Xior Student Housing N.V. · EURONEXT:XIOR
Xior Student Housing — H1 2019 Earnings Presentation
40 slides from Xior Student Housing's earnings presentation, August 2019
Slide 1: 2019 Half-Year Results Presentation
Diagonal Besòs Barcelona – 191 units Presentation 2019 Half –Year Results © Xior Stu d ent Hou sin g – Au gu st 2019
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by the management of XIOR STUDENT HOUSING NV (the "Company") and the Company assumes responsibility for the information contained in this presentation. It does not constitute or form part of, and should not be construed as, an offer, solicitation or inv
Slide 3: Table of contents
Table of contents 1. Recap 1H2019 & Highlights p5 • Track Record • Further growth and diversification • Capital increases • Operational Excellence 2. Portfolio & Pipeline p 17 3. HY 2019 Results and FY Guidance p 23 Q&A Appendix p 36 3
Slide 4: Key figures per 30.06.2019
Key figures per 30.06.2019 Portfolio fair value Net rental result EUR 982m EUR 20.9m EPS EPS IFRIC 21 Debt ratio 0.75 EUR/share 0.82 EUR/share 54.42% Occupancy rate EPRA NAV/share 98.08% 32.15 4
Slide 5: Recap 1H2019
01 Recap 1H2019 Oudergemlaan KVS I Brussels – 30 –units Etterbeek (118 units)
Slide 6: Track record
Track record 2016 & 2017 EUR 99.6m total capital increase in 2016 & 2017 March 2019 2019 – 2022 2007 Entry into Spain and Heading to > EUR 1.1bn portfolio • EUR 84m SPO Portugal (incl. pipeline) Founders enter the (BE) student 94 assets ca. 9,000 units in • EUR 10.6m + EUR 5.0m Barcelona 25 cities i
Slide 7: Track record
Track record 2015 2019 – 2022 • EUR 200m portfolio • EUR 1.1bn portfolio • # countries (2) • # countries (4) • # cities (8) • # cities (25) 4 in BE, 4 in NL 6 in BE, 16 in NL, 1 in ES, 2 in PT • # units/rooms • # units/rooms 2,035 ca. 9,000 • Market capitalisation • Market capitalisation ca. EUR 115
Slide 8: Highlights 2019 - Further growth and diversification
Highlights 2019 - Further growth and diversification 2 new countries: Spain & Portugal 4 new cities: Namur (BE), Barcelona (ES), Lisbon (PT), Porto (ES) 7 new announcements of acquisitions/projects ES: Besos-Barcelona PT: Granjo-Porto, Lamas-Lissabon NL: Eendrachtskade-Groningen BE: Bagatten-Gent, S
Slide 9: Main Acquisitions 1H2019
Main Acquisitions 1H2019 ENTRY SPAIN & PORTUGAL TARGET 250M Diagonal Besòs – Barcelona (191 units/211 beds) Granjo – Porto (211 units/420 beds) Lamas – Lisbon (124 units/254 beds) 9
Slide 10: Main Acquisitions 2019
Main Acquisitions 2019 Eendrachtskade – Groningen (min. 225 units) Meteogebouw – Wageningen (22units) Studax – Leuven (292 units) Mélot – Namur (min. 206 units)* ENTRY IN WALLONIA *announcement on 02.07.2019 10
Slide 11: Summary Main Commitments 2019
Summary Main Commitments 2019 # student units Announcement Announced Announced Process Completion (beds) date Investm. Value Acq. Yield Diagonal Besòs – 191 (211) 13/03 Ca. EUR 25.5m Ca. 7.0% Final phase Q3 2019 Barcelona Artur Lamas – Lisbon 124 (254) 13/03 Ca. EUR 28.2m Ca. 8.0%* Construction Q3/2
Slide 12: Launching of ROXI – The Urban Residence
Launching of ROXI – The Urban Residence 12
Slide 13: Recap 1H2019 - Capital Increases
Recap 1H2019 - Capital Increases First optional dividend • Take-up 63% • Capital increase of ca. EUR 6.08m Total capital increase of Contribution in kind – Acquisition of Studax EUR 24.18m • Capital increase of EUR 18.1m • Private placement of shares at 0.04% discount 13
Slide 14: Recap 1H2019 – Operational Excellence
Recap 1H2019 – Operational Excellence Expanding and investing in our internal organisation: • Xior team grew from 12 people pre-IPO → 60+ • NL : internalisation of external operators • Setting up Spanish local team (Residence manager and operational staff, country manager a.i.) • Portugal : 12 yr le
