Earnings Release • Oct 26, 2018
Earnings Release
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26 october 2018 – Embargo until 7:00 (CET)
Regulated information
Xior is continuing its growth trajectory and confirms its objectives for 2018: confirmation of expected minimum EPRA earnings of EUR 1.43 per share and a gross dividend of EUR 1.20 per share, while the amount of outstanding shares increased by 60% in the course of 2018.
EPRA earnings of EUR 1.03 per share1 , i.e. an increase of 17% compared to Q3 2017 – EUR 1.05 per share after IFRIC 21 adjustment.
EPRA earnings of KEUR 10,675, i.e. a 90% increase compared to Q3 2017 – KEUR 10,950 after IFRIC 21 adjustment.
Net rental result increases to KEUR 20,808, i.e. an increase of 71% compared to Q3 2017.
Net result (IFRS) of KEUR 6,099 due to fluctuations in the valuation of the IRS's (EUR -1.045 million) and deferred taxes (EUR -4.517 million)
The successful capital increase of EUR 134 million in June 2018 ensured that the debt ratio fell to 39.26% compared to 53.62% as of 31 December 2017. Thanks to the continued implementation of the growth strategy, the debt ratio increased to 48.50% as of 30 September 2018.
Occupancy rate increases to 98,65% compared to 97.7% as of 30 September 2017.
The property portfolio rose to EUR 716 million, which is an increase of 46% compared to 31 December 2017, with 4,173 lettable student units. If all acquisitions and redevelopments in the committed pipeline are completed, the portfolio will increase to approximately EUR 840 million with approximately 6,750 lettable student units.
| Consolidated P&L statement | in KEUR | 30/09/2018 | 30/09/2017 |
|---|---|---|---|
| Net rental result | 20,808 | 12,174 | |
| Property result | 21,081 | 11,941 | |
| Operating result before result on the portfolio | 15,386 | 8,116 | |
| Financial result (excl. changes in the fair value of financial assets and liabilities) |
-2,846 | -1,931 | |
| EPRA earnings | 10,675 | 5,627 | |
| EPRA earnings after IFRIC 21 adjustment |
10,950 | 5,751 |
1 The figures per share are based on the weighted average number of shares (depending on the respective dividend entitlements), unless stated otherwise.
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| Result on the portfolio (IAS 40) | 513 | 208 | |
|---|---|---|---|
| Revaluation of financial instruments (ineffective interest rate hedges) | -571 | 923 | |
| Deferred taxes | -4,517 | -161 | |
| Net result (IFRS) | 6,099 | 6,596 | |
| Number of lettable student units | 4,173 | 3,494 | |
| Consolidated balance sheet | in KEUR | 30/09/2018 | 31/12/2017 |
| Equity | 370,4056 | 223,291 | |
| Fair value of the real estate property2 | 715,962 | 488,762 | |
| Debt ratio (Law on Regulated Real Estate Companies)3 | 48.50% | 53.62% | |
| Key figures per share | in EUR | 30/09/2018 | 30/09/2017 |
| Number of shares | 12,968,815 | 8,128,249 | |
| Weighted average number of shares4 | 10,403,555 | 6,421,218 | |
| EPRA earnings per share | 1.03 | 0.88 | |
| EPRA earnings per share after IFRIC 21 adjustment |
1.05 | 0.90 | |
| Result on the portfolio (IAS 40) | 0.05 | 0.03 | |
| Variations in the fair value of the hedging instruments | -0.05 | 0.14 | |
| Net result per share (IFRS)5 | 0.59 | 1.03 | |
| Closing price of the share | 40.10 | 39.49 | |
| Net asset value per share (IFRS) (before dividend) | 28.56 | 26.93 |
The financial information for the period ending on 30 September 2018 was drawn up in accordance with the International Financial Reporting Standards (IFRS).
The figures published represent consolidated figures; in line with the relevant legislation, participations in other companies and subsidiaries are consolidated.
