Xior Student Housing : Interim announcement by the Board of Directors | First quarter 2022 – ending on 31 March 2022

PRESS RELEASE

Antwerp, Belgium - 26 April 2022 - Embargo until 7h00

Regulated information

Interim announcement by the Board of Directors First quarter 2022 - ending on 31 March 2022

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Results in line with expectations

Strong start of rental season for the upcoming academic year

Committed pipeline on track and hedged against rising construction prices

Another huge rush for student rooms in all countries

•  Just like last year, there is a massive search for rooms in all four countries Xior is operating in. The rental teams received a large number of applications in early March, again sooner than usual, and several cities have been rented out already.

•  Like last year, the rental season started significantly earlier and higher retention rates were observed (up to 80%). In countries where the rental season has not yet officially started, applications are already well underway, resulting in waiting lists.

•  The implemented rent increases have no effect on the increasing demand for student rooms.

Future-proof Xior: extensive pipeline & further professionalization

•  Xior has an extensive pipeline totalling approx. 7,000 units spread across the four countries where Xior is already active and a first development project in Poland.

•  This development pipeline is on track: thanks to fixed price agreements and the majority of projects being developed via turnkey agreements, Xior is not experiencing any negative impact from rising construction prices at the moment.

•  In addition to portfolio growth, Xior also continues to grow and professionalise internally:

  • o New Human Capital strategy supported by expansion HC-team

  • o Strengthening of the workforce to over 200 collaborators, with a redesign of the internal organisation

  • o Further focus on compliance & risk: creation of an Ethics & ESG committee, expansion of internal audit and policies, etc.

Key figures for Q1 2022 in line with expectations

•  EPRA earnings1 - group share of EUR 0.37/share - (EUR 0.47 after IFRIC 21 adjustment)

•  EPRA earnings - group share of KEUR 10,171, a 41% increase compared to Q1 2021 - (KEUR 13,029 after IFRIC 21 adjustment)

•  Net rental result increases to KEUR 24,817, a 41% increase compared to Q1 2021

•  EPRA NAV/share of EUR 39.54 compared to EUR 38.63 as at 31/12/2021

•  EPRA NTA/share of EUR 38.8 compared to EUR 37.92 as at 31/12/2021

•  Debt ratio of 49.10% compared to 47.58% as at 31/12/2021

•  Occupancy rate Q1 2022: 98.03% compared to 98% for the whole of 2021

•  The property portfolio rose to MEUR 2,012 with 13,992 lettable student units. If the entire committed pipeline is completed, the portfolio will rise to approx. MEUR 2,800, with over 21,000 lettable student units.

•  Confirmation of earnings forecast: EPS of EUR 2.00 for 2022 (+11%) & EUR 2.20 for 2023 (+10%)

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PRESS RELEASE

Antwerp, Belgium - 26 April 2022 - Embargo until 7h00

Regulated information

I.

KEY FIGURES

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1 Xior Student Housing NV uses alternative performance measures (APMs) to measure and monitor its operational performance. The European Securities and Markets Authority (ESMA) has issued guidelines applying as from 3 July 2016 for the use and explanation of alternative performance measures. Chapter 10.8 of the Annual Financial Report 2021 includes the terms Xior regards as APMs. The APMs are marked withand are accompanied by a definition, an objective and a reconciliation (see IX and X of this Press Release), as required by the ESMA guideline.

2 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 Association press release dated 10 November 2016). The Fair Value corresponds to the book value under IFRS.

3 Calculated in accordance with the Royal Decree of 13 July 2014 implementing the Act of 12 May 2014 on Regulated Real Estate Companies.

• 4 Calculated based on the weighted average number of shares.

• 5 Calculated based on the weighted average number of shares.

• 6 Calculated based on the weighted average number of shares.

