Xior Student Housing N.V. · EURONEXT:XIOR
Xior Student Housing — Q3 2021 Earnings Presentation
41 slides from Xior Student Housing's earnings presentation, Oct 26, 2021
Slide 1: Q3 2021 Results Presentation
Presentation Q3 2021 Results © Xior Student Housing – 26 October 2021
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 YTD • Track record • Acquisitions 2021 • Main realisations 2021 2. Operational update • Rental market update • ESG update 3. Portfolio & Pipeline 4. Q3 2021 Results Q&A Appendix Financials Appendix Organisation 3
Slide 4: Recap YTD
01. Recap YTD Prince – Antwerp 4
Slide 5: Track record
Track record December 2015 Acquisitions YTD October 2021 €87.8m IPO October 2021 – … €200m portfolio Malaga –Leeuwarden Announcement 48 assets Breda – Antwerp Quares Student Heading to ca. €2.2 bn 2,035 units SPS/HUBR Housing portfolio 8 cities March 2021 April 2021 Vaals *ongoing & subject 2 countr
Slide 6: Total of €233m acquisitions YTD
Total of €233m acquisitions YTD Teatinos – Malaga Project City Lofts – Leeuwarden Study Studio Park – Breda Project Roosevelt – Antwerpen #units 229 (231 beds) #units 183 units #units 224 units #units TBD (>51 units) Investme Investme Investme Investme approx. 23.2 MEUR approx. 18.5 MEUR approx. 24
Slide 7: Acquisitions Q3 2021
Acquisitions Q3 2021 HUBR Madrid HUBR Malaga HUBR Sevilla Zaragoza Vaals Succesful Tender Offer SPS / HUBR Portfolio Succesful Tender Zaragoza Acquisition building plot in Vaals #units 676 units (> 725 beds) approx. 400 units (students & #units approx. 388 units #units young professionals) Investmen
Slide 8: Announcement of intention public tender offer Quares Student Housing
Announcement of intention public tender offer Quares Student Housing Quares Student Housing Impact* • Takeover large competitor • Belgian portfolio to increase by 25% • Number of lettable units to increase by 30% • Easily integrated into Xior’s existing operational platform • Economies of scale • Po
Slide 9: Operational update
02. Operational update Oudergemlaan – Brussels 9
Slide 10: Market update
Market update • Rental season started significantly earlier • Increased retention • Making up for a “lost” on-campus year • Longer studies due to failed year • Increased demand and rush • Increasing student population • Brexit • Extra covid-effect • Return of on-campus life …. Resulting in full occu
Slide 11: Room shortage causes Tomorrowland-situations
Room shortage causes Tomorrowland-situations 11
Slide 12: Making Xior future proof – we remain ambitious
Making Xior future proof – we remain ambitious Phase 1 of Xior’s digital transformation process: IT & DIGITAL Data warehousing & creation of interfaces New website & student app Customer journey mapping Trends COMMUNITY Hybrid living concepts LIVING Changing customer behavior Focus on community and
Slide 13: ESG: Xior's sustainability strategy
ESG: Xior’s sustainability strategy Our strategy is based on 2 pillars covering 5 materialities based on stakeholder analysis Best in class organisation and employees • Ethics and integrity • Health, safety and wellbeing of employees Happy students in efficient buildings • Health, safety and wellbei
Slide 14: ESG: Xior's roadmap – the North Star project
ESG: Xior’s roadmap – the North Star project 1. Ethics and Integrity Priorities roadmap 2021-2023 Code of Conduct : Values and ESG policies (published 5 October 2021) 4. Sustainable buildings Priorities roadmap 2021-2023 2. Health, Safety & Wellbeing of employees Increase ‘eligible assets’ under
Slide 15: Portfolio & Pipeline
03. Portfolio & Pipeline Oudergemlaan – Brussels 15
Slide 16: Current portfolio overview and what's next
Current portfolio overview* What’s next? Belgium – 8 cities 4,732 units Antwerp Further Growth Potential Leuven Brussels Liège in existing countries Ghent Namur 25% Hasselt Mechelen Quid extra countries? The Netherlands – 17 cities 8,386 units Amsterdam Leeuwarden Wageningen Amstelveen Leiden Vaals
Slide 17: Xior, a growth story
Xior, a growth story CONTINUOUS INCREASE OF LETTABLE UNITS1 1. As at 30 September 2021 (not including QSH). 17
Slide 18: Accelerating portfolio growth
Accelerating portfolio growth1 18 1. As at 30 September 2021.
