Xior Student Housing N.v. · EURONEXT:XIOR
Xior Student Housing — FY2022 Earnings Presentation
46 slides from Xior Student Housing's earnings presentation, Feb 15, 2023
Slide 1: Presentation FY results 2022
Presentation FY results 2022
Slide 2: Agenda
1. Highlights 2022 & outlook 2. Activity report - Recap 2022 • Track record • Successful acquisition Basecamp • Main realisations 2022 2. Operational update • Operational update • integration 3. ESG update 4. Portfolio & Pipeline 5. FY 2022 Results Q&A Appendix Financials Appendix Organisation 2
Slide 3: 2022 best results on record; 2023 strengthening the essentials
€ 2.07 EPS 2022: Xior’s best results on record Highest ever EPS & DPS growth of +15% +15% YoY Proven rock-solid business model Consistent high occupancy Demonstrated pricing power 2022: Milestone acquisition of Basecamp €1 bn portfolio growth to reach €3 bn portfolio Increased geographic
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Slide 5: Acquisitions 2022
Acquisitions 2022 2007 2019 Acquisitions 2022 Basecamp Founders enter the (BE) March 2019 Entry into GE, PL, DK, SE c. 1 bn EUR student housing scene with secured first asset Entry into Spain and Portugal Other acquisitions investments BE: Hasselt, Liège, Seraing ES: Granada PL: Project Warsaw Decem
Slide 6: Portfolio overview: new countries and operational units
+ 4 additional countries Germany, Poland, Denmark, Sweden Malmö & Aarhus Development on track, to open Q3 2023 High quality PBSA assets Sustainable BREAAM & LEED certified building 3,635 PORTFOLIO OVERVIEW Operational units Potsdam Leipzig Katowice Łódź I Łódź II Lyngby Student Lyngby Resid. South C
Slide 7: Recent acquisitions: Project Warsaw, Odalys, Granada, Seraing, Hasselt
Name Project Warsaw Odalys Granada Seraing Liège (BE) Hertz Hasselt (BE) #units c. 521 c. 310 c. 300 161 Est. investment 32 26.5 26 c. 17.5 value (€m) (Theoretical) Gross c. 9% c. 7% In line with market yields In line with market yields yield Exp. Delivery Aug 2024 Q3 2025 2025 Q2 2023 Permit Exp. 2
Slide 8: Continuous increase of lettable units
Continuous increase of lettable units 30,000 26,271 25,000 + c. 4,250* 20,000 18,002 Namur, BE (206 units) Marivaux, BE (135 units) 15,000 13,755 11,046 10,000 7,932 5,505 5,000 3,678 2,531 Voskenslaan, BE (110 units) Odalys Granjo, PT (211 units) 0 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 >
Slide 9: Continuous increase of lettable units
Continuous increase of lettable units 30,000 26,271 25,000 +c. 2,000* City Lofts, NL St Pieterspl, BE Boschdijk, NL (part of 240 units) (183 units) (50 units) 20,000 20,000 18,002 15,000 13,755 11,046 10,000 Hertz Hasselt, BE (161 units) Zaragoza, ES (c. 150/388 units) 7,932 5,505 5,000 3,678 2,531
Slide 10: 2022 milestones and events
June 2022: June 2022: June 2022: Financially favourable ruling New Xior Headquarters Xiorize wellbeing programme to apply for SOCIMI status in Spain (Antwerp Frankrijklei) Triathlon challenge Bruges Nov 2022: Nov 2022: Strengthening of Xior's ExCo Dec 2022: Xior’s second CMD ESG & Ethics committee K
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Slide 12: Unique and resilient business model
Unique and resilient business model... Total Total Total vs. target target target markets markets markets Total 3.3x more number of 2.9m 1.2m 0.4m 0.7m 5.2m 1.6m 1.2m 0.8m 0.5m 0.4m 4.5m 8.5m 2.5m students students PBSA supply Significant 11% 10% 22% 20% ~12% 6% 10% 26% 27% 6% ~13% ~13% 40% rate1 un
Slide 13: 2022-2023 academic year: strong demand and rent prices
2022-2023 Academic year: Strong demand fuels rentals and rent prices Proof of resilient business model, high occupancy & accelerated LfL Search for rooms started earlier with higher retention Business model with resilient pricing power Inflation protection in all 8 countries: short term contra
Slide 14: Governance, alignment of teams, integration and digital transformation
