20212021
ANNUAL
FINANCIAL REPORT
“The North Star Project, launched in 2020 will
continue to accelerate and reach full speed in
2022-2023. The focus will be on people, planet &
process.
„

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 from 3
July 2016 for the use and explanation of alternative performance measures. The concepts Xior considers APMs are included
in Chapter 10.8 of this Annual Report. The APMs are marked with
andareaccompaniedbyadenition,anobjective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realestatesectorinordertoboostcondenceinthesectorandincreaseinvestmentinpubliclylisted
real estate in Europe. For more information about EPRA, visit www.epra.com.
Lettable units
Housing for
Nationalities
Students
Other
Employees
Occupancy Rate
Fair value of the real estate portfolio
13,984
+136
98%
96%
4%
172
1,967,056,000
XIOR IN A
NUTSHELL
RENTED
Total area of the real
estate portfolio
Nature of the real estate portfolio
Best in class’ organisation and employees
Happystudentsinefcientbuildings
People, Planet, Process
Geographical
diversication
4 countries
33 cities
49% 51%
Fair value spread / country
Total rent spread / country
BEBE -> 31%
ES
ES -> 15%
NL
NL -> 48%
PT
PT -> 6%
BE
BE -> 29%
ES
ES -> 18%
NL
NL -> 49%
PT
PT -> 4%
694.363 m
2
I
XIOR IN A NUTSHELL
XIOR I Annual fi nancial report I 2021
XIOR I
3

TABLE OF CONTENTS
01 RISK MANAGEMENT .....................................................................................................................................................................13
1.1 Market Risks ...........................................................................................................................................................................15
1.1.1 Risks associated with supply and demand in the student housing market ................................................................................ 15
1.2 Property-related related risks ............................................................................................................................................... 16
1.2.1 Risks associated with the evolution of the property portfolio’s Fair Value .................................................................................. 16
1.2.2 Construction, development and conversion risks ............................................................................................................................ 16
1.2.3 Risks associated with (the rejection or delay of) permits and other authorisations and the requirements
to be met by the property ...................................................................................................................................................................... 18
1.2.4 Risks associated with the execution of maintenance work and repairs ...................................................................................... 19
1.2.5 Risks associated with the short-stay operations (the ROXI concept) ...........................................................................................19
1.3 Operational risks ................................................................................................................................................................... 20
1.3.1 Risks associated with the inability to conclude leases and have leases executed (in particular risks associated
with the impact of changes to the Dutch Housing Valuation System), vacancy and loss of rent ............................................ 20
1.3.2 Risks associated with mergers, demergers or takeovers ................................................................................................................21
1.3.3 Risks associated with distrurbances caused by student tenants and resulting reputational damage .................................. 21
1.3.4 Risk of defaulting tenants ......................................................................................................................................................................21
1.3.5 Risks associated with (the inability to pay) dividends ......................................................................................................................22
1.3.6 Risks related to operations in Poland ..................................................................................................................................................22
1.4 Financial risks ........................................................................................................................................................................23
1.4.1 Risksassociatedwithnancing–exceedingthedebtratio .......................................................................................................... 23
1.4.2 Risksassociatedwithnancingagreements(includingcompliancewithcovenants)–liquidity .......................................... 23
1.4.3 Risks associated with rising interest rates and fluctuating fair values of hedging intruments ........................................................ 24
1.4.4 Risks linked to inflation and rising energy prices ............................................................................................................................ 24
1.4.5 Risks related to exchange rates ........................................................................................................................................................... 25
1.5 Regulatory and other risks ..................................................................................................................................................... 25
1.5.1 Risks associated with the status of a Public RREC and the applicable taxation ........................................................................ 25
02 MESSAGE TO THE SHAREHOLDERS ......................................................................................................................... 27
03 KEY FIGURES AS AT 31 DECEMBER 2021 ............................................................................................................... 31
04 COMMERCIAL ACTIVITIES AND STRATEGY ........................................................................................................... 35
4.1 Activities of the company ..................................................................................................................................................... 36
4.2 Business strategy of the company ....................................................................................................................................... 36
4.2.1 Growth ................................................................................................................................................................................................................. 36
4.2.2 A branded platform ........................................................................................................................................................................................... 36
4.2.3 Leading positions in Continental Europe ...................................................................................................................................................... 36
4.2.4 Owner-operator .................................................................................................................................................................................................. 36
4.2.5 Our target group ............................................................................................................................................................................................... 37
4.2.6 Our product .......................................................................................................................................................................................................... 37
4.3 Investment criteria .................................................................................................................................................................37
T
hisUniversalRegistrationDocument(URD)hasbeenledwiththeFSMA,whichisthecompetentauthorityin
accordancewithRegulation(EU)2017/1129,withoutpriorapprovalinaccordancewithArticle9ofRegulation
(EU) 2017/1129.
The Universal Registration Document may be used to offer securities to a regulated market for trading, provided that
whereappropriate,theFSMAhasapprovedittogetherwithanyamendmentsandasecuritiesnoteandsummaryas
approvedinaccordancewithRegulation(EU)2017/1129.
This Annual Financial Report is also available in Dutch.
TheAnnualFinancialReportwastranslatedintoEnglishundertheresponsibilityofXiorStudentHousingNV.Only
the Dutch version of the Annual Financial Report has evidential value. Both versions are available on the Company
website(www.xior.be)orfromtheregisteredofceonrequest.(XiorStudentHousingNV,Mechelsesteenweg34,bus
108,2018Antwerp).
4 I XIOR
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XIOR I
5

6.1.8 Reliability, expertise and experience .................................................................................................................................................... 74
6.1.9 Functioning and duties of the Board of Directors..............................................................................................................................75
6.1.10 Summary regarding the Board of Directors’ operation in 2021 ...................................................................................................... 76
6.1.11 Managing Director and effective management ................................................................................................................................. 76
6.1.12 Executive management ..........................................................................................................................................................................77
6.1.13 Committees of the Board of Directors.................................................................................................................................................79
6.1.14 Conflicts of interest .................................................................................................................................................................................79
6.1.15 Specicconflictsofinterest ................................................................................................................................................................. 80
6.1.16 Statements ...............................................................................................................................................................................................86
6.1.17 Remuneration report ...............................................................................................................................................................................86
6.2 Information pursuant to Article 34 of the Royal Decree of 14 November 2007 .................................................................90
6.2.1 Capital structure ......................................................................................................................................................................................90
6.2.2 Decision-making bodies ......................................................................................................................................................................... 90
6.2.3 Authorised capital....................................................................................................................................................................................90
6.2.4 Purchase of shares .................................................................................................................................................................................90
6.2.5 Contractual provisions ............................................................................................................................................................................90
07 THE XIOR SHARE .............................................................................................................................................................. 93
7.1 TheshareonEuronextBrussels ........................................................................................................................................... 94
7.2 Shareholders ......................................................................................................................................................................... 96
7.3 Coupon information .............................................................................................................................................................. 96
7.4 2022nancialcalendar ........................................................................................................................................................ 97
7.5 Dividend policy ...................................................................................................................................................................... 97
7.6 Outlook–protforecast ...................................................................................................................................................... 98
7.6.1 General ..................................................................................................................................................................................................... 98
7.6.2 Hypotheses .............................................................................................................................................................................................. 98
7.6.3 Forecast of the consolidated results and dividend expectations ................................................................................................. 100
7.6.4 StatutoryAuditor’sreportontheprotforecast ............................................................................................................................. 101
08 PROPERTY REPORT .......................................................................................................................................................103
8.1 Property market .................................................................................................................................................................. 104
8.1.1 Student Housing Market in Belgium ..................................................................................................................................................104
8.1.2 Student housing market in the Netherlands ..................................................................................................................................... 105
8.1.3 Student housing market in Spain .......................................................................................................................................................106
8.1.4 Student housing market in Portugal ..................................................................................................................................................110
8.2 Property portfolio ................................................................................................................................................................ 118
8.2.1 Valuation of the property portfolio as at 31 December 2021 ....................................................................................................... 118
8.2.2 Descriptionanddiversicationofthepropertyportfolio .............................................................................................................. 130
8.2.3 Description of the buildings in the property portfolio .................................................................................................................... 138
8.2.4 Valuation of the property portfolio by the Valuation Experts ....................................................................................................... 180
09 CORPORATE SOCIAL RESPONSIBILITY ..................................................................................................................183
4.4 Financial strategy .................................................................................................................................................................. 38
4.5 Operations ..............................................................................................................................................................................38
05 MANAGEMENT REPORT ................................................................................................................................................ 41
5.1 Public RREC status ................................................................................................................................................................42
5.2 Commentsontheconsolidatednancialstatementsforthenancialyearof2021 ........................................................42
5.2.1 Consolidated balance sheet .................................................................................................................................................................. 42
5.2.2 Consolidated income statement ..........................................................................................................................................................43
5.2.3 Result allocation ......................................................................................................................................................................................45
5.2.4 Research and development ................................................................................................................................................................... 45
5.2.5 Branches ...................................................................................................................................................................................................45
5.3 Managementanduseofnancialresources ....................................................................................................................... 46
5.3.1 Financing agreements ............................................................................................................................................................................46
5.3.2 Interest rate risk hedging .......................................................................................................................................................................47
5.3.3 Capitalisation and debt ...........................................................................................................................................................................47
5.4 Transactions and achievements ...........................................................................................................................................48
5.5 Operational update .................................................................................................................................................................53
5.6 Post balance sheet events ....................................................................................................................................................54
5.6.1 Renewal of loans maturing in 2022 .....................................................................................................................................................54
5.6.2 Closing of Collblanc Student Housing ................................................................................................................................................54
5.6.3 Xior continues its international expansion with entry Poland ......................................................................................................... 54
5.6.4 Further expansion in Granada: new development project at prime location ................................................................................54
5.6.5 Update on student housing in Vaals ....................................................................................................................................................54
5.6.6 Acquisition renovation project with the city of Seraing .................................................................................................................... 54
5.7 Prospects for 2022 ................................................................................................................................................................55
5.7.1 Growthprospectsforthenancialyear2022 .................................................................................................................................... 55
5.8 Data according to the EPRA reference system ....................................................................................................................56
5.8.1 EPRA Key Performance Indicators .......................................................................................................................................................56
5.8.2 EPRA net rental income on a constant comparison basis ..............................................................................................................62
5.8.3 EPRA CapEx table ....................................................................................................................................................................................62
5.9 RequiredelementsoftheAnnualReport ..............................................................................................................................63
06 CORPORATE GOVERNANCE .........................................................................................................................................65
6.1 Corporate Governance Statement .........................................................................................................................................66
6.1.1 Code of Reference and Corporate Governance Charter...................................................................................................................66
6.1.2 Internal control and risk management systems ............................................................................................................................... 66
6.1.3 Shareholdership .......................................................................................................................................................................................69
6.1.4 The Company’s Board of Directors ......................................................................................................................................................70
6.1.5 Composition ............................................................................................................................................................................................. 71
6.1.6 Brief description of the directors’ professional careers ...................................................................................................................72
6.1.7 Chair of the Board of Directors .............................................................................................................................................................74
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10.6.9 Expenses for works to investment property ..................................................................................................................................... 247
10.6.10 Disposal of an investment property ...................................................................................................................................................247
10.6.11 Othertangiblexedassets ..................................................................................................................................................................247
10.6.12 Fixed assets or groups of assets held for sale ...............................................................................................................................248
10.6.13 Financial instruments ...........................................................................................................................................................................248
10.6.14 Current assets ........................................................................................................................................................................................ 248
10.6.15 Equity .......................................................................................................................................................................................................249
10.6.16 Provisions .............................................................................................................................................................................................. 249
10.6.17 Financial liabilities ................................................................................................................................................................................ 249
10.6.18 Property result ....................................................................................................................................................................................... 250
10.6.19 Property charges ...................................................................................................................................................................................250
10.6.20 General expenses of the Company and other operating income and costs ..............................................................................250
10.6.21 Financial result ....................................................................................................................................................................................... 250
10.6.22 Prottax ..................................................................................................................................................................................................250
10.6.23 Exit tax .....................................................................................................................................................................................................251
10.6.24 Financial risk management .................................................................................................................................................................252
10.7 Segment information .......................................................................................................................................................... 253
10.8 Alternative Performance Measures (APMs) ......................................................................................................................255
10.9 Other notes .......................................................................................................................................................................... 261
10.9.1 Property result ........................................................................................................................................................................................261
10.9.2 Property charges ...................................................................................................................................................................................263
10.9.3 General expenses ..................................................................................................................................................................................264
10.9.4 Other operating income and costs .....................................................................................................................................................264
10.9.5 Result on the portfolio ..........................................................................................................................................................................265
10.9.6 Financial result ...................................................................................................................................................................................... 266
10.9.7 Corporation tax ......................................................................................................................................................................................266
10.9.8 Investment property .............................................................................................................................................................................. 268
10.9.9 Othertangiblexedassets ..................................................................................................................................................................272
10.9.10 Financial assets .....................................................................................................................................................................................272
10.9.11 Tradereceivablesandotherxedassets..........................................................................................................................................273
10.9.12 Participatinginterestsinjointventures–equitymethod .............................................................................................................. 273
10.9.13 Trade receivables .................................................................................................................................................................................. 274
10.9.14 Tax receivables and other current assets .........................................................................................................................................274
10.9.15 Cash and cash equivalents .................................................................................................................................................................. 275
10.9.16 Accrualsanddeferredpayments–assets ....................................................................................................................................... 275
10.9.17 Capital and issue premiums ................................................................................................................................................................ 276
10.9.18 Shareholder structure ...........................................................................................................................................................................280
10.9.19 Earnings per share ................................................................................................................................................................................280
10.9.20 Othernon-currentnancialliabilities ................................................................................................................................................ 281
10.9.21 Other non-current liabilities..................................................................................................................................................................283
10.9.22 Deferred taxes ........................................................................................................................................................................................ 283
10.9.23 Financial debts ....................................................................................................................................................................................... 283
10.9.24 Trade debts ............................................................................................................................................................................................. 285
10.9.25 Other current liabilities ..........................................................................................................................................................................285
10.9.26 Accrued liabilities and deferred income ............................................................................................................................................286
10.9.27 Financial assets and liabilities ............................................................................................................................................................286
10.9.28 Transactions with related parties .......................................................................................................................................................287
10.9.29 Statutory Auditor’s fee ..........................................................................................................................................................................287
10.9.30 Acquired real estate companies and investment property ........................................................................................................... 287
9.1 Word from the CEO ..............................................................................................................................................................185
9.2 Sustainability strategy .........................................................................................................................................................186
9.2.1 Stakeholder engagement .....................................................................................................................................................................186
9.2.2 Materiality matrix ................................................................................................................................................................................... 188
9.2.3 Xior’s ESG Framework ..........................................................................................................................................................................189
9.2.4 Xior’s contribution to the SDGs ...........................................................................................................................................................189
9.2.5 ESG ACTION PLAN 2021-2023: the North Star project ..................................................................................................................190
9.3 Implementation & performance measurement .................................................................................................................192
9.3.1 Governance: Ethics and integrity ........................................................................................................................................................192
9.3.2 Social employees: Well-being, health, safety of personnel ............................................................................................................193
9.3.3. Social tenants: wellbeing, health safety students ..........................................................................................................................198
9.3.4. Sustainable buildings in sustainable communities ......................................................................................................................... 200
9.3.5. Energyefciency&climateimpact ....................................................................................................................................................205
9.4 EPRA tables ..........................................................................................................................................................................212
9.4.1 EPRA SBPR table of social performance indicators ................................................................................................................................. 212
9.4.2 EPRA SBPR table of social performance indicators .......................................................................................................................222
9.4.3 EPRA SBPR table of governance performance indicators ............................................................................................................. 223
9.5 Measurement Methodology And Assumptions ................................................................................................................. 224
9.5.1 Reporting period and organisational boundaries ............................................................................................................................224
9.5.2 Measurement Scope and Coverage ................................................................................................................................................... 224
9.5.3 Estimation and extrapolation of consumption data under the responsibility of XIOR .............................................................224
9.5.4 Reporting of consumption data under the responsibility of XIOR and under the responsibility of the student ................................225
9.5.5 Reportingfromownheadofce ........................................................................................................................................................ 225
9.5.6 Analysis of the calculation ..................................................................................................................................................................225
9.6 Externalvericationofreporting .........................................................................................................................................227
10 FINANCIAL REPORT ......................................................................................................................................................231
10.1 Consolidated income statement ........................................................................................................................................ 232
10.2 Consolidated comprehensive result .................................................................................................................................. 234
10.3 Consolidated balance sheet ............................................................................................................................................... 235
10.4 Consolidatedstatementofchangesinequity ................................................................................................................... 238
10.5 Consolidatedcashflowstatement .....................................................................................................................................242
10.6 Notestotheconsolidatedannualnancialstatements ................................................................................................... 243
10.6.1 General corporate information ............................................................................................................................................................ 243
10.6.2 Importantnancialreportingprinciples ............................................................................................................................................ 243
10.6.3 Accounting principles ...........................................................................................................................................................................243
10.6.4 Signicantaccountingestimatesandkeyuncertainties ...............................................................................................................244
10.6.5 Principle for consolidation ...................................................................................................................................................................244
10.6.6 Business combinations and goodwill ................................................................................................................................................245
10.6.7 Investment property .............................................................................................................................................................................. 245
10.6.8 Property developments ........................................................................................................................................................................246
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10.9.31 Averageheadcountandbreakdownofstafngcosts .................................................................................................................... 289
10.9.32 Post balance sheet events ................................................................................................................................................................... 289
10.9.33 Scope of consolidation ......................................................................................................................................................................... 290
10.9.34 Debt ratio ................................................................................................................................................................................................. 291
10.9.35 Off-balance sheet rights and obligations ..........................................................................................................................................292
10.9.36 Legal and arbitration proceedings ...................................................................................................................................................... 292
10.9.37 StatutoryAuditor’sreportontheconsolidatedannualnancialstatements ............................................................................ 295
10.10 CondensedversionofXiorStudentHousingNV’sseparateannualnancialstatements .............................................. 307
10.10.1 Separate income statement ................................................................................................................................................................308
10.10.2 Comprehensive income statement .................................................................................................................................................... 310
10.10.3 Separate balance sheet ........................................................................................................................................................................311
10.10.4 Statement of changes in equity ..........................................................................................................................................................314
10.10.5 Detail of the reserves ............................................................................................................................................................................316
10.10.6 Appropriation of income under the Articles of Association ...........................................................................................................318
10.10.7 DistributionobligationinaccordancewithArticle13,Section1,rstparagraphoftheRoyalDecree
of 13 July 2014 regarding the RREC ..................................................................................................................................................319
10.10.8 Non-distributable equity in accordance with Article 7:212 of the Belgian Companies and Associations Code .................. 320
11 STATEMENTS ................................................................................................................................................................... 323
11.1 Forward-lookingstatements .............................................................................................................................................. 324
11.2 Party responsible for the content of the registration document ...................................................................................... 324
11.3 Information provided by third parties ................................................................................................................................. 324
12 PERMANENT DOCUMENT ...........................................................................................................................................327
12.1 Company details ................................................................................................................................................................. 328
12.1.1 Name, legal form, status, duration and registration data ...............................................................................................................328
12.1.2 Registeredofceandfurthercontactdetails ...................................................................................................................................328
12.1.3 Incorporation ..........................................................................................................................................................................................328
12.1.4 History of the Company .......................................................................................................................................................................329
12.2 Group structure ................................................................................................................................................................... 333
12.2.1 External group structure ....................................................................................................................................................................... 333
12.2.2 Internal organisational structure ........................................................................................................................................................334
12.2.3 Subsidiaries ............................................................................................................................................................................................334
12.2.4 Availability of Company documents and other information ..........................................................................................................336
12.3 Service providers of the Company ..................................................................................................................................... 336
12.3.1 Valuation experts ................................................................................................................................................................................... 336
12.3.2 Statutory auditor ....................................................................................................................................................................................337
12.3.3 Financial service ....................................................................................................................................................................................337
12.3.4 Liquidity provider ...................................................................................................................................................................................337
12.4
Consolidated Articles of Association of the Company as at 7 December 2021...............................................................338
13 GLOSSARY .........................................................................................................................................................................353
14 IDENTITY CARDS ............................................................................................................................................................359
10 I XIOR
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XIOR I 11

Oudergemlaan
BRUSSELS
RISK MANAGEMENT
01
“
Growing as a company in a
sustainable way, both internally and
externally,isonlypossibleifsufcient
support is created throughout the
entire company culture: from the Board
of Directors and management to all
employees, service providers, external
consultants and other business
partners.
„
12 I RISK MANAGEMENT
XIOR I Annual fi nancial report I 2021 XIOR I Annual fi nancial report I 2021
XIOR I
13

1.1 MARKET RISKS
1
AlternativePerformanceMeasures.InaccordancewiththeguidelinesissuedbytheEuropeanSecuritiesandMarketAuthority(ESMA)on3July2016,thedenitionsoftheAPMsandthe
use and reconciliation tables in
Chapter 10.8 of the consolidated  nancial statements 2021 .
2
Asdenedinarticle2,23°oftheLawonRegulatedRealEstateCompanies:thevalueobtainedbydividingtheconsolidatednetassetsofXior,afterdeductionofminorityinterests,bythe
number of shares issued by Xior, after deduction of the own shares held, if any, at consolidated level.
1.1.1
RISKS ASSOCIATED WITH SUPPLY AND DEMAND IN THE
STUDENT HOUSING MARKET
The Company’s income and portfolio value are to a very large
extent related to property focusing specically on student
housing. This type of property makes up the vast majority of
the Company’s property portfolio (90.39% based on the Fair
Value of the portfolio as at 31 December 2021, from which the
Company generates 88.61% of its gross rental income as at
31 December 2021). The rent level and property valuation are
strongly influenced by the supply and demand to buy or rent in
the property market.
The demand for student housing, and therefore the Company’s
nancialsituation,canbesignicantlynegativelyaffectedbya
decline in student populations, which could be due to the study
programmes on offer and/or the (continued) presence and
quality of educational institutions, or by the increase in online
courses, such as Massive Open Online Courses (MOOCs),
for which study materials are distributed via the Internet, so
participants do not need to relocate and are not bound by any
particular location.
The demand for student rooms may also be adversely
affectedifanygovernmentnancialaidtostudents(suchas
loans, subsidies, (housing) allowances or student grants) is
scaled back or if educational institutions decide to raise their
registration fees. Such a decline in demand for student housing
may or may not be local, may affect a particular area of a student
town, entire student town or even the entire student population
in a particular country and will result in lower demand when the
lease agreements are renewed with existing tenants or when
new lease agreements are signed.
This could then cause the occupancy rate or rent to fall, which
would have a direct negative impact on the Company’s income
and an indirect effect on the value of the property held by the
Company in its portfolio.
An oversupply of property specically dedicated to student
housing could lead to both impairment of the Company’s
property (see also
Risk Factor 1.2.1 of this Annual Report as
well as a reduction in the rents the Company could charge to its
tenants and therefore in the Company’s income.
As at 31 December 2021, a 1% reduction in rental income
(which, as stated, is largely generated from this student real
estate) would lead to a 1.78% fall in the Company’s EPRA result
1
,
a EUR 0.03 fall in the NAV per share
2
and a 0.02% increase of the
debt ratio (excluding any tax impact).
As the property held by the Company is largely let based on
xed-termcontracts(ofoneyearorless),suchadecreasein
rent prices may happen fairly quickly after the supply of student
housing or the demand for student housing changes in a certain
region.
F
ollowingbelowisasummaryofrisksconsidered
by the Company to be specic and material to
Xior Student Housing. Their negative impact on
the Company and the likelihood of their occurrence
have been taken into account. When ranking the risk
factors by sub-category, the most material risk factors
werelistedrst.Theriskfactorsmayinprinciplerelate
to Belgium, the Netherlands, Spain or Portugal (or any
othercountryinwhichtheCompanymaybecomeactive
inthefuture),itbeingunderstoodthatbelowforcertain
risk factors an explicit distinction is made between
Belgium, the Netherlands, Spain and Portugal where
the circumstances differ substantially between these
countries. The Board of Directors and the management
ofXiorareawareofthespecicrisksassociatedwith
the provision and management of a property portfolio,
and endeavour to manage them to the best of their
ability and to mitigate or eliminate them as far as
possible.
14 I RISK MANAGEMENT
XIOR I Annual fi nancial report I 2021 XIOR I Annual fi nancial report I 2021
XIOR I
15

Project
Announced investment value
(approx. €m)
Permits required to start
construction present? Expected completion
XIOR BENELUX PORTFOLIO
Marivaux–Brussels 20.0

2022
Bagatten – Ghent 4.1 Expected 2022 2023
Voskenslaan & St. Pietersplein – Ghent 16.5

2022 & 2023
Rue Mélot – Namur 20.0

2022
Roosevelt–Antwerp 18.0 Expected 2022 2023
Brouck’R – Brussels 17.5 Expected 2022 2024
Dansaert - Brussels 6.0 Expected 2023 2024
Bokelweg–Rotterdam 56.6 Expected 2022 2024
Boschdijk Veste – Eindhoven 32.0 Expected 2022 2023
Keesomlaan – Amstelveen 39.2 Expected 2022 2023
Project area Amsterdam 123.0 Expected 2022 2024
Brinktoren – Amsterdam 61.0 Expected 2022 2025
CityLofts–Leeuwarden 18.5

2023
Selzerbeeklaan – Vaals 35.0 Expected 2022 2024
TowerKarspeldreef–Amsterdam 55.0 Expected 2023 2025-2026
XL FUND BENELUX PORTFOLIO
Felix–Antwerp 17.4

2023
CampusDrieEiken–Antwerp
(1)
33.8 Expected 2022 2023
Ariënsplein – Enschede 19.5

2022-2023
IBERIA PORTFOLIO
Lamas – Lisbon
(2)
10.4

2023
Granjo – Porto 17.8

2022
U.hub Boavista – Porto
(3)
33.6 Expected 2022 2024
U.hub Lumiar – Lisbon
(4)
35.5

2023
UEM – Madrid To be determined (expected 22.2) TBD TBD
Project Collblanc – Barcelona 23.0

2022
Pontoneros – Zaragoza 26.0 Expected 2022 2023
Odalys – Seville 44.4 Expected 2022 2024
(1)
Assoonastheconstructionofthisprojectstarts(whenthepermithasbeenobtained),theCompanywillpurchase100%theprojectcompanyinfullandpossiblypre-nancetheproject.
(2)
Assoonastheconstructionofthisprojectstarts(whenthepermithasbeenobtained),theCompanywillpurchase50%oftheprojectcompanyandpossiblypre-nancetheproject.The
Company will acquire the remaining 50% of the project company upon completion of the development.
(3)
Assoonastheconstructionofthisprojectstarts(whenthepermithasbeenobtained),theCompanywillpurchase25%oftheprojectcompanyandpossiblypre-nancetheproject.The
Company will acquire the remaining 75% of the project company upon completion of the development.
(4)
Assoonastheconstructionofthisprojectstarts(whenthepermithasbeenobtained),theCompanywillpurchase25%oftheprojectcompanyandpossiblypre-nancetheproject.The
Company will acquire the remaining 75% of the project company upon completion of the development.
1.2 PROPERTY RELATED RISKS
1.2.1
RISKS ASSOCIATED WITH THE EVOLUTION OF THE
PROPERTY PORTFOLIO’S FAIR VALUE
The Fair Value of the Company’s property portfolio as estimated
quarterly by independent valuation experts fluctuates and is
included in accordance with IAS 40.
The Company is therefore exposed to fluctuations in the Fair
Value of its property portfolio (between the third and fourth
quarters of 2021, the Fair Value of the property portfolio
increased by 3.54%, which resulted in a positive portfolio result
for the fourth quarter (and therefore an impact on the net result)
of MEUR 61.6). The positive variation in the valuation of the
investment properties is mainly explained by a change in the
property market, with yields falling. This change has led to an
increase in the Fair Value of the portfolio. On the other hand, we
also have the positive variation in the valuation of investment
properties due to the difference between the conventional
value and the Fair Value of the newly acquired properties at
acquisition.
As at 31 December 2021, a 1% decrease in the Fair Value of the
Company’s property portfolio would have an impact of MEUR
19.7 on the Company’s net result and would have an impact of
approximately EUR 0.708 on the net asset value per share. This
would also affect the Company’s debt ratio by 0.45%.
The Company is exposed to an impairment risk with regard to
the property in its portfolio as a result of:
• wear and tear resulting from normal, structural and technical
ageing and/or damage caused by tenants (see also
Risk
Factor 1.2.4 of this Annual Report
);
• increasing vacancy rates (for example due to an oversupply
of student housing (see also
Risk Factor 1.1.1 of this Annual
Report
) or the impact of unforeseen circumstances;
• unpaid rents (see also
Risk Factor 1.3.4 of this Annual
Report
);
• reduced rents when concluding new leases or renewing
existing leases (see also
Risk Factor 1.3.1 of this Annual
Report
);
• a change in property sale taxes (for example, on 1 January
2021 the transfer tax in the Netherlands changed (which
represents 51.62% of the Fair Value of the total property
portfolio as at 31 December 2021) on the sale of any student
housing properties from 2% to 8%, which has affected the Fair
Value of the Company’s Dutch property);
• difculties in carrying out maintenance operations or
renovations as a result of the co-ownership of the properties
concerned (as at 31 December 2021, a total of approximately
10.81% of the portfolio’s Fair Value was represented by
Company properties held in co-ownership); and/or
• incorrect plans and/or measurements on which the property
valuation is based for acquisition.
If the Company proceeds with a transaction and therefore
invests in or disposes of property, it also runs the risk of not
identifying certain risks based on its due diligence or, despite
advance due diligence and an independent property appraisal,
it may purchase property at too high a price in relation to
the underlying value. Since Xior’s IPO in December 2015, the
Fair Value of its property portfolio has increased from EUR
196,053,500 to EUR 1,967,056,000 as at 31 December 2021.
From 1 January 2019 to 31 December 2021, the Fair Value of
the property portfolio increased from MEUR 814.9 to MEUR
1,967.1. This makes the Company one of the fastest-growing
real estate companies. For example, if it were established
that the properties acquired since 1 January 2019 had been
overvalued by 5% when they were acquired, this would lead to
an impairment of the property portfolio, have an impact on the
net result of MEUR 57.6 and result in an 5.74% fall in the NAV
per share. Based on the debt ratio as at 31 December 2021, this
would result in a 1.35% increase in the debt ratio.
For a description of the relevant property market, please refer
to
Chapter 8.1 of this Annual Report .
1.2.2
CONSTRUCTION, DEVELOPMENT AND CONVERSION RISKS
In addition to acquiring existing properties, the Company
invests in development and conversion projects in order to
expand its property portfolio. This concerns 6,470 student units
out of a total of 20,454 student units after the completion of
such projects, or a 45% increase after the completion of such
projects compared to the Company’s current property portfolio.
As at 31 December 2021, the Company has the following (re)
development projects in its portfolio, with a total cost to come of
MEUR 600, of which MEUR 204 for projects which are expected
to be delivered in 2022:
16 I RISK MANAGEMENT
XIOR I Annual nancial report I 2021 XIOR I Annual nancial report I 2021
XIOR I 17

1.2.4
RISKS ASSOCIATED WITH THE EXECUTION OF
MAINTENANCE WORK AND REPAIRS
The Company regularly carries out maintenance work to all
properties in its portfolio in order to keep the properties and their
contents (seeing as the rooms are almost always furnished) in
goodconditionandnishedtoaproperstandard.Theaverage
age of the properties in the Company’s portfolio is 4 years, and
the cost of such maintenance in 2021 was approximately EUR
3,140,281, which is 0.16% of the portfolio’s Fair Value and 3.9%
of the gross rental income.
As the real estate in the portfolio gets older, the Company will be
obliged to carry out important and/or structural renovations and
investment programmes due to the buildings’ ageing or wear
and tear (due to normal, structural and technical ageing) and the
buildings’ contents, or as a result of damage to the buildings or
the contents. There is also the risk that the buildings will not, or
will no longer, comply with increasing (statutory or commercial)
requirements in areas such as living comfort, re safety and
sustainable development (energy performance and so on), and
need to be adapted accordingly (see also
Risk Factor 1.2.3 of
this Annual Report
). These works may lead to substantial costs
and may temporarily prevent the rental of (part of) the property
in question, which may have a negative effect on the Company’s
income. Taking into account the relatively low average age of the
buildings in the Company’s portfolio, the Company sees the risk
described in the previous paragraph as “low”, and the impact if it
does happen as “moderate to high”.
“
Besides acquiring existing
real estate assets, the Company
invests in development and
conversion projects in order to
expand its real estate portfolio.
„
1.2.5
RISKS ASSOCIATED WITH THE SHORT-STAY OPERATIONS
(THE ROXI CONCEPT)
The Company owns two properties in Brussels and Ghent that
are (fully or partially) operated in accordance with the Company’s
ROXI concept (approximately 1.73% of the gross rental income as
at 31 December 2021).
The activities of the ROXI concept (which focuses on both long
and short stay and is therefore a more hybrid housing concept with
effortlessly overlapping home, life, study and/or work aspects in
response to the growing trend of co-living by young professionals,
millennials and expats described in
Chapter 9.3.4 of this Annual
Financial Report
, focused on short-stay and longer-stay rentals,
including hostel operations) are associated with specic risks,
such as a higher risk of vacancy due to the short-term nature of
this type of operation (which means that this type of property is
more susceptible to brief shocks in demand as those caused by
the COVID-19 crisis), competition from other players such as the
hotel industry, more intensive operational follow-up and more
specicregulations.Duringperiodswhen,duetothecovid-19crisis
or other causes, international tourism, business trips and non-
essential travel (for example by researchers, scientists, professors
and parents of foreign students) are banned or severely reduced,
it can be expected that the occupancy rate of the rooms operated
under this concept falls sharply or goes down to zero.
The Company is less familiar with this type of property and
therefore only invests in the ROXI concept if it suits its strategy
(for example to complement regular student housing in order to
offer the right property mix in its range).
Development and conversion projects are associated with
various risks. These include specic situations when the
necessary permits to erect or convert a building are not granted
(see also
Risk Factor 1.2.3 of this Annual Report ) or contested,
the project is delayed or cannot be executed (resulting in
reduced, delayed or lost rental income) or the budget is
exceeded due to unforeseen costs. The Company estimates the
probability of the risk of delays or cost overruns as “average”
and also estimates the potential impact as “average”. A building
conversion takes about two years on average (including the
planning permission period). After the necessary permits are
obtained,ofcebuildingconversion workcanonlystartonce
therentalagreementswiththeofcetenantshavecometoan
end. The terms of these rental agreements may not correspond
tothenalpermitprocess:therentalagreementsmayexpire
tooearly–resultinginvacancy–ortheymayexpiretoolate
– meaning that the work cannot start immediately after the
permit is obtained. If there is a delay in obtaining the permit or
carrying out the work, this will result in a proportionate delay of
the budgeted rental income and, if the start of an academic year
ismissed,inamoredifcultrstrentalseason.
The Company bears the construction risk for projects
representing 2.80% of the total portfolio including the
investment pipeline as at 31 December 2021, and the permit risk
for projects representing 2.00% of the total portfolio including
the investment pipeline as at 31 December 2021.
1.2.3
RISKS ASSOCIATED WITH (THE REJECTION OR DELAY
OF) PERMITS AND OTHER AUTHORISATIONS AND THE
REQUIREMENTS TO BE MET BY THE PROPERTY
The value of property is partly determined by whether all legally
required urban planning and other permits and authorisations
have been issued. Obtaining permits is often time-consuming
and lacks transparency, which may impact on rental income, the
value of the properties concerned, and the opportunities for the
Company to perform its operational activities in such buildings.
Inaddition,specicregulatoryrequirementsmaybeimposedon
all properties and in particular in the student housing segment
(from which the Company generated 88.61% of its gross rental
income as at 31 December 2021) and/or residential property
(forexample in terms ofliving comfort or (re) safety),local
differences and their interpretation and/or application may also
depend on the authorities involved (which, in student cities,
often have their own policy with regard to controlling the supply
and monitoring the quality of student housing), which may be
an uncertain factor in meeting such regulatory requirements,
which are often very local, detailed and technical.
The absence of the required permits or the failure to comply
with permits or other regulatory conditions could result in
the Company being temporarily or permanently unable to let
the property concerned for the purpose of performing certain
activities, as a result of which the property cannot be let or
can only be let at lower rents. The Company thinks that it is
unlikely that the Company would not be able to obtain the
required permits or meet the conditions of the permits or other
regulations, but if this does occur, the potential impact could
be material. In this case, the Company’s property may be the
subject of regularisation procedures or even a reorientation
to another purpose or use, which may be accompanied by
adjustment works, may involve additional conversion costs
and may also restrict the building’s letting potential (and
the resulting revenues) due to environmental risks (such
as historical soil contamination and the (former) presence
of high-risk organisations and/or high-risk operations) and
environment-related procedures, which may take a lot of time
and result in investigation costs and/or other costs. An urban
construction offence may also result in penalties for as long as
the offence is not barred by limitation, even if a regularisation
permithasbeenobtainedandaftertheruleshavebeenfullled
by demolishing the unlawful structures. Not obtaining any
permits may also mean that redevelopment is not possible
and the properties concerned have to be sold, possibly at a
signicantly lower value, depending on the existing building
and/or the development potential that has already been
permitted or can be permitted. The Company sees the risk
of not obtaining any permits as low, but the potential impact
would be high in that case.
18 I RISK MANAGEMENT
XIOR I Annual nancial report I 2021 XIOR I Annual nancial report I 2021
XIOR I 19

efforts) than the Belgian and Dutch markets, and are more
sensitive to the general economic situation and international
mobility.
1.3.2
RISKS ASSOCIATED WITH MERGERS, DEMERGERS OR
TAKEOVERS
In order to structure and grow its real estate portfolio, the
Company has engaged in mergers, demergers and other
takeover transactions in the past, and is expected to continue
to do so in the future. By their very nature, such transactions
transfer all the liabilities of the real estate companies concerned,
including those that the Company may not have been able to
reveal in the context of its due diligence investigations and
those that the Company may not have been able to hedge with
guarantees in the relevant takeover agreements. This may
be partly due to the transferors’ non-compliance with certain
obligations or their inability to present certain documents
(suchasprovisionalornalacceptancedocuments,insurance
documents, electricity records, post-intervention les and
re safety inspection reports). The stipulated warranties are
moreover limited in time and sellers normally place a cap on
their liability under them. Lastly, the Company continues to be
faced with the risk of insolvency of its counterparty.
Since Xior’s IPO in December 2015, the Fair Value of its
property portfolio has increased from EUR 196,053,500 to EUR
1,967,056,393 as at 31 December 2021. From 1 January 2019
to 31 December 2021, the Fair Value of the property portfolio
increased from MEUR 814.9 to MEUR 1,967.1. This growth since
the IPO is almost exclusively due to mergers and acquisition
transactions (including acquisitions of real estate) (variations
in the value of the real estate were only MEUR 31.5 over this
period), as detailed in the overview included in
sections 10.9.17
and10.9.30oftheconsolidatednancialstatementsasat31
December 2021
.
1.3.3
RISKS ASSOCIATED WITH DISTRURBANCES CAUSED BY
STUDENT TENANTS AND RESULTING REPUTATIONAL
DAMAGE
Because the Company mostly lets properties directly or
indirectly to students (90.39% of the Fair Value of its portfolio
and 88.61% of its gross rental income as at 31 December
2021), it is more at risk of receiving complaints about neighbour
disturbances or nuisance and of being subjected to certain
administrative or other measures for the buildings in its
propertyportfolio(specicallycomparedwithotherrealestate
(sub-)sectors). Such complaints and measures may result in
additional costs and reduced income both directly and indirectly
(due to reputational damage, disruption of the relationship with
the relevant authorities or the reduced lettability of the premises
concerned). There is also an increased risk (compared to other
real estate (sub-sectors) that tenants may engage in certain
activities in the property in question that are not permitted by the
applicable legislation and/or rental contract without informing
Xior. Such activities could result in government enforcement
and even the (temporary) closure of the building in extreme
circumstances.
For more information on the Company’s initiatives in this regard,
please refer to the “Community Engagement” section of
Chapter
9.3.4 of this Annual Financial Report .
1.3.4
RISK OF DEFAULTING TENANTS
The Company cannot rule out the possibility that its tenants
mayfailtofulltheirnancialobligationstowardstheCompany.
In the Company’s student housing segment, this risk increases
when leasing directly to students (which was the case for
approximately 85.66% of the Company’s student housing gross
rental income as at 31 December 2021, which represented in
turn 88.61% of its gross rental income as at 31 December 2021)
and this risk decreases when leasing indirectly to students via
housing organisations linked to a college or university (which
was the case for approximately 14.34% of the Company’s
student housing gross rental income as at 31 December 2020).
However, this also means that in the second case of indirect
rental to students the counterparty risk is situated with one
partyonly,whereasintherstcaseofdirectrentaltostudents
the counterparty risk is spread. If tenants remain in default
of their obligations towards the Company, there is a risk that
1.3 OPERATIONAL RISKS
1.3.1
RISKS ASSOCIATED WITH THE INABILITY TO CONCLUDE
LEASES AND HAVE LEASES EXECUTED (IN PARTICULAR
RISKS ASSOCIATED WITH THE IMPACT OF CHANGES TO
THE DUTCH HOUSING VALUATION SYSTEM), VACANCY AND
LOSS OF RENT
Due to its activities, the Company is exposed to the risk of loss
of rent associated with the departure of tenants before or on
the expiry date of current rental agreements, including the
additional risk of non-rental or re-rental. The short-term nature
of the rental agreements the Company concludes with students,
which tends to be less than one year, is generally inherent to
the student housing sector (from which the Company generated
88.61% of its gross rental income as of 31 December 2021).
When tenants leave, new rental agreements may result in a
lower rental income than the current rental income (for example
because of an oversupply of student accommodation, see also
Risk Factor 1.1.1 of this Annual Report ), and it may not be
possible to reduce the rental-related expenses in line with the
lower rental income.
In certain countries where the Company operates, a number of
additionalfactorsmayhaveasignicantimpactonthisrisk:
• In the Netherlands (where the Company generated 55.57% of
its rental income and the real estate represented 51.62% of the
Fair Value of the total real estate portfolio as at 31 December
2021), campus contracts (which are contracts based on the
tenant’squalicationasastudent)mustbeterminatedwhen
the studies end (and the student has to leave the room within
a six-month period), and contracts may also be terminated
with a one-month notice period (for the tenant).
The Dutch government also applies the Housing Assessment
System (“woningwaarderingsstelsel” or WWS) to regulate
the price level of the “social” rental market (in contrast to the
deregulated rental market, where no rent level restrictions
apply).Inordertodeterminewhetherapropertyqualiesfora
liberalised rent (and the landlord is therefore free to determine
the rent), the theoretical rent calculated in accordance with
the WWS must be above a certain level (the “rent liberalisation
limit”, which is set at EUR 763.47 for 2021), which makes this
system relevant to liberalised renting as well, since a tenant
of a “liberalised” room is also entitled, if they are of the opinion
that the theoretical rent value is below this limit, to have the
tenancy commission rule on this, as at 31 December 2021,
the rent of 81% (by number of units) of the Dutch portfolio will
be capped under the WWS).
This WWS includes the so-called “points system”. A property
is valued based on a series of characteristics (such as surface
area, quality, location and energy performance), which are
given a score. In the end, the total score determines the rental
value, which is the maximum rent for the residence. Certain
elements in the calculation can be measured completely
objectively, but some elements require subjective assessment
or are open to interpretation. If it is observed that the landlord
did not comply with the points system (with rent exceeding
the rental amount specied by the points calculation or
because of a mistake in the points calculation that determines
the rent), there is a risk that tenants seek redress from the
tenancy commission for a price reduction and the retroactive
recovery of any overpaid amounts. If a tenant succeeds in
such a claim, there is also the risk that other tenants in similar
circumstances can also make a claim. This risk materialises
relatively often, but has a low impact as this tends to happen
on a case-by-case basis. A legislative or general policy change
in this points system or in its interpretation (due to legislative
action, a policy change during enforcement or precedents
set by the tenancy commission or the courts) may have a
potentially signicant negative impact on the Company’s
current and future rental income and on the valuation of the
relevant property, as this would directly affect the property’s
expected rental flows and market value.
• For Spain and Portugal, it should be pointed out that the
occupancy rate (for units let directly to students) comprises
twodistinctperiods:rst,theten-monthacademicyearduring
which leases almost exclusively cover the academic year
and often cover an even shorter period (for foreign students
participating in exchange programmes for one semester or on
a monthly basis) and second, the two-month summer period,
which is characterised by shorter leases (at higher rental
prices). Summer rentals are often related to the demand for
tourist or short-term rentals in the cities concerned. It has
also become apparent that if there is a general decline in
tourism demand and short-term rentals (such as hotels and
apartments) as caused by the COVID-19 crisis, these players
also compete in the market for short-term rentals to students,
which leads to a fall in occupancy levels and market rents.
On this basis, the Spanish and Portuguese student housing
markets are therefore characterised by a higher “frictional
vacancy rate” and a higher management overhead (frequent
check-in and check-out, administrative processing, marketing
20 I RISK MANAGEMENT
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XIOR I 21

1.4 FINANCIAL RISKS
1.4.1
RISKS ASSOCIATED WITH FINANCING –
EXCEEDING THE DEBT RATIO
As at 31 December 2020, the Company’s consolidated debt ratio
was 47.58% and the statutory debt ratio was 44.75%.
Taking into account the acquisitions after 31 December 2021,
it can be concluded that the Company has a consolidated debt
capacity of MEUR 670 before reaching the statutory maximum
consolidated debt ratio of 65% for RRECs and of MEUR 345
before reaching the consolidated debt ratio of 60% imposed in
the Company’s nancing contracts with nancial institutions.
The value of the property portfolio also has an impact on the
debt ratio. Taking into account the value of the property portfolio
as at 31 December 2021, the maximum consolidated debt ratio
of 65% would only be exceeded if the value of the property
portfolio were to fall by approximately MEUR 557, which is
28.29% of the property portfolio’s pro forma value of MEUR
1,967. If the value fell by about MEUR 429, which is 21.86% of
the value of the property portfolio on the date of 31 December
2021, the 60% consolidated debt ratio threshold would be
exceeded. As the statutory debt ratio is less sensitive to both
additional investments and property impairment, the relevant
thresholds are higher and the consolidated debt ratio is more of
a restrictive factor in that respect.
Failure to comply with the nancial parameters could result
in: (i) sanctions, for example the loss of RREC status (see
also
Risk Factor 1.5.1 of this Annual Report ) and/or stricter
supervision by the relevant supervisory authority/authorities if
legalnancialparameters(suchasthemaximumdebtratioof
65%)areexceeded;or(ii)terminationofnancingagreements,
renegotiation of nancing agreements, mandatory early
repayment of outstanding amounts, and less trust between
the Company and investors and/or between the Company
andnancialinstitutionsintheeventofnon-compliancewith
contractual agreements (for example after exceeding the
conventional debt ratio maximum of 60% due to a change in
the verication or non-compliance with the negative pledge
provisions), which in turn could lead to less liquidity (see also
Risk Factor 1.4.2 of this Annual Report )andtodifcultieswith
the continuation of the growth strategy.
1.4.2
RISKS ASSOCIATED WITH FINANCING AGREEMENTS
(INCLUDING COMPLIANCE WITH COVENANTS) – LIQUIDITY
Asat31December2021,theCompanyhas conrmedcredit
lines for MEUR 1.277 (excl. MEUR 200 commercial paper),
of which MEUR 366 has not yet been drawn down, and the
Company’s debt ratio was 47,58%. For the repayment dates
andthediversicationofthesedebts,pleasereferto
section
10.9.23oftheconsolidatednancialstatements2021
and to
Chapter 5.3.1 of this Annual Financial Report.
Should the Company violate the provisions (covenants) of its
nancing agreements, the credit lines may be cancelled or
renegotiated, or the Company may be forced to repay them.
The agreements in force are broadly in line with the market.
Oneoftheirrequirementsisthatthedebtratio(asdenedinthe
Royal Decree on Regulated Real Estate Companies) does not
exceed 60% (see also
Risk Factor 1.4.1 of this Annual Report ).
There is also a risk of early termination in case of a change of
Company control, in case of non-compliance with the negative
pledge clause or other Company covenants and obligations and,
moregenerally,incaseofdefaultasdenedinthesenancing
agreements. Pursuant to so-called “cross acceleration” or
“cross default” provisions, an event of default (noting that
certaininstancesof“default”orbreachofcovenants–suchas
achangeofcontrol–includedinallnancingagreementsare
beyondtheCompany’scontrol)underonenancingagreement
may also lead to defaults under other nancing agreements
(regardless of any waivers granted by other lenders in the case
of a “cross default” provision) and may therefore force the
Company to repay all these credit lines early. See also
Chapter
10.9.23oftheconsolidatednancialstatements2021
.
the guarantee (covering one or two months’ rent as the case
may be) will not sufce, that the Company will be unable to
have recourse against the tenant and consequently be unable
to recover anything or only a small amount from the defaulting
tenant. In addition, the default of tenants and the follow-up of
these debtors gives rise to additional internal and external costs
(sending formal notices, summonses, legal costs).
Loss of rental income could also have a negative impact on the
valuation of the property concerned (see
Risk Factor 1.2.1 of
this Annual Report
),andmayincreasefollowingspecicevents
(such as the COVID-19 pandemic).
As at 31 December 2021, EUR 295,322 in provisions for
doubtful debts had been set up (
see chapter 10.9.13 of this
annual report
). This makes up 0.40% of the gross rental income
(excluding rental guarantees). In 2021, the external collection
costs with regard to defaulting tenants was approximately
EUR 138,500 compared to EUR 79,000 the previous year
(an increase of 75%), and it is expected that these costs will
increasesignicantlyin2022whenthecurrentprocedureswill
continue and any further escalation will also result in higher
external costs. The teams in Belgium and the Netherlands are
monitoring collections and following up on the measures to be
taken.
1.3.5
RISKS ASSOCIATED WITH (THE INABILITY TO PAY)
DIVIDENDS
Pursuant to the Legislation on Regulated Real Estate Companies
and Article 34 of the Company’s Articles of Association, the
Company is subject to a distribution obligation of at least 80%.
No guarantee can be given that the Company will be able to make
dividend payments in future. Even if the Company’s properties
areyieldingtheexpectedrentalincomeandoperationalprot,
it may become technically impossible for the Company to pay
a dividend to its Shareholders in accordance with Article 7:212
of the Belgian Companies and Associations Code and the
Legislation on Regulated Real Estate Companies. In view of the
fact that the Company had limited or no reserves at the time of
its inception (recognition as a regulated real estate company
and IPO) and could only slowly build these reserves because
of the above-mentioned mandatory distribution (it accrued
KEUR 129,154 in distributable reserves since 2015, taking into
accountthe2021 protappropriation),adecrease in the fair
value of the investment property or a decrease in the fair value
of hedging instruments may lead to the Company’s inability to
distribute a dividend despite the positive operating result. As
at 31 December 2021, a decrease of 28.29% (or MEUR 557) in
the Fair Value of the property portfolio would have resulted in a
debt ratio limit of 65%, which would have resulted in no dividend
being paid.
1.3.6
RISKS RELATED TO OPERATIONS IN POLAND
Poland is a member of the European Union, but has had
several disputes with the European Commission regarding its
respect for the rule of law. Continued disputes in this area could
potentially lead to the reduction or withdrawal of European aid,
which in turn could lead to a slowdown in the Polish economy.
In 2021, tensions arose at the border area between Poland and
Belarus, with Poland declaring a state of emergency.
The long-standing conflict between Russia and Ukraine
(which led to a Russian invasion in February 2022) may have
destabilising effects on Poland, including in the following areas:
• Poland, as a neighbouring country with an extensive border
with Russia, is expected to receive a large influx of refugees.
Should these refugees not be able to sufciently migrate
to other countries of the European Union, this may lead to
possible negative consequences for Poland on a budgetary
and/or political level.
• Although Poland is a member of NATO, in view of its proximity
there is a risk of Russian hostilities spreading to the country.
• More specically, it should be noted that, in terms of long
stay international students in Poland, the main country of
origin is Ukraine with 38,901 students in academic year
2019/20. It is possible that the war conditions may have a
negative impact on the possibility of Ukrainian students to
study in Poland. In addition, Poland may also become less
attractiveasanErasmusdestination(albeitsignicantlyless
important as a source of international students, with the main
country of origin being Spain with 1,931 students academic
year 2019/20). The Company’s announced project in Warsaw
(representing 1.2% of the total portfolio including investment
pipeline as at 31 December 2021) is not aimed solely at
international students, but at a mixed audience of domestic
and foreign students. As the operation of this project will only
startinSeptember2024,itiscurrentlyverydifculttopredict
what the impact, if any, will be at that time.
22 I RISK MANAGEMENT
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XIOR I 23