2
2 The Fair Value of the investment property is the investment value as determined by an independent valuation expert less the transaction fees (cf. BE-REIT Association press release dated 10 November 2016). The Fair Value corresponds to the carrying amount under IFRS.
3 Calculated in accordance with the Royal Decree of 13 July 2014 pursuant to the Act of 12 May 2014 on Regulated Real Estate Companies.
4 Shares are counted from the time of issue or according to the respective dividend entitlements.
5 Based on the number of shares.
26 october 2018 – Embargo until 7:00 (CET)
Xior achieved a net rental result of KEUR 20,808 for the first nine months of 2018, compared with KEUR 12,174 for the first nine months of 2017. This is a 71% increase. This net rental result will continue to increase throughout the next quarter, as certain acquisitions will only generate rental income (or will only achieve their full rental income) during Q4 2018. There are also a number of properties under construction or being refurbished that will only contribute to rental income during Q4 2018.
This mainly relates to the following properties:
The average occupancy rate of the property portfolio was 98,65% for the first nine months of 2018.
EPRA earnings (excluding the portfolio result, excluding the impact of deferred taxes with regard to IAS 40 adjustments and excluding the impact of the variation in fair value of the financial assets and liabilities) amount to KEUR 10,675, compared with KEUR 5,627 in Q3 2017. The EPRA earnings after IFRIC 21 adjustment amount to KEUR 10,950 on 30 September 2018, compared with KEUR 5,751 in Q3 2017.
The EPRA earnings per share6 are EUR 1.03. After IFRIC 21 adjustment, this amounts to EUR 1.05 per share.
As a result of the application of the "IFRIC 21 levies" accounting regulations (implemented in the 2015 financial year), the figures dated 31 March 2018 include a provision for the entire year of 2018 with regard to immoveable property 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 2018, 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 as of 30 September 2018 would increase by KEUR 275. In this scenario, the EPRA earnings would be KEUR 10,950.
6 The calculation of the EPRA earnings per share is based on the weighted average number of shares on 30 September 2018, which was 10,403,555.
26 october 2018 – Embargo until 7:00 (CET)
The net result is KEUR 6,099 as of 30 September 2018, compared with KEUR 6,596 as of 30 September 2017. The net result per share stands at EUR 0.59.7
The net result includes the impact of variations in the fair value of investment property, other portfolio results, deferred taxes with regard to the effects of IAS 40 and variations in the fair value of financial assets and liabilities. The EPRA earnings are the net result corrected for the impacts set out above.
As of 30 September 2018, the portfolio consists of 4,173 lettable student units. The total property portfolio is valued at KEUR 715,962 as of 30 September 2018, representing an increase of 46% compared to 31 December 2017. This increase is mainly due to the contribution of a building under construction in Enschede, the further development of the student buildings located on Oosterhamrikkade in Groningen and Phoenixstraat in Delft, the acquisition of the Woodskot project in Brussels, the acquisition of the Bonnefanten project in Maastricht, the acquisition of Naritaweg in Amsterdam, the acquisition of Rotsoord in Utrecht, and the acquisition of a student building in Leeuwarden.
If all committed acquisitions and projects are completed, there will be a further increase to approximately EUR 840 million, with approximately than 6,750 lettable student units.
The debt ratio as of 30 September 2018 was 48.50%, compared to 53.62% as of 31 December 2017. On the one hand, the debt ratio has fallen as a result of the (indirect) contribution in kind of a property in Enschede for the amount of KEUR 18,117 dated 28 March 2018 and the successful capital increase of EUR 134 million in June 2018; on the other hand, it has also increased thanks to the continued implementation of the growth strategy.
As of 30 September 2018, the Company had concluded financing agreements for a total amount of EUR 395 million. The Company had drawn down EUR 347 million in financing as of 30 September 2018. As of 30 September 2018, this financing was hedged for 83% through Interest Rate Swap agreements or through fixed interest rates.
