Xior Student Housing N.V. · EURONEXT:XIOR
Xior Student Housing — Investor Presentation (September 2019)
44 slides from Xior Student Housing's investor presentation, September 2019
Slide 1: Company Presentation
Diagonal Besòs Barcelona – 191 units Company Presentation © Xior Stu d ent Hou sin g – Sep tem b er 2019
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by the management of Xior Student Housing NV, a Belgian public real estate investment company (“Xior” or the “Company”), solely for your information and background and is subject to updating, completion, revision and amendment and such information may c
Slide 3: Table of contents
Table of contents 1. Who are we p4 2. Highlights 2019 p 11 3. Portfolio & Pipeline p 22 4. HY 2019 Results and FY Guidance p 28 Appendix p 40 3
Slide 4: Who are We
01 Who are We Oudergemlaan KVS I Brussels – 30 –units Etterbeek (118 units)
Slide 5: Who are we
Who are we* First & sole uniquely continental Listed on Euronext Brussels European REIT focused on market cap of ca EUR 688m student housing in rapid expansion Growing to qualitative Strong operational portfolio of >EUR 1.2bn expertise as owner-operator in BE – NL – ES – PT of +9,600 units (incl. pi
Slide 6: Strong operational teams
Strong operational teams Proximity & Monitoring market trends accessibility to and communication with students all stakeholders Best-in-class property management Strong commercial & Own rental offices technical operational teams 6
Slide 7: Track record
Track record 2016 & 2017 EUR 99.6m total capital increase in 2016 & 2017 March 2019 09/2019 - …* 2007 Entry into Spain and Heading to > EUR 1.2bn portfolio • EUR 84m SPO Portugal (incl. pipeline) Founders enter the (BE) student 96 assets > 9,600 units in • EUR 10.6m + EUR 5.0m Barcelona 26 cities in
Slide 8: A growth story
… A growth story 2015 09/2019 - …* • EUR 200m portfolio • > EUR 1.2bn portfolio • # countries (2) • # countries (4) • # cities (8) • # cities (26) 4 in BE, 4 in NL 6 in BE, 16 in NL, 2 in ES, 2 in PT • # units/rooms • # units/rooms 2,035 > 9,600 + • Market capitalisation • Market capitalisation ca.
Slide 9: Student housing Belgium & The Netherlands
Student housing Belgium & The Netherlands FACTS & FIGURES 1 .Estimates based on 1/3 kotratio (BE) resp. 1/2 (NL) 2. Number of students renting a room / total number of students 3. Room with shared facilities 4. Subject to local pricing regulation ~405,000 NUMBER OF STUDENTS ~700,000 ~135,000 NUMBER
Slide 10: Student housing Spain & Portugal
Student housing Spain & Portugal FACTS & FIGURES NUMBER OF STUDENTS ~1,500,000 ~372,000 (~148,000) (number of internat. students) (~42,000) EXISTING OFFER PBSA1 ~93,000 (Incl. outdated stock) ~15,000 ~40% (636,000) KOT RATIO2 ~25% (93,000) 84 public universities 117 universities EDUCATION 32 private
Slide 11: Highlights 2019
Leonardo da Vinci – Madrid (464 units/528 beds) 02 Highlights 2019 Oudergemlaan KVS I Brussels – 30 –units Etterbeek (118 units)
Slide 12: Entry Spain & Portugal (Mar 2019)
Entry Spain & Portugal (Mar 2019) ENTRY IBERIA (TOTAL EUR 53,7m) SECOND HOME MARKET AFTER BENELUX TARGET 250M Diagonal Besòs – Barcelona (191 units/225 beds) Granjo – Porto (211 units/420 beds) Lamas – Lisbon (124 units/254 beds) 12
Slide 13: Entry Madrid (Sep 2019)
Entry Madrid (Sep 2019) Leonardo da Vinci – UEM campus : Madrid This top quality ‘up and running’ residence of 464 units (528 beds), spread over 2 adjacent buildings, is strategically located on campus of one of the most prestigious universities in Madrid and comes with an additional development pot
Slide 14: Leonardo da Vinci (Madrid) – Photo gallery
Leonardo da Vinci (Madrid) – Photo gallery 14
Slide 15: Entry Wallonia (Jul 2019)
Entry Wallonia (Jul 2019) Rue Mélot - Namur This is a new development of a student complex including at least 206 units in total (still to be optimised in the current permit process) to be built in the heart of Namur, close to various educational institutions such as the University of Namur and Héna
Slide 16: Launching of ROXI (Jun 2019)
Launching of ROXI (Jun 2019) 16
Slide 17: Main Acquisitions/Commitments 2019YTD
