Xior Student Housing

Earnings Release • Feb 5, 2020

5 February 2020 – Embargo until 17:40 (CET)

Regulated information

Annual Communiqué – Announcement of 2019 annual results

Target EPS 2019 achieved: EPS of EUR 1.60 – 10% increase compared to last year Organisation ready for further expansion to minimum EUR 2 billion in 2022 2020: Target EPS of EUR 1.70 and DPS of EUR 1.36 reconfirmed

Antwerp, Belgium – 5 February 2020 – Annual results 01/01/2019 – 31/12/2019

EPRA earnings of EUR 1.60 per share¹ , an increase of 9.6 % compared to 31 December 2018, despite 39% increase in the number of shares issued.

Proposed dividend of EUR 1.30 per share, an increase of 4% compared to 2018, payout ratio decreases till 81.25%.

EPRA earnings – group share – during 2019 of EUR 24 million - increase of 48% compared to 2018.

Net rental result rises to EUR 44.9 million, i.e. an increase of 49% compared to EUR 30.1 million in 2018.

EPRA NAV per share² of EUR 35.96 compared to EUR 31.45 at 31 December 2018. IFRS NAV per share³ of EUR 32.71 compared to EUR 29.78 at 31 December 2018.

Debt ratio of 45.67% compared to 49.32% at 31 December 2018. Following the successful completion of the capital increase of EUR 206 million in October 2019, the debt ratio was brought down to about 40%. The debt ratio rose again by 31 December 2019 to 45.67% as a result of the execution of the acquisitions announced earlier in November and December 2019.

Stable occupancy rate of 98%.

Property portfolio rises to EUR 1.19 billion, which is an increase of 46% compared to 31 December 2018, with 7,932 lettable student units. Once all the acquisitions and redevelopments in the committed pipeline are completed, the portfolio will rise to approx. EUR 1.5 billion, with over 12,000 rentable student units. After completion of the pipeline, the annualised rent will amount to EUR 88.75 million.

Prospects for 2020: EPRA earnings of EUR 1.70 per share and dividend of EUR 1.36 per share.

Xior expects a EPS growth of at least 6% per year upon execution of the committed pipeline. Xior can further expand its pure play portfolio till at least EUR 2 billion in the existing countries with the current team.

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

² Based on the number of shares issued.

³ Based on the number of shares issued.

5 February 2020 – Embargo until 17:40 (CET)

Regulated information

	IPO 2015	31/12/2016	31/12/2017	31/12/2018	31/12/2019	Full committed pipeline
#student units	2,035	2,531	3,678 (excl. projects)	5,505 (excl. projects)	7,932	> 12,000
Fair Value (incl. non stud.)	Approx. EUR 200 million	Approx. EUR 265 million	Approx. EUR 493 million	Approx. EUR 818 million	Approx. EUR 1,191 million	> EUR 1,500 million
Buildings (incl. non stud.)	48	54	71 (incl. projects)	87 (incl. projects)	104 (incl. projects)	104 (incl. projects)
#cities	4 (BE) + 4 (NL)	5 (BE) + 5 (NL)	5 (BE) + 12 (NL)	5 (BE) + 16 (NL)	6 (BE) + 16 (NL) + 2 (ES) + 2 (PT)	6 (BE) + 16 (NL) + 2 (ES) + 2 (PT)

5 February 2020 – Embargo until 17:40 (CET)

Regulated information

I. KEY FIGURES

Consolidated income statement	in KEUR	31/12/2019	31/12/2018
Net rental result		44,932	30,081
Property result		45,508	30,718
Operating result before result on the portfolio		35,069	23,323
Financial result (excl. variations in the fair value of financial assets and liabilities)		-7,621	-4,179
4 EPRA earnings		24,103	16,179
EPRA earnings – group share		23,975	16,179
Result on the portfolio (IAS 40)		-4,023	5,722
Revaluation of financial instruments (ineffective interest rate hedges)		-10,548	-5,123
Deferred taxes		-1,872	-673
Net result (IFRS)		7,659	16,105
Number of lettable student units		7,932	5,505
Gross yields5		2019	2018
Belgium		5.13 %s	5.10%
The Netherlands		5.63 %	5.72%
Spain		5.27 %	N/A
Portugal		N/A	N/A
Entire portfolio		5.43 %	5.52%
Consolidated balance sheet	in KEUR	31/12/2019	31/12/2018
Equity		625,808	410,019
Equity – group share		610,427	410,019
Fair Value of the investment property6		1,190,791	814,908
Debt ratio (Law on Regulated Real Estate Companies)7		45.67%	49.32%

⁴ 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 applicable as from 3 July 2016 for the use and explanation of alternative performance measures. Chapter 10.8 of the Annual Financial Report 2017 includes the concepts Xior considers as APMs. The APMs are marked with and accompanied by a definition, purpose and reconciliation (see XI and XII of this Annual Communiqué), as required by the ESMA guideline.

⁵ Calculated as estimated annual rent divided by the Fair Value and excluding projects in development. This concerns the valuation yields. This valuation yield is different from the announced acquisition yields, as it is based on Fair Value rather than acquisition value.

⁶ The Fair Value of the investment property is the investment value as determined by an independent property expert less the transaction fees (see BE-REIT Association press release dated 10 November 2016). The Fair Value corresponds to the carrying amount under IFRS.

⁷ Calculated in accordance with the Royal Decree of 13 July 2014 pursuant to the Act of 12 May 2014 on Regulated Real Estate Companies.

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Regulated information

Key figures per share	in EUR	31/12/2019	31/12/2018
Number of shares		19,133,129	13,768,815
Weighted average number of shares8		14,996,135	11,109,319
EPRA earnings9 per share		1.61	1.46
EPRA earnings10 per share – group share		1.60	1.46
Result on the portfolio (IAS 40)		-0.27	0.45
Revaluation of hedging instruments		-0.61	-0.49
Net result per share (IFRS)11		0.51	1.45
Closing price of the share		50.50	38.00
Net asset value per share (IFRS) (before dividend)		32.71	29.78
Dividend payout ratio (versus EPRA earnings)12		81.25%	85.6%
Proposed dividend per share13		1.30	1.25

31/12/2019 31/12/2018

EPRA metrics	Definition	in KEUR	EUR per share	in KEUR	EUR per share
EPRA earnings *	Underlying result derived from the strategic operating activities. This indicates the extent to which dividend payments are covered by earnings.	24,103	1.61	16,179	1.46
EPRA NAV *14	Net asset value (NAV) adjusted to take into account the Fair Value of the real estate property and excluding certain elements that are not part of a financial model of long-term property investments.	688,088	35.96	433,011	31.45
EPRA NNNAV *15	EPRA NAV adjusted to take into account the Fair Value of (i) the assets and liabilities, (ii) the debts and (iii) the deferred tax.	625,808	32.71	410,019	29.78
			%		%
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.		4.8%		4.6%
EPRA Adjusted Net Initial Yield (Adjusted NIY)	This measure integrates an adjustment of the EPRA NIY for the end of rent-free periods or other non-expired rental incentives.		4.8%		4.6%

⁸ Based on the dividend entitlement of the shares

9 Calculated on the basis of the weighted average number of shares.

¹⁰ Calculated on the basis of the weighted average number of shares.

