Xior Student Housing N.v. · EURONEXT:XIOR
Xior Student Housing — H1 2023 Earnings Presentation
43 slides from Xior Student Housing's earnings presentation, Aug 4, 2023
Slide 1: Xior Student Housing Presentation H1 2023 results
Xior Student Housing Presentation H1 2023 results
Slide 2: Table of contents
Table of contents 1. Highlights H1 2023 & outlook 2. Recap H1 2023 • Track record • Commercial update H1 2023 & outlook 2. Portfolio & Pipeline 3. Operational update 4. ESG update 5. H1 2023 Results Q&A Appendix Financials Appendix Organisation 2
Slide 3: Highlights H1 2023 & Outlook
Highlights H1 2023 & Outlook LfL +5.64% H1 2023: On track in strong European student housing market ♦ Continued outperformance thanks to Xior’s rock solid business model YoY ♦ Record LfL rental growth leading to stable valuations ♦ Epra earnings (group share) increase by 30%, to €1.00/share (+5% aft
Slide 4: Recap H1 2023
Recap H1 2023 4
Slide 5: Track record
Track record 2007 2019 2022 H1 2023 Founders enter the (BE) March 2019 2022 c. 1bn EUR investments 230 MEUR divestment program student housing scene with Basecamp acquisition first asset Entry into Entry into GE, PL, DK, SE 137 MEUR sales committed Spain and Portugal 93 MEUR in sales processes Other
Slide 6: Commercial update & outlook
Commercial update & outlook Unique business model with resilient pricing power ♦ Continued outperformance ♦ Inflation protection in all 8 countries: ♦ Short term contracts make it possible to absorb rising inflation more quickly ♦ Increasing demand and scarcity supports rental growth ♦ Cost hedging:
Slide 7: Deliveries in H2 2023 – full impact 2024
Deliveries in H2 2023 – full impact 2024 Continuous increase of lettable units 30.000 + over 2,400 new units 26.108 * - agreed disposals Leeuwarden, St Pieterspl, BE 25.000 Boschdijk, NL (c.150 of 240 units) NL (183 units) (50 units) c. 20.000 e 20.000 18.002 18.225 15.000 13.755 11.046 10.000 7.932
Slide 8: Basecamp update
Basecamp update Q1 2023: ♦ Termination of agreement of intent Aachen Bluegate Between Q4 2023 - Q1 2024: Q2 2023: ♦ Closing acquisition Basecamp management & development ♦ Postponement acquisition Basecamp management & entities development companies by 6-12 months due to 10% RREC condition ♦ Capital
Slide 9: Portfolio & Pipeline
Portfolio & Pipeline 9
Slide 10: Optimisation and strategic review of portfolio & pipeline
Optimisation and strategic review of portfolio & pipeline Portfolio optimisation Pipeline review Divestment programme of least efficient, least sustainable or non-core Strategic review of projects to be initiated/postponed assets continues improving quality of Xior’s portfolio Total announced amount
Slide 11: Overview divestment program
Overview divestment program Country Asset (Expected) Closing Value Belgium Ierse Predikherenstraat (Leuven) 2022 Strijdersstraat (Leuven) 2022 Sint-Annastraat (Leuven) 2022 Diestsevest 85 (Leuven) 2022 Kapucijnenvoer (Leuven) Q1 2023 Viaductdam (Antwerp) Q1 2023 The Netherlands Wycker Grachtstraat (
Slide 12: Active pipeline per 30.06.2023
Active pipeline per 30.06.2023 Estimated Investment Estimated # of units Project Permit Expected delivery Rental income value (c. €m)1 (beds) BELGIUM Felix – Antwerp Est. 17.4 2024 203 No Campus 3 Eiken – Antwerp Est. 33.8 2025 387 No Hertz - Hasselt Est. 17.5 2023 161 No THE NETHERLANDS Brink
Slide 13: Landbank pipeline per 30.06.2023
Landbank pipeline per 30.06.2023 Estimated Estimated # of units Project Investment value Permit Rental income (beds) (c. €m)1 BELGIUM Bagatten – Ghent Est. 4.1 Exp. 2023 50 No Dansaert – Brussels Est. 6.0 Exp. 2023 51 No Place Neujean – Liège TBD TBD TBD Yes Trasenster – Seraing Est. 26.0 300 No T
Slide 14: Operational Update
Operational Update 14
Slide 15: Positive long-term outlook with strong market dynamics
Positive long-term outlook with strong market dynamics 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
Slide 16: Key Priorities: Letting season, openings & preparation for Yardi
Key Priorities: Letting season, openings & preparation for Yardi NEW ACADEMIC YEAR VALUE CREATION – THE XIOR PLATFORM Letting season in full swing. Many Continued focus on building a world class cities already full and new bookings student housing platform "the Xior coming in every day. Teams are pl
Slide 17: Transformation & Integration
Transformation & Integration ♦ Organisational transformation Netherlands Fully executed - decentralisation to 4 regions with strong operational focus: North – Randstad – Central – South ♦ Continued decentralization Same transformation based on learning from Netherlands will follow in other business
Slide 18: ESG Update
ESG Update 18
Slide 19: The path to net zero carbon: SBTi targets validated
