Xior Student Housing N.v. · EURONEXT:XIOR
Xior Student Housing — Investor Presentation (September 2022)
45 slides from Xior Student Housing's investor presentation, Sep 30, 2022
Slide 1: Xior Student Housing Company presentation
Xior Student Housing Company presentation Update 30 September 2022
Slide 2: Table of contents
Table of contents 1. Recap YTD 2022 • Track record • Acquisition Basecamp • Main realisations YTD 2022 2. Operational update • Operational update • Basecamp integration • ESG acceleration 2022-2023 3. Portfolio & Pipeline 4. H1 2022 Results Q&A Appendix Basecamp portfolio Appendix Financials Appendi
Slide 3: Recap YTD 2022
Recap YTD 2022 3
Slide 4: Track record
Track record 2007 2019 2022 September 2022 - … Founders enter the (BE) March 2019 Entry into Poland – Warsaw Heading to c. €3.8 bn student housing scene with & portfolio first asset Entry into Acquisitions: Seraing (BE), Spain and Portugal Hasselt (BE), Liège (BE), >27,000 units Granada (ES) 43 citi
Slide 5: Successful Acquisition Basecamp
Succesful Acquisition Basecamp Rationale Acquisition Basecamp PORTFOLIO OVERVIEW • A major step forward in Xior’s international expansion plan • Geographical diversification and regional complementarity • Adding high quality prime PBSA creating incremental value and cross sell • ESG acceleration by
Slide 6: Rationale: adding depth and breadth to future growth
Rationale: adding depth and breadth to future growth Largest student cities x # students in 000’ / Basecamp is present / in development Uppsala Potsdam Gdansk Gothenburg 36.3 27.5 74.2 37.8 Hamburg Stockholm 84.7 Berlin 100.0 Poznań Aalborg 188.0 Warsaw 115.2 33.2 Aachen 225.2 Lyngby 60.3 Wrocław Le
Slide 7: Main realisations YTD 2022
Main realisations YTD 2022 Name Project Warsaw Odalys Granada Seraing Liège (BE) Hertz Hasselt (BE) #units c. 521 c. 310 c. 300 c. 155-161 Est. investment 32 26.5 26 c. 17.5 value (€m) (Theoretical) Gross yield c. 9% c. 7% In line with market yields In line with market yields Exp. Delivery Aug 2024
Slide 8: Main realisations YTD 2022
Main realisations YTD 2022 June 2022: Financially favourable ruling to apply for SOCIMI status in Spain June 2022: New Xior Headquarters (Antwerp Frankrijklei) Sept. 2022: Xior acquired the remaining 10% shares of XL Fund. Fund is now in full ownernship of Xior Sept. 2022: Xior acquired the re
Slide 9: Operational Update
Operational Update 9
Slide 10: Operational update
Operational update ACADEMIC YEAR 2022-2023 Strong demand fuels rentals and rent prices • Massive search for student rooms in all four countries • Rental season started significantly earlier in all countries • Higher retention (up to 80%) • All cities rented out in record time • Inflation protection:
Slide 11: Basecamp integration process in full swing
Basecamp integration process in full swing 1. Stabilise & Optimise the Organisation • Integration Management Taskforce appointed: • Execute zero measurement “as is” + identify business needs + define desired future org design, roles & responsibilities and behavior 2. Continuation to deliver predicta
Slide 12: ESG acceleration in 2022-2023
ESG acceleration in 2022-2023 New Human Capital Strategy for the full employee lifecycle • Second annual employee survey planned Q4 2022 PEOPLE • Xiorize corporate wellbeing programme – successful triathlon of Xiorize ambassadors • Focus on increasing employee development training hours Sustainable
Slide 13: ESG acceleration in 2022-2023
ESG acceleration in 2022-2023 • New board members: Conny Vandendriessche and Colette Dierick • 3/8 members (37.5%) are now female PROCESS • Newly created Ethics & ESG comitee & ethics audit • Further optimising policy framework based on code of conduct • 2022-2023: focus on improving ESG ratings Fur
Slide 14: Portfolio & Pipeline
Portfolio & Pipeline 14
Slide 15: Portfolio overview
Portfolio overview* Belgium – 8 cities 6,619 units Germany – 3 cities 1,108 units Antwerp Leuven Aachen Brussels Ghent Liège/Seraing 22% Leipzig 5% Namur Potsdam Hasselt Mechelen Denmark – 3 cities 1,799 units Lyngby The Netherlands – 17 cities 8,993 units Copenhagen 12% Amsterdam Leeuwarden Vaals A
Slide 16: Xior, a growth story
Xior, a growth story Continuous increase of lettable units 30,000 26,826 25,000 20,000 17,557 OPERATIONAL ASSETS 15,000 13,755 13,992 13,922 INCL. BASECAMP 11,046 10,000 7,932 5,505 5,000 3,678 2,531 0 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Mar-22 Jun-22 Sep-22e 2026e Dec-16 Dec-17 Dec-18 Dec-19
Slide 17: Pipeline per 30.06.2022 (acquisitions & developments)