¹¹ Based on the number of shares.

¹² The dividend payout ratio is calculated based on the consolidated result. The actual dividend distribution is based on the statutory earnings of Xior Student Housing NV.

¹³ Subject to approval by the Annual General Meeting.

¹⁴ Based on the number of shares issued.

¹⁵ Based on the number of shares issued.

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Regulated information

EPRA rental vacancy16	Estimated Rental Value of vacant units divided by the Estimated Rental Value of the total portfolio.	2.97%17	1.50%
EPRA cost ratio (incl. vacancy costs) *	EPRA costs (including vacancy costs) divided by the gross rental income.	23.4%	25.2%
EPRA cost ratio (excl. vacancy costs) *	EPRA costs (excluding vacancy costs) divided by the gross rental income.	22.5%	24.4%

II. CONSOLIDATED FINANCIAL RESULTS

The financial information for the period ending on 31 December 2019 was drawn up in accordance with the International Financial Reporting Standards (IFRS).

The figures published represent consolidated figures; stakes and subsidiaries have been consolidated in accordance with the relevant legislation.

1. Net rental result

In 2019, Xior achieved net rental earnings of KEUR 44,932 compared to KEUR 30,081 in 2019. This net rental result will continue to grow in 2020, given that certain buildings were completed or were acquired in the course of 2019 and therefore did not have the opportunity to contribute to the net rental result for a full year. Some buildings that were being constructed or renovated have already yielded rental income by means of rental or return guarantees since Q4 2019. These only contributed to the result for part of the year.

This mainly relates to the following properties:

• Ariënsplein Enschede: rental income will increase further in 2020;
• Studax Leuven: rental income started June 2019;
• Alma Zaventem: completed, rental income being generated since October 2019;
• Woodskot Brussels: completed, rental income sinceSeptember 2019;
• Bonnefanten Maastricht: completed, gradual rental income since September 2019;
• Xior Diagonal Besòs Barcelona: completed, gradual rental income since September 2019;
• Campus UEM– Madrid: rental income since November 2019;
• The Lofttown Barcelona: rental income since September 2019.

The average occupancy rate for the property portfolio was 98% for 2019.

¹⁶ Calculated against the annualized rent of the operational portfolio. Last year this was calculated against the annualized rent of the whole portfolio. This has been corrected in the current year.

¹⁷ The EPRA ERV of 2,97% per 31/12/2019 is due to the ramp up of buildings delivered in the last quarter of 2019.

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2. EPRA earnings

EPRA earnings (excluding the portfolio result, excluding deferred taxes under IAS 40 adjustments and excluding the impact of variations in the Fair Value of financial assets and liabilities) totals KEUR 24,103 compared to KEUR 16,179 in 2018. The EPRA earnings – group share is KEUR 23,975.

The EPRA earnings per share¹⁸ – group share is EUR 1.60.

Based on this, the Board of Directors intends to propose to the Annual General Meeting a dividend of EUR 1.30 gross, or EUR 0.91 net¹⁹ per share for 2019 (taking into account the dividend entitlements of the shares and the coupons detached from them), represented by coupon number 10 worth EUR 0.581 already detached from the Xior share²⁰, coupon number 12 worth EUR 0.492 already detached from the Xior share²¹ and coupon number 13 worth EUR 0.227.

3. Net result

The net result stands at KEUR 7,659 as at 31 December 2019. The net result per share is EUR 0.51.²²

The net result includes the impact of variations in the Fair Value of property investments, other portfolio results, deferred taxes due to IAS 40 effects, variations in the fair value of financial assets and liabilities and shares of results from joint ventures. The EPRA earnings are the net result corrected for the impacts set out above.

4. Fair Value of the property portfolio

As at 31 December 2019, the portfolio consisted of 7,932 lettable student units. The total property portfolio was valued at an amount of KEUR 1,190,791 as of 31 December 2019, which represents an increase of 46% over 31 December 2018. This increase is mainly the result of the acquisition of a student residence in Madrid, the acquisition of two student residences in Barcelona, the acquisition of a student residence in Wageningen, the acquisition of a student residence in Leuven, the acquisition of an office building for conversion in Groningen, the acquisition of a student residence in Amsterdam, the further development of Woodskot in Brussels and Bonnefanten in Maastricht, the acquisition of Alma Student in Brussels.

¹⁸ The calculation of the EPRA earnings per share is based on the weighted average number of shares as at 31 December 2019, which is 14,996,135.

¹⁹ Assuming withholding tax at 30%.

²⁰ Based on the weighted average number of shares, so now including the dividend entitlements of the shares issued as a result of the capital increases in 2019. We would remind you that as part of the capital increase in 2019 a coupon was detached. All Xior shares are currently listed with coupon numbers 11 and later attached. See also the press releases published in the context of the capital increase. More information is also available at https://www.xior.be/nl/investor/investor-relations/coupons.

²¹ Based on the weighted average number of shares, so including the dividend entitlements of shares issued as a result of the capital increases in 2019. We would remind you that as part of the capital increase in October 2019 a coupon was detached. All Xior shares are currently listed with coupon numbers 13 and later attached. See also the press releases published in the context of the capital increase. More information is also available at https://www.xior.be/nl/investor/investor-relations/coupons.

²² Calculated on the basis of the weighted average number of shares.

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If all the committed acquisitions and projects are completed, the portfolio will continue to increase to approx. EUR 1.5 billion, with over 12,000 lettable student units.

5. Debt ratio and increase in equity

As at 31 December 2019, the debt ratio was 45.67% compared to 49.32% on 31 December 2018. The leverage has fallen on the one hand as the result of a contribution in kind of a property in Leuven worth EUR 18 million on 13 June 2019, the successful capital increase in October 2019 which raised 206 million, and the stock dividend for a total of 6.08 million, and on the other hand it increased from further implementation of the growth strategy.