GOVERNANCE INTEGRATION AND New governance structure driving STANDARDISATION efficiency in a larger & wider Identifying key capabilities and best geographical spread business AND ways of working to build and integrate making it possible to accelerate people, system and tools into the internal value c
Slide 15: Transformation & Integration
Transformation & Integration Organisational transformation Netherlands Fully executed - decentralisation to 4 regions: North – Randstad – Central – South Start phase 2 digital transformation with Yardi as partner A US based SaaS provider of (i) PMS, (ii) Booking and lease engine, (iii) Student h
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Slide 17: New Sustainable Finance Framework Green & Social
New Sustainable Updated Sustainable Finance Framework now includes not only green assets but also social assets based on affordability, making part of the portfolio also eligible for social financing Finance Framework The total value of eligible assets increases from 647 MEUR to c. 1.77 bn EUR (
Slide 18: Planet, People, Governance
Sustainable buildings & Energy transition Increase external certified assets: BREAAM in use (Woudest.), Zaragoza, Lyngby Xior climate plan: setting SBTi reduction targets and commitment by April 2023 PLANET Energy monitoring first start in Q1 2023 in NL Divestment of least sustainable assets
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Slide 20: Portfolio optimisation and pipeline review
Portfolio optimisation Pipeline review Divestment programme of least efficient, least sustainable or non- Strategic review of projects to be initiated/postponed core assets continues Reported pipeline split into Total of c. 60 MEUR divestments ongoing Active pipeline: construction started or alrea
Slide 21: Active pipeline: cost to come of c. €161m
Estimated Investment Estimated # of units Project Permit Expected delivery Rental income value (c. €m)1 (beds) BELGIUM Mélo – Namur Est. 20.0 DELIVERED 206 Yes - operational Felix – Antwerp Est. 17.4 2024 203 No Campus 3 Eiken – Antwerp Est. 33.8 2025 387 No St. Pietersplein – Ghent Est. 6.0
Slide 22: Landbank pipeline
Estimated Investment Estimated # of units Project Permit Rental income value (c. €m)1 (beds) BELGIUM Roosevelt – Antwerp Est. 18.0 Exp. 2023 TBD (> 51) Partially Bagatten – Ghent Est. 4.1 Exp. 2023 50 No Dansaert – Brussels Est. 6.0 Exp. 2023 51 No Place Neujean - Liège TBD TBD TBD No THE NETHERLAND
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Slide 24: FY 2022 highlights: occupancy, profit growth, pricing power
+15% Profit growth Strong pricing power Unique business model EPS € 2.07 DPS € 1.661 98% high occupancy rate LFL: 4.2% Q4 2022 Fully in line with expectations Net rental result +41% (€112 (Lfl: 3.13% FY’22 million) up from 2.02% FY’21) Succesful investment strategy Divestment & optimization Fair val
Slide 25: Diversified credit profile with 19 lenders
well diversified credit profile with 19 different lenders… 300,000,000 vdk 250,000,000 Financing 2023 = fully covered Sparkasse Leipzig Financing 2024 = negotiations ongoing Pricoa - strong relationships with banks who indicate clear interest to extend and increase financing Pensio B 200,000,000
Slide 26: Bringing leverage down and maintaining shareholder value
Focus on bringing leverage down & maintaining SH value • Loan-to-value of 51.39% (vs. 46,28% per 31/12/2021) • Total credit lines of €1,644m (€147m undrawn facilities) • Debt maturity extended: 5.02 years (vs. 4.82 at 31/12/2021) • Divestment program & further strategic options • Maturing debt 2023:
Slide 27: Focus on efficiency gain and cost control
c. 9.1% of annualized total rental income: LT leased via rental & guarantee contracts Extra c. 2.7% of annualized total rental income via partnerships with universities Operational metrics 12/2022 12/2021 12/2020 12/2019 12/2018 Operational margin % (property operating result/net rental 78.18% 8
Slide 28: EPRA NAV, NTA per share and gross yields
