Xior Student Housing
Capital Markets Day 6-7 November 2024
Copenhagen - Malmö
FULL Q3
RESULTS
Welcome to Copenhagen
Presentation Q3 2024 results
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Solid 9M 2024 results: strong 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.
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LTV & Debt ratio in downward trend
Debt Ratio & LTV Evolution
Pro forma Debt Ratio & LTV down to 50.30% & 51.68%
56,00% | 55.31% | Reduction well on track via: | ||||||
• Well executed divestment program | ||||||||
No prime assets sold | ||||||||
54,00% | Average discount limited to c. 10% | |||||||
25 MEUR additional committed sales to be closed in Q4 2024 | ||||||||
Additional sales opportunistically | ||||||||
52,00% | • Contributions in kind: c. 80 MEUR capital increase in Q2/Q3 2024 | |||||||
• Stable valuations: +1.25% YtD | ||||||||
50,00% | • Optional dividend: 42% take-up leading to c.19 MEUR capital | |||||||
Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | increase |
Debt ratio | LTV | Focus on bringing leverage below 50% remains | |
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Main achievements first 9M 2024
- Strengthening shareholder base
- Entry of Katoen natie as new reference shareholder
- Divestment program realised to reduce leverage
- Bridge loan fully repaid
- Focus on internal growth
- Portfolio growth : c. 2,000 additional student units via acquisitions & deliveries
31 DEC 2015 (FV: €194.8 M) | 30 SEP 2024 (FV: c. €3.27 BN) |
30 SEP 2024 (FV: c. €3.67 BN)1
Belgium 84%
The Netherlands 16%
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% |
Sweden | 2% |
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New openings & acquisitions
New deliveries (1,000 units) | New acquisitions (c. 1,000 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) | LivinnX, PL (620 units/673 beds) | ||
(189 additional units delivered) | ||||
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Operational update
Strong demand & pricing power mark successful academic year
- Smooth rental season with occupancy rates at consistent high level (98%)
- Retention rates remain at high levels
- Rental season finalised in most of the countries
- Buildings in ramp-up performing extremely well: Malmö at peak with 96%
- Higher rents: +6.2% in October '24
- Demand unaffected by recent rental price adjustments
- Resilient business model with proven pricing power & high occupancy
- Supply rates largely insufficient to meet existing and growing demand
- Unique market fundamentals will support further rental and earnings growth
- Objective is to maximize rental income while safeguarding affordability
Guidance increased: | |
LfL rental growth up to 6.5% (FY 2024) | |
High occupancy at 98% | 10 |
The Xior Platform: Operational excellence kicks in
Strong & efficient operational platform
- Newly integrated operational platform enables strong operational results and allows for smooth integration of new assets
- Local expertise present in every country
- Operational excellence remains key with continued optimisation
'Basecamp by Xior' brand
- Important intermediary step towards full Xior rebranding
- Already live for Krakow & further step by step approach
Soft go-live Yardi platform
- 2 properties in NL now live (Groningen & Maastricht)
- Student customer journey fully digitalized with app-communication
- Will also improve 'back office' - reporting, finance, …
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Financing position per 30.09.2024
All maturing loans until Q4 2025 extended or repaid*
250000000
200000000
150000000
100000000
50000000
0 |
2025 | 2025 | 2026 | 2026 | 2026 | 2026 | 2027 | 2027 | 2027 | 2027 | 2028 | 2028 | 2028 | 2028 | 2029 | 2029 | 2029 | 2029 | 2030 | 2031 | 2032 | 2032 | 2032 | 2033 | 2051 | 2053 |
Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q1 | Q1 | Q2 | Q3 | Q4 | Q4 | Q3 |
* 2 small loans maturing in Q3 2025 (€20m) will not be repaid early to avoid relatively high costs
Danske Bank
Novo Banco
Nykredit
Ethias
vdk
USPP
Sparkasse Leipzig
Pricoa
Pensio B
Nagelmackers
KBC Bank
ING Bank
DZ Hyp
CPH
CDP/Natixis
BNP Paribas Fortis Belfius Bank
Extension of maturities for Q4 2025 & Q1 2026 already on the way
1. The CP notes and quarterly redeemable loans (see Annual Report p. 50) are not included in the graph above as it would render the graph unreadable. | 12 |
Financial Ratios
Further improvement of financial ratios
- Total debt 1.7bn EUR
- ICR at 2.53 (vs. 2.54 at H1 2024)
- Cost of debt at 3.14%(equal vs. H1 2024)
- Hedge ratio at 91% (equal vs. H1 2024) and hedge maturity of 6 years
- Debt maturity currently 4.34 years (vs. 4.60 at H1 2024)
- Debt Ratio & LTV (resp. down to 50.30% & 51.68% pro forma)
- Net debt EBITDA (adj.) at 12.37 (vs.12.65 at H1 2024)
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