6. Other balance sheet items

Current assets include, primarily:

• Outstanding receivables (KEUR 1,163): this includes mainly rents that have not yet been received;
• Other receivables: this relates mainly to monies owed by Promgranjo, the joint venture company being used to develop the project in Porto, Portugal (KEUR 3,929), an advance against an acquisition (KEUR 6,000), a receivable from Aloxe NV (KEUR 1,720 – which is being offset against rents at market rates).
• Cash and cash equivalents held by the various entities (KEUR 4,269).

The long-term financial debts total KEUR 500,425 compared to KEUR 401,177 as at 31 December 2018. The increase results from further implementation of Xior's growth strategy during 2019, which is partly financed by borrowing.

Other long-term financial commitments (KEUR 15,467) relate to the negative market value of IRS hedging contracts on the balance sheet date.

Other long term debts related to the put option on the 20% remaining shares of Mosquera Directorship (EUR 19 million). This obligation was booked against equity (deducted from the equity – IFRS obligation), which as a negative impact on the NAV per share. Upon execution of the put option, this negative amount in equity will be booked against the minority share.

Short-term financial borrowings total KEUR 1,706, which includes those related to a current account loan that was utilised at the end of December 2019.

Other short-term debts include, primarily:

Outstanding supplier debts (KEUR 5,657): these relate mainly to a small number of suppliers involved in projects carried out in 2019;

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• Other (KEUR 10,600): these mainly relate to provisions for Dutch taxes for the permanent establishment and the subsidiary companies, VAT due and social debts owed (KEUR 4,257), and advance payments from tenants (KEUR 686);
• Deposits received against rented properties (KEUR 8,099);
• Outstanding payments to exercise purchase options (put and call options) on 50% shares remaining in Promgranjo (KEUR 2,682), on 60% shares remaining in UHUB Benfica and on 75% shares remaining in UHUB Saõ João (KEUR 40,125).

III. FINANCING

As at 31 December 2019, the Company had financing agreements in place with Caisse d'Epargne/Natixis, ING België NV, Belfius Bank NV, BNP Paribas Fortis NV, Argenta Spaarbank NV, KBC Bank NV, ABN Amro, Banque de Luxembourg, vdk bank and Bank Nagelmackers. Caisse d'Epargne/Natixis had made available EUR 150 million, ING België NV EUR 135 million, Belfius Bank NV EUR 120 million, BNP Paribas Fortis NV EUR 100 million, Argenta Spaarbank NV EUR 70 million, KBC Bank NV EUR 55 million, ABN Amro EUR 35 million, Banque de Luxembourg EUR 25 million , vdk bank EUR 10 million and Bank Nagelmackers EUR 10 million. On 31 December 2019, the Company had drawn down EUR 502 million in financing.

The Company endeavours to stagger the loan maturities with an average maturity of 4.08 years as at 31 December 2019.

The Company also has IRS contracts totalling EUR 430 million as at 31 December 2019. As at 31 December 2019, the drawn down financing (EUR 502 million) was 97% hedged using Interest Rate Swap agreements, or by means of fixed interest rates.

The average financing cost during 2019 was 2.15% (2018: 1.96%). This increase is due to a decrease in the average outstanding loan amount and an increase in commitment fees on non-withdrawn committed credit lines.

IV. KEY COMPLETED PROJECTS 2019

- Acquisition of an operational residence and a project in Barcelona – 206 units

On 5 October 2019, Xior concluded an agreement on the acquisition of an operational residence (The Lofttown) and a project (under conditions precedent) in the permit phase (Project Collblanc), both located in Barcelona, which were acquired together and which are owned and led by the same operational team.

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The Lofttown: This operational residence, regarded as one of the best student residences in Spain, has 78 units with 140 beds. This property has been operational for several years and has been generating rental income since its acquisition. It is situated in a prime location, right next to the Paseo de Grácia and Avenida Diagonal, two of Barcelona's main commercial and tourist boulevards, and just a short stroll from a number of faculty buildings in the old city centre.

The students have access to the public spaces, such as a restaurant (half-board & full-board), movie room, study areas, design room with 3D printers, laundry, gym and terraces.

This residence was acquired through the purchase of 100% of the shares in the real estate company involved, and contributes to Xior's result immediately on acquisition. This transaction was completed on 30 October 2019.

Acquisition of a portfolio of student residences and projects in Porto and Lisbon – approximately 1,900 units – operating and development partnership with U.hub

On 11 October 2019, Xior signed an agreement for the acquisition, subject to conditions precedent, of the "U.hub" portfolio, consisting of two operational student residences (98 units) and four projects (approx. 1,800 units), all located in Porto and Lisbon. With this acquisition, Xior is taking a major step forward in the roll-out of its portfolio in Iberia, adding at one stroke approximately 1,900 student units in the two largest Portuguese student cities, both characterised by a major imbalance in supply and demand for student accommodation.

Two of the residences in this portfolio (U.hub Alameda and U.hub Alvalade, both in Lisbon) have been operational for several years and have generated rental income from the time of the takeover.

Two of the four projects in the portfolio have been approved and are already under construction. They are expected to reach completion in 2020 (the Saõ João project in Porto with approximately 450 units and the Benfica project in Lisbon with approximately 350 units). The two other projects (Lumiar in Lisbon with approximately 500 units and Boavista in Porto with approximately 500 units) are still awaiting permits and are expected to be completed in 2021 and 2022. The permit for the Lumiar project is expected to be obtained during 2020, the permit for the Boavista project is expected to be obtained in 2021. These new

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residences will include a number of public spaces and all the usual equipment and level of comfort expected of modern student residences.

The four locations in Lisbon are optimally located in the vicinity of public transport (metro) and from various universities, so that a wide choice can be offered to students at different locations in Lisbon and in multiple price categories.

In Porto, the projects are also in strategically interesting locations. U.hub Saõ João is on Asprela, the largest campus in Porto with 35,000 students, and U.hub Boavista is in the city centre with excellent public transport connections.

U.hub Lumiar – Lisbon U.hub Saõ João – Porto

The acquisition will be carried out through buying out, in two phases, 100% of the shares in the real estate companies concerned. The total investment value is approximately EUR 130.0 million and the gross yield is expected to stabilise at approximately 9.5%. This will set Xior on course to become the market leader in Portugal. Thanks to these additional acquisitions, the number of student units in the Portuguese portfolio (including the pipeline) will increase from 335 to approximately 2,235 units. The final investment value may still vary depending on the exact final number of rooms (and construction surface area), especially for the projects still awaiting permits. The first phase of this transaction was completed on 13 December 2019.