The path to net zero carbon: SBTi targets validated This plan maps Xior’s road to net zero carbon by 2050 CO2 reduction targets ♦ ♦ By 2030 Xior will have reduced her CO2 footprint (scope 1 & 2) by 42% (versus 2020) validated by SBTi ♦ Scope 3 (linked to new developments): further mapping ongoing &
Slide 20: ESG acceleration in 2023 & further
ESG acceleration in 2023 & further ♦ Updated Sustainable Finance Framework now includes not only green assets but also social assets based on Sustainable Finance affordability, making part of the portfolio also eligible for social financing Framework ♦ The total value of eligible assets increases to
Slide 21: ESG acceleration in 2023 & further
ESG acceleration in 2023 & further Sustainable buildings & Energy transition ♦ Increase external certified assets: BREAAM in use (Woudest.), Zaragoza, Lyngby, South Campus PLANET ♦ ♦ Energy monitoring: c. 100% rolled out in the Netherlands and c. 50% in Spain Divestment of least sustainable assets o
Slide 22: H1 2023 Results
H1 2023 Results 22
Slide 23: Key Financials H1 2023
Key Financials H1 2023 Guidance 2023 confirmed Unique business model Record high pricing power EPS € 2.20 & DPS € 1.761 98% high occupancy rate (+6.3%) LFL: 5.64% H1 2023 (YoY) Net rental result +39% (69,310k) € 230m divestment program largely committed Unique PBSA portfolio €137m sales under agreem
Slide 24: Sound financing position
Sound financing position well diversified credit profile with 19 different lenders… 300.000.000 vdk Sparkasse Leipzig 250.000.000 Pricoa Pensio B Nagelmackers 200.000.000 KBC Bank ING Bank DZ Hyp 150.000.000 Danske Bank/RD CDP/Natixis Caisse d'épargne 100.000.000 BNP Paribas Fortis Belfius Bank Banq
Slide 25: Finance update
Finance update Focus on bringing leverage <50% & maintaining SH value • Temporary peak LTV of 54.43% (vs. 51.39% per 31/12/2022) • 230 MEUR divestment program largely completed (LTV -3.61%) • Additional divestments and/or strategic options to bring LTV <50% • Total credit lines of €1,722 m • Debt ma
Slide 26: Nomination Agreements & Operational metrics
Nomination Agreements1 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 Operational metrics 06/2023 03/2023 12/2022 12/2021 12/2020 12/2019 12/2018 Operatio
Slide 27: NAV evolution & Gross yields
NAV evolution1 & Gross yields in EUR 30/06/2023 31/03/2023 31/12/2022 31/12/2021 31/12/2020 31/12/2019 31/12/2018 31/12/2017 EPRA NAV per share - group share 40,92 43.03 43.00 37.93 34.00 35.16 31.45 28.14 EPRA NTA per share 40,85 42.97 42.96 37.92 33.99 35.16 - - Gross valuation yields 30/06/2023 3
Slide 28: Outlook EPS & DPS
Outlook EPS1 & DPS2 Guidance earnings per share (€) +6.3% +15% € 2.20 € 2.07 +6% +6% € 1.80 2023 guidance confirmed +10% € 1.70 € 1.60 EPS 2023: € 2.20 (+6.3%) DPS 20232: € 1.76 (+6.3%) € 1,20 € 1,15 2016 2017 2018 2019 2020 2021 2022 2023E EPRA results per share Gross dividend per share 1. EPS – gr
Slide 29: Q&A
Q&A 29
Slide 30: Appendix Financials
Appendix Financials 30
Slide 31: Portfolio overview
Portfolio overview* Belgium – 8 cities 6,397 units Germany – 2 cities 648 units Antwerp Leuven Potsdam Brussels Liège/Seraing 22% Leipzig 2% Ghent Namur Hasselt Mechelen Denmark – 3 cities 1,786 units Lyngby The Netherlands – 17 cities 8,970 units Copenhagen 12% Amsterdam Leeuwarden Vaals Aarhus Ams
Slide 32: Key financials 30.06.2023 – P&L
Key financials 30.06.2023 – P&L1 in KEUR 30/06/2023 30/06/2022 Net rental result 69,310 49,782 +39% Real estate result 68,578 46,878 Operating result before result on the portfolio 44,477 31,978 Financial result (excl. variations in the fair value of financial assets and -10,291 -5,259 liabilities)
Slide 33: Key financials 30.06.2023 – Balance sheet and figures per share
Key financials 30.06.2023 – Balance sheet In KEUR 30/06/2023 31/12/2022 Equity 1,452,174 1,486,461 Equity – group share 1,451,664 1,486,268 Fair value of the real estate property1 3,132,082 3,026,885 Loan to Value (LTV) 54,43% 51.39% Debt ratio (Act on Regulated Real Estate Companies)2 55,31% 52.02%
Slide 34: 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), 1 31/08/2027 Saxion Hogescholen Enschede Ariënsplein 1 (educational facility) 28/02/2029 Saxion Hog
Slide 35: Nomination agreements
Nomination agreements1 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 Mana
Slide 36: Appendix organisation
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Slide 37: 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 38: Shareholder structure
Shareholder structure1 Free Float Aloxe NV STH2 E2H3 78.72% 14.13% 4.26% 2.89% Xior Student Housing NV 1. As per 5 July 2023. 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
Slide 39: 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 40: 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 41: 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 42: 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 43: 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 43