Xior Student Housing N.v. · EURONEXT:XIOR
Xior Student Housing — FY2018 Earnings Presentation
45 slides from Xior Student Housing's earnings presentation, Feb 6, 2019
Slide 1: Annual Results 2018
Annadal-site Maastricht – 723 units Annual Results 2018 © Xior Stu d ent Hou sin g – 6 Feb r u ar y 2019
Slide 2: 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 3: Presenting team
Presenting team CHRISTIAN TEUNISSEN FREDERIK SNAUWAERT SANDRA AZNAR Execu tive d ir ecto r & CEO Execu tive d ir ector & CFO Head of IR From 1997 until 2008 mainly active Previously active as a senior auditor Previously active in banking and in the insurance industry at at PwC in financial services,
Slide 4: Table of contents
Table of contents 1. #throwback 2018 p5 2. Portfolio & Pipeline p 22 3. 2018 Results p 30 4. Guidance 2019 p 38 Appendix: Structure, organization & governance 4
Slide 5: #throwback 2018
01 #throwback 2018
Slide 6: Track record
Track record March 2018 Contribution in kind 2019 – 2021 Ariënsplein-Enschede Heading to ca. 950MEUR portfolio June 2017 +EUR 18.1M (incl. pipeline) 2007 84MEUR SPO capital increase 88 assets >7,700 units in 21 cities Founders enter Acquisitions & own the (BE) student developments / housing scene re
Slide 7: #throwback 2018 - Highlights
#throwback 2018 - Highlights Further growth and diversification 4 new cities: Enschede (NL), Amsterdam (NL), Leeuwarden (NL), Wageningen (NL) 15 new acquisitions student assets/projects BE : Woodskot-Brussels, Alma-Brussels, Tiensestraat-Leuven, Bagattenstraat-Ghent NL: Ariënsplein-Enschede, Naritaw
Slide 8: #throwback 2018 – Acquisitions
#throwback 2018 – Acquisitions Alma Brussels (“50% JV” - 339) Bagattenstr. Ghent (50) Woodskot Brussels (91) Tiensestraat Leuven (17) 8
Slide 9: #throwback 2018 - Acquisitions
#throwback 2018-Acquisitions Enschede (271) Leeuwarden (82) Wageningen (179+22) A’dam Naritaweg (247) Utrecht (206) 9
Slide 10: #throwback 2018 - Acquisitions
#throwback 2018 - Acquisitions Bonnefanten Maastricht (257) Annadal Maastricht (723) 10
Slide 11: #throwback 2018 - New Openings
#throwback 2018 - New Openings Delivery & Opening Oudergemlaan-Brussels/Etterbeek (118 units) 11
Slide 12: #throwback 2018 – New Openings
#throwback 2018 – New Openings Delivery & Opening Oosterhamrikkade-Groningen (180 units) 12
Slide 13: #throwback 2018 – New Openings
#throwback 2018 – New Openings Delivery & Opening Phoenixstraat-Delft (91 units) 13
Slide 14: #throwback 2018 – New Openings
#throwback 2018 – New Openings Delivery & Opening Rotsoord-Utrecht (206 units) 14
Slide 15: Summary main acquisitions 2018
Summary main acquisitions 2018 # student Acquisition Announced Announced Process Completion units Investm. Value Acq. Yield Construction & Ariënsplein, Enschede 271 28/03 Ca. EUR 28m Ca. 6.3% 2018 partially renovation ongoing Naritaweg, Amsterdam 247 25/04 Ca. EUR 47m Ca. 5.6% Fully operational Comp
Slide 16: #throwback 2018 - Highlights
#throwback 2018 - Highlights 69% increase of outstanding shares – 182MEUR capital increase Successfull capital increase of EUR 134m in June 2018 Contribution in kind of Enschede project leading to capital increase of EUR 18.1mio in March 2018 Contribution in kind of Annadal-Maastricht leading to cap
Slide 17: #throwback 2018 - Highlights
