Xior Student Housing N.v. · EURONEXT:XIOR
Xior Student Housing — Q1 2021 Earnings Presentation
35 slides from Xior Student Housing's earnings presentation, Apr 27, 2021
Slide 1: Presentation Results Q1 2021
Presentation Results Q1 2021 © Xior Student Housing – 27 April 2021
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by the management of XIOR STUDENT HOUSING NV (the "Company") and the Company assumes responsibility for the information contained in this presentation. It does not constitute or form part of, and should not be construed as, an offer, solicitation or inv
Slide 3: Table of Contents
Table of Contents 1. Recap 3M 2021 • Track record • Realisations 2021 • Portfolio 2. Portfolio & Pipeline 3. Q1 2021 Results Q&A Appendix Financials Appendix Organisation 3
Slide 4: Recap 3M 2021
01. Recap 3M 2021 Prince – Antwerp 4
Slide 5: Track record
Track record December 2015 €87.8m IPO March 2021 – …1 June 2020 December 2020 February 2021 €200m portfolio Creation of XL Acquisition New acquisitions Heading to ca. €2 bn 48 assets Fund: A major step Zernike Tower Teatinos, Malaga portfolio 2,035 units forward for our Groningen City Lofts, 8 citie
Slide 6: A solid growth story: acquisitions 2021
A solid growth story: acquisitions 2021 Malaga – Leeuwarden Project Teatinos Malaga #Units 229 units (231 beds) Invest. Value Ca. €23.2m Gross Yield Ca. 7.1% ca. €23.2m Exp. delivery summer 2021 Status 2 yr triple net lease by operator AMRO Permit In place Project City Lofts Leeuwarden #Units 183 un
Slide 7: Main Realisations 2021
Main Realisations 2021 • March 2021 – Capital increase with priority allocation rights • 178.9 MEUR • 4,209,288 new shares issued at 42.50 EUR per share • Fully subscribed • April 2021 – First ever issuer in Belgium of Green CP/MTN programme • 100 MEUR • From 1 day till 12 years • Issued under exist
Slide 8: Operational update
Operational update • Operational Students are all too eager to move into a student room. New rental season takes a flying start The new academic year looks very promising for the entire Xior portfolio Rental season started earlier and higher retention rates are observed Massive search for rooms in B
Slide 9: Current student portfolio overview
Current student portfolio overview 1 Leeuwarden Groningen Antwerp Ghent Hasselt Mechelen Brussels Leuven Liège Ams terdam Ens chede Namur Ams telveen Lei den Utrecht The Hague Del ft Rotterdam Wa geningen Breda Ti l burg Ei ndhoven Venlo Total Ma a stricht Vaals # cities 8 17 4 2 31 # assets 58 47 7
Slide 10: Xior, a growth story
Xior, a growth story CONTINUOUS INCREASE OF LETTABLE UNITS1 1. As per 31 March 2021. 10
Slide 11: Portfolio & Pipeline
02. Portfolio & Pipeline Oudergemlaan – Brussels 11
Slide 12: Accelerating portfolio growth
Accelerating portfolio growth 1 1. As per 31 March 2021. 12
Slide 13: Pipeline per 31.03.2021 (acquisitions & developments)
Pipeline per 31.03.2021 (acquisitions & developments) Estimated Investment value Project Permit Expected delivery # of units (beds) Rental income (ca. €m)1 BENELUX PORTFOLIO Eendrachtskade – Groningen Ca.54.0 2021 283 + other Partially as office Bokelweg – Rotterdam TBD (est. 56.6) Exp. 2021 2022
Slide 14: Pipeline per 31.03.2021 (acquisitions & developments)
Pipeline per 31.03.2021 (acquisitions & developments) Estimated Investment value Project Permit Expected delivery # of units (beds) Rental income (ca. €m)1 IBERIA PORTFOLIO Lamas – Lisbon 10.4 2022 124 (254) No Granjo – Porto 17.8 2021 211 (420) No UEM – Madrid TBD (est. 22.2) Exp. 2021 TBD > 20
Slide 15: Q1 2021 Results
03. Q1 2021 Results BrinkToren – Amsterdam 15
Slide 16: Key figures as per 31.03.2021
Key figures as per 31.03.2021 PORTFOLIO FAIR VALUE DEBT RATIO 2021 GUIDANCE €1.57bn 43.92% EPS = €1.80/share DPS = €1.44/share1 EPRA NAV/share OCCUPANCY RATE 2022 GUIDANCE Min. EPS growth of 10% vs. 2021 €36.35 97.70% 1. Dividend is subject to approval by the Annual General Meeting. 16
Slide 17: Occupancy rates and NAV per share
Occupancy rates and NAV per share 17
Slide 18: Nomination agreements
Nomination agreements1 UNIVERSITY CITY LOCATION #UNITS END DATE RENTAL CONTRACT Saxion Hogescholen Enschede Ariënsplein 113 31/07/2026 Saxion Hogescholen Enschede Ariënsplein 1 (educational facility) 31/08/2027 Saxion Hogescholen Enschede Ariënsplein 1 (educational facility) 28/02/2029 Saxion Hogesc
Slide 19: Nomination agreements
Nomination agreements1 UNIVERSITY CITY LOCATION #UNITS END DATE PARTNERSHIPS KU Leuven Leuven Studax 292 14/09/2041 Technische Universiteit Delft Delft Phoenixstraat 91 31/07/2022 Universiteit Leiden Leiden Verbeekstraat ca. 30 Erasmus Universiteit Rotterdam Woudestein 259 31/08/2021 Universiteit Ut
Slide 20: Solid financing position
Solid financing position DEBT MATURITY PROFILE (31 MAR 2021) DEBT PROFILE (31 MAR 2021) FIRST LARGE MATURITY DATE NOT BEFORE 2022 Q1 1 • Debt ratio of 43.92% 31/12/2020: 54.18% • Total credit lines of €920m of which €255m undrawn facilities • Average debt maturity: 4.54 years • 31/12/2020: 4.51 year
Slide 21: Operational metrics & valuation yields
Operational metrics & valuation yields OPERATIONAL METRICS VALUATION YIELDS Gross valuation yields 31/12/2020 31/12/2019 31/12/2018 31/12/2017 31/12/2016 31/12/2015 Gross yields Belgium 5.15% 5.13% 5.10% 5.15% 5.17% 5.31% Gross yields the Netherlands 5.89% 5.63% 5.72% 6.19% 6.54% 7.95% Gross yields
Slide 22: EPS & DPS: FY 2020 results and guidance 2021 – 2022
1 EPS & DPS: FY 2020 results and guidance 2021 – 2022 € 1,30 € 1,25 € 1,20 € 1,15 Xior foresees EPS growth of at least 10% in 2022 compared to 2021, if the growth strategy is executed. 1. EPS – group share. 22 2. Per 31 March 2021.
