	17,749	17,749	2,038	2,038	Level 2
Current financial liabilities	262,483	262,483	240,500	240,500
Current financial liabilities	155,787	155,787	163,592	163,592	Level 2
Trade debts and other current liabilities	57,963	57,963	47,573	47,573	Level 2
Other current liabilities	48,733	48,733	29,335	29,335	Level 2
Total financial liabilities	1,834,524	1,752,003	1,639,565	1,553,627

Trade receivables and trade debts are recognised at amortised cost. The change in fair value of financial derivatives is posted via the income statement.

Fair value

Since the trade receivables and trade debts are current, the fair value almost approximates the nominal value of the financial assets and liabilities in question. As at 30 June 2023, Xior Student Housing had MEUR 500 in financial debts at fixed interest rates. The rest of the financial debts are at variable interest rates. A fair value was calculated for the loans that were repaid at a fixed interest rate. This fair value differs from the carrying amount. For the loans taken out at variable interest rates, the fair value of these liabilities equals the book value. These loans are partially hedged with IRS contracts.

5.9.10 TRANSACTIONS WITH RELATED PARTIES

Figures in KEUR	30/06/2023	30/06/2022
Transactions with related
parties
Management remuneration	386	321
Independent directors'
remuneration	155	138
Total	541	459

The related parties with whom the Company deals with are its subsidiaries and its directors and executives. Transactions with the subsidiaries are eliminated during the consolidation.

The remuneration for directors and executives is included in the company overheads item.

No other transactions took place with persons or institutions regarded as direct company stakeholders during the first half of 2023.

5.9.11 POST BALANCE SHEET EVENTS

We refer to Chapter 2.3.2 of this Half-Yearly Report for events after the balance sheet date.

There have been no other significant events with an impact on the consolidated figures since the end of the half year.

SCOPE OF CONSOLIDATION

	30 June 2023
Name	Country	Share in the capital
Stubis BVBA	Belgium	100
Stratos KVK N.V.	Belgium	100
XL Fund N.V.	Belgium	100
Invest Drève St Pierre N.V. 1	Belgium	100
Roosevelt B.V.	Belgium	100
Xior Ommegang N.V.	Belgium	100
Xior Ruhl N.V.	Belgium	100
Tri-Bis B.V.	Belgium	100
Xior Octopus B.V.	Belgium	100
City'zen B.V.	Belgium	100
Xior OAM N.V.	Belgium	100
Xior Namen B.V.	Belgium	100
Xior Student Housing NL B.V.	The Netherlands	100
Xior Student Housing NL 2 B.V.	The Netherlands	100
Xior Naritaweg B.V.	The Netherlands	100
All-In Annadal B.V.	The Netherlands	100
Stubis NL B.V.	The Netherlands	100
Amstelveen Laan van Kronenburg 2 B.V.	The Netherlands	100
Xior Rotsoord B.V.	The Netherlands	100
Xior Karspeldreef Amsterdam B.V.	The Netherlands	100
Xior Groningen B.V.	The Netherlands	100
Leeuwarden Tesselschadestraat B.V.	The Netherlands	100
STUBISNL IV B.V.	The Netherlands	100
Borgondo Facilities B.V.	The Netherlands	100
XL NL Cooperatie 1 U.A.	The Netherlands	100
XL NL Cooperatie 2 U.A.	The Netherlands	100
Xior Zernike Coöperatie U.A.	The Netherlands	100
Xior LBW N.V.	The Netherlands	100
Xior Carré N.V.	The Netherlands	100
Xior Bonnefanten N.V.	The Netherlands	100
Xior Enschede I N.V.	The Netherlands	100
Xior Wageningen N.V.	The Netherlands	100
Xior Delft N.V.	The Netherlands	100

Joint Ventures

Unidorm - Residencias para Estudiantes S.A.	Portugal	50
Uhub Investments Lumiar S.L.	Portugal	25
Collegno SP z.o.o.	Poland	26

5.9.13 DEBT RATIO

Consolidated debt ratio (max. 65%)

Figures in KEUR	30/06/2023	31/12/2022
Consolidated debt ratio (max. 65%)
Total liabilities	1,923,427	1,729,437
Adjustments	-88,903	-89,872
Total debt as per Royal Decree dated 13 July 2014	1,834,524	1,639,565
Total assets	3,375,971	3,215,889
Adjustments	-59,344	-64,347
Total assets as per Royal Decree dated 13 July 2014	3,316,627	3,151,542
Debt ratio (as %)	55.31%	52.02%

