Publication Half-Yearly Financial Report 2023

Interim results per 30.06.2023

On track in strong European student housing market

Christian Teunissen, CEO: “This past half year has once more proven that student housing is a very strong asset class with unique fundamentals. The continued high demand and scarcity drives occupancy rates and like-for-like rental increases to record levels. This leads to stable valuations and reconfirms the resilience of this exceptional real estate segment. This is also reflected in the ongoing rental season, where current reservation rates are at historically high levels.

Our ambitious digital transformation and integration paths are also making great progress and will not only improve our operational efficiency but will also bring the experience for our students to the next level. We are also proud to announce that our CO2 reduction targets have been validated by SBTi, ensuring we are on the right track towards net zero carbon.

Our management remains focused on bringing the LTV below 50%. Our divestment program (230 MEUR) is in full execution and is right on schedule. The current peak LTV was anticipated and, most importantly, temporary as the ongoing divestments are not yet factored into the figures. Full realization of this program will bring LTV down by 3.61%. Beyond this, we have identified additional divestments and/or continue to look at other strategic options such as a JV partnership to further lower the LTV below 50%. I am confident that our unique business model and excellent teams will enable Xior to continue to outperform.”

Commercial update: LfL of +5,64% and reservation rates at record high levels

  • Continued outperformance, on an even larger scale thanks to Xior’s rock solid business model
  • Consistent high occupancy (98%) and proven pricing power (LfL +5.64%), both at peak levels
  • Ongoing rental season on pace with last year’s record thanks to high demand & despite higher prices
  • Earlier start, high retention and fast rental pace leading to full occupancy in many cities in record time
  • Promising prospects for student housing: increasing shortages will further support pricing power

Portfolio update: divestment program largely committed & fully on schedule

  • Majority of 230 MEUR divestment program committed: 137 MEUR in agreement, remaining part in ongoing sale processes
  • Improved portfolio quality as divestments focus on non-core, less efficient or less sustainable assets
  • Portfolio valuations overall stable (-0.66%) supported by increasing rental income
  • Delivery of more than 2,400 new units in H2 2023 with a limited cost to come of 65 MEUR

Financial update: Net rental result +39%, EPRA earnings +30% (+5% per share)

  • H1 results fully in line with expectations
  • EPS & DPS guidance reconfirmed at 2.20 EUR and 1.76 EUR respectively (+6.3% YoY)
  • LTV at temporary peak of 54.43% as divestment program is not yet reflected in H1 figures. Key priority to bring LTV below 50% remains. LTV will be reduced by:
    • 2.08% when including 137 MEUR of divestments already under agreement
    • 1.53% when remaining part of 93 MEUR of divestment program is realized
    • Further LTV reduction to below 50% with additional divestments and/or strategic options
  • Cost of debt under control at 2.4% with high hedge ratio of 81%. Proceeds of disposals will be used to repay debt maturing in 2024, improving debt maturity, hedge ratio (towards 100%) and cost of debt

Operational update: on track with ambitious ESG & Digital transformation roadmaps

  • CO2 targets, a clear commitment towards net zero carbon, validated by SBTi
  • Integration of Basecamp organization is on track and progressing well
  • Launch of CSRD readiness track to prepare for new EU corporate sustainability reporting directive
  • Continued progress on digital transformation, with first roll-out of Yardi PMS expected to start by Q1 2024 in NL, a major step towards further operational efficiency, internal value creation and enhancing the student experience


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

___________________

For more information, please contact:

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

Christian Teunissen, CEO
Frederik Snauwaert, CFO
info@xior.be
T +32 3 257 04 89

Xior Investor Relations
Sandra Aznar
Head of Investor Relations
ir@xior.be
T +32 3 257 04 89

Xior Press Release - H1 2023 results - EN - 4.08.2022.pdf

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Sandra Aznar

Head of Investor Relations

Christian Teunissen

CEO

Frederik Snauwaert

CFO

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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 30 June 2025, Xior Student Housing held a property portfolio worth approximately EUR 3.5 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, Belgium
BE 0547.972.794 (Antwerp Register of Legal Entities, Antwerp Division)

Disclaimer
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.

Contact

Frankrijklei 64-68 2000 Antwerp, Belgium Belgium

+32 3 257 04 89

info@xior.be

www.xior.be