7 Calculated on the basis of the weighted average number of shares.
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In October 2018, Xior concluded new financing agreements with BNP Paribas Fortis for EUR 10 million and EUR 15 million, with respective maturity dates in Q2 2023 and Q4 2024, bringing the total amount of the financing agreements concluded by Xior to EUR 420 million.
On 28 September 2018, Xior completed the acquisition of 82 self-contained units located on Tesselschadestraat in Leeuwarden. This recently converted office building is known as "The Block" and is fully equipped with features including a digital key system, high-speed Internet connection and digital television signal, camera system, etc. The students have access to a dedicated indoor storage space and shared facilities such as a bike shed and laundry room. The building also contains a commercial space on a long-term lease. This property was acquired through the purchase of 100% of the shares in the real estate company involved. The price of the shares in the property company is based on an agreed value for the property of approximately EUR 10.8 million,8 and the expected initial yield for the transaction is approximately 6.3%. The transferor has provided a rental guarantee until the end of 2018.
Since September 2018, Xior holds a 100% subsidiary in the Netherlands. This company will be used by Xior for one or more planned redevelopment projects in student cities in the Netherlands.
On 29 November 2017, Xior signed an agreement on the redevelopment of an office complex to be converted on the outskirts of Brussels (Zaventem) close to various educational institutions (Université Catholique de Louvain, Ecam, Vinci, Ephec), Saint Luc University Hospital and various research institutions (such as the Duve Institute). A joint venture was set up with a private developer prior to the redevelopment. On 27 August 2018, after receiving the necessary permits, Xior entered into this joint venture – Alma Student NV – with a 50% share. The announced total investment value (after conversion) will be approximately EUR 38 million and the project has an announced expected average initial yield of approximately 6.3%. According to the final concept and plans, the office building is intended to be converted into a student housing complex consisting of 240 student units and 99 furnished apartmenthotels, based on a design by architectural firm Jaspers-Eyers. The ground floor will house retail facilities, which will be redeveloped together with the underground parking spaces by a third-party investor.
8 This is in line with the estimates of the independent valuation expert.
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This student property is expected to be operational for the academic year starting in September 2019. Xior was also granted a two-year rental guarantee on 50% of the offer for operating the student flat hotel and also received a partial one-year rental guarantee for the student units.
On 26 July 2018, Xior successfully completed the acquisition of the site in Rotsoord, Utrecht, where a project will be implemented consisting of two buildings containing a total of 206 self-contained units and a restored listed building for commercial activities. This acquisition involves the completion of one of the two purchase agreements concluded on 12 July 2018 following the Company's exercise of a purchase option. The transaction was completed by the acquisition of the real estate company's shares in the project. The total investment value of the underlying property will be approximately EUR 40 million9 , with an expected initial yield of approximately 5.8%.
The Company signed a Purchase Agreement for the acquisition of Bonnefanten College, for which the previous owner already obtained an environmental permit. This former monastery is a registered national monument and will be redeveloped into a student complex with 257 independent student rooms and common areas. The property is located at Tongerseweg 135, near Xior's other student accommodation monument in Maastricht, the Carré building. The announced total expected investment value (after conversion) is approximately EUR 34 million10 with an announced expected initial yield of approximately 6.25%. Xior expects to start using the building in September 2019.
On 9 May 2018, the Company has acquired a building located at Tiensestraat 274 / Windmolenveldstraat 2-4, 3000 Leuven. This building is situated in a prime location in the student city of Leuven. The building has 17 student rooms and four apartments. The purchase price was EUR 1,869,00011 .
On 22 May 2018, the Company has acquired a redevelopment project in Brussels12 which goes by the name Woodskot. After the proposed redevelopment, this transaction will have 91 units. The announced total expected investment value (after conversion) is approximately EUR 10 million13 with an expected initial yield of approximately 6%.