Loan to value	30/06/2023	31/12/2022
Investment properties	3,132,453	3,026,885
Financing	1,705,139	1,555,602
Loan to value ratio	54.43%	51.39 %

5.9.13.1 Further notes on the evolution of the debt ratio

5.9.12				30 June 2023	(continued)
					Share in	5.9.13
			Name	Country	the capital
SCOPE OF CONSOLIDATION			Xior Breda N.V.	The Netherlands	100	DEBT RATIO
The following subsidiaries were part of Xior Student Housing			Stubeant B.V.	The Netherlands	100	Figures in KEUR	30/06/2023
NV's scope of consolidation as at 30 June 2023:			Studio Park Breda N.V.	The Netherlands	100	Consolidated debt ratio (max. 65%)
			Xior Tweebaksmarkt N.V.	The Netherlands	100	Total liabilities	1,923,427
		30 June 2023	Xior Brinktoren N.V.	The Netherlands	100	Adjustments	-88,903
Name	Country	Share in the capital	Xior Brinktoren 2 N.V.	The Netherlands	100	Total debt as per Royal Decree dated 13 July 2014	1,834,524
Stubis BVBA	Belgium	100	Xior Brinktoren 3 N.V.	The Netherlands	100	Total assets	3,375,971
Stratos KVK N.V.	Belgium	100	XSHPT Portugal S.A.	Portugal	100
XL Fund N.V.	Belgium	100	Uhub Investments Benfica S.L.	Portugal Portugal	100 100	Adjustments	-59,344
Invest Drève St Pierre N.V. 1	Belgium	100	Uhub Investments São João S.L. Uhub Operations S.L.	Portugal	85	Total assets as per Royal Decree dated 13 July 2014	3,316,627
Roosevelt B.V.	Belgium	100	Porto Granjo Student Residences S.A.	Portugal	100	Debt ratio (as %)	55.31%
Xior Ommegang N.V.	Belgium	100	Xior Quality Student Housing S.L.U.	Spain	100
Xior Ruhl N.V.	Belgium	100	I love Besos Campus Besos S.A.U.	Spain	100	Loan to value	30/06/2023
Tri-Bis B.V.	Belgium	100	Minerva Student Housing Socimi S.L.U.	Spain	100	Investment properties	3,132,453
Xior Octopus B.V.	Belgium	100	Mosquera Directorship S.L.	Spain	100	Financing	1,705,139
City'zen B.V.	Belgium	100	Terra Directorship S.L.U.	Spain	100	Loan to value ratio	54.43%
Xior OAM N.V.	Belgium	100	Mosquera Directorship Socimi S.L.U.	Spain	100
Xior Namen B.V.	Belgium	100	Managua Directorship S.L.U.	Spain	100
Xior Student Housing NL B.V.	The Netherlands	100	Student Properties Spain Socimi S.A.	Spain	100	5.9.13.1 Further notes on the evolution of the debt ratio As stipulated in the BE-REIT legislation, more specifically in article	Following the implementation of Xior Student Housing NV's convinced and known growth strategy, the debt ratio has again
Xior Student Housing NL 2 B.V.	The Netherlands	100	Hubr Student Housing S.L.	Spain	25	24 of the BE-REIT, when its consolidated debt ratio exceeds 50%,	exceeded 50% since 31 December 2022.
Xior Naritaweg B.V.	The Netherlands	100	Collblanc Student Housing Socimi S.L.U.	Spain	100	the BE-REIT must draw up a financial plan with an implementation
All-In Annadal B.V.	The Netherlands	100	Hubr Sevilla Socimi S.A.U.	Spain	100	schedule describing the measures that will be taken to prevent	Based on the debt ratio of 55.31% as at 30 June 2023, Xior
Stubis NL B.V.	The Netherlands	100	Collblanc Student Housing Socimi S.L.U.	Spain	100	the debt ratio from rising above 65% of the consolidated assets.	Student Housing still has an additional investment potential of
Amstelveen Laan van Kronenburg 2 B.V.	The Netherlands	100	ST Lódz Rewolucji 1905 Sp. z o.o.	Poland	100	This financial plan is the subject of a special report drawn up by	approximately EUR 917 million, without exceeding the maximum
Xior Rotsoord B.V.	The Netherlands	100	ST Katowice Krasinskiego Sp. z o.o.	Poland	100	the auditor confirming that they verify the manner in which the	debt ratio of 65%. In other words, with a current committed