Consolidated P&L	In KEUR	31/03/2022	31/03/2021
Net rental result	24,817	17,627
Property result	23,261	12,525
Operating result before result on the portfolio	14,424	10,729
Financial result (excluding variations in the fair value of financial assets and liabilities)	-3,316	-2,812
EPRA earnings1 - group share	10,171	7,199
EPRA earnings- group share after IFRIC 21 adjustment	13,029	9,339
Result on the portfolio (IAS 40)	15,293	1,560
Revaluation of financial instruments (non-effective interest rate hedges)	25,904	5,569
Share in the result of joint ventures	118	40
Deferred taxes	-2,330	-417
Net result (IFRS)	49,502	14,126
Number of lettable student units	13,992	11,087
Consolidated balance sheet	In KEUR	31/03/2022	31/12/2021
Equity	1,053,302	1,003,852
Equity - group share	1,033,177	984,436
Fair value of the investment property2	2,012,106	1,967,056
Debt ratio (Act on Regulated Real Estate Companies)3	49.10%	47.58%

Key figures per share	in EUR	31/03/2022	31/03/2021
Number of shares	27,781,301	25,255,729
Weighted average number of shares	27,781,301	22,110,327
EPRA earnings4 per share	0.38	0.33
EPRA earnings5 per share- group share	0.37	0.33
EPRA earnings6 per shareafter IFRIC 21 adjustment	0.48	0.43

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PRESS RELEASE

Antwerp, Belgium - 26 April 2022 - Embargo until 7h00

Regulated information

EPRA earnings7 per shareafter IFRIC 21 adjustment - group share Result on the portfolio (IAS 40)

0.47

0.42

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0.55

0.07

Variations in the fair value of hedging instruments Net result per share (IFRS)8

0.93

0.25

1.78

0.64

Share closing price

50.60

45.50

Net asset value per share (IFRS) (before dividend) - group share

37.19

33.56

II.

CONSOLIDATED FINANCIAL RESULTS

The financial information for the period ending on 31 March 2022 was drawn up in accordance with the International Financial Reporting Standards (IFRS).

The figures published represent consolidated figures; holdings and subsidiaries have been consolidated in accordance with the relevant legislation.

1.

Net rental result

In the first quarter of 2022, Xior achieved a net rental result of KEUR 24,817 compared to KEUR 17,627 in the first quarter of 2021. This is a 41% increase. This net rental result will continue to increase throughout the next quarters, as certain acquisitions will generate rental income only during the course of 2022.

This relates mainly to the following properties:

• - Collblanc Barcelona: property was acquired in February 2022 and will start started earning rental income from the summer;

• - Mélot Namur: acquisition to be acquired in Q3 2022 and will start generating rental income from the new academic year;

• - Voskenslaan 196, Ghent: property will be delivered over the summer and will generate rental income from the new academic year;

• - Marivaux Brussels: property will be delivered over the summer and will generate rental income from the new academic year.

As at 31 March 2022, Xior was able to calculate like for like covering 60% of the rental income. The company achieved a growth of 2.56% in this rental income compared to 31 March 2021.

For the first quarter of 2022, the average occupancy rate of the property portfolio was 98.03%.

2.

EPRA earnings

EPRA earnings(excluding the portfolio result, excluding the impact of deferred taxes affected by IAS 40 adjustments, and excluding the impact of the variation in fair value of the financial assets and liabilities) are KEUR 10,517, compared to KEUR 7,375 in Q1 2021. EPRA earnings- group share are KEUR 10,171. EPRA earningsafter IFRIC 21 adjustment were KEUR 13,375 as at 31 March 2022 compared to KEUR 9,515 as at Q1 2021. EPRA earningsafter IFRIC 21 adjustment - group share are KEUR 13,029.

• 7 Calculated based on the weighted average number of shares.

• 8 Based on the number of shares.

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PRESS RELEASE

Antwerp, Belgium - 26 April 2022 - Embargo until 7h00

Regulated information

EPRA earningsper share9 are EUR 0.38, and EPRA earningsper share - group share are EUR 0.37.

After the IFRIC 21 adjustment, this is EUR 0.48 per share. EPRA earningsafter IFRIC 21 adjustment - group share are EUR 0.47.

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As a result of the application of the "IFRIC 21 levies" accounting rules (introduced in the financial year 2015), the figures of 31 March 2022 include a provision for the entire year of 2022 with regard to real estate withholding tax, Dutch property taxes, taxes on secondary residences and the so-called "subscription tax". This has a substantial negative impact on the result of the first quarter of 2022, as these costs are no longer spread across all quarters but are entirely booked against the first quarter.

The effect of this accounting treatment will reduce as the financial year unfolds. If these costs were to be spread by charging a quarter of the costs in each quarter, the result as at 31 March 2022 would go up by

KEUR 2,859. In that theoretical case, EPRA earnings- group share would be KEUR 13,029.

3.

