Xior Student Housing N.v. · EURONEXT:XIOR
Xior Student Housing — H1 2024 Earnings Presentation
48 slides from Xior Student Housing's earnings presentation, Aug 8, 2024
Slide 1: Xior Student Housing Presentation H1 2024 results
Xior Student Housing Presentation H1 2024 results
Slide 2: Table of contents
Table of contents 1. Recap H1 2024 2. Track record 3. Portfolio & pipeline 4. Operational update 5. ESG update 6. H1 2024 Results Q&A Appendix Financials Appendix Organisation 2
Slide 3: Recap H1 2024
Recap H1 2024 3
Slide 4: Strong H1 2024 results: solid real estate segment & pricing power
Strong H1 2024 results: solid real estate segment & pricing power 98% Valuations rise +1.4% vs. Q4 2024 high occupancy rate Guidance 2024 reconfirmed Acquisitions & deliveries +6.62% EPS (€2.21) & DPS (€1.768)1 LfL rental growth (YoY) +1,700 new units (incl. Krakow) pro forma LTV down to 51.35% New
Slide 5: LTV & Debt ratio in downward trend
LTV & Debt ratio in downward trend Debt Ratio & LTV evolution 56,00% Pro forma Debt Ratio & LTV down to 50.43% & 51.35% 55.31% Reduction well on track via: • Well executed divestment program 54,00% ✓ No prime assets sold ✓ Average discount limited to c. 10% • Valuations: +1.4% YtD after 15 months of
Slide 6: New residences with new cornerstone shareholder
CIK of 2 new residences with new cornerstone shareholder 2 new operational assets in top markets: Campo Pequeño Lisbon & LivinnX Kraków ♦ Accretive transaction: operational assets in higher yielding markets (8.41%) ♦ Very efficient & smooth integration thanks to recent acquisition of Polish operatio
Slide 7: Operational update
Operational update Rental season 2024-2025 currently at full speed Resilient business model with proven pricing power & high occupancy Supply rates largely insufficient to meet existing and growing demand Reduced new development activity will increase further existing shortages Retention rat
Slide 8: New deliveries & acquisitions
New deliveries & acquisitions New deliveries (1,050 units) New acquisitions (670 units) Boschdijk Veste, NL (240 units) Felix, BE (199 units) Campo Pequeño, PT (380 units) 3 Eiken, BE (334 units) Zaragoza, ES (340 units/382 beds) LivinnX, PL (290 units/673 beds) 8
Slide 9: The Xior Platform: Operational excellence kicks in
The Xior Platform: Operational excellence kicks in Strong & efficient operational platform ♦ Newly integrated operational platform enables strong operational results and allows for smooth integration of new assets ♦ Local expertise present in every country ♦ Operational excellence remains key with c
Slide 10: Financing position per 08.08.2024
Financing position per 08.08.2024 All maturing loans until Q3 2025 extended or repaid* 250000000 Danske Bank Novo Banco Nykredit Ethias 200000000 Geen aflossing vdk USPP Sparkasse Leipzig 150000000 Pricoa Pensio B Nagelmackers KBC Bank 100000000 ING Bank DZ Hyp CPH CDP/Natixis 50000000 BNP Paribas F
Slide 11: Financial impact
Financial impact Further improvement of financial ratios ♦ ICR improvement to 2.54 (vs. 2.52 at Q1 2024) ♦ Cost of debt decrease to 3.14%(vs. 3.18% at Q1 2024) ♦ Hedge ratio increase to 91% (vs. 89% at Q1 2024) ♦ Debt maturity increase currently 4.60 (vs. 4.40 at Q1 2024) ♦ Debt Ratio & LTV decrease
Slide 12: Overview gross valuation yields
Overview gross valuation yields Gross valuation yields 30/06/2024 31/12/2023 31/12/2022 31/12/2021 31/12/2020 31/12/2019 31/12/2018 31/12/2017 31/12/2016 31/12/2015 Gross yields Belgium 5.31% 5.29% 5.07% 5.11% 5.15% 5.13% 5.10% 5.15% 5.17% 5.31% Gross yields the Netherlands 5.69% 5.62% 5.35% 5.87% 5
Slide 13: Q&A
Q&A 13
Slide 14: Track record
Track record 14
Slide 15: Track record
Track record 2007 2019 2022 H1 2024 Founders enter the (BE) March 2019 2022 c. 1bn EUR investments Contribution in kind of c. 80 MEUR student housing scene with Basecamp acquisition New reference shareholder first asset Entry into Entry into GE, PL, DK, SE 2 new acquisitions in top markets Spain and