Partnership

In addition to these real estate companies, the company is also acquiring 85% of the company that manages the rentals of the student residences in Porto and Lisbon that are already operational, and is signing a framework agreement for collaboration on future developments with the development company managed by the team that created U.hub, one of the pioneers and challengers in professional student accommodation in Portugal. In this way, Xior will acquire a solid partnership with the U.hub team, which already has a fine track record and with the above projects has already made a highly promising start on its stated ambition of becoming the Portuguese market leader in student housing, which creates greater traction for the roll-out of the Xior brand in Portugal. In addition, through this agreement Xior acquires the necessary local practical expertise to organise its activities in-house in the best possible way in Portugal.

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Exercise of call option on the remaining 50% of the shares in Alma Student NV

On 4 October 2019 Xior, as planned when first buying into the company in August 2018, bought out the remaining 50% of the shares in Alma Student NV, owner of the redeveloped student complex located on the edge of Brussels (Zaventem) consisting of 240 units, 99 short-stay rooms developed using the ROXI concept and a retail ground floor. The building was recently completed and is generating rental income.

Acquisition of building part III of Heer Bokelweg – Rotterdam

On 18 September 2019, Xior acquired part 3 of the building located in Heer Bokelweg, Rotterdam, having already acquired on 31 May 2017 the other parts with the intention of developing an integrated construction program for the whole of the existing building.

Acquisition of an on-campus student residence in Madrid – 664 units

On 11 September 2019, Xior signed an agreement, for the acquisition of a student residence on the campus of UEM (Universidad Europea de Madrid) in Madrid (Villaviciosa de Odón). This operational residence of 464 units (528 beds) is in a strategic location on the campus of one of the most prestigious private universities in Madrid and has additional development potential for just over 200 extra beds. The total expected investment amount is approximately EUR 85.4 million, of which Xior will be acquiring 80% from the real estate company that both owns and runs the residence, as well as owning the land, including an expected contribution in development costs, with an initial yield of approximately 7%. The university's current owner and manager, who is also the vendor, will retain the remaining 20%. This acquisition was completed on 5 November 2019.

Joint venture agreement for Granjo (Porto) – 211 units

On 28 August 2019, Xior bought a 50% stake in the joint venture Promgranjo S.A. when it received the necessary administrative letter of comfort that the permit would be issued for the Granjo project in Porto relating to the redevelopment of an existing building it fully owned to convert it into a student complex with 211 units (420 beds), 3 parking areas and 16 residential apartments, continuing the implementation of the earlier agreement on this subject.

Agreement on development of a student residence in Namur – minimum 206 units

On 2 July 2019, Xior announced the signature of an agreement for the development of a new student complex of at least 206 units (to be optimised in the current permit process) located near Université de Namur and the train station in Namur, Belgium. Following the proposed development, this transaction will have a total investment value of approximately EUR 20 million. The joint venture Baltissimmo NV – Promiris NV will be responsible for the development. This is a collaboration between Baltissimmo NV and Promiris NV, a developer Xior has successfully collaborated with in the past (for the project at Etterbeek,

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Oudergemlaan, Zaventem, Alma and for its expansion into Portugal). Xior will acquire the shares of the real estate company concerned following the provisional completion of the project which, according to the current schedule, is expected around Q2 2022 (or one year before, at the very earliest). This is Xior's first foray into Wallonia, adding a new student city to its portfolio.

Launch of the Roxi concept

On 19 June 2019, Xior launched 'ROXI – The Urban Residence', a new concept that focuses on both long and short stays. The Belgian real estate player has long offered a more traditional range of student accommodation in Belgium, the Netherlands, Spain and Portugal, and is now expanding its services with a more hybrid housing concept that effortlessly blends housing, living, studying and/or working. It is Xior's response to the growing trend of co-living. The focus is on students and all of its stakeholders, such as parents, guest professors, trainees, young professionals, millennials and expats.

Acquisition of the Meteo building in Wageningen – 22 units

On 13 June 2019, Xior acquired a student residence in Wageningen, as already announced at the time of the acquisition of the nearby main building on the same site, reported in the 2018 annual report, next to the main building on the same Duivendaal site. The building has 22 rooms. The investment value amounts to EUR 3,2 million, with an initial return of 6%

Acquisition of the 'Studax' student residence in Leuven – 292 units

On 13 June 2019, Xior acquired the 'Studax' student residence near the train station, which consists of 292 student rooms with an investment value of EUR 29,75 million. This investment was achieved by acquiring 100% of the shares of the real estate company concerned through a contribution in kind. The residence is part of 'Kop van Kessel-Lo', the new place to be in Leuven after the full redevelopment of the area and Belle-Vue Park in particular in 2019. It offers many facilities. KU Leuven university will continue to operate the building based on a long-term rental agreement, as it has done since the building's opening in 2016. This means that the management costs are limited, no property tax is due and there are limited maintenance costs, so the operating margin is higher than for normal properties under our own management. The investment values are in line with the estimates of the independent property expert. The initial yield stands at 5.40%.

Xior Student Housing has acquired 100% of the shares of Stratos KvK NV for this transaction. Xior Student Housing used its right not to pay for the Stratos KvK NV shares in cash. Instead, it has decided to pay with newly issued Xior Student Housing shares by contributing the shares of Stratos KvK NV to Xior Student Housing. The contribution of the Stratos KvK shares was financed by issuing 430,889 new shares for a total value of EUR 18,097,363.01, of which EUR 7,756,002.00 was assigned as capital and the balance of EUR 10,241,361.01 was assigned as Issue Premiums after deduction of the costs of the capital increase according to the applicable IFRS rules. The issue price of the new shares (rounded down) was EUR 42.00

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and was equal to the volume weighted average listing price (VWAP or Volume Weighted Average Price) of Xior Student Housing over the 5 trading days prior to 13 June 2019 (not including the launch date), minus the pro rata share of the gross dividend for financial year 2019 (EUR 0.581 per share) and minus a discount of 4.97%, or a discount of 5.45% compared to the closing price on 12 June 2019 minus the pro rata share of the gross dividend for financial year 2019.