Slide 19: Pipeline per 30.09.2021 (acquisitions & developments)
Pipeline per 30.09.2021 (acquisitions & developments) Estimated Investment value Project Permit Expected delivery # of units (beds) Rental income (ca. €m)1 BENELUX PORTFOLIO Bokelweg – Rotterdam TBD (est. 56.6) Exp. 2022 2023 350 Partially as office Marivaux – Brussels TBD (est.20.0) 2022 135 No B
Slide 20: Pipeline per 30.09.2021 (acquisitions & developments)
Pipeline per 30.09.2021 (acquisitions & developments) Estimated Investment value Project Permit Expected delivery # of units (beds) Rental income (ca. €m)1 SPAIN PORTFOLIO Project Collblanc – Barcelona 23.0 2022 128 (223) No UEM – Madrid TBD (est. 22.2) Exp. 2021 TBD >200 No Pontoneros - Zaragoza
Slide 21: Q3 2021 Results
04. Q3 2021 Results BrinkToren – Amsterdam 21
Slide 22: Key figures as per 30.09.2021
Key figures as per 30.09.2021 PORTFOLIO FAIR VALUE DEBT RATIO EPS Q3 2021 €1.74bn 50.71 % €1.22/ share1 LFL 1.95% EPRA NAV/share OCCUPANCY RATE EPS/DPS GUIDANCE 2021 97.8 % €1.80/€1.44 share2 € 35.83 GUIDANCE 20223 Min. EPS growth of 10% vs. 2021 1. EPRA earnings per share after IFRIC21 adjustment –
Slide 23: Occupancy rates and NAV per share
Occupancy rates and NAV per share 23
Slide 24: Nomination agreements
Nomination agreements 1 UNIVERSITY CITY LOCATION #UNITS END DATE RENTAL CONTRACT Saxion Hogescholen Enschede Ariënsplein 113 31/07/2026 Saxion Hogescholen Enschede Ariënsplein 1 (educational facility) 31/08/2027 Saxion Hogescholen Enschede Ariënsplein 1 (educational facility) 28/02/2029 Saxion Hoges
Slide 25: Nomination agreements
Nomination agreements 1 UNIVERSITY CITY LOCATION #UNITS END DATE PARTNERSHIPS KU Leuven Leuven Studax 292 14/09/2041 Technische Universiteit Delft Delft Phoenixstraat 91 31/07/2022 Universiteit Leiden Leiden Verbeekstraat ca. 30 Erasmus Universiteit Rotterdam Woudestein 259 31/08/2022 Universiteit U
Slide 26: Solid financing position
Solid financing position DEBT MATURITY PROFILE (30 SEP 2021) DEBT PROFILE (30 SEP 2021) 160000000 140000000 FIRST LARGE MATURITY DATE NOT BEFORE 2022 Q1 1 • Debt ratio of 50.71% 120000000 31/12/2020: 54.18% 100000000 53.5% (pro forma after QSH) 80000000 • Total credit lines of €1,080m of which €209m
Slide 27: Xior market cap development
Xior market cap development CA. €875M OF EQUITY CAPITAL RAISED1 / MARKET CAP INCREASE OF €1,159M SINCE IPO / €73.9M DIVIDENDS PAID OUT2 SINCE IPO December 2015 January 2017 March 2018 December 2018 June 2019 June 2020 Nov 2020 €87.8m €5.1m €18.1m €30.0m €18.1m €7.5m €54.7m Initial public offering on
Slide 28: Operational metrics & valuation yields
Operational metrics & valuation yields OPERATIONAL METRICS VALUATION YIELDS Gross valuation yields 31/12/2020 31/12/2019 31/12/2018 31/12/2017 31/12/2016 31/12/2015 Gross yields Belgium 5.15% 5.13% 5.10% 5.15% 5.17% 5.31% Gross yields the Netherlands 5.89% 5.63% 5.72% 6.19% 6.54% 7.95% Gross yields
Slide 29: EPS & DPS: Guidance 2021 – 2022
EPS & DPS: Guidance 2021 – 2022 1 € 1,30 € 1,25 € 1,20 € 1,15 Xior foresees EPS growth of at least 10% in 2022 compared to 2021, if the growth strategy is executed. (Including potential QSH portfolio – EPRA earnings to increase by 15% versus 2021. 1. EPS – group share. 29 2. Per 30 September 2021.