2021. In Spain and the Netherlands, the energy prices in the
supply contracts are variable. In Belgium, Spain and Portugal,
the fee for energy consumption charged by the Company to the
student-tenantisxed,eitheraspartofxed“all-in”rentsorin
theformofaxedlumpsum.Therewillbeanegativeeffect
on the results of the Company for those countries if the actual
energy costs exceed the estimated costs used as a basis for
determining the rent or the lump sum. Only in the Netherlands
settlement with the students takes place on the basis of actual
costs, but there is the risk that higher costs may be more
difculttocollect.
1.4.5
RISKS RELATED TO EXCHANGE RATES
So far, the Company has only operated in countries belonging to
the Eurozone. When starting operations in Poland, the Company
would be exposed to exchange rate risk in relation to the Zloty,
e.g. if rental income were to be generated in that currency.
In case of fluctuations of the exchange rate EUR/Zloty this
could lead to losses for the Company. This risk does not exist
to the extent that Zloty income can be used to pay local Zloty
expenses.
1.5 REGULATORY AND OTHER RISKS
1.5.1
RISKS ASSOCIATED WITH THE STATUS OF A PUBLIC RREC
AND THE APPLICABLE TAXATION
As a Public RREC, the Company is subject to the Legislation
on Regulated Real Estate Companies, which includes special
obligations (on a consolidated or non-consolidated basis) for its
activities, debt ratio, appropriation of results, conflicts of interest
and corporate governance. The (continued) compliance with
thesespecicrequirementsdependsonseveralfactorssuch
as the Company’s ability to successfully manage its assets and
debt positions and to observe strict internal audit procedures.
The Company might nd itself incapable of complying with
theserequirementsifthereweretobeasignicantchangeinits
nancialsituationorforotherreasons.TheCompanycouldend
up losing its RREC status that way.
If the Company were to lose its RREC licence, it would no longer
benet from the special tax regime for RRECs (see Article
185bis of the Income Tax Code 1992). This would have several
repercussions, with one being that the Company’s rental income
currently exempt from corporation tax would then become
subject to corporation tax, for example. Also for any foreign
statutes that the Company’s subsidiaries obtain or would
obtain in other jurisdictions (such as the Spanish SOCIMI), the
benetsassociatedwiththemwouldceaseifthestatutewere
lost for any reason. Moreover, the Company’s credit agreements
generally regard the loss of the RREC licence as an event that
could lead to its loans becoming payable early (possibly as a
result of so-called “acceleration” or “cross default” provisions
includedinthecreditagreements–seealso
Risk Factor 1.4.2
of this Annual Report ). Such an early claim would jeopardise
the Company’s continued existence in its current form with its
current property portfolio.
However, Company subsidiaries that are not licensed as a
RREC or specialised real estate investment fund may remain
subject to corporation tax like any other companies, and
the Company may also be subject to local taxes for any real
estate abroad directly owned by the Company. The operations
of the Company’s subsidiaries in the Netherlands (55.68% of
the net rental income as at 31 December 2021) and in Spain
and Portugal (together 18.17% of the net rental income as at
31 December 2021) are subject to local corporation tax (on the
understanding that Student Properties Spain and its subsidiaries
fall under the Spanish SOCIMI regime which, under certain
conditions, gives rise to exemption from corporate tax). There is
alsoariskthattheresult(inparticulartheprotcalculationand
cost allocation and/or the applied transfer pricing mechanisms)
and/or the tax base (including provisions for (deferred) taxes)
in those countries are to be calculated differently from how
they are calculated today or that the interpretation or practical
application of the underlying rules changes. The applicable tax
regime and rates may also change. This could lead to a higher
tax burden for these activities, or to discussions and procedures
with the competent tax authorities, which could give rise to
procedural costs, penalties and interest on arrears in addition to
any taxes due. The ultimate consequence of this could be that
fewer dividends flow to the Company and fewer dividends can
therefore be distributed to the Company’s shareholders.
1.4.3
RISKS ASSOCIATED WITH RISING INTEREST RATES AND
FLUCTUATING FAIR VALUES OF HEDGING INTRUMENTS
Asaresultof(signicant)debtnancing(thedebtratioasat31
December 2021 was 47.58% and the nominal outstanding debt
as at 31 December 2021 was MEUR 910), the Company’s return
depends on the interest rate developments. An increase in the
interestratemakesloancapitalnancingmoreexpensivefor
the Company.
In order to hedge the long-term interest rate risk, the Company
may use interest rate swaps for variable-rate loans (94%
hedging ratio
3
as at 31 December 2021).
The fair value of the hedging instruments is determined by
the interest rates on the nancial markets. The changes in
the market interest rates partly explain the change in the fair
value of the hedging instruments between 1 January 2021
and 31 December 2021, which meant that an expense of EUR
13,641,000 was included in the Company’s income statement.
The sensitivity of the mark-to-market value of hedging
instrumentsintheprotandlossaccountisestimatedincase
of an interest rate increase of 20 basis points at approximately
EUR 5,841,018 An interest rate fall of 20 basis points would
haveanegativeeffectontheprotandlossaccountofthe
same magnitude. See also note
10.9.23 to the consolidated
nancialstatements2021
.
As at 31 December 2021, the effect of the accumulated
changes in the fair value of the Company’s hedging instruments
on the net asset value per share was EUR 0.49.
For example, if the Euribor rate falls, there will be a negative
adjustment of the market value of these instruments (the
variation in this market value was 27,39% between Q3 and Q4
2021).
It is moreover, especially in the event of a scenario of sharply
rising interest rates, not certain that the Company will nd
hedging instruments that it wishes to take out in future, or that
the conditions associated with these hedging instruments will
be acceptable.
3
Amountofcreditwithaxedorhedgedvariableinterestrate/totalamountofcredit.
1.4.4
RISKS LINKED TO INFLATION AND RISING ENERGY PRICES
Inflation can lead to an increase in nancing costs (due to
the rise in interest rates, see above) and/or an increase in
capitalisation rates and can therefore cause a decrease in
the Fair Value of the property portfolio and a decrease in the
Company’s equity.
For approximately 7.39% of the rental income (as at 31
December 2021), the Company has lease contracts of longer
duration than one year with an indexation clause. In certain
cases, however, these indexation clauses may provide for
restrictions, e.g. a maximum percentage of indexation per year.
For the rooms rented directly to students (typically for one year
or less), the Company aims in principle to index these at least
every time (both for returning tenants and for new tenants)
(in certain cases, such as in Flanders, the allowed increase
is legally limited to this indexation with regard to returning
tenants). If for any reason the Company would not be able to
carry out this indexation, there would be a risk that prices would
not rise enough. The costs would go up, as they were largely
automatically indexed, which would have a negative effect on
theCompany’sprotability.
However, the principle of indexation of the rent did not
necessarily prevent the rent paid under the relevant lease from
rising less quickly than the rent that could be obtained on the
market with new tenants, in the case of contracts of more
than one year or in the case of recurring tenants. On the other
hand, it cannot be excluded that on a certain rental market (e.g.
in a certain student city), the achievable market rents would
increase less quickly than inflation (or would even decrease),
which would de facto make it impossible to carry out this
indexation when renewing a lease or entering into a new lease.
A special element of inflation is the evolution of energy prices.
These have already risen sharply in the course of 2021, and may
possibly rise further in the future as a result of various factors
(including economic and geopolitical factors). The Company
could hedge against this risk by entering into energy supply
contracts with xed energy prices. However, in the current
marketconditionsitisdifculttoenterintonewsuchcontracts
(at acceptable conditions). In Belgium and Portugal, Xior still
hasongoingxedpriceenergycontractsasof31December
24 I RISK MANAGEMENT
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XIOR I 25

Benca
LISBON
MESSAGE
TO THE SHAREHOLDERS
02
“
At the end of 2021, Xior started the
roll out a new Human Capital strategy,
with the aim of creating a coherent and
sustainable human capital policy that
supports Xior’s long-term goals and
will make the company and its human
capital future-proof.
„
26 I MESSAGE TO THE SHAREHOLDERS
XIOR I Annual fi nancial report I 2021 XIOR I Jaarlijks fi nancieel verslag I 2021
XIOR I
27

of €1.80 and a gross dividend per share of €1.44
4
 , the prot
forecast for 2021 was realised and Xior succeeded cum laude in
its ambition to always offer a growing dividend to its shareholders.
Xior’s continuous growth is reflected not only in the expansion
of its real estate portfolio, but also in its internal structures.
Since the IPO, the Xior family has doubled in number and the
management has drawn up a new human capital strategy to
support further expansion.
Moreover, in recent years, Xior has invested heavily in its
ESG (Environment - Social - Governance) strategy. In 2020,
Xior once again obtained the EPRA Gold award for its ESG
andnancialreporting.We also work onimprovingourESG
scores every day. Investing in new and sustainable buildings,
as well as renovating and optimising existing buildings, is
the key to sustainable entrepreneurship. The corresponding
green nancing has therefore increased particularly strongly
this year. As the Board of Directors, we consider sustainability
crucialanddecidedtosetupaspeciccommitteetoengage
with these matters: the Ethics and ESG Committee.
With a view to corporate governance - which is crucial in a listed
company - the board of directors was also expanded. In 2021,
Xior’s general meeting appointed a second female director,
Marieke Bax. At this year’s general meeting, the appointment of
two additional female directors will be proposed.
Finally, in 2021, important steps were taken towards digital
transformation. Xior wants to go further than being ‘just’ a
landlord of student rooms and aims to offer a total concept
to students via “Xior Connect”, an integrated service and
communication platform to guarantee students the best
possible service during their stay. After all, the student
continues to play a central role in Xior’s success story.
Xior’s growth strategy is obviously fueled by the high demand
for quality student rooms. In 2021, we saw an unprecedented
rush for student rooms, partly due to the “lost” corona year
that students want to make up for. This led to a much earlier
full occupancy of the Xior portfolio in all four countries. For
the upcoming academic year, we are already seeing an even
bigger rush. This ever-growing demand and high occupancy
rateconrmourcondenceinXior’soperationalmodelaswell
as in the resilience and growth potential of the student market,
even in times of crisis.
4
Subject to approval by the Shareholders’ Meeting.
After six instructive and challenging years, I can see that Xior’s
growth sprint is far from over. Now that 2021 has also ended
very promisingly, I am looking forward to seeing what 2022
still has in store for Xior. I am grateful to have been part of
this talented team and wish the whole Xior family the best of
luck for the future. Even though Xior has already achieved an
impressive growth trajectory, I am convinced that this is only
the beginning.
Also on behalf of the Board of Directors of Xior Student Housing.
Leen Van den Neste
Chairwoman
of the Board of Directors
As2021drawstoaclose,welookbackon
sixexciting,intenseandchallengingyears
since Xior’s IPO in 2015. Thanks to numerous
successful investments, a rapid scale-up and
professionalisation of the organisation, and a
hands-on mentality during one of the biggest
criseseverknown,Xiorgrewfromayoungreal
estate pioneer into an established player in the
student housing market in continental Europe.
Since the IPO, I have been a proud member of the board of
directors of Xior. Together with my fellow board members,
I have seen Xior grow from milestone to milestone over the
past 6 years. In May 2022, I will be stepping down from my
directorship. I would like to take this opportunity to look back
at the growth trajectory of Xior, which I was able to experience
from close by.
In 2015, with a relatively modest portfolio of around 200 million
euros consisting of approximately 2,000 student rooms in
Belgium and the Netherlands, Xior was ready to put itself on the
mapasBelgium’srstandstillonlylistedrealestatecompany
specialising in student accommodation. Well-considered
investments and a substantial expansion of the Xior family
allowed the real estate portfolio to grow at a fast pace.
Today, Xior offers a second home to students in Belgium, the
Netherlands, Spain and Portugal with approximately 14,000
lettable student rooms. 2021 was another particularly active
year, with more than 500 million euros in new committed
investments and projects. These included Xior’s rst public
acquisition of Spanish student housing provider Student
Properties Spain SOCIMI, listed on the BME. This provided three
additional state-of-the-art residences in Madrid, Malaga and
Seville. In the last quarter of 2021, there was a second public
takeover, this time in Belgium: Quares Student Housing was
taken over by Xior, and the Belgian portfolio increased by more
than 30% in one fell swoop. Xior also increased its share in
the Netherlands by acquiring various assets and development
projects in cities such as Leeuwarden, Breda and Amsterdam.
In6yearstime,Xior managedtoproleitselfas themarket
leader in student accommodation in Belgium and the
Netherlands and became one of the bigger players on the
Iberian peninsula. European expansion continues every day. In
early2022,Xiorannounceditsentryintoafthcountry-Poland,
conrmingitsambitiontobecometheleadingpan-European
player in student housing. All of this has ensured that the 2.5
billion euro milestone (incl. pipeline) will already be exceeded
in 2022.
The balance between growth and debt remains crucial in
Xior’s growth strategy. In 2021, the capital was increased
by approximately 295 million euros - through a fourth public
capital increase and a second successful ABB. In doing so, we
always strive for a good balance between our existing and new
shareholders. Xior’s growth strategy is always inherently linked
to growth in shareholder value. With an EPRA earnings per share
28 I MESSAGE TO THE SHAREHOLDERS
XIOR I Annual nancial report I 2021 XIOR I Jaarlijks nancieel verslag I 2021
XIOR I 29

Prince
ANTWERP
03
XIOR I Jaarlijks fi nancieel verslag I 2021
KEY FIGURES
AS AT 31 DECEMBER 2021
“
Surprisingly, the rental season for the
academic year 2021-2022 started even
earlier than usual. In all four countries,
the rental season started earlier and
there was a huge rush for student
rooms. Corona or not, students are still
eager to live in a student room.
„
30 I KEY FIGURES
XIOR I Annual fi nancial report I 2021 XIOR I Annual fi nancial report I 2021
XIOR I
31

Consolidated income statement
(in thousands of EUR)
31/12/2021 31/12/2020 31/12/2019
Net rental result
79,599 57,896 44,932
Property result 77,351 58,457 45,508
Operating result before result on the portfolio 58,232 44,471 35,069
Financialresult(excludingvariationsinthefairvalueofnancialassetsand
liabilities)
-9,712 -7,612 -7,621
EPRA earnings
5
44,796 33,961 24,103
EPRA earnings
–groupshare 44,379 33,298 23,975
Result on the portfolio (IAS 40)
32,761 -66,230 -4,023
Revaluationofnancialinstruments(ineffectiveinterestratehedges)
12,022 -8,837 -9,150
Share in earnings of associated companies and joint ventures
301 -676 -1,397
Deferred taxes
6
-7,567 9 -1,872
Net result (IFRS)
82,313
-41,773 7,659
31/12/2021
31/12/2020 31/12/2019
Number of lettable student units 13,984 11,046 7,932
Gross yields
7
31/12/2021
31/12/2020 31/12/2019
Belgium 5.11% 5.15% 5.13%
The Netherlands 5.87% 5.89% 5.63%
Spain 5.39% 5.83% 5.27%
Portugal 6.50% 7.01% N/A
Entire portfolio 5.51% 5.73% 5.43%
5
Xior Student Housing NV uses alternative performance measures (APMs) to measure and monitor its operational performance. The European Securities and Markets Authority (ESMA)
issued guidelines for the use and explanation of alternative performance measures, which came into effect on 3 July 2016.
Chapter 10.8 of the Annual Financial Report 2021 includes the
terms Xior regards as APMs. The APMs are marked with
andareaccompaniedbyadenition,objectiveandreconciliationasrequiredundertheESMAguidelines.
6
Please refer to Chapter 10.9.7 of this Annual Financial Report for further explanation of the content of this deferred tax.
7
Calculated as estimated annual rent divided by the Fair Value and excluding projects in development.
Consolidated balance sheet
(in thousands of EUR)
31/12/2021
31/12/2020 31/12/2019
Equity
1,003,852 659,503 625,808
Equity–groupshare 984,436 641,194 610,427
Fair value of the investment property
8
1,967,056 1,555,779 1,190,791
Debt ratio (Act on Regulated Real Estate Companies)
9
47.58% 54.18% 45.67%
Key gures per share
(in EUR)
31/12/2021
31/12/2020 31/12/2019
Number of shares
27,781,301 21,046,441 19,133,129
Weighted average number of shares
10
24,644,517 19,560,351 14,996,135
EPRA earnings
11
per share 1.82 1.74 1.61
EPRA earnings
12
pershare–groupshare 1.80 1.70 1.60
Result on the portfolio (IAS 40)
1.03 -3.39 -0.27
Variations in the fair value of hedging instruments 0.49 -0.45 -0.61
Net result per share (IFRS)
13
3.34 -2.14 0.51
Share closing price 49.05 49.10 50.50
Net asset value per share (IFRS) (before dividend) 36.13 31.34 32.71
Dividend payout ratio (with relation to EPRA earnings)
14
80% 80% 81.25%
Proposed dividend per share
15
1.44
1.36 1.30
8
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.
9
Calculated in accordance with the Royal Decree of 13 July 2014 implementing the Act of 12 May 2014 on Regulated Real Estate Companies.
10
Based on the dividend entitlement of the shares.
11
Calculated based on the weighted average number of shares.
12
Calculated based on the weighted average number of shares..
13
Based on the number of shares.
14
The distribution percentage is calculated on the basis of the consolidated result. The effective distribution of the dividend is based on the statutory result of Xior Student Housing NV.
15
Subject to approval by the General Meeting.
32 I KEY FIGURES
XIOR I Annual nancial report I 2021 XIOR I Annual nancial report I 2021
XIOR I 33

Zuidstation
GHENT
COMMERCIAL ACTIVITIES
AND STRATEGY
04
“
Throughout 2021, the focus was
also on increasing the share of green
loans,tonancethemostsustainable
green buildings. The number of green
assets grew from 16 (446 MEUR) to 22
(647 MEUR) and the amount of green
nancingfrom145MEURto638MEUR.
„
34 I COMMERCIAL ACTIVITIES AND STRATEGY
XIOR I Annual fi nancial report I 2021 XIOR I Annual fi nancial report I 2021
XIOR I
35

Xior has developed short stay and co-living concepts that are
complementary to the main business, allowing the organisation
to respond to current co-living trends.
4.2.5
OUR TARGET GROUP
The company’s target group are students in the age category
of 17-28. These include national and international students,
research assistants and researchers, young post-graduate and
PhD students. In addition, Xior works directly with universities
through nomination agreements, covenants or cooperation
agreements. To a lesser extent, the organisation also targets
semestral exchange students, seasonal language students and
starting young professionals. Parents are important co-decision
makers, whom Xior offers peace of mind.
4.2.6
OUR PRODUCT
All of the residences are well located, differentiated per city,
location, budget and type of university. Xior offers modern and
clean accommodation in sustainable buildings with a focus on
student wellbeing. Quality and peace of mind guaranteed.
Xior has a broad product offering, which ranges from budget
rooms with shared facilities, to en-suite rooms, through to
premium and luxury studios with kitchenette. Xior’s residences
offer a comfortable environment and are fully equipped for the
requirements and wellbeing of today’s demanding student. They
are centrally located in triple-A locations near the educational
establishment and/or near the city centre. Quality and safety
are key priorities, which is why all residences are maintained
regularly, tted with adequate re safety equipment, and
follow the national COVID protocols. These quality standards
are complemented by other basic facilities, such as high-
speed internet connections, study rooms, cooking areas and
the cleaning of communal areas. Xior also offers additional
facilities (varying from building to building), such as attractive
communal areas, 24/7 emergency services, vending machines,
laundry rooms with modern washing machines, gyms, games
rooms, car parking, roof terraces, bike stands, access control
viaabadge,ngerprintorfacialrecognitionsystems,bookable
event space, and so on. In Spain, the company even offers full
board catering, linen service, in-room cleaning, a 24/7 reception
and security presence, an outdoor pool, air conditioning, and a
night-time medical telephone service.
4.3 INVESTMENT CRITERIA
Xioraimsforthecontrolled,protableandsustainablegrowth
of its portfolio in Belgium, the Netherlands, Spain and Portugal.
Potential investment opportunities in other countries are
studied on a regular basis. As a B-REIT, the company is bound
bythediversicationobligationsarisingfromtheLegislationon
Regulated Real Estate Companies (see
Section 12.1.4.2 of this
Annual Report
). The company also applies a set of parameters
against which future acquisitions or developments will be
assessed.
• Established student cities: focus on cities with an established
higher educational centre
• Tier 1 locations: the residences must be well-located versus
the educational institution or campus, near public transport
and if possible close to the city centre.
• Minimum size: each residence must consist of a certain
minimumnumberofunitstofacilitateefcientmanagement
and economies of scale. The required size of a certain building
depends on the total potential demand in the local market and
the local market characteristics. Generally, the company will
target residences with at least 100 units, and 150 in Spain
• Financial return hurdles: certain minimum return hurdles are
applied per country and per city, taking into account market
conditions,withaspecicfocusonlongtermstabilisedcash-
on-cash returns
• Quality and sustainability: for its own developments, Xior
takes its own predetermined quality standards pertaining to
comfort, safety and sustainability into account. When existing
buildings are acquired, these buildings must also comply with
these standards or be capable of being converted to meet
these standards in an efcient and cost-effective manner.
Sustainability and sustainable development of buildings are
4.1 ACTIVITIES OF THE COMPANY: XIOR IS THE LARGEST LISTED OWNER-
OPERATOR OF STUDENT ACCOMODATION IN CONTINENTAL EUROPE
Xior is the largest real estate investment trust (REIT) in the
student accommodation sector in Continental Europe, acting as
ownerandoperatorofadiversiedportfolioofmodernstudent
residences. Xior is present in the Netherlands, Belgium, Spain
and Portugal.
4.2 BUSINESS STRATEGY OF THE COMPANY
“
Xior aims to grow a branded leading
Continental-European student
accommodation platform, as owner-
operator, that offers clients a modern,
healthy and safe environment to live,
study and relax
.
„
4.2.1
GROWTH
Through a mix of developments, refurbishments, single asset
purchases, joint ventures and portfolio transactions, Xior
balances its focus on growing the portfolio each year, with
investments in people, organisation and systems.
4.2.2
A BRANDED PLATFORM
Xiorisbuildingaplatformthatbenetsfrombrandrecognition,
quality guarantee, mobility between locations, becoming a
trusted place for students and their parents.
4.2.3
LEADING POSITIONS IN CONTINENTAL EUROPE
Xior aims for top 3 private sector leadership positions in each
country that the organisation operates in by number of units, so
that Xior can reap the scale advantages her business model offers.
As Xior’s portfolio grows, the network effects will become visible.
The company actively analyses expansion into other European
countries,beitgreeneldorbrowneld,andactivelyparticipates
in university tenders. The leading positions are supported by Xior’s
access to the international equity and debt capital markets.
4.2.4
OWNER-OPERATOR
Xior actively exploits the synergies in her business model,
which controls the investment, the capex and the opex. As
the agenda is internally aligned and not interrupted by third
parties, Xior believes this is the right model to generate long
term value and stable returns for investors and stakeholders.
36 I COMMERCIAL ACTIVITIES AND STRATEGY
XIOR I Annual nancial report I 2021 XIOR I Annual nancial report I 2021
XIOR I 37

a priority in our investment strategy. Xior continues to explore
the application of innovative solutions, such as heat recovery,
modular construction techniques, energy storage and
water-saving initiatives, in addition to the more established
initiatives such as the purchase of green electricity, the
control of insulation and ventilation characteristics and the
use of solar panels and green roofs. For an overview of the
ESG framework, reference is made to
Chapter 9 of this
Annual Report
.
• Product differentiation: new investments should contribute
to a balanced product offering on a city and residence basis
in terms of room type, student affordability and service level.
• Portfolio diversication: Xior diversies its portfolio and
operations by building a student accommodation platform
in multiple Continental European countries. Other types of
assets, such as commercial or educational real estate are
subordinate or complimentary to the core focus of student
accommodation.
4.4 FINANCIAL STRATEGY
Belgian REITs are subject to rules on the maximum debt ratio
(legally capped at 65%), interest cover ratio (at least 125%)
andpayoutratio(atleast 80% of theprotinsimpleterms).
Consequently, the company, like any other REIT, is limited in
itsself-nancingoptions.Thecompanywillthereforecontinue
to strive for balanced growth of both equity and debt capital in
parallel with the further expansion of the portfolio. The company
pursues a nancial strategy that is based on the following
principles:
• A long-term LTV range of 50-55%, with equity at 45%. The LTV
ratio may temporarily exceed 55% during the implementation
of the growth strategy.
• Adiversiedmaturityproleofourdebtobligations.
• An appropriate interest rate hedging structure (see also
Chapter 5.3.2 of this Annual Report ).
• An attractive dividend policy, subject to the availability of
distributable reserves, that aims to increase the dividend per
share each year (see
Chapter 7.5 of this Annual Report ).
4.5 OPERATIONS
The vision of Xior’s operations is the be as close as possible to
the target market supported by centralised staff functions. The
day-to-day management of the residences is done from local
ofces,sothat Xior can ensurehigh quality of service,short
turnaround times and close student contacts. The same goes
for sales and rent collection. Where required, Xior falls back on
a network of service providers who deliver consistent service
standards, and Xior ensures to have longstanding relationships
withthesepartners.OfcialSLA’sarealwaysinplaceandworks
are regularly checked by Xior staff.
Whilst Xior offers a personal and tailored service per residence,
there is an equal emphasis on digital communication. Online
tools do not replace Xior’s close contact with students but
are in place to deliver increased customer satisfaction. For
most residences, the onboarding cycle of room viewings,
bookings and contracts can now be done online. The aim is to
give potential tenants the opportunity to see and investigate
information online.
Online marketing efforts such as #xiorfamily underscore the
community feeling Xior aims to create for her tenants. These
marketing efforts are done at group level and at country, region,
city and residence level, to ensure relevant information makes
its way to the right audience. The online marketing presence is
continuously backed up with local activation, such as open days
and on-site marketing.
Functional centralised support from the group headquarters or
countryheadofcescomesintheformofmanagement,nance,
accounting, marketing, HR, legal, IT, project management, ESG
implementation, quality control and engineering.
38 I COMMERCIAL ACTIVITIES AND STRATEGY
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XIOR I 39

Sneeuwberglaan
VAALS
MANAGEMENT REPORT
05
“
At the end of 2021, Xior
launcheditsrstonlineemployee
survey in collaboration with an
external professional party. The
participation rate was 82% and the
overall satisfaction 80%.
„
40 I MANAGEMENT REPORT
XIOR I Annual fi nancial report I 2021 XIOR I Annual fi nancial report I 2021
XIOR I
41

value of estimated transaction costs and costs resulting from
the hypothetical disposal of investment properties, a negative
reserve for the balance of the variations in the fair value of the
property, a negative reserve for the balance of the variations
in the fair value of permitted hedging instruments and another
reserve relating to the remaining 20% of the shares of Mosquera
Directorship and 10% of the shares of XL Fund (see below under
other long-term debts).
The annual net result stands at KEUR 82,313.
6,734,860 new shares were created during the nancial year
2021.
Non-current nancial debt totals KEUR 750,254 as at 31
December 2021, compared with KEUR 733,182 as at 31
December 2020. The increase results from continued
implementation of Xior’s growth strategy during 2021, which
ispartlynancedbyloans.Theincreasealsostemsfromthe
acquisition of Quares Student Housing, which retained its loans
(approx. MEUR 50). In October 2021, the company issued a
second bond loan for KEUR 147,000, of which KEUR 85,000
has already been taken up. This also includes debts relating
tonancialleasing(KEUR5,146).Thisconcernsthelong-term
ground lease commitments for a number of real estate projects
underdevelopment.Othernon-currentnancialliabilities(KEUR
13,023) include the negative market value of the IRS contracts
on the balance sheet date. The average maturity of the loans is
4.83 years.
Other non-current liabilities relate to the put option on the
remaining 20% of Mosquera Directorship shares, on the
remaining 10% of XL Fund shares and the remaining 50% of
Invest Drève St. Pierre shares (approx. MEUR 26 in total). This
liability was recognised against equity (as a reduction in equity
–IFRSrequirement),whichhasanegativeimpactontheNAV
per share. When the option is exercised, this negative amount
will be recognised in equity against minority interests.
As at 31 December 2021, the debt ratio was 47.58%, compared
to 54.18% as at 31 December 2020. Following the successful
completion of the capital increase of MEUR 179 in March
2021, the debt ratio fell to about 44%. Due to the ongoing
implementation of the growth strategy and the new acquisitions,
the debt ratio rose again above 50%. Thanks to the MEUR 120
capital increase in December 2021, the debt ratio fell back down
below 50%.
The deferred taxes amount to KEUR 62,909 and have increased
by KEUR 11,759. This includes, on the one hand, exit tax for an
amount of KEUR 6,723, related to acquisitions of Belgian real
estate companies during 2021. It also includes deferred taxes
on foreign real estate (KEUR 56,186). The increase mainly
relates to Dutch and Spanish real estate.
The short-term nancial debt stands at KEUR 165,342, and
mainly relates to the Commercial Paper that is included (MEUR
70). On the other hand, it includes the redemption obligations
of some loans. The necessary agreements have been reached
with the banks at the start of 2022 to extend the credit facilities
for the loans that would mature in 2022.
Other short-term debts include, primarily:
• Outstanding supplier payments and provisions for invoices
not yet received (KEUR 13,492): these are primarily a few
supplier balances relating to projects carried out during 2021;
• Other (KEUR 4,216): these mainly relate to provisions for
Dutch taxes for the Dutch permanent establishment and the
subsidiaries, VAT due and social security owed (KEUR 1,897),
exit tax (KEUR -9) and tenant deposits (KEUR 2,328);
• Other short-term liabilities (KEUR 26,436): these mainly relate
to guarantees received from tenants (KEUR 12,677), a payable
leasehold fee for a real estate project (KEUR 4,000), a put/call
option on Promgranjo (KEUR 2,681), a put/call option on Unidorm
(KEUR 1,084) and a put/call option on Uhub Investments Lumiar
(KEUR 4,392).
Accruals and deferral liabilities (KEUR 8,745) mainly relate to
advance rental income billed (KEUR 2,368), calculated interest
costs (KEUR 2,027), provisions for (overhead) costs (KEUR
1,339) and provisions for property taxes (KEUR 577).
5.2.2
CONSOLIDATED INCOME STATEMENT
Xior achieved a net rental result of KEUR 79,599 in 2021,
compared to KEUR 57,896 in 2020. This net rental result
will continue to grow in 2022, given that certain buildings
were completed or acquired during the course of 2021 and
therefore did not contribute a full year to the net rental result.
Some buildings that were being constructed or renovated have
already been yielding rental income in the form of rent or return
guarantees from Q4 2021. These therefore also only contributed
to the result for a part of the year.
This concerns the following properties:
5.1 PUBLIC RREC STATUS
16
For an explanationofthe consolidated nancialstatementsfor 2020, please refertothe AnnualFinancial Report2020 pp. 46-49. Foranexplanation of theconsolidatednancial
statements for 2019, please refer to the Annual Financial Report 2019 pp. 50-53.
On 24 November 2015, the FSMA accredited Xior as a public
Regulated Real Estate Company (public RREC) in accordance
with the Law on Regulated Real Estate Companies. The FSMA
hasincludedtheCompanyintheofciallistofpublicRRECs
with effect from 24 November 2015.
Xior was successfully floated on the Euronext Brussels stock
marketon11December2015.ThismakesXiortherstBelgian
public RREC specialising in the student housing sector.
This status as a Public Regulated Real Estate Company or BE-
REIT will reflect Xior’s role as an operational and commercial real
estate company and will allow it to grow further in the future. It
allows Xior to position itself as a real estate investment trust
(BE-REIT) in the best possible way and optimise its visibility to
national and international stakeholders.
5.2 COMMENTS ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR
THE FINANCIAL YEAR OF 2021
16
5.2.1
CONSOLIDATED BALANCE SHEET
As at 31 December 2021, the portfolio consists of 13,984 lettable
student units. The total property portfolio is valued at KEUR
1,967,056 as at 31 December 2021, representing an increase
of 26% or KEUR 411,277 compared with 31 December 2020.
This increase is mainly due to the acquisition of a building for
conversion in Zaragoza, the acquisition of a student residence
in Breda, the acquisition of a student residence in Malaga, the
purchase of the HUBR portfolio in Spain with buildings in Madrid,
Malaga and Seville, and the purchase of the Quares Student
Housing portfolio with buildings in various cities in Belgium.
If all committed acquisitions and projects are implemented,
this increase will rise further to approximately MEUR 2,500 and
more than 20,000 lettable student units.
The current assets are KEUR 89,438, which is KEUR 34,506 more
than on 31 December 2020. This increase is mainly due to a rise
in receivables from joint-venture companies, an increase in cash
and cash equivalents and more accruals and deferred payments.
Current assets include, primarily:
• Outstanding receivables (KEUR 2,693): this includes mainly
rents that have not yet been received;
• Tax receivables and other receivables (KEUR 65,309): this
relates mainly to receivables from Promgranjo, the joint-
venture company being used to develop the project in Porto,
Portugal (KEUR 12,701), a receivable from Invest Drève St
Pierre, the joint-venture company being used to develop a
project in Brussels (KEUR 14,762), a receivable from Unidorm,
the joint-venture company being used to develop the project
in Lisbon, Portugal (KEUR 3,020), an advance against an
acquisition (KEUR 6,000) in Barcelona, and a receivable from
AloxeNV(KEUR1,214–onwhich interest is being paid at
market interest rates). This also includes advance payments
relating to property developments and furnishings.
• Cash and cash equivalents held by the various entities (KEUR
10,849).
• Accruals and deferral assets (KEUR 10,586), which are mainly
property costs to be transferred (KEUR 3,948), property income
obtained (KEUR 1,481), obtained rental guarantees (KEUR
2,000), prepaid expenses (KEUR 437) and service charges to
be settled in the Netherlands (KEUR 1,520).
The equity stands at KEUR 1,003,852. As at 31 December 2021,
the registered capital was KEUR 494,772, which is KEUR 119,331
more than on 31 December 2020. The issue premiums were
KEUR 508,008 on 31 December 2021, which is KEUR 169,943
more than on 31 December 2020. This increase in registered
capital and issue premiums is the result of the capital increases
of March 2021 and December 2021.
The reserves are negative and are KEUR 99,519. These reserves
mainly consist of a negative reserve for the impact on the fair
42 I MANAGEMENT REPORT
XIOR I Annual nancial report I 2021 XIOR I Annual nancial report I 2021
XIOR I 43

5.2.3
RESULT ALLOCATION
TheBoardofDirectorsproposestoallocatethenancialyear’s
prot shown in the separate annual nancial statements as
follows:
31/12/2021
A. Net result 78,068
B. Addition to/withdrawal from reserves (-/=)
1. Addition to/withdrawal from the reserve for the
(positive or negative) balance of variations in the
fair value of the property (-/+)
 -nancialyear 26,316
2. Addition to/withdrawal from the reserve of the
estimated transaction fees and costs resulting
from the hypothetical disposal of investment
property (-/+)
 -nancialyear -297
5. Addition to the reserve for the balance of the
variations in the fair value of permitted hedging
instruments that are not subject to hedging
accountingasdenedintheIFRS(+)
 -nancialyear 11,671
10. Addition to/withdrawal from other reserves (-/+)
11. Addition to/withdrawal from retained earnings
frompreviousnancialyears(-/+) 8,801
12. Additiontoreservesfortheshareofprotor
loss and unrealised income of subsidiaries,
associates and joint ventures accounted for
using the equity method -3,911
C. Return on capital pursuant to Article 13,
Section 1, rst paragraph
35,380
D. Return on capital – other than C 108
Based on this, the Board of Directors intends to propose to the
Annual General Meeting a dividend of EUR 1.44 gross, or EUR
1.008 net
18
per share for 2021 (taking into account the dividend
entitlements of (or the coupons detached from them), the
shares represented by coupon number 17 (already detached
from the Xior share
19
, worth EUR 0.2643), coupon number 19
18
This assumes a 30% withholding tax that covers liability.
19
Based on the weighted average number of shares, so now including the dividend entitlements of the shares issued as a result of the capital increases in 2021. We would like to remind you
that a coupon was detached for the capital increase of March 2021. All Xior shares are currently listed with coupon numbers 19 and later attached. See also the press releases published
in the context of the capital increase. More information is also available at https://www.xior.be/nl/investor/investor-relations/dividend/coupons.
20
Based on the weighted average number of shares, so now including the dividend entitlements of the shares issued as a result of the capital increases in 2021. We would like to remind
you that a coupon was detached for the capital increase of December 2021. All Xior shares are currently listed with coupon numbers 20 and later attached. See also the press releases
published in the context of the capital increase. More information is also available at https://www.xior.be/nl/investor/investor-relations/dividend/coupons
(already detached from the Xior share
20
, worth EUR 1.0770) and
coupon number 20 (worth EUR 0.0987).
5.2.4
RESEARCH AND DEVELOPMENT
The Company did not develop any activities or incur any
expenses with regard to research and development.
5.2.5
BRANCHES
The Company does not have any branches.
• Quares portfolio, Belgium: acquisition completed on 28
December 2021, will therefore make a full contribution to the
2022 results;
• HUBR portfolio, Spain: acquisition completed on 12 August
2021 and rental income from then onwards.
The average occupancy rate for the property portfolio was 98%
for 2021 as a whole.
The Company aims to increase the income (like for like) by
offering additional paying services to the students. Furthermore,
rents for some of the Dutch properties were subject to
indexation, as were the commercial contracts in Belgium and
the Netherlands.
The property result is KEUR 77,351 while the property operating
result is KEUR 64,848. The property charges (KEUR 12,503)
mainly include costs related to maintenance and repair,
insurance, property management, valuation expert expenses
and other property charges, such as property tax that cannot
be passed on to the tenants. The Company’s overheads for
2021 are KEUR 6,627 and the fee received for management of
investment property owned by third parties is KEUR 10.
The portfolio result is KEUR 32,761. New properties were
acquired through share acquisitions in 2021.
The property was acquired at a negotiated value (the acquisition
value agreed between the parties), which was in line with (but
not necessarily equal to) the Fair Value as assessed by the
Valuation Experts.
• The difference between the Fair Value of properties acquired
through property acquisitions (sale-purchase) and the
negotiated value of these properties is shown in “
variations
in the fair value of investment property
” on the income
statement.
• For properties purchased through share acquisitions, the
difference between the properties’ book value and negotiated
value and any other sources of discrepancies between
the Fair Value and the negotiated value of the shares
are processed as “
other portfolio result ” on the income
statement. “
Other portfolio result ” relates to amounts arising
from the application of the consolidation principles and
merger transactions, and consists of the differences between
the price paid for real estate companies and the Fair Value
17
EPRA earnings = net result +/- variations in the fair value of investment property +/- other portfolio result +/- income from the sale of investment property +/- variations in the fair value of
nancialassetsandliabilities.
of the acquired net assets. “ Other portfolio result ” also
covers directly attributable transaction fees. The difference
between the agreed value and the Fair Value was processed
as “
variations in the fair value of investment property ” on the
income statement.
The change in Fair Value between 1 January 2021 and 31
December 2021 was recognised under negative or positive
investment property changes. There was a positive net
investment property change (KEUR 63,598).
The positive change in the valuation of the investment property
is mainly due to a change in the property market, which means
the yields are falling. This change means that the Fair Value
of the portfolio has risen. On the other hand, we also have
the positive changes in the valuation of investment property
representing the difference between the agreed value and the
Fair Value of the newly acquired property upon acquisition.
The nancial result stood at KEUR 2,612. This result mainly
concerns interest on loans (KEUR 5,251), IRS costs (KEUR
3,233), bank charges and other commissions (KEUR 1,513).
The Company has concluded IRS contracts for KEUR 479,704.
The variation in fair value of these hedging instruments was
recognised directly in the income statement (KEUR 12,022).
The result before taxes was KEUR 93,603. The taxes were KEUR
11,291. These were mainly taxes on the result of the permanent
establishment in the Netherlands and the Dutch subsidiaries
(KEUR 3,724) and deferred taxes on the property (KEUR 7,837).
The net result was KEUR 82,313 and the EPRA earnings
17
were KEUR 44,796. The EPRA earnings
- group share were
KEUR 44,379. The EPRA earnings
per share were EUR
1.82 and the EPRA earnings
pershare–groupsharewere
EUR 1.80.
44 I MANAGEMENT REPORT
XIOR I Annual nancial report I 2021 XIOR I Annual nancial report I 2021
XIOR I 45

The graph below provides an overview of the loan maturities taking into account the renewals obtained after the end of the year for
loans maturing in 2022.
Maturity of the loans (December 2021)
0
30 000 000
60 000 000
90 000 000
120 000 000
150 000 000
Q4
2033
Q2
2032
--Q1
2030
Q4
2027
-Q2
2027
Q1
2027
Q4
2026
Q3
2026
Q2
2026
Q1
2026
Q4
2025
Q3
2025
Q2
2025
Q1
2025
Q4
2024
Q3
2024
Q2
2024
Q1
2024
Q4
2023
Q3
2023
Q2
2023
Q1
2023
The graph above does not include the loans with quarterly
repayments, as that would make the graph unreadable.
5.3.2
INTEREST RATE RISK HEDGING
The Company wants to hedge a substantial part of the interest
rateriskwith regard toits long-term nancing up to at least
70%, either with a xed interest rate for the entire period of
the agreement, or with interest rate swap and forward rate
agreements as hedging instruments of the interest rate swap
and forward rate agreement type.
The Company’s hedging policy is regularly evaluated and
adjusted when necessary (for example with regard to the
instrument types, hedging period and so on).
We hereby refer to
Chapter 10.9.23 of this Annual Report
regarding the interest rate hedging in place.
5.3.3
CAPITALISATION AND DEBT
For a summary of the capital, please refer to
Chapter 10.9.17 of
this Annual Report
. The table below does not include the result
forthenancialyearandminorityinterests.
In thousands of EUR
31/12/2021
Capital 494.772
Issue premiums 508.008
Reserves -99.519
Total equity 903.261
Non-current liabilities 854.363
Current liabilities 218.231
Total equity and liabilities 1.975.855
5.3 MANAGEMENT AND USE OF FINANCIAL RESOURCES
5.3.1
FINANCING AGREEMENTS
Asat31December2021,theCompanyhadconcludednancing
agreements with 14 lenders for a total amount of MEUR 1,426,
including MEUR 200 in Commercial Paper. In addition, when
the Quares companies were taken over on 28 December
2021, the bank nancing these companies had entered into
wasretained.Asaresult,thevolumeofnancingagreements
concluded increased to MEUR 1,477 as at 31 December 2021.
AtotalofMEUR910innancinghadbeendrawndownasat31
December 2021.
The Company endeavours to stagger loan maturities, with an
average maturity of 4.82 years as at 31 December 2021.
Xior has taken out a number of green loans and a bond loan
for a total amount of MEUR 627, of which MEUR 336 had been
drawn down at the year end.
These loans must be used for “green or eligible assets”. There
isatotalofMEUR647ineligibleassetsthatcanbenanced
with green loans.
Xior will report annually on the allocation of green loans until
theyhavebeenfullyusedtonance“greenassets”.Thereports
will contain the following information: total amount of green
loans, total amount not allocated to green investments, portfolio
composition, geographical portfolio split, nancing versus
renancingandanoverviewofeligibleassets.
We also refer to
Chapter 9.3.4 Sustainable buildings in
sustainable communities – Green assets and Green Finance
Framework.
The Company also has IRS contracts totalling MEUR 480 as at
31 December 2021. As at 31 December 2021, 94% of the drawn-
downnancing(MEUR910)washedgedusingeitherInterest
RateSwapagreementsorxedinterestrates.
Theaveragecostofnancing
during 2021 was 1.86% (2020:
1.85%).
The main covenants the Company must meet with respect to
thesenancingagreementsareaboutcompliancewithaloan-
to-value (LTV) ratio (the outstanding amount of credit in relation
to the value of the property portfolio calculated according to the
Royal Decree on Regulated Real Estate Companies) that must
always be less than 60%, an interest coverage ratio that must be
greater than 2.5, an adjusted Debt Yield Ratio of 6% and hedging
ofatleast70%ofnancingdebt.
The Debt Ratio was 47.58% as at 31 December 2021. The Debt
Ratio is calculated as follows: liabilities (excluding provisions,
accruals and deferrals, interest rate hedging instruments and
deferred taxes) divided by total assets (excluding interest rate
hedging instruments). The Debt Ratio now is lower than the
Debt Ratio at the end of 2020. This is the result of a capital
increase implemented in December 2021.
As at 31 December 2021, the average maturity of the
outstanding loans was 4.82 years. The Company has always
concludednancingcontractswithaminimummaturityof3
years. For a further breakdown of debts according to maturity,
please refer to
Chapter 10.9.23 of this Annual Report .
BelusBank ING Bank Argenta Spaarbank Caisse d'épargne KBC BNP Paribas Fortis vdk bank
Nagelmackers ABN Amro Pensio B Banque de Luxembourg USPP Pricoa
46 I MANAGEMENT REPORT
XIOR I Annual nancial report I 2021 XIOR I Annual nancial report I 2021
XIOR I 47

year period). There will also be a food court, study and laundry
room and social facilities. Xior-Karspeldreef Amsterdam BV and
Alderman Wedemeijer signed a letter of intent agreement for this.
Constructionisexpectedtostartin2023,afterobtaininganal
and irrevocable environmental permit for the project. On average,
the studios are 18.5 m² and 26 m² in size. Social facilities will be
located on the lowest floors and there will also be a roof terrace
for the residents and an inner courtyard that will be accessible to
everyone.
• Strengthening of liquidity and nancing position – Green USPP
issue
›IncreaseofMEUR40toexistingGreenUSPP
On 28 October 2021, Xior successfully increased the existing
Green USPP by MEUR 40 with a new tranche with a 12-year term.
See also the press release of 10 April 2020, when Xior successfully
completeditsrstUSPrivatePlacementforMEUR100withthe
issue of MEUR 100 of Green Bonds. This Green USPP was placed
with three institutional investors belonging to a large international
insurance group:
• Existing Green USPP tranches
MEUR34–maturityon17April2026–coupon1.92%
MEUR66–maturityon19April2032–coupon2.32%
Karspeldreef – Amsterdam
• New Green USPP tranche
MEUR40–maturityon28October2033(12years)–coupon
1.81%
›NewGreenUSPPshelfagreement
At the same time, on 28 October 2021, a new USPP shelf
agreement was successfully concluded with Pricoa Private Capital
for a total amount of MUSD 125 (approximately MEUR 107) with
a maximum term of 12 years and 6 months. A shelf agreement
provides quick and easy access to capital whenever Xior needs it.
Thanks to the advance approval and with the credit documentation
already existing and signed upfront, there can be a quick response
to a request for additional credit and no lengthy documentation
process is required. The following tranche of this shelf agreement
for the issue of Green USPP has already been issued:
•MEUR45–maturityon28October2033(12years)–coupon
1.81%
Therefore MUSD 72.2 (approximately MEUR 62) of the shelf
agreementremainsavailableforsubsequentnancingneeds.
• New acquisition in Seville in prime location
This new project relates to the development of a residence
consisting of 416 rooms (including 78 short-stay rooms), all
equipped with private bathrooms. The residence offers a wide
rangeofcommunalareassuchasareception,ofces,gym,study
rooms, restaurant, laundry room, outdoor spaces and a beautiful
rooftop garden with a swimming pool. With this transaction, the
total number of Xior units in Seville rose from 309 to 730. Just like
the current projects in Portugal, namely Granjo in Porto and Lamas
in Lisbon, a triple net lease agreement will be concluded for this
residence with (likely to be a Spanish subsidiary of) Odalys, with
a parent guarantee from the Duval Group for a term of 12 years
at a xed rent. The total investment value of both projects is
approximately MEUR 44.4, with an expected theoretical gross initial
yield of approximately 7%. The development will take place within a
joint venture with various parties including Promiris, a Belgian party
with whom Xior has worked successfully in the past on the same
basis on projects in Belgium, as well as on two Odalys projects in
Portugal. Xior’s entry will be phased, with 50% of the joint-venture
shares being acquired on obtaining the city development permit
(expected Q1 2022) and the remaining 50% upon completion
(expected Q4 2024). The signed letter of intent is still subject to
conditions, including due diligence with a positive outcome.
As at 31 December 2021, the nominal value of the non-current
andcurrentnancialdebtwasKEUR915,596,asdetailedinthe
table below:
21
For the transactions and achievements for 2020, please refer to the Annual Financial Report 2020 on page 55 and following . For the transactions and achievements for 2019, please
refer to the
Annual Financial Report 2019 on page 58 and following . For the transactions and achievements for 2018, please refer to the Annual Financial Report 2018 from page 55 .
In thousands of EUR
31/12/2021
Guaranteed nancial
debt
Non-guaranteed
nancial debt
Non-currentnancialliabilities 750,254 56,458 783,796
Currentnancialliabilities 165,342 3,646 71,696
Total 915,596 60,104 855,492
Overview of net debt position
In thousands of EUR
31/12/2021
A Cash 10,849
B Cash equivalents -
C Trading securities -
D Liquid assets (A+B+C) 10,849
E Short-term bank debt - 1,696
F Current nancial debt – part of long-term nancing - 163,646
G Short-term debt (E+F) - 165,342
H Net short-term debt (G-D) - 154,493
I Long-term bank debt - 551,345
J Bond loans and other - 198,909
K Other non-short-term debt - 104,109
L Long-term debt (I+J+K) - 854,363
M Net debt (H+L) - 1,019,705
5.4 TRANSACTIONS AND ACHIEVEMENTS
21
Following the further implementation of the growth strategy in
2021, the property portfolio increased from 118 properties at
the end of 2020 to 162 properties at the end of 2021.
In December 2021, Xior had a successful public capital increase
that increased the capital and issue premiums by MEUR 116
withoutanyprotdilutionfortheexistingshareholders.
Except for what is set out in
Chapter 5.5 of this Annual Report ,
nosignicantchangeshaveoccurredintheCompany’snancial
or trading position after 31 December 2021.
The price for the acquisitions between the parties was in line
with the valuation of the Valuation Experts.
• Karspeldreef expansion – Amsterdam (Netherlands)
Xior will expand its residence at Karspeldreef 15 in Amsterdam-
Zuidoost with a sustainable residential tower, with over 350
additional homes for students and young people. As a result, this
location will be transformed into a fully-fledged and attractive
student campus. An 80-metre residential tower will be erected
with around 350 studios on top of the current car park (for which
Xior-Karspeldreef Amsterdam BV, a subsidiary wholly owned
by Xior Student Housing, already holds a continuous long-term
ground lease, currently expiring on 31 December 2038, but
whose terms and conditions, including the duration of the long-
term ground lease, can be changed as needed to carry out the
project in accordance with the municipal policy, for example in
the form of a post-transformation review providing a new 50-
48 I MANAGEMENT REPORT
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XIOR I 49

