Quarterly Report • Nov 22, 2022
Quarterly Report
Open in ViewerOpens in native device viewer
Xior Q3 2022 Results
integration
Robust Balance Sheet without need for capital increase through
Operational Excellence: cost optimization, digitization and
Outlook: resilient growth in uncertain environment
22 November 2022 Interim results per 30.09.2022
Antwerp, Belgium | 22 November 2022 | Embargo until 7h00 CET Regulated information
Strong Q3 2022 results showing great kick-off for new academic year: 19% increase of EPRA earnings and EPS 2022 of 2.07 EUR reconfirmed
Effect of Basecamp assets fully reflected in balance sheet and positive P&L impact to follow as from Q4 2022
After major increase of portfolio by c. 730 MEUR, focus will now be on internal value creation
Positive long-term outlook thanks to unique and resilient business model
Key Figures – Strong results with robust balance sheet, showing strong kick-off for academic year 2022-2023
1 Figures per share are calculated on the basis of the weighted average number of shares taking into account the dividend entitlement of the shares concerned, unless otherwise indicated.
"In the business of student housing, quarter 3 comes with a crystal clear view on rental contracts for the new academic year. Besides a confirmed, excellent occupancy rate of 98%, we anticipate a continued growth of the demand for student housing thanks to a growing student population. After the successful acquisition of Basecamp, our prime focus will be on further strengthening our operational excellence while reviewing our portfolio and maximizing synergies. Together with our strong commitment to keep our debt ratio below 50%, this will put Xior in a solid position to continue its successful track record."
| 1. | Key figures Q3 2022 5 | |
|---|---|---|
| 2. | Balance sheet discipline & optimizing the portfolio and pipeline 5 | |
| 3. | Strong operational performance: cost optimization, integration and digitization 6 | |
| 4. | Strengthening of Xior's Executive Committee8 | |
| 5. | Update Financial Calendar 8 | |
| 6. | Consolidated financial results Q3 20229 | |
| 7. | Financing12 | |
| 8. | Major realisations in the first nine months of 2022 13 | |
| 8.1 | Operational realisations13 | |
| 8.2 | Financial realisations15 | |
| 9. | Growth prospects16 | |
| 10. | Financial summary 17 | |
| 11. | Alternative performance measures (APMS): reconciliation tables22 | |
| 12. | Glossary of the Alternative Performance Measures (APMs) used by Xior Student Housing 25 |
Press release | Antwerp, Belgium | 22 November 2022 | Embargo until 7:00 am | Regulated information 4
Following a first half year dedicated to realizing a leap forward in terms of size with the acquisition of Basecamp, Xior now focuses on strengthening its balance sheet, optimizing and strategically reviewing its portfolio along with the pipeline and improving the efficiency of its operations.
These measures should enable Xior to maintain its debt ratio target below 50%.
PRESS RELEASE
Regulated information
Antwerp, Belgium | 22 November 2022 | Embargo until 7h00 CET
2 Figures per share are calculated on the basis of the weighted average number of shares taking into account the dividend entitlement of the shares concerned, unless otherwise indicated.
3 Based on the number of outstanding shares.
Phase 1 of the divestment programme (in which c. 30 MEUR in buildings were identified for disposal) is in full execution and largely to be completed by yearend:
All buildings were sold at or above their latest fair value.
Targets are being identified to form a more substantial Phase 2 of the divestment programme, focusing on noncore assets and underperforming assets on the basis of a comparison of their operational efficiency and their compliance with the sustainability targets for the portfolio. In Flanders, for example, a limited number of smaller buildings were included for disposal as they do not meet the minimum energy labels recently set by the Flemish government (liable for a residential rent freeze). Although this rent freeze measure was not applicable to student housing, these properties no longer align with Xior's ESG strategy and long term goals.
In addition, Xior has started a strategic review of its pipeline. Until now, projects in the pipeline were normally started immediately after obtaining the necessary permits along with the signing of fixed price construction agreements. Given the current rising construction costs and broader economic environment, Xior will be more selective in which projects to start, ensuring a sound balance sheet, economic viability of the projects and a correct mix of yielding assets and ongoing projects. In that light, the pipeline will be reported on with a split between the active projects (where construction has started or has been committed to) and the secured projects (which may be postponed or even sold).
In that light, the budgeted cost to come for 2023 will be reduced to 101 MEUR compared to the 215 MEUR cost to come previously projected for 2023.
The new academic year has kicked off with a high occupancy rate of 98% for the total portfolio compared to 97.8% at 30 September 2021. Retention rates were also at an all-time high, with some cities reaching even 80%. This occupancy rate, along with the continued shortage for students rooms and high demand show Xior's strong pricing power and possibility to pass on inflation and cover for cost inflation.
Long-term outlook is positive, as student housing benefits from the resilient and growing demand for higher education and increasing student population. Strong demand for student rooms led to a lightning-fast rental activity and higher rental income. For the academic year 2022-2023, Xior realised an average rental growth of 4% across the portfolio, which will contribute to a higher like-for-like growth as from Q4 2022 onwards. Q3 2022 LfL stands at 2.64% and expected to increase further to 4.1% Q4 2022.
Xior will continue to focus on efficiency gains and cost control to optimize operational margins.
Following the Basecamp acquisition of 15 September 2022, Xior is working on a smooth integration, via a.o.:
Share best practices and leverage synergies between teams.
After a successful first phase of the digital transformation project (new IR website, webshop for students, Freshdesk CRM implementation, …), the second phase of this project is well underway. This phase focuses on digital scalability, customer experience and creating operational efficiencies.
Working towards the EU Green Deal, Xior continues to further build and strengthen its ESG strategy. The two main pillars of this strategy are 'best in class organisation and employees' and 'happy students in efficient buildings'. The North Star Project, Xior's multi-year plan which outlines concrete actions on Environment, Social and Governance, is in full swing. This action plan also aligns with 7 sustainable development goals (SDG's) of the United Nations.
