Xior Student Housing N.v. · EURONEXT:XIOR
Xior Student Housing — Q1 2024 Earnings Presentation
47 slides from Xior Student Housing's earnings presentation, Apr 26, 2024
Slide 1: Xior Student Housing Presentation Q1 2024 results
Xior Student Housing Presentation Q1 2024 results
Slide 2: Table of contents
Table of contents 1. Summary Q1 2024 2. Recap Q1 2024 3. Recap Basecamp acquisition 4. Portfolio & Pipeline 5. Operational update 6. ESG update 7. Q1 2024 Results Q&A Appendix Financials Appendix Organisation 2
Slide 3: Strong Q1 2024 results underlining pricing power
Strong Q1 2024 results underlining pricing power EPS Fair Value 98% €0.64 (+33%) €3.19 billion high occupancy rate (IFRIC corrected) 19.875 units +6.9% Loan-to-value Net rental result LfL rental growth (YoY) +28% YoY stable at LfL 2024 guidance 52.43% (€43.8 million) increased to min. 5.5% Valuation
Slide 4: Divestment execution: committed sales doubled
Divestment execution: committed sales doubled Committed sales doubled to €220 million – 2/3 divestment target reached €100 million in books at Q1 ‘24 Remainder in books by Q2 ‘24 49 small, underperforming and non-core assets sold Substantial improvement of overall portfolio quality & operati
Slide 5: Financing position per 31.12.2023
Financing position per 31.12.2023 Total of €435 million was maturing by Q2 2025 200.000.000 Danske Bank vdk USPP 150.000.000 Sparkasse Leipzig Pricoa Pensio B Nagelmackers KBC Bank 100.000.000 ING Bank DZ Hyp CPH CDP/Natixis 50.000.000 Caisse d'épargne BNP Paribas Fortis Belfius Bank Banque De Lux 0
Slide 6: Financing position per 17.04.2024
Financing position per 17.04.2024 All maturing loans until Q2 2025 extended or repaid Extension of maturities for Q2 2025 already on the way 1. The CP notes and quarterly redeemable loans of Stratos KVK, Uhub entities and for Leipzig are not included in the graph above as it would render the graph u
Slide 7: Financial impact
Financial impact Repayment of bridge & refinancing efforts will lead to ♦ ICR improvement to >2.55 (currently 2.52) ♦ Cost of debt decrease (currently 3.18%) ♦ Hedge ratio increase to 93% (currently 89%) ♦ Debt maturity increase to 4.60 (currently 4.40) ♦ LTV decrease (currently stable at 52.43%) ♦
Slide 8: Xior today
Xior today €3.53bn Fair Value (incl. pipeline) Baselife 8 community countries Developm. 42 expertise cities The new standard for student living 24.973 293 units skilled (incl. pipeline) employees 8
Slide 9: Commercial update
Commercial update Start rental season 2024-2025 proceeding smoothly ♦ Effective business model with proven pricing power ♦ Undersupply and increasing demand support rental growth & occupancy ♦ Sustained demand unaffected by recent rental price adjustments ♦ Rental already started in BE, ES, PT: ♦ BE
Slide 10: Growth continues: planned openings in 2024
Growth continues: planned openings in 2024 Portfolio continues to grow notwithstanding the divestment program Continuous increase of lettable units 30.000 24.973 25.000 19.673 19.875 Boschdijk, NL (240 units) Felix, BE 20.000 18.002 (gradual delivery in 2024) (delivery in Q3 2024) 15.000 13.755 11.0
Slide 11: Recap Q1 2024
Recap Q1 2024
Slide 12: Track record
Track record 2007 2019 2022 Q1 2024 Founders enter the (BE) March 2019 2022 c. 1bn EUR investments Committed divestments student housing scene with Basecamp acquisition doubled to 220 MEUR first asset Entry into Entry into GE, PL, DK, SE Spain and Portugal Loans with maturity Q2 2025 all Other acqui
Slide 13: 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 14: Growth continues: planned openings in 2024
Growth continues: planned openings in 2024 Portfolio continues to grow notwithstanding the divestment program Continuous increase of lettable units 30.000 24.973 25.000 19.673 19.875 Boschdijk, NL (240 units) Felix, BE 20.000 18.002 (gradual delivery in 2024) (delivery in Q3 2024) 15.000 13.755 11.0
Slide 15: Portfolio & Pipeline
Portfolio & Pipeline 15
Slide 16: Divestment execution: committed sales doubled
Divestment execution: committed sales doubled Committed sales doubled to €220 million – 2/3 divestment target reached €100 million in books at Q1 ‘24 Remainder in books by Q2 ‘24 49 small, underperforming and non-core assets sold Substantial improvement of overall portfolio quality & operati
Slide 17: Active pipeline per 31.03.2024
Active pipeline per 31.03.2024 Estimated Investment Estimated # of units Project Permit Expected delivery Rental income value (c. €m)1 (beds) BELGIUM Felix – Antwerp Est. 17.4 2024 199 No Campus 3 Eiken – Antwerp Est. 33.8 2024 334 No THE NETHERLANDS Brinktoren – Amsterdam Est. 61.0 2025 250 N