in EUR 31/12/2022 31/12/2021 31/12/2020 31/12/2019 31/12/2018 31/12/2017 EPRA NAV per share 43.01 (+11%) 38.63 34.87 35.96 31.45 28.14 EPRA NTA per share 42.96 (+13%) 37.92 33.99 - - - Gross valuation yields 31/12/2022 31/12/2021 31/12/2020 31/12/2019 31/12/2018 31/12/2017 31/12/2016 31/12/2015 Gros
Slide 29: Strengthening the capital base
Strengthening the capital base 2022: 25% increase of outstanding shares – €308m capital increase • June 2022: Capital increase of c. €11 million (optional dividend) • Sep 2022: Capital increase of c. €297 million by means of a contribution in kind as part of the acquisition of BC Increased market li
Slide 30: Guidance earnings per share
Guidance earnings per share (€) +6.3% +15% € 1,20 € 1,15 2016 2017 2018 2019 2020 2021 2022 2023E EPRA results per share Gross dividend per share - Increasing CoD* Revised 2023 guidance + cost efficiencies - disposals + pricing power - Rationalisation pipeline EPS 2023: € 2.20 (+6.3%) + digitisation
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Slide 33: Portfolio by country and city
Belgium – 8 cities 6,537 units Germany – 3 cities 1,108 units Antwerp Leuven Potsdam Brussels Liège/Seraing 22% Leipzig 5% Ghent Namur Aachen Hasselt Mechelen Denmark – 3 cities 1,786 units Lyngby The Netherlands – 17 cities 8,993 units Copenhagen 12% Amsterdam Leeuwarden Vaals Aarhus Amstelveen Lei
Slide 34: Net rental result and real estate result
in KEUR 31/12/2022 31/12/2021 Net rental result 112,479 79,559 +41% Real estate result 106,853 77,351 Operating result before result on the portfolio 77,782 58,232 Financial result (excl. variations in the fair value of financial assets and liabilities) -12,680 -9,712 EPRA earnings 62,527 44,796 EPR
Slide 35: Equity, fair value and per-share data
In KEUR 31/12/2022 31/12/2021 Equity 1,486,461 1,003,852 Equity – group share 1,486,268 984,436 Fair value of the real estate property1 3,026,885 1,967,056 Debt ratio (Law on Regulated Real Estate Companies)2 52.02% 47.58% in EUR 31/12/2022 31/12/2021 Number of shares 34,752,543 27,781,301 Weighted
Slide 36: University rental contracts
University City Location #units End date RENTAL CONTRACT Saxion Hogescholen Enschede Ariënsplein 113 31/07/2026 Saxion Hogescholen Enschede Ariënsplein 1 (educational facility), 1 31/08/2027 Saxion Hogescholen Enschede Ariënsplein 1 (educational facility) 28/02/2029 Saxion Hogescholen Enschede Ariën
Slide 37: Guarantee contracts and university partnerships
University City Location #Units End date GUARANTEE CONTRACT Vrije Universiteit Amsterdam Naritaweg 10 31/07/2023 Hogeschool Zuyd Maastricht Vijverdalseweg 40 31/07/2023 Hogeschool Zuyd Maastricht Annadal 18 31/07/2023 Rotterdam School of Rotterdam Woudestein 21 31/12/2023 Management (RSM) Hogeschool
Slide 38: Te = rae
Te = rae Oe wi 4 i iii ts ey i All i
Slide 39: €1.2bn equity capital raised and dividends paid since IPO
C. € 1.2 bn OF EQUITY CAPITAL RAISED1 / €109.4M DIVIDENDS PAID OUT2 SINCE IPO December 2015 January 2017 March 2018 December 2018 June 2019 June 2020 Nov 2020 June 2022 Sep 2022 €87.8m €5.1m €18.1m €30.0m €18.1m €7.5m €54.7m €11m €296m Initial public offering CIK as part of CIK as part of CIK as par
Slide 40: Board and management
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 the insurance industry at at PwC in finan
Slide 41: Shareholder structure
Free Float Aloxe NV STH2 E2H3 72,15% 14,48% 7,24% 6,13% Xior Student Housing NV 1. As per 10 October 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 Sàrl, a limited liability
Slide 42: Strengths
Student Housing with the factor Strenghts 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 43: 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 44: Xior Student Housing 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%) and CFO
Slide 45: 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 invitation to
Slide 46: 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 46