9 This is in line with the estimates of the independent valuation expert.
10 This is in line with the estimates of the independent valuation expert.
11 This is in line with the estimates of the independent valuation expert.
12 See Press Release dated 13 March 2018.
13 This is in line with the estimates of the independent valuation expert.
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On 25 April 2018, Xior successfully completed the acquisition of a site with three towers on Naritaweg/Barajasweg in the Dutch capital of Amsterdam. The buildings were completed in 2018 and have a total of 247 units ranging from 23 m² to 52 m² with 94 parking spaces. The site is located near public transport and is undergoing a comprehensive upgrade through various redevelopment projects, making sure to provide sufficient green spaces as well. Two thirds of the buildings, which provide a range of options for students and young starters, was already rented out at the time of the acquisition. The seller also provides Xior a 12-month rental guarantee.
Xior acquired the properties (built on a plot with a long-term lease) by buying 100% of the shares in the relevant real estate companies. The price of the shares in the companies is based on the investment value of the property held by the relevant company, which is derived from the rental values. The total investment value of the underlying property amounts to approx. EUR 47 million14, with an expected initial yield of approximately 5.6%.
On 28 March 2018, Xior acquired a student property (under construction) in Enschede15. The land and the structures that had already been renovated were acquired via a(n indirect) contribution in kind to Xior's capital. The value of the contribution was based on the value of the land and the already existing structures, and resulted in a capital increase of EUR 18,117,000 (including issue premium). The acquisition had a total investment value of approx, EUR 28 million16 and an expected initial yield of approximately 6.3%. The issue price of the new shares amounted to EUR 35 per share (rounded). The commissioning of the building in Enschede is planned for 2018. The developer, who has provided Xior with a one-year rental guarantee for the non-rented sections (self-contained units) and a three-year guarantee for the second education facility, will complete the building in stages.
In October 2018, Xior concluded new financing agreements with BNP Paribas Fortis for EUR 10 million and EUR 15 million, with respective maturity dates in Q2 2023 and Q4 2024.
14 This is in line with the estimates of the independent valuation expert.
15 See Press Releases dated 12 March 2018 and 28 March 2018.
16 This is in line with the estimates of the independent valuation expert.
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On 5 October 2018, as anticipated during initial purchase in December 2017, Xior acquired the remaining 50% of the shares in Promiris Student SA/NV – the owner of a redeveloped student complex consisting of 118 units. As such, this company is now a 100% subsidiary of Xior. The building was recently completed and is generating rental income. The Company was granted a one-year rental guarantee for 50% of the rental income.
On 12 July 2018, Xior signed a purchase agreement resulting from the exercise of its purchase option with regard to a site located in Amsterdam. This site, which has a long-term lease, is located on Karspeldreef, near Amsterdam Bijlmer Arena Station. A total of 320 self-contained student units are ultimately planned to be (re)developed on this site. The result will be the largest student complex in the Xior portfolio in the Netherlands. This office building reconversion project consists of six connected buildings, each with its own facilities (such as an elevator). The building will also have 170 parking spaces. The transfer of this property is planned for Q4 2018. The announced expected investment value will be around EUR 55 million with an expected initial yield of approximately 5.8% (subject to further adjustments of the number of units and the expected rental values during the development of the project).
Xior intends to continue pursuing its growth strategy. This involves promoting the growth of the company by adding high-quality student properties to its property portfolio and by continuing to implement the project development pipeline. Xior has worked hard to achieve this growth during the first nine months of 2018, and would like to head even further down this road in future too.
For the 2018 financial year, the Company is anticipating EPRA earnings per share that will at least remain stable compared to 2017. It is also applying the same minimum target of EUR 1.20 for the gross dividend per share. In this way, Xior expects to at least maintain its results from the previous year, when the number of shares increased by 60% as a result of the successful capital increase in June 2018 and the contribution in kind in Enschede. This capital increase is one of the reasons why Xior managed to achieve a strong project development pipeline, which will start to contribute fully to the return and the intended further growth of the portfolio, the EPRA earnings and the dividend from 2019 onwards.