Slide 15: Nomination Agreements
Nomination Agreements* UNIVERSITY CITY LOCATION END DATE RENTAL CONTRACT Saxion Hogescholen Enschede Ariënsplein 31/08/2026 Saxion Hogescholen Enschede Ariënsplein 31/08/2027 Universiteit Maastricht Maastricht Vijverdalseweg 31/07/2020 Universiteit Maastricht Maastricht Annadal 2021/2031 Stichting S
Slide 16: Nomination Agreements
Nomination Agreements* UNIVERSITY CITY LOCATION PARTNERSHIPS IHE Delft Phoenixstraat Technische Universiteit Delft Delft Phoenixstraat Universiteit Leiden The Hague Eisenhowerlaan Rijks Universiteit Groningen (RUG) Leeuwarden Tesselschadestraat Universiteit Leiden Leiden Verbeekstraat Erasmus Univer
Slide 17: Portfolio & Pipeline
Diagonal Besòs Barcelona – 191 units 02 Portfolio & Pipeline
Slide 18: Xior's student housing portfolio: base case pipeline
Xior ’s student housing portfolio: “base case” pipeline & without new M&A IPO 31/12/2016 31/12/2017 31/12/2018 30/06/2019 Incl. pipeline 2,035 2,531 3,678 5,505 5,795 8,960 # Student units (excl. projects) (excl. projects) (excl. projects) (excl. projects) (excl. projects) (incl. projects) Fair valu
Slide 19: Xior's student housing portfolio incl. pipeline (Belgium)
Xior ’s student housing portfolio incl. pipeline* Assets: 4 Antwerp Student units: 289 Ghent Mechelen Brussels Assets: 6 Student units: 708 Leuven Assets: 25 Student units: 1031 Namur Assets: 1 Student units: 15 Assets: 1 Student units: 206 Assets: 7 Student units: 649 2,898 * Per 05/08/2019 includi
Slide 20: Xior's student housing portfolio incl. pipeline (Netherlands)
Xior ’s student housing portfolio incl. pipeline* Assets: 4 Leeuwarden Groningen Assets: 2 Student units: 567 Student units: 405 Assets: 1 Student units: 300 Assets: 1 Student units: 82 Assets: 1 Student units: 134 Assets: 1 Student units: 271 Assets: 5 Amsterdam Enschede Student units: 450 Amstelve
Slide 21: Xior's student housing portfolio incl. pipeline (Spain, Portugal)
Xior ’s student housing portfolio incl. pipeline* Assets: 1 Student units: 211 (420 beds) Barcelona Porto Assets: 1 Student units: 191 (211 beds) Lisbon Assets: 1 Student units: 124 (254 beds) 526 (885 beds) * Per 30/06/2019 including pipeline 21
Slide 22: Timing committed pipeline & projects
Timing committed pipeline & projects Project Permit Expected Delivery Units (beds) Rental Income Ariënsplein – Enschede ✓ 2018 & 2019 (last phase) 271 Partially Diagonal Besòs – Barcelona ✓ Q3/2019 191 (211) X Bonnefanten – M’tricht ✓ 09/2019 257 X Woodskot – Brussels ✓ 09/2019 91 X Alma – Brussels
Slide 23: 1H2019 Results & FY Guidance
03 1H2019 Results & FY Guidance Campus BXL 89 Ghent – 83 units
Slide 24: Key figures per 30.06.2019
Key figures per 30.06.2019 Portfolio fair value Net rental result EUR 982m EUR 20.9m EPS EPS IFRIC 21 Debt ratio 0.75 EUR/share 0.82 EUR/share 54.42% Occupancy rate EPRA NAV/share 98.08% 32.15 24
Slide 25: Key financials – P&L
Key financials – P&L CONSOLIDATED P&L ITEMS 30/06/2019 30/06/2018 In KEUR Net rental result 20,896 12,974 +61% Real estate result 20,441 12,287 Operating result before result on the portfolio 15,135 8,568 Financial result (excl. variations in the fair value of financial assets and liabilities) -3,08
Slide 26: Evolution rental income per quarter
Evolution rental income per quarter Evolution rental income per quarter 12.000 10,610 10,298 10.000 9,319 7,942 8.000 6,630 6,355 6,091 6.000 4,798 3,887 4.000 3,419 3,509 2,595 2,823 2,132 2.000 0 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 201
Slide 27: Key financials – Balance sheet