Xior Karspeldreef Amsterdam B.V.	The Netherlands	100	ST Lódz Rembielinskiego Sp. z o.o.	Poland	100	plan was drawn up, in particular as regards its economic bases,	pipeline worth around EUR 65 million for 2023, this is significantly
Xior Groningen B.V.	The Netherlands	100	BaseCamp Student Real Estate ApS	Denmark	100	and that the figures it contains correspond to those in the BE	below the legal limit of 65%. The scope for new investments is
Leeuwarden Tesselschadestraat B.V.	The Netherlands	100	BaseCamp Student Operations ApS	Denmark	100	REIT's accounts.	around EUR 388 MEUR before exceeding the 60% threshold.
STUBISNL IV B.V.	The Netherlands	100	BC Skovbrynet Residential ApS	Denmark	100	The half-yearly and annual financial reports should justify how	The valuation of the property portfolio also has an impact on the
Borgondo Facilities B.V.	The Netherlands	100	ST Skovbrynet Student ApS	Denmark	100	the financial plan was implemented during the relevant period	debt ratio. Taking into account the capital base as at 30 June
XL NL Cooperatie 1 U.A.	The Netherlands	100	ESHF 2 Birketinget ApS	Denmark	100	and how the BE-REIT will implement the plan in the future.	2023, the maximum debt ratio of 65% would only be exceeded in
XL NL Cooperatie 2 U.A. Xior Zernike Coöperatie U.A.	The Netherlands The Netherlands	100 100	ESHF 2 Aarhus Student ApS	Denmark	100		the event of a possible depreciation of the property portfolio of
Xior LBW N.V.	The Netherlands	100	ESHF 2 Aarhus Residential ApS	Denmark	100	The financial plan and the auditor's special report are submitted	approximately EUR 494 MEUR or 16% compared to the property
Xior Carré N.V.	The Netherlands	100	Studentenwohnheim Prager Strasse GmbH Germany		100	to the FSMA for information.	portfolio of EUR 3,132 MEUR on 30 June 2023.
Xior Bonnefanten N.V.	The Netherlands	100	ST Potsdam S.à r.l.	Germany	100
Xior Enschede I N.V.	The Netherlands	100	BC Student Malmö AB	Sweden	100	5.9.13.2 Evolution debt ratio As at 30 June 2023, Xior Student Housing NV's consolidated debt	Xior Student Housing NV intends to reduce its debt ratio to a level below 50% in the current market conditions, but considers that
Xior Wageningen N.V.	The Netherlands	100				ratio is 55.31% compared to 52.02% as at 31 December 2022. As a	the current debt ratio is not at an alarming level and that there is
Xior Delft N.V.	The Netherlands	100	Joint Ventures			result, the threshold of 50% remains exceeded. In response to the	still margin to absorb any property depreciation.
			Unidorm - Residencias para Estudiantes	Portugal		changed economic conditions since the last quarter of 2022, the
			S.A.		50	Company is even more committed to a responsible debt structure	5.9.13.3 Policy on the debt ratio
Uhub Investments Lumiar S.L. Companies held 100% by holding company XL Fund BV (100% subsidiary of Xior				Portugal	25	and aims for a debt ratio of up to 50% in the long term ( see also	Steady growth of the Company presupposes adequate financing
Student Housing NV)			Collegno SP z.o.o.	Poland	26	). the Company's Financing Strategy 4.4 in the 2022 Annual Report	of such growth, in a sector that is inherently capital-intensive.
1 Company merged with Xior Student Housing NV in 2023							Xior obviously has to take into account the regulatory framework
						Xior Student Housing NV was recognised as a public regulated	formed by the BE-REIT legislation, including the rules on the
						real estate company on 24 November 2015 and made its IPO on 11 December 2015. Since then, the debt ratio has undergone the	maximum debt ratio (legally capped at 65%). As a result, the Company, like any other public BE-REIT, is limited in its options in
						following evolution:	terms of self-financing.