17 These forecasts are based on the current situation and do not account for unforeseen circumstances (such as a deterioration of the economic and financial climate and/orthe materialisation of risks to which the Company and its activities are exposed). Forecasts regarding dividends are subject to approval by the Annual General Meeting.
26 october 2018 – Embargo until 7:00 (CET)
Xior Student Housing NV Mechelsesteenweg 34, box 108 2018 Antwerp www.xior.be
Christian Teunissen, CEO Frederik Snauwaert, CFO Arne Hermans, CIO [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
| ASSETS (in KEUR) | 30/09/2018 | 31/12/2017 |
|---|---|---|
| I. FIXED ASSETS | 725,971 | 490,425 |
| B. Intangible fixed assets | 12 | 16 |
| C. Investment property | 715,962 | 488,762 |
| a. Property available to let | 603,022 | 461,905 |
| b. Property developments | 112,941 | 26,857 |
| D. Other tangible fixed assets | 651 | 347 |
| a. Tangible fixed assets for own use | 651 | 347 |
| E. Financial fixed assets | 21 | 21 |
| Other | 21 | 21 |
| G. Trade account receivables and other fixed assets | 135 | 135 |
| H. Deferred taxes – assets | 2 | 2 |
| I. Participating interests in associated companies and joint ventures with equity movements | 9,189 | 1,143 |
| II. CURRENT ASSETS | 46,039 | 13,562 |
| D. Trade account receivables | 2,364 | 1,683 |
| E. Tax receivables and other current assets | 41,119 | 10,869 |
| a. Taxes | 1,120 | 778 |
| c. Other | 39,998 | 10,091 |
| F. Cash and cash equivalents | 2,172 | 815 |
| G. Accruals and deferred payments | 384 | 195 |
| Prepaid property charges | 51 | 94 |
| Accrued rental income not due | 70 | 35 |
| Other | 263 | 66 |
| TOTAL ASSETS | 772,010 | 503,987 |
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| LIABILITIES (in KEUR) | 30/09/2018 | 31/12/2017 |
|---|---|---|
| EQUITY | 370,405 | 223,291 |
| I. Equity attributable to parent company shareholders |
370,405 | 223,291 |
| A. Capital | 231,294 | 144,187 |
| a. Issued capital | 233,439 | 146,308 |
| b. Capital increase costs (-) | -2,145 | -2,121 |
| B. Issue premiums | 132,009 | 69,877 |
| C. Reserves | 1,003 | -1,728 |
| Reserve for the balance of the changes in the Fair Value of property | 19,333 | 6,668 |
| Reserve for the impact on the Fair Value of the estimated transaction fees and costs resulting from the hypothetical disposal of investment property |
-19,065 | -6,642 |
| Reserve for the balance of the changes in the Fair Value of permitted hedging instruments that are not subject to hedging accounting as defined in the IFRS |
-924 | -1,866 |
| Retained earnings from previous financial years | 1,659 | 113 |
| D. Net result for the financial year | 6,099 | 10,954 |
| II. Minority interests |
0 | 0 |
| LIABILITIES | 401,604 | 280,696 |
| I. Non-current liabilities | 369,955 | 259,657 |
| B. Non-current financial debts | 346,675 | 251,744 |
| a. Credit institutions | 346,675 | 251,744 |
| C. Other non-current financial liabilities | 1,970 | 924 |
| a. Permitted hedging instruments | 1,970 | 924 |
| F. Deferred taxes – liabilities | 21,311 | 6,988 |
| b. Other | 21,311 | 6,988 |
| II. Current liabilities | 31,649 | 21,039 |
| B. Current financial debts | ||
| a. Credit institutions |
11,994 | |
| D. Trade debts and other current payables | 14,786 | 3,457 |
| a. Exit tax | ||
| b. Other | 14,786 | 3,457 |
| Suppliers | 12,274 | 2,151 |
| Tenants | 138 | 387 |
| Taxes, wages and social security contributions | 2,374 | 919 |
| E. Other current liabilities | 12,986 | 3,044 |
| Other | 12,986 | 3,044 |
|---|---|---|
| F. Accruals and deferred payments | 3,877 | 2,544 |
| a. Deferred income | 671 | 1,436 |
| b. Accrued interest not due and other costs |
1,213 | 237 |
| c. Other | 1,994 | 871 |
| TOTAL EQUITY AND LIABILITIES | 722,010 | 503,987 |