• Further expansion in Vaals
On 24 August 2021, Xior announced the purchase (subject
to the suspensive condition of not obtaining from the
municipality of Vaals (i) an irrevocable and unconditional
zoning change and (ii) an irrevocable and unconditional
environmental permit) of a plot of land with a surface area
of approx. 10.140m², located at the Selzerbeeklaan 21 in
Vaals in the Netherlands near the three-country-countries of
the Netherlands, Belgium and Germany, in order to develop
a brand new residential complex that will comprise 350 to
approximately 400 residential units for students and young
professionals. Vaals is a popular student town that mainly
caters to the growing student population at the German
University of Aachen but is located just across the border in
the Netherlands. Due to this unique location at the border,
students from Germany can live close to the university and
alsoenjoythebenetsoftheDutchrentalsubsidysystem.In
short, Vaals is a top location for both local and international
students from Germany and the Netherlands. For a further
update on this project (including Xior’s announcement of 25
February 2022, which shows that the suspensive condition
has been met and that the project proposed by Xior cannot
be realised at this location), we refer you to
Chapter 5.6.5. of
this Annual Report
.
• Successful takeover bid for Student Properties Spain –
HUBR
On 12 July 2021, Xior announced the launch of a voluntary
public takeover bid to acquire a majority stake in the Spanish
student accommodation company Student Properties Spain
SOCIMI SA (“SPS”). On 12 August, the takeover bid was
successfully concluded, and Xior now controls 99.99% of
all issued and outstanding shares in SPS. The company will
remain listed on the BME and retain its Socimi status.
Student Properties Spain - HUBR
The SPS portfolio consists of three state-of-the-art residences
that together offer more than 725 beds, located in top locations
in three of Spain’s most popular student cities: Madrid, Seville
and Malaga. For more details about these residences, see
our previous press release dated 12 July 2021. The three
residences are operated under the HUBR brand, which will now
join forces with the Xior team. For more information about the
HUBR operational platform, please see the HUBR website.
New loans with ABN Amro
On 8 July 2021, the Company took out an additional loan
with ABN Amro for MEUR 60. The loan consists of tranche
A for MEUR 20 maturing on 1 October 2024 and tranche B
of MEUR 40 available from 1 October 2021 and maturing on
31 March 2026. On 23 September 2021, the Company took
out an additional loan with ABN Amro Bank for an amount of
MEUR 100 with a two-year term.
• Acquisition of shares in Uhub Lumiar
On 6 July 2021, the Company acquired 25% of Uhub Lumiar.
This is part of the agreement concluded with Uhub back in
2019. As the conditions for purchase were met, Xior acquired
a 25% interest. Construction work is now underway and it is
expected that the building will be completed in Q1 2023, after
which Xior will acquire the remaining 75% of the shares.
• Acquisition of up-and-running residence in Breda
Xior is reinforcing its position in Breda with the acquisition
of “Study Studio Park”, a highly popular operational and
fully rented student campus in an excellent location on the
edge of the city centre in Breda. This building is located on
an enclosed site and has 224 self-contained studios all
built around an enclosed, relaxing courtyard. In addition to
the student rooms, the building also has 31 parking spaces
and various communal areas such as a gym, study rooms,
a launderette, security cameras, bicycle parking facilities and
asportseld.Topromoteinteractionbetweenstudentsand
make the campus livelier, all living areas have a view of the
courtyard. The acquisition is made via the purchase of a long-
term ground lease (until 2 December 2041, with the possibility
of a 25-year extension) linked to a construction lease. The
total investment value is about MEUR 24 with an expected
gross yield of approximately 6% (after rent optimisation).
• Acquisition of Antwerp Inn Hotel on Rooseveltplaats in
Antwerp
In Antwerp, Xior expanded its portfolio further with the
acquisition and redevelopment of the Antwerp Inn Hotel
(with 51 hotel rooms) at Franklin Rooseveltplaats 9 (together
•
Acquisition of Quares Student Housing via Public Offer
On 11 October 2021, Xior announced the agreement with regard
to the acquisition of 32.36% of Quares Student Housing and the
intention to launch a voluntary public offer for the remaining
shares. This public offer was successfully completed, and on 28
December 2021 Xior acquired full ownership of Quares Student
Housing. It concerns an extensive portfolio of 1,107 rooms
up and running in Belgium’s major student cities (Antwerp,
Brussels, Ghent and Liège), two committed development
projects in Brussels with a total of 181 units as well as a
potential pipeline. The total investment value is approx. MEUR
155.8, with an expected initial yield in line with the current
valuation of the portfolio in Belgium. This concerns a total
of 1,107 lettable units with an occupancy rate at that time of
over 99% and an expected revenue flow of MEUR 6.4 for the
2021-2022 academic year and MEUR 6.7 for the 2022-2023
academic year. The shareholders of Quares Student Housing
have also provided a collection guarantee of 10% for the current
2021-2022 academic year, and 100% of the budgeted rental
income mentioned above for the next academic year. If, and to
the extent that, these guarantees do not have to be invoked, the
shareholders will be entitled to a price supplement. In addition
to these operational assets, two committed projects are being
taken over in Brussels, namely Brouck’R and Dansaert with a
total of 181 units. Quares Student Housing also has some long-
term contracts underway in Brussels with BRIK for the Zavelput
20 and Bisschofsheimlaan 38 residences, and Université Saint-
Louis Brussels for the Méridien and Ommegang residences. A
small part of the Quares Student Housing portfolio , as with Xior,
were also rented to young professionals (about 5%).
Octopus - Ghent
• Development of a residence in Zaragoza after winning
public call for tenders
Xior announced on 20 September 2021 that it was the winner of
a public call for tenders by Zaragoza Vivienda (fully controlled
by the Municipality of Zaragoza) for the development and
operation of a flagship student residence in the centre of
Zaragoza. With this acquisition, Xior is adding a sixth city to its
portfolio, continuing its growth strategy in Spain.
Key details of the project:
• Newbrownelddevelopmentprojectwithapproximately388
units and various communal facilities
• Mix of rooms for students, professors and young professionals
• Expected completion for 2023-2024 academic year
• A construction leasehold for a 75-year term
• Total investment value of approximately MEUR 26
• Expected stabilised gross initial yield of approximately 8%
• Entry into joint venture for Artur Lamas project in Lisbon
The agreement on this acquisition was announced In March
2019. The entry condition was obtaining the necessary
administrative letter of comfort that the permit would be
obtained. In the meantime, the permit was obtained later than
initially suggested and Xior joined the joint venture for 50%
in September 2021. Under the current plan, the project will
accommodate 254 students in 121 double studios and three
apartments and will also include a laundry room, gym, study
room, cafeteria and reception area. Completion is scheduled
for Q3 2023.
Zaragoza Vivienda Project
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The residence enjoys an excellent location right in the vibrant
centre of Leeuwarden, within walking distance of shops,
public transport and just a ve-minute cycle ride to the
Stenden University of Applied Sciences, which is the biggest
university of applied sciences in Leeuwarden. The city offers
a wide range of courses for about 24,000 students, of whom
half are estimated to stay in student accommodation.
There is a strong demand for high-quality student housing.
Xior is already active in Leeuwarden with its residence on
Tesselschadestraat. With this new residence, Xior’s portfolio
in Leeuwarden has reached 265 units. This new residence
will also be managed by the current operational Xior team.
The permit was obtained in 2022, after which redevelopment
can start, with completion expected in 2023. With an
expectedenergyindexofbelow1.4,thisresidencealsotsin
nicely with Xior’s sustainability strategy. The total anticipated
investment value for Xior is approx. MEUR 18.5, with an
expected stabilised gross return of approx. 6.2%.
• Capital increase
On 24 February 2021, Xior launched a capital increase in
cash with irreducible allocation rights for a maximum gross
amount of approx. MEUR 178.9 by issuing a maximum of
4,209,288 new shares at an issue price of EUR 42.50 per
share. This capital increase was fully subscribed and the new
shares were issued on 9 March 2021.
5.5 OPERATIONAL UPDATE
The operational teams across the four countries are currently
preparing for the start of the new 2022- 2023 rental season.
Following last year’s unprecedented rush, Xior is once again
expecting a huge demand for student rooms this year. This can
already be seen in the many requests that are currently arriving
in all countries, even though the real start of the rental season
is not yet underway. It is expected that a structural imbalance
between supply and demand will lead to rent increases above
inflation (“like for like” growth). In addition, utility costs are
also protected against inflation. Thanks to the successful
acquisition of Quares Student Housing at the end of December
2021, Xior will be able to take a thousand additional students
under its wings in Belgium in the next academic year. After the
transaction, the teams joined forces and committed themselves
to rapidly integrate the 1,107 operational rooms with Xior so that
the upcoming rental season will run smoothly. In Spain, too, the
integration of the HUBR properties went smoothly and efforts
are now focused on rebranding the residences in order to make
everythingXior-proof.Anewcentralofcewasalsoopenedin
Madrid to provide further support for the strong growth in Spain.
Rent collection
The majority of rents for 2021 have been received and the
collection rate is 97.2% compared to 96.8% in 2020. The local
teams will continue to pay extra attention to collection of the
remaining rents.
Acceleration of ESG efforts
This past year, Xior once again worked hard on its ESG strategy
and its further implementation. In early 2021, the North Star
project was launched, a multi-year action plan with concrete
actions on E(Environment) S(Social) and G(Governance),
aligned with Xior’s objectives and in line with the United Nations
SDGs. In light of the growth plan, this will be further accelerated
during the course of 2022-2023. For the full sustainability
report, see
Chapter 9 of this Annual Report .
Digital transformation project
In 2021, an extensive digital transformation project was also
announced, to further optimise both the operational functioning
and reporting within Xior. This project is running in several
phases,withtherstphasealreadymakingenormousprogress
in the course of 2021. A central PMS system was chosen, which
will be integrated in the four countries throughout 2022 to allow
the operational teams to work centrally with a single platform.
Thiswillnotonlymakereportingmuchmoreefcient,butwill
alsoprovidemanybenetsandextracomfortforthestudents.
For more information on digitalisation, see
Chapter 9.3 of this
Annual Report
.
with the adjoining investment property at Franklin Roosevelt-
plaats 7) right in the centre of Antwerp. This property will be
converted into a modern student residence called Roosevelt
subject to the necessary planning permissions. The project is
very easy to reach by public transport and within walking and
cycling distance of the University of Antwerp. It is also just
a stone’s throw away from the Kipdorp residence, where the
Antwerprentalofceisalsolocated.Thisisaperfectaddition
to Xior’s existing portfolio in Antwerp, which already consists
of more than 1,000 rooms (including those in the pipeline).
For this redevelopment project, a newly established real
estate company (in which Xior has a 75% stake) acquired all
the shares in Roosevelt NV, which fully owned the existing
Antwerp Inn Hotel and the investment property next door.
The redevelopment will be based on a joint venture between
the newly established real estate company referred to above
and a private investor with whom Xior has collaborated in
the past. The necessary permits for this redevelopment are
expected in the course of 2022, and the project is expected to
be completed in Q3 2023. The total investment value is about
MEUR 18 with an expected gross yield of approx. 5.75%.
• Green CP/MTN programme launch
XioristherstorganisationinBelgiumtolaunchaGreenCP/
MTN programme (Commercial Paper/Medium Term Note)
to nance green assets, for an original amount of MEUR
100 with a maximum term of 12 years. This amount was
increased to MEUR 200 in June 2021. This is also a new form
ofnancingforXior,wherebyXiorisfurtherdiversifyingits
nancingoptionsandalsoreconrmingitsESGobjectives.
The CP Programme is the next step in Xior’s sustainability
strategy. Xior is the rst organisation in Belgium to issue
a green commercial paper as part of a newly created CP/
MTNprogrammeincollaborationwithBelus(theArranger
responsible for the programme’s overall design) and KBC
Bank (the Green Structuring Agent responsible for the design
of the programme’s green approach), which is fully in line with
the already established Green Finance Framework.
• Acquisition of the Teatinos Malaga project
Xior has signed an agreement with Amro Real Estate
Partners, a developer specialising in student accommodation,
to purchase a brand-new student residence with 229 student
rooms and 231 beds in Malaga. In addition to the rooms,
the residence has a swimming pool, several gardens and
an outdoor car park with 60 parking spaces. The building’s
floor space is spread over approximately 6,000 m² above
ground and 1,100 m² below ground. With this agreement,
Xior continues to focus on its growth strategy in Spain. The
project is located in the north-western part of the city in the
Teatinos district, right next to the Malaga university campus
with approx. 35,000 students, who can also rely on excellent
connections to public transport and arterial roads. Right in
front of the entrance to the residence is a stop for a bus route
that provides direct access to the vibrant city centre with
numerous restaurants, supermarkets and sports facilities.
The project received all required building permits in early
2020 and was completed in July 2021.
The total investment value is approx. MEUR 23.2 with
an expected stabilised gross return of approx. 7.1%. The
purchase took place via a share transaction on 29 July 2021.
Upon completion of the agreement, Xior concluded a rental
agreement under which Amro’s operating platform, Amro
Estudiantes,willruntheresidence’soperationsfortherst
twoyears,basedonatriplenetleaseandguaranteedxed
incomeofapproximatelyMEUR1.3intherstyearandMEUR
1.4 in the second year.
• Acquisition of the City Lofts project in Leeuwarden
This project involves the redevelopment of part of the former
KPN building on Tweebaksmarkt in Leeuwarden into a brand-
new student residence with 183 student rooms. In addition to
the student rooms, the residence also has a green courtyard
of approx. 700 m² and a large underground floor of approx.
1,900 m² (consisting of 190 bicycle parking spaces, a laundry
room, a technical room and 1,280 m² of space whose use
has still to be decided, for which Xior has received a rental
guarantee).
Teatinos Malaga
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areas and shops
• Contemporary, functional and timeless interior design
• Development of a public square as a connection between the
neighbourhood and the residence. The square is the end of
the “Ateliers Centraux” footbridge and offers a space for living
and meeting
• Opening and renovation of the Trasenster castle to offer
services open to the public: restaurants and terraces, or
reserved for students: library, study rooms, reading rooms
and relaxation areas
• Development of the park and patios accessible to the public
• Parking for residents and shared mobility
Transaction:
Xior Student Housing will be the full owner of the student
residence and will receive a 50-year long lease on the Trasenster
Castle (subject to obtaining the necessary permits). The
estimated investment value amounts to MEUR 26 (indicative)
with an expected initial return in line with the current market
returns for student housing. Completion is expected in 2024.
5.7 PROSPECTS FOR 2022
5.7.1
GROWTH PROSPECTS FOR THE FINANCIAL YEAR 2022
Xior has every intention of continuing to pursue its growth
strategy in 2022 by adding quality student properties to
its property portfolio and by completing the projects in its
property development pipeline. Xior is convinced that a number
of attractive growth opportunities remain available both in
Belgium and the Netherlands, as well as the Iberian peninsula.
The structural imbalance between supply and demand is
expected to lead to rent increases that exceed inflation (‘like
for like’ growth).
The cost of utilities is also hedged against inflation.
During the implementation of that strategy, Xior will strive
towards a balanced growth of both equity and loan capital
withahealthycombinationofvariousnancingsources,whilst
keeping the debt ratio under control and maintaining the EPRA
earnings per share and increasing the dividend per share
compared to 2021 (see
Chapter 7.6.3 of this Annual Report ).
5.6 POST BALANCE SHEET EVENTS
5.6.1
RENEWAL OF LOANS MATURING IN 2022
In the course of 2022, 2 loans with BNPPF for in total MEUR 50,
1 loan with KBC for MEUR 25, 1 loan with Argenta for MEUR 20
and 1 loan with ING for MEUR 20 matured. Negotiations were
held with the three banks, BNPPF, Argenta and ING, and an
agreementwasreachedtorenancetheloansuntil31/03/2027
and 11/10/2026 for BNPPF, until 31/12/2027 for Argenta and
until 5/5/2026 for ING.
5.6.2
CLOSING OF COLLBLANC STUDENT HOUSING
In 2019, an agreement was reached for the acquisition of Collblanc,
a student building to be developed in Barcelona. After development,
this building would be purchased by Xior. The building has since
been completed and on 28 February 2022 the shares in the
company Collblanc Student Housing were therefore transferred.
5.6.3
XIOR CONTINUES ITS INTERNATIONAL EXPANSION WITH
ENTRY POLAND
Xior continues its international expansion strategy as a
continental player specialised in student housing by adding a
fth country to its portfolio. After Belgium, The Netherlands,
Spain and Portugal, Poland is next on the list and will become
an additional driving force to further realise Xior’s international
growth plans. With a rst investment project with over 500
rooms,Xioristakingasubstantialrststepintothisnewmarket.
The total investment value amounts to approx. MEUR 32 with a
gross investment yield of approx. 9%. The entire investment will
be in EUR, to avoid currency risk. Delivery is expected in 2024.
5.6.4
FURTHER EXPANSION IN GRANADA: NEW DEVELOPMENT
PROJECT AT PRIME LOCATION
Xior signed the letter of intent for the development of a brand new
residence in Granada, adding a second location to its portfolio in
this Andalusian student city. This development project consists
of approx. 310 rooms (all equipped with individual bathroom)
as well as several communal areas. This development, which
will meet high sustainability standards, will be completed in Q3
2025 and will be operated for 12 years by Odalys, with who Xior
is already cooperating with for three other projects. A triple net
lease will also be concluded with Odalys for this residence, for a
periodof12yearsataxedrentprice.
5.6.5
UPDATE ON STUDENT HOUSING IN VAALS
As announced by Xior on 25 February 2022, in January 2022
Xior, together with the Municipal Executive of Vaals, concluded
that a large number of student units at the intended location at
Selzerbeeklaan (announced by Xior on 24 August 2021) would
be impossible to realise. Following this conclusion, Xior has
appealed to the realisation of the suspensive condition regarding
the purchase agreement announced by Xior on 24 August 2021
(which is mentioned in
Chapter 5.4 of this Annual Report ). The
municipality of Vaals will therefore investigate in the coming
months, together with Xior, partly on the basis of indications
received as a result of the discussions with local residents and
with the municipality, whether there are other possibilities for this
development in Vaals desired by Xior and by the municipality.
In addition, the possibility of creating a coherent set of (new)
residential functions in the area will be examined.
5.6.6
ACQUISITION RENOVATION PROJECT WITH THE CITY OF
SERAING
ThecityofSeraingistheownerofamagnicent4-hectarepark,
planted with remarkable trees and including a to be renovated
patrimony. In order to plan its redevelopment, a multidisciplinary
team was appointed at the beginning of March 2022, with the task
ofdesigning,building,nancingandoperatinganaccommodation
complex with services for students and young professionals.
The Trasenster Castle, built in the heart of the park, will also be
restored and transformed in order to develop a service function,
integrated into the project.
Programme:
• Construction of approx. 300 units with various common
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%
%
EPRA Net Initial Yield (NIY)
Annualised gross rental income based on the current rent
on the closing date, excluding the property charges, divided
by the portfolio market value plus the estimated transaction
fees and costs resulting from the hypothetical disposal of
investment properties. 4.4% 4.8%
EPRA Adjusted Net Initial
Yield (Adjusted NIY)
This measure integrates an adjustment of the EPRA NIY
for the end of rent-free periods or other non-expired rental
incentives. 4.4% 4.8%
EPRA rental vacancies
Estimated Rental Value of vacant units divided by the
Estimated Rental Value of the total portfolio. 0.95% 3.4%
22
EPRA cost ratio (including
vacancy costs)
EPRA costs (including vacancy costs) divided by the gross
rental income. 24.3% 24.9%
EPRAcostratio(excluding
vacancy costs)
EPRA costs (excluding vacancy costs) divided by the gross
rental income. 23.4% 23.8%
23
The 3.4% ERV rental vacancy as at 31 December 2020 is partly attributable to the ramp-up of the completed properties in the last quarter of 2020.
EPRA earnings 31/12/2021
31/12/2020
Net result 82,313 -41,773
Variations in the fair value of investment property -63,598 50,448
Other portfolio result 30,837 15,782
Result from the sale of investment property 0 0
Variationsinthefairvalueofnancialassetsandliabilities -12,022 8,837
Share in the result of joint ventures -301 676
Deferred taxes relating to IAS 40 adjustments 7,567 -9
EPRA earnings 44,796 33,961
Result on the portfolio 31/12/2021
31/12/2020
Result from the sale of investment property 0 0
Variations in the fair value of investment property 63,598 -50,448
Other portfolio result -30,837 -15,782
Result on the portfolio 32,761 -66,230
5.8 DATA ACCORDING TO THE EPRA REFERENCE SYSTEM
22
22
Financial performance indicator calculated in accordance with the EPRA (European Public Real Estate Association) Best Practice Recommendations. See also www.epra.com..
5.8.1
EPRA KEY PERFORMANCE INDICATORS
The data set out below is not required by the Legislation on
Regulated Real Estate Companies. The Statutory Auditor
veriedwhethertheEPRAearnings,EPRAnetassetvalue(NAV)
and EPRA triple net asset value (NNNAV) ratios were calculated
accordingtothedenitionsquotedintheEPRABestPractice
Recommendations and whether the nancial data used in
the calculation of these ratios corresponds to the accounting
informationincludedintheconsolidatednancialstatements.
EPRA metrics Denition
31/12/2021
31/12/2020
In KEUR
EUR per
share
in KEUR
EUR per
share
EPRA earnings
Underlying result derived from the strategic operating
activities. This indicates the extent to which dividend
payments are covered by earnings. 44,796 1.82 33,962 1.74
EPRA NAV
Net asset value (NAV) adjusted to take into account the
fair value of the investment property and excluding certain
elementsthatarenotpartofanancialmodeloflong-term
property investments. 1,073,061 38.63 733,848 34.87
EPRA NNNAV
EPRA NAV adjusted to take into account the fair value of (i)
the assets and liabilities, (ii) the debts and (iii) the deferred
taxes. 1,003,852 36.13 659,503 31.34
EPRA Net Reinstatement
Value (NRV)
Assumes that entities never sell property and aims to
represent the value needed to rebuild the property. 1,165,918 41.97 811,047 38.54
EPRA Net Tangible Asset
(NTA)
Assumes that entities buy and sell assets, causing
certain levels of unavoidable deferred tax to materialise. 1,053,348 37.92 715,394 33.99
EPRA Net Disposal Value
(NDV)
Represents the shareholder value in a ‘sell-out scenario’,
in whichdeferred tax, assets and liabilities and certain
other adjustments are calculated to the full extent, after
deduction of the resulting tax. 976,852 35.16 648,221 30.80
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As at 31/12/2021 EPRA NRV
EPRA NTA
EPRA NDV
EPRA NAV
EPRA NNNAV
IFRS equity attributable to shareholders
excluding minority interests 984,436 984,436 984,436 984,436 984,436
Minority interests XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX 19,416 19,416
DEDUCTION
Deferred taxes related to FV earnings
on IP 56,186 56,186 XXXXXXXXXXX 56,186 XXXXXXXXXXX
FVofnancialinstruments 13,023 13,023 XXXXXXXXXXX 13,023 XXXXXXXXXXX
IntangiblexedassetsonIFRSBS XXXXXXXXXXX 297 XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX
ADDITION
FVofxed-incomedebts XXXXXXXXXXX XXXXXXXXXXX -7,584 XXXXXXXXXXX XXXXXXXXXXX
Taxes on the transfer of real estate 112,273 N/A XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX
NAV 1,165,918 1,053,348 976,852 1,073,061 1,003,852
Fully diluted number of shares 27,781,301 27,781,301 27,781,301 27,781,301 27,781,301
NAV per share 41.97 37.92 35.16 38.63 36.13
NAV per share – group share 41.97 37.92 35.16 37.95 35.44
Fair Value % of total portfolio % excl. deferred taxes
Portfolio subject to deferred taxes and intended to be held
and not sold in the long term 1,967,056 100 100
Portfolio subject to partial deferred tax and tax structuring 0 0 0
EPRA earnings per share 31/12/2021
31/12/2020
Net result 82,313 -41,773
Variations in the fair value of investment property -63,598 50,448
Other portfolio result 30,837 15,782
Result from the sale of investment property 0 0
Variationsinthefairvalueofnancialassetsandliabilities -12,022 8,837
Share in the result of joint ventures and associated companies -301 676
Deferred taxes relating to IAS 40 adjustments 7,567 -9
Weighted average number of shares 24,644,517 19,560,351
EPRA earnings per share 1.82 1.74
EPRA earnings per share – group share 1.80 1.70
Average interest rate 31/12/2021
31/12/2020
Nominal interest burden on loans 5,251 4,197
Costs of permitted hedging instruments 3,233 2,791
Capitalised interest 4,656 3,785
Average outstanding debt during the period 810,932 655,477
Average interest rate 1.62% 1.64%
Average interest rate excluding costs of permitted hedging instruments 1.22% 1.22%
Average nancing costs 31/12/2021
31/12/2020
Nominal interest burden on loans 5,251 4,197
Costs of permitted hedging instruments 3,233 2,791
Capitalised interest 4,656 3,785
Breakdownofthenominalamountofnancialdebt 395 337
Bank costs and other commissions 1,513 1,009
Average outstanding debt during the period 810,932 655,477
Average nancing costs 1.86% 1.85%
Average nancing costs excluding costs of permitted hedging instruments 1.46% 1.42%
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EPRA Net Initial Yield 31/12/2021
31/12/2020
Investmentproperty–fullownershipfairvalue 2.006.026 1.632.555
Investmentproperty–shareinjointventures 83.245 20.873
Minus property developments -263.796 -339.114
Completed property portfolio 1.825.475 1.314.314
Transaction fees 112.273 95.304
Investment value of property available for rent 1.937.748 1.409.618
Annualised gross rental income 92.557 73.539
Property charges 7.814 5.702
Annualised net rental income 84.743 67.837
Notional amount at the end of the rent-free period - -
Adjusted annualised net rental income 84.743 67.837
EPRA Net Initial Yield 4,4% 4,8%
EPRA Adjusted Net Initial Yield 4,4% 4,8%
EPRA Rental Vacancy 31/12/2021
31/12/2020
Estimated rental value of the vacant units 882 2.485
Estimated rental value of the entire portfolio
24
92.557 72.406
EPRA Rental Vacancy 0,95%
3,4%
25
EPRA cost ratio 31/12/2021
31/12/2020
Overheads 6.626 5.996
Impairments on trade receivables 244 539
Property charges 12.503 8.043
EPRA costs (incl. vacancy costs) 19.373 14.578
Vacancy costs 667 655
EPRA costs (excl. vacancy costs) 18.706 13.923
Gross rental income 79.843 58.434
EPRA cost ratio (incl. vacancy costs) 24,3% 24,9%
EPRA cost ratio (excl. vacancy costs) 23,4% 23,8%
24
Calculated based on annualised rent of the operating portfolio. Last year calculated in relation to total annualised interest of the portfolio, adjusted this year.
25
The 3.4% ERV rental vacancy as at 31 December 2020 is partly attributable to the ramp-up of the completed properties in the last quarter of 2020.
As at 31/12/2020 EPRA NRV
EPRA NTA
EPRA NDV
EPRA NAV
EPRA NNNAV
IFRS equity attributable to shareholders
excluding minority interests 641,194 641,194 641,194 641,194 641,194
Minority interests XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX 18,309 18,309
DEDUCTION
Deferred taxes related to FV earnings
on IP 47,815 47,815 XXXXXXXXXXX 47,815 XXXXXXXXXXX
FVofnancialinstruments 26,530 26,530 XXXXXXXXXXX 26,530 XXXXXXXXXXX
IntangiblexedassetsonIFRSBS XXXXXXXXXXX 145 XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX
ADDITION
FVofxed-incomedebts XXXXXXXXXXX XXXXXXXXXXX -7,027 XXXXXXXXXXX XXXXXXXXXXX
Transaction fees 95,508 N/A XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX
NAV 811,047 715,394 648,221 733,848 659,503
Fully diluted number of shares 21,046,441 21,046,441 21,046,441 21,046,441 21,046,441
NAV per share 38.54 33.99 30.80 34.87 31.34
NAV per share – group share 38.54 33.99 30.80 34.00 30.47
Fair Value % of total portfolio % excl. deferred taxes
Portfolio subject to deferred taxes and intended to be held
and not sold in the long term 1,555,779 100 100
Portfolio subject to partial deferred tax and tax structuring 0 0 0
60 I MANAGEMENT REPORT
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XIOR I 61

5.9 REQUIRED ELEMENTS OF THE ANNUAL REPORT
In accordance with Articles 3:6 and 3:32 of the Belgian
Companies and Associations Code, the required elements of
Xior’s Annual Report are contained in the following chapters:
1 Risk Management,
5.2 ManagementReport–Commentsontheconsolidated
nancialstatementsforthenancialyear2021,
5.3 ManagementReport–Managementanduseof
nancialresources,
5.4 ManagementReport–Transactionsand
achievements,
5.6 ManagementReport–Postbalancesheetevents,
5.7 ManagementReport–Prospectsfor2022,
6 Corporate Governance,
9 Corporate Social Responsibility and
10 Financial Report.
“
All employees are given
the opportunity to sign up for
various external and in-house
training courses, both through
‘on the eld’ training for job-
specic, ESG and software
skills as well as soft skills.
„
5.8.2
EPRA NET RENTAL INCOME ON A CONSTANT COMPARISON BASIS
31.12.2021
31.12.2020
In thousands of EUR
Unchanged
composition
of the portfolio
over 2 years Acquisitions
Disinvest-
ments
Total net rental
income
Unchanged
composition
of the portfolio
over 2 years
Evolution net
rental income
Evolution net
rental income
(in %)
Changes due to indexation 39,852 39,991 79,843 39,045 807 2.07%
Changes in the occupancy
rate
Changes due to renegotiations
with existing tenants
Change in the damage
compensation received
Other changes
Total rental income with
unchanged composition 39,852 39,991 0 79,843 39,045 807 2.07%
Reconciliation with the
consolidated net rental
income
Impairments -244
NET RENTAL INCOME 79,599
The table above shows the evolution of the EPRA rental income
assuming the composition of the portfolio remains constant.
However, the impact for 2021 is limited given that only a small
number of the properties were part of the portfolio for the entire
years of 2020 and 2021. Like-for-like income could be calculated
for 50% of the rental income.
5.8.3
EPRA CAPEX TABLE
In thousands of EUR
31/12/2021
31/12/2020
Property acquisitions 263,355 346,330
Developments 63,845 73,963
Portfolio like-for-like income 5,677 1,504
Miscellaneous 4,656 3,785
Total 337,533 425,582
Developments refer to the Capex on ongoing property
development projects or property development projects that
were concluded in the course of 2021. The portfolio like-for-
like income relates to Capex on properties that had already
The like-for-like EPRA rental income increased by 2.07%. This is
largely attributable to the indexation of the rental income in the
Netherlands and indexation of the commercial leases.
been acquired and rented out as at 1 January 2021. This
concerns improvement investments and thorough renovations,
whereby buildings were temporarily taken out of lease for
renovation. Other relates to capitalised interest expenses.
62 I MANAGEMENT REPORT
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XIOR I 63

CORPORATE
GOVERNANCE
06
Woodskot
BRUSSELS
“
In 2021, a comprehensive digital
transformation project was also
announced, to further optimise both
operations and reporting within Xior. This
project is progressing in several phases,
withtherstphasealreadymakinggreat
progress during 2021.
„
64 I CORPORATE GOVERNANCE
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XIOR I
65

6.1.2
INTERNAL CONTROL AND RISK MANAGEMENT SYSTEMS
6.1.2.1 General
Internal control is a process that aims to provide reasonable
certainty about the effectiveness and improvement of the
Company’s operation, the reliability and integrity of information,
and conformity with policy lines, procedures, legislation and
regulations.
The “internal control” is divided into three specic pillars:
internal audit (internal audit procedures and internal audit
function), risk management (risk management policy and risk
management function) and compliance (integrity policy and
compliance function), for which purpose the “internal audit”
should not only be implemented as a separate third pillar but
also play a “transversal” role in relation to the other two pillars.
The performance of each of these functions, in conjunction
with the responsibilities of the operational services, forms
a “line of defence” against the risks faced by the Company.
The organisation of the above functions is approached in an
appropriate and proportional manner, depending also on the
nature, size and complexity of the Company’s activities in terms
of its balance sheet, result and number of staff. For a more
detailed description of the Company’s internal control, please
refer to
Chapter 8 of the Company’s Corporate Governance
Charter
, which is available on the Company’s website (http://
www.xior.be/nl/investor/corporate-governance).
From their respective roles as CEO and CFO of the Company
and executive director, the actual managers, Christian
Teunissen and Frederik Snauwaert, assume responsibility for
the organisation of internal control under the supervision of the
Company’s Board of Directors.
6.1.2.2 Organisation of internal control
The Company’s audit committee’s responsibilities include:
(i) the monitoring of the nancial reporting process; (ii) the
monitoring of the statutory audit of the nancial statements
and the Consolidated Financial Statements, including follow-
up of the questions and recommendations formulated by the
Statutory Auditor; and (iii) the assessment and monitoring of
the independence of the Statutory Auditor, paying particular
attention to the provision of additional services to the Company.
The audit committee performs its tasks when the Board
of Directors draws up the annual nancial statements, the
ConsolidatedFinancialStatementsandtheabridgednancial
statements intended for publication. Prior to every half-yearly
meeting of the Board of Directors, a half-yearly report is drawn up
and submitted by the Statutory Auditor to the audit committee.
6.1.2.3 Risk analysis and audit procedures
The audit committee regularly assesses the risks to which the
Company is exposed, reports on this to the Board of Directors
and the latter takes the necessary decisions based on this
assessment (for example with regard to market developments
inbothpropertyandrentalpotential,determiningthenancing
and interest rate hedging strategy, assessing tenant risks,
determiningandmanagingtheidentiedresidentialrisks).
In this context, the General Counsel presented the Xior Risk
Register and Action Plan at the Board of Directors’ meeting of 26
April2021.Theregisterisariskmatrix.Itidentiestheresidual
risks the Company is exposed to, determines a target level and
develops an action plan for each risk in order to evolve towards
that target level. The Company will repeat this exercise on a regular
basis and use its conclusions to determine the risk management
strategy and evaluate the results of the initiatives taken.
6.1.2.4 Financial information and communication
Theprocessfordrawingupnancialinformationisstructured
based on pre-determined tasks and timetables that must
beobserved.Forthe purposeofnancialreporting,theaudit
environment consists of the following components:
• The nance and accounting team is responsible for the
preparationandreportingofthenancialinformation.
• Xior uses a checklist with a summary of all tasks that must be
performed in relation to the annual, half-yearly and quarterly
closing of its accounts (at separate and consolidated level). A
managerwithinthenancialdepartmentandthetimetableto
be observed are linked to each task. Based on this checklist,
everyonewithinthenancialdepartmentknowswhattasks
have to be performed and by what deadline.
• The controller (Finance Manager) is responsible for the
verication of the separate nancial information and the
follow-up of the accountants.
• The Finance & Reporting Director is responsible for the
preparationoftheconsolidatedgures(inconjunctionwith
the CFO) and the feedback on the nancial information to
Xior’s operational activities. The Finance & Reporting Director
isalsoresponsibleforpreparingallnancialreportingforthe
public, the Management and the Board of Directors.
• The Finance & Reporting Director analyses the quarterly
guresandcomparesthemwiththebudgetorforecastand
6.1 CORPORATE GOVERNANCE STATEMENT
6.1.1
CODE OF REFERENCE AND CORPORATE GOVERNANCE
CHARTER
This Chapter outlines the rules and principles that form the basis
for the organisation of the Company’s corporate governance.
This statement contains the main rules that Xior has adopted
pursuant to legislation and recommendations on corporate
governance and forms part of the Annual Report, in accordance
with Article 3:6, Sections 2 and 3 of the Belgian Companies and
Associations Code.
For the past nancial year, the Company used the Belgian
Corporate Governance Code 2020 as indicated by the
Royal Decree of 12 May 2019 (the “Governance Code
2020” available on the following website: http://www.
corporategovernancecommittee.be) as a code of reference.
The Company’s Corporate Governance Charter (including the
Trading Regulations) were approved on 25 November 2015 and
were last reviewed on 22 February 2021. The Company has
also established a whistleblowing procedure (Internal Reporting
Procedure) and a Code of Conduct. These documents can be
consulted on the Company website (http://www.xior.be/nl/
investor/investor-relations/publications/policies), and obtained
freeofchargefromtheCompany’sregisteredofce.
The Company does its utmost to comply at all times with the
principles on corporate governance as set out in the Governance
Code 2020, but without compromising the applicable statutory
provisions (particularly those of the Belgian Companies and
Associations Code and Legislation on Regulated Real Estate
Companies) and the Company’s Articles of Association. If the
Company deviates from one or more principles or provisions of
the Governance Code 2020, it must set out the reasons for this
in the corporate governance statement, in accordance with the
comply or explain principle .
Xior’s Board of Directors fully endorses the principles of the
Governance Code 2020, but believes that certain, limited
deviations from its provisions are justied in light of the
nature, size and complexity of the Company and its activities.
More specically, in 2021 Xior deviated from the following
recommendations of the Governance Code 2020:
• Article 7.6 of the Governance Code 2020: this provision
recommends that the non-executive directors receive part of
their remuneration in the form of Company shares in order to
give their actions the perspective of a long-term shareholder.
As already explained in the Company’s remuneration policy
(
see Chapter 6.5 of the Corporate Governance Charter ), Xior
deviates from this principle and does not provide any share-
based remuneration to directors. The Board of Directors is
convinced that the application of this principle would not help
to make actions more from the perspective of a long-term
shareholder, given the Company’s nature (an RREC) and the
directors’ actual circumstances. The fees of the Company’s
non-executive directors are at such a level that the effect
of such share-base remuneration would be very limited. In
the Board of Directors’ opinion, the legal framework for the
Company and its strategy (as determined by the Board of
Directors) also guarantees that actions are always taken from
the perspective of long-term Company shareholders.
• Article 7.9 of the Governance Code 2020: this provision
stipulates that the Board of Directors shall set a minimum
threshold for shares held by members of the executive
management. As mentioned in the remuneration policy, the
Board of Directors has not set a minimum threshold. Since
allmembersoftheexecutivemanagementhold(signicant)
share positions in the Company, it was decided that the
purpose of this provision has been achieved: the members
of the executive management have skin in the game and
their interests are aligned with the interests of the Company’s
shareholders. The absence of a xed minimum threshold
also offers flexibility for the future, for example when a new
member joins the executive management.
• Article 7.12 of the Governance Code 2020: this provision
stipulates that the Board of Directors must adopt provisions
that enable the Company to reclaim paid variable remuneration
or withhold the payment of variable remuneration in certain
circumstances. The Board of Directors draws up adjusted
KPIs for variable remuneration each year and checks whether
they have been achieved at the end of the year. This gives
sufcientflexibilitytotakeintoaccountthelong-termvalue
creation for the Company.
66 I CORPORATE GOVERNANCE
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XIOR I 67

