Xior Student Housing : Half-Yearly Report 2023

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Leuven

Kopenhagen

Madrid

Antwerpen

Lissabon

2023

Amsterdam

HALF-YEARLY FINANCIAL REPORT

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This half-yearly financial report is also available in Dutch.

Xior Student Housing NV is responsible for the translation of this half-yearly financial report into English. Only the Dutch version of the half- yearly financial report has evidential value. Both versions are available on the Company website (www.xior.be) or from the registered office upon request (Xior Student Housing NV, Frankrijklei 64-68, 2000 Antwerp, Belgium).

Alternative Performance Measures and the term "EPRA earnings"

Alternative Performance Measures (APMs) are measures used by Xior Student Housing NV to measure and monitor its operational performance. The European Securities and Markets Authority (ESMA) has issued guidelines that apply since 3 July 2016 for the use and explanation of alternative performance measures. The concepts that Xior considers to be APMs

are contained in Chapter 5.8 of this Half-YearlyReport. The APMs are marked with and are accompanied by a definition, purpose and reconciliation as required under the ESMA guidelines.

The EPRA (European Public Real Estate Association) is an organisation which promotes, helps to develop and represents the European publicly listed property sector in order to boost confidence in the sector and increase investment in publicly listed property in Europe. For more information about EPRA, visit www.epra.com.

XIOR I Half-yearly financial report I 2023

XIOR I Half-yearly financial report I 2023

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TABLE OF CONTENTS

05	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST HALF YEAR OF 2023 49

			5.1	Condensed consolidated income statement	50
01	CONSOLIDATED KEY FIGURES AS AT 30 JUNE 2023	7	5.2	Overview of total earnings	52
02	INTERIM MANAGEMENT REPORT	11	5.3	Condensed consolidated balance sheet	53
2.1	Notes to the consolidated results for the first half of 2023	12	5.4	Consolidated statement of changes in equity	56
2.1.1	Consolidated balance sheet	13
2.1.2	Composition of debt	15	5.5	Consolidated abbreviated cash flow statement	60
2.2	Data according to the EPRA reference system	17	5.6	Notes	61
2.2.1	EPRA Key Performance Indicators	17	5.6.1	Financial reporting principles - General	61
			5.6.2	Consolidation	61
2.3	Transactions and achievements	21
2.3.1	Transactions and achievements during the first half of 2023	21	5.7	Segment information	62
2.3.2	Transactions and achievements after the first half of 2023	21
			5.8	Alternative Performance Measures (APMs)	66
2.4	Portfolio en pipeline update	22	5.8.1	Glossary of the Alternative Performance Measures (APMs) used by Xior Student Housing	66
2.5	Operational & corporate update	22	5.9	Other notes	72
2.5.1	Rental season update: particularly strong commercial results supported by well performing		5.9.1	Property result	72
	student accommodation market.	22	5.9.2	Result on the portfolio	74
2.5.2	Update on digital transformation and integration: internal value creation,		5.9.3	Financial result	75
	sharing best practices and exploiting team synergies	22	5.9.4	Investment property	76
2.5.3	Update shareholdership	22	5.9.5	Financial fixed assets - Authorised hedging instruments	77
2.5.4	ESG update	23	5.9.6	Capital	78
2.5.5	Service costs Netherlands	24	5.9.7	Earnings per share	80
			5.9.8	Financial debts	80
2.6	Forecast for the second half of 2023	24	5.9.9	Financial assets and liabilities	82
2.6.1	Prospects for the second half of the financial year 2023	24	5.9.10	Transactions with related parties	83
			5.9.11	Post balance sheet events	83
2.7	THE XIOR SHARE	25	5.9.12	Scope of consolidation	84
2.7.1	The share on Euronext Brussels	25	5.9.13	Debt ratio	85
2.7.2	Shareholders	27	5.9.14	Off-balance sheet rights and obligations	87
03	RISKS FOR THE REMAINING MONTHS OF 2023		5.9.15	Statutory Auditor's report	88
29	5.9.16	Statement accompanying the half-yearly financial report	89
04	PROPERTY REPORT		5.9.17	Forward-looking statements	89
33	06	IDENTITY CARD	91
4.1	Property market	34
4.1.1	The market in which Xior operates	34
4.1.2	Student housing evolution	36
4.2	Property portfolio	37
4.2.1	Portfolio summary	37
4.2.2	Description and diversification of the property portfolio	38
4.2.3	Report by property experts Stadim, Cushman & Wakefield and CBRE as at 30 June 2023	46

XIOR I Half-yearly financial report I 2023

XIOR I Half-yearly financial report I 2023

6 I CONSOLIDATED KEY FIGURES AS AT 30 JUNE 2023

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CONSOLIDATED KEY FIGURES AS AT 30 JUNE 2023

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XIOR I Half-yearly financial report I 2023

8 I CONSOLIDATED KEY FIGURES AS AT 30 JUNE 2023

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The first half of 2023 covers the period from 1 January 2023 to 30 June 2023.