| Income statement (in KEUR) | 30/09/2018 | 30/09/2017 |
|---|---|---|
| I. (+) Rental Income | 20,927 | 12,194 |
| (+) Rental income | 19,368 | 12,044 |
| (+) Rental guarantees | 1,588 | 211 |
| (-) Rent reductions | -29 | -61 |
| Impairments of trade receivables | -120 | -21 |
| NET RENTAL INCOME | 20,808 | 12,174 |
| V. (+) Recovery of rental charges and taxes normally payable by the tenant on let properties | 3,529 | 1,788 |
| - Transmission of rental charges borne by the owner | 3,449 | 1,678 |
| - Charges for withholding tax and taxes on let properties | 80 | 110 |
| VII. (-) Rental charges and taxes normally payable by the tenant on let properties | -3,905 | -2,100 |
| - Rental charges borne by the proprietor | -3,822 | -1,990 |
| - Advance levies and taxes on let properties | -82 | |
| VIII. (+/-) Other rental-related income and expenditure | 649 | 78 |
| PROPERTY RESULT | 21,081 | 11,941 |
| IX. (-) Technical costs | -615 | -644 |
| Recurring technical costs | -602 | -644 |
| (-) Maintenance | -474 | -564 |
| (-) Insurance premiums | -128 | -80 |
| Non-recurring technical costs | -13 | 0 |
| (-) Damages | -13 | 0 |
| X. (-) Commercial costs | -246 | -138 |
| (-) Publicity, etc. | -233 | -138 |
| (-) Legal costs | -13 | |
| XI. (-) Costs and taxes for non-let properties | -180 | -88 |
| XII. (-) Property management costs | -1,284 | -839 |
| (-) Management costs (external) | -881 | -433 |
| (-) Management costs (internal) | -403 | -406 |
| XIII. (-) Other property charges | -1,047 | -762 |
| (-) Architects' fees | -1 | |
| (-) Valuation expert fees | -152 | -100 |
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| (-) Other property charges | -895 | -660 |
|---|---|---|
| (+/-) PROPERTY CHARGES | -3,372 | -2,471 |
| PROPERTY OPERATING RESULT | 17,709 | 9,469 |
| XIV. (-) General company expenses | -2,363 | -1,417 |
| XV. (+/-) Other operating income and costs | 40 | 63 |
| OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO | 15,386 | 8,116 |
| 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 | 3,893 | 2,017 |
| (+) Positive variations in the fair value of investment property | 7,084 | 3,306 |
| (-) Negative variations in the fair value of investment property | -3,191 | -1,289 |
| XIX. (+) Other portfolio result | -3,380 | -1,808 |
| OPERATING RESULT | 15,898 | 8,325 |
| XX. (+) Financial income | 124 | 16 |
| (+) Interest and dividends collected | 124 | 16 |
| XXI. (-) Net interest costs | -2,780 | -1,877 |
| (-) Nominal interest paid on loans | -1,487 | -1,271 |
| (-) Reconstitution of the nominal amount of financial debt | -66 | -61 |
| (-) Costs of permitted hedging instruments | -1,227 | -545 |
| XXII. (-) Other financial costs | -190 | -69 |
| - Bank costs and other commissions | -182 | -48 |
| - Other | -8 | -21 |
| XXIII. (+/-) Variations in the fair value of financial assets and liabilities | -1,045 | 923 |
| (+/-) FINANCIAL RESULT | -3,891 | - 1,008 |
| XXIV Share in the result of associated companies and joint ventures | 474 | |
| RESULT BEFORE TAXES | 12,481 | 2,693 |
| XXV. Corporate taxes | -6,382 | -713 |
| XXVI. Exit tax | -7 | |
| (+/-) TAXES | -6,382 | -720 |
| NET RESULT | 6,099 | 6,596 |
| EPRA EARNINGS | 10,675 | 5,627 |
| RESULT ON THE PORTFOLIO | 513 | 209 |
| DEFERRED TAXES WITH REGARD TO IAS 40 ADJUSTMENTS | -4,517 | -161 |
| VARIATIONS IN THE FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES | -571 | 922 |
| EPRA EARNINGS PER SHARE (in EUR) |
1.03 | 0.88 |
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| I. ALTERNATIVE PERFORMANCE MEASURES (APMs): RECONCILIATION TABLES |
||
|---|---|---|
| EPRA earnings | 30/09/2018 | 30/09/2017 |
| Net result | 6,099 | 6,596 |
| Changes in the Fair Value of the real estate property | -3,893 | -2,017 |
| Other portfolio results | 3,380 | 1,808 |