Pipeline per 30.06.2022 (acquisitions & developments) Estimated Investment Estimated # of units Project value Permit Expected delivery Rental income (beds) (c. €m)1 BELGIUM PORTFOLIO Marivaux – Brussels Est. 20.0 2022 135 No Bagatten – Ghent Est. 4.1 Exp. 2022 2023 50 No Rue Mélot – Namur 20.0 2
Slide 18: Pipeline per 30.06.2022 (acquisitions & developments)
Pipeline per 30.06.2022 (acquisitions & developments) Estimated Investment Project value Permit Expected delivery Estimated # of units (beds) Rental income (c. €m)1 SPAIN PORTFOLIO UEM – Madrid TBD (Est. 22.2) TBD TBD >200 No Pontoneros - Zaragoza Est. 26.0 2023 388 No Odalys Sevilla Est. 44.4 Exp
Slide 19: HY 2022 Results
HY 2022 Results 19
Slide 20: Key Financials 6M 2022: strong demand & debt level under control
Key Financials 6M 2022: strong demand & debt level under control 6M 2022 results 2022 guidance on target EPRA NAV/share: € 43.49 (+12.6%) EPS € 0.951 EPS 2022: € 2.07 (+15%) EPRA NTA/share: € 42.72 (+12.7%) Fully in line with expectations DPS 20222: € 1.66 (+15%) Fair Value Debt Ratio 47.95% c. € 2.
Slide 21: Sound financing position
Debt ratio under control Sound financing position Debt ratio of 47.95% 31/12/2021: 47.58% 160,000,000 Strategy to keep below 50% 140,000,000 DEBT MATURITY PROFILE (30 JUN 2022) Total credit lines of €1,467m FIRST LARGE MATURITY DATE NOT BEFORE 2023 Q1 1 of which €222m undrawn facilities 120,000,000
Slide 22: Finance update September 2022
Finance update September 2022 Financing further expanded and strengthened • 296 MEUR extra loans (between 18M and 7 years) • Included in LTV guidance to remain below 50% • No large maturities before Q1 2023 Interest costs under control • 250 MEUR of new loans are at fixed rate • 110 MEUR extra hedgi
Slide 23: Xior market cap development
Xior market cap development C. €913.9M OF EQUITY CAPITAL RAISED1 / MARKET CAP INCREASE OF € 1,053 M SINCE IPO / €109.4M DIVIDENDS PAID OUT2 SINCE IPO Jun 2022 December 2015 January 2017 March 2018 December 2018 June 2019 June 2020 Nov 2020 €87.8m €5.1m €18.1m €30.0m €18.1m €7.5m €54.7m Initial publi
Slide 24: Nomination Agreements / Operational metrics
Nomination Agreements1 15.35% of annualized total rental income: LT leased via rental & guarantee contracts Extra 5.93% of annualized total rental income via partnerships with universities Operational metrics Operational metrics 31/12/2018 31/12/2019 31/12/2020 31/03/2021 30/06/2021 30/09/2021 3
Slide 25: Outlook EPS & DPS: Double digit growth for 2022 & 2023
Outlook EPS & DPS: Double digit growth for 2022 & 2023 1 Guidance earnings per share (€) – including Basecamp acquisition € 1,20 € 1,15 1. EPS – group share. 25
Slide 26: Q&A
Q&A 26
Slide 27: Appendix Basecamp portfolio
Appendix Basecamp portfolio 27
Slide 28: Basecamp Portfolio overview – Germany & Poland
Basecamp Portfolio overview – Germany & Poland 1 Potsdam 5 operational assets + 1 project 4 Łódź I #units/ beds 263/ 263 DE PL #units/ beds 487/ 624 Est. investment Est. investment value (€m) 220.7 109.0 Est. investment 28.3 30.8 value (€m) value (€m) Opening date Oct 2017 Opening date Nov 2017 2 Le
Slide 29: Basecamp Portfolio overview – The Nordics
Basecamp Portfolio overview – The Nordics 1 Lyngby Student 3 operational assets + 2 projects 3 Aarhus #units/ beds 639/ 639 DK SE #units/ beds 663/ 663 Est. investment Est. investment value (€m) 455.2 113.7 Est. investment 150.4 149.9 value (€m) value (€m) Opening date Aug 2020 Opening date Jul 2023
Slide 30: Appendix Financials
Appendix Financials 30
Slide 31: Key financials 30.06.2022 – P&L
Key financials 30.06.2022 – P&L 1 in KEUR 30/06/2022 30/06/2021 Net rental result 49,782 35,153 +42% Real estate result 46,878 33,907 Operating result before result on the portfolio 31,978 23,224 Financial result (excl. variations in the fair value of financial assets and -5,259 -4,412 liabilities)
Slide 32: Key financials 30.06.2022 – Balance sheet and figures per share
Key financials 30.06.2022 – Balance sheet In KEUR 30/06/2022 31/12/2021 Equity 1,182,444 1,003,852 Equity – group share 1,161,548 984,436 Fair value of the real estate property1 2,215,197 1,967,056 Debt ratio (Law on Regulated Real Estate Companies)2 47.95% 47.58% Key financials 30.06.2022 – Figures
Slide 33: Operational metrics and NAV evolution
Operational metrics Operational metrics 31/12/2018 31/12/2019 31/12/2020 31/03/2021 30/06/2021 30/09/2021 31/12/2021 31/03/2022 30/06/2022 Operational margin % (property 87.82% 85.72% 87.08% 80.43% 79.23% 81.13% 82.18% 78.48% 78.40% operating result/net rental income) EBITDA margin 77.53% 78.05% 76.