Key financials – Balance sheet CONSOLIDATED BALANCE SHEET ITEMS In KEUR 30/06/2019 31/12/2018 Equity 422,472 410,019 Fair value of the real estate property 982,022 814,908 +20% Occupancy Rate 98.08% 98.90% Debt ratio 54.42% 49.32% • The total property portfolio is valued at EUR 982m as at 30.06.2019
Slide 28: Xior's Portfolio Evolution & Breakdown
Xior ’s Portfolio Evolution & Breakdown Evolution Fair Value Portfolio (mEUR) 1200 BE NL ESP 1000 dec/15 jun/19 800 BE 164,334 302,010 600 NL 30,419 711,711 400 ESP 23,772 200 Total 194,753 1,037,493 0 dec-15 mrt-16 jun-16 sep-16 dec-16 mrt-17 jun-17 sep-17 dec-17 mrt-18 jun-18 sep-18 dec-18 mrt-19
Slide 29: Portfolio – Yielding & non-yielding assets
Portfolio – Yielding & non-yielding assets Yielding & non-yielding assets per 30/06/2019 Yielding & non-yielding assets forecast 30/09/2019 9,5% 4,6% 9,5% 12,3% 78,2% 85,9% Yielding assets Non-yielding assets Partially yielding assets Yielding assets Non-yielding assets Partially yielding assets Ass
Slide 30: Portfolio – Breakdown fair value
Portfolio – Breakdown fair value* Breakdown FV – Asset type Breakdown FV – Construction type 0,21% 0,97% 0,60% 13,34% 16,2% 26,3% 85,09% 57,3% Student Retail Other Offices for reconversion newly built reconversion renovation land *Per 30/06/2019 30
Slide 31: Key financials – Financing per 30.06.2019
Key financials – Financing per 30.06.2019 Debt Maturity Graph 30.06.2019 120.000.000 100.000.000 80.000.000 60.000.000 40.000.000 20.000.000 0 Q4 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q4 Q2 Q4 Q2 Q2 2020 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2025 2025 2026 2027 Belfi
Slide 32: Key financials – Figures per share
Key financials – Figures per share KEY FIGURES PER SHARE 30/06/2019 30/06/2018 % Number of shares 14,349,847 12,968,815 +10.65% Weighted average number of shares 13,961,809 9,099,666 +53.43% EPRA earnings per share 0.75 0.64 +17.19% EPRA earnings per share incl. correction IFRIC21 0.82 0.70 +17.14%
Slide 33: Key financials – Metrics
Key financials – Metrics Operational Metrics 30/06/2019 31/12/2018 31/12/2017 Operational margin % (property operating result/net rental income) 83.81% 87.82% 83.75% EBITDA margin (IFRIC21 corrected) 76.54% 77.53% 72.80% Overhead costs compared to net rental income (IFRIC21 corrected) 7.39% 10.47% 1
Slide 34: Guidance 2019
Guidance 2019 • Xior intends to pursue its growth strategy in 2019 by adding quality student properties and by completing its development pipeline in Belgium, The Netherlands, Spain and Portugal • Xior confirms its objectives: • EPRA earnings per share at EUR 1.60 (increase of 9.6% compared to 2018)
Slide 35: Q&A
Diagonal Besòs Barcelona – 191 units Q&A … an d Happy Holidays!
Slide 36: Appendix
Diagonal Besòs Barcelona – 191 units Appendix Diagonal Besòs Barcelona – 191 units
Slide 37: Group Structure
Group Structure Free Float Aloxe NV AXA IM 71.22% 19.15% 9.63% Xior Student Housing NV 37
Slide 38: Group Structure
Group Structure XIOR STUDEN T HOUSING (Pu b lic RREC) Limited liability company (“naamloze vennootschap”) Registered office: Mechelsesteenweg 34/108, B-2018 Antwerp KBO 0547.972.794 (RPR Antwerp, Antwerp Department) Belgian Public REIT (BE-REIT) STRUCTURE Aloxe NV, the holding company held by the CE
Slide 39: Corporate governance
Corporate governance CHRISTIAN TEUNISSEN FREDERIK SNAUWAERT Execu tive d ir ecto r & CEO Execu tive d ir ector & CFO From 1997 until 2008 mainly active in the insurance Previously active as a senior auditor at PwC in financial industry at subsequently Fortis AG, AdB Business Partners services, as a
Slide 40: Xior Student Housing
C h r i s t i a n @ x i o r. b e X io r S t u d e nt Ho u s in g N V F r e d e r i k @ x i o r. b e I R @ x i o r. b e T +32 3 257 04 89 Mechelsesteenweg 34, box 108 Follow the 2018 Antwerp # Xi o r f a mi l y Belgium w w w. x i o r. b e Download the app