Slide 18: Landbank pipeline per 31.03.2024
Landbank pipeline per 31.03.2024 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 5,968units Germany – 2 cities 648 units Antwerp Leuven Potsdam Brussels Liège/Seraing 21% Leipzig 2% Ghent Namur Hasselt Mechelen Denmark – 3 cities 1,786 units Lyngby The Netherlands – 17 cities 8,927 units Copenhagen 11% Amsterdam Leeuwarden Vaals Aarhus Amst
Slide 20: Operational Update
Operational Update 20
Slide 21: Key Priorities Q1 2024: Letting season and Basecamp integration
Key Priorities Q1 2024: Letting season AY 2024-25 - BASECAMP Co-Integration RENTAL SEASON NEW BASELIFE COMMUNITY ACADEMIC YEAR PROGRAM FURTHER ROLL OUT Students currently living in a Xior property Baselife is the heart & soul of Basecamp has priority to rebook, retention up to 72%. experience: a thr
Slide 22: Transformation & Integration
Transformation & Integration ♦ Full completion of Basecamp acquisition Solidifying Xior’s position as an international leader in student accommodation in continental Europe. Resulting in a future-proof and more efficient Xior with 19.875 operational rooms across 42 cities in 8 countries. ♦ Baselife
Slide 23: ESG Update
ESG Update 23
Slide 24: 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 24
Slide 25: 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. 2.06 bn EUR (per 31.12.2
Slide 26: ESG acceleration in 2024 & further
ESG acceleration in 2024 & further Sustainable buildings & Energy transition ♦ Increase external certified assets: BREAAM in use (Woudest.), Zaragoza, PLANET ♦ Energy monitoring roll-out: 98% NL, 85% ES, 75% DK, 100% SE, PT- PL-GE Q2 ‘24, BE Q4 ‘24 ♦ Divestment of least sustainable assets ongoing HR
Slide 27: Q1 2024 Results
Q1 2024 Results 27
Slide 28: Strong Q1 2024 results underlining pricing power
Strong Q1 2024 results underlining pricing power EPS Fair Value 98% €0.64 (+33%) €3.19 billion high occupancy rate (IFRIC corrected) 19.875 units +6.9% Loan-to-value Net rental result LfL rental growth (YoY) +28% YoY stable at LfL 2024 guidance 52.43% (€43.8 million) increased to min. 5.5% Valuation
Slide 29: Financing position per 17.04.2024
Financing position per 17.04.2024 All maturing loans until Q2 2025 extended or repaid Extension of maturities for Q2 2025 already on the way 1. The CP notes and quarterly redeemable loans of Stratos KVK, Uhub entities and for Leipzig are not included in the graph above as it would render the graph u
Slide 30: Financial impact
Financial impact Repayment of bridge & refinancing efforts will lead to ♦ ICR improvement to >2.55 (currently 2.52) ♦ Cost of debt decrease (currently 3.18%) ♦ Hedge ratio increase to 93% (currently 89%) ♦ Debt maturity increase to 4.60 (currently 4.40) ♦ LTV decrease (currently stable at 52.43%) ♦
Slide 31: 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 03/2024 12/2023 12/2022 12/2021 12/2020 12/2019 12/2018 Operati
Slide 32: NAV evolution & Gross yields
NAV evolution1 & Gross yields in EUR 31/03/2023 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 40.81 40.63 43.00 37.93 34.00 35.16 31.45 28.14 EPRA NTA per share 40.71 40.55 42.96 37.92 33.99 35.16 - - Gross valuation yields 31/12/2023 3
Slide 33: 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 34: Q&A
Q&A 34
Slide 35: Appendix Financials
Appendix Financials 35
Slide 36: Key financials 31.03.2024 – P&L
Key financials 31.03.2024 – P&L1 in KEUR 31/03/2024 31/03/2023 Net rental result 43.786 34.096 +28% Real estate result 45.725 33.693 Operating result before result on the portfolio 30.966 19.702 Financial result (excl. variations in the fair value of financial assets and -10.155 -4.490 liabilities)
Slide 37: Key financials 31.03.2024 – Balance sheet and per share
Key financials 31.03.2024 – Balance sheet In KEUR 31/03/2024 31/12/2023 Equity 1,531,207 1,517,667 Equity – group share 1,530,497 1,516,890 Fair value of the real estate property1 3,192,589 3,212,855 Loan to Value (LTV) 52.43% 52.40% Debt ratio (Act on Regulated Real Estate Companies)2 52.40% 52.88%
Slide 38: 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 39: Nomination agreements
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
Appendix organisation 40
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 Free Float Aloxe NV 86.91% 13.09% Xior Student Housing NV 1. As per 18 April 2024. 42
Slide 43: 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 44: 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 45: 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 46: 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 47: 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 47