Strong Q1 2024 results: 6.9% LfL rental growth and 98% occupancy rate

Strong Q1 2024 results: 6.9% LfL rental growth and 98% occupancy rate

Solidifying Xior's European platform after full Basecamp integration - Committed divestments doubled to 220 MEUR - Loans with maturity until Q2 2025 all extended or repaid

Friday, April 26, 2024 — Strong Q1 2024 results underline pricing power and resilience student housing

  • Strong growth EPRA earnings to 0.64 EUR/share (+21% YoY)
  • LfL rental growth of +6.9% (Q1 '24 YoY) and 98% occupancy rate drive rental income
  • Larger scale through Basecamp acquisition, combined with a more efficient portfolio after divestments lead to a higher operational margin
  • Increase guidance LfL rental growth to min. 5.5% (vs 5%) for 2024 partly thanks to promising start rentals new academic year
  • Valuation portfolio remains stable (-0.25% vs Q4 ‘23) thanks to positive effect of rental growth
  • Confirmation of earnings guidance for 2024, EPS of 2.21 EUR & DPS of 1.768 EUR

Solidifying Xior’s European platform after full integration Basecamp

  • Full completion of Basecamp acquisition solidifying Xior's position as an international leader in student accommodation in continental Europe
  • Resulting in a future-proof and more efficient Xior with 19,875 operational rooms across 42 cities in 8 countries and a Fair Value of 3.19 billion EUR

Diligently executed disposal programme & loans with maturity until Q2 2025 all extended or repaid

  • Committed divestments doubled from 110 MEUR to 220 MEUR, in the books by Q2 ‘24, accounting for a total of 49 less sustainable and less efficient buildings, resulting in a significant improvement in portfolio quality
  • All loans maturing up to Q2 2025 were extended or will be repaid early with proceeds of new additional committed divestments
  • Average cost of debt (3.18%) at a short-term peak and will fall back from Q3 ‘24 after repayment bridge loan
  • LTV stable at 52.43%. The decrease has started thanks to acceleration divestments and limited remaining capex. The target to bring LTV below 50% is reaffirmed and remains top priority

Christian Teunissen, CEO:

"Today, Xior is a powerful European platform in eight European countries, with all the necessary tools and expertise. I am proud of our teams, who have not been idle this past quarter and have achieved a lot. We put up great quarterly results again and we have now fully finalised the Basecamp acquisition. A pivotal moment for our organisation, as this integration strengthens our portfolio with fantastic residences, a successful operational platform and a talented team bringing industry expertise. With this, we set a new standard for student living. We also shifted up a gear in our divestments and refinancings. Committed disposals have doubled, the bridge loan is being repaid early and other refinancings through Q2 2025 have also been extended. A significant optimisation of the portfolio and balance sheet. I am proud to say that today we have a rock-solid Xior, with one key remaining focus: decreasing our LTV. I am confident that after the steps taken in recent months, we can now effectively start the decrease."

Find the full press release in the PDF file added below. 

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For more information, please contact: 

Xior Student Housing NV
Frankrijklei 64-68
2000 Antwerp, Belgium 
www.xior.be

Christian Teunissen, CEO
Frederik Snauwaert, CFO
[email protected]
T +32 3 257 04 89

Xior Investor Relations
Sandra Aznar
IR & ESG director
[email protected]
T +32 3 257 04 89

Contact us
Sandra Aznar IR & ESG director
Christian Teunissen CEO
Frederik Snauwaert CFO
Sandra Aznar IR & ESG director
Christian Teunissen CEO
Frederik Snauwaert CFO
About Xior Student Housing NV

Xior Student Housing NV is the first Belgian public regulated real estate company (RREC) specialising in the student housing segment in Belgium, the Netherlands, Spain, Portugal, Germany, Poland, Denmark and Sweden. Within this property segment, Xior Student Housing offers a variety of accommodation, ranging from rooms with shared facilities to en-suite rooms and fully equipped studios. Since 2007, as owner-operator, Xior Student Housing has built high-quality, reliable student accommodation for students looking for the ideal place to study, live and relax. A place with that little bit extra, where every student immediately feels at home.

Xior Student Housing has been accredited as a public RREC under Belgian law since 24 November 2015. Xior Student Housing's shares have been listed on Euronext Brussels (XIOR) since 11 December 2015. On 31 March 2024, Xior Student Housing held a property portfolio worth approximately EUR 3.19 billion. More information is available at www.xior.be.

Xior Student Housing NV, a Public RREC under Belgian law (BE-REIT)
Frankrijklei 64-68, 2000 Antwerp
BE 0547.972.794 (RPR Antwerp, Antwerp division)

Disclaimer
This press release contains forward-looking information, projections, convictions, opinions and estimates produced by Xior in relation to the expected future performance of Xior and of the market in which it operates ('forward-looking statements'). By nature, forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, that appear justified at the time at which they are made but which may or may not turn out to be accurate, and there is a risk that the forward-looking statements will not be realised. Some events are difficult to predict and may depend on factors outside of Xior's control. In addition, the forward-looking statements are only valid on the date of this press release. Statements in this press release relating to past trends or activities may not be interpreted as an indication that such trends or activities will persist in future. Neither Xior nor its representatives, officers or advisers can guarantee that the parameters upon which the forward-looking statements are based are free of errors, nor can they indicate, guarantee or predict whether the expected results set out in such a forward-looking statement will ultimately be achieved. Actual profits, the financial situation and Xior's performance or results may therefore differ substantially from the information projected or implied in forward-looking statements. Xior expressly does not accept any obligations or guarantees as to public updates or reviews of forward-looking statements unless required to do so by law. This press release has been prepared in Dutch and has been translated into English and French. In case of discrepancies between the different versions of this press release, the Dutch version will prevail

Xior Student Housing NV
Frankrijklei 64-68
2000 Antwerp, Belgium
Belgium