Net result

The net result is KEUR 49,502 as at 31 March 2022 compared to KEUR 14,126 as at 31 March 2021. The net earnings per share are EUR 1.78.10

The net result includes the impact of variations in the fair value of the investment property, other portfolio result, deferred taxes with regard to IAS 40 and variations in the fair value of financial assets and liabilities. EPRA earningsare the net result adjusted based on the effects set out above.

4.

Fair value of real estate portfolio

As at 31 March 2022, the portfolio consisted of 13,992 lettable student units. The total property portfolio is valued at MEUR 2,012 as at 31 March 2022.

If all committed acquisitions and projects are implemented, this increase will continue and reach approx. EUR 2.8 billion, with more than 21,000 lettable student units.

5.

Debt ratio

As at 31 March 2022, the debt ratio was 49.10% compared to 47.58% as at 31 December 2021.

III.

FINANCING

As at 31 December 2022, the Company had concluded financing agreements with 14 lenders for a total amount of MEUR 1,477, including MEUR 200 in Commercial Paper. The Company had drawn down a total of MEUR 1,002 in financing as at 31 March 2022.

9 The calculation of the EPRA earnings per share is based on the weighted average number of shares on 31 March 2022, which was 27,781,301

10 This is based on the weighted average number of shares.

In KEUR	31/03/2022	Per share	31/03/2021
EPRA earnings	10,517	0.38	7,375
EPRA earnings - group share	10,171	0.37	7,199
EPRA earnings - after IFRIC 21 adjustment	13,375	0.48	9,515
EPRA earnings - after IFRIC 21 adjustment - group share	13,029	0.47	9,339

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PRESS RELEASE

Antwerp, Belgium - 26 April 2022 - Embargo until 7h00

Regulated information

The Company aims to stagger the loan maturities with an average maturity of 4.57 years as at 31 March 2022.

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The Company also had IRS contracts totalling MEUR 479 as at 31 March 2022. As at 31 March 2022, the drawn down financing (MEUR 1,004) was hedged for 85% through Interest Rate Swap agreements or fixed interest rates.

The average cost of financingduring 2022 is 1.79% (2021: 2.15%).

During 2022, two loans with BNPPF totalling MEUR 50, one loan with KBC for MEUR 25, one loan with Argenta for MEUR 20, and one loan with ING for MEUR 20 came at maturity. Negotiations were conducted with the three banks - BNPPF, Argenta and ING - and an agreement was reached to refinance until 31/03/2027 and 11/10/2026 with BNPPF, until 31/12/2027 with Argenta and until 05/05/2026 with ING.

IV.

KEY PROJECTS COMPLETED IN THE FIRST QUARTER OF 2022

1.

Collblanc Student Housing completion

In 2019, an agreement was signed to acquire a student property to be developed in Collblanc, Barcelona. Xior would acquire the building after its development. The building was completed and the Collblanc Student Housing company shares were transferred on 28 February 2022.

2.

Xior continues international expansion by entering the Polish market

As a continental real estate player specialising in student housing, Xior continues its international expansion strategy by adding a fifth country to its portfolio. After Belgium, the Netherlands, Spain and Portugal, Poland will drive the further realisation of Xior's international growth plans forward. Xior is taking a substantial first step into this new market with an initial investment project in Warsaw that includes more than 500 rooms. The total investment value is about MEUR 32 with a gross investment yield of approx. 9%. The entire investment will be in EUR to avoid the exchange risk. The project is expected to be completed in 2024.

3.

Further expansion in Granada: new development project in a prime location

Xior has signed the letter of intent for the development of a brand-new residence in Granada. It is Xior's second location in this Andalusian student city. This development project consists of approximately 310 rooms (all with individual bathrooms) and various communal areas. The development will meet strict sustainability requirements and will be completed in Q3 2025. Odalys, which Xior is already using at three other sites, will manage the location for 12 years. Another 12-year triple net lease agreement at a fixed rent will be concluded with Odalys for this residence.

4.

Update on student housing in Vaals

Xior already announced on 25 February 2022 that Xior and the municipal assembly of Vaals had come to the conclusion in January 2022 that a large number of student rooms at the Selzerbeeklaan location cannot be completed as announced by Xior on 24 August 2021. Following this conclusion, Xior invoked the execution of the resolutive condition for the purchase agreement announced by Xior on 24 August 2021. The municipality of Vaals will work with Xior in the coming months to examine, in part based on the indications received from discussions with local residents and the assembly, whether there are any other

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