#throwback 2018 - Highlights Operational Excellence Further negotiation of nomination agreements and partnerships with universities Further insourcing third party operating companies Expanding our internal organisation Sustainability workgroup -> ESG reporting New rental offices in Delft, Brussels a
Slide 18: 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 31/07/2019 Universiteit Maastricht Maastricht Annadal 2021/2031 Stichting St
Slide 19: Nomination Agreements
Nomination Agreements UNIVERSITY CITY LOCATION PARTNERSHIPS IHE Delft Phoenixstraat Technische Universiteit Delft Delft Phoenixstraat Universiteit Leiden The Hague Eisenhowerlaan Rijks Universiteit Groningen (RUG) Leeuwarden Tesselschadestraat Universiteit Leiden Leiden Verbeekstraat Erasmus Univers
Slide 20: Expansion of internal organisation #xiorfamily
Expansion of internal organisation #xiorfamily → Xior team from 12 people pre-IPO => 50+ (IR, HR manager, country managers, operational teams, residence managers….) 20
Slide 21: New Rental Offices Delft - Leuven - Brussels
New Rental Offices Delft - Leuven - Brussels 21
Slide 22: Portfolio & Pipeline
02 Portfolio & Pipeline Viaductdam Antwerp – 40 units
Slide 23: Xior's student housing portfolio: base case incl. pipeline
Xior ’s student housing portfolio: “base case” incl. pipeline & without new M&A 31/12/2017 31/12/2018 Full committed pipeline # Student units 3,678 (excl. Projects) 5,505 (excl. projects) 7,713 Fair value (approx.) 493 MEUR 815 MEUR Ca. 950MEUR (incl. non stud.) BE 43 47 47 Buildings NL 28 40 41 (in
Slide 24: Xior's student housing portfolio incl. pipeline
Xior ’s student housing portfolio incl. pipeline 24
Slide 25: Xior's student housing portfolio incl. pipeline
Xior ’s student housing portfolio incl. pipeline 25
Slide 26: Xior's Portfolio Evolution & Breakdown
Xior ’s Portfolio Evolution & Breakdown Evolution Fair Value Portfolio (mEUR) 1000 BE NL 800 600 dec/15 dec/18 BE 164.334 224.815 400 NL 30.419 590.093 200 Total 194.753 814.908 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 Portfolio increased by 318% s
Slide 27: Xior's Portfolio Evolution & Breakdown
Xior ’s Portfolio Evolution & Breakdown Breakdown FV per 31/12/2018 Student Other Offices for reconversion 11,37% 1,97% Breakdown FV per 31/12/2018 Renovation New Buildings Reconversion 86,65% 20,3% 53,4% 26,3% 27
Slide 28: Portfolio: yielding & non-yielding assets
Portfolio: yielding & non-yielding assets 8,4% 6,7% 7,4% 10,8% 5,1% 80,8% 80,8% Yielding assets Non-yielding assets yielding development with partners Partially yielding assets own developments not at risk own developments at risk Per 31/12/2018 28
Slide 29: Timing committed pipeline & projects
Timing committed pipeline & projects Project Permit Expected Delivery Units Rental Income Ariënsplein - Enschede ✓ 2018 & 2019 271 Partially Karspeldreef - A’dam Exp. Q1/2019 Q2/2019 320 Gtd Return1 Bonnefanten - M’tricht ✓ 09/2019 257 X Woodskot - Brussels ✓ 09/2019 91 X Alma - Brussels ✓ 09/2019 3
Slide 30: FY 2018 Results
03 FY 2018 Results Campus BXL 89 Ghent – 83 units
Slide 31: Key figures per 31.12.2018
Key figures per 31.12.2018 EPS Loan to value Debt ratio 1.46 Euro/share 49.23% 49.32% Occupancy rate EPRA NAV/share 98.9% 31.45 31
Slide 32: Key financials: P&L
Key financials: P&L CONSOLIDATED P&L ITEMS 31/12/2018 31/12/2017 Net rental result 30,081 18,194 Real estate result 30,718 18,533 Operating result before result on the portfolio 23,323 13,245 Financial result (excl. variations in the fair value of financial assets and liabilities) -4,179 -2,692 EPRA