Over the past quarter, with increasing gas and electricity prices, the need to continue to build sustainably, but also to reduce consumption by increasing the awareness among our students and employees has been proven once more. In the following overview, Xior lists its main ESG achievements over the past months.
Xior awarded with Global Student Living (GSL) award for "Best Value for Money" in Europe: In October, Xior won the 2022 GSL award for best value for money in Europe. These awards are based exclusively on direct feedback from over 65,000 students at universities and colleges across the UK and EU. With no written nominations and no 'expert' judges, the GSL awards are uniquely credible and highly prized. Xior is very proud to receive this award, as it always aims to provide a healthy mix of rooms for every budget. Affordability remains an important aspect for the company.
As previously announced Armon Bar-Tur will join the Executive Committee as CGO (Chief Growth Officer)4 . In addition, Xior has further strengthened its Executive Committee with the formal approval of Kristina Olsen as Chief Operations Officer (COO).
As COO, Kristina is responsible for the overall management of day-to-day operations of Xior. She began her career in the real estate sector, working in real estate sales, operations and development. Between 2000 and 2016, Kristina held various managerial positions within listed Scandinavian construction company NCC. When she left to focus on residential development, she held the title of Managing Director of Denmark and Norway. In 2021, Kristina joined the Basecamp team as Managing Director of Basecamp Nordics. She has postgraduate certificates from both Oxford University and INSEAD and is a licensed real estate agent. The Xior/Basecamp integration team has been appointed and is already running at full speed to ensure an efficient and smooth combination of the two teams and two companies.
| Financial Calendar 2022-2023 | Date |
|---|---|
| Xior Capital Markets Day | 23-24 November 2022 |
| Publication Annual Communiqué 2022 | 15 February 2023 |
| (before market opening) | |
| Publication Annual Report | 19 April 2023 |
| Publication results per 31 March 2023 | 26 April 2023 |
| (Q1) | (before market opening) |
| Annual General Meeting | 19 May 2023 |
| Payment date for 2022 Dividend | 24 May 2023 |
| (Coupon 21 & 22) | |
| Publication results per 30 June 2023 | 4 August 2023 |
| (HY) | (before market opening) |
| Publication results per 30 September | 26 October 2023 |
| 2023 (Q3) | (before market opening) |
4 Subject to approval FSMA
| Consolidated Income Statement (In thousands €) |
30.09.2022 | 30.09.2021 |
|---|---|---|
| Net rental result | 75,635 | 53,998 |
| Property result | 71,749 | 52,916 |
| Operating result before result on the portfolio |
50,521 | 38,162 |
| Financial result (excluding variations in the fair value of financial assets and liabilities) |
-8,414 | -6,947 |
| EPRA earnings 5 – group share |
39,865 | 28,770 |
| EPRA earnings – group share after IFRIC 21 adjustment |
41,044 | 29,537 |
| Result on the portfolio (IAS 40) | 122,057 | -7,966 |
| Revaluation of financial instruments (non-effective interest rate hedges) |
71,291 | 8,831 |
| Share in the result of joint ventures | 414 | 155 |
| Deferred taxes | 15,222 | 1,426 |
| Net result (IFRS) | 218,655 | 29,083 |
| Consolidated Balance sheet (In thousands €) |
30.09.2022 | 31.12.2021 |
|---|---|---|
| Equity | 1,517,002 | 1,003,852 |
| Equity – group share | 1,516,941 | 984,436 |
| Fair value of the real estate property | 2,943,884 | 1,967,056 |
| Debt ratio (Act on Regulated Real Estate Companies) | 49.95% | 47.58% |
| Key Figures per share (In thousands €) |
30.09.2022 | 30.09.2021 |
|---|---|---|
| Number of shares | 34,752,543 | 25,255,729 |
| Weighted average number of shares | 28,381,719 | 24,211,088 |
| EPRA earnings6 per share | 1.41 | 1.21 |
| EPRA earnings7 per share – group share |
1.41 | 1.19 |
5 Xior Student Housing NV uses alternative performance measures (APMs) to measure and monitor its operational performance. The European Securities and Markets Authority (ESMA) has issued guidelines applying as from 3 July 2016 for the use and explanation of alternative performance measures. Chapter 10.8 of the Annual Financial Report 2020 includes the concepts Xior considers as APMs. The APMs are marked with and are accompanied by a definition, an objective and a reconciliation (see chapter 11 and 12 of this Press Release), as required by the ESMA guideline.
6 Calculated based on the weighted average number of shares.
7 Calculated based on the weighted average number of shares.
| EPRA earnings8 per share after IFRIC 21 adjustment |
1.46 | 1.24 |
|---|---|---|
| EPRA earnings9 per share after IFRIC 21 adjustment – group share |
1.45 | 1.22 |
| Result on the portfolio (IAS 40) | 3.76 | -0.38 |
| Variations in the fair value of hedging instruments | 2.51 | 0.36 |
| Net result per share (IFRS)10 | 7.70 | 1.20 |
| Share closing price | 30.90 | 48.75 |
| Net asset value per share (IFRS) (before dividend) – group share | 43.65 | 32.38 |
| Portfolio Update | 30.09.2022 | 30.09.2021 |
|---|---|---|
| Number of lettable student units | 17,737 | 12,595 |
| Number of countries | 8 | 4 |
| Number of cities | 43 | 32 |
The financial information for the period ending 30 September 2022 was prepared in accordance with International Financial Reporting Standards (IFRS).
The figures published represent consolidated figures; holdings and subsidiaries have been consolidated in accordance with the relevant legislation.