| Result from the sale of investment properties | 0 | 0 |
| Changes in the Fair Value of financial assets and liabilities |
571 | -922 |
| Deferred taxes with regard to IAS 40 adjustments | 4,517 | 161 |
| EPRA earnings | 10,675 | 5,626 |
| EPRA earnings after IFRIC 21 adjustment | 30/09/2018 | 30/09/2017 |
| Net result | 6,099 | 6,596 |
| Changes in the Fair Value of the real estate property | -3,893 | -2,017 |
| Other portfolio results | 3,380 | 1,808 |
| Result from the sale of investment properties | 0 | 0 |
| Changes in the Fair Value of financial assets and liabilities |
571 | -922 |
| Deferred taxes with regard to IAS 40 adjustments | 4,517 | 161 |
| IFRIC 21 impact | 275 | 124 |
| EPRA earnings after IFRIC 21 adjustment | 10,950 | 5,751 |
| Result on the portfolio | 30/09/2018 | 30/09/2017 |
| Result from the sale of investment properties | 0 | 0 |
| Changes in the Fair Value of the real estate property | 3,893 | 2,017 |
| Other portfolio results | -3,380 | -1,808 |
| Result on the portfolio | 513 | 209 |
| EPRA earnings per share | 30/09/2018 | 30/09/2017 |
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| Net result | 6,099 | 6,596 |
|---|---|---|
| Changes in the Fair Value of the real estate property | -3,893 | -2,017 |
| Other portfolio results | 3,380 | 1,808 |
| Result from the sale of investment properties | 0 | 0 |
| Changes in the Fair Value of financial assets and | ||
| liabilities | 571 | -922 |
| Deferred taxes with regard to IAS 40 adjustments | 4,517 | 161 |
| Weighted average number of shares | 10,403,555 | 6,421,218 |
| EPRA earnings per share | 1.03 | 0.88 |
| IFRIC 21 impact | 275 | 124 |
| EPRA earnings per share after IFRIC 21 adjustment | 1.05 | 0.90 |
| Average interest rate | 30/09/2018 | 30/09/2017 |
| Nominal interest paid on loans | 2,552 | 1,271 |
| Costs of permitted hedging instruments | 1,227 | 545 |
| Capitalised interest | 1,065 | 326 |
| Average outstanding debt for the period | 284,904 | 162,514 |
| Average interest rate | 2.27% | 1.76% |
| Average interest rate excl. costs of permitted hedging instruments |
1.69% | 1.31% |
| Average financing costs | 30/09/2018 | 30/09/2017 |
| Nominal interest paid on loans | 2,552 | 1,271 |
| Costs of permitted hedging instruments | 1,227 | 545 |
| Capitalised interest | 1,065 | 326 |
| Reconstitution of the nominal amount of financial debt | 66 | 61 |
| Bank costs and other commissions | 182 | 69 |
| Average outstanding debt for the period | 284,904 | 162,514 |
| Average financing costs | 2.38% | 1.86% |
| Average financing costs excl. costs of permitted | ||
| hedging instruments | 1.81% | 1.42% |
II. Lexicon of the Alternative Performance Measures (APMs) used by Xior Student Housing
| APM terms | Definition | Use |
|---|---|---|
| EPRA earnings | The net result +/- changes in the Fair Value of investment property +/- other portfolio result +/- result of the sale of investment property +/- changes in the Fair Value of financial assets and liabilities +/- deferred taxes with regard to IAS 40 adjustments |
Measuring the result of the strategic operational activities, excluding variations in the fair value of investment property, other portfolio result, the result from the sale of investment property and variations in the fair value of financial assets and liabilities and the deferred taxes with regard to IAS 40. This indicates the extent to which dividend payments are supported by the earnings. |
| EPRA earnings after IFRIC 21 adjustment |
The 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 with regard to IAS 40 adjustments +/- the impact of IFRIC 21 divided over 4 quarters. |