Slide 16: Portfolio & Pipeline
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Slide 17: Active pipeline per 30.06.2024
Active pipeline per 30.06.2024 Estimated Investment Estimated # of units Project Permit Expected delivery Rental income value (c. €m)1 (beds) BELGIUM Felix – Antwerp Est. 17.4 ✓ 2024 199 Yes (from 09/2024) Campus 3 Eiken – Antwerp Est. 33.8 ✓ 2024 334 Yes (from 09/2024) THE NETHERLANDS Brinktoren –
Slide 18: Landbank pipeline per 30.06.2024
Landbank pipeline per 30.06.2024 Estimated Estimated # of units Project Investment value Permit Rental income (beds) (c. €m)1 BELGIUM Bagatten – Ghent Est. 4.1 Exp. Q4 2024 50 No Dansaert – Brussels Est. 6.0 Exp. 2025 51 No Place Neujean – Liège TBD TBD TBD Yes Trasenster – Seraing Est. 26.0 ✓ 300 N
Slide 19: Portfolio overview
Portfolio overview* Belgium – 8 cities 5,374 units Germany – 2 cities 648 units Antwerp Leuven Potsdam Brussels Liège/Seraing 19% Leipzig 2% Ghent Namur Hasselt Mechelen Denmark – 3 cities 1,786 units Lyngby The Netherlands – 16 cities 8,712 units Copenhagen 11% Amsterdam Leeuwarden Venlo Aarhus Ams
Slide 20: Operational Update
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Slide 21: Operational update
Operational update Rental season 2024-2025 currently at full speed Resilient business model with proven pricing power & high occupancy Supply rates largely insufficient to meet existing and growing demand Reduced new development activity will increase further existing shortages Retention rat
Slide 22: New deliveries & acquisitions
New deliveries & acquisitions New deliveries (1,050 units) New acquisitions (670 units) Boschdijk Veste, NL (240 units) Felix, BE (199 units) Campo Pequeño, PT (380 units) 3 Eiken, BE (334 units) Zaragoza, ES (340 units/382 beds) LivinnX, PL (290 units/673 beds) 22
Slide 23: The Xior Platform: Operational excellence kicks in
The Xior Platform: Operational excellence kicks in Strong & efficient operational platform ♦ Newly integrated operational platform enables strong operational results and allows for smooth integration of new assets ♦ Local expertise present in every country ♦ Operational excellence remain key with co
Slide 24: ESG Update
ESG Update 24
Slide 25: The path to net zero carbon: SBTi targets validated
The path to net zero carbon: SBTi targets validated CO2 reduction targets Target to reduce CO2 footprint (scope 1 & 2) by 42% by 2030 (versus 2020) Scope 3 mapping ongoing & commitment to reduce & define validated by SBTi New ESG Report published 25
Slide 26: ESG acceleration in 2024 & further
ESG acceleration in 2024 & further Sustainable Finance Sustainable Finance Framework includes green assets & social assets based on affordability, making part of the portfolio also eligible for social financing Framework The total value of eligible assets increases to c. 2.12 bn EUR (per 30.06.2
Slide 27: ESG acceleration in 2024 & further
ESG acceleration in 2024 & further Sustainable buildings & Energy transition Increase external certified assets: Campo Pequeño (Lisbon), BREAAM in use (Woudest.), Zaragoza PLANET Energy monitoring roll-out Cooperation solar panels with Energyvision: expected +300 KwP end of ’24 Energy contra
Slide 28: H1 2024 Results
H1 2024 Results 28
Slide 29: Strong H1 2024 results: solid real estate segment & pricing power
Strong H1 2024 results: solid real estate segment & pricing power Valuations rise EPS 98% +1,4% vs. Q4 2024 €1.13 (+14%) high occupancy rate (IFRIC corrected) Deliveries & Acquisitions +1,700 new units (incl. Krakow) Guidance 2024 reconfirmed +6.62% Fair Value EPS (€2.21) & DPS (€1.768)1 LfL rental
Slide 30: Financing position per 08.08.2024
Financing position per 08.08.2024 All maturing loans until Q3 2025 extended or repaid* 250000000 Danske Bank Novo Banco Nykredit Ethias 200000000 Geen aflossing vdk USPP Sparkasse Leipzig 150000000 Pricoa Pensio B Nagelmackers KBC Bank 100000000 ING Bank DZ Hyp CPH CDP/Natixis 50000000 BNP Paribas F