Since 1 September 2021, the Company has employed a full-time
InternalAuditManagerwhoreportstoSoeRobberechts.
6.1.2.6.3 Appropriate independent compliance function and
appropriate integrity policy
The “independent compliance function” is kept as an
independent function within the organisation and focuses on
investigating and promoting the Company’s compliance with
the laws, regulations and rules of conduct applicable to the
Company, particularly the rules relating to the integrity of the
Company’s operations. These include the rules resulting from
the Company’s policy, the Company’s status and the other
statutory and regulatory provisions. In other words, they are
part of the corporate culture with an emphasis on honesty and
integrity, adherence to high ethical standards in business and
compliance with the regulations applicable to the Company.
The Company (this RREC) and its employees must behave with
integrity: they must be honest, reliable and trustworthy.
The person charged with the compliance function is responsible
for preparing and testing recommendations. The compliance
function’sscopespecicallyincludes–butisnotlimitedto–
the monitoring of compliance with the applicable rules (i) on
conflicts of interest, (ii) on the incompatibility of mandates
(for example with respect to the assessment of directors’
independence), (iii) laid down in the Company’s code of ethics
(if available), and (iv) on market abuse (inside information
and market manipulation). These rules have been developed
further in the Company’s Corporate Governance Code, Trading
Regulations and Code of Conduct.
Senior management (regularly) investigates which other
domains and activities should be included in the work domains
of the compliance function. It does so based on a risk analysis
and in consultation with the Board of Directors, taking into
accounttheCompany’sspeciccharacteristics.
Michael Truyen was responsible for the Compliance function
until 31 March 2021. Andries De Smet has taken on the
Compliance function since then. He has been appointed to do
soforanindeniteperiod.
6.1.3
SHAREHOLDERSHIP
6.1.3.1 Company founders
The Company’s historic founders are:
• Aloxe NV, a public limited company under Belgian law with
itsregisteredofceatMechelsesteenweg34,Box101,2018
Antwerp, entered in the Crossroads Bank for Enterprises
under company number BE 0849.479.874 (Antwerp Register
of Legal Entities, Antwerp section); and
• Bimmoc BV, a private limited company under Belgian law
withitsregisteredofceatMechelsesteenweg34,Box101,
2018 Antwerp, entered in the Crossroads Bank for Enterprises
under company number BE 0899.916.906 (Antwerp Register
of Legal Entities, Antwerp section), which has since been
dissolved following its merger with Xior Student Housing NV.
6.1.3.2 Shareholder structure
As at 31 December 2021, the registered capital of Xior
Student Housing NV was EUR 500,063,418.00, represented by
27,781,301 fully paid-up shares.
The following table illustrates Xior’s shareholder structure based
on the information received from the shareholders (see also
transparencynotications)and/orpubliclyknowninformation
in the case of Aloxe NV.
Shareholder # shares 31/12/2021
% shares (rounded)
AloxeNV–Mr.C.TeunissenandMr.F.Snauwaert
4,754,449 17.11%
1
AXA Investment Managers SA
2
1,743,019 6.28%
3
Public (free float) 21,283,833 76.61%
Total (denominator) 27,781,301 -
1
Basedonthetransparencynoticationof12December2018andpubliclyavailableinformation(includingthedenominatorasat7December2021(27,781,301)).
2
AXAInvestmentManagersSAmakesthetransparencynoticationasthecontrollingpersonforAXAInvestmentManagersParisSA,AXARealEstateInvestmentManagersSAandAXA
Real Estate Investment Managers SGP.
3
Basedonthetransparencynoticationof3April2020andpubliclyavailableinformation(includingthedenominatorasat7December2021(27,781,301)).
No special rights of inspection have been granted to certain
categories of shareholders.
withtheguresofthepreviousquarterorpreviousyear.This
analysis is discussed afterwards with the CFO and CEO.
• TheCFOisresponsibleforthenalcheckoftheConsolidated
Financial Statements, and warrants the correct application of
the valuation rules.
• The CFOregularly discussesthe nancial information with
the CEO as the person responsible for the day-to-day policy.
• The CEO, CFO and Finance & Reporting Director regularly hold
extensivemeetingstodiscussthemainnancialpriorities.
• TheBoardofDirectorsquestionsanddiscussesthenancial
reporting and forecasts in depth with the CEO and CFO each
quarter and ensures the correct application of the valuation
rules.
6.1.2.5 Persons involved in evaluating internal control
The quality of internal control is also assessed during the course
ofthenancialyearby:
• The Statutory Auditor: rstly as part of the audit of the
annualguresandthelimitedauditofthehalf-yearlygures
and, secondly, as part of the annual assessment of the
underlying processes and procedures. The processes are
adjusted, where necessary, based on the Statutory Auditor’s
recommendations.
• The audit committee (see above) and the Board of Directors.
• The internal auditor.
• The Valuation Experts: the Company’s Valuation Experts
obviously play an important indirect role for purposes of
internal control with regard to the valuation of the Company’s
property.
• The FSMA: as a listed company and a public RREC, the
Company is supervised by the Belgian Financial Services and
MarketsAuthority(FSMA).Thisinvolvesaspecicinspection
ofthenancialinformation.
• TheComplianceOfcer.
6.1.2.6 Pillars of internal control
6.1.2.6.1 Appropriate risk management function and appropriate
risk management policy
The person responsible for the risk management function
(the Risk Manager) prepares, develops, monitors, updates and
implements the risk management policy and risk management
procedures.TheroleofCompanyRiskManagerisfullledbythe
CFO,FrederikSnauwaert,whowasappointedforanindenite
period in this regard.
TheRiskManagerfullsthisrolebasedontheirjobresponsibilities
and operational experience by analysing the risks facing the
Company both on a regular basis and on an ad hoc basis. This
may result in practical advice to the Company’s other departments.
The Risk Manager frequently reports to the Company’s other
actual leader. Equally, the Risk Manager discusses the main risk
developments with the Board of Directors at least once a year
via the audit committee, as the Board of Directors bears nal
responsibility for the Company’s risk management.
It is underlined that risk management is an integral part of the
waythebusinessisrunonanoperational,technical,nancial
andlegallevel.Thiscoversthedailynancialandoperational
management, continuous consultation internally and with
external advisers where necessary, the optimal application
of the four-eyes principle, the analysis of new investment
cases,duediligenceprocedures,thedenitionofthestrategy
and objectives and the embedding of strict decision-making
procedures. Risk management is therefore the responsibility
of the entire team across all layers of the organisation, each at
their own level with different responsibilities.
6.1.2.6.2 Appropriate independent internal audit function
The “internal audit” can be understood as an independent
appraisal function that is embedded in the organisation and
focuses on the investigation and evaluation of the operation,
effectiveness and efciency of the Company’s (control)
processes/procedures, including the compliance and risk
management functions. Internal audit includes the operation,
effectiveness and efciency of processes, procedures and
activities with regard to: (i) operational matters (quality
and adequacy of systems and procedures, organisational
structures, policies and methods and resources used in relation
to objectives); (ii) nancial matters (reliability of accounting,
nancial statements and the nancial reporting process,and
compliance with applicable (accounting) regulations); (iii)
management matters (quality of the management function
and staff services within the framework of the company’s
objectives); and (iv) risk management and compliance.
In the past few years, the Company has entrusted the internal
audit function to an external party by appointing independent
consultancyrmMazars,whichispermanentlyrepresentedby
one and the same individual, Anton Nuttens. However, given the
Company’s growth, it was decided in the second half of 2021 to
handle the entire internal audit function in-house. We organised
a gradual transfer of tasks and information in consultation with
Mazars.SoeRobberechts(Finance&ReportingDirector)isstill
the person ultimately responsible for overseeing the internal
audit function within the Company in 2021. She supervised the
external internal auditor until the end of their mandate in 2021.
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6.1.5
COMPOSITION
The Company’s Board of Directors consists of seven members:
> two executive directors: Christian Teunissen and Frederik
Snauwaert; and
The table below provides an overview of the (non-)executive
directors and the terms of their directorships.
>ve non-executive independent directors: Leen Van den
Neste, Joost Uwents, Wilfried Neven, Wouter De Maeseneire
and Marieke Bax.
Director's name Capacity
Directorship
start
Directorship end Reappointment
Christian Teunissen
Executivedirector–CEO 23/11/2015 Ordinary General Meeting 2022 16/05/2019
Frederik Snauwaert Executivedirector–CFO 23/11/2015 Ordinary General Meeting 2022 16/05/2019
Wilfried Neven
Non-executive director 23/11/2015 Ordinary General Meeting 2022 16/05/2019
Wouter De Maeseneire Non-executive director 23/11/2015 Ordinary General Meeting 2022 16/05/2019
Joost Uwents
Non-executive director 23/11/2015 Ordinary General Meeting 2022 16/05/2019
Leen Van den Neste Non-executive director 23/11/2015 Ordinary General Meeting 2022 16/05/2019
Marieke Bax
Non-executive director 20/05/2021 Ordinary General Meeting 2025 N/A
6.1.3.3 Members of the Board of Directors or the executive
management
The following table shows an overview of the number of shares
owned by members of the Board of Directors and the executive
management as at 31 December 2021.
Member of the Board of Directors or executive management
Number of shares on
31 December 2021
AloxeNV–Mr.C.TeunissenandMr.F.FrederikSnauwaert(seetransparencynotication/publicinformation)
4,754,449
Mr. Christian Teunissen 3,120
Aloxe NV
1
4,746,529
Mr. Frederik Snauwaert 4,800
Mr.JoostUwents
3,464
Mr. Wouter De Maeseneire
1,616
Mr. Bastiaan Grijpink
6,705
1
This stake in Xior Student Housing NV is directly held by Aloxe NV. Aloxe NV is controlled by Christian Teunissen (directly and via Nevi BV, a company which is likewise controlled by Christian
Teunissen).
6.1.4
THE COMPANY’S BOARD OF DIRECTORS
6.1.4.1 General
The Board of Directors consists of seven directors. It includes
venon-executiveindependentdirectors(includingtheChair)
and two executive directors, one of which is the Managing
Director.
The composition of the Board of Directors must be characterised
by a proportional representation between executive, independent
and other non-executive directors. At least half of the Board of
Directors consists of non-executive directors, and at least three
of them are independent within the meaning of Article 7:87,
Section 1 of the Belgian Companies and Associations Code and
Provision 3.5 of the Governance Code 2020.
The composition of the Board of Directors must guarantee that
decisions are taken in the Company’s interest. This composition
will be determined based on complementarity in terms of
competences, experience and knowledge. The aim is to achieve
a composition of the Board of Directors that guarantees the
presence of directors who are familiar with property in general,
student housing in particular and/or other contiguous areas of
expertise that are deemed important for the Company’s activities.
The further aim is to achieve a representation of directors who
are experienced in operational,nancial and other aspects of
real estate company management, and of a regulated real estate
company in particular, and/or in policy in listed companies.
The necessary attention will also be paid to the requirements
of gender diversity and diversity in general. Article 7:86 of the
Belgian Companies and Associations Code stipulates that
in companies whose securities are admitted for trading on a
regulated market, at least one third of the members of the Board
of Directors must be of the opposite sex to that of the other
members. For the application of this provision, the required
minimum number of members of the opposite sex is rounded to
the closest whole number. For companies whose securities are
admittedtoaregulatedmarketforthersttime,thisobligation
mustbecompliedwithfromtherstdayofthesixthnancial
year that commences after this admission (from 1 January
2021). The Board of Directors has had a second member of the
oppositesextotheothervememberssince20May2021,so
the requirements of Article 7:86 of the Belgian Companies and
Associations Code have been met.
Under the Legislation on Regulated Real Estate Companies,
the directors, actual managers and those responsible for the
independent control functions may only be natural persons. In
accordance with the relevant provisions of the Legislation on
Regulated Real Estate Companies, members of the Board of
Directors must always have the required professional reliability
and appropriate expertise for the performance of their duties.
They may not fall within the scope of the prohibitory provisions
of the Legislation on Regulated Real Estate Companies. Their
appointment must be submitted to the FSMA for approval in
advance.
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Mr. Wilfried Neven
(iii) Mr. Wilfried Neven °1966
ofce address: Rue des Croisiers 24 - 4000 Liège
Wilfried Neven is Vice CEO at Ethias SA, where he has held
thekeyroleofChief Digital andTransformationOfcersince
February 2020. He had previously worked within the Allianz
Group since 2011, where he was CEO Belgium of Allianz Benelux
NV until the end of 2019. Previously, he held directorships with
P&V Group and ING Insurance Belgium. He obtained a degree in
commercial engineering in 1989 and also completed a course in
Risk Management at the Antwerp Management School. He also
obtainedadditionalqualicationsattheINGBusinessSchool,
Heemskerk (Netherlands) and the Guberna Institute.
Current directorships: Ethias SA (member of the Executive
Committee), Ethias Services NV (Director).
Ended directorships: Allianz Benelux NV (CEO Belgium and
member of the Board of Directors), Allianz Nederland Groep NV
(member of the Management Board and Board of Directors),
Assuralia (member of the Executive Committee and Board of
Directors), EDB Investments SCA (member of the Supervisory
Board), Portima CBVA (Chair of the Board of Directors), Viaxis
CVBA (Director) and the Royal Circle of Belgian Insurers CRAB/
KKVB (Director).
Prof. Wouter
De Maeseneire
(iv) Prof. Wouter De Maeseneire °1977
ofce address: Reep 1 - 9000 Ghent
Wouter De Maeseneire is an associate professor in corporate
nanceattheVlerickBusinessSchoolandavisitingprofessor
at Erasmus/Ghent University. In August 2015 he was appointed
academic dean of the Vlerick Master’s degrees and he is also the
programme director for the Master’s in Financial Management
there. He studied Applied Economics at Ghent University and
completed a doctorate at Erasmus University Rotterdam.
His research was presented at several international conferences,
including the Financial Management Association and Academy
of Management Meeting, Babson Entrepreneurship Conference,
Strategic Management Society, Real Options Conference and
Midwest Finance Association. Wouter has published articles
inscienticjournalssuchasResearchPolicyandtheJournal
of Business, Finance and Accounting. He has also contributed
to many management books. After completing his thesis, he
wrote a book about real options, a new technique used for the
valuation of companies and projects that estimates the value of
flexibility often available in high-risk investment projects.
Wouter received several Best Teacher Awards and won the 2012
EFMD Banking & Finance Case Writing Competition with his
analysis of the AB Inbev deal. His current research interests lie
in IPOs, valuations, real options, venture capital, private equity,
acquisitionsandnancingconstraints.
Current directorships: Vlerick Partner CVBA.
6.1.6
BRIEF DESCRIPTION OF THE DIRECTORS’ PROFESSIONAL
CAREERS
The directorships and a brief description of the directors’
professional careers are provided below. For an outline of
the professional careers of Christian Teunissen and Frederik
Snauwaert, please refer to
Chapter 6.1.12 of this Annual Report.
(i) Ms Leen Van den Neste °1966
ofce address: vdk bank,
Sint-Michielsplein 16,
9000 Ghent
Leen Van den Neste chairs the Executive Committee of vdk
bank, which she joined in 2011. She worked for Groep Arco from
1995 to 2011 and was a member of the Executive Committee
there as well. Leen Van den Neste obtained a law degree and
asecondaryeducationteachingqualicationattheUniversity
of Ghent. She also obtained a special Accountancy degree at
Vlerick Business School.
Current directorships: vdk bank NV (member of the Board of
Directors),Febeln(memberoftheExecutiveCommitteeand
Board of Directors), Retail Estates NV, OGVV (listed company)
(member of the Board of Directors, Audit Committee and
Remuneration Committee), KAA Gent CVBASO (member of the
Board of Directors), Centrale voor Huisvesting Arrondissement
GentCVBA(Director)andCPP-InconCVBASO(Director).
Mr. Joost Uwents
(ii) Mr. Joost Uwents °1969
ofce address: Blakebergen 15 - 1861 Wolvertem
Joost Uwents is CEO of the listed public RREC WDP
(Warehouses De Pauw) and has been on the Board of Directors
there since 2002. He obtained a degree in commercial
engineering in 1991 and has an MBA from Vlerick Business
School. Joost started his career as an Account Manager at
Generale Bank in 1994.
In 1999, he became the CFO of the then listed real estate
investment trust WDP. He has been the company’s CEO since
2010. He contributed to WDP’s development as the market
leader in the rental of logistics and semi-industrial property in
the Benelux with a property portfolio of more than EUR 6 billion
in among others Belgium and the Netherlands.
Current directorships: Managing Director of WDP NV (listed),
and in this context executive director/business manager of
various group companies: WDP France SARL, WDP Nederland
NV (including as permanent representative of WDP Nederland
NV as director of WDP Development NL BV), Warehouses De
Pauw Romania SRL, WDP Invest NV, WDP Luxembourg SA, WVI
GmbH,memberoftheBoardofDirectorsofUniedpostGroup
NV.
Ms. Leen
Van den Neste
72
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• Mr. Christian Teunissen knows the property and construction
sector and the student housing sector in particular.
• Mr. Frederik Snauwaert knows the property and construction
sector and the student housing sector in particular and also
hasnancialknowledge.
• Ms. Leen Van den Neste has nancial knowledge and
knowledge of risk management.
• Mr. Wilfried Neven has knowledge of the insurance sector
and risk management, as well as knowledge of digital
transformation.
• Mr. Joost Uwents has knowledge of the property and
construction sector (both in Belgium and the Netherlands)
and of public RRECs. He is also CEO of WDP, a leading RREC
in the sector in terms of ESG goals, vision and reporting and
therefore has particularly relevant experience to tackle the
Company’schallengesinthiseld.
• Mr. Wouter De Maeseneire has knowledge of corporate
nanceandcapitalmarketsandabouttheCompany’starget
audience in particular.
• Ms.MariekeBaxhasknowledgeonanancial,strategicand
legallevel.Shealsohasaspecicknowledgeofthedigitaleld.
6.1.9
FUNCTIONING AND DUTIES OF THE BOARD OF DIRECTORS
The Board of Directors meets at least four times a year, and in
any event often enough for the directors to actually be able to
discharge their responsibilities. The Chair may convene other or
additional meetings whenever this is required in the Company’s
interests or at the request of at least two directors or the CEO.
The Appointment and Remuneration Committee meets at least
twice a year. The Audit Committee meets at least four times a
year.
The Board of Directors had eight meetings in 2021. In addition,
three of the Board of Directors’ decisions were made based on
the written decision-making procedure.
The Chair sets the agenda items for each meeting of the Board
of Directors in consultation with the CEO. During the meeting,
the Board of Directors may decide to place a further item on the
agenda insofar as all members are present and agree to this
change to the agenda.
Each director may give a proxy to another member of the Board
of Directors to represent them at a certain meeting.
The Board of Directors may validly deliberate on and adopt
resolutions only if at least the majority of the directors are
present or represented. If this quorum is not reached, a new
meeting may be convened with the same agenda, which will
validly deliberate and adopt resolutions if at least two directors
are present or represented.
If a director has a direct or indirect interest of a proprietary
nature that is in conflict with a resolution or transaction that
falls under the Board of Directors’ authority, they must act in
accordance with the provisions of Article 7:96 of the Belgian
Companies and Associations Code. The members of the Board
of Directors must also comply with Articles 37-38 of the Law on
Regulated Real Estate Companies.
Resolutions of the Board of Directors are adopted by a majority
of the votes cast. Abstentions or invalid votes are not counted
as votes cast. If the votes are tied within the Board of Directors,
the motion is rejected.
The Board of Directors strives to guarantee the long-term
success of the Company through enterprising leadership, while
simultaneously assessing and managing the Company’s risks
withinaframeworkofefcientandeffectivecontrols.
From its policy function, the Board of Directors decides on the
values and strategy of the Company, its main policy lines and its
risk appetite. It ensures that the Company’s obligations are clear
to all its shareholders and that these obligations are met, taking
account of the other stakeholders’ interests.
In its supervisory role, the Board of Directors assesses the
implementation and achievement of the Company’s strategy
and objectives, as well as the performance of its executive
management.
In order to consistently improve its own effectiveness, the Board
of Directors evaluates its size, composition, achievements and
interaction with the executive management at the appropriate
times. The actual contribution and presence of each director
is periodically evaluated in order to be able to adjust the
composition of the Board of Directors, taking account of
changing circumstances.
For a detailed description of the Board of Directors’ duties
and operation, please refer to
Chapter 2.6 of the Company’s
Corporate Governance Charter
.
Ms. Marieke Bax
(v) Ms.Marieke Bax °1961
of ce address: Plantage Westermanlaan 13,
1018 DK Amsterdam
(Netherlands)
Marieke Bax is a Dutch national. She has a Master of Arts
in Law from the University of Amsterdam, an LLM from
Cambridge University and an MBA from INSEAD. Marieke holds
various directorships in various sectors. She currently holds
directorships at Inpost, Frontier Economics, Vion Food and
Climate Transition Capital.
Current directorships: InPost (Director and Chair of the Audit
Committee), Vion Food Group (Member of the Supervisory
Board and Chair of the Audit Committee), Frontier Economics
(Director and Chair of the Appointment Committee).
Ended directorships: VastNed Retail (Chair of the Remuneration
Committee and Appointment Committee), Euroclear/EESA
(Chair of the Audit and Risk Committee), ASR Insurance (Chair
of the Remuneration Committee), Gooseberry Amsterdam
(Managing Partner), KMPG The Netherlands (Partner), Sara Lee
Corporation (Director), Hot Orange Amsterdam (Chief Financial
Ofcer).
6.1.7
CHAIR OF THE BOARD OF DIRECTORS
The Company’s Board of Directors appointed Leen Van den
Nesteasitschairforanindeniteperiodon25November2015.
Leen Van den Neste’s mandate as the Board of Directors’ chair
will end when her current mandate as director comes to an end,
being at the close of the ordinary general meeting in May 2022.
6.1.8
RELIABILITY, EXPERTISE AND EXPERIENCE
Article 14 of the Law on Regulated Real Estate Companies
imposes specic regulations regarding professional reliability
and the appropriate expertise on directors of public RRECs.
In the context of these obligations, the Company’s directors and
senior managers have stated that they have not been convicted
foranyfraudulentcrimesinthepastveyears.AlltheCompany
directors have also declared that they have not been involved
in any bankruptcy, moratorium or liquidation in the previous
ve years as members of an administrative,management or
supervisory body. There are no family ties between the members
of the administrative, management or supervisory bodies.
All directors and senior managers have also stated that they
havenotbeenthesubjectofanyofcialorpubliclyexpressed
accusations and/or sanctions imposed by a regulatory or
supervisory authority and that they have not been prevented
by a court of law (i) to act as members of the administrative,
management or supervisory body of an issuer of nancial
instruments, or (ii) to handle the management or operations of
an issuer of assets and liabilities.
We are of the opinion that all directors contribute special
knowledgeandcompetenciesintheeldofsocial,environmental
and governance issues based on their personal extensive
professional experience and background.
Finally, each Company director meets the selection and
competency criteria included in the Company’s Corporate
Governance Charter (see
Chapter 6.1.4.1 of this Annual Report ),
as follows:
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6.1.12
EXECUTIVE MANAGEMENT
The Company’s executive management consists of three
members: two executive directors (CEO and CFO) and the Chief
InvestmentOfcer(CIO),BastiaanGrijpink.Theyareappointed
by the Board of Directors. Depending on its future size, activities
and requirements, the Company may expand or vary its
executive management in due course.
The Company’s Board of Directors appointed the members of
theexecutivemanagementoperatingin2021foranindenite
period on 23 November 2015, with the exception of Bastiaan
Grijpink, who was appointed CIO by the Board of Directors on
15 October 2019 with effect from 1 January 2020 and for an
indeniteperiod.
CEO Christian Teunissen is the leader of the executive
management. The CEO is responsible for areas such as
the Company’s daily management and the prospecting and
identicationofnewpropertyprojects.TheCEOalsoleadsthe
Company’s operational management and leasing activities.
The CFO leads the nancial, accounting and administrative
department.
The CIO coordinates and implements the Company’s invest-
ments and transactions.
Article 4.2 of the Company’s Corporate
Governance Charte
r describes the role and responsibilities of
the members of the executive management.
The executive management’s business address is that of the
Company’sregisteredofce: Mechelsesteenweg 34, Box108,
2018 Antwerp, Belgium.
The professional careers of the members of the executive
management are described briefly below.
Christian Teunissen (CEO)
°1973
Christian Teunissen obtained his degree in commercial
engineering (accountancy option) at EHSAL in Brussels in 1996.
He started his career in the insurance sector at Fortis AG. In
2000, he started his own insurance business by buying up AdB
Business Partners, which he later sold in 2005 to Van Dessel
Verzekeringen. This allowed Christian Teunissen to spend nine
years in the insurance industry gaining knowledge and
experience. Since 2005, Christian has focused on building up a
real estate portfolio as a developer, investor and manager. In
2007, Christian Teunissen delivered his rst student
accommodation project, consisting of 45 student rooms. He
has been at the helm of the Xior Group for 14 years.
His professional property activities have focused especially
on the student property sector, which is at the core of the
development of the Company’s current portfolio. He is the (co-)
founder and director of several real estate companies, including
Xior Student Housing NV.
Current mandates: His mandate as a member of the Company’s
Board of Directors is complemented by other mandates in the
following companies (the vast majority of which do not require
actual participation in the daily management): Aloxe NV, Student
House Building BV, Limimmo BV, Proinvest BV, Eland Group
NV, Mopro Antigoon NV, M-Building BV, Moose Real Estate BV,
X-Building BV, Den Hill Diar BV, Anthonis Verzekeringen NV, Nevi
BV, Livec NV, Landwin BV, Gropius BV, Coral BV, Coral Build BV,
Teuvan NV, Immo DDL NV, Silex BV.
Past directorships in the previous ve years: Devimmo NV,
CPG CVBA and Retail Design BV, Promiris Student NV and Alma
Student NV, Mopro Zurenborg BV, Jugho BV, Off Site Europe BV,
Lotta BV, B&C Enterprises Ltd.
6.1.10
SUMMARY REGARDING THE BOARD OF DIRECTORS’
OPERATION IN 2021
Name Capacity Attendance
Leen Van den Neste
Non-executive chair,
independent director
Board of Directors: 7/8
Audit Committee: 5/6
Remuneration Committee: 1/2
Joost Uwents
Non-executive, independent
director
Board of Directors: 8/8
Audit Committee: 6/6
Remuneration Committee: 2/2
Investment Committee: 7/7
Wilfried Neven
Non-executive, independent
director
Board of Directors: 8/8
Audit Committee: 6/6
Remuneration Committee: 2/2
Wouter De Maeseneire
Non-executive, independent
director
Board of Directors: 7/8
Audit Committee: 6/6
Remuneration Committee: 2/2
Marieke Bax
Non-executive, independent
director
Board of Directors: 3/3
1
Audit Committee: 3/3
Remuneration Committee: 0/0
Christian Teunissen Executive director
Board of Directors: 8/8
Audit Committee: 6/6 (at the invitation of the committee)
Remuneration Committee: 1/1 (at the invitation of the committee)
Investment Committee: 7/7
Frederik Snauwaert Executive director
Board of Directors: 8/8
Audit Committee: 6/6 (at the invitation of the committee)
Remuneration Committee: 2/2 (at the invitation of the committee)
1
Since the appointment of Marieke Bax on 20/05/2021 until 31/12/2021, 3 meetings of the board of directors and 3 meetings of the audit committee took place. After the appointment of
Marieke Bax, no meeting of the remuneration committee took place.
6.1.11
MANAGING DIRECTOR AND EFFECTIVE MANAGEMENT
The Company’s Board of Directors has entrusted the day-to-day
management to one Managing Director, Christian Teunissen
(CEO).TheManagingDirectorwasappointedforanindenite
period at the board meeting of 25 November 2015, provided that
his mandate of Managing Director will end when his mandate as
Company Director ends.
CFO Frederik Snauwaert and the CEO were jointly appointed
as the Company’s actual manager for an indenite period in
the sense of Article 14 of the Law on Regulated Real Estate
Companies.
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Summary of the Board of Directors and executive management
Executive directors
Christian Teunissen (CEO)
Frederik Snauwaert (CFO)
Non-executive,
independent directors
Leen Van den Neste
Joost Uwents
Wilfried Neven
Wouter De Maeseneire
Marieke Bax
Chair of the Board of
Directors
Leen Van den Neste
Managing Director Christian Teunissen (CEO)
Executive management
Christian Teunissen (CEO)
Frederik Snauwaert (CFO)
Bastiaan Grijpink (CIO)
Actual managers
Christian Teunissen (CEO)
Frederik Snauwaert (CFO)
6.1.13
COMMITTEES OF THE BOARD OF DIRECTORS
The Board of Directors has established the following
committees: an Investment Committee, an Audit Committee, a
Remuneration and Appointment committee and an Ethics and
ESG committee.
The Board of Directors may establish an executive committee (un-
der the provisions of Article 7:104 of the Belgian Companies and
Associations Code) or a management committee, consisting of
several people who may (but do not need to) be directors. How-
ever, the Board of Directors has explicitly opted for the monistic
governance structure, given that it is best suited to the Company,
its activities and the complexity of its structure. Under Article 7:93
of the Belgian Companies and Associations Code, the Board of
Directors may establish one or more advisory committees, from
among its ranks and under its responsibility, such as a strategic
committee or an appointment committee. The Board of Directors
determines the composition and powers of these committees,
with due observance of the applicable regulations.
In the course of 2018, an investment committee was established,
consisting of Joost Uwents (independent, non-executive
director) and Christian Teunissen (executive director and CEO).
The objective of the investment committee is to help facilitate
the Company’s further growth as an intermediary between the
executive management and the Board of Directors. This will
further optimise the interaction with the Board of Directors and
therefore also the decision-making process in order to respond
toinvestmentopportunities even more efciently.Theroleand
responsibilities, composition and operation of the investment
committee are described in
Chapter 4.4 of the Company’s
Corporate Governance Charter
. The investment committee met
seven times in 2021 (in physical and telephone meetings).
During the last quarter of 2019, in view of the evolution in terms of
the complexity, nature and size of the Company and its activities
(see also
Chapter 6.1.1. of this Annual Report ), the Company set
upaseparateauditcommitteewithsufcientrelevantknowledge,
in particular in nancial matters, to be able to full its role
effectively and ensure optimal operation. On 16 December 2019,
the Board of Directors decided that the audit committee will be
composed of all the Company’s independent directors and will be
chaired by Wilfried Neven. The Audit Committee met a total of six
times in 2021 (via physical meetings or conference calls).
On 31 March 2020 the Company set up a separate remuneration
and appointment committee with all the Company’s independent
directors as members and with Wouter De Maeseneire as chair.
The Remuneration and Appointment Committee met on 22
February 2021 and 14 April 2021.
Finally, the Company established an Ethics & ESG Committee
in April 2022. Ms Marieke Bax and Mr Christian Teunissen were
appointed as members of this committee. The committee’s task
is, on the one hand, to monitor the Company’s compliance with
the highest ethical standards in the broadest sense, including
the Company’s code of conduct (including the “Xior Values”) and,
on the other hand, to provide the board of directors with advice
and recommendations on ESG policy, including in the context
of the implementation or review of the Company’s sustainability
strategy. The rst component generally aims to ensure that
the Company conducts its business in an honest, transparent
and ethical manner and that it systematically prevents issues
such as fraud, corruption, discrimination, violations of human
rights and infringements of anti-money laundering legislation or
competitionlaw.Thesecondcomponenttsinwiththeambition
communicated by the Company at the beginning of this year to
accelerate its ESG efforts.
6.1.14
CONFLICTS OF INTEREST
6.1.14.1 General
The Company has implemented a number of procedures with
a view to limiting the risk of any conflicts of interest having an
Frederik Snauwaert (CFO)
°1980
Frederik Snauwaert holds a Master’s in Business Studies with a
focus on nancial policy and investments, having graduated
from EHSAL in Brussels in 2003. In 2009, he completed the
Postgraduate Real Estate Studies programme at the University
of Leuven.
Frederik has been CFO of the Company since 2012. He started
his career in 2003 at PwC, where he worked as a Senior Auditor
until2006.HethenworkedasaGroupCredit/AssetRiskOfcer
for Fortis Lease Group Services. From 2008 to 2012, he held the
position of Relationship Manager Midcorporates & Institutionals
(Real Estate) at ING Belgium, after which he moved to the
Company.
Current mandates: His mandate as a member of the Company’s
Board of Directors is complemented by other mandates in the
following companies (the vast majority of which do not require
actual participation in the daily management): Aloxe NV, CaliXto
BV, Anthonis Verzekeringen NV, Eland Group NV, M-Building BV,
Mopro Antigoon NV, Studium Invest GCV, Leuven Building BV,
Den Hill Diar BV, PDH Invest BV, Immo DDL NV, Nevire BV, Tyche
Investments BV, Silex BV, Krijgimmo BV, Boerenkrijg Construct
BV, Immo Parkland BV, Charflo BV.
Past directorships in the previous ve years: Jugho BV,
Lovania Properties BV, Ramberghof BV, Mopro Zurenborg BV,
Off Site Europe BV, Modesti SARL, Vere Investments SARL,
Here Investments SARL, Leuven Tréfonds BV, Devimmo NV,
CPG CVBA and Retail Design BV, Promiris Student NV and Alma
Student NV.
Bastiaan Grijpink (CIO)
°1981
Bastiaan Grijpink obtained a Bachelor and Master of Science in
Business Economics (2004), a Bachelor of Dutch Law, and a
Master of Dutch Financial Law (2006), all from Erasmus
University Rotterdam.
After several internships at ING Canada, PwC, Houthoff Buruma
and J.P. Morgan, he started his career as an investment
banker at J.P. Morgan in London. During his rst ve years
there, Bastiaan focused on Mergers & Acquisitions and Client
CoverageintheBeneluxnancialinstitutionssector.Thiswas
followedbyave-yearperiodinEquityCapitalMarkets,where
he ended up as Vice President. In this role Bastiaan worked on
IPOs, accelerated bookbuilds, rights issues, convertible bond
issues and carve outs in Belgium, the Netherlands and Central
and Eastern Europe. In 2015, he moved to the London-based
investment fund Maven Investment Partners as Partner and
Portfolio Manager. At Maven, Bastiaan was partly responsible
foraninvestmentportfoliowithaspecicfocusontheEuropean
real estate and student housing sectors. He joined Xior at the
beginning of 2020 with the combined responsibilities of CIO and
Country Manager Iberia. He is based in Madrid.
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approve the concrete allocation of the variable remuneration
of 120% to the members of the executive management for the
nancialyear2019,whichittookatthemeetingof4February
2020, when it also acted as the Remuneration Committee.
The Board of Directors is considering renegotiating the above
decision and ratifying it if necessary.
In this context, Christian Teunissen and Frederik Snauwaert
notify the Board of Directors of a conflict of interest under
property law on their behalf as set out below, pursuant to
Article 7:96 of the Belgian Companies and Associations Code.
After reporting this conflict of interest, Christian Teunissen
and Frederik Snauwaert left the meeting.
2.  Acknowledgement of the statement by Christian
Teunissen and Frederik Snauwaert in accordance with
Article 7:6 of the Belgian Companies and Associations Code
The Board of Directors acknowledges the statement by
Christian Teunissen and Frederik Snauwaert in accordance
with Article 7:96 of the Belgian Companies and Associations
Code concerning their interests under property law that are in
conflict with the intended decision of the Board of Directors.
This conflict of interest under property law is reported to the
directors prior to the discussion and decision-making with
regard to this agenda item.
A copy of the above-mentioned statements is attached to the
minutes as Annex 1.
3. Discussion and approval of the concrete allocation of
variable remuneration to the members of the executive
management for 2019
The Board of Directors acknowledges the respective
noticationsinthecontextoftheproposeddiscussionofthe
concrete allocation of variable remuneration to the members
oftheexecutivemanagementforthenancialyear2019.This
will logically be paid for by Xior, which will therefore bear the
nancialconsequences.Thisresultsinaconflictofinterest
under property law between Xior and Christian Teunissen and
Frederik Snauwaert, respectively. The consequences under
property law of Xior paying the remuneration are shown in
Annex 2 to the minutes, which includes an overview of the
total xed remuneration (incl. xed expense allowances)
and the total maximum variable remuneration of Christian
Teunissen and Frederik Snauwaert.
The Chair reminds everyone that the decision submitted for
approval and ratication was essentially about determining
whether (and to what extent) certain criteria (KPIs) previously
set at the board meeting of 15 October 2019 (implementing
the conflict of interest procedure of (the old) Article 523 of
the Belgian Companies and Associations Code) were met
duringthenancialyear2019andabouttheresultingconcrete
allocation of the variable remuneration to the members of
the executive management for 2019. Most of these criteria
were “mathematically determinable” criteria (such as EPS and
occupancy rate). This meant that when it was assessed whether
these criteria were met, there was no margin of appreciation,
and there was therefore no need to apply the conflict of
interest procedure again. However, there was some margin of
appreciation for the assessment of certain qualitative criteria
(includingoperationalandnancialperformance),whichmade
it appropriate to apply the conflict of interest procedure again
(currently laid down in Article 7:96 of the Belgian Companies
and Associations Code) to determine whether these criteria
weremetduringthenancialyear2019.
After evaluating the applicable KPIs (Annex 3), the Board of
Directors discussed the proposal for a concrete allocation of
variable remuneration of 120% to the members of the executive
managementforthenancialyear2019asapprovedatthe
meetingof4February2020,andthenratiedthisdecision.
6. Setting the variable remuneration of the executive
managementforthenancialyear2020
1. Introduction
The Board of Directors acknowledges the notication by
Christian Teunissen and Frederik Snauwaert of a conflict of
interest under property law on their behalf pursuant to Article
7:96 of the Belgian Companies and Associations Code, as set
out below. After reporting this conflict of interest, Christian
Teunissen and Frederik Snauwaert left the meeting.
2.AcknowledgementofthestatementbyChristianTeunissen
andFrederikSnauwaertinaccordancewithArticle7:96of
the Belgian Companies and Associations Code
The Board of Directors acknowledges the statement by
Christian Teunissen and Frederik Snauwaert in accordance
with Article 7:96 of the Belgian Companies and Associations
Code concerning their interests under property law that are in
conflict with the intended decision of the Board of Directors.
This conflict of interest under property law is reported to the
directors prior to the discussion and decision-making with
regard to this agenda item.
A copy of the above-mentioned statements is attached to the
minutes as Annex 1.
adverse impact on the Company.
The statutory arrangement on conflicts of interest for directors
(Article 7:96 of the Belgian Companies and Associations Code)
applies, in principle, to resolutions or transactions that fall under
the Board of Directors’ authority if a director has a direct or
indirect interest under property law that is in conflict with such a
resolution or transaction.
The Company must also comply with the procedure of Article
7:97 of the Belgian Companies and Associations Code if it
makes a decision or performs a transaction that relates to: (i)
relationshipsbetweentheCompanyandanafliatedcompany,
with the exception of its subsidiaries and (ii) relationships
between one of the Company’ssubsidiaries and an afliated
company, with the exception of subsidiaries of that subsidiary.
The provisions of Articles 37 and 38 of the Law on Regulated
Real Estate Companies also apply to the Company. Article 37
of the Law on Regulated Real Estate Companies contains an
arrangement on functional conflicts of interest which entails
that a public RREC must contact the FSMA whenever certain
persons afliated with the public RREC (listed in the same
article, including the directors, the persons who control, are
afliatedwithorhold aparticipatinginterestinthe RREC,the
promoter and other shareholders of all subsidiaries of the public
RREC) act directly or indirectly as a counterparty in, or derive
any pecuniary gain from, a transaction with the public RREC
or one of its subsidiaries. Transactions involving a functional
conflictofinterestmustbenotiedtotheFSMAandmustbe
disclosed immediately (without prejudice to the rules on inside
information).Theyareexplainedintheannualnancialreport
and the Statutory Auditor’s report. These transactions must
also be completed in line with the market and must follow the
normal course set by the Company’s business strategy. If such
a transaction involves property, the valuation by the property
expert is binding as a minimum price (if the RREC is the seller) or
as a maximum price (if the RREC is the purchaser). Article 38 of
the Law on Regulated Real Estate Companies provides a number
of exceptions where the provisions of Article 37 of the Law on
Regulated Real Estate Companies do not apply.
The Company further imposes the obligation on each member
of the Board of Directors and executive management that they
must avoid the creation of any conflicts of interest as far as
possible. The Company also voluntarily applies a stricter policy
on conflicts of interest that relate to matters that fall within the
authority of the Board of Directors or executive management.
Since the Company’s directors are appointed based on their
competences and experience in relation to real estate and other
contiguous areas of expertise, they may hold directorships
in other real estate companies or companies that control
real estate companies, or they may perform property-related
activities as a natural person. It is possible that a transaction
which is submitted to the Board of Directors (such as the
purchase of a building at an auction) may attract the attention
of another company in which a director holds a directorship.
The Company has also decided to apply a special procedure
to such corporate opportunities that can sometimes lead to
conflicts of interest, which is modelled to some extent on the
conflicts-of-interest procedure laid down in Article 7:96 of the
Belgian Companies and Associations Code.
For a detailed description of the Board of Directors’ duties and
operation, please refer to
Chapter 3 of the Company’s Corporate
Governance Charter
.
6.1.15
SPECIFIC CONFLICTS OF INTEREST
The procedure of Articles 7:96 and 7:97 of the Belgian
Companies and Associations Code was used in meetings two
times in 2021.
• On 22 February 2021, the Board of Directors ratied a
decision of the Board of Directors of 4 February 2020 on
how the variable fee of the executive directors was set
for the nancial year 2019. This decision was taken on 4
February 2020 in the absence of the executive directors and
without formal application of the procedure of Article 7:96
of the Belgian Companies and Associations Code, because
this was considered to be the mere implementation of an
earlier decision taken in accordance with Article 523 of the
Belgian Companies and Associations Code. In order to avoid
anydoubtinthisregard,theBoardofDirectorsratiedthis
decision on 22 February 2021 with application of Article 7:96
of the Belgian Companies and Associations Code.
Extract of the minutes of the meeting of the Board of
Directors of 22 February 2021:
“5.Variableremunerationoftheexecutivemanagementfor
2019–ratication
1. Introduction
The Board of Directors reminds everyone of the decision to
80 I CORPORATE GOVERNANCE
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The Company intends to use the net proceeds of the Capital
Increase to fund its investment pipeline and further growth in
combinationwithcreditnancingasthecasemaybe.
• Justicationofthedecisionstaken
The Fixed Subscription Commitment that forms the basis of
the Pre-Allocation offers the Company the certainty that (if it
chooses to realise the Capital Increase) 432,000 new shares,
which is approximately 17.1% of the new shares provided in the
Offering,willbesubscribedatthenalissueprice.Moreover,
as the Company’s historical main shareholder, Aloxe NV again
demonstrates its condence in the Company and its future
prospects with its Fixed Subscription Commitment. The Board
believes that this will support the Offering’s pricing and success.
The Company intends to use the net proceeds of the Capital
Increase to fund its investment pipeline and further growth in
combinationwithcreditnancingasthecasemaybe.
The Board of Directors wishes to grant the pre-allocation and
ensuing cancellation of the statutory pre-emptive right of
(and without allocation of an irreducible allocation right to)
the existing shareholders partly in favour of Aloxe NV (and in
extension of the pre-allocation, the determination of the issue
price) in the context of the capital increase, in particular in
view of the following circumstances: (i) the Fixed Subscription
Commitment underlying the Pre-Allocation will support the
capital increase’s pricing and success; (ii) the Fixed Subscription
Commitment underlying the Pre-Allocation provides the
Company with the certainty that (if it chooses to realise the
Capital Increase) 432,000 new shares, which is approximately
17.1%ofthenewshares,willbesubscribedatthenalissue
price; (iii) as the Company’s historical main shareholder, Aloxe
NVagaindemonstratesitscondenceintheCompanyandits
futureprospectswithitsxedsubscriptioncommitment;(iv)the
Pre-Allocation does not, in itself, lead to any additional dilution
of the rights of the Company’s existing shareholders (other than
AloxeNV).Nordoesitleadtoanadditionalnancialdilution,as
in the context of the Fixed Subscription Commitment, Aloxe NV
hasundertakentosubscribetonew shares atthenal issue
price and the ensuing cancellation of the statutory pre-emptive
right.
• The nancial consequences of the transactions for the
Company
Even if the Capital Increase is achieved for an amount that
is less than the maximum amount determined by the Board
of Directors, Aloxe NV will still honour the Fixed Subscription
Commitment. Aloxe NV has made the Fixed Subscription
Commitment dependent on the Pre-Allocation being granted by
the Board of Directors. As a result, the Company will certainly
realise approximately 17.1% of the Capital Increase (or 432,000
shares).
The Company’s statutory auditor will be informed of this
conflict of interest.
All other directors, present or represented, declare or have
declared that they have no conflict of interest in terms of
the decisions or transactions described in the agenda within
the meaning of Article 7:96 of the Belgian Companies and
Associations Code, Article 7:97 of the Belgian Companies and
Associations Code and Article 37 of the Law of 12 May 2014
on Regulated Real Estate Companies.
Furthermore, the Board of Directors conrms that the
decisions to be taken about other issues than Aloxe NV (see
agenda item 1), the intended Pre-Allocation and by extension
the intended Offering (where necessary) do not involve any
decisions or transactions relating to any related party within
the meaning of the international accounting standards
adopted in accordance with Regulation (EC) 1606/2002.
Christian Teunissen and Frederik Snauwaert left the meeting.
DELIBERATIONS AND DECISIONS
3.1. Ratication of the appointment of the committee of
independent directors in the context of the application of
Article 7:97 of the Belgian Companies and Associations Code
In view of the fact that:
(i) Aloxe NV is a party related to the Company within the meaning
of Article 7:97 of the Belgian Companies and Associations
Code.
(ii) In the context of the proposed Offering, Aloxe NV has
irrevocably and unconditionally committed to subscribe to
432,000newsharesatthenalissuepricepursuanttothe
Fixed Subscription Commitment, which is approximately
17.1% of the number of shares provided in the Offering.
(iii) The Company would grant the Pre-Allocation to Aloxe NV in
exchange for the Fixed Subscription Commitment.
(iv) The intended Offering would be accompanied by the lifting
of the statutory pre-emptive right of the Company’s existing
shareholders partly in favour of Aloxe NV without granting
the irreducible allocation right to those existing shareholders.
The intended Pre-Allocation and by extension the intended
Offering (where necessary) are subject to the assessment of a
3. Discussion and approval of the concrete allocation of
thevariableremunerationtothemembersoftheexecutive
management for 2020
The Board of Directors acknowledges the respective
noticationsinthecontextoftheproposeddiscussionofthe
concrete allocation of variable remuneration to the members
oftheexecutivemanagementforthenancialyear2020.This
will logically be paid for by Xior, which will therefore bear the
nancialconsequences.Thisresultsinaconflictofinterest
under property law between Xior and Christian Teunissen and
Frederik Snauwaert, respectively. The consequences under
property law of Xior paying the remuneration are shown in
Annex 2 to the minutes, which includes an overview of the total
xedremuneration(incl.xedexpenseallowances)andthe
total maximum variable remuneration of Christian Teunissen
and Frederik Snauwaert.
Subsequently, the Board of Directors referred to the meeting
of the Remuneration and Appointment Committee that took
place on the same day. Based on the Remuneration and
Appointment Committee’s recommendation regarding the
variable remuneration, the Board of Directors examined to
what extent the various KPIs had been achieved (Annex 4)
and then decided to grant a variable remuneration of 100% to
Christian Teunissen and Frederik Snauwaert.
• At the meeting of 2 December 2021, the Board of Directors
implemented Article 7:96 of the Belgian Companies and
Associations Code in the context of the capital increase of 7
December 2021:
Extract from the minutes of 2 December 2021:
“Agenda
1.Ratication of the appointment of the committee of
independent directors pursuant to Article 7:97 of the
Belgian Companies and Associations Code
2. Implementation of Article 7:97 of the Belgian Companies
and Associations Code
3.Statusintermsoftheacceleratedbookbuild–Feedback
from the Joint Global Coordinators following the wall
crossing
4. Transaction documentation and authorisation
5. Company presentation
6. Proxy
Prior declaration
Christian Teunissen and Frederik Snauwaert declare that
they have a nancial interest that may be in conflict with
the Company’s interests for agenda items 1, 2, 3, 4 and 6.
Under these agenda items, the market sounding results
are discussed and the transaction documentation for the
capitalincrease(bothtermsasdenedbelow)arediscussed
and approved. Aloxe NV, of which Christian Teunissen and
Frederik Snauwaert are the (ultimate) shareholders, has
irrevocably and unconditionally committed to subscribe to
432,000 new shares, which is approximately 17.1%, of the
newsharesofferedinthecontextoftheOffering(asdened
below) at their nal issue price (the Fixed Subscription
Commitment) to be determined by the Board of Directors (or,
where appropriate, by the directors and/or members of the
executivemanagementspecicallyauthorisedbytheBoardof
Directors) in consultation with the Joint Global Coordinators,
taking into account various parameters, including the results
oftheacceleratedbookbuild(asdenedbelow)andtheXior
share price. The Board of Directors also takes into account
the valuation of the assets held by the Company (and its
perimetercompanies)pursuanttoArticle48,rstparagraph
of the Law on Regulated Real Estate Companies. Aloxe NV
has made the Fixed Subscription Commitment dependent
on the Company’s successful allocation of the number
of new shares to which it has committed under the Fixed
SubscriptionCommitment,takingintoaccountthenalissue
price guaranteed to Aloxe NV in the accelerated bookbuild
(the Pre-Allocation).”
In accordance with Article 7:96 of the Belgian Companies
and Associations Code, the directors concerned must not
participate in discussions or decision-making, and the
minutes must contain the following information: nature of
thetransactions,justicationofthedecisionstakenandthe
nancialconsequencesofthetransactionsfortheCompany.
These statements have been included above and below.
• The nature of the transaction
The Company wishes to carry out a capital increase in cash
by issuing a maximum of 2,525,572 new shares within the
authorised capital, lifting the existing Company shareholders’
statutory pre-emptive right (partly in favour of the Company’s
current main shareholder, Aloxe NV) without granting an
irreducible allocation right to those existing Company
shareholders (the Capital Increase).
The Capital Increase’s main objective is part of a pursuit of
abalancednancingstructure and allows theCompanyto
acquirenewnancialresourcesandstrengthenitsequityto
continue the implementation of its growth strategy and to
strengthen the balance sheet by reducing the debt ratio.
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- The draft press release announcing the new denominator
(under the transparency regulations) pursuant to the Offering;
- The draft amendment to the articles of association;
- Publicity Guidelines (incl. Blocker) in connection with the
Offering (Annex 4);
- The Engagement Letter of 2 December 2021 between the
Joint Global Coordinators and the Company (Annex 5);
- The draft Placement Agreement, which following the
accelerated bookbuild’s new shares to be issued in the context
of the Offering will be concluded on or around 2 December
2021 between the Company and the Joint Global Coordinators
(Annex 6);
- The Joint Allocation Objectives in connection with the Offering
(Annex 7);
-ThedraftAuthorisationLetter,asdenedinArticle5.1.6(iii)
of the Placement Agreement, which will be signed by the
Company and delivered to the Joint Global Coordinators on or
around 7 December 2021 (Annex 8);
-ThedesignofCompany’sCerticate,asmentionedinArticle
5.1.5 (ii) and Annex 5.1.5 (ii) of the Placement Agreement,
which will be signed by the Company and delivered to the Joint
Global Coordinators on or around 7 December 2021 (Annex 9).
- Any translations of the above documents;
Andries De Smet explained the status of the Transaction
Documentation.
The Board of Directors is of the opinion that the draft Placement
Agreement does not contain any provisions, conditions or
stipulations (particularly with regard to the arrangements for
compensationandindemnication)outsidetheframeworkof
the practical (and reasonable) provisions for such an agreement
(in an apparently disproportionate manner).
After deliberation, the Board of Directors unanimously decides
to approve or ratify the Transaction Documentation and to
authorise each Company director (with the exception of
Christian Teunissen and Frederik Snauwaert), each acting alone
and with power of substitution, to further negotiate, modify,
nalise, approve, sign and execute the (draft) Transaction
Documentation and related documents to be drawn up in
connection with the Offering on the Company’s behalf and for
the Company’s account.
The Board of Directors also decides to endorse all acts
performed in the context of the Offering to date by one or
more of the directors or members of the Company’s executive
management or other persons, including the following non-
exhaustive list:
(i) the instruction of the independent committee in accordance
with Article 7:97 of the Belgian Companies and Associations
Code; the questions and answers during the ongoing legal
and business due diligence;
(ii) the decision to start the Wall Crossing, as decided by the
Company’s executive management on 1 December 2021.
3.5Proxy
After deliberation, the Board of Directors unanimously decided
to grant a special authorisation to each Company director except
Christian Teunissen and Frederik Snauwaert, and Andries De
Smet, each acting alone and with the power of substitution, to
(i) negotiate, modify, nalise, conclude, sign, publish, declare
certied and implement all documents, agreements, forms,
certicates,conrmationsanddeclarationsthatareormaybe
necessary, useful or incidental in the context of or in connection
with the preparation, realisation and completion of the Offering,
the documents that are or may be referenced by it (or by its
implementation) and the associated acts, (ii) take any action
necessary or useful for the implementation of the decisions
taken; and (iii) perform all acts that are or may be necessary,
useful or incidental in the context of or in connection with
the preparation, realisation and completion of the Offering,
the documents referenced by it (or by its implementation)
and the accompanying acts. In particular, proxy is granted to
each Company director, each acting alone and with power
of substitution, to do the following (the list below is non-
exhaustive):
- Prepare, approve, sign and publish all press releases relating
to the Offering;
- Prepare, approve, sign and publish all documents with
information, advertising and marketing intended for investors
(including subscription instructions);
- Draw up, approve and sign any documents intended for
analysts;
- Draw up, approve, sign and publish all other language versions
of the documents referenced by the Offering and/or this
agenda (or their implementation);
-Submitdraftandnalversionsofthedocumentsendorsedby
the Offering and/or this agenda (or their implementation) to
the supervisory authorities if required by law, and do all that is
necessary or useful to obtain the required approvals from the
supervisory authorities;
- Obtain Engagement Letters, Arrangement Letters, Comfort
Letters and other similar documents from the statutory auditor
and/or other auditors involved in the Offering, and deliver
Representation Letters (and other similar documents) in the
name and on behalf of the Board of Directors or the Company;
committee of independent directors pursuant to Article 7:97 of
the Belgian Companies and Associations Code.
The Board of Directors therefore endorses the composition of the
committee of three independent directors, Leen Van den Neste,
Joost Uwents and Wouter De Maeseneire, in order to issue a
written and fully motivated opinion to the Board of Directors in
advance of this board meeting in accordance with Article 7:97,
Section 1 of the Belgian Companies and Associations Code,
which will cover at least the following elements: (i) the nature of
the transaction, (ii) a description and budget of the transactions’
nancial consequences and a description of any other
consequences for the Company, (iii) the transaction’s advantages
and disadvantages for the Company, and (iv) the transaction’s
place in the Company’s policy. As required by law, the Committee
had to determine whether the proposed transaction is manifestly
unlawful and whether any possible disadvantages of the
transaction are compensated by other elements of that policy.”
3.2 Application of Article 7:97 of the Belgian Companies and
Associations Code
Pursuant to Article 7:97 of the Belgian Companies and
Associations Code, the Committee of Independent Directors
issued its opinion to the Board of Directors before the board
meeting on the transactions with related persons that the
capital increase implies the following:
(i) The Fixed Subscription Commitment.
(ii) The Pre-Allocation.
This opinion is included as Annex 2 to these minutes. The
conclusion of this opinion is as follows:
“In view of the above, the Committee advises the Company’s
Board of Directors that the intended Capital Increase that will
take place in the context of the accelerated bookbuild, and
the associated Fixed Subscription Commitment and the Pre-
Allocation with regard to Aloxe NV, are not in conflict with the
Company’s interests and are not unlawful.
The Committee also believes that it is highly unlikely that the
Fixed Subscription Commitment and/or the Pre-Allocation
would lead to any disadvantages for the Company that would
notbeoffsetbythebenetssetoutintheadviceabove.”
In accordance with Article 7:97, Section 4 of the Belgian
Companies and Associations Code, the statutory auditor has
reportedtheirassessmentofthefaithfulnessofthenancial
andaccountingdataandanydiscrepanciesinthenancialand
accounting data mentioned in the Committee of Independent
Directors’ opinion or in the present minutes. The auditor’s
assessment is attached to these minutes as Annex 3. The
auditor has concluded as follows:
“Conclusion
Based on our assessment, nothing has come to our attention
that has prompted us to believe that any of the accounting
andnancialdataincludedintheopinionoftheCommitteeof
Independent Directors of 2 December 2021 and the minutes of
the Board of Directors of 2 December 2021 would be untrue or
inconsistent with the information we have available as part of
this assignment in any aspect.
Since the prospective accounting and nancial data and the
assumptions on which they are based relate to the future and
therefore may be affected by unforeseen events, we do not
express an opinion as to whether the reported actual results will
correspondtothoseincludedinthefuturenancialinformation
and any discrepancies may be material.
Our assignment was only carried out within the framework of
the provisions of Article 7:97 of the Belgian Companies and
Associations Code and our report can therefore not be used in
any other context.
Emphasis on a particular issue
As the number of new shares is not yet known on the date of
this report, it is not possible to make an exact estimate of the
precisenancialdilutioneffectthecapitalincreasewillcause
for the existing shareholders. We have established that, based
on the given net asset value per share (IFRS) as determined by
the Board of Directors, the dilution calculations included in the
Special Report are mathematically correct.”
[…]
3.4 Transaction documentation and authorisation
The Board of Directors acknowledges the following documents
in the context of the Offering (the Transaction Documentation):
- Draft Board of Directors Report 7:179/7:191/7:193 of the
Belgian Companies and Associations Code;
- Draft Statutory Auditor’s Report 7:179/7:191/7:193 of the
Belgian Companies and Associations Code;
- The draft press release about the Offering’s announcement;
- The draft press release about the Offering’s pricing and results;
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No shares were granted to the members of the Board of
Directors as a fee for 2021.
6.1.17.3 Executive directors
The Company’s directors who are also members of the
executive management receive no xed fees or attendance
fees. As a member of the executive management, they receive a
management fee (see
Chapter 6.1.17.5 of this Annual Report ).
6.1.17.4 Non-executive directors
The remuneration of non-executive independent directors takes
into account their role as members of the Board of Directors and
their role in the Board of Directors committees and the resulting
responsibilities and time spent.
On 20 May 2021, the Company’s general meeting decided to
increase the remuneration of the non-executive directors.
The Company’s Appointment and Remuneration Committee
consideredthisjustiedforthefollowingreasons:
• TheCompany’ssignicantgrowthsincethelastadjustment
of the fee in 2018 (the number of units and portfolio value
have doubled);
• The complexity of the international expansion (Spain and
Portugal) that has taken place over the last two years;
• The Company’s desire to attract directors with a more inter-
national background and experience to support the aforemen-
tioned international expansion in the best possible way.
With effect from 1 January 2021, non-executive directors will
receiveaxedfeeofEUR27,500peryear(comparedtoEUR
17,500 the year before) and an attendance fee of EUR 1,000
per board meeting (compared to EUR 750 per meeting the year
before).Non-executive directors also receivea xed expense
allowance of EUR 2,500 per year (the expense allowance did not
change compared to the year before).
No additional payments in kind are made to the non-executive
directors (independent or otherwise) during the term of
their mandate. There are no conditional, variable or deferred
payments.
As a member of the investment committee established in 2018
(see
Chapter 6.1.13 of this Annual Report ), Joost Uwents was
awardedan additional feeof EUR 10,000 (axed annual fee
that did not change compared to the year before) as well as an
attendance fee of EUR 1,000 for each investment committee
meeting from 1 January 2021 (the year before the attendance
fee was EUR 750). No additional remuneration was granted
to the members of the audit committee, remuneration and
appointment committee, as these tasks had already been
carried out by the Board of Directors.
6.1.17.5 Remuneration of the members of the executive
management
Members of the executive management who are also members
of the Board of Directors do not receive any fee in their capacity
as members of the Board of Directors. As a member of the
executive management, they receive a management fee.
The remuneration of the members of the executive management
consistsofaxedamountpermonthorperyearthatislaid
down in a special agreement approved by the Company’s Board
of Directors following a proposal from the Appointment and
Remuneration committee.
The CEO and CFO each concluded a management agreement
with the Company on 23 November 2015. These management
agreements were last amended in 2018 to implement the
increased remuneration of the executive management,
as decided by the Board of Directors, also acting as the
Remuneration Committee, on 6 July 2018. The CIO concluded
a management agreement with the Company on 2 December
2019. These management agreements, as amended, also refer
to the criteria for variable pay.
TheCEO’sxedannualfeeisEUR341,601(subjecttoannual
indexation) and the variable annual remuneration is set at EUR
100,000 (subject to annual indexation).
Thetotalxedannualfeegrantedtotheothertwomembers
of the executive management in 2021 (the CFO and CIO)
amounted to EUR 756,826 in total (subject to annual indexation)
and the variable annual fee had been set at EUR 80,000 in total
(subject to annual indexation).
The Board of Directors is convinced that the above criteria
are the most important performance criteria in order to serve
the long-term interests of the Company, its strategy and the
sustainability of the Company’s activities.
Each year, the Company’s Board of Directors decides on the
variable fee to which the executive management members may
effectively be entitled for their activities during the previous
nancial year, as proposed by the Remuneration Committee.
Theachievementofthenancialcriteriaischeckedbasedon
theCompany’saccountingandnancialdata.Thecalculation
of the possible variable pay is based on the extent to which the
- Submit the request for the new shares’ admission to the
Euronext Brussels regulated market for trading, take the
necessary steps for the suspension of the Company’s share
in the context of the Offering, and take all steps with regard
to Euronext Brussels and Euroclear Belgium in the context
of issues such as the listing, trading and dematerialisation
of the new Company shares, and the detachment of coupon
no. 19, which entitles the holder to a proportionate dividend
forthecurrentnancialyear2021from9March2021upto
and including 6 December 2021.”
6.1.15.1 Other real estate activities of the executive directors
and the companies to which they are associated
In addition to their Company real estate activities, Christian
Teunissen (CEO) and Frederik Snauwaert (CFO) are indirectly
involved in other real estate activities (with stakes in other
real estate companies and/or as members of administrative
bodies). However, these activities do not require daily or active
follow-up or involvement, and therefore do not prevent the CEO’s
and CFO’s operational activities at the Company.
Furthermore, these activities do not constitute signicant
competitive activities in relation to the Company’s student
housing activities. For the sake of completeness, it is mentioned
that CEO Christian Teunissen has a stake in a company holding
a limited number of student housing units he has no control
over, and CFO Frederik Snauwaert has a stake in another
company holding a limited number of student housing units he
has no control over. Both are exit scenarios and neither person
has any intention of expanding these student housing activities
in the future. Because of the limited scope of these activities,
they could never cause any signicant competition with the
Company’s student housing activities.
6.1.16
STATEMENTS
The Company has no arrangements or agreements with any
major shareholders, clients, suppliers or other persons electing
these parties as members of administrative, management or
supervisory bodies or as members of the senior management.
6.1.17
REMUNERATION REPORT
6.1.17.1 General information – persons concerned
In compliance with Article 3:6, Section 3 of the Belgian Companies
and Associations Code, Xior draws up a remuneration report on
the remuneration policy and the individual remuneration of its
executive and non-executive directors and the members of its
executive management.
This report covers the period from 1 January 2021 to 31
December 2021.
Theremunerationpolicyhasnotchangedsignicantlycompared
to the previous reporting period. This report was drawn up and
approved by Xior’s Board of Directors and the Appointment and
Remuneration Committee on 14 February 2022.
6.1.17.2 Remuneration of the members of the Board of
Directors
The Company’s Board of Directors presents the fees of each of
its members at the general meeting. About every two years, a
benchmarking exercise is held based on the remuneration of the
directors and executive management of comparable listed real
estate companies. Independent specialist Hudson carried out this
benchmarkingexerciseforthersttimein2018.Theadjustment
of the fees for 2018 was also based on such an exercise.
In 2021, the Remuneration Committee also analysed the
directors’ remuneration a second time. On 14 April 2021, the
Board of Directors decided to increase the remuneration of
the non-executive directors (as proposed by the Remuneration
Committee) (see
Chapter 6.1.17.4 of this Annual Report ).
All members of the Board of Directors are covered by a D&O
Insurance policy. Xior pays the premium of this policy (EUR
27,203). The directors do not receive any other benets
(company car, pension, mobile telephone and so on).
The Company’s remuneration policy distinguishes between two
types of directors: the executive directors and non-executive
directors, who can be independent or not. The directors are
not awarded a variable fee (in their capacity as directors), nor
any fee for specic operations or transactions of the public
RREC or its subsidiaries. For the executive directors’ variable
fee in their capacity as executive management members, see
Chapter 6.1.17.5 of this Annual Report ). This fee is therefore in
accordance with Article 35 of the Law on Regulated Real Estate
Companies.
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Executive management
Fixed fee Variable fee
Total
CEO EUR 341,601 (73%) 124,466.67 EUR (27%) 466,067.67 EUR (100%)
CFO & CIO EUR 756,826 (88%) 99,573.54 EUR (12%) 856,399.54 EUR (100%)
Total EUR 1,007,842 224,040.21 EUR 1,322,467.21 EUR
The remuneration of the executive management is subject to
annual indexation.
The table below is an overview of the annual change in the
remuneration of non-executive directors and the executive
management, the annual change in the Company’s performance
and the annual change in the average remuneration (expressed
in full-time equivalents) of Company employees other than non-
executive directors and the executive management over the last
venancialyears:
Annual change in % 2017 vs 2016 2018 vs 2017 2019 vs 2018 2020 vs 2019 2021 vs 2020
1. Remuneration of non-executive directors (total)
Leen Van den Neste -4% 81% -3% 0% 47%
Joost Uwents -4% 81% 45% 8% 41%
Wilfried Neven -9% 85% 0% -3% 50%
Wouter De Maeseneire 0% 81% 0% -3% 47%
Marieke Bax N/A N/A N/A N/A N/A
2.CEO (total)
Christian Teunissen 32% 31% 2% -4% 5%
3. Average remuneration of other members of the executive management
CFO & CIO
39% 29% 34%
1
79% 14%
4. Company performance
EPRA EPS 22% 2% 10% 6% 6%
DPS 4% 4% 4% 5% 6%
FV of portfolio 84% 67% 46% 31% 26%
Market capitalisation 69% 65% 85% 7% 32%
5. Average remuneration of the Company’s employees (FTE)
9% 21% -3% -2% 0%
1
For the CIO, this includes the remuneration to Arne Hermans until the end of March 2019 and the remuneration already paid to Bastiaan Grijpink (within the framework of a separate service
provision prior to the end of March 2019).
The ratio between the highest remuneration of the management
members and the lowest remuneration of the Company’s
employees is 17,94%.
6.1.17.7 Share options
The Company has not entered into any share options plans,
share purchase plans or employee participation agreements
under which members of the management, executive or
supervisory bodies and the senior management could acquire
shares in the Company.
objectives have been achieved and serves as a guideline for the
BoardofDirectorstomakeanaldecisiononthevariablepay
(as proposed by the Remuneration Committee).
On 14 February 2022, the following was decided with regard
to the nancial year 2021 based on the predetermined KPIs
mentioned below (in order of importance) and based on the
thresholds “below” (80% of the basic amount), “base case”
(100% of the basic amount) and “above” (120% of the basic
amount):
• “EPRA Earnings per Share (EPS)” accounted for 40% of the
assessment.
• The occupancy rate accounted for 20%.
• Portfolio growth (based on fair value) accounted for 20%.
• Quality and organisational KPIs accounted for the remaining
20%.Thesearelinkedtospecicmilestonesintermsof:
> Environmental, social and governance (ESG): (1) develop an
ESGpolicyforhealthandsafetyanddeningthecompletelist
and schedule for the other policies in terms of ESG, (2) attract
an (external or permanent) energy manager, (3) conduct a
tenant satisfaction survey, (4) create a code of conduct and
a clear description of Xior’s core values and (5) carry out a
feasibilitystudyfortheexternalcerticationofXior’sbuildings.
> Finance: successful roll-out of a commercial paper
programme, reduction of outstanding A/R;
> IT: the company’s further digitisation.
The KPIs for the CEO and CFO had reached the “above” level,
except with regard to “EPRA Earnings per share (EPS) for which
the level “base case” was achieved (and therefore 108% of the
base amount of the variable fee for 2021 had been achieved).
There is currently no form of share-based compensation within
the Company.
If a proposal is made to create a system by which the members
of the executive management are paid in the form of shares,
share options or any other right to acquire shares, this system
must be pre-approved by the Company’s shareholders. The
criteria for allocating the income-based variable fee for the
executive directors only relate to the public RREC’s consolidated
net result and exclude all fluctuations in the fair value of the
assets and hedging instruments. No remuneration is paid based
onaspecicoperationortransactionofthepublicRRECorits
subsidiaries. This fee is therefore in accordance with Article 35
of the Law on Regulated Real Estate Companies.
No additional fees are granted to the members of the executive
management. There are no conditional, other variable or
deferred payments. There was no minimum threshold for 2021
in terms of management shareholding.
No provision has been made for any right of the Company to
recoveravariablefeethatisgrantedbasedonincorrectnancial
data.
The agreements with the executive management have been
concluded in line with market conditions. For the purpose of
determining the remuneration of the executive management,
there was also some limited benchmarking with similar listed real
estate companies when the relevant agreements were signed.
The Company has not concluded any other agreements with
the remaining members of its management, executive and
supervisory bodies.
6.1.17.6 Summary of the remuneration of the members of the Board of Directors and executive management for 2021
Board of Directors
Fixed fee Attendance fee Expense allowance
Total
Leen Van den Neste EUR 27,500 EUR 7,000 EUR 2,500 EUR 37,000
JoostUwents EUR 37,500 EUR 18,000 EUR 2,500 EUR 58,000
Wilfried Neven EUR 27,500 EUR 8,000 EUR 2,500 EUR 38,000
Wouter De Maeseneire EUR 27,500 EUR 7,000 EUR 2,500 EUR 37,000
MariekeBax EUR 16,952.05 EUR 3,000 EUR 1,541.10 EUR 21,493.15
Christian Teunissen
- - -
FrederikSnauwaert - - -
Total EUR 147,500 EUR 40,000 EUR 12,500 EUR 200,000
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XIOR I 89