Xior achieved a net rental result of KEUR 75,635 for the first nine months of 2022, compared to KEUR 53,998 for the first nine months of 2021. This is an increase of 40%. This net rental result will increase further during the fourth quarter, as certain acquisitions only start generating rental income from September or October.
This relates mainly to the following properties:
As at 30 September 2022, Xior was able to calculate like for like covering 62% of the rental income. The company achieved 2.64% growth in this rental income compared to 30 September 2021.
The average occupancy rate of the property portfolio was 98% for the first nine months of 2022.
8 Calculated based on the weighted average number of shares.
9 Calculated based on the weighted average number of shares.
10 Based on the number of shares.
EPRA earnings (excluding the portfolio result, excluding the impact of deferred taxes affected by IAS 40 adjustments, and excluding the impact of the variation in fair value of the financial assets and liabilities) amount to KEUR 40,115, compared to KEUR 29,249 in Q3 2021. EPRA earnings – group share amount to KEUR 39,865. EPRA earnings after the IFRIC 21 adjustment amount to KEUR 41,294 as at 30 September 2022, compared to KEUR 30,016 for Q3 2021. EPRA earnings after IFRIC 21 adjustment – group share amount to KEUR 41,044.
EPRA earnings per share11 amount to EUR 1.41, and EPRA earnings per share – group share amount to EUR 1.41. After the IFRIC 21 adjustment, this amounts to EUR 1.46 per share. EPRA earnings per share after IFRIC 21 adjustment – group share amount to EUR 1.45.
| In KEUR | 30/09/2022 | Per share | 30/09/2021 |
|---|---|---|---|
| EPRA earnings | 40,115 | 1.41 | 29,249 |
| EPRA earnings – group share | 39,865 | 1.41 | 28,770 |
| EPRA earnings – after IFRIC 21 adjustment | 41,294 | 1.46 | 30,016 |
| EPRA earnings – after IFRIC 21 adjustment – | 41,044 | 1.45 | 29,537 |
| group share |
As a result of the application of the "IFRIC 21 levies" accounting rules (introduced in the financial year 2015), the figures of 31 March 2022 include a provision for the entire year of 2022 with regard to real estate withholding tax, Dutch property taxes, taxes on secondary residences and the so-called "subscription tax". This has a substantial negative impact on the result of the first quarter of 2022, as these costs are no longer spread across all quarters but are entirely booked against the first quarter. The effect of this accounting treatment will reduce as the financial year unfolds. If these costs were to be spread, with a quarter of the costs being charged in each quarter, the result on 30 September 2022 would increase by KEUR 1,179. In that theoretical case, EPRA earnings – group share would be KEUR 41,044.
The net result is KEUR 218,655 at 30 September 2022, compared to KEUR 29,083 as at 30 September 2021. The net earnings per share amount to EUR 7.70. 12
The net result includes the impact of variations in the fair value of the investment property, other portfolio result, deferred taxes with regard to IAS 40 and variations in the fair value of financial assets and liabilities. EPRA earnings are the net result adjusted based on the effects set out above.
On 30 September 2022, the portfolio consists of 17,737 lettable student units. The total property portfolio is valued at MEUR 2,944 as at 30 September 2022. If all committed acquisitions and projects are completed, this increase will rise again to approximately EUR 3.8 billion, with more than 26,800 lettable student units.
The debt ratio as at 30 September 2022 was 49.95%, compared to 47.58% as at 31 December 2021.
11 The calculation of the EPRA earnings per share is based on the weighted average number of shares on 30 September 2022, which was 28,381,719
12 This is based on the weighted average number of shares.
As at 30 September 2022, the Company had concluded financing agreements with 19 lenders for a total amount of MEUR 1,644. The Company had drawn down a total of MEUR 1,433 in financing as at 30 September 2022.
The Company strives to stagger the loan maturities: the average maturity is 4.83 years as at 30 September 2022. This does not include CP notes, which are all short-term.
Furthermore, Xior is to a large extent protected against a rising interest rate climate by the long-term hedging of its existing debt position, whereby, as at 30 September 2022, 91% of the financing (1,483 MEUR) is hedged for a term of 6.3 years, either via Interest Rate Swap agreements (MEUR 606) or via fixed interest rates (MEUR 750). Since these hedges do not take place at the level of individual financings but for a longer duration than the underlying loans, the coming to maturity of individual financings does not result in an additional interest rate risk.
The average financing cost for Q3 2022 was 1.79% (Q3 2021: 1.84%).
Partly as a result of the Basecamp transaction, Xior's financing position was further expanded and strengthened. New loans of 296 MEUR were taken out, with maturities between 18 months and 7 years, of which 250 MEUR are fixed-rate loans. This additional debt does not impact the previously announced expectation that the debt ratio would remain below 50% after the Basecamp acquisition, as it was already included in this expectation. Moreover, additional IRS'es were also entered into through new 7-year IRS'es for a total amount of 110 MEUR and by taking over an existing 3.5-year IRS of 18 MEUR. Loans maturing in 2023 are largely covered. Xior expects average financing cost to remain below 2% by year-end.
On 30 September 2022, Xior announced that it acquired 100% of the shares of XL Fund and Mosquera (UEM
Madrid). The XL Fund was launched in June 2022 as a joint venture between Xior (90%) and property developer LIFE (10%). The fund consists of 6 student residences at various locations in Belgium and the Netherlands. Mosquera Directorship SL was created in November 2019, as a result of the acquisition of the on-campus residences Picasso and Velazquez, located on the campus of the renowned private university UEM (Universidad Europea de Madrid). Xior participated for 80% and the seller and also operator of the university for the remaining 20%. Both joint ventures are now fully owned by Xior. The transactions have no impact on the
debt ratio as this obligation (debt) to buy out the minority shareholder was already included in the consolidated figures as from the initial acquisition in 2019 and 2020 respectively. By taking full ownership of these companies, Xior will receive 100% of the result.
