Xior Student Housing : Interim announcement of the Board of Directors First quarter 2021 – ending on 31 March 2021

PRESS RELEASE

Antwerp, Belgium - 27 April 2021 - Embargo until 7:40 (CET)

Regulated information

Interim announcement of the Board of Directors

First quarter 2021 - ending on 31 March 2021

New rental season takes flying start

First in Belgium: Xior launches Green CP/MTN programme

Q1 figures in line with expectations

New rental season takes flying start

• Massive search for rooms in Belgium: in Ghent and Leuven, the demand for rooms was multiple times higher than the current supply. These cities are now as good as fully let. Other cities are also receiving more applications than usual, and open house days are fully booked several days in advance.
• In the Netherlands, the rental season does not start until mid-May, but here too, hundreds of students are already standing in line. In Spain & Portugal, where the rental peak is even later, Xior is already seeing more applications and renewals.
• In almost all cities, the rental season started earlier than usual and higher retention rates are observed, even exceeding last year's levels. Corona or not, students are all too eager to move into a student room. The next academic year looks very promising for the entire Xior portfolio.

Launch of first Green CP/MTN1 programme in Belgium

• Xior diversifies her liquidity and financing position with an inaugural Green CP/MTN programme of MEUR 100. This is the first commercial paper programme with a green character on the Belgian market.

Key figures Q1 2021

• Q1 2021 results in line with expectations.
• EPRA earnings - group share of EUR 0.33/share2 - (EUR 0.42/share after IFRIC 21 adjustment).
• EPRA earnings - group share of KEUR 7,199, which is an increase of 20% as compared to Q1 2020 - (KEUR 9,339 after IFRIC 21 adjustment).
• Net rental result increased to KEUR 17,627, a 26% increase compared to Q1 2020.
• EPRA NAV/share3 of EUR 36.35 compared to EUR 34.87 at 31/12/2020.
• EPRA NTA/share3 of EUR 35.60 compared to EUR 33.99 at 31/12/2020.
• Debt ratio of 43.92% compared to 54.18% at 31/12/2020. Following the successful capital increase of approx. MEUR 179 in March 2021, the debt ratio had fallen to approx. 42%.
• Occupancy rate of 97.7% for Q1 2021 compared to 98.3% for the whole of 2020.
• The property portfolio rose to MEUR 1,573 with 11,087 lettable student units. If the committed pipeline is fully completed, the portfolio will increase to approx. MEUR 2,000 with more than 17,000 lettable student units and the annualised rent will reach approx. MEUR 116.

1. CP/MTN = Commercial Paper/Medium Term Notes
2. The figures per share are based on the weighted average number of shares (depending on the respective dividend entitlements), unless stated otherwise.
3. Based on the number of shares issued.

1

PRESS RELEASE

Antwerp, Belgium - 27 April 2021 - Embargo until 7:40 (CET)

Regulated information

IPO 2015

31/12/2020

31/03/2021

Fully committed

pipeline

#studentunits

2,035

11,046

11,087

> 17,000

Fair Value

Ca. 200 MEUR

Ca. 1,556 MEUR

Ca. 1,573 MEUR

> 2,000 MEUR

(incl. non stud.)

Buildings

48

118

120

120

(incl. non stud.)

(incl. projects)

(incl. projects)

(incl. projects)

8 (BE)

8 (BE)

8 (BE)

#cities

4 (BE)

17 (NL)

17 (NL)

17 (NL)

4 (NL)

3 (ESP)

4 (ESP)

4 (ESP)

2 (PT)

2 (PT)

2 (PT)

2

PRESS RELEASE

Antwerp, Belgium - 27 April 2021 - Embargo until 7:40 (CET)

Regulated information

I.	KEY FIGURES
	Consolidated income statement	in KEUR		31/03/2021			31/03/2020
	Net rental result				17,627			13,979
	Property result				12,525			10,412
	Operating result before result on the portfolio			10,729			8,459
	Financial result (excluding variations in the fair value of financial assets			-2,812			-1,531
	and liabilities)
	EPRA earnings 4 group share			7,199			5,987
	EPRA earnings - group share	after IFRIC 21 adjustment			9,339			7,673
	Result on the portfolio (IAS 40)			1,560			-4,488
	Revaluation of financial instruments (non-effective interest rate hedges)			5,569			-4,734
	Share in the result of joint ventures			40			24
	Deferred taxes				-417			56
	Net result (IFRS)				14,126			-2,991
	Number of lettable student units				11,087			7,932
	Consolidated balance sheet		in KEUR		31/03/2021			31/12/2020
	Equity					847,636			659,503
	Equity - group share				828,966			641,194
	Fair value of investment property5			1,573,376			1,555,779
	Debt ratio (Act on Regulated Real Estate Companies)6			43.92%			54.18%
	Key figures per share			in EUR			31/03/2021			31/03/2020
	Number of shares				25,255,729		19,133,129
	Weighted average number of shares			22,110,327		19,133,129
	EPRA earnings7 per share				0.33		0.32
	EPRA earnings6 per share	- group share			0.33		0.31
	EPRA earnings6 per share	after IFRIC 21 adjustment			0.43		0.41
	EPRA earnings6 per share after IFRIC 21 adjustment - group share			0.42		0.40
	Result on the portfolio (IAS 40)			0.07		-0.30
	Revaluation of hedging instruments			0.25		-0.25
	Net result per share (IFRS)8				0.64		-0.16
	Closing price of the share				45.50		39.95
	Net asset value per share (IFRS) (before dividend)			33.56		32.55