6.2 INFORMATION PURSUANT TO ARTICLE 34 OF THE ROYAL DECREE OF 14
NOVEMBER 2007
6.2.1
CAPITAL STRUCTURE
As at 31 December 2021, the Company’s capital was EUR
500,063,418.00 divided into 27,781,301 non-par-value shares,
each representing 1/27,781,301 of the capital.
There are no preference shares. Each of these shares confers
the right to one vote in the general meeting. The existing
shareholders have a pre-emptive right in case of a capital
increase in the Company (
see also Chapter 10.9.17 of this
Annual Report
).
No special rights of inspection have been granted to certain
categories of shareholders.
There is no restriction on voting rights by law or under the
Articles of Association. Xior’s Articles of Association contain no
provisions that restrict the free transferability of the shares. In the
context of both the secondary public offering (SPO) of February
2021 and the accelerated bookbuild (ABB) of 7 December 2021,
the Company’s main shareholder Aloxe NV entered into lock-up
commitments whereby it undertook not to sell the Company
shares it was holding on the SPO and ABB’s dates of completion
foraxedperiodoftime.Anumberofnormalexceptionswere
provided in relation to the above lock-up arrangements.
The Company is not aware of the existence of any shareholders’
agreement between the existing shareholders in relation to the
Company.
6.2.2
DECISION-MAKING BODIES
The rules that apply to the appointment or replacement of
members of the Board of Directors and to the amendment of
Xior’s Articles of Association are mentioned in the applicable
legislation – specically the Belgian Companies and
Associations Code and Legislation on Regulated Real Estate
Companies–andintheCompany’sArticlesofAssociation(
see
also Chapter 6.1.4 of this Annual Report
).
6.2.3
AUTHORISED CAPITAL
At the Extraordinary General Meeting of 24 June 2021, the
Board of Directors was authorised to increase the registered
capital in one or more transactions (see also
Chapter 10.9.17
of this Annual Report
and Article 7 of the Articles of Association
included in
Chapter 12 of this Annual Report ) .
During 2021, the Company used its authorisation of 6 November
2019 and its new authorisation of 24 June 2021 (see
Chapter
12.1.4 of this Annal Report
).
6.2.4
PURCHASE OF SHARES
The Company may acquire its own shares or accept them in
pledge in accordance with the conditions laid down in the
Belgian Companies and Associations Code (see Article 7:215,
Section 1, 1-4 of the Belgian Companies and Associations
Code).
The Company does not hold any of its own shares.
6.2.5
CONTRACTUAL PROVISIONS
Theconditionsunderwhichnancialinstitutionshavegranted
nancing to Xior require that it must retain its status as a
public regulated real estate company. The general terms and
conditions under which this nancing is granted contain an
early repayment clause to be implemented at the banking
institutions’ discretion if there is a change of control.
90 I CORPORATE GOVERNANCE
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XIOR I 91

THE XIOR
SHARE
07
Arc
LIÈGE
“
It is important for Xior to be able
to continuously attract and properly
integrate the right talent into the
company, motivated employees who
are fully committed to the vision and
values of the Xior Family.
„
92 I THE XIOR SHARE
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XIOR I
93

DATA PER SHARE 31/12/2021
31/12/2020 31/12/2019 31/12/2018
Number of issued shares
1
27,781,301 21,046,441 19,133,129 13,768,815
Weighted average number of shares
2
24,644,517 19,560,351 14,996,135 11,109,319
Market capitalisation (in EUR) 1,362,672,814 1,033,380,253 966,223,014 523,214,970
Free float
3
76.61% 74.60% 74.43% 71.22%
Share price (closing price) for relevant period (in
EUR)
Highest
56.90 61.30 53.30 41.00
Lowest
44.65 36.70 38.00 33.20
Average
49.87 49.29 45.60 37.71
At year-end
49.05 49.10 50.50 38.00
Volume (in number of shares)
Number of shares traded
5,750,438 7,812,361 3,579,057 2,589,031
Average daily volume
22,375 30,398 14,307 10,193
Velocity
23.33% 39.94% 23.87% 18.80%
NAV (IFRS) (in EUR) 36.13 31.34 32.71 29.78
EPRA NAV
(in EUR)
4
38.65 34.87 35.96 31.45
Dividend payout ratio 80.00% 80.00% 81.25% 85.6%
EPRA earnings
per share
3
(in EUR) 1.82 1.74 1.61 1.46
EPRA earnings
per share
3
(inEUR)–group
share 1.80 1.70 1.60 1.46
Gross dividend per share (in EUR)
5
1.44 1.36 1.30 1.25
Net dividend
6
per share (in EUR)
5
1.008 0.95 0.91 0.875
Gross dividend yield
7
3.02% 2.77% 2.57% 3.40%
Net dividend yield
8
2.12% 1.94% 1.84% 2.36%
1
The data is displayed as it is made available on the website of Euronext Brussels, without any adjustments for corporate events such as capital increases and coupon detachments.
2
In relation to the relative dividend entitlement.
3
Approximateestimatetakingintoaccounttheknownpercentagesofshareholderswhoissuedatransparencynotication(basedonthecurrenttotalnumberofshares(denominator)).
4
Basedontotalamountofoutstandingshares.–ForAPMdenitions,useandreconciliationtables,pleasereferto Chapter 10.8 of this Annual Report . All APMs are marked with .
5
Calculated based on the weighted average number of shares.
6
Taking into account 30% withholding tax.
7
Calculatedasgrossdividenddividedby(closingprice–grossdividend).
8
Calculatedas(grossdividend–30%withholdingtax)dividedby(closingprice–grossdividend).
As in previous years, Xior will continue to try to participate in
roadshows, conferences and events for both institutional and
private investors, so as to consistently provide transparent
information to investors and broaden and strengthen its investor
base.
Market: Euronext Brussels
Symbol: XIOR
ISIN code: BE0974288202
Trading: Continuous
Index: BEL Mid, EPRA Index & MSCI Global Small Cap Index
Liquidity provider: Van Lanschot Kempen Wealth Management NV
7.1 THE SHARE ON EURONEXT BRUSSELS
26
Based on the number of issued shares.
The Xior share (ISIN code BE0974288202) has been listed on the
regulated Euronext Brussels market since 11 December 2015.
The Xior share moved from the BEL Small to the BEL Mid index
of Euronext Brussels in 2017 and was also included in the EPRA
Indexthatyear. Xioristherst fullydedicatedstudenthousing
REIT in continental Europe that has been included in the index. Xior
has also been included in the Morgan Stanley Capital International
(MSCI) Global Small Cap Index since November 2021.
The closing price on the last trading day of 2021 (31 December
2021) was EUR 49.05, which represents a premium of
approximately 61% compared with the net asset value per
share as at 31 December 2021 (see Royal Decree on Regulated
Real Estate Companies), which was EUR 31.34
26
per share.
Xior’s market capitalisation on Euronext Brussels rose to
approximately MEUR 1,363 in 2021.
Price evolution vs intrinsic value
20,0
22,5
25,0
27,5
30,0
32,5
35,0
37,5
40,0
42,5
45,0
47,5
50,0
52,5
55,0
57,5
60,0
62,5
65,0
67,5
70,0
72,5
75,0
12/202109/202106/202103/202112/202009/202006/202003/202012/201909/201906/201903/201912/201809/201806/201803/201812/201709/201706/201703/201712/201609/201606/201603/201612/2015
Net Asset Value
EPRA NAV
Net Asset Value
IFRS NAV
Share price
(in EUR per share)
The Xior share price at the end of the organisation’s sixth year as
alistedcompanywasEUR49.05.Thiscontinuestoconrmthe
condenceinthenichemarketofstudentrealestateandinXior.
Furthermore, Xior shares continued to enjoy increased visibility
and liquidity among investors, partly buoyed by exceeding the
threshold of MEUR 500 in terms of market capitalisation based
on the number of shares since 2018. The average daily volume
based on the number of outstanding shares at year-end stood at
22,375shares.Thevelocity–thenumber ofsharestradedper
year divided by the total number of shares available at the end of
theyear–stoodat23.33%.
94 I THE XIOR SHARE
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95

7.4 2022 FINANCIAL CALENDAR
Thenancialcalendarfor2022isshownbelow.
Date Item
16/02/2022 AnnualCommuniqué–PublicationofAnnualResults2021(beforethestartoftrading)
26/04/2022 Announcement of the results as at 31 March 2022 (before the start of trading)
19/05/2022 Annual General Meeting
25/05/2022 Payment date for 2021 dividend (coupons 17/19/20)
05/08/2022 Announcement of results as at 30 June 2022 (before the start of trading)
25/10/2022 Announcement of the results as at 30 September 2022 (before the start of trading)
Datesaresubjecttochange.Forpossiblechanges,pleaserefertothenancialagendaonthewebsitewww.xior.be.
7.5 DIVIDEND POLICY
Under the Legislation on Regulated Real Estate Companies,
in its capacity as a public RREC, the Company must pay out
a minimum amount as remuneration of capital each year. At
least 80% of the adjusted net result (pursuant to Article 13 of
the Royal Decree on Regulated Real Estate Companies) minus
the net reduction in the Company’s debt in the course of the
nancialyearmustbepaidasremunerationofcapital.
This distribution obligation is subject to two restrictions. Firstly,
it must not lead to the distribution of an amount that must not be
distributed pursuant to Article 7:212 of the Belgian Companies
and Associations Code and secondly, such a distribution is not
possible if, following the distribution, the Debt Ratio (separate
and consolidated) would exceed the limit of 65% of the separate
or consolidated assets.
The Company proposes a gross dividend of EUR 1.44 per
shareforthenancialyearof2021,subjecttoapprovalatthe
Company’s general meeting. Pursuant to Articles 171(3) and
269 of the Belgian Income Tax Code, the withholding tax on
dividends paid by a public RREC like Xior has generally been
30% since 1 January 2017 (see Articles 171(3) and 269, Section
1(1) of the Belgian Income Tax Code).
Subject to the availability of distributable reserves and the
approval of the general meeting, the Company intends to
increase the dividend over the next 3 years.
7.2 SHAREHOLDERS
For a summary of Xior’s shareholding structure, please refer to
Chapter 6.1.3 of this Annual Report .
7.3 COUPON INFORMATION
No. Type Dividend period
Gross dividend
value
Reason for the
detachment Ex date Record date Payment date
1 Dividend 01/01/16–10/09/16 EUR 0.892 Contribution in kind 12/10/17 13/10/17 19/05/17
2 Dividend 11/09/16–31/12/16 EUR 0.258 Contribution in kind 18/01/17 19/01/17 19/05/17
3
OTR
1
(SPO 2017)
N/A N/A SPO 2017 08/06/17 09/06/17 N/A
4 Dividend 01/01/17–21/06/17 EUR 0.565 SPO 2017 08/06/17 09/06/17 22/05/18
5 Dividend 22/06/17–31/12/17 EUR 0.635 Contribution in kind 29/03/18 03/04/18 22/05/18
6
OTR
1
(SPO 2018)
N/A N/A SPO 2018 31/05/18 01/06/18 N/A
7 Dividend 01/01/18–11/06/18 EUR 0.555 SPO 2018 31/05/18 01/06/18 04/06/19
8 Dividend 12/06/18–04/12/18 EUR 0.603 Contribution in kind 06/12/18 07/12/18 04/06/19
9 Dividend 05/12/18–31/12/18 EUR 0.092 – 17/05/19 20/05/19 04/06/19
10 Dividend 01/01/19–12/06/19 EUR 0.581 Contribution in kind 14/06/19 17/06/19 27/05/20
11
OTR
1
(SPO 2019)
N/A N/A SPO 2019 17/10/19 18/10/19 N/A
12 Dividend 13/06/19–28/10/19 EUR 0.492 SPO 2019 17/10/19 18/10/19 27/05/20
13 Dividend 29/10/19–31/12/19 EUR 0.227 – 25/05/20 26/05/20 27/05/20
14 Dividend 01/01/20–06/10/20 EUR 1.0104 Contribution in kind 09/10/20 12/10/20 26/05/21
15 Dividend 07/10/20–24/11/20 EUR 0.1821 ABB 2020 23/11/20 24/11/20 26/05/21
16 Dividend 25/11/20–31/12/20 EUR 0.1375 SPO 2021 25/02/21 26/02/21 26/05/21
17
Dividend 01/01/21–08/03/21
EUR 0.2643
²
SPO 2021 25/02/21 26/02/21 25/05/22
18
OTR
1
(SPO 2021)
N/A N/A SPO 2021 25/02/21 26/02/21 N/A
19
Dividend 09/03/21–06/12/21
EUR 1.0770
²
ABB 2021 03/12/21 06/12/21 25/05/22
20
Dividend 07/12/21–31/12/21
EUR 0.0987
²
23/05/22 24/05/22 25/05/22
1
Priority allocation right.
2
Forthevalueofthedividendsrelatingtothecurrentnancialyearstilltobedistributedandpaid,thisisanestimatesubjecttoapprovalbythegeneralmeeting.Pleaserefertotherelevant
publishednancialinformation.
SPO: Secondary public offering
ABB: Accelerated Bookbuild
96 I THE XIOR SHARE
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XIOR I 97

tax on retail spaces is fully charged to the tenant, unlike
property tax on student housing, which cannot be charged to
the tenants and is fully charged to the RREC’s result.
• The listing expenses (such as the “subscription tax”, the
fee for Euronext Brussels SA/NV and FSMA expenses) are
estimated based on the going market rates, which the RREC
does not control.
• Thenetrentalincomemaybeaffectedifasignicantnumber
of tenants fail to pay their rent or if the planned occupancy
level is not achieved. The established net rental result for
2022 took into account 0.5% non-recoverable receivables,
which were historically estimated at 0.3%. The occupancy
rate is expected to be similar to the occupancy rate of 2021.
• Financial hedging instruments (IRSs) are valued at market
value in accordance with IFRS (IAS 39). Given the volatility of
theinternationalnancialmarkets,changesinthesemarket
values were not taken into account. These changes are also
irrelevant to the forecast in terms of the EPRA earnings
29
, on
which dividend distribution is based.
• The investment property is valued at the Fair Value in
accordance with IFRS (IAS 40). However, no predictions
are made in terms of any changes in the fair value of the
investment property, as these would be unreliable and subject
to a number of external factors beyond the Company’s control.
These changes are also irrelevant to the forecast in terms of
the EPRA earnings
30
, on which dividend distribution is based.
• The Company assumes the legal, regulatory and scal
framework that applies on the date of this Annual Report to
determine the forecasts.
Hypotheses with regard to elements that can be impacted by
Xior directly
New acquisitions:
• The prot forecast takes into account as yet unidentied
acquisitions of MEUR 50, with a conservatively estimated
gross return.
Net rental result:
• This result was estimated based on the current contracts. For
new buildings, an estimate of the expected rental income was
made based on market knowledge. The occupancy of 2022 is
expected to be similar to the occupancy rate of 2021.
• If the Company received a rental guarantee upon acquisition
of the property, it was included in the calculation of the result.
• An estimate was made in the budget for doubtful debts. This is
29
AlternativePerformanceMeasures.InaccordancewiththeguidelinesissuedbytheEuropeanSecuritiesandMarketAuthority(ESMA)on3July2016,thedenitionsoftheAPMsandthe
use and reconciliation tables are included in
Chapter 10.8 of the consolidated nancial statements for 2021 .
30
AlternativePerformanceMeasures.InaccordancewiththeguidelinesissuedbytheEuropeanSecuritiesandMarketAuthority(ESMA)on3July2016,thedenitionsoftheAPMsandthe
use and reconciliation tables are included in
Chapter 10.8 of the consolidated nancial statements for 2021 .
a percentage of the rental income and was determined based
on historical information and a future estimate. 0.5% non-
recoverable receivables, which were historically estimated at
0.3%, were taken into account for 2022.
Property charges:
• These costs mainly include the costs of maintenance and repairs,
insurance, property taxes which are not passed on to students,
direct student-focused publicity, vacancy costs in the case of
structural vacancy, property management and Valuation Experts’
fees. For 2022, they were estimated based on the current portfolio
and the expected new acquisitions.
Overheads:
• Overheads include the Company’s internal operating
expenses, which are management fees, director fees, costs
of the administrative personnel, liability insurance expenses,
ofce expenses, depreciation and installation costs. They
alsoincludecontractualrentowedfortheregisteredofce
in Antwerp.
• They also include the estimated expenses for external
consultants, solicitors, tax experts, accounting and IT and the
Statutory Auditor’s fee.
• For a listed company, the overheads also include the annual
taxes for the RREC, fees owed to the nancial agent and
liquidity provider, Euronext Brussels listing fees, expenses
with regard to the prudential monitoring of RRECs and
the budget for nancial communication. Only the costs of
nancialcommunicationscanbeinfluencedbytheCompany.
• The overheads were estimated based on the overheads
incurred in 2021, including an increase in overheads as a
result of the Company’s further growth.
Interest charges:
• The estimate of the interest charges is based on the evolution
ofthenancialdebtstartingfromthecurrentsituationasat31
December2021andanestimateoftheadditionaldebttonance
the investment programme implemented in 2022. The interest
charges are budgeted per contract based on the nancing
agreements concluded.
Taxes:
The taxes include the annual corporation tax. The tax base in
Belgiumisalmostzerothankstothescaltransparencyenjoyed
by the Company. The payable corporation tax mainly relates to
7.6 OUTLOOK – PROFIT FORECAST
27
AlternativePerformanceMeasures.InaccordancewiththeguidelinesissuedbytheEuropeanSecuritiesandMarketAuthority(ESMA)on3July2016,thedenitionsoftheAPMsandthe
use and reconciliation tables are included in
Chapter 10.8 of the consolidated nancial statements for 2021 .
28
See also Chapter 5.6 of this Annual Report.
7.6.1
GENERAL
The outlook below includes the forecast for the nancial year
2022 with regard to the consolidated EPRA earnings
and
consolidated balance sheet of Xior Student Housing NV.
TheBoardofDirectorspreparedthefollowingoutlookandprot
forecastin order toestablish the expectations for the nancial
year2022, taking into account theoperationaltrendsidentied
sofar,usingabasisthatiscomparabletothehistoricalnancial
information. The budget for 2022 was drawn up taking into
account the current occupancy rate and an estimate of the future
occupancy rate based on the past (including 2021).
The accounting basis used for the forecasts is consistent with the
accounting methods used by Xior in preparation of its consolidated
accounts as at 31 December 2021 in accordance with the IFRS
as implemented by the European Union and the Royal Decree on
Regulated Real Estate Companies.
The actual development of the forecast of the consolidated EPRA
earnings
27
 depends on the evolution of the economy, nancial
markets and property markets.
This forecast was based on the information available as at 31
December 2021 and takes into account post balance sheet
events if these exist.
28
These are listed in Chapter 5.6 Post
balance sheet events
. This forecast has been prepared and
drawn up on a basis that is comparable with the historical
nancial information and in accordance with Xior’s valuation
rules.
The actual development of the forecast of the consolidated EPRA
earnings
dependsontheevolutionoftheeconomy,nancial
markets and property markets. Xior’s prospective information,
projections, convictions, opinions and estimates regarding
the expected future performance of Xior and the market in
which it operates are not a Company commitment. By nature,
prospective statements involve inherent risks, uncertainties and
assumptions,bothgeneralandspecic,andthereisariskthat
the prospective statements will not be achieved.
The main economic trends that can affect the Company’s
forecasts are:
• The evolution of the property markets in Belgium, the
Netherlands, Spain and Portugal, particularly the student
housing markets;
• Future demand for student rooms, which is affected by
factors such as the number of 18-to-25-year-olds, the number
of higher education enrolments, even better access to higher
education for all, the quality of education, the number of
foreign students, the enrolment fee and students’ decisions
to live at home or in student accommodation. This evolution
may have an impact on the rental income or the valuation of
the portfolio as determined by the Valuation Expert;
• The regional legislation imposing a number of health, safety
and living standards requirements;
• The evolution of the interest rates and bank margins.
7.6.2
HYPOTHESES
Accounting methods used
The accounting basis used for this forecast is consistent with
the accounting methods used by Xior in preparation of its
consolidated accounts as at 31 December 2021 in accordance
with the IFRS as implemented by the European Union and the
Royal Decree on Regulated Real Estate Companies.
Hypotheses with regard to elements that cannot be impacted
by Xior directly
• The calculation of the evolution of rental income did not
take inflation into account. We took this cautious approach
because we cannot always increase our rental income
to reflect inflation. The rental income estimates took into
account the current occupancy rate and assessed the future
occupancy rate based on the past.
• Thepropertytaxwasbasedonhistoricgures(ifavailable)or
management estimates using similar buildings. The property
tax may be affected by changes in the legislation. Property
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7.6.4
STATUTORY AUDITOR’S REPORT ON THE PROFIT FORECAST
STATUTORY AUDITOR’S ASSURANCE REPORT ON THE
ANALYSIS OF PROSPECTIVE FINANCIAL INFORMATION IN
VIEW OF THE INCLUSION OF SUCH INFORMATION IN THE
REGISTRATION DOCUMENT
At your request and pursuant to Section 11 of Annex 1
of the Commission Delegated Regulation (EU) 2019/980
supplementing Regulation (EU) 2017/1129, we have prepared
this report on the prospective nancial information of the
company Xior Student Housing NV (“the Company”), which is
included in Chapter 7.6 of its Annual Financial Report 2021 of
the group (the “Annual Financial Report 2021”) (hereinafter “the
Registration Document”).
Responsibilities of the Board of Directors
In accordance with the decisions of Section 11 of Annex 1
of Commission Delegated Regulation (EU) 2019/980, the
Board of Directors is responsible for the preparation of the
prospective nancial information and the determination of
estimates and relevant underlying assumptions on which this
prospectivenancialinformationisbased.Theaforementioned
prospectivenancialinformationaswellasthestipulationsand
assumptions were included in Chapter 7.6 of the Registration
Document (the “Criteria”).
Responsibilities of the Statutory Auditor
The Statutory Auditor is responsible for the expression of
an opinion on whether the prospective nancial information
prepared by the Board of Directors has been prepared in all
materialrespects,onthebasisofappropriatecriteriaidentied.
Forthe projectionon the nancial year ending 31 December
2022, we investigated the prospective nancial information
of the Company, as well as estimates and relevant underlying
assumptions, as included in the Registration Document, on
whichthisprospectivenancialinformationisbased.
We conducted our engagement in accordance with the
International Standard on Assurance Engagements, as
applicableintheanalysisofprospectivenancialinformation
(ISAE 3400). The purpose of such an engagement is to obtain
a limited degree of certainty that the assurance risk is reduced
to an acceptable level to serve as a basis for a conclusion,
expressed in the negative form, on the prospective nancial
information, and more specically on whether anything
has come to our attention which leads us to believe that the
prospective nancial information has not been compiled in
accordance with the appropriate Criteria as set out in Chapter
7.6 of the Registration Document.
As for the forward-looking information, we have performed
ourworkinordertoobtainsufcient appropriateevidenceto
determine whether the assumptions are not unreasonable,
using appropriate accounting principles.
Diegem, 15 april 2022
PwC Bedrijfsrevisoren BV
The Statutory Auditor of Xior Student Housing NV
Represented by
Jeroen Bockaert
Statutory Auditor
tax on income from the Dutch permanent organisation, the Dutch
subsidiaries and the Spanish and Portuguese subsidiaries. This
calculation is based on the applicable corporate tax rates.
7.6.3
FORECAST OF THE CONSOLIDATED RESULTS AND DIVIDEND
EXPECTATIONS
Theprotforecasthasbeenpreparedanddrawnuponabasis
thatiscomparablewiththehistoricalnancialinformationand
in accordance with the Company’s accounting policy.
Barring unforeseen circumstances, Xior has a prospect of EUR
2.00 EPRA earnings
31
pershareforthenancialyear2022,an
increase of 11% compared to 2021. It is also applying a EUR
1.60 target for the gross dividend per share (an 11% increase
compared to 2021). This estimate is, of course, subject to the
results and approval by the Ordinary General Meeting for the
nancialyear2022.ThismeansthattheCompanyisonceagain
expecting an increase in its earnings per share over the previous
year, despite the fact that the number of shares has increased by
32% during 2021, as a result of the successful capital increase
in March 2021 and the capital increase in December 2021.
This prot forecast takes into account as yet unidentied
acquisitions of MEUR 50, with a conservatively estimated gross
return.
By implementing its growth strategy, Xior expects to achieve
an increase in EPRA earnings per share of at least 10% for the
nancialyear2023comparedto2022.
Xior expects the debt ratio to be around 50-55% as a result of
the further implementation of this growth strategy by the end
of 2022.
31
AlternativePerformanceMeasures.InaccordancewiththeguidelinesissuedbytheEuropeanSecuritiesandMarketAuthority(ESMA)on3July2016,thedenitionsoftheAPMsandthe
use and reconciliation tables are included in
Chapter 10.8 of the consolidated nancial statements for 2021
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XIOR I 1

Roxi Alma
BRUSSELS
“
The BrinkToren in Amsterdam will be
the  rst Xior building to have a negative
EPC score of -0.010. But Xior is going
even further with this project and has
realised very high sustainability ambitions
with regard to energy saving, nature
inclusiveness, circularity and sustainable
mobility.
„
PROPERTY REPORT
08
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XIOR I
103

8.1 PROPERTY MARKET
The Company mainly holds properties intended for student
housing in Belgium, the Netherlands, Spain and Portugal.
The following paragraphs describe the general status of the
underlying Belgian, Dutch, Spanish and Portuguese student
housing real estate markets based on information the Company
obtained from Cushman & Wakeeld (Gustav Mahlerlaan 362-
364, 1082 ME, Amsterdam, The Netherlands). Cushman &
Wakeeld has agreed that this information will be included in
the Annual Report. Prospective investors wishing to have more
information on the current situation and evolution of the Belgian,
Dutch, Spanish and Portuguese property markets should seek
advice from real estate consultants and other specialists.
This concerns the description of the market as at 31 December
2021.
8.1.1
STUDENT HOUSING MARKET IN BELGIUM
General
The Belgian student population has been steadily increasing for
several years. Although it is expected that, as in the Netherlands,
the increase will mainly take place due to the recruitment of
international students. In Flanders, the number of students
(professional-oriented study programs and academic) was
276,000, for French-speaking Belgium (Brussels and Wallonia)
this number will be approximately 215,000, bringing the total to
approximately 491,000 , which represents a yearly increase of 4%.
The share of international students in this is approximately 60,000.
Demographic student developments are expected to cause a
slight decrease in the national student population in the future. It
is expected that the student population will grow to over 600,000
within 10 years, mainly driven by international students. Thanks
to the increase in international students, it is expected that in the
future demand, mainly for new high-quality student rooms will
increase. Old stock will need to be replaced putting more pressure
on the market. Recent trends mean that, just as in other European
cities, student housing in Belgium will be more operator driven with
high quality and high service student housing.
The largest Belgian student cities are: Brussels, Antwerp, Leuven,
Hasselt, Mechelen, Ghent, Liège, Mons, Namur Louvain-la-Neuve.
Market rents
In Belgium, there is a small shortage for student housing,
although there are local differences. Due to the shortage, rents
are increasing. The average rent for a student room is EUR 430
per month, depending on the type of home (shared facilities
versus studio) and the place. On average there was a yearly price
increase of 3.75%. Only in Brussels there was a slight decrease
in rent price. In 2021 more than 170,000 people are waiting for
social housing, which makes people rent in the private sector.
The average rent price for an apartment reached its all time high
in 2021 with EUR 755 per month. The Flemish Housing Decree
has entered into force on 1 January 2019. This means that the
tenant of a room enjoys more protection by, among other things,
the following rules: All costs and charges must be included in the
rent, the deposit may be a maximum of 2 months, the rent may
only be indexed at one successive tenant, subletting is permitted.
Market Dynamics
The market for investing in student housing in Belgium is limited
and is still mainly in the hands of private investors. In 2021 we
saw more transactions than the years before, however Xior
is still one of the dominant parties. Yields on the investment
markets are in line with other markets in Europe and roughly
around 5% GIY (Gross Initial Yield) in the major cities. Other
parties active in the eld are: Upkot, Quares (in hands of Xior
since 28 December 2021) and Eckelmans. Large international
investors still have not entered the Belgian market.
As in many European countries, the institutional market for
student housing and PBSA (Purpose Built Student Accomodation)
is largely underdeveloped. However, this market is increasingly
professionalizing, with parties such as Xior growing rapidly. A
trend that has emerged in recent years is that of luxury student
residences. These complexes often consist of a large number of
studios and / or apartments with a high quality nish. The units are
often rented including appliances and possibly furniture. In many
cases there are communal facilities in the residence such as laundry
rooms and a bicycle shed, as well as areas for studying, sports and
relaxation. The community aspect plays a major role in this. These
types of concepts are particularly suitable for international students
who want to rent for a shorter period without having to think about
arranging furniture and internet, among other things.
Final conclusions
The student housing market in Belgium continues to grow
slightly. Due to demography, it is expected that the growth of the
student population will mainly come from an international angle
in the coming years. The large players are therefore responding
in particular to this by offering full-service concepts. The market
in Belgium is increasing, however large international players still
have not found the Belgium market. It can be considered a matter
of time before they also enter this healthy and increasing market.
8.1.2
STUDENT HOUSING MARKET IN THE NETHERLANDS
Investment market
The investment volume for student housing in the Netherlands
has shown erratic trends over the years. In 2016, the total
investment volume amounted to approx. MEUR 600. In 2017,
a substantial decrease can be observed due to a lack of
investment products. In the following years, there was an
increase, with a peak in 2018. The investment volume in 2021
amounts to approx. MEUR 400.
Traditionally, the student housing market has been dominated
by social housing providers such as DUWO, SSH, De Key and
Vestide. These social housing providers still have a large share
of the total supply. From 2013 onwards a shift can be observed
and more international investors are entering the market. In
2021 the majority of investment transactions were made on the
account of international parties. These international investors
come from Belgium, Germany, the United States and the United
Kingdom. Some parties that are currently very active are Xior
Student Housing, International Campus, Greystar, Camelot and
The Student Hotel. In addition, there are institutional investors
such as Syntrus Achmea and Bouwinvest.
Due to the scarcity of student residences in which to invest,
yields have been declining for several years in a row. Investors
prefer large-scale newly built complexes, located near the
centre or the campus and consisting largely of independent
units. In addition, these complexes often have shared facilities,
such as study rooms, sports facilities and laundry rooms.
Residences of this kind also often involve a combination of
student units and housing for Young Professionals. Because
of these developments, the expectation is that the yields will
come even closer to those for regular housing. For large-scale
new student complexes located close to public transport and
an educational institution, the net initial yields are currently
between 3.75-4.25%.
User market
As of 1 September 2020, 817,500 full-time students were
enrolled at a university of applied sciences or a research
university. Most students are enrolled in Amsterdam, followed
by Rotterdam and Utrecht. The number students studying
at a university of applied sciences rose by 7.5% to 467.000
students, the number of research university students rose by
11% to over 350,000. The large growth compared to last year
is mainly caused by the corona crisis, which resulted in more
high school students graduating and fewer opting for a gap
year. It is expected that growth will decrease in the coming
years. The growth will be entirely due to university students and
in particular to the large influx of international students. The
number of university of applied sciences students is expected
to decrease. The expected growth in the number of students will
put further pressure on the already very scarce rental market for
student rooms.
The shortage of student units is signicant in almost all
student cities and is expected to increase further in the coming
years. The overarching organisation for student housing has
calculated that there is currently a shortage of 26,500 student
rooms, and that this will grow to 57,000 over the next 8 years.
Because growth is mainly caused by the influx of international
students, the shortage will continue to increase, particularly in
cities with a university.
Students prefer independent accommodation located in the
city centre or on the university campus, but this is obviously not
feasible for every student. The cost of living is the main factor
when choosing a place to live. Students are also prepared to
dig deeper into their budget to rent a studio or flat instead of a
student room. In many places, there is a qualitative mismatch
between supply and demand. In large student cities such as
Nijmegen, Delft, Rotterdam and Groningen, there is a particular
need for independent accommodation, whereas the stock in
those cities mainly consists of rooms with shared facilities.
City Complex Number of units Buyer Year / quarter Price (in EUR million)
Leiden Project More 703 Round Hill Capital 2021/Q2 84
Leiden LIV 394 International Campus 2021/Q4 64
Breda Study Studio Park 224 Xior Student Housing 2021/Q3 24
The Hague Studios070 90 Annexum 2021/Q3 14
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XIOR I 105

All enrolled students - the Netherlands
Number of students - academic year 2016/2017 to
2021/2022 (x1,000)
Universities of Applied Science
Research University
Total
Lineair (Total)
0
100000
200000
300000
400000
500000
600000
700000
800000
900000
2021202020192018201720162015
8.1.3
STUDENT HOUSING MARKET IN SPAIN
Market overview
Much like their Southern European neighbours Portugal and
Italy, the purpose-built student accommodation (PBSA) sector in
Spain remains largely under-developed and immature, with the
majority of student accommodation being managed by public
bodies and religious orders. In more mature PBSA markets
such as the U.K. and Germany there are consolidated groups
of private, specialized platforms backed by institutional capital.
In Spain, the PBSA market is highly fragmented with the top 5
platforms making up less than 20% of the total supply of student
beds. The remaining supply is operated by small investors/
owners (mostly single-asset owners), public entities (mainly
universities) and religious orders as previously mentioned.
The lack of professionalized, specialist PBSA management in
Spain resulted not only in a chronic undersupply (provision rate
of approx. 6% vs. 10% in Germany, 13% in France, 15% in Poland,
16% in Ireland and 36% in the U.K.) but also in an existing
stock of PBSA that is obsolete and inferior to what is currently
demanded by students in terms of quality of accommodation
and basic services / amenities. The great nancial crisis is also
partly to blame as austerity measures prevented public bodies
from investing in creating more PBSA and refurbishing the
existing stock.
Over the last 5 years, operators have targeted Spain as a key
market for their expansion plans, thus PBSA accommodation
in Spain is progressively increasing in terms of total supply and
quality of accommodation via new developments.
Another peculiarity to the Spanish market is the concession
/ leasehold model. Most of the existing supply of PBSA is
held under concession / leasehold ownership where the local
government or the university owns the land and agrees to
long-term leasehold agreements (maximum 50 years) with
third-party occupiers who develop and operate the residences.
Although this type of contract is well accepted by Spanish banks
and investors it has acted as a barrier to private, specialized
players entering the market in the past.
The poor quality as well as the general undersupply of PBSA
in Spain coupled with strong, increasing demand (see next
section below) have created a broad investor appetite across
the risk spectrum for exposure to student housing in Spain as
demonstrated by the record investment volumes beginning in
2017 and 2018.
Demand
Over the last 35 years higher education in Spain has experienced
signicant growth, modernization and internationalization.
Increasing demand for higher education has resulted in 36%
of Spaniards between the ages of 25 and 64 having a higher
education degree (up from 22.7% in 2000, more than in France,
Germany and Italy). Spain also undertook a major overhaul to
their university system in 2007 by adopting the Bologna process,
thus reducing the standard period of study from 5 to 4 years.
HIGHER EDUCATION STATS
N°. of Students
1.63 mio (ofcial gure from the Ministry of
Education)
Universities
83 Universities
10 Universities are among World’s Top 500
QS Ranking 12
the
in the world, 6
the
in Europe
Cost of study
Public University: up to EUR 2,000 per annum
Private university: EUR 5,000 – EUR 15,000 per
annum
The signicant increase in international students in recent years
and the unrivalled popularity of the Erasmus programmes are
thanks to the following key drivers:
I. Affordability – The cost of living and studying in Spain is
lower than in the majority of competing locations.
II. Lifestyle - The mild weather combined with the rich culture
(food, leisure, nightlife, etc.) make Spain an attractive
destination to both visit and live.
III. Quality of Education - High quality education system with
10 universities in the QS World´s Top 500 world-leading
programmes.
IV. Spanish Language - The historical / cultural ties with
Latin / South America (in addition to the language) give
Spain a unique advantage vs. other European countries in
attracting international students from these regions.
Prior to the Covid-19 outbreak, the factors set out above caused
international student numbers in Spain to double over the past
10 years and have regularly made Spain the most popular
destination for Erasmus students.
Top ERASMUS
Receiving Countries # of students
Top ERASMUS
Sending Countries # of students
1. Spain 52,830 1. France 49,066
2. Germany 34,750 2. Spain 44,052
3. France 31,063 3. Germany 42,824
4. United Kingdom 30,501 4. Italy 41,235
5. Italy 29,561 5. Turkey 17,461
SUPPLY / EXISTING STOCK & PIPELINE IN SPAIN
There are currently 96,225 beds in approx. 1,150 student
residences across Spain. As previously mentioned, the majority
of these residences are operated by public entities (mainly
universities), most of which are single-asset operators. In terms
of PBSA operators, a breakdown is set out below of the largest
private / professional operators in Spain in terms of number of
beds under management:
Operator Ownership # Beds Residences
RESA
AXA/CBRE GI/
Greystar
10,335 40
Mi Campus Stoneshield 4,000 16
Nexo GSA & H. Street JV 3,000 9
Livensa Living
Temprano/
Brookeld
3,000 9
Xior / Lofttown Xior 2,140 7
The Student Hotel APG & Aermont 1,870 4
Acciona Acciona 1,400 6
Youniq Corestate 715 2
Collegiate W.P Carey 565 2
The market is highly fragmented with the top 9 operators
making up approximately 25% of the total supply.
In terms of secured new development pipeline, we have
identied the following:
Operator # of beds in pipeline
W.P. Carey / Livensa Living 3,253
Greystar / AXA – RESA 2,154
Stoneshield / Mi Campus 1,659
Blackrock / Grupo Moraval 951
Vita Group 942
Corestate / Youniq 1,333
Bank Inter / Valeo / Liv Student 819
Syllabus by Urbania 801
Commerz Real / Aparto 743
Unknown 680
The Student Hotel 675
The Student Experience 600
Amro 561
Xior 488
Grupo Moraval 479
Student Properties Spain
SOCIMI 400
GSA / Nexo Residencias 150
TOTAL 16,688
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Date Purchaser
Vendor Property Location
Est. Price (€m) Comments
Q1 2019
Grupo El
Castillo
Grupo Santa Ana
Villa Universitaria de
Alicante
Alicante €19.7m
Alicante’s largest residence located
in San Vicente de Raspeig, the main
university campus.
Q4 2018
Greystar (with
Axa & CBRE GI)
Several (Azora,
Banca March,
etc)
Resa (36 assets/
approx.. 9,200 rooms)
– Primarily leasehold
Portfolio
distributed across
19 cities in Spain
€400m
Spain’s largest PBSA platform.
Highly competitive process involving
numerous institutional funds and
specialized investors
Q4 2017 Castella Grupo Solaer
La Campaña
Student Residence –
Concession
Pamplona €16m
City centre residence with approx..
300 beds
Q4 2017
GSA (with
LaSalle M)
Threesixty
developments
Nexo (2,234 rooms
incl. pipeline) –
primarily leasehold
Madrid, Alcalá
de Henares and
Barcelona
€180m
Total of 4 trading assets and 2
projects (total of 2,234 beds)
2017 marked a record year for direct investment into student
accommodation in Spain with total investment volume in the
order of MEUR 600. This gure comprised primarily the Resa
and Nexo portfolio deals. The under-bidders on the Nexo
portfolio were Roundhill, TPG and Corestate.
Whereas the winning bidder for the Resa portfolio, Greystar, was
backed by AXA IM and CBRE GI, demonstrating that much of
the capital is now emerging from the core end of the spectrum.
2017 is an outlier in terms of investment volume as the two
largest student housing platforms in Spain coincidentally
traded during the same calendar year. The remaining market
is highly fragmented with very few private institutions owning
more than just a few properties. This fragmented supply
provides an opportunity for specialized investors and operators
to enter not only major markets (Madrid & Barcelona) but
strong secondary cities which have already been targeted by a
number of operators.
Since 2018 there has been much more focus around development
with investors scrambling to secure strategically located sites
in both Tier 1 and Tier 2 cities. Nearly all of the transactions
relating to student housing in Spain in 2020-2021 comprised of
development deals. This development phase has continued into
2021 as investors and operators look to expand and consolidate
their trading platforms although there have been several deals for
trading assets. Although no reference is made to yield levels in
the above table comments can be made that investors currently
focusing on prime freehold student housing investment product
in Madrid and Barcelona would be prepared to accept an initial
return on a stable income-producing asset in the order of 4.50%.
The range of capital focused on student accommodation in
Spain is currently quite diverse, ranging from infrastructure
funds to international institutions and private equity that is
increasingly prepared to accept lower levels of return given
the compression in yields within traditional asset classes, in
particular ofces and logistics.
COVID-19 IMPACT ON THE STUDENT ACCOMMODATION SECTOR
IN SPAIN
The State of Emergency declared in March 2020 following the
covid-19 outbreak resulted in a national lockdown in Spain
and the closure of borders. At an educational level, schools
were mandatorily closed just before the commencement of
the lockdown, with many shifting to online learning, with video-
meeting platforms easing the teacher-student communication.
As the lockdown ended, and for the 2020/21 academic year,
national students returned to physical learning. The government
more recently announced in May 2021 that students will
continue to benet from physical learning, subject to adhering
to the current guidelines regarding covid-19.
Net operating income had been affected in the 2020/2021
academic year as some operators had a high number of double
rooms which were used as single rooms for safety reasons.
Also, given the uncertainty in respect of future learning models
and cross-border travel, there are certain reservations about
how the sector will perform in the short term, although the
outlook is that there should be no structural change in the
sectors’ performance in the medium-long term, as the interest
in the Spanish market from all market players remains high. For
the academic year 2021/2022 most residences have re-opened
with their pre-covid format / conguration.
The attractiveness of the PBSA sector remains high for both
investors and operators, as the imbalance between demand and
supply is still evident. Although there is no publicly available data
on booking rates for the 2021/22 academic year, bookings are
broadly in line with pre-covid levels for the majority of residences,
particularly those targeting local demand. In respect of residences
mainly targeting foreign residents, for the 2021/2022 academic
INVESTMENT MARKET
Major European players in student housing, backed by
institutional capital in some cases, have already entered the
Spanish market. These include GSA, Greystar, Corestate,
Collegiate and The Student Hotel amongst others. More
recently, traditionally core institutional investors have formed
JVs with specialized operators / developers such as Invesco /
Syllabus and Nuveen / Value One.
Key investment deals are set out in the table below (excluding
development deals):
Investor rationale is based on increased student demand for
quality accommodation. Existing stock, in generally quasi-public
ownership, has suffered from under-investment and is failing to
keep pace with the demands of the 21st century in terms of
design, technology, sustainability, etc. Nevertheless, the lack
of quality product has led investors to focus primarily on new
developments and refurbishments, leading to a lack of direct
investment evidence in operational PBSA.
Date Purchaser
Vendor Property Location
Est. Price (€m) Comments
Q3 2021 Xior SPS
Portfolio of 3
residences
Madrid, Malaga &
Seville
Condential
Three residences, totalling 726 beds.
The properties in Malaga and Seville
started operating in September 2021.
Q2 2021
Commerz Real
AG
Hines &
Henderson Park
Pallars 433-453 Barcelona – 22@ Condential
Forward-funding deal. Property to be
operated by Aparto.
Q2 2021 Stoneshield
Universidad de
Sevilla
Micampus Sevilla
Estanislao del Campo
Seville – Campus
Reina Mercedes
€27m
The property is held under a
concession agreement.
Q2 2021 Stoneshield Stoneweg MiCampus Pamplona
Pamplona – City
centre
€18m
(€122k/room)
Former hotel converted to student
residence. The scheme maintains the
hotel license and can operate as a
hotel/hostel during summer.
Q1 2021 Xior Amro Amro Malaga Malaga
€23m
(€100k/room)
Operating residence in Malaga with a
total of 230 beds.
Q4 2020 Greystar / AXA Invesco / Urbania
Portfolio of 4
residences
Madrid (2), Malaga
& Valencia
€ 145m
(134k/room)
One operating residence and three in
nal stages of development.
Q4 2020 GSA Corestate Youniq Madrid Madrid – campus
€50m
(€166k/room)
Asset in “Ramp-up”. Approx. 60%
occupied at the time of acquisition.
Operating beds: 302
Q2 2020 Xior Amro
Amro Estudiantes
Granada
Granada –
campus
€37m (€105k/bed)
Amro will continue as operator for 2
years. Xior will take over operations
following the initial 2-year period.
Operating beds: 354.
Q1 2020 Xior Private investor
The Lofttown (78
rooms, 140 beds)
Barcelona centre
€24.36m
(174k/bed)
Operating residence in city centre with
78 rooms and 140 beds.
Q4 2019 Xior
Universidad
Europea
Residencia Leonardo
da Vinci
Madrid
(Villaviciosa de
Odón)
€106.75m
(€202k/bed)
Xior acquired 80% of the ownership
vehicle (€85.4m). The remaining
20% will remain under university
ownership. We understand the yield
was in the order of 4.50-4.75%.
operating beds: 528
Q3 2019 Xior
Public entity
(concession)
UPC – Besós
(concession – 191
rooms)
Barecelona – 22@
€25.5m
(€134k/bed)
Development carried out by Life Group
and sold to Xior. Leashold. Operating
beds: 300
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XIOR I 109