5.9.13.2 Evolution debt ratio

5.9.13.3 Policy on the debt ratio

Xior Student Housing NV's policy, as stated above, is to maintain a maximum debt ratio of 50%. This does not rule out the possibility that the implementation of the growth strategy or a decrease in property as a result of a change in economic conditions could lead to this debt ratio temporarily exceeding 55%. Because of the current economic conditions and given that the Company believes that the debt ratio should remain below 50%, a number of properties were identified to be sold in order to maintain the necessary margin on the debt ratio. Continued balance sheet discipline remains the core focus to reduce the debt ratio to around 50%. Necessary measures by management are underway and will continue to be pursued, but their impact will only become visible with a delay. In this context, Xior is also exploring further strategic options, including strategic divestments, partnerships or joint ventures. Xior announced a divestment project of its least efficient, least sustainable or non-core assets to optimise its portfolio and control its leverage. The focus of this programme is to sell under-performing assets from the portfolio, based on their operational efficiency and Xior's sustainability objectives. The first phase of this divestment programme with a total of MEUR 60 identified assets has already been fully realised. These assets have either already been sold, or are under an agreement/binding offer, or under exclusivity with an expected realisation before the end of the year. Xior has announced a second, more substantial phase with approximately EUR 170 MEUR of additional identified divestments. Full completion of both phases of the divestment programme is expected before the end of 2023. Moreover, the ongoing strategic review of the pipeline has already led to the disposal of two projects and a reduction in the cost to come by EUR 62 MEUR (Odalys Sevilla and Brouck'R). Xior will further step up its divestment programme by focusing on the opportunistic sale of the least efficient, least sustainable or non-core assets.

The Company will continue to seek balanced growth in both equity and debt in the future, in parallel with the further expansion of the property portfolio. In this context, reference can also be made to the contribution transactions already carried out by the Company in the past (cf. the contribution transactions of 26 March 2018, 12 December 2018, 13 June 2019, 18 June 2020 and 7 October 2020, 15 September 2022, 25 April 2023 respectively) and the capital increase of June 2018, October 2019, November 2020, March 2021 and December 2021. Such transactions have already led to a strengthening of equity and allow the portfolio to grow, with a healthy combination of different funding sources while keeping the debt ratio under control.

Debt ratio control obviously enjoys the permanent attention of Xior Student Housing NV, which is subject to control and monitoring on a recurring basis (periodically and ad hoc), including verification against internal budgets and the preparation of forecasts regarding the profit and loss account and debt ratio simulations. This takes all existing financial obligations such as leases concluded, financing agreements, financial hedging instruments, committed acquisitions, etc. into account.

5.9.13.4 Predicted evolution of the debt ratio

Based on the financial plan currently drawn up and taking into account the acquisitions to be completed during the course of 2023 and the planned divestments, Xior Student Housing NV expects, barring unforeseen circumstances, a debt ratio of around 50% this compared to 55.31% as at 30 June 2023.

This estimate takes into account the following elements:

The implementation of the acquisition pipeline and capex programme
The rationalisation of the property portfolio involving the sale of certain assets
The profit reservation taking into account the projected profit forecast for 2023 and 2024 and the dividend payment for the 2023 financial year;
A stable valuation of the BE-REIT's property portfolio.

However, this expectation may be affected by the occurrence of unforeseen events. In this respect, specific reference is made to Chapter 1 "Risk Management" in the 2022 Annual Report.

5.9.13.5

The board of directors of Xior Student Housing NV considers that the debt ratio will not exceed 65%.

Xior Student Housing NV will closely monitor the evolution of the debt ratio. If certain events would necessitate an adjustment to the policy of the public BE-REIT, the Company will not fail to provide for an appropriate adjustment, which, where appropriate, will also be the subject of the required reporting under the statutory disclosure rules to which the Company is subject.