Slide 30: Q&A
Q&A 30
Slide 31: Appendix Financials
Appendix Financials Diagonal Besòs – Barcelona 31
Slide 32: Key financials 30.09.2021 – P&L
Key financials 30.09.2021 – P&L1 in KEUR 30/09/2021 30/09/2020 Net rental result 53,998 41,057 +32 % Real estate result 52,916 40,286 Operating result before result on the portfolio 38,162 29,602 Financial result (excl. variations in the fair value of financial assets and liabilities) -6,947 -6,451
Slide 33: Key financials 30.09.2021 – Balance sheet
Key financials 30.09.2021 – Balance sheet In KEUR 30/09/2021 31/12/2020 Equity 836,343 659,503 Equity – part of the group 817,718 641,194 Fair value of the real estate property1 1,741,104 1,555,779 Debt ratio (Law on Regulated Real Estate Companies)2 50.71% 54.18% 1. The fair value of the investment
Slide 34: Key financials 30.09.2021 – Figures per share
Key financials 30.09.2021 – Figures per share in EUR 30/09/2021 30/09/2020 Number of shares 25,255,729 19,295,291 Weighted average number of shares 24,211,088 19,295,291 EPRA1 earnings per share 1.21 1.12 EPRA1 earnings per share after IFRIC adjustment 1.24 1.15 EPRA1 earnings per share – group shar
Slide 35: Key financials 30.09.2021 – Metrics
Key financials 30.09.2021 – Metrics Operational Ratios 30/09/2021 31/12/2020 31/12/2019 31/12/2018 31/12/2017 Operational margin % (property operating result/net rental income) 81.13% 87.08% 85.72% 87.82% 83.75% EBITDA margin 72.09% 76.81% 78.05% 77.53% 72.80% Overhead costs compared to net rental i
Slide 36: Appendix Organisation
Appendix Organisation Bonnefanten – Maastricht 36
Slide 37: Market overview
Market overview The Belgium Netherlands Spain Portugal Number of students ~475,000 ~770,000 ~1,600,000 ~375,000 Estimated demand1 ~135,000 ~360,000 ~465,000 ~145,000 ~135,000 ~315,000 Existing offer PBSA2 ~96,000 ~18,000 (including private offer) (45,000 shortage) 12 universities 13 universities 82
Slide 38: Shareholder structure
Shareholder structure1 Free Float Aloxe NV AXA IM 73.78% 17.11% 9.11% Xior Student Housing NV 1. As per 30 September 2021. 2. AXA Investment managers S.A. makes the transparency notification as controlling person for AXA Investment Managers Paris S.A., AXA Real Estate Investment Managers S.A. and AX
Slide 39: Corporate governance – Board of Directors
Corporate governance – Board of Directors CHRISTIAN TEUNISSEN FREDERIK SNAUWAERT Executive director & CEO Executive director & CFO From 1997 until 2008 mainly active in Previously active as a senior auditor at the insurance industry at PwC in financial services, as a credit subsequently Fortis AG, A
Slide 40: Group structure
Group structure XIOR STUDENT HOUSING (Public 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 CEO (
Slide 41: Xior Student Housing NV
Xior Student Housing NV T +32 3 257 04 89 [email protected] Mechelsesteenweg 34, [email protected] box 108 [email protected] 2018 Antwerp Belgium www.xior.be 41