Slide 31: Financial impact
Financial impact Further improvement of financial ratios ♦ ICR improvement to 2.54 (vs. 2.52 at Q1 2024) ♦ Cost of debt decrease to 3.14%(vs. 3.18% at Q1 2024) ♦ Hedge ratio increase to 91% (vs. 89% at Q1 2024) ♦ Debt maturity increase currently 4.60 (vs. 4.40 at Q1 2024) ♦ Debt Ratio & LTV decrease
Slide 32: Nomination Agreements and Operational metrics
Nomination Agreements1 ✓ c. 6.45% of annualized total rental income: LT leased via rental & guarantee contracts ✓ Extra c. 2.5% of annualized total rental income via partnerships with universities Operational metrics Operational metrics 06/2024 03/2024 12/2023 12/2022 12/2021 12/2020 12/2019 Operati
Slide 33: NAV evolution & Gross yields
NAV evolution1 & Gross yields in EUR 30/06/2024 31/12/2023 31/12/2022 31/12/2021 31/12/2020 31/12/2019 31/12/2018 31/12/2017 EPRA NAV per share – group share 39.66 40.63 43.00 37.93 34.00 35.16 31.45 28.14 EPRA NTA per share 39.56 40.55 42.96 37.92 33.99 35.16 - - Gross valuation yields 30/06/2024 3
Slide 34: Outlook EPS & DPS
Outlook EPS1 & DPS2 EPS & DPS growth €2,40 +6.8% +15% €2,21 €2,21 €2,20 €2,07 €2,00 +6% Guidance reconfirmed +6% €1,80 €1,80 €1,70 EPS 2024: € 2.21 1,768 1,768 DPS 20242: € 1.768 €1,60 €1,60 1,66 €1,46 €1,43 €1,40 2024 guidance at least 1,44 stable with 2023 1,36 €1,17 1,3 €1,20 1,25 1,2 1,15 €1,00
Slide 35: Appendix Financials
Appendix Financials 35
Slide 36: Key financials 30.06.2024 – P&L
Key financials 30.06.2024 – P&L1 in KEUR 30/06/2024 30/06/2023 Net rental result 83,273 69,310 +20% Real estate result 85,646 68,578 Operating result before result on the portfolio 61,872 44,477 Financial result (excl. variations in the fair value of financial assets and liabilities) -18,518 -10,291
Slide 37: Key financials 30.06.2024 – Balance sheet and per share figures
Key financials 30.06.2024 – Balance sheet In KEUR 30/06/2024 31/12/2023 Equity 1,604,896 1,517,667 Equity – group share 1,603,766 1,516,890 Fair value of the real estate property1 3,234,548 3,212,855 Loan to Value (LTV) 51.69% 52.40% Loan to Value (LTV) incl. contribution LivinnX 51.35% Debt ratio (
Slide 38: Nomination agreements: rental contracts
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 39: Nomination agreements: guarantee contracts and partnerships
Nomination agreements1 University City Location #Units End date GUARANTEE CONTRACT Hogeschool Zuyd Maastricht Vijverdalseweg 35 31/07/2024 Hogeschool Zuyd Maastricht Annadal 18 31/07/2024 Rotterdam School of Rotterdam Woudestein 21 31/12/2024 Management (RSM) Hogeschool Utrecht Utrecht Willem Dreesl
Slide 40: Appendix Organisation
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Slide 41: 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 in
Slide 42: Shareholder structure
Shareholder structure1 Xior Student Housing NV 12.03% 6.96% 81.02% Katoen Natie Aloxe NV Group* Free float * Via subsidiairy Car Logistics Brussels 1. As per 11 July 2024. 42
Slide 43: Positive long-term outlook with strong market dynamics
Positive long-term outlook with strong market dynamics Unique and resilient business model... vs. Total 3.3x more number of 0.5m 0.8m 1.6m 0.4m 2.9m 1.2m 0.4m 0.7m 8.5m 2.5m students students PBSA Significant supply rate1 27% 26% 6% 6% 11% 10% 22% 20% ~13% 40% undersupply Split Split Split Type of 6
Slide 44: Strengths
Student Housing with the factor Strengths Pure player in student housing Defensive & solid asset class Pricing power 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 uni
Slide 45: 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 46: 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 CE
Slide 47: 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 48: 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 48