On 16 September 2022, the Basecamp acquisition was successfully closed after approval by Xior's shareholders at the Extraordinary General Meeting of 15 September 2022. As a result, the first phase in this acquisition was completed, realized through (i) the contributions of a portfolio of prime PBSA assets and (ii) the acquisition of the Danish operational companies of Basecamp. As a result of the contributions, which entail a capital increase of EUR 296,613,756.50 (including share premium), 6,741,221 new shares were issued by Xior at an issue price of EUR 44.00 per share. The shares were listed on 16 September 2022.
In March 2023 Phase 2 of the Basecamp acquisition will be completed with the contribution of the Basecamp group with a further issuance of shares at 44.00 EUR/share. Phase 3 (Aachen BlueGate) is currently in agreement of intent phase as previously announced.
On 5 August 2022, Xior announced that it had reached an agreement to acquire a student complex consisting of 161 student rooms, located in Hasselt, Armand Hertzstraat. It concerns the redevelopment of a former school building/boarding school into a modern student complex. The project is located on a prime location in Hasselt, right next to the newly developed commercial centre 'Quartier Bleu', a real hotspot in Hasselt right next to the marina with a mix of residences and retail, nice restaurants and bars. Construction is already well underway. The complex is scheduled for completion in the summer of 2023.
The total investment value of the project amounts to approx. MEUR 17.5 with an expected initial yield in line with market yields.
On 30 May 2022, Xior announced the acquisition of the BaseCamp portfolio, a major next step in its international expansion by acquiring a unique portfolio of attractive high-quality PBSA assets developed and operated by BaseCamp. This unique portfolio consists of 5,338 units spread over 11 newly built, state of the
art assets (8 operational and 3 projects under development). All residences are situated in top-tier student cities in Germany, Poland, Denmark and Sweden. Through this acquisition, two European market leaders join forces, creating continental Europe's largest student accommodation platform. The transaction consolidates Xior's position as the continental European listed leader in student housing. The fair value of Xior's portfolio increases by more than 32% and the number of lettable units rises by no less than 25%, an immediate win-win. In one fell swoop, Xior's targeted student accommodation market expands from 4.5 million to 8.5 million students, all located in largely undersupplied countries and cities. The acquisition of the 8 operational assets will generate rental income from day one and will have an immediate positive impact on Xior's earnings.
On 13 April 2022, Xior acquired 100% of the shares in City'zen BV, which owns two adjacent buildings in the centre of Liège (Place Xavier Neujean). These include an empty building and a building that is currently used as a retirement home. Xior's intention is to convert the buildings into a student residence with approximately 80 rooms. The project has not yet been licensed and the development possibilities are being investigated.
In 2019, an agreement was signed to acquire a student property to be developed in Collblanc, Barcelona. Xior would acquire the building after its development. The building was completed and the Collblanc Student Housing company shares were transferred on 28 February 2022.
As a continental real estate player specialising in student housing, Xior continues its international expansion strategy by adding a fifth country to its portfolio. After Belgium, the Netherlands, Spain and Portugal, Poland will drive the further realisation of Xior's international growth plans forward. Xior is taking a substantial first step into this new market with an initial investment project in Warsaw that includes more than 500 rooms. The total investment value is about MEUR 32 with a gross investment yield of approx. 9%. The entire investment will be in EUR to avoid the exchange risk. The project is expected to be completed in 2024.
Xior has signed the letter of intent for the development of a brand-new residence in Granada. It is Xior's second location in this Andalusian student city. This development project consists of approximately 310 rooms (all with individual bathrooms) and various communal areas. The development will meet strict sustainability requirements and will be completed in Q3 2025. Odalys, which Xior is already using at three other sites, will manage the location for 12 years. Another 12-year triple net lease agreement at a fixed rent will be concluded with Odalys for this residence.
Xior already announced on 25 February 2022 that Xior and the municipal assembly of Vaals had come to the conclusion in January 2022 that a large number of student rooms at the Selzerbeeklaan location cannot be completed as announced by Xior on 24 August 2021. Following this conclusion, Xior invoked the execution of the resolutive condition for the purchase agreement announced by Xior on 24 August 2021. The municipality of Vaals will work with Xior in the coming months to examine, in part based on the indications received from discussions with local residents and the assembly, whether there are any other opportunities for this development in Vaals as desired by Xior and the municipal authorities. The possibility to create a coherent collection of (new) residential facilities in the area will also be examined.
On 17 March, Xior announced the acquisition of a new project in Seraing, Belgium. This project concerns the construction of c. 300 units with various communal areas and shops with a contemporary, functional and timeless interior design. The project also includes the development of a public square connecting the residence and the rest of the neighbourhood. The square is situated at the end of the "Ateliers Centraux" walkway and is a meeting place and residential space. The Trasenster Castle will also be renovated to offer services to the public: restaurants and terraces for the general public and a library and rooms for studying, reading and recreation for students only. Xior Student Housing will become the full owner of the student residence and receive a 50-year ground lease for Trasenster Castle (subject to the necessary permits being obtained). The estimated investment value is MEUR 26 (indicative) with an expected initial yield in line with current student housing market returns. Completion is expected in 2024.
On 7 June 2022, Xior shareholders opted for a contribution of net dividend rights of approx. 44.54% of their dividend entitlement in exchange for new shares rather than the dividend payment in cash. This result led to a Xior capital increase (including an issue premium) of approx. MEUR 10.97 by creating 230,021 new shares, which took the number of Xior shares up to 28,011,322.
