Q3 2022 Results Xior Student Housing

Interim results per 30.09.2022

Key Figures – Strong results with robust balance sheet, showing strong kick-off for academic year 2022-2023

  • EPRA earnings (group share) amount to 1.446 EUR per share1 after IFRIC 21 adjustment, an increase of 19% year-on-year.
  • New academic year kicks off with a high occupancy rate of 98% and all-time-high retention rates. Net rental result is up 40% compared to Q3 2021 thanks to the persistent high demand for student rooms, leading to lightning-fast rental activity and higher rental income, and enabling to pass on inflationary costs.
  • Fair Value of the portfolio increases by c. 730 MEUR to more than 2.9 billion EUR (+50% year to date).
  • Debt ratio (49.95%) stays below 50%, with the continued strategy of keeping it under 50% through the optimization and strategic review of the (future) portfolio.
  • Interest rate risk is under control, as financing is largely (91%) hedged against increases for c. 6.3 years through fixed-rate contracts and a macro-hedge (covering existing debt as well as future refinancing of maturing debt). Average cost of debt stands at 1.79% with 4.8 years of average maturity.
  • EPRA NTA/share has risen by 16% to 44.03 EUR (versus 37.92 EUR per 31/12/2021).

Portfolio and operational update – Integration of Basecamp hand in hand with optimisation and strategic review of portfolio

  • Following landmark acquisition of Basecamp, portfolio amounts to 17,737 lettable units spread over 8 countries and 43 cities. Through effective integration and optimization of costs and operations, Xior intends to maximize synergies.
  • Internal value creation: focus on efficiency gain and cost control, through further implementation of digital transformation process and scaling of operational platform.
  • Portfolio and pipeline optimisation: two-phased divestment programme of least efficient, least sustainable or non-core assets is on track: phase 1 (c. 30 MEUR) largely completed by yearend; targets for more substantial phase 2 being identified. Additional strategic review of pipeline on developments to be initiated or postponed, will allow to reduce cost to come in 2022-2023 by c. 123 MEUR and ensure sound balance sheet.
  • ESG efforts are recognized: Gold EPRA Sustainability Best Practice award for the 3rd consecutive year.

Outlook – Positive long-term perspectives, as inflationary challenges are countered by unique business model focused on strong underlying market

  • Average rental growth for academic year 2022-2023 is c. 4%, which will contribute to higher like-for-like growth as from Q4 2022 onwards. Q3 2022 like-for-like stands at 2.64% and is expected to increase further to 4.1% in Q4 2022. Limited risk of increased energy costs, as these are either hedged or passed-through.
  • Long-term outlook is positive, as student housing benefits from the resilient and growing demand for higher education and increasing student population.
  • EPRA earnings per share forecast of 2.07 EUR for 2022 and 2.38 EUR for 2023 is confirmed. Dividend forecast for 2022 and 2023 are re-confirmed at 1.66 EUR and 1.90 EUR respectively.

Christian Teunissen, CEO: “In the business of student housing, quarter 3 comes with a crystal clear view on rental contracts for the new academic year. Besides a confirmed, excellent occupancy rate of 98%, we anticipate a continued growth of the demand for student housing thanks to a growing student population. After the successful acquisition of Basecamp, our prime focus will be on further strengthening our operational excellence while reviewing our portfolio and maximizing synergies. Together with our strong commitment to keep our debt ratio below 50%, this will put Xior in a solid position to continue its successful track record.”

 

1 Figures per share are calculated on the basis of the weighted average number of shares taking into account the dividend entitlement of the shares concerned, unless otherwise indicated.

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 - Pressrelease - Q3 2022 - EN - 22.11.2022.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