Measuring the result of the strategic operational activities, excluding variations in the fair value of investment property, other portfolio result, the result from the sale of investment property and variations in the fair value of financial assets and liabilities and the deferred taxes with regard to IAS 40. This indicates to which extent dividend payments are supported by the earnings and adjusted for the impact of IFRIC 21. This indicates the extent to which dividend payments are supported by the earnings. |
| Result on the portfolio |
Income from the sale of investment property +/- changes 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 expense divided by the average outstanding debt during the period |
Measuring the average debt interest costs to allow a comparison with peers and analysis of the evolution over time |
| Average interest rate excl. IRS interest charges |
Interest charges excluding IRS interest expense divided by the average outstanding debt during the period |
Measuring the average debt interest costs to allow a comparison with peers and analysis of the evolution over time |
| Average financing costs |
Interest costs including IRS interest expense + arrangement fees and commitment fees, divided by the average outstanding debt during the period |
Measuring the average debt financing cost to allow a comparison with peers and analysis of the evolution over time |
| Average financing cost excl. IRS interest charges |
Interest charges including IRS interest charges + arrangement fees and commitment fees, divided by the average outstanding debt during the period |
Measuring the average debt financing cost to allow a comparison with peers and analysis of the evolution over time |
| EPRA earnings per share |
The net result +/- result of 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 with regard to IAS 40 adjustments divided by the average number of shares |
Comparability with other RRECs and international property players |
| EPRA earnings per share after IFRIC 21 adjustment |
The net result +/- result of 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 with regard to IAS 40 adjustments divided by the average number of shares +/- adjustment for IFRIC 21 divided by the average number of shares |
Comparability with other RRECs and international property players |
26 october 2018 – Embargo until 7:00 (CET)
Xior Student Housing NV is the first Belgian public regulated real estate company specialising in student housing in Belgium and the Netherlands. Within this property segment, Xior Student Housing offers a variety of accommodation ranging from rooms with communal facilities to en-suite rooms and fully-equipped studios. Since 2007, owner and operator Xior Student Housing has built high-quality, reliable student housing offering ideal places to study, live and relax. A place with that little bit extra, where every student will feel at home right away.
Xior Student Housing has been accredited as a public regulated real estate company under Belgian law since 24 November 2015. Xior Student Housing shares have been listed on Euronext Brussels (XIOR) since 11 December 2015. On 30 September 2018, Xior Student Housing had a property portfolio worth approx. EUR 716 million. More information is available at www.xior.be.
Xior Student Housing NV, Public RREC under Belgian law (BE-REIT) Mechelsesteenweg 34, box 108, 2018 Antwerp, Belgium BE 0547.972.794 (Antwerp Register of Legal Entities, Antwerp section)
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 is active ('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 declines any obligation or guarantee to publicly update or review forward-looking statements unless it is required to do so by law. This press release has been prepared in Dutch and has been translated into English and French. In case of discrepancies between the different versions of this press release, the Dutch version will prevail.
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