Slide 34: Valuation yields
Xior, a growth story VALUATION YIELDS Gross valuation yields 31/12/2021 31/12/2020 31/12/2019 31/12/2018 31/12/2017 31/12/2016 31/12/2015 Gross yields Belgium 5.11% 5.15% 5.13% 5.10% 5.15% 5.17% 5.31% Gross yields the Netherlands 5.87% 5.89% 5.63% 5.72% 6.19% 6.54% 7.95% Gross yields Spain 5.39% 5.8
Slide 35: 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 36: Nomination agreements
Nomination agreements1 University City Location #Units End date GUARANTEE CONTRACT Vrije Universiteit Amsterdam Naritaweg 30 31/08/2022 Hogeschool Zuyd Maastricht Vijverdalseweg 60 31/07/2022 Hogeschool Zuyd Maastricht Annadal 18 31/07/2022 Rotterdam School of Rotterdam Woudestein 21 31/12/2021 Mana
Slide 37: Appendix organisation
Appendix organisation 37
Slide 38: Corporate governance – Board of Directors
Corporate governance – Board of Directors WILFRIED NEVEN CHRISTIAN TEUNISSEN FREDERIK SNAUWAERT Chairman of the Board Executive director & CEO Executive director & CFO Vice-CEO and Chief Customer From 1997 until 2008 mainly active Previously active as a senior auditor Experience Officer at Ethias NV
Slide 39: Shareholder structure
Shareholder structure1 Free Float Aloxe NV STH2 E2H3 66.62% 13.98% 9.66% 9.74% Xior Student Housing NV 1. As per 28 September 2022. 2. ST Holdings Sàrl, a limited liability company incorporated under the laws of the Grand Duchy of Luxembourg and fully owned subsidiary of ESHF I. 3. ESHF 2 Holdings S
Slide 40: Market overview
Market overview Number of ~491,000 ~817,000 ~1,630,000 ~375,000 ~1,204,000 ~2,891,000 ~363,000 ~703,000 students o.w. international 9% 10% 8% 13% 7% 11% 11% 6% students Supply rate PBSA 27% 26% 6% 6% 10% 11% 22% 20% 390 82 public 14 public 8 public 38 public universities > 350 officially 12 universi
Slide 41: Strengths
Student Housing with the factor Strenghts: Pure player in student housing Defensive & solid asset class Long term owner & operator Diversified continental BE-REIT Full value chain in house Sustainable growth strategy Young portfolio Focus on earnings per share (EPS) Cooperation with universities & c
Slide 42: Market drivers
Market drivers • Rise in international students • Brexit & affordable education on the continent • Existing shortage • International mobility • Professionalisation of the market • Increased access to higher education • Further consolidation • Increase in ETP’s (English Taught Programs) • More regula
Slide 43: Group structure
Group structure XIOR STUDENT HOUSING (Public RREC) Limited liability company (“naamloze vennootschap”) Registered office: Frankrijklei 64-68, 2000 Antwerp KBO 0547.972.794 (RPR Antwerp, Antwerp Department) Belgian Public REIT (BE-REIT) STRUCTURE Aloxe NV, the holding company held by the CEO (82%) an
Slide 44: 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 45: Xior Student Housing NV
Xior Student Housing NV +32 3 257 04 89 Frankrijklei 64-68 2000 Antwerp Belgium www.xior.eu ir@xior.be Follow the #xiorfamily 45
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