MAIN NATIONALITIES
Portugal offers a mild Mediterranean climate, excellent quality
of life, security, beautiful coastline and cities bursting with
historical interest and cultural experiences, where international
students have the opportunity to take internationally recognized
courses in English.
Apart from the many historic sites and areas of natural beauty,
the country is also known for its contemporary culture and
nightlife. Today Portugal is also seen as an attractive alternative
to the traditional study options.
DEMAND
In 2021, 7 Portuguese universities were among the best in the
world according to the QS World University Rankings by Subject.
In fact, the international recognition of the Portuguese
universities has played a catalyst role in attracting an increasing
number of foreign students.
In addition to the universities, Portugal is also home to several
well-reputed polytechnics. The main difference between the
two is that the universities have a greater focus on academic
research, while the polytechnics are more focused on preparing
students for a specic career path. Some subjects are only
offered in universities or in polytechnics, but there are also
several subjects in common.
LISBON
43 Universities in Lisbon
89 Colleges in Lisbon
+1,200 Public University Courses
+460 Private University Courses
135,000 Students
40,500 Live away from home
Top 10 Colleges area # students
Universidade de Lisboa –
Instituto Superior Téchnico
Engineering 9,300
ISCTE – Instituto Universitário de
Lisboa
Business 8,200
Universidade Nova de Lisboa
– Faculdade de Ciências e
Technologia
Science 6,600
Universidade Lusófona de
Humanidades e Technologias
Humanity &
Technology
6,500
Universidade Aberta Several 4,700
Universidade de Lisboa –
Faculdade de Ciências
Science 4,650
Universidade Europeia Several 4,550
Universidade de Lisboa –
Faculdade de Direito
Law 4,200
Universidade de Lisboa –
Faculdade de Letras
Letters 4,100
Universidade Nova de Lisboa –
Faculdade de Ciências Sociais e
Humanas
Social science 4,000
MAIN EU NATIONALITIES
36%
Brazil
7%
Spain
13%
France
22%
Spain
7%
Angola
6%
Italy
12%
Germany
20%
Italy
year, some operators are offering rent discounts, thus attracting
some national demand. 2020/2021 was a year of reduced
occupancy compared to pre-covid levels, primarily due to the
reduction in the number of foreign students. This decrease in
demand from overseas students has been somewhat mitigated by
an increase in demand from national students with, interestingly, an
increase in the number of Spanish students for university places in
the 2020/2021 academic year. In Spain, this has resulted in some
price adjustments, reflecting the national prole of demand and
purchasing power, with this impacting the performance of more
high-end student housing schemes where also occupancy has
been difcult to maintain due to reduced foreign demand.
In the short term it is expected that the limitations in mobility
will be progressively removed. The fact that many international
students are postponing their decision to study in Spain, may
result in a signicant increase in the short / medium term.
In addition, universities will also continue their online offer,
although most of the classes will remain in-person classes.
8.1.4
STUDENT HOUSING MARKET IN PORTUGAL
MARKET OVERVIEW
The PBSA markets in Portugal and Spain are highly fragmented
with the top ve private platforms making up less than 34% of the
total supply of student beds. The remaining supply is operated
by public entities (mainly universities) and religious orders, most
of which are single-asset operators. By way of comparison, in
the UK market the top 5 platforms make up approx. 54% of total
supply. Much of the public owned market varies in quality, from
newer buildings to outdated residences, unt for purpose. This
is typical for public organisations who are often asset rich but
cash poor, and not inclined or unable to invest in modern day
improvements and upgrades. As customers place increasingly
more value on aspects such as connectivity and community,
existing supply is increasingly obsolete where public bodies
dominate the market.
In Portugal, we estimate there to currently be more than
21,300 operational PBSA beds of varying size and quality, with
approximately 80% owned and operated by universities and
religious bodies.
The PBSA market in Portugal is still somewhat in the
development stage, with sites acquired by developers benetting
from early mover advantage only becoming operational in the
past 24 to 36 months. This includes the residences operated
by Milestone, Livensa Living, Smart Studios and U.Hub, which
have a pipeline of residences scheduled to open in the next 3
years. The dominant operators in the Portuguese market are
Livensa Living with a large 723 beds project in Porto, and Smart
Studios who have 10 smaller sized projects situated throughout
Lisbon, Coimbra and Porto. Xior entered the Portuguese
market through acquiring the local platform U.Hub in 2019.
The platform has 4 operational residences situated in Lisbon
and 1 in Porto, providing mid-market serviceable and functional
accommodation.
In terms of market segment, the low end of the market is
typically the more conventional on-campus halls owned by the
university and also residences run by religious organisations.
These types of residences are usually well-located being within
closed proximity of the university’s however often have outdated
facilities and are priced at the lower end of the spectrum. W.P
Carey through the Collegiate AC brand in Lisbon and Brookeld
through Livensa Living brand in Porto are setting the standard
for the upper end of the Portuguese PBSA market. Their project
in Lisbon focuses on providing services and a level of amenity
similar to 4-star hotel which includes 24-hour reception desk,
swimming pool, gyms and common areas. Service offering
varies across the other operators from room types, pricing
options and lease length, as well as varying amenities and clubs
being offered. The level and depth of services is often location
dependant and driven by the target student demographic.
The student accommodation market in both Lisbon and Porto
was very much dominated by university and religious groups
and the private residential market picked up the large supply
and demand imbalance. In saying this, the market however is
becoming more commercialised and privatised with several
completed projects in 2020 as U.Hub Asprela in Porto, Livensa
Living Boavista in Porto, Smart Studios Carcavelos in Cascais,
Milestone Carcavelos in Cascais, Smart Studios Santa Apolónia
in Lisbon and Livensa Living Entrecampos in Lisbon.
International students’ nationalities are diverse, but their country
of origin is mainly from the former Portuguese colonies, as well
as Spain and Italy.
110 I PROPERTY REPORT
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XIOR I 111

MAIN EXISTING PRIVATE PBSA IN LISBON
Building City Address # Beds Range of rents Opening year
Livensa Living Entrecampos Lisbon Rua Sousa Lopes 595 €488 - 717 2020
U.Hub Benica Lisbon Av. Colégio Militar 18A 342 €440 - 815 2020
Collegiate Marquês de Pombal Lisbon Rua Conde Redondo 79 330 €615 - 1,600 2018
Smart Studios Santa Apolónia Lisbon Avenida Infante D. Henrique 114 €589 - 1,198 2020
Smart Studios Ajuda Lisbon Rua Aliança Operária, 1300-044 Lisboa 79 €495 - 798 2019
Zone Spru Sapateiros Lisbon Rua dos Sapareiros n.°12, 1100-579 Lisboa 75 €446 - 690 1999
U.Hub Alvalade Lisbon Praça Alvalade,9 66 €485 - 680 2016
Montes Claros Lisbon R. Vera Lagoa 5, 1600-028 Lisboa 61 €670 1997
Montepio U Live Santos Lisbon Largo dos Santos 60 €290 - 445 2016
Montepio U Almirante Reis Lisbon Av. Almirante Reis 235 52 €305 - 445 2016
Total 1.774
Note : the selection of main PSBA was based in the criteria of presenting more than 50 beds.
PRIVATE PBSA PIPELINE IN LISSABON
Building Address # Beds
Opening
year Owner Management Status
Promiris - Ajuda Rua Pinto Ferreira 42 254 2021 Xior Odalys
Under
construction
U.Hub Lumiar Alta de Lisboa 498 2022* Xior U.Hub Planned
Nido Campo Pequeno Avenida Sacadura Cabral 40 390 2022 Round Hill capital Nido Collection Planned
Smart Studios Areeiro Casal Vistoso 274 2022 LX Partners Smart Studios Planned
Smart Studios Lumiar Rua 10, Alta de Lisboa 634 2022 LX Partners Smart Studios Planned
Smart Studios Principe Real Rua Escola Politécnica 79 2023 LX Partners Smart Studios Planned
Total 2,129
* Estimated
There are currently 21,300 beds in approx. 230 student
residences across Portugal. As previously mentioned, the
majority of these residences are operated by public entities
(mainly universities), most of which are single-asset operators.
As mentioned before, currently there is an insufcient supply
of good quality student housing when comparing to impressive
growth forecasts of the number of international students in
Portugal.
The level of supply for good quality student housing
accommodations still is low in Portugal, increasing mainly in
Lisbon and Porto. The level of demand for student residences
is high, largely surpassing the offer level, levelling up average
prices up to 5% in the last year.
Nowadays the challenges for those who plan to invest in this
sector is the scarcity of suitable land or properties and the
strong competition with more valuable end uses as residential.
Additionally, there are other types of rental, such as local market,
non-professionalized leasing, short-term rental and student
residence sites such as Uniplaces, which have registered strong
growth in the past few years.
PORTO
31 Universities in Porto
62 Colleges in Porto
+650 Public University Courses
+380 Privat University Courses
74,000 Students
26,000 Live away from home
As we have mentioned previously, the traditional student market
was dominated by public bodies and religious orders, but
currently, with the new offer from international operators, student
accommodation is an attractive alternative.
Top 10 Colleges area # students
Instituto Politécnico do Porto –
Instituto Superior de Engenharia
do Porto
Engineering 6,500
Universidade do Porto –
Faculdade de Engenharia
Engineering 6,400
Instituto do Politécnico do
Porto – Instituto Superior de
Contabilidade e Administração
do Porto
Business 4,200
Universidade do Porto –
Faculdade de Letras
Letters 3,600
Universidade do Porto –
Faculdade de Ciências
Science 3,400
Instituto Universitário da Maja
– ISMAI
Several 3,300
Universidade do Porto –
Faculdade de Economia
Economics 2,900
Universidade Fernando Pessoa Several 2,700
Instituto Politécnico do Porto
– Escola Superior de Saúde do
Porto
Medical 2,400
Universidade Portucalense
Infante D. Henrique
Several 2,300
Source: DGEEC, Cushman & Wakeeld analysis
LISBON & CASCAIS SUPPLY
Number of University students in Lisbon
Academic year 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020
Total National Enrolled Students 112,729 113,544 116,676 120,696 118,590
Growth rate 0.72% 2.76% 3.45% -1.74%
Displaced Students – Nationals* 35,003 36,209 35,577
Growth rate 3.45% -1.74%
Foreign Students 15,183 16,110 17,854 20,578 20,272
Growth rate 6.11% 10.83% 15.26% -1.49%
* Based on a estimation of 30% displaced students
• Majority of supply consists of private residential rooms;
• Increasing PBSA share of student housing;
• Traditionally, Universities or catholic institutions managed the
largest part;
• Private operators interested in the market, sums already more
than 1,700 beds (in units with more than 50 beds);
• Attractiveness of the market;
- 6 projects in the pipeline until 2023
- Approx. 2,100 beds
Number of beds
Existing
Under constrction
Planned
Pre-Covid
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2023202220212020
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XIOR I 113

PRIVATE PBSA PIPELINE IN PORTO
Building Address # Beds
Opening
year Owner Operator Status
The Tannery Amial - Nido Rua do Amial, 967-771 1,029 2023 Round Hill capital Nido Collection
Under
construction
Lumis Student Housing n.a. 430 2023 Viridis real Estate Lumis Student Living Planned
The Student Hotel Praça de Dom João I 400 2023 The Student Hotel The Student Hotel Planned
Smart Studios Asprela Rua sa Asprela 243 2022 Smart Studios Smart Studios
Under
construction
Big City Asperla Rua Dr. Manuel Pereira da Silva 241 2022 Big City Big City
Under
construction
Xior Bonm Rua António Granjo 142 211 2023 Promiris Odalys Planned
U.Hub Boavista Rotunda da Boavista 500 2023 U.Hub U.Hub Planned
Total 3,054
There are currently 21,300 beds in approx. 230 student
residences across Portugal. As previously mentioned, the
majority of these residences are operated by public entities
(mainly universities), most of which are single-asset operators.
As mentioned before, currently there is an insufcient supply
of good quality student housing when comparing to impressive
growth forecasts of the number of international students in
Portugal.
The level of supply for good quality student housing
accommodations still is low in Portugal, increasing mainly in
Lisbon and Porto. The level of demand for student residences
is high, largely surpassing the offer level, levelling up average
prices up to 5% in the last year.
Nowadays the challenges for those who plan to invest in this
sector is the scarcity of suitable land or properties and the
strong competition with more valuable end uses as residential.
Additionally, there are other types of rental, such as local market,
non-professionalized leasing, short-term rental and student
residence sites such as Uniplaces, which have registered strong
growth in the past few years.
INVESTMENT MARKET
Major European players in student housing backed in some
cases by institutional capital have only just begun to enter the
Portuguese market. These include Xior and Brookeld amongst
others.
Investor rationale is based on increased student demand for
quality accommodation. Existing stock, in generally quasi-public
ownership, has suffered under-investment and is failing to keep
pace with the demands of the 21st century in terms of design,
technology, sustainability, etc.
Nevertheless, the lack of quality product has led investors to
focus primarily on new developments and refurbishments,
leading to a lack of direct investment evidence in operational
PBSA. We set out key investment deals in the table below
(excluding development deals):
PORTO SUPPLY
Number of University students in Porto
Academic year 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021
Total National Enrolled Students 56,306 58,193 60,562 62,029 63,242
Growth rate 3,35% 4,07% 2,42% 1,96%
Displaced Students – Nationals* 17,646 17,783 18,011 18,160 19,125
Growth rate 0,78% 1,28% 0,82% 5,31%
Foreign Students 5,890 7,384 9,101 10,144 8,600
Growth rate 25% 23% 11% -15%
• As in Lisbon, majority of supply is private residential;
• Private operators interested in the market;
• Recent opening of LIV student project (423 rooms) and the
Studyou project (220 suites);
• PBSA in pipeline for the next two years:
- 7 projects
- Circa 3,000 beds
Number of beds
0
500
1000
1500
2000
2500
3000
PlannedUnder
construction
Existing
2 401
1 513
1 541
MAIN EXISTING PRIVATE PBSA IN PORTO
Building City Address Rooms # Beds
Range of
prices
(€/Month)
Milestone Porto Asprela Porto Rua Manual Pacheco De Miranda 220 227 €536-636
Livensa Living U. Porto Campus Porto Rua Dr. Manuel Pereira da Silva 583 723 €640-1,113
Livensa Living Boavista Porto Rua Mosenhor Fonseca Soares 330 330 €545-815
U.Hub Asprela Porto Rua do Bairro da Aerosa 456 456 €350-770
WorldSpru Porto Rua do Monte da Estação 176 195 €361-748
Liv Student Porto Porto Rua Manuel Pachecco de Miranda 423 470 €375-585
Studyou Porto Asperla Porto Rua Dr. Júlio de Matos 225 225 €350-770
Totaal 2,413 2,626
Note : the selection of main PSBA was based in the criteria of presenting more than 150 beds.
114 I PROPERTY REPORT
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XIOR I 115

Year Type of deal Building Location
Size
(sq.m) Vendor Purchaser
Price
(€/m)
Price
(€/m
2
)
2016
Redevelopment Conde Redondo 79 Lisbon 10,900 CTT Temprano €17,0 m €1,560
2017
Redevelopment
Almeida Garrett College
Building
Porto n.a.
Universidade do
Porto
Real Douro €6,1m n.a.
2018
Redevelopment Campo Pequeno 34 Lisbon 39,000 Novo Banco
Round Hill
Capital/ TPG
€35-45 €960
2019
Investment
Promiris Portfolio
(forward purchase)
Lisbon &
Porto
11,500 Promiris XIOR €28,2m €2,450
2019
Redevelopment Alta de Lisboa Land Lisbon 14,000 Developer Corporate €8-10m €650
2019
Investment
U.hub- portfolio
(forward purchase)
Lisbon &
Porto
n.a. U.hub Xior €130,0m n.a.
2022
Investment
Milestone Carcavelos
Lombos
Cascais 6,622
Value one
Holding
Catella
Residential Fund
€15,5 m €2,340
Source: Cushman and Wakeeld
The year 2019 marked a record year for direct investment into
student accommodation in Portugal with total investment
volume in the order of MEUR 170. This gure comprises
primarily the Xior acquisitions of the Promiris and U.HUB
portfolios.
This is a flourishing sector in Portugal, the rst openings
happened in the last 2/3 years, with a special emphasis for
the Collegiate Prestige Marquês de Pombal, which opened in
January 2018 and it is considered a luxury student housing,
focused on international students.
Activity during 2018 and 2021 has been much more focused
around development with investors seeking to secure
strategically located sites mainly in Lisbon and Porto. This
development phase will continue in 2022 as investors and
operators look to expand and consolidate their trading
platforms.
In the beginning of 2022, it was sold Milestone Carcavelos,
a student residence built in 2020 with 192 single rooms and
located near Nova Business School. The public acquisition
value was MEUR 15.5 (about EUR 81,000/room), with a yield
below 6% and below the yields practiced before the pandemic
(above 6%). The transaction foresees the concession and
management of the building for a period of 99 years.
Although we do not refer to yield levels in the above table,
we can comment that investors currently focusing on prime
freehold student housing investment product in Lisbon and
Porto would be prepared to accept an Exit Yield lower than 6%.
According to our experience, this sector has gone from a niche
market, especially in Europe, to a mainstream investment
during the last years, so we believe that this sector will be a
strong and attractive one in the future.
In terms of investment demand, we believe that micro-locations
or prime locations, are becoming an increasingly important part
of investor’s criteria which will impact on the investment yields.
COVID-19 IMPACT ON STUDENT ACCOMMODATION IN PORTUGAL
2020/2021 shows some difculties to maintain the pre-covid
occupation levels due the reduction of foreign students.
This decrease of demand from foreign students was slightly
compensated by an increase of demand by national students
through some downwards prices more adjusted to the
Portuguese demand purwchase power, mainly in the more
expensive student housing schemes. Nevertheless, occupancy
reduction was observed in the higher-end facilities, more
exposed to foreign demand.
This allowed the new 2021/2022 academic year started
with some normality and presential teaching, considering
that approx. 85% of Portuguese inhabitants are already fully
vaccinated, therefore, the demand for rooms is now recovering,
namely from foreign students. Therefore, PBSA in Portugal are
recovering their occupation levels offering lower discounts on
price comparing with 2020/2021 academic year, being that
some of these residences are already fully occupied, even
considering some new openings for the current academic year
such as the LIV student residence (with 423 rooms) and the
Studyou residence (with 220 suites) near the university of Porto
and the Sonae residence (with 173 rooms) in Santa Apolónia
in Lisbon.
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XIOR I 117

8.2 PROPERTY PORTFOLIO
A summary and description of the Company’s property portfolio, including its composition and diversication, is provided below.
8.2.1
VALUATION OF THE PROPERTY PORTFOLIO AS AT 31 DECEMBER 2021
Country City Address Total Rent
(i)
Estimated
Rental Value
(ii)
Rental Income
(iii)
Occupancy
Rate
(iv)
Fair Value as at
31/12/2021
Year of construction
or refurbishment
Units - Rooms Units - Other m²
BE Antwerp 4 749 087 9 595 172 4 749 087 152 693 227 979 46 57 082
1 Blindenstraat 18-22 278 880 272 922 278 880 100% 6 081 052 2012 41 0 1 457
2 Franklin Rooseveltplaats 7-9, Osystraat 3-5 To be developed 832 658 NA 18 177 305 2023 51 0 5 234
3 Frankrijklei 62 - retail 106 330 NA 2 220 348 2013 0 1 437
4 Frankrijklei 70 - retail 30 741 NA 576 670 2015 0 1 90
5 Gratiekapelstraat 2-6 203 220 189 918 203 220 100% 4 383 563 2014 29 0 1 035
6 Groenenborglaan 149 (Felix) Under construction 1 172 267 NA 11 445 527 2023 120 0 14 410
7 Italielei 48 55 743 49 975 55 743 100% 995 554 2003 5 1 231
8 Italiëlei 80-82 126 324 130 368 126 324 100% 2 588 152 2012 20 0 695
9 Kipdorpvest 40-42 - parkings 49 900 50 295 49 900 100% 1 112 465 NA 0 40 1 200
10 Kipdorpvest 49 - commercial 250 325 NA 4 706 185 2013 0 1 2 061
11 Kipdorpvest 49 - students 1 112 352 1 139 940 1 112 352 100% 23 545 655 2013 207 0 4 825
12 Klapdorp 4-6 121 728 126 480 121 728 100% 2 320 977 2011 22 0 528
13 Koningstraat 8 (Prince) 965 880 1 026 660 965 880 100% 21 541 222 2021 156 0 7 165
14 Korte Sint-Annastraat 6 35 460 36 072 35 460 100% 790 520 2014 6 0 205
15 Paardenmarkt 10 136 410 159 420 136 410 100% 2 060 822 2014 28 1 155
16 Paardenmarkt 100-102 62 630 56 100 62 630 100% 1 150 130 2009 10 0 293
17 Paardenmarkt 67 136 200 147 546 136 200 100% 2 897 245 2015 23 0 1 031
18 Paardenmarkt 70 67 793 71 484 67 793 100% 1 203 220 2014 12 1 360
19 Paardenmarkt 93 27 900 27 828 27 900 100% 761 101 2013 4 0 199
20 Rijnpoortvest 19-21 102 000 100 272 102 000 100% 2 397 023 2013 16 0 567
21 Rodestraat 15 69 360 76 308 69 360 100% 1 519 111 2015 14 0 459
22 Rodestraat 17 134 565 133 416 134 565 100% 2 614 002 2021 28 0 579
23 Rodestraat 19-23 431 660 470 682 431 660 100% 9 977 622 2021 91 0 2 155
24 Rodestraat 2 126 432 148 332 126 432 100% 3 118 479 2021 16 0 1 021
25 Rodestraat 31 42 720 47 016 42 720 100% 1 050 823 1996 8 0 431
26 Stadswaag 6-8 J. de Hasquestraat 268 478 253 644 268 478 100% 6 232 395 2019 32 0 1 556
27 Universiteitsplein Under construction 2 287 950 NA 13 288 009 2023 7 891
28 Viaductdam 104 193 452 200 225 193 452 100% 3 938 050 2015 40 0 812
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Country City Address Total Rent
(i)
Estimated
Rental Value
(ii)
Rental Income
(iii)
Occupancy
Rate
(iv)
Fair Value as at
31/12/2021
Year of construction
or refurbishment
Units - Rooms Units - Other m²
BE Brussels 8 183 939 10 598 566 8 079 848 207 896 823 1 238 102 50 705
29 Antoine Breartstraat 60-62 38 280 120 447 38 280 100% 2 114 605 2021 21 0 562
30 Antoine Dansaertstraat 121, Brussel To be developed 259 885 NA 5 840 321 2022/2023 0 0 730
31 Camuselstraat 30, 32 en 34 (Woodskot) 605 760 612 660 527 011 87% 12 551 941 2019 91 0 1 533
32 De Brouckèreplein, Brussel To be developed 806 063 NA 17 100 893 2022/2023 0 0 3 038
33 Hippokrateslaan 14 (Alma) 2 534 205 2 551 471 2 508 863 99% 47 096 823 2019 339 102 12 369
34 Kroonlaan 365 (365 Rooms) 1 850 000 1 939 515 1 850 000 100% 38 812 926 2014 323 0 13 774
35 Kruitmolenstraat 43 65 880 66 720 65 880 100% 1 302 839 2019/2020 16 0 188
36
Ladderstraat 15-19 en Ladderstraat 11-13, Sint-Jan
Nepomucenusstraat 32-34 (KVS II)
279 660 281 880 279 660 100% 6 265 891 2017 39 0 1 174
37 Lakensestraat 157/159 en Ladderstraat 6, 14 en 16 (KVS I) 179 760 180 420 179 760 100% 3 932 426 2017 30 0 488
38 Middaglijnstraat 46 112 014 88 680 112 014 100% 1 472 403 1992 18 0 386
39 Nieuwbrug 16 59 520 66 900 59 520 100% 1 167 878 2020 16 0 223
40 Ommegangstraat 2 896 116 820 602 896 116 100% 16 011 557 2016 141 0 5 276
41 Oudergemlaan 269-275 738 720 788 760 738 720 100% 15 861 777 2018 118 0 2 391
42 Sint-Pietersstraat 17-27 (Marivaux) Under construction 1 015 620 NA 21 123 962 2022 0 0 6 705
43
Van Orleystraat 14 (Bischoffsheimlaaan 38-38A) +
Zavelput 20
824 024 998 944 824 024 100% 17 240 580 2016 86 0 1 868
BE Ghent 5 444 395 7 092 997 4 844 395 134 354 506 989 51 29 310
44 Brusselsepoortstraat 89 (Campus BXL ) 425 052 430 230 425 052 100% 8 730 149 2016 83 0 1 369
45 Hoogstraat 33-37 152 304 152 460 152 304 100% 2 949 879 2015 30 0 468
46 Oude Beestenmarkt 11 / Zilverenberg 16 89 568 89 508 89 568 100% 1 682 274 2020 17 0 313
47 Oude Schaapmarkt 1 112 500 141 978 112 500 100% 3 105 249 2019 20 0 686
48 Project Bagattenstraat - Rozendaalken To be developed 304 289 NA 3 178 144 2021 0 0 NA
49 Sint-Pietersnieuwstraat 186 / G. Magnelstraat 13A 237 948 247 920 237 948 100% 4 931 315 2019 38 0 1 320
50
Sint-Pietersplein 52 / Sint-Amandsplein 1 - 3 /
Sint-Amandstraat 33
Under construction 263 798 NA 5 297 773 2021 0 0 1 931
51 Stalhof 2 562 980 621 540 562 980 100% 13 242 082 2014 119 0 4 330
52 Universiteitstraat 13 (Roxi Gent) 600 000 489 893 9 664 904 2013 0 50 1 759
53 Voskenslaan 191-207 Under construction 653 119 NA 13 306 646 2021 0 0 4 916
54
Voskenslaan 58, Overwale 42-44 (Overwale - Campus
Schoonmeersche)
2 260 143 2 549 868 2 260 143 100% 48 164 263 2016 490 1 8 046
55 Waarschootstraat 1 740 980 876 360 740 980 100% 14 541 077 2018 145 0 3 052
56 Zuidstationstraat 24 262 920 272 034 262 920 100% 5 560 752 2014 47 0 1 120
BE Hasselt 980 952 991 705 902 476 19 561 850 193 1 8 718
57 Gouverneur Verwilghensingel 3b 980 952 991 705 902 476 92% 19 561 850 2020 193 1 8 718
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XIOR I 121

Country City Address Total Rent
(i)
Estimated
Rental Value
(ii)
Rental Income
(iii)
Occupancy
Rate
(iv)
Fair Value as at
31/12/2021
Year of construction
or refurbishment
Units - Rooms Units - Other m²
BE Leuven 5 393 130 5 627 510 5 393 130 111 234 240 1 016 10 26 913
58 Arendstraat 11 47 268 52 792 47 268 100% 1 007 302 2017 11 0 179
59 Bogaardenstraat 11 53 940 53 784 53 940 100% 992 869 2014 8 0 203
60 Bondgenotenlaan 74 - retail/rooms 226 180 264 098 226 180 100% 6 268 916 2017 18 1 988
61 Brusselsestraat 182-184 200 868 202 284 200 868 100% 4 037 750 2015 24 1 951
62 Brusselsestraat 242 98 280 101 512 98 280 100% 2 019 085 2014 17 0 350
63 Brusselsestraat 244 40 860 36 111 40 860 100% 723 626 2019 8 0 152
64 Diestsevest 85 70 620 73 440 70 620 100% 1 469 551 2019 14 0 233
65 Frederik Lintsstraat 148-150 177 192 177 046 177 192 100% 3 621 744 2009 37 0 516
66 Frederik Lintsstraat 9 64 728 66 440 64 728 100% 1 197 548 2009 14 0 243
67 Ierse Predikherenstraat 17-19 73 896 73 652 73 896 100% 1 278 979 2015 15 0 207
68 Janseniusstraat 38 600 984 599 160 600 984 100% 11 388 994 2013/2015 160 0 3 568
69 Justus Lipsiusstraat 9 52 512 54 720 52 512 100% 1 037 722 2014 10 0 150
70 Kapucijnenvoer 34 44 472 47 580 44 472 100% 839 617 2015 8 0 179
71 Martelarenlaan 40 (Studax) 1 518 146 1 582 543 1 518 146 100% 32 430 604 2016 292 0 4 772
72 Mechelsestraat 77 122 844 130 860 122 844 100% 2 472 180 2015 21 0 425
73 Minderbroedersstraat 19 209 100 212 940 209 100 100% 4 532 616 2014/2015 33 0 628
74 Minderbroedersstraat 21 702 744 709 582 702 744 100% 12 340 955 2013 116 0 8 554
75 Naamsestraat 58-60 - parkings 4 540 0 100% 140 813 2015 0 3 90
76 Parkstraat 137 369 744 390 309 369 744 100% 7 742 772 2017 72 0 1 483
77 Ravenstraat 40 66 492 69 687 66 492 100% 1 248 743 2018 17 1 242
78 St-Annastraat 13 65 064 67 460 65 064 100% 1 243 875 2014 13 0 227
79 Strijdersstraat 66 66 552 64 520 66 552 100% 1 153 866 2010 13 0 222
80 Tiensestraat 184-186 / Windmolenveldstraat 86-88 212 856 217 821 212 856 100% 4 516 804 2011 39 0 689
81 Tiensestraat 251 68 892 69 001 68 892 100% 1 245 949 2012 10 0 289
82 Tiensestraat 274/Windmolenveldstraat 2-4 82 800 129 889 82 800 100% 2 664 366 2018 17 4 591
83 Vlamingenstraat 91/ Parkstraat 11 156 096 175 740 156 096 100% 3 616 995 2019 29 0 782
BE Liège 2 145 375 2 296 872 2 145 375 42 893 307 378 0 19 250
84 Boulevard d’Avroy 67 577 815 714 120 577 815 100% 12 816 643 2015 146 0 2 668
85 Rue Ernest Solvay 21 (ARC) 1 567 560 1 582 752 1 567 560 100% 30 076 664 2021 232 0 16 582
BE Mechelen 77 016 110 160 77 016 1 711 823 15 0 390
86 Ontvoeringsplein 6 77 016 110 160 77 016 100% 1 711 823 2013 15 0 390
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XIOR I 123

Country City Address Total Rent
(i)
Estimated
Rental Value
(ii)
Rental Income
(iii)
Occupancy
Rate
(iv)
Fair Value as at
31/12/2021
Year of construction
or refurbishment
Units - Rooms Units - Other m²
NL Amstelveen 0 12 004 919 0 73 316 107 0 1 22 743
87 Project Prof. W.H. Keesomlaan 6-10 To be developed 3 062 879 NA 25 616 107 2023 0 0 22 743
88 Project Regio Amsterdam To be developed 8 942 040 NA 47 700 000 2024 0 1 0
NL Amsterdam 6 124 875 12 035 205 6 091 337 140 613 355 567 0 31 378
89 Barajasweg 60-70 1 007 267 1 033 320 1 007 267 100% 21 050 000 2018 88 0 2 741
90 Naritaweg 139-149 812 063 843 900 812 063 100% 16 500 000 2018 73 0 2 099
91 Naritaweg 151-161 951 744 1 021 200 951 744 100% 20 900 000 2018 86 0 2 755
92 Brink Toren - Kavel 7 To be developed 2 984 520 NA 9 853 355 2025 11 433
93 Karspeldreef 15-18 3 353 801 3 350 940 3 320 263 99% 68 250 000 2019 320 0 12 350
94 Karspeldreef toren 2 To be developed 2 801 325 NA 4 060 000 2025/2026
NL Breda 2 853 684 3 054 623 2 847 770 47 794 957 450 32 14 536
95 Rat Verleghstraat 5 1 314 156 1 561 320 1 308 242 99.55% 24 160 452 2017 224 31 4 928
96 Tramsingel 21 319 830 321 036 319 830 100% 4 846 047 2015 60 0 2 251
97 Tramsingel 27 916 224 867 552 916 224 100% 14 148 457 2016 122 0 5 754
98 Vismarkt - Kraanstraat 1 and 5 303 474 304 714 303 474 100% 4 640 000 2015 44 1 1 603
NL Delft 2 509 228 2 571 018 2 453 401 44 939 858 317 0 12 276
99 Antonia Veerstraat 1-15 1 036 272 1 035 629 1 018 759 98.31% 17 633 599 2017 118 0 4 689
100 Barbarasteeg 2 850 456 869 079 818 989 96.3% 15 287 831 2016 108 0 4 187
101 Phoenixstraat 16 622 500 666 309 615 653 98.90% 12 018 427 2018 91 0 3 400
NL The Hague 2 854 040 2 771 547 2 845 613 50 460 922 407 3 15 256
102 Eisenhowerlaan 146 401 245 374 428 401 245 100% 7 050 000 2014 64 0 1 355
103 Eisenhowerlaan 148 402 469 374 428 402 469 100% 7 050 000 2014 64 0 1 355
104 Eisenhowerlaan 150 315 282 282 869 315 282 100% 5 200 000 2015 68 0 1 322
105 Project Burgwal - Lutherse Burgwal 10 1 170 457 1 167 806 1 162 030 99.28% 21 151 297 2020 139 3 8 521
106 Waldorpstraat 600-742 564 588 572 016 564 588 100% 10 009 625 2017 72 0 2 703
NL Eindhoven 695 840 2 610 797 695 840 35 399 859 95 0 8 747
107 Boschdijk 146 (Boschdijk Veste) Under construction 1 896 840 NA 23 341 686 NA 0 0 5 104
108 The Spot - Kronehoefstraat 1-11F 695 840 713 957 695 840 100% 12 058 174 2016 95 0 3 643
NL Enschede 1 964 859 5 346 489 1 964 859 50 752 202 271 2 45 246
109 Ariënsplein 1-163 - Fase I 1 964 859 2 022 612 1 964 859 100% 30 919 731 2018/2019 271 2 17 375
110 Ariënsplein 1-163 - Fase II Under construction 3 323 876 NA 19 832 471 2022/2023 0 0 27 871
NL Groningen 9 623 594 9 570 625 9 608 981 168 551 671 1 161 0 61 354
111 Hoogeweg 1-3 (Zernike Toren) 5 575 053 5 488 600 5 575 053 100% 94 079 702 2020 698 0 33 659
112 Oosterhamrikkade 103-107 1 461 250 1 445 336 1 446 638 99% 24 351 921 2018 180 0 8 685
113 Project Eendrachtskade 2 (Black Box) 2 587 291 2 636 689 2 587 291 100% 50 120 048 2020 283 0 19 010
NL Leeuwarden 646 236 635 687 646 236 11 300 000 82 1 3 912
114 Tesselschadestraat 7-19B (The Block) 646 236 635 687 646 236 100% 11 300 000 2016
82 1 3 912
NL Leiden 896 400 998 351 896 400 14 529 913 134 0 9 610
115 Campus Verbeek - Verbeekstraat 11-29 896 400 998 351 896 400 100% 14 529 913 2016 134 0 9 610
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XIOR I 125

Country City Address Total Rent
(i)
Estimated
Rental Value
(ii)
Rental Income
(iii)
Occupancy
Rate
(iv)
Fair Value as at
31/12/2021
Year of construction
or refurbishment
Units - Rooms Units - Other m²
NL Maastricht 8 089 382 10 374 706 8 071 554 145 300 932 1 280 43 71 049
116 Annadal - project grond To be developed 1 726 484 NA 7 347 006 NA
117 Brouwersweg 100 / Becanusstraat 13-17 (Annadal) 3 557 655 3 983 281 3 557 655 100% 58 303 512 2017/2019 723 37 45 695
118 Tongerseweg 135-145 (Bonnefanten College) 2 031 663 2 069 617 2 031 663 100% 37 277 751 2019 257 0 16 366
119 Tongerseweg 43-57 (Carré) 1 801 861 1 930 880 1 789 248 99.30% 32 435 237 2016 143 5 6 155
120 Vijverdalseweg 2 578 324 545 723 578 324 100% 8 200 000 2018 134 1 2 327
121 Wycker Grachtstraat 2-2A 119 879 118 721 114 664 96% 1 737 426 2016 23 0 506
NL Rotterdam 2 083 908 2 059 877 2 083 908 121 727 411 280 0 41 051
122 Burgemeester Oudlaan 480-1008 (Woudestein) 2 083 908 2 059 877 2 083 908 100% 35 611 815 2017 280 0 9 308
123
Project Bokelweg - Heer Bokelweg 121-171 To be developed 0 NA 86 115 596 2021 0 0 31 743
NL Tilburg 400 008 393 606 400 008 6 530 000 72 4 2 136
124 Enschotsestraat 78-84 112 740 109 955 112 740 100% 1 840 000 2019 17 0 520
125 Kapelhof 31 / Heuvelstraat 126 76 092 78 759 76 092 100% 1 570 000 2006 21 0 350
126 Korenbloemstraat 42-44a 65 136 57 702 65 136 100% 860 000 2019 14 2 366
127 Mariastraat 27a/b/c / Nieuwlandstraat 14 64 308 64 500 64 308 100% 1 180 000 2014 9 1 481
128 Nieuwlandstraat 1/1a 81 732 82 690 81 732 100% 1 080 000 2014 11 1 419
NL Utrecht 2 751 012 2 876 022 2 740 494 57 542 308 340 1 11 259
129 Diamantweg 2 (Rotsoord Klopgebouw) Under construction 54 000 NA 600 000 2019 0 1 300
130 Rotsoord 19-263 / Diamantweg 2-168 2 146 620 2 184 600 2 136 102 99.51% 44 950 000 2018 206 0 5 983
131 Willem Dreeslaan 113 (The Hive) 604 392 637 422 604 392 100% 11 992 308 2015 134 0 4 976
NL Vaals 2 303 500 2 649 766 2 303 500 38 546 599 460 0 20 582
132 Sneeuwberglaan 1 2 303 500 2 649 766 2 303 500 100% 38 546 599 2018 460 0 20 582
NL Venlo 1 267 613 1 370 997 1 267 613 21 595 693 166 5 9 223
133 The Bank - Spoorstraat 9-229 / Keulse Poort 12 827 770 859 634 827 770 100% 13 635 558 2017 110 1 5 795
134 The Safe - Peperstraat 8A1-8C14 / Kwietheuvel 51-77 439 843 511 363 439 843 100% 7 960 136 2016 56 4 3 428
NL Wageningen 820 776 791 724 820 776 14 300 000 201 0 3 933
135 Costerweg 50 (Duivendaal) 611 316 592 861 611 316 100% 10 500 000 2019 179 0 2 897
136 Duivendaal 2 (Meteogebouw) 209 460 198 863 209 460 100% 3 800 000 2019 22 0 1 036
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XIOR I 127

Country City Address Total Rent
(i)
Estimated
Rental Value
(ii)
Rental Income
(iii)
Occupancy
Rate
(iv)
Fair Value as at
31/12/2021
Year of construction
or refurbishment
Units - Rooms Units - Other m²
ESP Barcelona 2 640 395 2 909 185 2 498 571 47 889 000 269 1 8 186
137 Av. De Francesc Botey 51 (Diagonal Besòs) 1 575 818 1 782 505 1 433 994 91% 27 461 000 2019 191 1 5 336
138 Carrer De Sèneca 24-26 (The Lofttown) 1 064 577 1 126 680 1 064 577 100% 20 428 000 2016 78 0 2 850
ESP Granada 1 850 000 2 118 424 1 850 000 37 396 000 347 0 10 243
139 Callejón De Lebrija 3 (AMRO Granada) 1 850 000 2 118 424 1 850 000 100% 37 396 000 2020 347 0 10 243
ESP Madrid 6 938 350 7 642 843 6 600 386 136 158 000 624 0 22 311
140 Calle de Don Ramon de la Cruz 37 2 014 350 1 544 926 1 873 346 93% 32 500 000 2018 146 0 5 840
141 Calle Tajo S/N (Xior Picasso - Xior Velázquez) 4 924 000 4 971 603 4 727 040 96% 93 329 000 2016 478 0 16 471
142 Project Campus UEM / Calle Tajo s/n To be developed 1 126 314 NA 10 329 000 NA NA 0 NA
ESP Malaga 2 626 978 2 531 551 2 626 978 47 810 000 450 0 13 669
143 Av Editor Angel Caffarena 1 (Amro) 1 290 000 1 279 102 1 290 000 100% 24 030 000 2021 229 0 6 680
144 Blvr Louis Pasteur 33 1 336 978 1 252 449 1 336 978 100% 23 780 000 2021 221 0 6 989
ESP Sevilla 2 326 320 1 518 403 2 326 320 30 400 000 309 0 7 882
145 Av. De la Palmera 17 2 326 320 1 518 403 2 326 320 100% 30 400 000 2021 309 0 7 882
ESP Zaragoza 0 2 328 103 0 26 194 000 0 0 7 400
146 Pontoneros To be developed 2 328 103 NA 26 194 000 2023 7 400
PT Lisbon 2 228 000 6 275 000 2 228 000 76 717 000 438 0 30 521
147 Avenida Almirante Reis 178 (Alameda) 172 000 165 000 172 000 100% 784 000 2015 32 0 865
148 Praça de Alvalade 9 (Alvalade ) 366 000 372 000 366 000 100% 5 666 000 2016 66 0 2 442
149 Avenida Colégio Militar 16 (Benca) 1 690 000 1 690 000 1 690 000 100% 25 395 000 2020 340 0 9 700
150 Lamas Lissabon Under construction 633 000 NA 10 875 000 2023 4 834
151 Uhub Lumiar Under construction 3 415 000 NA 33 997 000 2023 12 680
PT Porto 1 775 000 2 836 000 1 775 000 45 538 000 456 16 17 493
152 Rua da Fábrica Do Bairro Da Areosa 31 (Asprela) 1 775 000 1 892 000 1 775 000 100% 28 063 000 2020 456 0 12 600
153 Project Rua António Granjo 142 Under construction 944 000 NA 17 475 000 2022 16 4 893
Totals 93 243 891 136 588 451 91 834 871 2 161 649 565 13 984 319 694 363
(i)
Total Rent represents the rent the Company would invoice based on its asking price as at 31 December 2021, if 100% of the property portfolio available for letting (not including rooms
under renovation or construction) were let, including the estimated annual rental income for hostel activities.
(ii)
Estimated Rental Value as estimated by Stadim, Cushman & Wakeeld and CBRE.
(iii)
Annual contract rent based on the tenancy schedule as at 31 December 2021. For Iberia, the contract rent in the academic year is taken into account. We do not yet have an overview of
the occupancy for summer rentals.
(iv)
Ratio between Rental Income and Total Rent.
(v)
No contract Rental Income is available for some properties as at 31 December 2021: (a) Franklin Rooseveltplaats 7-9 (b) Groenenborgerlaan 149 (c) Universiteitsplein 1 (d) Antoine
Dansaertstraat 121 (e) De Brouckèreplein (f) Sint Pietersstraat 17-27 (g) Bagattenstraat (h) Sint-Pietersplein (i) Voskenslaan 191-207 (j) Amstelveen Keesomlaan Project (k) Regio
Amsterdam Project (l) Brinktoren (m) Karspeldreef Tower 2 (n) Boschdijk 146 (o) Ariënsplein Phase II (p) Annadal Project Plot (q) Bokelweg Project (r) Rotsoord Klopgebouw (s) UEM
Project (t) Zaragoza Project (u) Lamas Project (v) Lumiar Project (w) Granjo Project. These development projects are still under construction. The Bagatten and UEM projects concern land
positions that have yet to be developed.
The total Fair Value estimated by the Valuation Expert was KEUR
2,161,650 as at 31 December 2021. The consolidated balance
sheet included investment properties for an amount of KEUR
1,967,056. The difference is due to a) the real estate related to
the joint ventures; the 100% value of the real estate is included
in the table above, but is not accounted for under the investment
property line (KEUR 83,471); b) a number of properties are under
construction/renovation; foreseeable construction costs were
taken into account when determining the amount included in
the consolidated balance sheet (KEUR 106,040); and d) certain
structural works will be carried out on a number of properties
in the portfolio (renewal of lifts, update of installations, energy
investments and so on), again for which the amount included
in the consolidated balance sheet takes account of foreseeable
costs (KEUR 5,083).
128 I PROPERTY REPORT
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XIOR I 129