The results of the first half year are as follows:

• EPRA earnings of EUR 0.92 per share1 - EUR 1.00 per share after IFRIC 21 adjustment
• EPRA earnings - group share of EUR 0.92 per share1 - EUR 1.00 per share after IFRIC 21 adjustment
• EPRA earnings of KEUR 32,428 - KEUR 35,155 after IFRIC
  21 adjustment
• EPRA earnings - group share of KEUR 32,202 - KEUR 34,929 after IFRIC 21 adjustment
• EPRA NAV per share - group share of EUR 40.92 compared to EUR 43.00 as at 31 December 2022
• EPRA NTA per share of EUR 40.85 compared to EUR 42.96 as at 31 December 2022

Consolidated income statement

In KEUR

• Net rental result of KEUR 69,310 for H1 2023
• LfL rental growth at record level of +5.64% YoY
• Net result (IFRS) of KEUR 8,909 for H1 2023
• LTV of 54.43% compared to 51.39% on 31 December 2022.
• Debt ratio of 55.31% compared to 52.02% on 31 December 2022. Debt ratio would be 54.29% if the earn-out2 obligation would be booked as equity.
• 98% occupancy rate compared to 98% for H1 2022
• Property portfolio rises by 3.49% to MEUR 3,132 since 31
  December 2022. If all acquisitions and redevelopments in the committed pipeline are completed, the portfolio will increase to approx. EUR 3.6 billion, with more than 26,100 lettable student units.3

30/06/2023 30/06/2022

Consolidated balance sheet
In KEUR	30/06/2023	31/12/2022

Equity	1,452,544		1,486,461
Equity - group share	1,452,035		1,486,268
Fair value of the investment property4	3,132,453		3,026,885
Loan-to-Value	54.43%	51.39%
Debt ratio (Act on Regulated Real Estate Companies)5	55.31%	52.02%
Debt ratio with earn-out in equity	54.29%
Key figures per share
(in EUR)	30/06/2023	30/06/2022
Number of shares	35,618,161		28,011,322
Weighted average number of shares6	35,072,965		28,011,322
EPRA earnings per share (based on the weighted average number of shares)	0.92		0.90
EPRA earnings per share - group share - after IFRIC 21 adjustment	1.00		0.98
EPRA earnings per share - group share	0.92		0.88
EPRA earnings per sharee - group share - after IFRIC 21 adjustment	1.00	0.95

Net rental result	69,310	49,782
Property result	68,578	46,878
Operating result before result on the portfolio	44,477	31,978
Financial result (excluding variations in the fair value (FV) of financial assets and liabilities)	-10,291	-5,259
EPRA earnings	32,428	25,324
EPRA earnings after IFRIC 21 adjustment	35,155	27,380
EPRA earnings - group share	32,202	24,680
EPRA earnings - group share - after IFRIC 21 adjustment	34,929	26,736
Result on the portfolio (IAS 40)	-22,528	145,683
Revaluation of financial instruments (non-effective interest rate hedges)	-5,003	47,178
Share in the result of joint ventures	138	263
Deferred taxes	3,874	-15,230
Net result (IFRS)	8,909	203,218
	30/06/2023	30/06/2022
Number of lettable student units	18,225	13,992

In accordance with the guidelines issued by the European Securities and Market Authority (ESMA) on 3 July 2016, the Alternative Performance Measures (APMs) used by Xior are included in this Half-Yearly Report. The definitions of the APMs, together with the reconciliation tables and their purpose are included in Chapter 5.8 of this Half-Yearly Report. The

APMs are marked with .

1. Figures per share are calculated on the basis of the weighted average number of shares unless stated otherwise.
2. The total fee for the acquisition of the Basecamp management and development operations consisted of the initial fee of MEUR 36 and an earn-out of MEUR 34 if the earn-out conditions were met (as possibly adjusted in accordance with the calculations of the final settlement for any differences between the estimated and final amounts of cash, debt, net working capital and so on). In the meantime, the Basecamp teams proposed seven new potential investment files that met these earn-out conditions, resulting in the full activation of the earn-out. The actual payment of this earn-out will happen in stages: 50% on 31 March 2024 and 50% on 31 March 2025 by issuing new shares at a price per share equal to the 30 days of volume-weighted average price (VWAP) per share on Euronext Brussels immediately prior to the relevant payment date of the relevant part of the earn-out. All these shares are subject to a six-monthlock-up. As the earn-out has been activated, it was included as a liability in the balance sheet as at 30 June 2023. The earn-out will be paid by issuing new shares, but since the issue price has not been set yet, the earn-out must be recognised as a debt rather than as equity under IFRS. Once the earn-out is paid by issuing shares, the capital will increase and the debt will be reversed. As at 30 June 2023, this will have an impact of approx. 1% on the debt ratio.
3. Without taking into account ongoing divestments until they are fully realised.

Result on the portfolio (IAS 40) (based on the weighted average number of shares)	-0.64	5.20
Revaluation of financial assets and liabilities (based on the weighted average number of shares)	-0.14	1.69
Net result per share (IFRS) (based on the weighted average number of shares)	0.25	7.25
Share's closing price	27.25	41.55
Net asset value per share (IFRS) (based on the number of shares issued)	40.78	42.21
Net asset value per share (IFRS) (based on the number of issued shares) - group share	40.77	41.47

1. The Fair Value of the investment property is the investment value as determined by an independent property expert, not including the transaction fees (see BE-REIT (Belgian Real Estate
   Investment Trusts) Association press release dated 10 November 2016). The fair value corresponds to the book value under IFRS.
2. Calculated in accordance with the Royal Decree of 13 July 2014 implementing the Act of 12 May 2014 on Regulated Real Estate Companies.
3. Shares are counted from the time of issue.

XIOR I Half-yearly financial report I 2023

XIOR I Half-yearly financial report I 2023