On 23 June 2022, Xior obtained a favourable decision from the Spanish tax authorities, which states that as a Belgian RREC, Xior Student Housing is equivalent to a Spanish SOCIMI (the Spanish REIT equivalent). This removes the main obstacle for Xior's Spanish subsidiaries to apply for SOCIMI status. Like other foreign REITs, a SOCIMI gets favourable tax treatment. As soon as SOCIMI status is obtained, the yield of the current Spanish Xior portfolio will progressively increase as it transitions from a normal tax regime to a favourable tax regime in Spain. As a result, EPRA earnings per share will also increase. This will also provide a level playing field with the local Spanish REITS.
On 28 June 2022, Xior strengthened its financial debt position with an additional drawdown on the existing USPP shelf agreement concluded last year with Pricoa Private Capital on 28 October 2021 for a total amount of approx. MEUR 105 with a maximum term of 12 years and 6 months. Xior drew down the remaining tranche of MEUR 60 with a competitive 2.84% coupon for a 10-year period.
Based on the information available today, Xior does not expect any significant change in the projected EPRA earnings for 2022. For financial year 2022, the Company expects EPRA earnings per share of EUR 2.07, which represents an increase of 15% over 2021 and a gross dividend per share of EUR 1.66 with a minimum payout of 80% (a 15% increase over 2021). This means that Xior is once again expecting an increase in its earnings per share over the previous year, despite the fact that the number of shares has increased by 65% during 2021 and 2022. Given the current uncertain macro-economic environment, Xior announces its strategy to keep the debt ratio below 50%. Xior expects a debt ratio at the end of 2022 of below 50%.
In 2022 as a whole, Xior is expecting an occupancy rate similar to the current rate.
| Assets (In thousands €) |
30.09.2022 | 31.12.2021 |
|---|---|---|
| I. FIXED ASSETS | 3,057,803 | 1,987,008 |
| B. Intangible fixed assets | 789 | 297 |
| C. Investment property | 2,943,884 | 1,967,056 |
| a. Property available to let | 2,496,208 | 1,817,597 |
| b. Property developments | 447,676 | 149,459 |
| D. Other tangible fixed assets | 10,858 | 1,034 |
| a. Tangible fixed assets for own use | 10,858 | 1,034 |
| E. Financial fixed assets | 61,004 | 686 |
| Authorised hedging instruments | 59,418 | 0 |
| Other | 1,587 | 686 |
| G. Trade receivables and other fixed assets | 21,800 | 135 |
| H. Deferred taxes – assets | 1,428 | 491 |
| I. Shareholdings in associated companies and joint ventures, equity movements |
18,039 | 17,309 |
| II. CURRENT ASSETS | 137,777 | 89,438 |
| D. Trade receivables | 3,259 | 2,693 |
| E. Tax receivables and other current assets | 102,602 | 65,309 |
| a. Taxes | 4,442 | 2,589 |
| c. Other | 98,160 | 62,720 |
| F. Cash and cash equivalents | 13,827 | 10,849 |
| G. Accruals and deferrals | 18,088 | 10,586 |
| Prepaid property charges | 8,217 | 3,948 |
| Accrued rental income not due | 3,531 | 1,481 |
| Other | 6,341 | 5,158 |
| TOTAL ASSETS | 3,195,580 | 2,076,446 |
| Liabilities (In thousands €) |
30.09.2022 | 31.12.2021 |
|---|---|---|
| EQUITY | 1,517,002 | 1,003,852 |
| I. Equity attributable to parent company shareholders |
1,516,941 | 984,436 |
| A. Capital | 620,111 | 494,772 |
| a. Issued capital | 625,546 | 500,063 |
| b. Capital increase costs (-) | -5,435 | -5,291 |
| B. Issue premiums | 685,936 | 508,008 |
| C. Reserves | -7,547 | -99,519 |
| Reserve for the balance of variations in the fair value of property | 24,298 | -2,018 |
| Reserve for the impact on the fair value of the estimated transaction fees and costs resulting from the hypothetical disposal of investment properties |
-34,736 | -34,439 |
| Reserve for the balance of the variations in the fair value of permitted hedging instruments not subject to hedging accounting as defined in the IFRS |
-12,838 | -24,509 |
| Reserves for the share of profit or loss and unrealised income of subsidiaries, associates and joint ventures accounted for using the equity method |
-7,405 | -3,494 |
| Reserve for the translation differences arising from the translation of a foreign operation |
-2,364 | 0 |
| Other reserves | 29,602 | 0 |
| Retained earnings from previous financial years | -4,105 | -35,059 |
| D. Net result for the financial year | 218,441 | 81,175 |
| II. Minority interests |
60 | 19,416 |
| LIABILITIES | 1,678,578 | 1,072,593 |
| I. Non-current liabilities | 1,519,229 | 854,363 |
| B. Non-current financial debts | 1,436,255 | 750,254 |
| a. Credit institutions | 1,177,948 | 551,345 |
| b. Financial leasing | 5,018 | 5,146 |
| c. Other | 253,289 | 193,763 |
| C. Other non-current financial liabilities | 0 | 13,023 |
| a. Permitted hedging instruments | 0 | 13,023 |
| E. Other non-current liabilities | 2,038 | 28,177 |
| F. Deferred taxes – liabilities | 80,936 | 62,909 |
| a. Exit tax | 7,375 | 6,723 |
| b. Other | 73,561 | 56,186 |
|---|---|---|
| II. Short-term liabilities | 159,349 | 218,231 |
| B. Current financial liabilities | 52,158 | 165,342 |
| a. Credit institutions | 52,158 | 165,342 |
| D. Trade debts and other current liabilities | 44,086 | 17,707 |
| a. Exit tax | 0 | -9 |
| b. Other | 44,086 | 17,717 |
| Suppliers | 17,074 | 13,492 |
| Tenants | 506 | 2,328 |
| Taxes, wages and social security contributions | 26,445 | 1,897 |
| E. Other current liabilities | 32,124 | 26,436 |
| Other | 32,124 | 26,436 |
| F. Accruals and deferrals | 30,980 | 8,745 |
| a. Deferred property income | 5,682 | 2,368 |