Main Acquisitions/Commitments 2019YTD* Announceme # student units Announced Announced nt Process Completion (beds) Investm. Value Acq. Yield date Diagonal Besòs – 191 (225) 13/03 Ca. EUR 25.50m Ca. 7.0% Final phase Q3 2019 Barcelona Artur Lamas – Lisbon 124 (254) 13/03 Ca. EUR 28.20m Ca. 8.0%1 Const
Slide 18: Recap 2019YTD- Capital Increases
Recap 2019YTD- Capital Increases First optional dividend • Take-up ~ 63% • Capital increase of ca. EUR 6.08m Total capital increase of Contribution in kind – Acquisition of Studax Ca. EUR 24.2m • Capital increase of ca. EUR 18.1m • Private placement of shares at ca. 0.04% discount to last closing pr
Slide 19: Recap 2019YTD – Operational Excellence
Recap 2019YTD – Operational Excellence Expanding and investing in our internal organisation: • Xior team grew from 12 people pre-IPO → 60+ • NL : internalisation of external operators • Setting up Spanish local team (Residence manager and operational staff, country manager a.i.) • Portugal : 12 yr l
Slide 20: Nomination Agreements
Nomination Agreements* UNIVERSITY CITY LOCATION END DATE RENTAL CONTRACT Saxion Hogescholen Enschede Ariënsplein 31/08/2026 Saxion Hogescholen Enschede Ariënsplein 31/08/2027 Universiteit Maastricht Maastricht Vijverdalseweg 31/07/2020 Universiteit Maastricht Maastricht Annadal 2021/2031 Stichting S
Slide 21: Nomination Agreements
Nomination Agreements* UNIVERSITY CITY LOCATION PARTNERSHIPS Technische Universiteit Delft Delft Phoenixstraat Universiteit Leiden The Hague Eisenhowerlaan Universiteit Leiden Leiden Verbeekstraat Erasmus Universiteit Rotterdam Burgemeester Oudlaan Universiteit Utrecht Utrecht Willem Dreeslaan Stude
Slide 22: Portfolio & Pipeline
03 Portfolio & Pipeline Alma – Brussels + ROXI (339 units)
Slide 23: Xior's student housing portfolio: base case pipeline
Xior ’s student housing portfolio: “base case” pipeline & without new M&A IPO 31/12/2016 31/12/2017 31/12/2018 30/06/2019 Incl. pipeline* 2,035 2,531 3,678 5,505 5,795 # Student units 9,624 (excl. projects) (excl. projects) (excl. projects) (excl. projects) (excl. projects) Fair value (approx.) EUR
Slide 24: Xior's student housing portfolio incl. pipeline
Xior ’s student housing portfolio incl. pipeline* Assets: 4 Antwerp Student units: 289 Ghent Mechelen Brussels Assets: 6 Student units: 708 Leuven Assets: 25 Student units: 1031 Namur Assets: 1 Student units: 15 Assets: 1 Student units: 206 Assets: 7 Student units: 649 2,898 * Per 11/09/2019 includi
Slide 25: Xior's student housing portfolio incl. pipeline
Xior ’s student housing portfolio incl. pipeline* Assets: 4 Leeuwarden Groningen Assets: 2 Student units: 567 Student units: 405 Assets: 1 Student units: 300 Assets: 1 Student units: 82 Assets: 1 Student units: 134 Assets: 1 Student units: 271 Assets: 5 Amsterdam Enschede Student units: 450 Amstelve
Slide 26: Xior's student housing portfolio incl. pipeline
Xior ’s student housing portfolio incl. pipeline* Assets: 1 Student units: 211 (420 beds) Barcelona Porto Madrid Assets: 1 Student units: 191 (225 beds) Lisbon Assets: 2 Student units: 664 Assets: 1 (728 beds) Student units: 124 (254 beds) 1,190 (1,627 beds) * Per 11/09/2019 including pipeline 26
Slide 27: Timing committed pipeline & projects
Timing committed pipeline & projects Project Permit Expected Delivery Units (beds) Rental Income Ariënsplein – Enschede ✓ 2019 (last phase) 271 Partially Bonnefanten – M’tricht ✓ 09/2019 257 X Woodskot – Brussels ✓ 09/2019 91 X Alma – Brussels (+ROXI) ✓ 09/2019 339 X Burgwal – The Hague ✓ 2020 182 F
Slide 28: 1H2019 Results & FY Guidance
04 1H2019 Results & FY Guidance Campus BXL 89 Ghent – 83 units
Slide 29: Key figures per 30.06.2019
Key figures per 30.06.2019 Portfolio fair value Net rental result EUR 982m EUR 20.9m EPS EPS IFRIC 21 Debt ratio 0.75 EUR/share 0.82 EUR/share 54.42% Occupancy rate EPRA NAV/share 98.08% 32.15 29
Slide 30: Key financials – P&L
Key financials – P&L CONSOLIDATED P&L ITEMS 30/06/2019 30/06/2018 In KEUR Net rental result 20,896 12,974 +61% Real estate result 20,441 12,287 Operating result before result on the portfolio 15,135 8,568 Financial result (excl. variations in the fair value of financial assets and liabilities) -3,08