Slide 33: Evolution rental income and EPRA earnings per quarter
Evolution rental income and EPRA earnings per quarter Evolution rental income per quarter Evolution EPRA earnings (IFRIC corrected) per quarter 10.000 9.319 9.000 7.942 +459% +211% +153% +121% 8.000 6.630 7.000 6.091 6.355 6.000 4.798 5.000 3.887 4.000 3.419 3.509 3.000 2.595 2.823 2.132 2.000 1.000
Slide 34: Key financials: Balance sheet
Key financials: Balance sheet CONSOLIDATED BALANCE SHEET ITEMS 31/12/2018 31/12/2017 Equity 410,019 223,291 Fair value of the real estate property 814,908 488,762 Occupancy Rate 98.90% 97.90% Debt ratio 49.32% 53.62% • Equity: net increase of EUR 187m (capital increases of EUR 134m (SPO) , EUR 18,1m
Slide 35: Key financials: Financing per 31.12.2018
Key financials: Financing per 31.12.2018 Debt Maturity Graph 31.12.2018 45.000.000 40.000.000 35.000.000 30.000.000 25.000.000 20.000.000 15.000.000 10.000.000 5.000.000 0 Q4 2020 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q4 2024 Q2 2025 Q4 2025
Slide 36: Key financials: Figures per share
Key financials: Figures per share KEY FIGURES PER SHARE 31/12/2018 31/12/2017 % Number of shares 13,768,815 8,128,249 +69% Weighted average number of shares 11,109,319 6,851,483 +62% EPRA earnings per share 1.46 1.43 +2% EPRA NAV 31.45 28.44 +11% IFRS NAV before dividend 29.78 27.47 +8% Dividend pay
Slide 37: Key financials: Metrics
Key financials: Metrics OPERATIONAL METRICS 31/12/2018 31/12/2017 Operational margin % (property operating result/net rental income) 87.82% 83.75% EBITDA margin 77.53% 72.80% Overhead costs compared to net rental income 10.47% 11.37% EPRA Earnings % 53.78% 53.70% Valuation Yields 31/12/2018 31/12/20
Slide 38: Outlook & Guidance
KVS Brussel I – 30 units 04 Outlook & Guidance
Slide 39: Guidance 2019
Guidance 2019 • Xior intends to pursue its growth strategy in 2019 by adding quality student properties and by completing its development pipeline. • For 2019 Xior targets: • EPRA earnings per share at EUR 1.60 (increase of 9.6% compared to 2018) • Gross dividend per share of EUR 1.30 (increase of 4
Slide 40: Q&A
Q&A Oudergemlaan - Brussels
Slide 41: Appendix: Structure, Organization & Governance
The Block Leeuwarden - 82 units Appendix Structure, Organization & Governance
Slide 42: Group Structure
Group Structure* Free Float Aloxe NV AXA IM 71.22% 19.15% 9.63% Xior Student Housing NV 50.00% Stu Project - Woonfront – Leeuwarden All-In Annadal Alma Student NV Promiris Student NV Stubis BVBA Naritaweg Rotsoord Utrecht Tesselschadestraat Stubis B.V. B.V. Amsterdam B.V. B.V. B.V. BE NL *Participat
Slide 43: Xior Student Housing (Public RREC)
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 CEO (82%) and CFO
Slide 44: Corporate governance
Corporate governance CHRISTIAN TEUNISSEN FREDERIK SNAUWAERT ARNE HERMANS Executive dir ector & CEO Executive dir ector & CFO CIO From 1997 until 2008 mainly active Previously active as a senior auditor Previously active as an attorney at in the insurance industry at at PwC in financial services, as
Slide 45: Xior Student Housing NV
Xio r St u d ent Ho u s in g N V i r @ x i o r. b e C h r i s t i a n @ x i o r. b e F r e d e r i k @ x i o r. b e S a n d r a @ x i o r. b e T +32 3 257 04 89 Mechelsesteenweg 34, box 108 2018 Antwerp Belgium w w w. x i o r. b e Follow the # Xi o r f a mi l y Download the app