| b. Accrued interest not due | 4,069 | 2,027 |
| c. Other | 21,229 | 4,349 |
| TOTAL EQUITY AND LIABILITIES | 3,195,580 | 2,076,446 |
| Income statement (In thousands €) |
30.09.2022 | 30.09.2021 |
|---|---|---|
| I. (+) Rental income | 76,137 | 54,136 |
| (+) Rental income | 72,669 | 51,636 |
| (+) Rental guarantees | 3,712 | 2,796 |
| (-) Rent reductions | -244 | -296 |
| Impairments of trade receivables | -502 | -138 |
| NET RENTAL INCOME | 75,635 | 53,998 |
| V. (+) Recovery of rental charges and taxes normally payable by the tenant on let properties |
14,753 | 9,533 |
| - Transmission of rental charges borne by the proprietor | 14,566 | 9,450 |
| - Calculation of withholding tax and taxes on let properties | 187 | 83 |
| VII. (-) Rental charges and taxes normally payable by the tenant on let properties |
-19,202 | -11,378 |
| - Rental charges borne by the proprietor | -19,119 | -11,284 |
| - Withholding tax and taxes on let properties | -82 | -94 |
|---|---|---|
| VIII. (+/-) Other rental-related income and expenditures | 563 | 764 |
| PROPERTY RESULT | 71,749 | 52,916 |
| IX. (-) Technical costs | -3,561 | -2,663 |
| Recurring technical costs | -3,610 | -2,733 |
| (-) Maintenance | -3,033 | -2,229 |
| (-) Insurance premiums | -577 | -505 |
| Non-recurring technical costs | 49 | 70 |
| (-) Damages | 49 | 70 |
| X. (-) Commercial costs | -595 | -461 |
| (-) Publicity, etc. | -460 | -360 |
| (-) Legal costs | -136 | -100 |
| XI. (-) Costs and taxes for non-let properties | -450 | -475 |
| XII. (-) Property management costs | -5,039 | -3,449 |
| (-) Management costs (external) | -85 | -40 |
| (-) Management costs (internal) | -4,954 | -3,409 |
| XIII. (-) Other property charges | -4,161 | -2,666 |
| (-) Architects' fees | -4 | -5 |
| (-) Valuation expert fees | -407 | -244 |
| (-) Other property charges | -3,751 | -2,417 |
| (+/-) PROPERTY CHARGES | -13,806 | -9,714 |
| PROPERTY OPERATING RESULT | 57,943 | 43,203 |
| XIV. (-) General company expenses | -7,591 | -5,087 |
| XV. (+/-) Other operating income and costs | 169 | 46 |
| OPERATING RESULT BEFORE RESULT ON PORTFOLIO | 50,521 | 38,162 |
| XVI. (+/-) Result on the sale of investment property | 0 | 0 |
| XVII. (+/-) Result on the sale of other non-financial assets | 0 | 0 |
| XVIII. (+/-) Variations in the fair value of investment property | 149,615 | 2,009 |
| (+) Positive variations in the fair value of investment property | 157,513 | 13,149 |
| (-) Negative variations in the fair value of investment property | -7,897 | -11,140 |
| XIX. (+) Other portfolio result | -27,558 | -10,005 |
| OPERATING RESULT | 172,578 | 30,166 |
|---|---|---|
| XX. (+) Financial income | 1,066 | 419 |
| (+) Interest and dividends collected | 541 | 206 |
| (+) Interest from Joint Ventures | 525 | 212 |
| XXI. (-) Net interest costs | -7,794 | -6,336 |
| (-) Nominal interest paid on loans | -4,883 | -3,701 |
| (-) Reconstitution of the nominal amount of financial debt | -307 | -294 |
| (-) Costs of permitted hedging instruments | -2,603 | -2,340 |
| XXII. (-) Other financial costs | -1,687 | -1,030 |
| - Bank costs and other commissions | -1,276 | -822 |
| Other | -411 | -208 |
| XXIII. (+/-) Variations in the fair value of financial assets and liabilities | 71,291 | 8,831 |
| (+/-) FINANCIAL RESULT | 62,876 | 1,884 |
| XXIV Share in the result of associated companies and joint ventures | 414 | 155 |
| RESULT BEFORE TAXES | 235,868 | 32,205 |
| XXV. Corporation taxes | -1,991 | -1,966 |
| XXVI. Exit tax | -220 | 270 |
| XXVII. Deferred tax | -15,002 | -1,426 |
| (+/-) TAXES | -17,213 | -3,122 |
| NET RESULT | 216,655 | 29,083 |
| EPRA EARNINGS | 40,115 | 29,249 |
| EPRA EARNINGS – GROUP SHARE | 39,865 | 28,770 |
| RESULT ON THE PORTFOLIO | 122,057 | -7,996 |
| DEFERRED TAXES WITH REGARD TO IAS 40 ADJUSTMENTS | 15,222 | 1,156 |
| VARIATIONS IN THE FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES |
71,705 | 8,986 |
| EPRA EARNINGS PER SHARE (in EUR) |
1.41 | 1.21 |
| EPRA EARNINGS PER SHARE (in EUR) – GROUP SHARE |
1.41 | 1.19 |
| EPRA earnings | 30.09.2022 | 30.09.2021 |
|---|---|---|
| Net result | 218,655 | 29,083 |
| Variations in the fair value of the investment property | -149,615 | -2.009 |
| Other portfolio result | 27,558 | 10,005 |
| Result on the sale of investment property | 0 | 0 |
| Variations in the fair value of financial assets and liabilities | -8,986 | |
| Deferred taxes with regard to IAS 40 | 15,222 | 1,156 |
| EPRA earnings | 40,115 | 29,249 |
| EPRA earnings – group share | 39,865 | 28,770 |
| EPRA earnings after IFRIC 21 adjustment | 30.09.2022 | 30.09.2021 |
| Net result | 218,655 | 29,083 |
| Variations in the fair value of the investment property | -149,615 | -2.009 |
| -71,705 |
| Other portfolio result | 27,558 | 10,005 |
|---|---|---|
| Result on the sale of investment property | 0 | 0 |
| Variations in the fair value of financial assets and liabilities | -71,705 | -8,986 |
| Deferred taxes with regard to IAS 40 | 15,222 | 1,156 |
| EPRA earnings | 40,115 | 29,249 |
| IFRIC 21 impact | 1,179 | 767 |
| EPRA earnings after IFRIC 21 adjustment | 41,294 | 30,016 |
| EPRA earnings after IFRIC 21 adjustment – group share | 41,044 | 29,537 |
| Result on the portfolio | 30.09.2022 | 30.09.2021 |
|---|---|---|
| Result on the sale of investment property | 0 | 0 |
| Variations in the fair value of the investment property | 149,615 | 2,009 |
| Other portfolio result | -27,558 | -10,005 |
| Result on the portfolio | 122,057 | -7,996 |
| Average interest rate | 30.09.2022 | 30.09.2021 |
|---|---|---|