8.2.2.2 Breakdown into sub-portfolios
The following summary lists the property portfolio by sub-
portfolio, country and city. Every sub-portfolio shows the
Purchase Value, Fair Value, Rental Income and insured value.
The Rental Income is the annual rent based on the tenancy
schedule as at 31 December 2021.
Country City
Fair Value as at
31.12.2021 Rental income
(iii)
Insured value
Acquisition
cost excl.
Belgium Antwerp 152,693,227 4,749,087 80,512,067 108,147,968
Brussels 207,896,823 8,079,848 103,729,514 186,752,815
Ghent 134,354,506 4,844,395 58,389,282 120,949,669
Hasselt & Liege 62,455,157 3,047,851 25,271,801 57,244,361
Leuven 111,234,240 5,393,130 35,748,767 105,286,386
Mechelen 1,711,823 77,016 1,408,700 1,906,054
Netherlands Amstelveen 73,316,107 43,564,258 71,645,181
Amsterdam 140,613,355 6,091,337 51,370,457 114,420,752
Breda 47,794,957 2,847,770 15,570,959 43,259,505
Delft 44,939,858 2,453,401 19,781,229 40,556,779
The Hague 50,460,922 2,845,613 31,911,876 46,120,682
Eindhoven 35,399,859 695,840 15,424,776 25,133,816
Enschede 50,752,202 1,964,859 27,550,293 47,507,190
Groningen 168,551,671 9,608,981 44,572,677 128,830,916
Leeuwarden 11,300,000 646,236 10,240,645 10,339,254
Leiden 14,529,913 896,400 13,380,931 13,100,382
Maastricht 145,300,932 8,071,554 115,383,776 135,030,143
Rotterdam 121,727,411 2,083,908 27,577,671 81,338,059
Tilburg 6,530,000 400,008 4,468,750 5,555,326
Utrecht 57,542,308 2,740,494 28,683,085 48,752,243
Vaals 38,546,599 2,303,500 21,315,000 38,511,893
Venlo
21,595,693 1,267,613 13,467,832 19,124,020
Wageningen 14,300,000 820,776 10,605,686 14,234,938
Spain Barcelona 47,889,000 2,498,571 20,354,125 43,658,000
Granada 37,396,000 1,850,000 26,000,000 37,000,000
Madrid 136,158,000 6,600,386 60,037,027 104,857,762
Malaga 47,810,000 2,626,978 24,054,209 44,333,040
Seville 30,400,000 2,326,320 8,000,000 27,079,971
Zaragoza 26,194,000 3,564,988
Portugal Lisbon 76,717,000 2,228,000 16,350,000 33,159,473
Porto 45,538,000 1,775,000 16,400,000 28,597,416
Total 2,161,649,565 91,834,871 971,125,393 1,785,998,978
Xior Student Housing’s property portfolio is insured for a total
reconstruction value of MEUR 971, which does not include the
land on which the properties are built, compared to a Fair Value
of MEUR 1,967 (including land) as at 31 December 2021. This
is 44.93% of the Fair Value. Insurance premiums paid in 2021
totalled KEUR 670.
The insured value does not take into account “all construction
site risks” insurance for projects under development. Once
the project is nalised and ready for letting, re insurance is
arranged for the total reconstruction value of the property.
Total Rent
(i)
Estimated
Rental Value
(ii)
Rental
Income
(iii)
Fair Value as at
31/12/2021 Units – Rooms Units – Other
Belgium 26,973,893.96 28,717,334.48 26,191,326.95 561,587,196 4,637 210
The Netherlands 45,884,954.05 47,323,995.50 45,738,288.98 818,735,568 6,149 90
Spain 16,382,043.00 15,594,092.00 15,902,254.88 289,324,000 1,999 1
Portugal 4,003,000.00 4,119,000.00 4,003,000.00 59,908,000 894
Under construction –
Belgium 2,287,153.32 44,723,778
Under construction –
Netherlands 5,839,845.00 14,513,355 1
Under construction –
Portugal 4,992,000.00 62,347,000 16
To be developed – The
Netherlands 1,726,484.00 7,347,006
To be developed – Spain 3,454,417.00 36,523,000
To be converted – Belgium 5,308,494.59 64,034,803 171 -
To be converted – The
Netherlands 17,225,635.37 202,605,859 1
Total 93,243,891 136.588.451 91,834,871 2,161,649,565 13,984 319
32
This is the Fair Value as included in the balance sheet as at 31 December 2021. We refer to Chapter 8.2.1 for the reconciliation between the value included in the balance sheet and the
valuation of the Valuation Expert.
In the Netherlands, there are also ofce buildings that will be
converted into student accommodation: the property at Heer
Bokelweg in Rotterdam, the property at Prof W.H. Keesomlaan
in Amstelveen, the Regio Amsterdam project, Connect U –
Ariënsplein in Enschede (phase II) and Boschdijkveste 146 in
Eindhoven (
see 10.9.30 Acquired real estate companies and
investment properties
). These properties are currently rented
out as ofce space pending the building permit and the start
of the renovation work. The conversion of the property at
Eendrachtskade in Groningen was completed in 2021.
8.2.2
DESCRIPTION AND DIVERSIFICATION OF THE PROPERTY
PORTFOLIO
8.2.2.1 General description of the property portfolio
As at 31 December 2021, the Company’s property portfolio
consisted of 153 properties (two of which were project plots).
Of these, 86 properties were located in Belgium, 50 in the
Netherlands, 10 in Spain and 7 in Portugal. These properties
offer a total of 13,984 lettable student units as at 31 December
2021 (which will increase to around 20,000 student rooms
in 162 properties after completion of the Company’s fully
committed pipeline as at 31 December 2021), and there is also
retail activity on the ground floor of 14 of these buildings. The
property portfolio also includes two properties used only for
retail activities, Roxi Ghent with 50 units, Roxi Zaventem with
99 units and a car park in Antwerp. The Company has a number
of properties that are currently rented out as ofce space
pending their conversion into student rooms. Not including the
properties that are being renovated and are to be converted, the
property portfolio had a total occupancy rate of 98% in 2021.
The total Fair Value of the property portfolio was KEUR
1,967,056
32
as at 31 December 2021. The Company is a so-
called pure player in student housing, and student property is its
core activity. The property portfolio is strategically diversied:
its student accommodation is a well-balanced mix in terms of
geographical diversication and student property types (see
different types of student rooms). The large number of different
tenants on the one hand, and of various room types on the other,
attracting a wide range of different types of student tenants,
also ensures good diversication in terms of tenant types.
130 I PROPERTY REPORT
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XIOR I 131

8.2.2.5 Geographicaldiversicationoftheproperty
portfolio
The following graphs show the diversication of the property
portfolio by country based on its Fair Value. In the Netherlands,
the portfolio consists of 50 properties, representing a total Fair
Value of MEUR 1.043 or 48% of the entire property portfolio; in
Belgium, the portfolio consists of 86 properties, representing
a total Fair Value of MEUR 670 or 31% of the entire property
portfolio. The other 21% are located in Spain and Portugal, with
a total of 17 properties and a Fair Value of MEUR 448. Based
on Total Rent, Belgium represents 29% of the property portfolio
with MEUR 27. The Netherlands represents MEUR 45.9, which
corresponds to 49% of Total Rent. Spain and Portugal represent
MEUR 20.4, which corresponds to 22% of the Total Rent.
FairValue–Diversicationbycountry
BE 31.01%
NL 48.26%
PT 5.66%
ES 15.07%
TotalRent–Diversicationbycountry
BE 28.93%
NL 49.21%
PT 4.29%
ES 17.57%
The RREC’s diversied property portfolio includes 153
properties spread across seven cities in Belgium, 17 cities in the
Netherlands, six cities in Spain and two cities in Portugal. The
properties are located in the most important student cities of
Flanders (Leuven, Ghent, Antwerp, Brussels, Mechelen, Hasselt
and Liège), the Netherlands (Amsterdam, Amstelveen, Breda,
The Hague, Tilburg, Maastricht, Eindhoven, Delft, Rotterdam,
Utrecht, Venlo, Leiden, Groningen, Leeuwarden, Enschede
and Wageningen), Spain (Barcelona, Madrid, Malaga, Seville,
Zaragoza and Granada) and Portugal (Porto and Lisbon). New
locations for 2021 are Malaga, Seville and Zaragoza in Spain
(see
10.9.30 Acquired real estate companies and investment
properties
). The locations of the various properties in Belgium,
the Netherlands, Spain and Portugal and their representation in
the property portfolio in terms of Fair Value and Total Rent are
provided below:
The insurance policies also include additional cover for lost
rent if the properties are no longer usable. The lost rent will be
paid out until the building has been reconstructed. Xior Student
Housing also has civil liability (third party) insurance.
8.2.2.3 Property portfolio type
The following graph shows the diversication of Rental Income
for every type of property based on the Total Rent of the
respective properties in the property portfolio.
TotalRent–Diversicationbytype
Ofces –
to be converted 7.17%
Students 88.61%
Other 4.22%
The above summary shows the strong focus on student
property, which accounts for 89% of rental income. There
is also temporary rental income from ofces pending their
conversion. These represent 7% of Rental Income. The portfolio
also includes a limited number of retail spaces, which are
mostly situated on the ground floor of properties primarily
serving as student accommodation. Two properties are used
exclusively for retail purposes. Besides retail spaces, the “Other”
(4% of the Total Rent) segment includes the Total Rent from
other activities, including “Roxi” Ghent, “Roxi” Brussel and a few
parkings.
8.2.2.4 Description of student room types
The Company provides various types of student rooms in
the student housing segment. The majority of the building
complexes has various types of rooms in order to attract a wide
range of tenant types. The number of rooms per property can
vary greatly, and often depends on the property’s location. The
smallest property (not used for retail) in the property portfolio
contains eight student units (Bogaardenstraat 11, Leuven),
while the largest complex is the Annadal complex in Maastricht
with 723 units. On average, the true individual lettable floor area
(excluding communal areas) is generally 60% of the total floor
area.
The various Xior room types are categorised as follows:
Basic: A student room with a washbasin in the room, and a
shared toilet and shower on the corridor.
Basic +: A student room with a washbasin and its own
shower. There is a shared toilet that is on the corridor.
Comfort: A student room with its own fridge and bathroom
(washbasin, shower and toilet).
Premium: A student studio with its own fully equipped
bathroom (washbasin, shower and toilet) and its own
kitchenette (a fridge and a hob).
The following graph shows the mix of all the available rooms in
the property portfolio by room type. The Premium room has the
biggest share at 45.84%. The high number of Premium rooms
as well as the Basic+ (3.7%) and Comfort (36.69%) illustrates
the strong demand for privacy and individual comfort. Basic
rooms account for 13.77%.
Numberofrooms–Diversicationbyroomtype
Basic 13.77%
Basic+ 3.7%
Comfort 36.69%
Premium 45.84%
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8.2.2.6 DiversicationintermsofRentalIncomeandFair
Value
The following tables show the property portfolio top 10 in terms
of Total Rent and Fair Value.
Top 10 Total Rent per 31.12.2021
0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000
Rotsoord 19-263 / Diamantweg 2-168
Voskenslaan 58, Overwale 42-44 (Overwale - Schoonmeersche Campus)
Sneeuwberglaan 1
Av. De la Palmera 17
Hippokrateslaan 14 (Alma)
Eendrachtskade 2 project (Black Box)
Karspeldreef 15-18
Brouwersweg 100 / Becanusstraat 13-17 (Annadal)
Calle Tajo S/N (Xior Picasso - Xior Velázquez)
Hoogeweg 1-3 (Zernike Tower)
0 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000
Rotsoord 19-263 / Diamantweg 2-168
Hippokrateslaan 14 (Alma)
Amsterdam Region Project
Voskenslaan 58, Overwale 42-44 (Overwale - Schoonmeersche Campus)
Eendrachtskade 2 project (Black Box)
Brouwersweg 100 / Becanusstraat 13-17 (Annadal)
Karspeldreef 15-18
Project Bokelweg - Heer Bokelweg 121-171
Calle Tajo S/N (Xior Picasso - Xior Velázquez)
Hoogeweg 1-3 (Zernike Tower)
With a total amount of EUR 5,575,053 the site at Hoogeweg 1-3
– Groningen represents the largest share (5.89%) of the property
portfolio’s Total Rent. The properties Xior Picasso – Xior Vélazquez –
Madrid and Annadal – Brouwersweg 100 / Becanusstraat 13-17 –
Maastricht come in second and third place in terms of Total Rent.
They represent 5.8% and 3.82% of the property portfolio’s Total
Rent, respectively. The other 150 properties account for 84.92% of
the property portfolio’s Total Rent.
Top 10 Fair Value per 31.12.2021
0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000
Rotsoord 19-263 / Diamantweg 2-168
Voskenslaan 58, Overwale 42-44 (Overwale - Schoonmeersche Campus)
Sneeuwberglaan 1
Av. De la Palmera 17
Hippokrateslaan 14 (Alma)
Eendrachtskade 2 project (Black Box)
Karspeldreef 15-18
Brouwersweg 100 / Becanusstraat 13-17 (Annadal)
Calle Tajo S/N (Xior Picasso - Xior Velázquez)
Hoogeweg 1-3 (Zernike Tower)
0 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000
Rotsoord 19-263 / Diamantweg 2-168
Hippokrateslaan 14 (Alma)
Amsterdam Region Project
Voskenslaan 58, Overwale 42-44 (Overwale - Schoonmeersche Campus)
Eendrachtskade 2 project (Black Box)
Brouwersweg 100 / Becanusstraat 13-17 (Annadal)
Karspeldreef 15-18
Project Bokelweg - Heer Bokelweg 121-171
Calle Tajo S/N (Xior Picasso - Xior Velázquez)
Hoogeweg 1-3 (Zernike Tower)
With a total amount of EUR 94,079,702, the Hoogeweg 1-3 – Gron-
ingen site has the highest Fair Value in the property portfolio. It
accounts for 4.35% of the property portfolio’s total Fair Value. The
properties Xior Picasso – Xior Vélazquez – Madrid and – Heer
Bokelweg 121-171 – Rotterdam come in second and third place in
terms of Fair Value. They represent 4.32% and 3.98% of the proper-
ty portfolio’s total Fair Value, respectively. The other 150 properties
represent 87.35% of the property portfolio’s Fair Value.
Representation in the Fair Value and the Total Rent
Porto
Lisbon
Madrid
Granada
Barcelona
Zaragoza
Groningen
Delft
Rotterdam
The Hague
Utrecht
Breda
Amsterdam
Amstelveen
Wageningen
Leiden
Enschede
Antwerp
Mechelen
Maastricht
Vaals
Venlo
Brussels
Ghent
Leuven
Hasselt
Tilburg
Eindhoven
Liège
City Fair value City Rent
Amstelveen 3.39% Amstelveen 0.00%
Amsterdam 6.50% Amsterdam 6.57%
Antwerp 7.06% Antwerp 5.09%
Barcelona 2.22% Barcelona 2.83%
Breda 2.21% Breda 3.06%
Brussels 9.62% Brussels 8.78%
Delft 2.08% Delft 2.69%
The Hague 2.33% The Hague 3.06%
Eindhoven 1.64% Eindhoven 0.75%
Enschede 2.35% Enschede 2.11%
Ghent 6.22% Ghent 5.84%
Granada 1.73% Granada 1.98%
Groningen 7.80% Groningen 10.32%
Hasselt 0.90% Hasselt 1.05%
Leeuwarden 0.52% Leeuwarden 0.69%
Leiden 0.67% Leiden 0.96%
Leuven 5.15% Leuven 5.78%
Lisbon 3.55% Lisbon 2.39%
Liege 1.98% Liege 2.30%
Maastricht 6.72% Maastricht 8.68%
Madrid 6.30% Madrid 7.44%
Malaga 2.21% Malaga 2.82%
Mechelen 0.08% Mechelen 0.08%
Porto 2.11% Porto 1.90%
Rotterdam 5.63% Rotterdam 2.23%
Seville 1.41% Seville 2.49%
Tilburg 0.30% Tilburg 0.43%
Utrecht 2.66% Utrecht
2.95%
Vaals 1.78% Vaals
2.47%
Venlo 1.00% Venlo 1.36%
Wageningen 0.66% Wageningen 0.88%
Zaragoza 1.21% Zaragoza 0.00%
Leeuwarden
Seville
Malaga
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8.2.2.7 Diversicationofaveragecontractmaturity
The following table provides a breakdown of the rental income
maturities. As Xior rents out student rooms, most contracts are
concluded for a one-year period. These leases must be renewed
with the students every year.
Term of the leases
32
Rental Income (iii)
1 year 86,185,292
Between 1 and 5 years 1,905,750
More than 5 years 3,743,828
The average term of the contracts is not included, since this is
generally of little or no informative value in view of the short-term
nature of student housing contracts.
For a description of the other contracts, please refer to
Chapter
10.9.1 of this Annual Report.
8.2.2.8 Diversicationofaverageroomprice
The rent of the different rooms depends on several factors,
including geographic location (Ghent and Leuven are more
expensive than Mechelen, for example), the building’s specic
location (in terms of distance to the college or university, for
example), the location of units within the property itself (for
example, street view, rst floor or eighth floor), the floor area
and level of comfort. Although all buildings meet the minimum
quality standards, each building may still show differences in
relative age, quality, nish, facilities in communal areas and so
on, which may be reflected in the price of a particular room.
For Belgium and the Netherlands, the average room price is
approximately EUR 300 for a standard room (without private
facilities), EUR 395 for a room with a private bathroom, and EUR
550 for a studio. However, these average prices are not very
meaningful as the room prices tend to be affected by the above
parameters (geographical differences in particular).
For Spain, the prices are far apart because there are also double
rooms for rent. The prices are around EUR 850 per month for a
studio without catering. Prices including catering vary between
EUR 1,250 and EUR 1,548 per month. In Spain, extra services,
such as linen, room cleaning, half board or full board, are always
provided to students. The fee for these services is included in
the rental price.
33
This table is different from the table in Chapter 10.9.1. The table in 10.9.1 is based on the rent realised in the nancial year 2021, whereas this table is based on the tenancy schedule as
at 31 December 2021 in terms of Total Rent.
8.2.2.9 Diversicationintermsofbuildingage
To calculate the age of the properties in the portfolio, we use the
year of construction or the date the building was last renovated.
The following intervals are used for age category diversication:
• 0 to 3 years
• 3 to 6 years
• 6 to 9 years
• Older than 9 years
Based on Fair Value, the following Property Portfolio ratios apply
per category:
0 to 3 years 66.24%
3 to 6 years 24.92%
6 to 9 years 7.96%
Older than 9 years 0.88%
In other words, the portfolio is relatively young.
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FRANKRIJKLEI 70
ANTWERP
Lettable floor area 65 m²
Year of construction or renovation Renovated in 2015
Ownership structure
The ground floor belongs to Xior. It makes up 5.3%
of the co-ownership.
This retail space is located on Antwerp’s main thoroughfare and is adjacent to the building lo-
cated at Kipdorpvest 49. It is very close to the city’s main shopping streets Meir and Hopland.
1
retail space
GRATIEKAPELSTRAAT 2
ANTWERP
Year of construction or renovation Renovated in 2014
Ownership structure Full ownership
This student residence is in a prime location at just a stone’s throw from the city campus of
the University of Antwerp. It is considered as one location together with the other two proper-
ties on Gratiekapelstraat and is very close to the properties on Blindestraat.
14
units
GRATIEKAPELSTRAAT 4
ANTWERP
Year of construction or renovation Renovated in 2014
Ownership structure Full ownership
This student residence is in a prime location at just a stone’s throw from the city campus of
the University of Antwerp. It is considered as one location together with the other two proper-
ties on Gratiekapelstraat and is very close to the properties on Blindestraat.
7
units
GRATIEKAPELSTRAAT 6
ANTWERP
Year of construction or renovation Renovated in 2014
Ownership structure Full ownership
This student residence is in a prime location at just a stone’s throw from the city campus of
the University of Antwerp. It is considered as one location together with the other two proper-
ties on Gratiekapelstraat and is very close to the properties on Blindestraat.
8
units
PROJECT GROENENBORGERLAAN 149
(FELIX)
ANTWERP (WILRIJK)
Expected completion
2023
Ownership structure 60-year ground lease
This residence is part of the XL Fund. This site is currently under development and is located
in a green oasis between the Groenenborger campus and Middelheim Park. After thorough
renovations and an extension, the total number of rooms will be 203.
203
units
(anticipated)
PROJECT
8.2.3
DESCRIPTION OF THE BUILDINGS IN THE PROPERTY PORTFOLIO
8.2.3.1 Description of the buildings in the property portfolio excl. pipeline
BELGIUM
The various properties in the property portfolio are described below.
BLINDESTRAAT 18
ANTWERP
Year of construction or renovation Renovated in 2012
Ownership structure Full ownership
This residence is located close to the University of Antwerp in the heart of the student district
in the city’s historical centre. The property is situated next to Blindestraat 20 and 22, which
are also owned by Xior. These three buildings are seen as a whole and are also located right
next to the properties on Gratiekapelstraat.
16
units
BLINDESTRAAT 20
ANTWERP
Year of construction or renovation Renovated in 2012
Ownership structure Full ownership
This student residence is in a prime location at just a stone’s throw from the city campus of
the University of Antwerp. It is considered as one location together with the other two proper-
ties on Blindestraat and is very close to the properties on Gratiekapelstraat.
21
units
BLINDESTRAAT 22
ANTWERP
Year of construction or renovation Renovated in 2012
Ownership structure Full ownership
This student residence is in a prime location at just a stone’s throw from the city campus
of the University of Antwerp. It is considered as one location together with the other two
properties on Blindestraat and is very close to the properties on Gratiekapelstraat.
4
units
FRANKRIJKLEI 62
ANTWERP
Lettable floor area 335 m²
Year of construction or renovation Renovated in 2013
Ownership structure
The ground floor belongs to Xior. It makes up
11.41% of the co-ownership.
This retail space is located on Antwerp’s main thoroughfare and is very close to the city’s
main shopping streets Meir and Hopland.
1
retail space
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KORTE SINT-ANNASTRAAT 6
ANTWERP
Year of construction or renovation 2014
Ownership structure Full ownership
This student residence has six rooms and is close to the University of Antwerp’s city campus,
Ossenmarkt and Meir, which is Antwerp’s main shopping street.
6
units
PAARDENMARKT 10
ANTWERP
Year of construction or renovation 2014
Ownership structure Full ownership
28
units
This residence is the rst of a group of properties located on Paardenmarkt, close to local
supermarkets, the University of Antwerp’s city campus and the student district. It has retail
space on the ground floor.
1
retail space
PAARDENMARKT 67
ANTWERP
Year of construction or renovation 2015
Ownership structure Full ownership
This residence on Paardenmarkt is close to local supermarkets, the University of Antwerp’s
city campus, the student district and Xior’s other properties on Paardenmarkt.
23
units
PAARDENMARKT 70
ANTWERP
Year of construction or renovation 2014
Ownership structure Full ownership
12
units
This residence on Paardenmarkt is close to local supermarkets, the University of Antwerp’s
city campus, the student district and Xior’s other properties on Paardenmarkt. There is a retail
space on the ground floor.
1
retail space
PAARDENMARKT 93
ANTWERP
Year of construction or renovation 2013
Ownership structure Full ownership
This residence with four starter flats on Paardenmarkt is close to local supermarkets, the
University of Antwerp’s city campus, the student district and Xior’s other properties on
Paardenmarkt.
4
units
ITALIËLEI 48
ANTWERP
Year of construction or renovation 2003
Ownership structure Full ownership
This student residence is just a stone’s throw from Xior’s other property at Italiëlei 82. It is very
close to the university district, various supermarkets, public transport and the city campus.
5
units
ITALIËLEI 80-82
ANTWERP
Year of construction or renovation Renovated in 2012
Ownership structure Full ownership
This student residence is located Antwerp’s main thoroughfare and is very close to the
University of Antwerp’s city campus and the Park Spoor Noord campus.
20
units
KIPDORPVEST 40-42
ANTWERP
Ownership structure
The parking spaces make up 14.8% of the co-
ownership.
40
parking
spaces
This indoor car park is located between Meir and Hopland in the centre of Antwerp.
KIPDORPVEST 49
ANTWERP
Lettable floor area 1,932 m²
Year of construction or renovation Renovated in 2013
207
units
Ownership structure
Title – long-term ground lease. Tréfonds is held
by Stubis BV.
This student residence with ground floor retail space is located within walking distance of
central station and the main shopping street Meir in the centre of Antwerp.
1
retail space
KLAPDORP 4-6
ANTWERP
Year of construction or renovation 2011
Ownership structure Full ownership
This student residence is located close to the city campuses of the University of Antwerp and
the Royal Academy of Fine Arts in the centre of Antwerp.
22
units
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PAARDENMARKT 100-102
ANTWERP
Year of construction or renovation Renovated in 2009
Ownership structure Full ownership
This residence on Paardenmarkt is close to local supermarkets, the University of Antwerp’s
city campus, the student district and Xior’s other properties on Paardenmarkt.
10
units
RIJNPOORTVEST 19-21
ANTWERP
Year of construction or renovation Renovated in 2013
Ownership structure Full ownership
This property is located in the heart of the student district close to Ossenmarkt and the Uni-
versity of Antwerp’s city campus. It is also close to the properties on Rodestraat.
16
units
RODESTRAAT 2
ANTWERP
Year of construction or renovation 2021
Ownership structure Full ownership
This property is located in the heart of the university district close to the city campus and
Ossenmarkt. The property is rented out to James Madison University. It is the rst property
of a cluster of properties located on this street.
16
units
RODESTRAAT 15
ANTWERP
Year of construction or renovation Renovated in 2015
Ownership structure Full ownership
Dit studentenpand bevat 14 kamers op een ideale ligging midden in de universiteitsbuurt.
14
units
RODESTRAAT 17
ANTWERP
Year of construction or renovation Renovated in 2021
Ownership structure Full ownership
Dit pand is complementair gelegen met de andere studentenpanden in de Rodestraat, vlakbij
de universiteit van Antwerpen, de Ossenmarkt en de Paardenmarkt.
28
units
156
rooms
KONINGSTRAAT 8 (PRINCE)
ANTWERP
Year of construction or renovation 2021
Ownership structure 50-year ground lease
This residence is part of the XL Fund. The 12-floor Prince building is located in the heart of the Antwerp student district.
The residence features all modern facilities including a 360° skybar, gym, laundry facilities, living room, shared kitchens,
meeting and study areas and so on.
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VIADUCTDAM 104
ANTWERP
Year of construction or renovation Renovated in 2015
Ownership structure Full ownership
This student residence is located in the immediate vicinity of the Park Spoor Noord campus
of AP University of Applied Sciences in Antwerp.
40
units
ANTOINE BRÉARTSTRAAT 60-62
(KOTHOUSE)
BRUSSELS (SINT-GILLIS)
Year of construction or renovation Renovated in 2021
Ownership structure Full ownership
In 2012, Kothouse was completely redeveloped from an old retirement home into 21
student rooms in the trendy Sint-Gillis district of Brussels. There are various educational
institutions in the area, such as several campuses of Saint-Luc and the Nara campus of
Luca University. It is also close to public transport with easy connection to Université Libre
de Bruxelles (ULB).
21
units
BISSCHOFHEIMLAAN 38, ZAVELPUT 20
(VAN ORLEY / ZAVELPUT)
BRUSSELS
Year of construction or renovation Renovated in 2016
Ownership structure Full ownership
2
commercial
spaces
This residence consists of three distinct buildings: Van Orley (63 units and 1 ofce), Zavelput
(7 units and 1 ofce) and a Zavelput extension (16 units). Van Orley is a historic Beaux-Arts
building 10 minutes from the city centre and close to several universities and public trans-
port. The building accommodates 100 students. It has a mix of double andsingle rooms all
rented out based on long-term contracts with BRIK. It also offers 2,150 m
2
of ofce space.
The adjacent complex Zavelput has studios and the BRIK ofce on the ground floor. The
studios are also rented out to BRIK in the long term.
86
units
CAMUSELSTRAAT 30, 32 EN 34
(WOODSKOT)
BRUSSELS
Year of construction or renovation 2019
Ownership structure Full ownership
Woodskot is located in the heart of Brussels and offers a mix of studios and rooms with
communal facilities. The property has a wooden frame, which is in line with Xior’s sustaina-
bility objectives.
91
units
HIPPOKRATESLAAN 14 (ALMA)
BRUSSELS (ZAVENTEM)
Year of construction or renovation 2019
Ownership structure Full ownership
Alma is a converted ofce building that now has 240 self-contained studios and 99 Roxi
units. Retail facilities (neighbourhood supermarket, launderette, hospitality and so on) are
located on the ground floor. The underground car park is owned by a third-party investor.
240
units
99
hotel rooms
3
retail spaces
RODESTRAAT 19-23
ANTWERP
Year of construction or renovation Renovated in 2021
Ownership structure Full ownership
This residence is located between the other properties on Rodestraat in the heart of the
university district close to Ossenmarkt, Paardenmarkt and within walking distance of the
city campus.
91
units
RODESTRAAT 31
ANTWERP
Year of construction or renovation 1996
Ownership structure Full ownership
This residence is located between the other properties on Rodestraat in the heart of the
university district close to Ossenmarkt, Paardenmarkt and within walking distance of the
city campus.
8
units
PROJECT ROOSEVELTPLAATS 7-9
(ROOSEVELT)
ANTWERP
Expected completion 2023
Ownership structure Full ownership
TBD
(> 51)
units
Once the necessary permits have been obtained, the centrally located Antwerp Inn Hotel
with 51 hotel rooms will be converted into a modern student residence called Roosevelt
together with the adjacent property (Rooseveltplaats 7).
PROJECT
STADSWAAG 6-8
ANTWERP
Year of construction or renovation Renovated in 2019
Ownership structure Full ownership
This residence has 32 starter flats fully equipped with their own kitchen and bathroom. It
also has communal co-working spaces, meeting rooms, a small ofce, ve underground
parking spaces and four motorbike parking spaces.
32
units
PROJECT UNIVERSITEITSPLEIN 1
(CAMPUS 3 EIKEN)
ANTWERP
Expected completion
2023
Ownership structure 50-year ground lease
387
units
(anticipated)
This residence belongs to the XL Fund. The building has 387 brand-new rooms (with extra
expansion opportunities) and a new sports and leisure centre will be built in the centre of
the campus. The Komida student restaurant will be renovated and expanded. Upon com-
pletion, the Drie Eiken campus will have been revitalised with respect for the surrounding
green environment.
PROJECT
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NIEUWBRUG 16
BRUSSELS
Year of construction or renovation Partial renovation in 2020
Ownership structure Full ownership
This student residence is located near Xior’s KVS buildings in the centre of Brussels.
16
units
OMMEGANGSTRAAT 2
BRUSSELS
Year of construction or renovation Renovated in 2016
Ownership structure Full ownership
The Ommegang residence was developed into 141 student rooms in consultation with Uni-
versité Saint-Louis Brussels. The remaining part of the building is part of the USLB campus.
It is just 10 minutes away from the historic centre and ve minutes from several underground
stations. The student rooms are rented by Université Saint-Louis in the long term.
141
units
OUDERGEMLAAN 269-275
BRUSSELS (ETTERBEEK)
Year of construction or renovation 2018
Ownership structure Full ownership
This residence is a retirement home conversion into a complex of 118 self-contained studios
with various communal recreational areas.
118
units
PROJECT SINT-PIETERSSTRAAT 17-27
(MARIVAUX)
BRUSSELS
Expected completion
2022
Ownership structure
Full ownership (development in a joint-venture
structure)
22
apartments
(anticipated)
Former cinema complex Marivaux has been redeveloped into a residence with 22 flats
for young professionals and 113 student rooms in total (anticipated). The entrance, the
caretaker’s flat, a large communal area and the administrator’s ofce will be located on the
ground floor. Underground parking spaces and bicycle parking facilities are available.
113
units
(anticipated)
PROJECT
PROJECT BAGATTENSTRAAT –
ROZENDAALKEN
GHENT
Expected completion
2023
Specicdetails Development land
Ownership structure Full ownership
Development land in a prime location opposite Artevelde University of Applied Sciences in
the centre of Ghent. Xior aims to develop a quality student property there.
50
units
(anticipated)
PROJECT
KROONLAAN 365 (365 ROOMS)
BRUSSELS (ELSENE)
Year of construction or renovation 2014
Ownership structure Full ownership
This modern residence was developed in consultation with VUB/ULB to offer sustainability
and safety to students. The property is in an ideal location close to the VUB/ULB universities
and Chirec hospital in the heart of the vibrant Brussels student district, where Xior also has
the Oudergemlaan residence.
323
units
9
apartments
1,000m
2
multipurpose spaces
KRUITMOLENSTRAAT 43
BRUSSELS
Year of construction or renovation Renovated in 2019-2020
Ownership structure Full ownership
This student property is situated along the Brussels inner ring road within walking distance of
Erasmus University of Applied Sciences and Brussels-Midi train station.
16
units
LADDERSTRAAT 15-19 /
LADDERSTRAAT 11-13 / SINT-JAN
NEPOMUCENUSSTRAAT 32-34 (KVS II)
BRUSSELS
Year of construction or renovation 2017
Ownership structure
KVS II is fully owned by Xior despite the formal
co-ownership structure that is in place.
KVS II offers 39 studios in the heart of Brussels close to public transport and various ed-
ucational institutions (including Vlerick Business School, the Odisee campus, Université
Saint-Louis) and is located opposite the KVS I residence.
39
units
LAKENSESTRAAT 157-159 /
LADDERSTRAAT 6, 14 EN 16 (KVS I)
BRUSSELS
Year of construction or renovation 2017
Ownership structure 23.5% co-ownership
KVS I offers 30 units each with its own bathroom in the heart of Brussels close to public
transport and various educational institutions (including Vlerick Business School, the Odisee
campus, Université Saint-Louis) and is located opposite the KVS II residence.
30
units
MIDDAGLIJNSTRAAT 46 (MÉRIDIEN)
BRUSSELS (SINT-JOOST-TEN-NODE)
Year of construction or renovation Renovated in 1992
Ownership structure Full ownership
Méridien is close to the Botanical Gardens of Brussels, various educational institutions and
only 10 minutes from the historic city centre. Public transport is also nearby and the under-
ground stations are just a ve-minute walk away. The building is rented out in the long term
to Université Saint-Louis Brussels.
18
units
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119
units
STALHOF 2 - OVERPOORTSTRAAT 49A (OCTOPUS)
GHENT
Year of construction or renovation 2014
Ownership structure 96-year ground lease
Octopus is in an ideal location close to the popular Overpoort student district and in the immediate
vicinity of Artevelde University of Applied Sciences. The 4,400 m² residence includes 118 student
rooms and one caretaker’s flat and is part of a complex that includes another 4,000 m² of retail
property owned by Wereldhave.
BRUSSELSEPOORTSTRAAT 89
(CAMPUS BXL)
GHENT
Year of construction or renovation 2016
Ownership structure Full ownership
The BXL campus is located adjacent to the Artevelde University of Applied Sciences in the
centre of Ghent. It consists of two separate buildings with a large communal living area and
kitchen that open onto an atrium and pleasant garden.
83
units
HOOGSTRAAT 33-37
GHENT
Year of construction or renovation Renovated in 2015
Ownership structure Full ownership
This student residence is located in the centre of Ghent and was re-designated as student
housing in 2015. This stately residence has a magnicent authentic facade and was original-
ly built in the second half of the 16
th
century.
30
units
OUDE BEESTENMARKT 11,
ZILVERENBERG 16
GHENT
Year of construction or renovation Renovated in 2020
Ownership structure Full ownership
This student residence is located near the recently redeveloped Oude Beestenmarkt and Vler-
ick Business School in the centre of Ghent.
17
units
OUDE SCHAAPMARKT 1
GHENT
Year of construction or renovation Renovated in 2019
Ownership structure Full ownership
1
restaurant
This student residence is in a prime location in the centre of Ghent close to the popular Vlas-
markt, Vlerick Management School and HoGent University of Applied Sciences. The building
has 10 rooms and nine studios. There is a restaurant on the ground floor.
19
units
PROJECT SINT-PIETERSPLEIN 52 /
SINT-AMANDPLEIN 1-3 /
SINT-AMANDSTRAAT 33
GHENT
Expected completion 2023
Ownership structure Full ownership
This redevelopment project for a student residence in a prime location in Ghent will have 50
student rooms.
50
units
(anticipated)
PROJECT
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WAARSCHOOTSTRAAT 1 (IEPENBURG)
GHENT
Year of construction or renovation 2018
Ownership structure Full ownership
Iepenburg is located near the wonderful Coupure canal in Ghent at just 10 minutes from the
historic centre. It is very close to the Bijoke campus, which is located on the other side of the
Coupure canal. The residence has 145 studios each with its own kitchen and bathroom, and
various communal areas, parking spaces and bicycle parking facilities.
145
units
ZUIDSTATIONSTRAAT 24
GHENT
Year of construction or renovation Renovated in 2014
Ownership structure Full ownership
This residence is located in the south part of Ghent in the heart of the student district near the
University of Ghent, the library, public transport, parks, sports centres and so on. The building
has several communal facilities, bicycle parking facilities and a central garden/patio.
47
units
GOUVERNEUR VERWILGHENSINGEL 3B
(PXL)
HASSELT
Year of construction or renovation 2020
Ownership structure 50-year right of supercies
This brand-new, 12-floor sustainable student tower block is in a prime location on the cam-
pus of the PXL University of Applied Sciences at walking or cycling distance from the city
centre, the University of Hasselt and just 2 km from the train station.
193
units
ARENDSTRAAT 11
LEUVEN
Year of construction or renovation Renovated in 2017
Ownership structure Full ownership
This student residence is located on a street off Ladeuzeplein in the centre of Leuven. It was
completely renovated in 2017.
11
units
SINT-PIETERSNIEUWSTRAAT 186 /
GUSTAAF MAGNELSTRAAT 13A
GHENT
Year of construction or renovation Renovated in 2019
Ownership structure Full ownership
This student residence is located close to the Vooruit arts centre and the well-known
Overpoort student district in the centre of Ghent. The residence consists of two buildings
with a courtyard.
38
units
UNIVERSITEITSSTRAAT 13 (ROXI GENT)
GHENT
Year of construction or renovation Converted to Roxi Ghent in 2020
Ownership structure The hostel makes up 28.76% of the co-ownership.
This former hostel was converted into Roxi Ghent. It is located opposite the law school
campus of the University of Ghent and is close to the Kouter square.
50
rooms
VOSKENSLAAN 58 / OVERWALE 42-44
(OVERWALE – CAMPUS SCHOONMEERSCHE)
GHENT
Year of construction or renovation 2016
Ownership structure Full ownership
This student residence is close to Ghent train station with direct access to the Schoonmeersche
campus of the HoGent University of Applied Sciences. The Overwale campus has 490 units
spread across ve interconnected buildings with all the modern facilities today’s students
may need.
In 2016, a long-term lease was entered into with HoGent for 20 years for 318 of the 490 units.
490
units
1
ofce
PROJECT VOSKENSLAAN 203-207
GHENT
Expected completion 2022
Ownership structure Full ownership
This student residence redevelopment project has 110 rooms in a prime location near the
Overwale campus in Ghent.
110
units (anticipated)
PROJECT
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DIESTSEVEST 85
LEUVEN
Year of construction or renovation Renovated in 2019
Ownership structure Full ownership
This student residence is located on the Leuven ring road within walking distance of the train
station. It has a large city garden.
14
units
FREDERIK LINTSSTRAAT 9
LEUVEN
Year of construction or renovation Renovated in 2009
Ownership structure Full ownership
This property is located near the Faculty of Economics and Business Studies and the Groep
T campus in the centre of Leuven.
14
units
FREDERIK LINTSSTRAAT 148-150
LEUVEN
Year of construction or renovation Renovated in 2009
Ownership structure Full ownership
This student residence is located close to the Groep T campus and the Faculty of Economics
and Business Studies in the centre of Leuven. This former White Fathers monastery was
completely renovated and extended in 2009 into a student complex with a pleasant courtyard
and large patio.
37
units
IERSE PREDIKHERENSTRAAT 17-19
LEUVEN
Year of construction or renovation Renovated in 2015
Ownership structure Full ownership
This property is located close to Gasthuisberg University Hospital in the centre of Leuven.
15
units
JANSENIUSSTRAAT 38
(REGINA MUNDI)
LEUVEN
Year of construction or renovation Renovated in 2013-2015
Ownership structure Full ownership
The Regina Mundi convent was built in 1962. It was converted into a student residence in
1995 and thoroughly renovated between 2013 and 2015. The property is located in the cen-
tre of Leuven. The rectangular building with two side wings surround a large courtyard. This
residence has an in-house breakfast service.
160
units
BOGAARDENSTRAAT 11
LEUVEN
Year of construction or renovation Renovated in 2014
Ownership structure Full ownership
This property is just a stone’s throw away from Ladeuzeplein in the centre of Leuven. This
residence was completely renovated in 2014 and has a small garden with a covered terrace.
8
units
BONDGENOTENLAAN 74
LEUVEN
Lettable retail floor area 566 m²
Year of construction or renovation 2017
1
retail space
Ownership structure Full ownership
This student residence has retail space on the ground floor. It is located on Leuven’s main
shopping street that connects the train station and the city centre. The four student units on
the upper floors were fully converted in 2017.
18
units
BRUSSELSESTRAAT 182-184
(VERBRANDE POORT)
LEUVEN
Lettable retail floor area 470 m²
Year of construction or renovation Renovated in 2015
1
retail space
Ownership structure
Co-ownership with 70% owned by Xior.
The property has retail space on the ground floor and is located near Gasthuisberg University
Hospital in the centre of Leuven. The Verbrande Poort residence is a renovation project that
was completed in September 2015. All rooms have been nished with great attention to
detail.
24
units
BRUSSELSESTRAAT 242
LEUVEN
Year of construction or renovation Renovated in 2014
Ownership structure Full ownership
This student residence is located in the centre of Leuven. ‘t Kolenhuis residence is perfectly
situated for students who need to go to Gasthuisberg University Hospital every day.
17
units
BRUSSELSESTRAAT 244
LEUVEN
Year of construction or renovation Renovated in 2019
Ownership structure Full ownership
This student residence has eight rooms and is located close to Gasthuisberg University Hos-
pital in the centre of Leuven.
8
units
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MINDERBROEDERSSTRAAT 21
(DE GOEDE HERDER)
LEUVEN
Year of construction or renovation Renovated in 2013
Ownership structure Full ownership
The former convent of The Good Shepherd was built in the centre of Leuven in 1782 and was
completely converted into a quality student residence in 1995. It is adjacent to the building lo-
cated at Minderbroedersstraat 19. Behind the building is a large garden with parking spaces.
116
units
NAAMSESTRAAT 58-60
LEUVEN
Year of construction or renovation 2015
Ownership structure Co-ownership with 2.28% owned by Xior.
These parking spaces are situated in the centre of Leuven and are mainly used by the rental
team.
3
parking
spaces
PARKSTRAAT 137
LEUVEN
Year of construction or renovation Renovated in 2017
Ownership structure Full ownership
This student residence is located close to the various campuses of the University of Leuven
in the city centre. The Vinckebosch residence was built in the early 1990s and was completely
updated in 2017. It has a lovely garden. The communal areas were decorated by well-known
grafti artists.
72
units
RAVENSTRAAT 40
LEUVEN
Year of construction or renovation Renovated in 2018
Ownership structure Full ownership
17
units
This residence is located in the centre of Leuven near Ladeuzeplein and its world-famous
library where students can study in peace and quiet.
1
apartment
SINT-ANNASTRAAT 13
LEUVEN
Year of construction or renovation Renovated in 2014
Ownership structure Full ownership
This student residence is located close to the Oude Markt in the centre of Leuven.
13
units
JUSTUS LIPSIUSSTRAAT 9
LEUVEN
Year of construction or renovation Renovated in 2014
Ownership structure Full ownership
This student residence is located on a street off Bondgenotenlaan in the centre of Leuven.
The Justius residence was completely renovated in 2014 and is only a ve-minute walk away
from the train station.
10
units
KAPUCIJNENVOER 34
LEUVEN
Year of construction or renovation Renovated in 2015
Ownership structure Full ownership
This student residence is located close to the Botanical Gardens in the centre of Leuven and
consists of eight studio apartments.
8
units
MARTELARENLAAN 40 (STUDAX)
LEUVEN
Year of construction or renovation 2016
Ownership structure Full ownership
The Studax student residence is located in the completely redeveloped Kop van Kessel-
Lo area within walking distance of the centre of Leuven. Studax is close to Leuven train
station and offers direct access to the platforms. The University of Leuven buildings are
easily accessible on foot or by bike or bus. This sustainable residence also includes various
communal facilities.
292
units
MECHELSESTRAAT 77
LEUVEN
Year of construction or renovation Renovated in 2015
Ownership structure Full ownership
This property is located near the picturesque Vismarkt in the centre of Leuven. The Malines
residence has been completely renovated. With its central yet peaceful location, this building
is a real nd for any student.
21
units
MINDERBROEDERSSTRAAT 19
LEUVEN
Year of construction or renovation Renovated in 2014-2015
Ownership structure Full ownership
This property is adjacent to the building located at Minderbroedersstraat 21. It is located in
the centre of Leuven and was built in 2013. The students can use a courtyard and covered
patio.
33
units
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BOULEVARD D’AVROY 67 (HOME RUHL)
LIÈGE
Year of construction or renovation Renovated in 2015
Ownership structure Full ownership
Home Ruhl is one of the largest student residences in Liège and has 146 rooms, each with its
own bathroom. It is just ve minutes away from the historic city centre and very close to the
lively Carré district. The university is each to reach by public transport.
146
units
RUE ERNEST SOLVAY 21 (ARC)
LIÈGE
Year of construction or renovation 2021
Ownership structure Full ownership
This residence belongs to the XL Fund. This new development concerns 232 loft-style
units for students and young professionals and no less than 2,000 m
2
of communal areas
(including a living room, study room, cinema, gym, wellness area and sky lounge with roof
terrace). This sustainable building has solar panels, heat pumps, a balanced ventilation
system and smart building technology.
232
units
ONTVOERINGSPLEIN 6
MECHELEN
Year of construction or renovation Renovated in 2013
Ownership structure Co-ownership
This student residence is located near Mechelen Nekkerspoel train station close to Thomas
More University of Applied Sciences.
15
units
THE NETHERLANDS
PROJECT AMSTELVEEN –
PROF. W.H. KEESOMLAAN 6-10
AMSTELVEEN
Expected completion
2023
Ownership structure Full ownership
The Amstelveen development project consists of an ofce complex with three towers that
will be converted into approximately 380 student units once the required permits have been
obtained. The complex is located next to Uilenstede student campus. It is only a bicycle ride
away from VU Amsterdam and there is a direct public transport link to the city centre.
380
units
(anticipated) PROJECT
PROJECT REGIO AMSTERDAM
AMSTELVEEN
Expected completion 2024
Ownership structure Full ownership
PROJECT
STRIJDERSSTRAAT 66
LEUVEN
Year of construction or renovation Renovated in 2010
Ownership structure
The 13 rooms that belong to Xior make up 6.9% of
the co-ownership.
13
units
TIENSESTRAAT 184-186 / -
WINDMOLENVELDSTRAAT 86/88
LEUVEN
Year of construction or renovation Renovated in 2011
Ownership structure Full ownership
Dit pand is gelegen in centrum Leuven vlakbij Groep T. Deze gerenoveerde site met nieuwbouw
biedt de studenten een gezellig tuintje en BBQ.
39
units
TIENSESTRAAT 251
LEUVEN
Year of construction or renovation Renovated in 2012
Ownership structure Full ownership
This property is located within walking distance of the Groep T campus and other university
faculties in the centre of Leuven. This building is known as the Timidus residence. The rooms
have been completely renovated and there is a small courtyard.
10
units
TIENSESTRAAT 274 /
WINDMOLENVELDSTRAAT 2-4
LEUVEN
Year of construction or renovation Renovated in 2018
Ownership structure Co-ownership with 50.7% owned by Xior.
17
units
This residence is in a prime location and has 17 student rooms and 4 apartments.
4
apartments
VLAMINGENSTRAAT 91 /
PARKSTRAAT 11
LEUVEN
Year of construction or renovation Renovated in 2019
Ownership structure Full ownership
This student residence in the centre of Leuven has recently been redecorated. This residence
is located next to the Vlerick Business School and looks out over the City Park.
29
units
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XIOR I 157

357
units
KARSPELDREEF TOWER PROJECT
AMSTERDAM
Expected completion 2025-2026
Ownership structure Long-term ground lease
Xior will expand its residence at Karspeldreef 15 in Amsterdam-Zui-
doost with a sustainable residential tower, with about 350 additional
homes for students and young people.
PROJECT
BARAJASWEG 60-70
AMSTERDAM
Year of construction or renovation 2018
Ownership structure Long-term ground lease
This is one of the three buildings located on Naritaweg/Barajasweg. The buildings were
completed in 2018 and have a total of 247 units ranging from 23 m² to 52 m² and 94 parking
spaces. It was developed for students and young starters. The site is located near public
transport and is undergoing a comprehensive upgrade with various redevelopment projects
that include sufcient green spaces.
88
units
250
units
(anticipat ed)
BRINKTOREN PROJECT
AMSTERDAM
Expected completion 2025
Ownership structure Perpetual ground lease rights
Xior won a tender for the development of the last lot in a strategic
location on the north side of Amsterdam’s waterfront, the IJ. The project
plan consists of approximately 400 homes, including 120 controlled
rent properties, 30 care homes, a neighbourhood room (meeting room
for the neighbourhood), and about 250 mid-price rental properties.
The plan offers a solution to the acute shortage of quality housing for
young professionals, starters, young couples, (international) students
and researchers in Amsterdam.
PROJECT
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224
units
RAT VERLEGHSTRAAT 5 (STUDIO PARK BREDA)
BREDA
Year of construction or renovation 2017
Ownership structure Ground lease until 2041 (extendable by 25 years)
This very popular student campus is in an ideal location on the outskirts of the centre of Breda.
It is located in a gated community and has 224 self-contained studios all built around a lovely private enclosed courtyard.
KARSPELDREEF 15-18
AMSTERDAM
Year of construction or renovation 2019
Ownership structure Long-term ground lease
This site has 320 student studios and is continuously leased in a long lease. It is located close
to Amsterdam Bijlmer Arena train station. This ofce building conversion project consists of
six interconnected buildings – each with its own facilities – and 170 parking spaces.
320
units
NARITAWEG 139-149
AMSTERDAM
Year of construction or renovation 2018
Ownership structure Long-term ground lease
This is one of the three buildings located on Naritaweg/Barajasweg in Amsterdam. The
buildings were completed in 2018 and have a total of 247 units ranging from 23 m² to 52
m² and 94 parking spaces. It was developed for students and young starters. The site is
located near public transport and is undergoing a comprehensive upgrade with various
redevelopment projects that include sufcient green spaces.
73
units
NARITAWEG 151-161
AMSTERDAM
Year of construction or renovation 2018
Ownership structure Long-term ground lease
This is one of the three buildings located on Naritaweg/Barajasweg in Amsterdam. The build-
ings were completed in 2018 and have a total of 247 units ranging from 23 m² to 52 m² and
94 parking spaces. It was developed for students and young starters. The site is located near
public transport and is undergoing a comprehensive upgrade with various redevelopment
projects that include sufcient green spaces.
86
units
TRAMSINGEL 21
BREDA
Year of construction or renovation 2015
Ownership structure Full ownership
This fully renovated student complex consists of 60 non-self-contained rooms and is ideally
located near the central station, city centre and various educational institutions. It is very
close to the property at Tramsingel 27. The two student properties therefore complement
each other.
60
units
TRAMSINGEL 27
BREDA
Year of construction or renovation 2016
Ownership structure Full ownership
This fully renovated student complex consists of 122 self-contained student units and is ide-
ally located near the central station, city centre and various educational institutions. It is very
close to the property at Tramsingel 21. The two student properties therefore complement
each other.
122
units
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XIOR I 161