1. Xior uses alternative performance measures (APMs) to measure and monitor its operational performance. The European Securities and Markets Authority (ESMA) has issued guidelines that apply as from 3 July 2016 for the use and explanation of alternative performance measures. Chapter 10.8 of the Annual Financial Report 2020 includes the concepts Xior considers as APMs. The APMs are marked with and are accompanied by a definition, an objective and a reconciliation (see X and XI 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, less the transaction costs (see BE-REIT Association press release dated 10 November 2016). The fair value corresponds to the carrying amount under IFRS.
3. Calculated in accordance with the Royal Decree of 13 July 2014 pursuant to the Act of 12 May 2014 on Regulated Real Estate Companies.
4. Calculated based on the weighted average number of shares.
5. Based on the number of shares.

3

PRESS RELEASE

27 April 2021 - Embargo until 7:40 (CET)

Regulated information

1. CONSOLIDATED FINANCIAL RESULTS

The financial information for the period ending on 31 March 2021 was drawn up in accordance with the International Financial Reporting Standards (IFRS).

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

1. Net rental result

In the first quarter of 2021, Xior achieved a net rental result of KEUR 17,627 compared to KEUR 13,979 in the first quarter of 2020. This is a 26% 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 2021. There are also a number of properties under construction or being refurbished that will contribute to rental income only in the course of 2021.

This mainly relates to the following properties:

• Project Prince in Antwerp: building will gradually generate rental income from Q2 2021;
• ARC project in Liège: building is under construction and will gradually generate rental income from Q2 2021;
• Eendrachtskade in Groningen: property is under construction and will generate rental income from August 2021;
• Teatinos project in Malaga: building is under construction and will generate rental income from its completion in Q3 2021; and
• Promgranjo project: property is under construction and will generate rental income from Q4 2021.

For the first quarter of 2021, the average occupancy rate of the property portfolio was 97.7%.

2. EPRA earnings

EPRA earnings (excluding the portfolio result, excluding the impact of deferred taxes with regard to IAS 40 adjustments and excluding the impact of the variation in fair value of the financial assets and liabilities) were KEUR 7,375 compared to KEUR 6,151 in Q1 2020. EPRA earnings- group share was KEUR 7,199. EPRA earnings after IFRIC 21 adjustment were KEUR 9,515 at 31 March 2021 compared to KEUR 7,837 in Q1 2020. EPRA earnings after IFRIC 21 adjustment - group share was KEUR 9,339.

EPRA earnings per share9 were EUR 0.33 and EPRA earnings per share - group share was EUR 0.33. After the IFRIC 21 adjustment, this was EUR 0.43 per share. EPRA earnings after IFRIC 21 adjustment - group share was EUR 0.42.

9 The calculation of the EPRA earnings per share is based on the weighted average number of shares as at 31 March 2021, which was 22,110,327.

4

PRESS RELEASE

Antwerp, Belgium - 27 April 2021 - Embargo until 7:40 (CET)

Regulated information

In KEUR	31/03/2021	Per share	31/03/2020
EPRA earnings	7,375	0.33	6,151
EPRA earnings - group share	7,199	0.33	5,987
EPRA earnings - after IFRIC 21 adjustment	9,515	0.43	7,837
EPRA earnings - after IFRIC 21 adjustment	9,339	0.42	7,673
- group share

As a result of the application of the "IFRIC 21 levies" accounting rules (introduced in the financial year 2015), the figures for 31 March 2021 include a provision for the entire year of 2021 with regard to property 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 2021, 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 be reduced as the financial year unfolds. If these costs were to be spread by charging a quarter of the costs in each quarter, the result at 31 March 2021 would go up by KEUR 2,140. In that case, EPRA earnings - group share would be KEUR 9,339.

3. Net result

The net result is positive and was KEUR 14,126 at 31 March 2021 compared to KEUR -2,991 at 31 March 2020. The net earnings per share stood at EUR 0.64.10

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

4. Fair value of property portfolio

At 31 March 2021, the portfolio consisted of 11,087 lettable student units. The total property portfolio was valued at MEUR 1,573 at 31 March 2021.

If all committed acquisitions and projects are implemented, this increase will continue to increase to approximately EUR 2 billion with more than 17,000 lettable student units.

5. Debt ratio

At 31 March 2021, the debt ratio was 43.92% compared to 54.18% at 31 December 2020. Following the successful realisation of the capital increase of approx. MEUR 179 in March 2021, the debt ratio had fallen to approximately 42%.

1. FINANCING

At 31 December 2021, the Company had concluded financing agreements with 13 lenders for an amount of MEUR 920.

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

5