| Nominal interest paid on loans | 4,883 | 3,701 |
| Costs of permitted hedging instruments | 2,603 | 2,340 |
| Capitalised interest | 4,829 | 3,564 |
| Average outstanding debt for the period | 1,066,045 | 792,312 |
| Average interest rate | 1.54% | 1.62% |
| Average interest rate excluding costs of permitted hedging instruments |
1.21% | 1.22% |
| Average financing costs | 30.09.2022 | 30.09.2021 |
| Nominal interest paid on loans | 4,883 | 3,701 |
| Costs of permitted hedging instruments | 2,603 | 2,340 |
| Capitalised interest | 4,829 | 3,564 |
| Breakdown of the nominal amount of financial debt | 307 | 294 |
| Bank costs and other commissions | 1,687 | 1,030 |
| Average outstanding debt for the period | 1,066,045 | 792,312 |
| Average financing costs | 1.79% | 1.84% |
| Per 30.09.2022 | EPRA NRV | EPRA NTA | EPRA NDV | EPRA NAV | EPRA NNAV |
|---|---|---|---|---|---|
| IFRS equity attributable to shareholders excluding minority interests |
1,516,941 | 1,516,941 | 1,516,941 | 1,516,941 | 1,516,941 |
| Minority interests | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXXX | 60 | 60 |
| DEDUCTION | |||||
| Deferred taxes related to FV earnings on IP |
73,561 | 73,561 | XXXXXXXXXXX | 73,561 | XXXXXXXXXXX |
| FV of financial instruments | -59,418 | -59,418 | XXXXXXXXXXX | -59,418 | XXXXXXXXXXX |
| Intangible fixed assets in accordance with IFRS BS |
XXXXXXXXXXX | 789 | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXXX |
| ADDITION | |||||
| FV of fixed-income debts | XXXXXXXXXXX | XXXXXXXXXXX | 86,986 | XXXXXXXXXXX | XXXXXXXXXXX |
| Transaction fees | 143,188 | N/A | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXXX |
| NAV | 1,674,272 | 1,530,295 | 1,603,927 | 1,531,144 | 1,517,001 |
| Fully diluted number of shares | 34,752,543 | 34,752,543 | 34,752,543 | 34,752,543 | 34,752,543 |
| NAV per share | 48.18 | 44.03 | 46.15 | 44.06 | 43.65 |
|---|---|---|---|---|---|
| NAV per share – group share | 48.18 | 44.03 | 46.15 | 44.06 | 43.65 |
| Per 30.09.2022 | Fair Value | % of total portfolio |
% excl. deferred taxes |
||
| Portfolio subject to deferred taxes and intended to be held and not sold in the long term |
2,943,884 | 100 | 100 | ||
| Portfolio subject to partial deferred tax and tax structuring |
0 | 0 | 0 |
| Per 31.12.2021 | EPRA NRV | EPRA NTA | EPRA NDV | EPRA NAV | EPRA NNAV |
|---|---|---|---|---|---|
| IFRS equity attributable to shareholders excluding minority interests |
984,436 | 984,436 | 984,436 | 984,436 | 984,436 |
| Minority interests | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXXX | 19,416 | 19,416 |
| DEDUCTION | |||||
| Deferred taxes related to FV earnings on IP |
56,186 | 56,186 | XXXXXXXXXXX | 56,186 | XXXXXXXXXXX |
| FV of financial instruments | 13,023 | 13,023 | XXXXXXXXXXX | 13,023 | XXXXXXXXXXX |
| Intangible fixed assets in accordance with IFRS BS |
XXXXXXXXXXX | 297 | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXXX |
| ADDITION | |||||
| FV of fixed-income debts | XXXXXXXXXXX | XXXXXXXXXXX | -7,584 | XXXXXXXXXXX | XXXXXXXXXXX |
| Transaction fees | 112,273 | N/A | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXXX |
| NAV | 1,165,918 | 1,053,348 | 976,852 | 1,073,061 | 1,003,852 |
| Fully diluted number of shares | 27,781,301 | 27,781,301 | 27,781,301 | 27,781,301 | 27,781,301 |
| NAV per share | 41.97 | 37.92 | 35.16 | 38.63 | 36.13 |
| NAV per share – group share | 41.97 | 37.92 | 35.16 | 37.93 | 35.44 |
| Per 31.12.2021 | Fair Value | % of total portfolio |
% excl. deferred taxes |
|---|---|---|---|
| Portfolio subject to deferred taxes and intended to be held and not sold in the long term |
1,967,056 | 100 | 100 |
| Portfolio subject to partial deferred tax and tax structuring |
0 | 0 | 0 |
| Housing |
|---|
| --------- |
| APM | Definition | Use |
|---|---|---|
| name | ||
| 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. |
| Result on the portfolio | Result on the sale of investment property +/- variations in the fair value of investment property +/- other portfolio result |
Measuring the realised and unrealised gain/loss on investment property |
| Average interest rate | Interest charges including IRS interest charges, divided by the average outstanding debt during the period |
Measuring average debt interest costs to allow comparison with peers and analysis of trends over time |
| Average interest rate excluding IRS interest charges |
Interest charges excluding IRS interest charges, divided by the average outstanding debt during the period |
Measuring average debt interest costs to allow comparison with peers and analysis of trends over time |
| Average financing 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 financing costs to allow comparison with peers and analysis of trends 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 |
| EPRA NAV | This is the NAV that has been adjusted to include real estate and other investments at their fair value and to exclude certain items that are not expected to materialise in a business model with long-term investment property. |
Comparability with other RRECs and international property players |
| EPRA NNNAV | EPRA NAV adjusted to take into account the fair value of (i) assets and liabilities, (ii) debts and (iii) deferred taxes |
Comparability with other RRECs and international property players. The EPRA NAV metrics make adjustments to the NAV per IFRS financial statements to provide stakeholders with the most relevant information about the fair value of a property company's assets and liabilities under various scenarios. |
