Xior Student Housing
Presentation 9M 2024 results
Table of contents
- Recap 9M 2024
- Track record
- Portfolio & pipeline
- Operational update
- ESG update
- Q3 2024 Results
Q&A
Appendix Financials
Appendix Organisation
2
Strong 9M 2024 results: solid real estate segment & pricing power
98%
high occupancy rate
+6.8%
LfL rental growth (YoY)
Guidance LFL rental gowth increased
guidance
LfL FY 2024 6.5%
Valuations rise +1.25% YtD
Acquisitions & deliveries
+c. 2,000 new units
Fair Value €3.3 billion
20,886 units
(21,465 beds)
Guidance 2024 reconfirmed
EPS (€2.21) & DPS (€1.768)1
pro forma Debt Ratio down to
50.30%
LTV at
51.68%
1. Dividend is subject to approval by the Annual General Meeting.
3
Recap 9M 2024
4
Track record
2007
Founders enter the (BE) student housing scene with first asset
December '15
€87.8m IPO €200m portfolio 48 assets 2,035 units 8 cities 2 countries
2015
2019
March 2019
Entry into
Spain and Portugal
Main acquisitions 2021:
SPS Socimi Spain (ES)
Quares Student Housing (BE)
Zaragoza (ES)
Total investments c. 500 MEUR
2021
2022
2022 c. 1bn EUR investments Basecamp acquisition Entry into GE, PL, DK, SE
Other acquisitions: Liège, Seraing, Granada, Warsaw
9M 2024
c. 2,000 additional units Divestment program fully realised
€80m CIK via new reference shareholder Bridge loan fully repaid
Heading to c. € 3.7 bn portfolio1
c. 25,000 units
42 cities in 8 countries
Sep 2024 - …
30 JUN 2022 (FV: €2.2 BN) | 30 SEP 2024 (FV: c. €3.27 BN) |
30 SEP 2024 (FV: c. €3.67 BN)1
The Netherlands 54%
Belgium 28%
Spain15%
Portugal 3%
1. As per 30 September 2024 including pipeline and not including disposals that are not fully completed.
The Netherlands 41%
Belgium 20%
Denmark 12%
Spain12%
Poland5%
Portugal 5%
Sweden 2%
Germany 3%
The Netherlands | 45% | |
Belgium | 18% | |
Denmark | 11% | |
Spain | 11% | |
Portugal | 6% | |
Poland | 5% | |
Germany | 2% | 5 |
Sweden | 2% | |
Main achievements first 9M 2024
- New acquisitions and deliveries in 2024 -> c. 2,000 additional student units
- Last acquisitions via CIK and entry of Katoen natie as new reference shareholder
- Divestment program well on track and additional divestments committed (20 MEUR)
- Bridge loan fully repaid
New deliveries (c. 1,000 units)
New acquisitions (c. 1000 units)
Boschdijk Veste, NL (240 units) | Felix, BE (199 units) | Campo Pequeño, PT (380 units) | ||
3 Eiken, BE (334 units) | Zaragoza, ES (340 units/382 beds) | Xior Krakau, PL (620 units/673 beds) | ||
(189 additional units delivered) | ||||
6
Portfolio & Pipeline
7
Active pipeline per 30.09.2024
Project | Estimated Investment | Permit | Expected delivery | Estimated # of units | Rental income |
value (c. €m)1 | (beds) | ||||
THE NETHERLANDS | |||||
Brinktoren - Amsterdam | Est. 61.0 | | 2026 | 250 | No |
IBERIA | |||||
U.hub Boavista - Porto | Est. 42.0 | Exp. 2024 | 2026 | 532 | No |
POLAND | |||||
Project Warsaw | Est. 32.0 | | 2025 | 521 | No |
TOTAL ACTIVE PIPELINE | ~ 135 m |
Limited total cost to come
c. € 60.5m to execute the active pipeline (based on estimated investment values) 2024: Estimated cost to come of c. € 22m, 2025 & 2026: c. € 38.5m
c. 1,000 new lettable units were delivered in 2024
1. Final investment values may differ from estimations once final permits and construction agreements have been concluded.
8
Landbank pipeline per 30.09.2024
Project
BELGIUM
Bagatten - Ghent
Dansaert - Brussels
Place Neujean - Liège
Trasenster - Seraing
THE NETHERLANDS
Project Amsterdam Area
Tower Karspeldreef - Amsterdam
Keesomlaan - Amstelveen
Bokelweg - Rotterdam
SPAIN
UEM - Madrid
TOTAL LANDBANK PIPELINE
Estimated | Estimated # of units | ||
Investment value | Permit | Rental income | |
(beds) | |||
(c. €m)1 | |||
Est. 4.1 | Exp. Q4 2024 | 50 | No |
Est. 6.0 | Exp. 2025 | 51 | No |
TBD | TBD | TBD | Yes |
Est. 26.0 | | 300 | No |
Est. 123.0 | Exp. 2025 | 1,200 | No |
Est. 55.0 | Exp. 2025 | 357 | No |
Est. 39.2 | | 380 + office | Yes (COA) |
Est. 56.6 | | 350 | Partially as office |
TBD (Est. 22.2) | TBD | >200 | No |
~ 332.1m |
1. Final investment values may differ from estimations once final permits and construction agreements have been concluded. | 9 |
Portfolio overview*
Belgium - 8 cities | 5,245 units | |||||
Antwerp | Leuven | |||||
Brussels | Liège/Seraing | 18% | ||||
Ghent | Namur | |||||
Hasselt | ||||||
Mechelen | ||||||
The Netherlands - 16 cities | 8,715 units | |||||
Amsterdam | Leeuwarden Venlo | |||||
Amstelveen | Leiden | Wageningen | ||||
Breda | Maastricht | |||||
Delft | Rotterdam | |||||
Eindhoven | The Hague | 45% | ||||
Enschede | Utrecht | |||||
Groningen | Vaals | |||||
Spain - 6 cities | Portugal - 2 cities | |||||
Barcelona | Lisbon | |||||
Granada | Porto | |||||
Madrid | 11% | 6% | ||||
Malaga | ||||||
Seville | ||||||
Zaragoza | | Total units: c. 24,978 | ||||
2,773 units | 2,236 units | |||||
Germany - 2 cities | |||||||||
648 units | |||||||||
Potsdam | 2% | ||||||||
Leipzig | |||||||||
Denmark - 3 cities | |||||||||
1,786 units | |||||||||
Lyngby | 11% | ||||||||
Copenhagen | |||||||||
Aarhus | |||||||||
Sweden - 1 city | |||||||||
583 units | |||||||||
Malmö | 2% | ||||||||
Poland - 4 cities
Łódź Katowice Warsaw
Krakow 5%
2,992 units
*As per 30 September 2024 including pipeline (% of FV), not including disposals until fully realised. | 10 |