5.9.14 OFF-BALANCE SHEET RIGHTS AND OBLIGATIONS

A number of properties were acquired from third parties in the course of 2016, 2017, 2018, 2019, 2020, 2021 and 2022. The sellers provided (partial) rental guarantees for a number of these properties. The duration of these rental guarantees varies from 12 to 36 months starting from the transfer date. More specifically, the Company has received a rental or return guarantee for the properties on Tongerseweg in Maastricht (ended in September 2017), Kronehoefstraat in Eindhoven (ended in September 2018), Tramsingel 27 in Breda (ended in October 2017), Willem Dreeslaan in Utrecht, Spoorstraat in Venlo, Kwietheuvel in Venlo, Antonia Veerstraat in Delft (ended in September 2018), Waldorpstraat in The Hague (ended in September 2018), Campus Verbeekstraat in Leiden (ended in December 2018), Ariënsplein in Enschede (ended in September 2019), Naritaweg in Amsterdam (ended in April 2019), Rotsoord in Utrecht (ended in August 2019), Avenue d'Auderghem/Oudergemlaan in Etterbeek (ended in October 2018), Tesselschadestraat in Leeuwarden (ended in December 2018), Annadal in Maastricht (ended in December 2020), Duivendaal in Wageningen (ended in 2019), Alma Student (ended in October 2020), Roxi in Zaventem, Campus Besos in Barcelona, 365 Rooms in Brussels, 6 en 30 in Antwerp, Val Benoit in Liège, Katzensprung in Vaals, Uhub São João in Porto (ended in 2021), Uhub Benfica in Lisbon (ended in 2021), Amro Malaga, Hubr Sevilla and Hubr Malaga (ended in 2022). The seller provided a 12 to 24-month net operating result guarantee for the basecamp transaction.

STATUTORY AUDITOR'S REPORT

THE STATUTORY AUDITOR'S REPORT ON THE REVIEW OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING 30 JUNE 2023

Introduction

We have conducted a review of the enclosed interim condensed consolidated financial statements for Xior Student Housing NV and its subsidiaries as at 30 June 2023, which comprise the condensed consolidated balance sheet, the condensed consolidated income statement, the statement of comprehensive income, the consolidated statement of changes in equity, the condensed consolidated cash flow statement and the details of the reserves for a 6-month period ending on that date, as well as the related notes. The Board of Directors is responsible for ensuring that these condensed interim consolidated financial statements are prepared and presented in accordance with IAS 34 as adopted by the European Union. It is our responsibility to express an opinion on these condensed consolidated financial statements based on our review.

Review scope

We conducted our review in accordance with the International Standard on Review Engagements 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of financial and accounting officers, and applying analytical and other review procedures. The scope of a review is substantially smaller than an audit conducted in accordance with the International Standards on Auditing and, therefore, does not enable us to determine with any certainty that we are aware of all the significant data that would be identified in a full audit. Accordingly, we do not issue an audit opinion.

Conclusion

Our review has not brought to our attention anything that might cause us to believe that the enclosed condensed interim consolidated financial statements were not prepared in all material respects in accordance with IAS 34 as adopted by the European Union.

Diegem, 3 August 2023

The statutory auditor

PwC Bedrijfsrevisoren BV

Represented by

Jeroen Bockaert

Statutory Auditor

5.9.16 STATEMENT ACCOMPANYING THE HALF-YEARLY FINANCIAL REPORT

In accordance with Article 13, Section 2 (3) of the Royal Decree of 14 November 2007, the Board of Directors of Xior Student Housing NV15 states that, to its knowledge:

The condensed interim financial statements, drawn up on the basis of the principles of financial reporting in accordance with IFRS and IAS 34 on Interim Financial Reporting as accepted by the European Union, provide a true and fair view of the assets, financial situation and results of Xior Student Housing NV and the companies included in the consolidation;
The interim financial report provides a true and fair view of the main events of the first six months of the current financial year, their effect on the condensed financial statements, the main risk factors and uncertainties for the remaining months of the financial year and the principal transactions between the related parties (including all changes since the most recent annual report) of the first six months of the current financial year and their possible effect on the condensed financial statements where these transactions had any material consequences for the financial position or earnings of Xior Student Housing NV.

¹⁵ The Board of Directors consists of Wilfried Neven, Marieke Bax, Joost Uwents, Wouter De Maeseneire, Colette Dierick, Conny Vandendriessche, Christian Teunissen and Frederik Snauwaert.

5.9.17 FORWARD-LOOKING STATEMENTS

This Half-Yearly Report contains forward-looking information, projections, beliefs, opinions and estimates expressed by Xior in relation to the expected future performance of Xior and the market in which it operates ("forward-looking statements"). By their 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 Half-Yearly Report. Statements in this press release relating to past trends or activities must not be interpreted as an indication that such trends or activities will persist in future. Neither Xior nor its representatives, officers or advisers guarantee that the parameters upon which the forward-looking statements are based are free of errors, nor can any of them claim, guarantee or predict that the expected results set out in any such forwardlooking statement will ultimately be achieved. Actual profits, the financial situation and Xior's performance or earnings may, therefore, differ substantially from the information projected or implied in forward-looking statements. Xior expressly does not accept any obligation or guarantee to provide public updates or reviews of forward-looking statements except as required by law.