Stock dividend

On 16 May 2019, Xior shareholders were informed at the Annual General Meeting about the detailed arrangements for a stock dividend relating to the dividend. On 4 June 2019, Xior announced that approximately 62.74% of Xior shareholders entitled to dividends opted for the contribution of net dividend entitlement in exchange for new shares rather than a cash dividend payment. This result led to a Xior capital increase (including issue premium) of approximately EUR 6.08 million by creating 150,143 new shares.

Acquisition of Eendrachtskade, Groningen – at least 225 units

On 10 April 2019, Xior acquired a redevelopment project in Groningen with at least 225 residential units, offices and 180 parking spaces. This transaction has an anticipated investment value of approximately EUR 46 million and is expected to have an initial yield of approx. 6.2%. Completion and commissioning are planned for Q4 2021. The existing building is being acquired by procuring 100% of the shares in the SPV. Renovation work will begin after a permit has been obtained. Current rental income of EUR 2 million in total will continue to be generated until Q4 2020.

Closing Karspeldreef, Amsterdam – 320 units

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. Xior plans to redevelop a total of 320 self-contained student units on this site. This office building conversion project consists of 6 connected buildings, each with its own facilities (such as an elevator). The building will also have 170 parking spaces. The announced expected investment value will be around EUR 55 million (subject to the further adjustment of the number of units and the expected rental values during the project's development). The vendors will provide a yield guarantee for this project from 1 September 2018, and will also provide a one-year rental guarantee. This acquisition was successfully completed on 8 April 2019. The initial yield stands at 6%.

Acquisition of a student complex in Barcelona – 191 units

On 13 March 2019, Xior signed an agreement to acquire a student complex to be developed in Barcelona. This is a brand-new student residence located in the recently opened new campus of the Universitat Politècnica de Catalunya (UPC) (with 3,500 students and 400 professors/researchers), near the beach and

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the trendy 22@ district. The residence has 191 self-contained rooms and offers all modern facilities, such as an in-house restaurant, a gym, study rooms, a swimming pool and a roof terrace. The building is fully furnished and was constructed based on a 50-year concession (until 2067). The residency was completed and commissioned from September 2019. The seller has given a 50% rental guarantee for the building's occupancy during the summer months (July and August) for a 3-year term (from 2019). This allows Xior to optimize the occupancy for the remaining units during the summer holidays in collaboration with the university, local companies and summer work experience providers. During the academic year, the units are rented out under 10-month contracts. The concession was awarded and is actively managed by a consortium made up by the UPC and three local authorities (Catalonia, Barcelona and Besòs), with whom Xior expects to be working closely and productively in order to make the residence and the entire campus a success. The transaction took place on 21 May 2019 through the acquisition of all shares of the relevant project company of LIFE, a Belgian developer with which Xior has already successfully collaborated in the past. The total investment value is approximately EUR 25.5 million and the expected initial yield is approximately 7%.

Agreement on the development of two student properties in Portugal in a joint venture structure – 335 units

On 13 March 2019, Xior signed a deal for the development of student properties in Lisbon and Porto in a joint venture structure.

The project in Lisbon (Artur Lamas) concerns a student residence of 124 units (254 beds) and 14 parking spaces on a wholly owned greenfield site. This residence was already the subject of a 12-year triple net lease agreement with Odalys Portugal at a fixed rent (the parent company, Odalys Groupe, has provided a full parent guarantee for its Portuguese subsidiary). The project will also house a laundry room, fitness room, study room, cafeteria and reception. The development will involve a joint venture with various parties including Promiris, a Belgian party that Xior has worked with successfully on projects in Belgium in the past. Xior's entry will be phased: 50% of the joint venture shares will be purchased upon obtaining the necessary administrative assurances that the permit will be obtained (under certain suspensive conditions) and the remaining 50% will be acquired upon completion. The permit is expected to be obtained during the fourth quarter of 2019. Completion is planned in 2021, with access scheduled to take place later this year.

The project in Porto (Granjo) concerns the redevelopment of an existing, wholly owned building into a student complex with 211 units (420 beds) and 3 parking spaces. The building will also house a laundry room, reception, fitness room and cafeteria. The transaction also includes 16 residential apartments to be realised under the project. Odalys Portugal will also act as the operator and tenant on a triple net basis (with a guarantee by the Odalys Groupe) for 12 years at an annually increasing rent excluding the appartments, which the seller will guarantee and supplement during the first 7 years (up to the level that is reached in year 7). This ensures a stable, high rent for Xior. The development will be structured in the same way as the Lisbon project in a joint venture – also involving Promiris – with phased access. The

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necessary assurances have been obtained under administrative law that the permit will be obtained and first closing was done on 28 August 2019 (see above). Completion is expected in the second half of 2021.

The total investment value of both projects is approximately EUR 28.2 million. The expected theoretical gross initial yield on the student accommodation is approximately 8%.

Acquisition of project land in Ghent

On 17 January 2019, Xior acquired project land on Bagattenstraat, a prime location in the centre of Ghent. Xior aims to develop a quality student property there.

V. IMPORTANT EVENTS AFTER THE END OF THE FINANCIAL YEAR

Acquisition Eindhoven – 250 units

On 30 January 2020, Xior has acquired a redevelopment project in Eindhoven consisting of an expected 250 individual student units. This transaction has an anticipated investment value of approximately EUR 32 million and is expected to have an initial yield of 6.0%. The completion and commissioning are planned for H2 2022, as a result of which a fully renovated complex will be added to Xior's portfolio in a prime location in one of the top ten student cities in the Netherlands.

This office building, known as Boschdijk Veste, will be converted into a student residence equipped with all modern comforts. It is expected to consist of 250 individual student rooms, various common areas, an enclosed garden, parking for bicycles, and more. The building is currently let as an office, and will continue to generate income during the period expected to be required to obtain the necessary permits. The permit application and follow-up will be carried out by the vendors, with Xior benefiting from a buyback guarantee if the permit process cannot be concluded successfully.

VI. GROWTHPROSPECTS²³

Xior has every intention of continuing to pursue its growth strategy in 2020 by adding quality student properties to its property portfolio and by completing the projects in its development pipeline. Xior is convinced that both in Belgium and the Netherlands, as well as in the Iberian peninsula there continue to be a number of attractive growth opportunities available.