| EPRA Net Reinstatement Value (NRV) | Assumes that entities never sell property and aims to represent the value needed to rebuild the property. |
Comparability with other RRECs and international property players. The EPRA NAV metrics make adjustments to the NAV per IFRS financial statements to provide stakeholders with the most relevant information about the fair value of |
| a property company's assets and liabilities | ||
|---|---|---|
| under various scenarios. | ||
| EPRA Net Tangible Assets (NTA) | Assumes that entities buy and sell assets, causing certain levels of unavoidable deferred tax to materialise. |
Comparability with other RRECs and international property players. The EPRA NAV metrics make adjustments to the NAV per IFRS financial statements to provide stakeholders with the most relevant information about the fair value of a property company's assets and liabilities under various scenarios. |
| EPRA Net Disposal Value (NDV) | Represents the shareholder value in a sell out scenario, in which deferred tax, financial instruments and certain other adjustments are calculated to the full extent, after deduction of the resulting tax. |
Comparability with other RRECs and international property players. The EPRA NAV metrics make adjustments to the NAV per IFRS financial statements to provide stakeholders with the most relevant information about the fair value of a property company's assets and liabilities under various scenarios. |
| EPRA Net Initial Yield (NIY) | Annualised gross rental income based on the current rent on the closing date, excluding the property charges, divided by the portfolio market value plus the estimated transaction rights and costs in case of hypothetical disposal of investment property |
Comparability with other RRECs and international property players |
| EPRA Adjusted Net Initial Yield (Adjusted NIY) |
This metric integrates an adjustment of the EPRA NIY for the end of rent-free periods or other non-expired rental incentives |
Comparability with other RRECs and international property players |
| EPRA rental vacancy | Estimated rental value of vacant units divided by the estimated rental value of the total portfolio. |
Comparability with other RRECs and international property players |
| EPRA Cost Ratio (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 |
Xior Student Housing NV Frankrijklei 64-68 2000 Antwerp, Belgium www.xior.be
Christian Teunissen, CEO Frederik Snauwaert, CFO [email protected] T +32 3 257 04 89
Xior Investor Relations Sandra Aznar Head of Investor Relations [email protected] T +32 3 257 04 89
Xior Student Housing NV is the first Belgian public regulated real estate company (RREC) specialising in the student housing segment in 8 countries: Belgium, the Netherlands, Spain, Portugal, Germany, Poland, Denmark and Sweden. Within this property segment, Xior Student Housing offers a variety of accommodation, ranging from rooms with shared facilities to en-suite rooms and fully equipped studios. Since 2007, as owner-operator, Xior Student Housing has built high-quality, reliable student accommodation for students looking for the ideal place to study, live and relax. A place with that little bit extra, where every student immediately feels at home.
Xior Student Housing has been accredited as a public RREC under Belgian law since 24 November 2015. Xior Student Housing's shares have been listed on Euronext Brussels (XIOR) since 11 December 2015. On 30 September 2022, Xior Student Housing held a property portfolio of 17,737 lettable units worth approximately EUR 2.9 billion. More information is available at www.xior.be.
Xior Student Housing NV, a Public RREC under Belgian law (BE-REIT) Frankrijklei 64-68, 2000 Antwerp, Belgium BE 0547.972.794 (Antwerp Register of Legal Entities, Antwerp Division)
This press release contains forward-looking information, projections, convictions, opinions and estimates produced by Xior in relation to the expected future performance of Xior and of the market in which it operates ('forward-looking statements'). By nature, forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, that appear justified at the time at which they are made but which may or may not turn out to be accurate, and there is a risk that the forward-looking statements will not be realised. Some events are difficult to predict and may depend on factors outside of Xior's control. In addition, the forward-looking statements are only valid on the date of this press release. Statements in this press release relating to past trends or activities may not be interpreted as an indication that such trends or activities will persist in future. Neither Xior nor its representatives, officers or advisers can guarantee that the parameters upon which the forward-looking statements are based are free of errors, nor can they indicate, guarantee or predict whether the expected results set out in such a forward-looking statement will ultimately be achieved. Actual profits, the financial situation and Xior's performance or results may therefore differ substantially from the information projected or implied in forward-looking statements. Xior expressly does not accept any obligations or guarantees as to public updates or reviews of forward-looking statements unless required to do so by law. This press release has been prepared in English and has been translated into Dutch and French. In case of discrepancies between the different versions of this press release, the English version will prevail.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.