Name:	Xior Student Housing NV

Status:	Public regulated real estate company (RREC) under Belgian law
Registered office:	Frankrijklei 64-68, 2000 Antwerp
Tel.:	+32 3 257 04 89
E-mail:	[email protected]
Website:	www.xior.be
Trade Register:	Antwerp, Antwerp section
VAT:	BE 0547.972.794
Company number:	0547.972.794
Date of incorporation:	10 March 2014
Licence as a Public RREC:	24 November 2015
Financial year-end:	31 December
Annual General meeting:	Third Thursday in May (10:00)
Listing:	Euronext Brussels – permanent market
ISIN code:	BE0974288202 (XIOR)
Statutory auditor:	PwC Bedrijfsrevisoren BV – Culliganlaan 5, 1831 Machelen – represented by Jeroen Bockaert
Financial services:	ING Belgium
Valuation experts:	Stadim, Cushman & Wakefield and CBRE

Xior Student Housing NV,

a Public RREC under Belgian law (BE-REIT) Frankrijklei 64-68, 2000 Antwerp BE 0547.972.794 (Antwerp Trade Register, Antwerp Division) www.xior.be I [email protected] I T +32 3 257 04 89

www.xior.be

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Xior Student Housing

4028_ir_2023-08-04_3593df1d-9aaa-42ad-a203-a62c4b12db21.pdf

Alternative Performance Measures and the term "EPRA earnings"

TABLE OF CONTENTS

Debt ratio with earn-out in equity 54.29%

Key figures per share

2.1 NOTES TO THE CONSOLIDATED RESULTS FOR THE FIRST HALF OF 2023

2.1.1

CONSOLIDATED BALANCE SHEET

2.1.2

COMPOSITION OF DEBT

2.2 DATA ACCORDING TO THE EPRA REFERENCE SYSTEM8

2.2.1

EPRA KEY PERFORMANCE INDICATORS

2.3 TRANSACTIONS AND ACHIEVEMENTS

2.3.1

TRANSACTIONS AND ACHIEVEMENTS DURING THE FIRST HALF OF 2023

2.3.1.1 General

Closing Rue Mélot, Namur

Termination of the letter of intent to acquire Aachen BlueGate

Xior exercises its right to postpone the final part of the Basecamp transaction

Capital increase of approx. MEUR 38

2.3.1.2 Annual General Meeting

2.3.2

TRANSACTIONS AND ACHIEVEMENTS AFTER THE FIRST HALF OF 2023

2.4 PORTFOLIO AND PIPELINE UPDATE

2.5 OPERATIONAL & CORPORATE UPDATE

2.5.1

RENTAL SEASON UPDATE: PARTICULARLY STRONG COMMERCIAL RESULTS SUPPORTED BY WELL PERFORMING STUDENT ACCOMMODATION MARKET.

2.5.2

UPDATE ON DIGITAL TRANSFORMATION AND INTEGRATION: INTERNAL VALUE CREATION, SHARING BEST PRACTICES AND EXPLOITING TEAM SYNERGIES

2.5.3

UPDATE SHAREHOLDERSHIP

2.5.4

ESG UPDATE

CO2 reduction targets validated by SBTi

Xior's path to net zero carbon by 2050 looks as follows:

DGNB Silver – Lyngby & South Campus Copenhagen

Awards

Launch of Corporate Sustainability Reporting Directive (CSRD) readiness track

2.5.5

SERVICE COSTS NETHERLANDS

2.6 FORECAST FOR THE SECOND HALF OF 2023

2.6.1

PROSPECTS FOR THE SECOND HALF OF THE FINANCIAL YEAR 2023

2.7 THE XIOR SHARE

2.7.1

THE SHARE ON EURONEXT BRUSSELS

Xior share price trend (in EUR)

2.7.2

SHAREHOLDERS

4.1 PROPERTY MARKET

4.1.1

THE MARKET IN WHICH XIOR OPERATES

Belgium

The Netherlands

Spain and Portugal

Denmark

Poland

Germany

Sweden

4.1.2

STUDENT HOUSING EVOLUTION

4.2 PROPERTY PORTFOLIO

4.2.1

PORTFOLIO SUMMARY

4.2.2

DESCRIPTION AND DIVERSIFICATION OF THE PROPERTY PORTFOLIO