For the 2020 financial year, the Company is anticipating EPRA earnings per share of EUR 1.70, an increase of 6.25% compared to 2019. It is also applying a target of EUR 1.36 for the gross dividend per share (an increase of 4.6% compared to 2019). This means that Xior is once again expecting a good increase in its earnings per share compared to the prior year, despite the fact that the number of shares increased by

²³ These forecasts are based on the current situation and subject to unforeseen circumstances (such as a substantial deterioration of the economic and financial environment and/or the materialisation of risks to which the Company and its activities are exposed). Forecasts regarding dividends are also subject to approval by the Annual General Meeting.

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39% during 2019 following the successful capital increase in October 2019, and the contribution in kind in June. 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, EPRA earnings and dividend in the course of 2020 and 2021. After the full development of the pipeline, Xior expects an annualised rent of EUR 88.75 million.

Xior expects to further increase its portfolio to EUR 2 billion by end 2022, with an EPS growth of at least 6% per year.

Xior expects the debt ratio to be around 55% as a result of the further implementation of the growth strategy by end 2022.

In 2020, Xior is expecting an occupancy rate similar to the current rate.

VII. AUDIT ACTIVITIES

The statutory auditor has confirmed that their audit work on the figures, which has been completed in all material aspects, revealed that no material corrections need to be made to the accounting information included in the communiqué.

VIII. ANNUAL FINANCIAL REPORT – ANNUAL GENERAL MEETING

The annual report will be made available from 22 April 2020 (after stock market closing) for shareholders to view on the website www.xior.be and can also be obtained from the company's headquarters on request (Mechelsesteenweg 34, Box 108, 2018 Antwerp or via info@xior.be).

The company's annual general meeting will be held on 22 May 2020.

IX. FINANCIAL CALENDAR

Publication of Annual Financial Report 22 April 2020 (after stock market closing) Notification of results to 31 March 2020 9 April 2020 (after stock market closing) Annual General Meeting 22 May 2020 Notification of results to 30 June 2020 5 August 2020 (after stock market closing) Notification of results to 30 September 2020 23 October 2020 (after stock market

closing)

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For more information, please contact:

Xior Student Housing NV Mechelsesteenweg 34, Box 108 2018 Antwerp www.xior.be

Christian Teunissen, CEO Frederik Snauwaert, CFO info@xior.be T +32 3 257 04 89

Xior Investor Relations Sandra Aznar Head of Investor Relations ir@xior.be T +32 3 257 04 89

X. FINANCIAL OVERVIEWS

CONSOLIDATED OVERVIEW OF THE FINANCIAL POSITION

ASSETS (in KEUR)	31/12/2019	31/12/2018
I. FIXED ASSETS	1,255,584	823,559
B. Intangible fixed assets	52	13
C. Investment property	1,190,791	814,908
a. Property available to let	1,111,685	735,927
b. Property developments	79,106	78,981
D. Other tangible fixed assets	851	698
a. Tangible fixed assets for own use	851	698
E. Financial fixed assets	25	21
Other	25	21
G. Trade receivables and other fixed assets	135	135
H. Deferred taxes – assets	96	460
I. Participating interests in associated companies and joint ventures with equity movements	63,635	7,325
II. CURRENT ASSETS	20,945	38,193
D. Trade receivables	1,163	1,218
E. Tax receivables and other current assets	13,410	34,225
a. Taxes	714	738
c. Other	12,695	33,487
F. Cash and cash equivalents	4,269	1,677
G. Accruals and deferred payments	2,103	1,074
Prepaid property charges	1,247	9
Accrued rental income not due	36	980
Other	820	85
TOTAL ASSETS	1,276,529	861,752
LIABILITIES (in KEUR)	31/12/2019	31/12/2018

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EQUITY		625,808	410,019
I.	Equity attributable to parent company shareholders	610,428	410,019
A. Capital		342,125	245,672
a. Issued capital		344,396	247,839
	b. Capital increase costs (-)	-2,271	-2,167
	B. Issue premiums	276,441	147,239
C. Reserves		-16,108	1,003
	Reserve for the balance of the variations in the fair value of property	29,530	19,333
	Reserve for the impact on the fair value of the estimated transaction fees and costs resulting from the hypothetical disposal of investment property	-22,072	-19,065
	Reserve for the balance of the variations in the fair value of permitted hedging instruments that are not subject to hedging accounting as defined in the IFRS	-8,184	-924
	Other reserves	-19,447	0
	Retained earnings from previous financial years	4,066	1,659
	D. Net result for the financial year	7,969	16,105
II.	Minority interests	15,381	0
LIABILITIES		650,720	451,733
	I. Non-current liabilities	582,034	424,203
	B. Non-current financial debts	500,425	401,177
	a. Credit institutions	500,425	401,177
	C. Other non-current financial liabilities	15,467	6,317
	a. Permitted hedging instruments	15,467	6,317
	E. Other long term obligations	19,329	0
	F. Deferred taxes – liabilities	46,813	16,709
a. Exit tax		0	34
b. Other		46,813	16,675
	II Short-term liabilities	68,685	27,530
	B. Current financial liabilities	1,706	1,637
	a. Credit institutions	1,706	1,637
	D. Trade debts and other current liabilities	10,806	8,899
a. Exit tax		206	0
b. Other		10,600	8,899
	Suppliers	5,657	6,486
	Tenants	686	184
	Taxes, wages and social security contributions	4,257	2,229
		50,906	13,263
	E. Other current liabilities
	Other	50,906	13,263

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a. Deferred income	1,176	1,035
b. Accrued interest not due	2,083	907
c. Other	2,007	1,791
TOTAL EQUITY AND LIABILITIES	1,276,529	861,752

CONSOLIDATED PROFIT AND LOSS ACCOUNT

Income statement (in KEUR)	31/12/2019	31/12/2018
I. (+) Rental income	45,056	30,245
(+) Rental income	41,347	27,191
(+) Rental guarantees	3,979	3,106
(-) Rent reductions	-270	-52
Impairments of trade receivables	-125	-165
NET RENTAL RESULT	44,931	30,081
V. (+) Recovery of rental charges and taxes normally payable by the tenant on let properties	8,193	4,952
- Transmission of rental charges borne by the proprietor	8,055	4,822
- Calculation of withholding tax and taxes on let properties	138	130
VII. (-) Rental charges and taxes normally payable by the tenant on let properties	-9,012	-5,544
- Rental charges borne by the proprietor	-8,869	-5,422
- Withholding tax and taxes on let properties	-143	-122
VIII. (+/-) Other rental-related income and expenditure	1,396	1,230
PROPERTY RESULT	45,508	30,718
IX. (-) Technical costs	-1,538	-844
Recurring technical costs	-1,621	-825
(-) Maintenance	-1,282	-654
(-) Insurance premiums	-339	-171
Non-recurring technical costs	83	-19
(-) Damages	83	-19
X. (-) Commercial costs	-390	-335
(-) Publicity and so on	-334	-322
(-) Lawyers' fees and legal costs	-56	-13
XI. (-) Costs and taxes for non-let properties	-423	-240
XII. (-) Property management costs	-2,946	-1,802
(-) Management costs (external)	-768	-1,246
(-) Management costs (internal)	-2,178	-556
XIII. (-) Other property charges	-1,697	-1,080
(-) Architects' fees	-4	-1
(-) Valuation expert fees	-312	-191
(-) Other property charges	-1,382	-887
(+/-) PROPERTY CHARGES	-6,994	-4,301
PROPERTY OPERATING RESULT	38,515	26,418
XIV. (-) General company expenses	-3,500	-3,149
XV. (+/-) Other operating income and costs	54	53