Slide 31: Evolution rental income per quarter
Evolution rental income per quarter Evolution rental income per quarter 12.000 10,610 10,298 10.000 9,319 7,942 8.000 6,630 6,355 6,091 6.000 4,798 3,887 4.000 3,419 3,509 2,595 2,823 2,132 2.000 0 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 201
Slide 32: Key financials – Balance sheet
Key financials – Balance sheet CONSOLIDATED BALANCE SHEET ITEMS In KEUR 30/06/2019 31/12/2018 Equity 422,472 410,019 Fair value of the real estate property 982,022 814,908 +20% Occupancy Rate 98.08% 98.90% Debt ratio 54.42% 49.32% • The total property portfolio is valued at EUR 982m as at 30.06.2019
Slide 33: Xior's Portfolio Evolution & Breakdown
Xior ’s Portfolio Evolution & Breakdown Evolution Fair Value Portfolio (mEUR) 1200 BE NL ESP 1000 dec/15 jun/19 800 BE 164,334 302,010 600 NL 30,419 711,711 400 ESP 23,772 200 Total 194,753 1,037,493 0 dec-15 mrt-16 jun-16 sep-16 dec-16 mrt-17 jun-17 sep-17 dec-17 mrt-18 jun-18 sep-18 dec-18 mrt-19
Slide 34: Portfolio – Yielding & non-yielding assets
Portfolio – Yielding & non-yielding assets Yielding & non-yielding assets per 30/06/2019 Yielding & non-yielding assets forecast 30/09/2019 9,5% 4,6% 9,5% 12,3% 78,2% 85,9% Yielding assets Non-yielding assets Partially yielding assets Yielding assets Non-yielding assets Partially yielding assets Ass
Slide 35: Portfolio – Breakdown fair value
Portfolio – Breakdown fair value* Breakdown FV – Asset type Breakdown FV – Construction type 0,21% 0,97% 0,60% 13,34% 16,2% 26,3% 85,09% 57,3% Student Retail Other Offices for reconversion newly built reconversion renovation land *Per 30/06/2019 35
Slide 36: Key financials – Financing per 30.06.2019
Key financials – Financing per 30.06.2019 Debt Maturity Graph 30.06.2019 120.000.000 100.000.000 80.000.000 60.000.000 40.000.000 20.000.000 0 Q4 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q4 Q2 Q4 Q2 Q2 2020 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2025 2025 2026 2027 Belfi
Slide 37: Key financials – Figures per share
Key financials – Figures per share KEY FIGURES PER SHARE 30/06/2019 30/06/2018 % Number of shares 14,349,847 12,968,815 +10.65% Weighted average number of shares 13,961,809 9,099,666 +53.43% EPRA earnings per share 0.75 0.64 +17.19% EPRA earnings per share incl. correction IFRIC21 0.82 0.70 +17.14%
Slide 38: Key financials – Metrics
Key financials – Metrics Operational Metrics 30/06/2019 31/12/2018 31/12/2017 Operational margin % (property operating result/net rental income) 83.81% 87.82% 83.75% EBITDA margin (IFRIC21 corrected) 76.54% 77.53% 72.80% Overhead costs compared to net rental income (IFRIC21 corrected) 7.39% 10.47% 1
Slide 39: Outlook 2019
Outlook 2019 • Xior intends to pursue its growth strategy by adding quality student properties and by completing its development pipeline in Belgium, The Netherlands, Spain and Portugal • Giudance 2019: Xior confirms its objectives: • EPRA earnings per share at EUR 1.60 (increase of 9.6% compared to
Slide 40: Appendix
Diagonal Besòs Barcelona – 191 units Appendix Diagonal Besòs Barcelona – 191 units
Slide 41: Group Structure
Group Structure Free Float Aloxe NV AXA IM 71.22% 19.15% 9.63% Xior Student Housing NV 41
Slide 42: Group Structure
Group Structure XIOR STUDEN T HOUSING (Pu b lic 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 CE
Slide 43: Corporate governance
Corporate governance CHRISTIAN TEUNISSEN FREDERIK SNAUWAERT Execu tive d ir ecto r & CEO Execu tive d ir ector & CFO From 1997 until 2008 mainly active in the insurance Previously active as a senior auditor at PwC in financial industry at subsequently Fortis AG, AdB Business Partners services, as a
Slide 44: Xior Student Housing
C h r i s t i a n @ x i o r. b e X io r S t u d e nt Ho u s in g N V F r e d e r i k @ x i o r. b e I R @ x i o r. b e T +32 3 257 04 89 Mechelsesteenweg 34, box 108 Follow the 2018 Antwerp # Xi o r f a mi l y Belgium w w w. x i o r. b e Download the app
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