Slide 23: Q&A
Q&A 23
Slide 24: Appendix Financials
Appendix Financials Diagonal Besòs – Barcelona 24
Slide 25: Key financials 31.03.2021 – P&L
Key financials 31.03.2021 – P&L 1 in KEUR 31/03/2021 31/03/2020 Net rental result 17,627 13,979 +26% Real estate result 12,525 10,412 Operating result before result on the portfolio 10,729 8,459 Financial result (excl. variations in the fair value of financial assets and liabilities) -2,812 -1,531 E
Slide 26: Key financials 31.03.2021 – Balance sheet
Key financials 31.03.2021 – Balance sheet In KEUR 31/03/2021 31/12/2020 Equity 847,636 659,503 Equity – part of the group 828,966 641,194 Fair value of the real estate property1 1,573,376 1,555,779 Occupancy rate 97.70% 97.70% Debt ratio (Law on Regulated Real Estate Companies)2 43.92% 54.18% 1. The
Slide 27: Key financials 31.03.2021 – Figures per share
Key financials 31.03.2021 – Figures per share in EUR 31/03/2021 31/03/2020 Number of shares 25,255,729 19,133,129 Weighted average number of shares 22,110,327 19,133,129 EPRA1 earnings per share 0.33 0.32 EPRA1 earnings per share – group share 0.33 0.31 EPRA1 earnings per share after IFRIC adjustmen
Slide 28: Key financials 31.03.2021 – Metrics
Key financials 31.03.2021 – Metrics Operational Ratios1 31/03/2021 31/12/2020 31/12/2019 31/12/2018 31/12/2017 Operational margin % (property operating result/net rental income) 80.43% 87.08% 85.72% 87.82% 83.75% EBITDA margin 73.01% 76.81% 78.05% 77.53% 72.80% Overhead costs compared to net rental
Slide 29: Appendix Organisation
Appendix Organisation Bonnefanten – Maastricht 29
Slide 30: Facts & figures Belgium & the Netherlands
Facts & figures Belgium & the Netherlands NUMBER OF STUDENTS ~770,000 ~475,000 (number of international students) (85,000) (60,000) ~135,000 ESTIMATED DEMAND PBSA 1 ~350,000 Brussels: ~51,000 EXISTING OFFER PBSA ~315,000 Antwerp: ~8,000; Ghent: ~35,000 (45,000 shortage) Leuven: ~42,000; Bruges: ~2,0
Slide 31: Facts & figures Spain & Portugal
Facts & figures Spain & Portugal ~1,600,000 NUMBER OF STUDENTS ~372,000 (~127,000) (number of international students) (~50,000) ~ 465,000 ESTIMATED DEMAND PBSA 1 ~145,000 ~96,000 EXISTING OFFER PBSA ~18,000 82 public universities 14 public universities EDUCATION 13 universities 36 private universiti
Slide 32: Shareholder structure
Shareholder structure1 Free Float Aloxe NV AXA IM 73.78% 17.11% 9.11% Xior Student Housing NV 1. As per 31 March 2021. 2. AXA Investment managers S.A. makes the transparency notification as controlling person for AXA Investment Managers Paris S.A., AXA Real Estate Investment Managers S.A. and AXA Re
Slide 33: Corporate governance
Corporate governance CHRISTIAN TEUNISSEN FREDERIK SNAUWAERT Executive director & CEO Executive director & CFO From 1997 until 2008 mainly active in Previously active as a senior auditor at the insurance industry at PwC in financial services, as a credit subsequently Fortis AG, AdB Business and asset
Slide 34: Group structure
Group structure XIOR STUDENT HOUSING (Public RREC) Limited liability company (“naamloze vennootschap”) Registered office: Mechelsesteenweg 34/108, B-2018 Antwerp KBO 0547.972.794 (RPR Antwerp, Antwerp Department) Belgian Public REIT (BE-REIT) STRUCTURE Aloxe NV, the holding company held by the CEO (
Slide 35: Xior Student Housing NV
Xior Student Housing NV T +32 3 257 04 89 Christian@xior.be Mechelsesteenweg 34, Frederik@xior.be box 108 IR@xior.be 2018 Antwerp Belgium www.xior.be 35