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OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO	35,069	23,323
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 the investment property	17,982	5,372
(+) Positive variations in the Fair Value of the investment property	25,820	8,826
(-) Negative variations in the Fair Value of the investment property	-7,839	- 3,454
XIX. (+) Other portfolio result	-22,005	351
OPERATING RESULT	31,046	29,044
XX. (+) Financial income	261	183
(+) Interest and dividends collected	261	183
XXI. (-) Net interest costs	-7,478	-4,079
(-) Nominal interest paid on loans	-4,720	-2,276
(-) Reconstitution of the nominal amount of financial debt	-218	-87
(-) Costs of permitted hedging instruments	-2,540	-1,716
XXII. (-) Other financial costs	-404	-284
- Bank costs and other commissions	-378	-253
Other	-26	-31
XXIII. (+/-) Variations in the Fair Value of financial assets and liabilities	-9,150	-5,393
(+/-) FINANCIAL RESULT	-16,771	-9,572
XXIV Share in the result of associated companies and joint ventures	-1,398	270
RESULT BEFORE TAXES	12,877	19,742
XXV. Corporation taxes	-5,093	-3,637
XXVI. Exit tax	-124	0
(+/-) TAXES	-5,218	-3,637
NET RESULT	7,659	16,105
EPRA EARNINGS	24,103	16,179
EPRA EARNINGS – GROUP SHARE	29,975	16,179
RESULT ON THE PORTFOLIO	-4,023	5,722
DEFERRED TAXES WITH REGARD TO IAS 40 ADJUSTMENTS	-1,872	-673
EURVARIATIONS IN THE FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES	-9,150	-5,393
SHARE IN THE RESULT OF JOINT VENTURES	-1,398	270
EPRA EARNINGS PER SHARE (in EUR)	1.61	1.46
EPRA EARNINGS PER SHARE (in EUR) – Group share	1.60	1.46

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

In KEUR	31/12/2019	31/12/2018
Net result	7,659	16,105
Other components of the comprehensive income
(+/-) Impact on the Fair Value of the estimated transaction costs and costs resulting from hypothetical disposal of investment properties	0	0
(+/-) Variations in the effective part of the Fair Value of permitted cash flow hedging instruments	0	0
GLOBAL RESULT	7,659	16,105

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Attributable to:
Minority interests	127	0
Group shareholders	7,532	16,105
Consolidated cash flow overview CONSOLIDATED CASH FLOW OVERVIEW (in KEUR)	31/12/2019	31/12/2018
CASH AND CASH EQUIVALENTS AT THE START OF THE FINANCIAL YEAR	1,677	815
1. Cash flow from operating activities	-45,813	-24,770
Cash flow relating to operations:	20,533	24,875
Operating result	31,045	29,044
Interest paid	-8,047	-3,512
Interest received	0	0
Other	-2,465	-657
Non-cash elements added to / subtracted from the result	-5,285	-8,696
* Amortisation, depreciation and impairments	169	87
- Amortisation/depreciation/impairments (or writebacks) on tangible and intangible assets	169	87
* Other non-cash elements	-5,454	-8,783
- Variations in the Fair Value of the investment property	-3,324	-5,722
-Other non-cash elements	-2,199	-3,061
-Change in working capital required:	-61,061	-40,948
* Change in assets:	-29,483	-22,737
* Change in liabilities:	-31,999	-18,211
2. Cash flow from investment activities	-252,915	-237,478
Acquisition of investment property and property developments	-59,700	-146,771
Sale of investment property	0	0
Purchase of shares in real estate companies	-170,592	-90,249
Acquisition of other tangible assets	-305	-426
Acquisition of non-current financial fixed assets	-22,318	-32
Receivables on trade and other non-current assets	0
Assets held for sale	0
3. Cash flow from investment activities	297,729	261,637
* Change in financial liabilities and financial debts
- Increase in financial debts	190,577	234,130
- Decrease in financial debts	-102,000	-95,000
- Repayment of shareholder loans
*Change in other liabilities	15,381
* Change in equity
- Increase (+)/decrease (-) in capital/issue premiums	201,681	130,776
- Costs for the issue of shares	-104	-46
Dividend for the previous financial year	-7,806	-8,223

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Increase in cash following merger	3,590	1,473
CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR	4,269	1,677

XI. ALTERNATIVE PERFORMANCE MEASURES (APMs): RECONCILIATION TABLES

EPRA earnings	31/12/2019	31/12/2018
Net result	7,659	16,105
Variations in the Fair Value of the investment property	-17,982	-5,372
Other portfolio result	22,005	- 351
Result from the sale of investment properties	0	0
Variations in the fair value of financial assets and liabilities	9,150	5,393
Share in the result of joint ventures	1,398	-270
Deferred taxes with regard to IAS 40 adjustments	1,872	673
EPRA earnings	24,103	16,179
Result on the portfolio	31/12/2019	31/12/2018
Result from the sale of investment properties	0	0
Variations in the Fair Value of the investment property	-17,982	5,372
Other portfolio result	22,005	351
Result on the portfolio	4,023	5,722
EPRA earnings per share	31/12/2019	31/12/2018
Net result	7,659	16,105
Variations in the Fair Value of the investment property	-17,982	-5,372
Other portfolio result	22,005	-351
Result from the sale of investment properties	0	0
Variations in the Fair Value of financial assets and liabilities	9,150	5,393
Share in the result of joint ventures	1,398	-270
Deferred taxes with regard to IAS 40 adjustments	1,872	673
Weighted average number of shares	14,996,135	11,109,319
EPRA earnings per share	1.61	1.46
EPRA earnings per share - group share	1.60	1.46

