Report
Xior 1H24 Results, In line with expectations, maintain BUY
Xior 1H24 EPRA EPS came exactly in line with our expectations at EUR 1.05 vs. 1.05 expected. An increase of 14% thanks to a mix of factors: new assets + lfl growth, rental guarantees, cost savings and permitted hedging results. All these factors combined compensated the cost of debt increase to 3.14% from 2.41% (bridge loan). The Debt% came slightly below our expectation at 50.4% vs. 50.6% exp. on a pro-forma basis. The company is committed to bring the Debt% below 50%. The asset sale disposals advance with 200m closed and 220m committed. The original 340m asset sale program was not repeated in the statement. We believe that with the new cornerstone investor (Katoennatie 27/6) and progress on the bridge loan repayment, the urgency to cull more assets has disappeared. The FV impact of +1.4% over 1H24 indicates low remaining yield expansion risk. The lfl growth amounted to 6.62% and occupancy remained stable at 98%. EPRA EPS24 guidance maintained at 2.21. (Analyst call 11h30 CET)
Underlying
Xior Student Housing N.V.
Xior Student Housing NV is a Belgium-based company active in the field of residential Real Estate. The Company's offer is mainly for students and it includes several types of rooms for rent, including a student house in Leiden.
Provider
KBC Securities
We are a financial services provider for several types of professional clients, each with distinct needs.
Wim Lewi
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