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Average interest rate	31/12/2019	31/12/2018
Nominal interest paid on loans	4,720	2,276
Costs of permitted hedging instruments	2,540	1,716
Capitalised interest	2,248	1,612
Average outstanding debt for the period	470,695	304,323
Average interest rate	2.02%	1.84%
Average interest rate excl. costs of permitted hedging instruments	1.48%	1.28%
Average financing costs	31/12/2019	31/12/2018
Nominal interest paid on loans	4,720	2,276
Costs of permitted hedging instruments	2,540	1,716
Capitalised interest	2,248	1,612
Breakdown of the nominal amount of financial debt Bank costs and other commissions	218 404	87 284
Average outstanding debt for the period	470,695	304,323
Average financing costs	2.15%	1.96%
Average financing costs excl. costs of permitted hedging instruments	1.61%	1.40%
EPRA NAV	31/12/2019	31/12/2018
Net asset value according to the financial statements	625,808	410,019
To be excluded:
Fair Value of financial assets and liabilities	15,467	6,317
- Deferred taxes	46,813	16,675
EPRA NAV	688,088	433,011
EPRA NAV (EUR/share) 24	35.96	31.45
EPRA NNNAV	31/12/2019	31/12/2018
EPRA NAV	688,088	433,011
To be added
Fair Value of financial assets and liabilities	-15,467	-6,317
- Deferred taxes	-46,813	-16,675
EPRA NNNAV	625,808	410,019

²⁴ Based on the number of shares issued.

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31/12/2019 31/12/2018 1,204,634 830,899 29,148 20,224 -203,741 -179,435 1,030,041 671,688 31,101 20,718 1,061,142 692,407 55,424 35,099 4,488 -3,352 50,936 31,747 - - 50,936 31,747 4.8% 4.6% 4.8% 4.6% EPRA Rental Vacancy 31/12/2019 31/12/2018 Estimated rental value of the vacant units 1,648 637 Estimated rental value of the entire portfolio26 55,424 42,195 2.97%27 EPRA Rental Vacancy 1.50% 31/12/2019 31/12/2018 3,500 3,149 125 165 6,994 4,301 10,619 7,615 Vacancy costs 423 240 10,196 7,375 45,327 30,245 23.4% 25.2%	EPRA NNNAV (EUR/share) 25	32.71	29.78
	EPRA Net Initial Yield
	Investment property – full property Fair Value
	Investment property – share in joint ventures
	Minus property developments
	Completed property portfolio
	Transaction fees
	Investment value of the property available for rent
	Annualised gross rental income
	Property charges
	Annualised net rental income
	Notional amount at the end of the rent-free period
	Adjusted annualised net rental income
	EPRA Net Initial Yield
	EPRA Adjusted Net Initial Yield
	EPRA cost ratio
	General expenses
	Impairments of trade receivables
	Property charges
	EPRA costs (incl. vacancy costs)
	EPRA costs (excl. vacancy costs)
	Gross rental income
	EPRA cost ratio (incl. vacancy costs)

²⁵ Based on the number of shares issued.

²⁶ Calculated against the annualized rent of the operational portfolio. Last year this was calculated against the annualized rent of the whole portfolio. This has been corrected in the current year.

²⁷The EPRA ERV of 2,97% per 31/12/2019 is due to the ramp up of buildings delivered in the last quarter of 2019.

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EPRA cost ratio (excl. vacancy costs)	22.5%	24.4%
---------------------------------------	-------	-------

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XII. Glossary of the Alternative Performance Measures (APMs) used by Xior Student Housing

APM terms	Definition	Use
EPRA earnings	The net result +/- variations in the Fair Value of the investment property +/- other portfolio result +/- result from the sale of investment property +/- variations in the Fair Value of financial assets and liabilities +/- deferred taxes with regard to IAS 40 adjustments	Measuring the results of the strategic operational activities, excluding variations in the Fair Value of the investment property, other portfolio result, the earnings 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 covered by earnings.
Result on the portfolio	Income from the sale of investment property +/- variations in the Fair Value of the 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 NAV	This is the NAV that has been adjusted to also include property and other investments at their Fair Value, which exclude certain elements that are not expected to actually take shape 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 assets and liabilities, (ii) the Fair Value of debts and (iii) the deferred tax.	Comparability with other RRECs and international property players
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 measure 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

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EPRA cost ratio (incl. vacancy costs)

EPRA cost ratio (excl. vacancy costs)

EPRA costs (including vacancy costs) divided by the gross rental income, less the rent still to be paid on rented land EPRA costs (excluding vacancy costs) divided by the gross rental income, less the rent still to be paid on rented land

Comparability with other RRECs and international property players

Comparability with other RRECs and international property players

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Regulated information

About Xior Student Housing

Xior Student Housing NV is the first Belgian public regulated real estate company (RREC) specialising in the student housing segment in Belgium, the Netherlands, Spain and Portugal. 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 owneroperator, 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 31 December 2019, Xior Student Housing held a property portfolio worth approximately EUR 1.19 billion. More information is available at www.xior.be.

Xior Student Housing NV, a Public RREC under Belgian law (BE-REIT) Mechelsesteenweg 34, Box 108, 2018 Antwerp, Belgium BE 0547.972.794 (Antwerp Register of Legal Entities, Antwerp Division)

Disclaimer

This press release contains forward-looking information, projections, convictions, opinions and estimates produced by Xior in relation to the expected future performance of Xior and of the market in which it operates ('forward-looking statements'). By nature, forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, that appear justified at the time at which they are made but which may or may not turn out to be accurate, and there is a risk that the forward-looking statements will not be realised. Some events are difficult to predict and may depend on factors outside of Xior's control. In addition, the forward-looking statements are only valid on the date of this press release. Statements in this press release relating to past trends or activities may not be interpreted as an indication that such trends or activities will persist in future. Neither Xior nor its representatives, officers or advisers can guarantee that the parameters upon which the forward-looking statements are based are free of errors, nor can they indicate, guarantee or predict whether the expected results set out in such a forward-looking statement will ultimately be achieved. Actual profits, the financial situation and Xior's performance or results may therefore differ substantially from the information projected or implied in forward-looking statements. Xior expressly does not accept any obligations or guarantees as to public updates or reviews of forward-looking statements unless required to do so by law. This press release has been prepared in Dutch and has been translated into English and French. In case of discrepancies between the different versions of this press release, the Dutch version will prevail.