EISENHOWERLAAN 146
THE HAGUE
Year of construction or renovation 2014
Ownership structure Full ownership
This student residence belongs to one of the three adjacent residential towers located in
The Hague’s Statenkwartier, opposite the International Criminal Tribunal for the Former Yu-
goslavia (ICTY) and midway between the centres of The Hague and Scheveningen. There
are 64 self-contained units and 18 parking spaces, as well as various recreational areas and
television rooms.
64
units
EISENHOWERLAAN 148
THE HAGUE
Year of construction or renovation 2014
Ownership structure Full ownership
This student residence belongs to one of the three adjacent residential towers located in
The Hague’s Statenkwartier, opposite the International Criminal Tribunal for the Former Yu-
goslavia (ICTY) and midway between the centres of The Hague and Scheveningen. There
are 64 self-contained units and 18 parking spaces, as well as various recreational areas and
television rooms.
64
units
EISENHOWERLAAN 150
THE HAGUE
Year of construction or renovation 2015
Ownership structure Full ownership
This student residence belongs to one of the three adjacent residential towers located in
The Hague’s Statenkwartier, opposite the International Criminal Tribunal for the Former Yu-
goslavia (ICTY) and midway between the centres of The Hague and Scheveningen. There
are 68 self-contained units and 18 parking spaces, as well as various recreational areas and
television rooms.
68
units
WALDORPSTRAAT 600-742
THE HAGUE
Year of construction or renovation 2017
Ownership structure Perpetual ground lease
This property looks like a single structure, but actually consists of two completely separate
buildings. Together they offer 72 self-contained studio apartments with their own balcony.
72
units
KRONEHOEFSTRAAT 1-11F
EINDHOVEN
Year of construction or renovation 2016
Ownership structure Full ownership
This student complex has 95 self-contained units and various communal areas (bicycle park-
ing facilities, courtyard, laundry room and so on). The building is close to Eindhoven Universi-
ty of Technology and Eindhoven’s train stations.
95
units
VISMARKT – KRAANSTRAAT 1 & 5
BREDA
Lettable retail floor area 628 m² hospitality unit
Year of construction or renovation 2015
1
hospitality
unit
Ownership structure
Full ownership
44
units
This impressive residence is located in the vibrant city centre just a stone’s throw away from
Breda castle. The residence has a leisure area with a bar and table football. There is a hospi-
tality unit on the ground floor and in the basement.
ANTONIA VEERSTRAAT 1-15
DELFT
Year of construction or renovation 2017
Ownership structure Full ownership
This property consists of 118 self-contained units and is only a ve-minute cycle ride away
from the University of Technology campus and central station. It is partly new construction
and partly redevelopment.
118
units
BARBARASTEEG 2
DELFT
Year of construction or renovation 2016
Ownership structure Full ownership
This redeveloped building has 108 self-contained units. It is situated in a premium location
in the centre of Delft near the train station and close to Delft University of Technology, which
has more than 20,000 students.
108
units
PHOENIXSTRAAT 16
DELFT
Year of construction or refurbishment 2018
Ownership structure Full ownership
Xior acquired this redeveloped, post-modernist ofce property from the City of Delft in 2017.
This property is situated in a premium location in Delft just a stone’s throw away from the
student property on Barbarasteeg near Delft train station.
91
units
LUTHERSE BURGWAL 10 (BURGWAL)
THE HAGUE
Year of construction or renovation 2020
Ownership structure Full ownership
3
commercial
spaces
Xior converted this ofce building into a residence with 139 student units. The building is sit-
uated between the existing properties on Eisenhowerlaan and the property on Waldorpstraat,
which makes it a suitable complement to the existing properties.
139
units
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XIOR I 163

HOOGEWEG 1-3 (ZERNIKE TOREN)
GRONINGEN
Year of construction or renovation 2020
Ownership structure Full ownership
This brand-new 23-floor student tower offers 698 fully-equipped self-contained studios and
consists of two separate buildings: a striking tower with 467 long-stay studios and an ad-
joining low-rise building with 231 short-stay units. There are also 48 car parking spaces and
more than 700 bicycle parking spaces. This flagship residence is strategically located close
to Groningen city centre and only a two-minute cycle ride from the Zernike campus.
698
units
OOSTERHAMRIKKADE 103-107
GRONINGEN
Year of construction or renovation 2018
Ownership structure Full ownership
This student complex is located on Oosterhamrikkade in Groningen. The complex consists of
180 self-contained units with an average floor area of 31.8 m². The communal areas include
indoor bicycle parking facilities and an outdoor space.
180
units
TESSELSCHADESTRAAT 7-19B
LEEUWARDEN
Year of construction or renovation 2016
Ownership structure Full ownership
1
commercial
space
This transformed and fully digitally equipped ofce building is located close to the city centre
and train station. It is easy to get to from various arterial roads. Leeuwarden’s various edu-
cational institutions can also be easily reached by bike. Students can use various communal
areas and bicycle parking facilities. The building also contains a commercial space on a
long-term lease.
82
units
VERBEEKSTRAAT 11-29
LEIDEN
Year of construction or renovation 2016
Ownership structure Perpetual ground lease
This student complex was completed in 2016 after the full redevelopment of an ofce prop-
erty. It consists of 134 self-contained units and two communal roof terraces, a communal
meeting room, washing and drying facilities, two lockable bicycle parking facilities, 107 car
parking spaces and 42 external storage spaces.
134
units
BOSCHDIJK 146 PROJECT
(BOSCHDIJK VESTE)
EINDHOVEN
Expected completion 2023
Ownership structure Full ownership
This ofce building will be transformed into a student residence with all modern conveniences,
consisting of an expected 283 self-contained student rooms, various communal areas, a
courtyard, bicycle parking facilities and so on.
283
units (anticipated)
PROJECT
ARIËNSPLEIN 1-163 — PHASE I
ENSCHEDE
Year of construction or renovation 2018-2019
Ownership structure
Co-ownership. The share that belongs to Xior
accounts for 32.66% of the co-ownership.
5
education
facilities
This converted former hospital has 271 student rooms in an excellent location close to the
city centre and public transport. Besides the rooms, Xior’s part of the building also includes
ve education facilities. The non-self-contained units and one education facility have been
rented out to educational institution Saxion in the long term.
271
units
ARIËNSPLEIN 1-163 PROJECT – PHASE II
ENSCHEDE
Expected completion 2022-2023
Ownership structure
Co-ownership. The share that belongs to Xior
accounts for 67.34% of the co-ownership.
This complex is part of the XL Fund. Xior already owns the rst phase of the site and now
also owns the remaining parts of this development project via XL Fund, so that the 55,000 m²
as a whole will be combined and held in sole full ownership.
122
units (anticipated)
various
ofce buildings
PROJECT
EENDRACHTSKADE 2 (BLACK BOX)
GRONINGEN
Year of construction or renovation 2021
Ownership structure Full ownership
This site is known as the Black Box and was developed into a multifunctional project with 283
homes and 80 parking spaces. This residence is in a prime location close to the centre of Gro-
ningen and within walking distance of various universities and universities of applied sciences.
283
units
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XIOR I 165

WYCKER GRACHTSTRAAT 2-2A
MAASTRICHT
Year of construction or renovation 2016
Ownership structure Full ownership
This former women’s shelter has been redeveloped as a student residence. It is very close to
the centre of Maastricht and just a stone’s throw away from the river Maas.
23
units
BURGEMEESTER OUDLAAN 480-1008
(WOUDESTEIN)
ROTTERDAM
Year of construction or renovation 2017
Ownership structure Full ownership
This complex consists of 280 self-contained student units between 20 m² and 39 m² on eight
floors as well as communal areas, bicycle parking facilities and a roof terrace. It is in a prime
location on the Erasmus University Rotterdam campus in this bustling city.
280
units
BOKELWEG PROJECT–
HEER BOKELWEG 121-171
ROTTERDAM
Expected completion
2024
Ownership structure Full ownership
This property is located 200 metres from Rotterdam central station in the city centre.
Xior plans to develop about 350 units in this property as the perfect complement to the
Woudestein campus (Erasmus University). Completion is planned in 2024.
350
units (anticipated)
PROJECT
ENSCHOTSESTRAAT 78-84
TILBURG
Year of construction or renovation Renovated in 2019
Ownership structure Full ownership
This student residence is located in the centre of Tilburg and has 17 units and a large court-
yard.
17
units
BROUWERSWEG 100 AND
BECANUSSTRAAT 13-17 (ANNADAL)
MAASTRICHT
Year of construction or renovation
2017-2019
Ownership structure Full ownership
This site of 6.6 hectares in total consists of several buildings with 723 non-self-contained
student units that have been rented out in the long term to Maastricht University and
Stichting Studentenhuisvesting. They in turn rent the units out to students. The site also
includes healthcare and ofce spaces that are rented to Maastricht University and various
care institutions and medical/paramedical professionals. Basketball and tennis courts,
spacious car and bicycle parking facilities and various green areas are also available. The
complex is located in the Brusselsepoort district close to the city centre and the Maastricht
University campus, with good connections to the arterial roads and public transport.
723
units
37
commercial
spaces
TONGERSEWEG 43-57 (CARRÉ)
MAASTRICHT
Year of construction or renovation 2016
Ownership structure Full ownership
5
retail spaces
This listed building is located in the centre of Maastricht close to various educational insti-
tutions. It accommodates 145 students and also has communal facilities. There are several
retail spaces on the ground floor. Most of these have long-term leases.
143
units
TONGERSEWEG 135-145
(BONNEFANTEN)
MAASTRICHT
Expected completion 2019
Ownership structure Full ownership
This former convent is a listed national monument and will be redeveloped into a student
complex with 257 self-contained rooms and various communal facilities. The property is
located on Tongerseweg near Xior’s Carré building.
257
units
VIJVERDALSEWEG 2
MAASTRICHT
Year of construction or renovation Renovated in 2018
Ownership structure Full ownership
1
commercial
space
This student residence is located in the neighbourhood of the academic hospital and is let
mainly to international students. Medium-term contracts were concluded with various edu-
cational institutions for more than half of the available units.
134
units
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ROTSOORD 16-263 –
DIAMANTWEG 2-168
UTRECHT
Year of construction or renovation 2018
Ownership structure Full ownership
This student site on Rotsoord was completed in 2018 with a total of 206 self-contained
student units in two buildings. The site is located near the Utrecht Vaartsche Rijn train, bus
and tram station.
206
units
WILLEM DREESLAAN 113
UTRECHT
Year of construction or renovation 2015
Ownership structure Full ownership
This student property is located near various educational institutions. It consists of 134 non-
self-contained units and therefore complements the self-contained units in Xior’s portfolio
mix.
134
units
SNEEUWBERGLAAN 1
VAALS
Year of construction or renovation 2018
Ownership structure
Full ownership
This residence is part of the XL Fund in which Xior holds a 90% stake. This residence (com-
pleted in 2017) has 460 student rooms and is located on Sneeuwberglaan in Vaals (Nether-
lands). It is the ideal place for students to live on a green site, with all the advantages of a
nearby city. The residence offers students various leisure and parking facilities.
460
units
PEPERSTRAAT 8A1-8C14 /
KWIETHEUVEL 51-77
VENLO
Year of construction or renovation 2016
Ownership structure
Full ownership
4
commercial
spaces
This property consists of 56 self-contained units and a commercial ground floor, which is
partly rented out to a nancial institution.
56
units
SPOORSTRAAT 9-229 /
KEULSE POORT 12
VENLO
Year of construction or renovation 2017
Ownership structure Full ownership
1
commercial
spaces
The Bank is a student residence with 110 self-contained units near Venlo train station in the
centre of the city. The ground floor is rented out to a nancial institution.
110
units
KAPELHOF 31 / HEUVELSTRAAT 126
TILBURG
Year of construction or renovation Renovated in 2006
Ownership structure
Co-ownership. The rooms that belong to Xior
make up 50% of the co-ownership.
This student residence is located in the heart of Tilburg. It is a historic site with 21 student
units on three floors with the possibility of a roof-top extension. The ground floor does not
belong to the property.
21
units
KORENBLOEMSTRAAT 42-44A
TILBURG
Lettable retail floor area 140 m²
Year of construction or renovation Renovated in 2019
2
ofce spaces
Ownership structure
Full ownership
14
units
These two residences with 14 rooms are located in a residential district of Tilburg. The ofce
space is intended for independent professional activities and the ground floor has a retail
unit.
MARIASTRAAT 27A/B/C –
NIEUWLANDSTRAAT 14
TILBURG
Lettable retail floor area 140 m²
Year of construction or renovation Renovated in 2014
1
retail space
Ownership structure
Co-ownership
9
units
This residence is located on one of Tilburg’s main shopping streets and has three units, each
with three rooms on the upper floors. The ground floor is let to a shop.
NIEUWLANDSTRAAT 1/1A
TILBURG
Lettable retail floor area 146 m² hospitality unit
Year of construction or renovation Renovated in 2014
1
hospitality
unit
Ownership structure
Full ownership
11
units
This residence is located in the centre of Tilburg. It has a ground-floor hospitality unit and the
student units on the upper floors are rented by a local student association.
DIAMANTWEG 2
(ROTSOORD KLOPGEBOUW)
UTRECHT
Year of construction or renovation 2019
Ownership structure Full ownership
‘Klopgebouw’ is located on the Rotsoord student site and was renovated in its original
style. The building now has a commercial purpose, and therefore contributes to the site’s
atmosphere and liveliness.
1
retail
space
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XIOR I 169

CALLEJÓN DE LEBRIJA 3
(AMRO GRANADA)
GRANADA
Year of construction or renovation 2020
Ownership structure
Full ownership
This residence is in a perfect location on the Cartuja campus of the University of Granada
within walking distance of the city centre. AMRO Estudiantes is operating the residence
based on a triple net lease agreement for the rst two academic years from 1 September
2020.
347
units (354 beds)
CALLE TAJO S/N (XIOR PICASSO EN
XIOR VELÁZQUEZ)
MADRID
Year of construction or renovation 2016
Ownership structure Co-ownership
This on-campus student residence is referred to as Xior Picasso and Xior Velázquez. It can
house 528 students spread over two buildings, each with its own facilities such as a cafeteria,
restaurant, theatre/cinema, 24/7 permanent presence on-site and more. The entire campus,
located 25 km from Madrid and well connected by public transport, covers 250,000 m² and
includes top-notch facilities such as various indoor and outdoor sports facilities (tennis
courts, paddle courts, football pitches, athletics tracks, indoor and outdoor swimming pool),
parks, green areas and 1,500 parking spaces.
478
units
(528 beds)
CAMPUS UEM/
CALLE TAJO S/N PROJECT
MADRID
Year of construction or renovation
N/A
Ownership structure Co-ownership
PROJECT
Together with the acquisition of the Xior Picasso and Xior Velázquez buildings, this building
plot was also acquired on the same campus. A student residence with approximately 200
beds will be developed and will include free use of the on-campus sports facilities.
200
units (anticipated)
DON RAMÓN DE LA CRUZ 37
(HUBR MADRID)
MADRID
Year of construction or renovation 2018
Ownership structure Fully owned by SPS Socimi (99.99%)
Located on Don Ramón de la Cruz 37, one of Madrid’s best neighbours, this residence has
146 rooms each with its own bathroom and 11 with their own terrace. The residence includes
an impressive roof terrace with a magnicent panoramic view of the city centre and a wide
range of communal facilities.
146
units
(189 beds)
COSTERWEG 50 (DUIVENDAAL)
WAGENINGEN
Year of construction or renovation 2019
Ownership structure Full ownership
The building, known as Duivendaal, is close to the centre and also within easy reach of the
educational institutions in Wageningen. The property consists of two blocks each with four
floors connected by a large glass-covered atrium. The building is surrounded by green space
and has bicycle parking facilities for the students.
179
units
DUIVENDAAL 2 (METEOGEBOUW)
WAGENINGEN
Year of construction or renovation 2019
Ownership structure Full ownership
Next to the Duivendaal building is the historic Meteogebouw, which has been converted into
22 self-contained units. The site is close to the centre and within easy reach of Wageningen’s
educational institutions.
22
units
SPAIN
AV. DE FRANCESC BOTEY 51
(DIAGONAL BESÒS)
BARCELONA
Year of construction or renovation
2019
Ownership structure Concession for 50 years
This sustainable residence, located on UPC’s new campus, has 191 studios and offers all
modern facilities, such as a restaurant, gym, study rooms and a roof swimming pool and
terrace. The residence can be reached very easily by public transport (it has a tram stop right
outside the door) and is within walking distance of the beach, close to Avenida Diagonal and
next to Parc del Forùm.
191
units (251 beds)
1
commercial
space
CARRER DE SÈNECA 24-26
(THE LOFTTOWN)
BARCELONA
Year of construction or renovation 2016
Ownership structure
Full ownership
The Lofttown residence is seen as one of the best student residences in Spain and has 78
units with 140 beds. The students have access to a wide range of communal facilities, such
as a restaurant (half and full board), a cinema, study rooms, a drawing studio with 3D printers,
a laundry room, gym and several terraces. It is situated in a prime location, right next to the
Passeig de Gràcia, one of Barcelona’s main commercial boulevards, and just a short stroll
away from a number of faculty buildings and the old city centre.
78
units
(140 beds)
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XIOR I 171

BULEVAR LOUIS PASTEUR 23
(HUBR MALAGA)
MALAGA
Year of construction or renovation 2021
Ownership structure Fully owned by SPS Socimi (99.99%)
This brand-new residence has 221 studios, each equipped with its own bathroom and
kitchenette. The residence offers a mix of communal facilities, such as a rooftop terrace with
panoramic views of the city and the sea, a fantastic restaurant, high-speed Wi-Fi and network
access in all rooms, a cleaning/linen service, a 24-hour reception and security cameras.
221
units
(228 beds)
AVENIDA DE LA PALMERA 17
(HUBR SEVILLA)
SEVILLA
Year of construction or renovation 2021
Ownership structure Fully owned by SPS Socimi (99.99%)
This brand-new residence is right in the middle of Avenida de La Palmera, one of the most
exclusive neighbourhoods of Seville, the largest student city in Andalusia. The residence
opened its doors in September 2021. It has all modern facilities such as a gym, study rooms,
a garden, security cameras, a swimming pool and so on.
221
units
(228 beds)
ZARAGOZA VIVIENDA PROJECT
ZARAGOZA
Expected completion
2023
Ownership structure 75-year concession
In 2021 Xior won a public tender by Zaragoza Vivienda (fully controlled by the Municipality of
Zaragoza) for the development and operation of a flagship student residence in the centre
of Zaragoza.
388
units (anticipated)
PROJECT
PORTUGAL
AVENIDA COLÉGIO MILITAR 16
(BENFICA)
LISBON
Year of construction or renovation 2020
Ownership structure Full ownership
This is a building from the U.hub portfolio. The brand-new Benca residence in Lisbon has 340
units and offers several communal areas such as a lounge area, private garden, library and
laundry room. Benca is in a perfect location near public transport and various universities.
340
units
229
units
(231 beds)
AV. DEL EDITOR ÁNGEL CAFFARENA
(AMRO MALAGA TEATINOS)
MALAGA
Year of construction or renovation 2021
Ownership structure Full ownership
This brand-new student residence includes 229 student rooms and 231 beds and has a swimming pool, several gardens
and an outdoor car park with 60 parking spaces. The building’s floor space is spread over approximately 6,000 m² above
ground and 1,100 m² below ground. The property was developed in collaboration with AMRO Estudiantes, which is
operating the property based on a triple net lease agreement for two years.
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XIOR I 173

LUMIAR PROJECT
LISBON
498
units (anticipated)
Expected completion 2023
Ownership structure Full ownership
The Lumiar project (part of the U.hub portfolio) concerns the development of approximately 500 units.
The project is currently still in the permit phase. The site is ideally located close to public transport (underground) and various universities.
PROJECT
AVENIDA ALMIRANTE REIS 178
(ALAMEDA)
LISBON
Year of construction or renovation 2015
Ownership structure 15-year lease
U.hub Alameda has been an established name within the Portuguese student landscape for
several years now. The historic site with a pleasant courtyard has 32 self-contained units
spread over a surface area of 865 m
2
. The residence is in a prime location within walking
distance of the Instituto Superior Técnico (IST) and Alameda underground station.
32
units
PRAÇA DE ALVALADE 9 (ALVALADE)
LISBON
Year of construction or renovation 2016
Ownership structure Full ownership
Residence Alvalade has 66 studios and a spacious sun terrace with breath-taking city
views spread over a total surface area of 2,442 m². The residence is ideally located near the
universities and public transport.
66
units
ODALYS LAMAS PROJECT
LISBON
Expected completion
2023
Ownership structure
Full ownership (development in joint venture
framework)
Lamas is a student residence development on a fully owned site with 124 units (254 beds)
spread over 121 double rooms and three apartments. Odalys will operate the residence
upon completion.
124
units
(254 beds)
(anticipated)
PROJECT
ODALYS GRANJO PROJECT -
RUA ANTÓNIO GRANJO 142
PORTO
Expected completion
2022
Ownership structure
Full ownership (development in a joint-venture
structure)
16
apartments
The Granjo project in Porto is a redevelopment of an existing, fully owned building into a
student complex with 211 units (420 beds), 3 parking spaces and 16 residential apartments.
The building will also include a laundry, reception, gym, study room and cafeteria. The
project is centrally located in Porto city centre within walking distance of the underground
and various university faculties. Odalys will operate the residence upon completion.
211 units
(420 beds)
(anticipated)
PROJECT
RUA DA FÁBRICA DO BAIRRO DA
AREOSA 31 (ASPRELA)
PORTO
Year of construction or renovation 2020
Ownership structure Full ownership
Asprela (part of the U.hub portfolio) with 456 units was completed in 2020. The project
is located in Porto. It has several communal areas and offers all the usual facilities and
comforts of a contemporary student residence. Asprela is located on São João, Porto’s
largest campus with 35,000 students.
456
units
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XIOR I 175

129
units (anticipated)
BROUCK’R PROJECT
BRUSSELS
Expected completion 2024
Ownership structure Full ownership
This project, as part of a multifunctional newly built complex in the
heart of Brussels, includes 129 brand new student rooms (permit still
to be obtained from the city of Brussels)
129 rooms + 1 caretaker’s flat
PROJECT
52
units
DANSAERT PROJECT
BRUSSELS
Expected completion 2024
Ownership structure Full ownership
This building, which still needs to be renovated (in accordance with
the permit that still needs to be obtained from the city of Brussels),
is located in the trendy Dansaert district in Brussels. The property is
located in the immediate vicinity of various campuses of the Erasmus
University College Brussels. A long-term lease for 25 years has been
concluded with the Erasmus University College Brussels for all 52
student rooms.
PROJECT
8.2.3.2 Description of buildings in the pipeline
The various properties in the pipeline are described below (see
Chapter 5.6 of this Annual Report ).
183
studentunits
TWEEBAKSMARKT 23 PROJECT (CITY LOFTS)
LEEUWARDEN
Expected completion 2023
Ownership structure Full ownership
This project involves the redevelopment of part of the former KPN
building on Tweebaksmarkt in Leeuwarden into a brand-new student
residence with 183 student rooms. In addition to the student rooms,
the residence also has a green courtyard of approximately 700 m
2
and
a large underground floor of approximately 1,900m
2
.
PROJECT
SELZERBEEKLAAN 21 PROJECT
(VAALS 2)
VAALS
Expected completion 2024
Ownership structure Full ownership
PROJECT
Xior purchased a plot of land with a surface area of approximately 10,140 m², located at
Selzerbeeklaan 21 in Vaals, The Netherlands, near the point where the Netherlands, Belgium
and Germany all share borders, with a view to developing a brand-new student residence
close to the existing Katzensprung residence.
COLLBLANC PROJECT
BARCELONA
Expected completion 2022
Ownership structure Co-ownership
PROJECT
This project involves the creation of a student residence in Barcelona. The residence counts
128 units as well as various communal areas, and has been developed using the blueprint
for «The Lofttown». The building is located in a triple-A location close to the university
clusters of UPC and UB.
128
units
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XIOR I
177

500
units (anticipated)
Expected completion 2024
PROJECT BOAVISTA
PORTO
Specicdetails
This involves a building from the U.hub
portfolio
Ownership structure Full ownership
The Boavista project concerns the development of a new student
complex with approximately 500 units located in Lisbon. The project
is still in the permit phase, but is expected to be completed in 2023.
PROJECT
206
units
(anticipat ed)
1
commercial
space
PROJECT RUE MÉLOT
NAMUR
Expected completion 2022
Ownership structure Full ownership
This project concerns the development of a new student complex with
at least 176 self-contained studios and 30 unfurnished rooms with
communal areas, based on a design by architectural rm Montois. The
complex will also house one retail facility (snack bar), storage for 113
bikes and two parking spaces. The residence is ideally located near the
University of Namur and train station.
PROJECT
338
studios
(anticipated)
78
short stay rooms (anticipated)
ODALYS SEVILLA PROJECT
SEVILLE
Expected completion 2024
Ownership structure
Full ownership upon completion (joint
venture development)
This new project relates to the development of a residence consisting
of 416 rooms (including 78 short-stay rooms), all equipped with private
bathrooms. The residence offers a wide range of communal areas
such as a beautiful rooftop garden with swimming pool. Odalys will
operate the property for 12 years under a triple net lease.
PROJECT
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XIOR I 179

8.2.4.2 Conclusions by Valuation Experts Stadim, Cushman
&WakeeldandCBREasat31December2021
“Dear Sir or Madam,
We are pleased to present our appraisal of the value of the property
portfolio of Xior Student Housing NV as at 31 December 2021:
Stadim: 85 properties in Belgium and 26 properties in the Netherlands;
Cushman & Wakeeld the Netherlands: 22 properties; Cushman
& Wakeeld Portugal: 7 properties; Cushman & Wakeeld Spain: 4
properties; and CBRE Spain: 6 properties.
Xior has appointed us, as independent property experts, to determine
the investment value and fair value of its property portfolio. The
appraisals took into account the comments and denitions stated
in the reports as well as the guidelines set out in the International
Valuation Standards, issued by the International Valuation Standards
Council (IVSC).
IAS 40 denes fair value as the amount for which assets would be
transferred between two well-informed parties on a voluntary basis
and without any special interests, mutual or otherwise. IVSC considers
these conditions to be met if the parties observe the aforementioned
denition of market value. The market value must in addition be
a reflection of the current tenancy agreements, the current gross
margin of self-nancing (or cash flow), the reasonable assumptions
concerning the potential rental income and of the expected costs.
The notarial charges must be adapted in this context to the factual
market situation. After analysing a large number of transactions the
property experts, acting on the request of listed real estate companies,
came to the conclusion in a working group that since property can be
transferred in various ways, the impact of the transaction fees on large
investment properties in the Belgian market, whose value exceeds
MEUR 2.5, is limited to 2.5%. The value including the transaction
fees payable by the purchaser is therefore the fair value plus 2.5% in
notarial charges. The fair value is therefore calculated by dividing the
value including the transaction fees by 1.025. Properties valued at less
than the MEUR 2.5 threshold and foreign companies fall under the
normal registration duty and their fair value thus corresponds with the
value that includes the transaction fees payable by the purchaser.
We have acted as independent experts. As property experts, we hold
a relevant and accredited qualication and have up-to-date experience
with properties of a similar type and similar location to the properties
in Xior’s property portfolio.
The valuation of the properties took into consideration both the
current tenancy agreements and all the rights and obligations arising
from these agreements. Each property was valued separately. The
valuations do not take account of any potential added value that could
be achieved by offering the entire portfolio for sale. Our valuations do
not take into account any marketing costs inherent to a transaction,
such as agent’s fees or advertising costs. In addition to an annual
inspection of the properties concerned, our valuations are also based
on the information supplied by Xior in relation to the tenancy situation,
floor areas, drawings or plans, rental charges and taxes in relation
to the specic property, its legal compliance and any environmental
pollution. The information provided was assumed to be accurate and
complete. Our valuations assume that any non-disclosed information
is not of such a nature as to influence the value of the property.
Based on the comments above, we can conrm that the fair value of
the part of Xior’s property portfolio valued by Stadim (85 properties
in Belgium and 26 in the Netherlands) was EUR 1,415,414,210 (one
billion four hundred and fteen million, four hundred and fourteen
thousand, two hundred and ten euros) as at 31 December 2021.
Based on the comments above, we can conrm that the rounded
fair value of the part of Xior’s property portfolio valued by Cushman
& Wakeeld Netherlands (22 properties in the Netherlands) was EUR
298,133,355 (two hundred and ninety-eight million, one hundred and
thirty three thousand, three hundred and fty-ve euros) as at 31
December 2021.
Based on the comments above, we can conrm that the rounded
fair value of the part of Xior’s property portfolio valued by Cushman
& Wakeeld Portugal (7 properties in Portugal) was EUR 122,255,000
(one hundred and twenty two million, two hundred and fty-ve
thousand euros) as at 31 December 2021.
Based on the comments above, we can conrm that the rounded
fair value of the part of Xior’s property portfolio valued by Cushman
& Wakeeld Spain (4 properties in Spain) was EUR 110,710,000 (one
hundred and ten million, seven hundred and ten thousand euros) as
at 31 December 2021.
Based on the comments above, we can conrm that the rounded fair
value of the part of Xior’s property portfolio valued by CBRE Spain
(6 properties in Spain) was EUR 215,137,000 (two hundred and fteen
million, one hundred and thirty-seven thousand, nine hundred euros)
as at 31 December 2021.
Yours faithfully,
Stadim
Cushman & Wakeeld the Netherlands
Cushman & Wakeeld Portugal
Cushman & Wakeeld Spain
CBRE.”
8.2.4
VALUATION OF THE PROPERTY PORTFOLIO BY THE
VALUATION EXPERTS
8.2.4.1 General
The valuation of the property portfolio was drawn up by Stadim
(Belgium and some of the Netherlands), Cushman & Wakeeld
(Netherlands and Portugal) and CBRE (Spain). The reference date
of this valuation is 31 December 2021.
The valuation process within Xior is based on a structured approach
by which the policy on property estimates is determined by the
executive management, with approval from the Board of Directors.
The executive management will evaluate this policy each year, and
check whether independent Valuation Experts are being appointed
for the respective sections of the property portfolio. Contracts will
typically be concluded for a renewable three-year period, for which a
double rotation obligation applies under the Law on Regulated Real
Estate Companies (
see Chapter 12.3.1 of this Annual Report ).
The selection criteria include local market knowledge, reputation,
independence and insurance of the highest professional standards.
The fees of the Valuation Experts are xed for the term of their
mandate and are not related to the value of the valued properties.
The independent Valuation Experts perform an external valuation of
the property portfolio each quarter.
The valuation methods are determined by the external experts. The
valuation method that is used is the Discounted Cash Flow method,
by which the yield is assessed, together with the breakdown of the
value into land, buildings and nancials. This is based on detailed
discounting of the nancial flows based on explicit assumptions
concerning the future evolution of this income and the end value.
In this case, the discount rate takes account of nancial interest
rates on the capital markets, plus a specic risk premium for
investment property. Fluctuating interest rates and inflation
projections are taken into account conservatively in the appraisals.
These appraisals are also tested against the unit prices listed for
the sale of similar buildings, after which an adjustment is made
taking into account any differences between these references and
the properties concerned. The development projects (building,
renovation or expansion works) are valued by deducting the costs
of the project on completion from their expected value that was
determined by applying the above approaches. The costs of the
study phase of the building, renovation or expansion works are
valued at their actual cost. The independent expert determines the
fair market value on the basis of a discounted cash flow model.
The appraisals thus reached are also compared to the initial yield
and available comparison points from recent market transactions
for similar properties (including properties acquired by Xior itself
during that year). The valuation cycle within a nancial year consists
of a visit to the site, followed by a detailed appraisal report that is
drawn up for each individual building and three desktop reviews in
which new data supplied by Xior in relation to the tenancy situation
is considered and the main assumptions relating to the signicant
non-observable inputs are rationalised.
.
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CORPORATE
SOCIAL RESPONSIBILITY
09
Roxi Alma
BRUSSELS
“
In 2021, Xior launched its code
of conduct, which includes all Xior
policies. We also rede ned our
company values. We cast them in
the  tting acronym «FAMILY», with
each letter symbolising one of our
core values.
„
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9.1 WORD FROM THE CEO
Welcome home: and this to our 14,000 students and now
almost 200 employees. I am incredibly proud of the growth we
have achieved as a company this year, not only in terms of our
portfolio but also internally as an organisation.
With the company growing so strongly, we also nd it very
important that the entire Xior team, both new and existing
employees, can grow together with the organisation. This
means that everyone is on board with where we want to go and
what Xior stands for. It is essential that everyone, from board
to operational staff, shares our vision, values and standards.
That’s why this year we redened our Xior Values and gave
them a clear, recognizable form. We cast them in the acronym
“FAMILY”, with each letter symbolising one of our core values.
These values were introduced in our code of conduct, which also
includes Xior’s policies and around which we organised several
training sessions. Both our students and employees have grown
enormously and it is becoming increasingly important to know
what lives with them. Therefore we launched our rst employee
survey in this year, together with a professional partner. We
also conducted a more extensive satisfaction survey for our
students for the second time.
Xior worked very hard on all sustainability topics in 2021.
Through covid, it remained a challenging environment for
everyone. The North Star Project, which was launched in 2020,
will accelerate further and reach full speed in 2022-2023. The
focus will be on people
(new human capital strategy), planet
(denition of CO
2
reduction targets based on SBTi) and process
(completing the policy framework and the further roll out of our
digital transformation).
Growing as a company, both internally and externally, is only
possible in a sustainable way if sufcient support is created
throughout the entire company culture: from the board of
directors and management to all employees, service providers,
external consultants and other business partners. Xior can only
become future proof if we all continue to care for each other, our
planet and our future.
Christian Teunissen
CEO
“
I am incredibly proud
of the growth we have
achieved as a company this
year, not only in terms of our
portfolio but also internally
as an organisation.
„
increase
green
assets (in FV)
increase
green nancing
employees
green energy
+45%
+340%
+30%
88%
+26%
2021
installed
capacity solar panels
Creation of Ethics & ESG committee
MAIN
SUSTAINABILITY
ACHIEVEMENTS
*
-20% (LfL)
Environment
Social
Governance
Satisfaction survey employees
Satisfaction survey students
Xior
VALUES
49%
Men
51%
Woman
*
in comparison to 2020
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Policy makers
• Compliance with applicable laws and
regulations on urban development, public
planning, ...
• Compliance with RREC Statute and Financial
Communication...
• Compliance with conditions of permits,
conformity, etc. for rental and operations
• Compliance with social and scal legislation
obligations
• Financial publications that meet regulatory requirements
• Timely transmission of information to control authority in
the context of transactions
• Open dialogue through professional associations
• Monitoring and compliance with applicable regulations and
procedures
• Open dialogue with regulatory authorities for the
construction of new developments
Local communities
and residents
• Consultation and information in connection
with new developments or redevelopments
• Minimal impact of activities on the
immediate surroundings
• Regular neighbourhood meetings
• Respect for local residents during the development as well
as the operation of the residence
• At ofcial openings, local residents are invited for a visit
• Xior Connect: development of a platform to support
the community between students and their immediate
surroundings
• Various local initiatives to better integrate the building into
the neighbourhood
Educational institutions
• Reliable consultation
• Long-term collaborations or partnerships
• Answering the need for student
accommodation
• Sharing knowledge and helping to build a
strong link between education and business
• Open dialogue to respond to housing needs
• Participating in tenders/public procurements
• Organising training courses, workshops, presentations and
organising property tours for various training programmes
• Providing traineeships
• Mentor students with their thesis, projects, ...
Investors and capital markets
• Value creation and prot generation with a
regular and growing dividend
• Corporate nancial performance
• Stable long-term partnership
• Timely publication of reliable and accurate
information
• Socially responsible investment
• Repayment of debt and payment of interest
• Clear and consistent investment policy
• Annual reports, press releases and other publications
• Participation in roadshows, seminars, trade fairs
• Annual General Meeting
• Organisation of Investor Day and property tours
• Dedicated Investor Relations contact
• Full application of the corporate governance charter
• Integrated business and ESG strategy
Xior is a member of the following associations and societies and made no contributions to political parties or campaigns in 2021.
9.2 SUSTAINABILITY STRATEGY
9.2.1
STAKEHOLDER ENGAGEMENT
Xior’s management identied the following main stakeholder groups. The needs and expectations of these stakeholder groups form
the basis of Xior’s sustainability strategy. Xior responds to these expectations through clear commitments from the organisation.
STAKEHOLDER NEEDS AND EXPECTATIONS THE ENGAGEMENT OF XIOR
Students/tenants
• A second home that meets all needs and
wants
• A reliable and accessible owner and
operator
• Sustainable buildings that guarantee the
safety, well-being and comfort of their
tenants
• Living up to our slogan “feel at home”
• A team of professionals in front and back ofce working
on a daily basis to perfectly understand the needs of the
tenants and transform them into quality buildings and
rooms, including best in class service and operational
management
• Local presence and 24/7 accessibility
• Provide a healthy and safe living environment with
recreational facilities and space for students to concentrate
on their studies
• Annual satisfaction survey
• Xior Connect: development of a platform to support
the community between students and their immediate
surroundings
Employees
• High ethical values
• Good work-life balance
• Health and Safety
• Pleasant working conditions
• Personal and professional development
• Employment in line with the legislative
framework
• Content-attractive jobs or internships
• Job security
• Compensation in line with the market
• Sustainable ofces
• Internal mobility
• Values and Code of Conduct
• Xior Family : an open company culture where everyone is
part of a big family
• Pleasant working environment based on our core values
• Regular assessment and evaluation interviews
• Personal development and regular opportunities for training
and workshops
• Corporate wellbeing programme Xiorize
• H&S Policy
• Human resources are administratively monitored by HR
professionals who can fall back on specialised service
providers
• New Human Capital strategy for quality jobs and
sustainable careers
• A correct salary policy
• A nancially healthy company
• Annual satisfaction survey
Municipalities
• Answering the need for student
accommodation
• Reliable dialogue with long-term cooperation
• Open dialogue with local municipalities to address housing
needs
• Participating in tenders/public procurements
• Proactive consultation during licensing and development
phase
• Monitoring and compliance with applicable local regulations
Contractors/developers and other
suppliers
• Compliance with contracts and payment
deadlines
• Balanced long-term commercial relationship
• Respect for contractors’ employees
• Striving for a long-term relationship
• Cooperation based on clear agreements and compliance
with payment deadlines
• Dialogue and openness in discussions
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9.2.3
XIOR’S ESG FRAMEWORK
The ESG framework (people, planet, process) consists of two
pillars that cover the main material themes linked to the United
Nations SDGs to which Xior contributes.
• ’Best in class’ organisation and employees: achieving
operational excellence by ensuring that the organisation
operates in an ethical and transparent manner, and that its
people can flourish.
9.2.4
XIOR’S CONTRIBUTION TO THE SDGS
A safe, healthy and pleasant environment for both our
students and employees is an essential part of Xior’s
business.
The consumption data of all our residences and of ces
are mapped with the aim of reducing both consumption
and energy costs. Renewable energy is also increasingly
being used.
As an international company, Xior always strives for a
healthy mix of talents, cultures, personalities and
genders in its recruitment policy. Xior offers its
employees an inclusive work environment where
diversity, respect and equality go hand in hand.
• Happy students in ef cient buildings: providing quality and
sustainable housing where students feel comfortable, safe
and at home.
These pillars form the basis of Xior’s sustainability strategy,
in which these focus themes will be further elaborated in the
coming years and in which the necessary action points and
priorities will be determined.
Xior not only invests in new sustainable buildings, but
also invests in its existing portfolio where residences
are optimised using the latest innovations &
environmentally friendly technologies.
With its residences, Xior offers an answer to the
shortage of high-quality, sustainable but affordable
housing that is in harmony with the local communities
and ideally also adds value to the local environment.
Xior is an ef cient, responsible and transparent company
in which high ethical standards and values are
maintained throughout the company.
Xior is in the process of drawing up an ambitious climate
plan with concrete targets (according to SBTi) that are in
line with the EU’s climate objectives.
Ethics
and integrity
Energy-efciency
&
Climate plan
Sustainable buildings in
sustainable communities
Health, Safety and
Well-being of students
& employees
‘Best in class’
organisation and
employees
Happy
students in
efcientbuildings
PEOPLE, PLANET, PROCESS
DECENT work
and economic
growth
DECENT work
and economic
growth
affordable and
clean energy
affordable and
clean energy
sustainable cities
and communities
climate
action
climate
action
sustainable cities
and communities
9.2.2
MATERIALITY MATRIX
In 2019, Xior conducted an analysis of the most important
ESG topics relevant to our main stakeholder groups. This took
into account both the importance of these materialities for the
stakeholders as well as the potential social impact for Xior
(taking into account the associated risks and opportunities). The
result of this analysis led to the de nition of the 5 most relevant
focus themes or materialities. By linking these materialities
to the Sustainable Development Goals (SDGs) of the United
Nations, Xior’s ESG framework was created, which forms the
basis of the entire ESG approach with actions, initiatives and
implementations.
FOCUS
FOCUS
FOCUS
FOCUS
FOCUS
THEMA
THEMA
THEMA
THEMA
THEMA
High
HighLow
Low
Interest for Xior stakeholders
Business impact to Xior
Health, Safety &
well-being of employees
Tentant Health, Safety
and Well-being
Business
Ethics & Integrity
Data privacy
Waste Management
Water Consumption
Diversity & Equal
Opportunities
Greenhouse gas
emissions
Community Impact &
Engagement
Talent attraction &
Development
Energy-ef ciency & Climate plan
Sustainable buildings in
sustainable communities
“
Soon we will have more
than 20,000 students under
our wings at Xior, with the
ambition to make them
happy students.
„
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Materiality Action KPI
Ethics & Integrity
ü Xior Values Participation rate
ü Code of Conduct # breaches of the code of conduct
ü Xior policies MSCI score
ü Formal anti-corruption & anti-bribery policy EPRA award
ü Integrity training
ü Transparent reporting
ü Ethics & ESG committee
6 Ethics audit
6 Extension whistle blower policy
6 Formal grievance procedure
¥ Supplier code of conduct
Energy ef ciency & climate plan
affordable and
clean energy
climate
action
6 Energy audits on existing buildings CO
2
emissions
6 Green building policy CO
2
targets
ü Full time Energy Manager Installed capacity of solar panels
6 Climate plan based on SBTi
% renewable energy (purchased/
produced)
6 Increasing the share of renewable energy
6 Feasibility study on EMS (improve data collection)
6 Digitisation - transition to paperless
Sustainable buildings in
sustainable communities
sustainable cities
and communities
ü Increase the share of green assets according to
Green Finance Framework criteria (continuous target)
% green loans
ü Increase share of green loans (continuous target) % green assets
6 EPC mapping
6 Feasibility study of external certi cation (BREEAM, Leed, etc.)
ü Continuous dialogue with local residents & government
ü Sharing knowledge (university presentations, etc.)
¥ Charity policy
ü Socially inclusive jobs
Employee wellbeing,
health & safety
DECENT work
and economic
growth
6 We care for your talent programme: individual career talks Participation rate and score
6 Formalising individual training plans % annual evaluation
6 Improve onboarding of new employees (including employer
handbook)
Number of training hours
ü Xiorize corporate wellbeing programme % accidents at work
ü Yearly employee survey & psychosocial risk analysis % absence due to illness
ü First Aid Training
Number of employees with  rst aid
certi cate
ü Frequent internal ESG workshops (#/%) voluntary leavers
Student wellbeing,
health & safety
ü Yearly satisfaction survey Participation rate/score
6 Student board
Number of incidents or non-compliance
with regulations / health & safety
ü Energy/Environment Awareness Campaign
6 International Internship Programma
6 C-scan
ü done 6 ongoing ¥ to be initiated
9.2.5
ESG ACTION PLAN 2021-2023: THE NORTH STAR PROJECT As a result of the continuous efforts in the  eld of sustainability
and reporting, Xior obtained the EPRA Gold award for its
sustainability reporting for the second year in a row and for its
 nancial reporting for the third year in a row.
Xior’s ambition to contribute to a sustainable future and to the
SDGs of the united nations was framed in a multi-year action
plan known as the “North Star” project. This is a concrete
roadmap with measurable KPIs and clear actions linked to Xior’s
materiality and the SDGs to be pursued.
THE NORTH STAR PROJECT: OUR OBJECTIVES FOR 2023
Sustainable
Operate technologically
advanced and green
buildings including the latest
eco-effeciency measures
Above industry average
performance in ESG
ratings
Outstanding tenant
satisfaction and
retention
Employee engagement
score above
benchmarks
Healthy
Go beyond traditional housing
operators in connecting with
students and employees to
actively monitor and improve their
well-being
Safe
Require highest safety
standards in construction for
contractors, employees and
ultimately tenants
2023 North Star
Being internationaly
recognized for sustainable
buildings and an exeptional
human approach to tenants
& employee well-being
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9.3.2
SOCIAL EMPLOYEES: WELL-BEING, HEALTH, SAFETY OF
PERSONNEL
NEW HUMAN
CAPITAL STRATEGY
01
02
03
04
06
05
07
08
ATTRACTING
TALENT
Company culture &
values
OPEN
RECRUITMENT
for everyone
LEARN,
TEACH, GROW
Be given space
to expand
competences
WE CARE FOR
YOUR TALENT
Rewarding &
recognising talent
HEALTH,
SAFETY &
WELLBEING
A healthy work-life
balance
EVALUATIE &
FEEDBACK
You can make the
difference
ONBOARDING
Welcome to the
#xiorfamily
1. New Human Capital Strategy (Emp-Turnover)
At the end of 2021, Xior started rolling out a new Human Capital
strategy with the goal to create a more coherent and sustainable
employee approach supporting Xior’s long-term objectives and
making the company and its human capital future-proof. For a
rapidly growing company in a constantly changing environment,
it is important to think ahead and not only build today’s
organisation but also tomorrow’s, by proactively attracting the
right talent while also further coaching existing employees.
This new strategic approach was also necessary because of the
company’s rapid growth across 4 countries and 33 cities, as the
number of employees grew from 136 at the end of 2020 to 172
by the end of 2021.
This strategy will be further embedded in the each phase of
the entire employee lifecycle to continue to strengthen Xior’s
ambition as a sustainable, long-term employer.
9.3 IMPLEMENTATION & PERFORMANCE MEASUREMENT
9.3.1
GOVERNANCE: ETHICS AND INTEGRITY
Transparent reporting
Xior is committed to conducting business fairly and correctly at all times, to communicating
openly and to reporting as fully and transparently as possible. For the third and second
year in a row respectively, Xior achieved EPRA gold for its  nancial reporting and for its
sustainability reporting.
Corporate Governance charter & Code of Conduct
In order to ensure ethical business practice and provide everyone in the organisation with
clear guidelines, a corporate governance charter was drawn up, using the Belgian Corporate
Governance Code as a reference. In 2021, a Code of Conduct was also drawn up. This
charter, along with the Code of Conduct, including all policies, can be openly consulted on
the company website. Xior annually reports on its operational management through the
Corporate Governance declaration in the annual report.
Policies
Xior’s policies are incorporated in the Code of Conduct and are the Xior standard for all employees
(including part-time and external staff and all members of the executive management and
board of directors). These policies cover, a.o., discrimination, diversity, equal opportunities,
harassment, corruption, data protection & GDPR, modern slavery, ecological responsibility, ....
The complete Code of Conduct and policies can be consulted on the website.
Furthermore, Xior also has an extensive whistle blower procedure, dealing code, health &
safety and anti-bribery and anti-corruption policy. Through the whistle blower procedure,
employees can report a (potential) violation of the Corporate Governance charter or Code of
Conduct in complete trust and con dentiality.
Ethics & ESG committee and ethics audit
Together with the launch of the policies, the decision was made to set up an Ethics & ESG
committee that will monitor the various policies and possible breaches of these (such as
diversity, human rights, corruption, etc.). Concrete targets will be set and an ethics audit will
take place every three years. The Ethics & ESG committee was established in April 2022 and
consists of the CEO and 2 non-executive members of the board.
In 2021, there were 0 breaches or convictions for anti-competitive behaviour, competition,
monopoly practices or for corruption or fraud.
Training: integrity & GDPR training
Shortly after the launch of Xior’s code of conduct, a training was organised on ethics,
diversity and integrity for all employees (including part-time and self-employed) in which all
of the policies and values were explained in more detail and with concrete examples. These
compliance/integrity trainings will be organised annually. Furthermore, a GDPR training was
organised to keep everyone up to date with the latest privacy regulations.
Digitalisation
In 2021, an extensive digital transformation project was also announced, to further optimise
both the operational and reporting processes within Xior. This project is rolled out in several
phases, with the  rst phase already showing great progress in 2021. A central PMS system was
chosen, which will be integrated in the four countries throughout 2022, allowing the operational
teams to work centrally with a single platform. This will not only make reporting much more
ef cient, but will also bring great bene t and extra comfort to students and employees.
EPRAGoldnancial
reporting &
sustainability reporting
2/7
female board members
0
offences of corruption and
anti-competition
Freshdesk
Customer service tool
Power BI Data
Warehouse
Centralised Property
Management
System
Student Hub
interactive platform
▲
▲
▲
▲
172
26% change in employees
from 136 at the end of 2020
to 172 at the end of 2021
Employees
43 BE
62 NL
36 ES
31 PT
Geographic spread of employees
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5. Learn, Teach, Grow
Learn (Emp-Training)
The company culture at Xior, despite its strong growth, is
still characterized by a flat organizational structure and a
family atmosphere where entrepreneurship and initiatives are
encouraged and supported. Xior wants its employees to ful l
their role in the best possible way, in an environment where
everyone in the Xior Family feels good and valued, and is given
the space to further develop their skills.
All employees (including part-time and self-employed) are given
the opportunity to sign up for various external and in-house
trainings, via on the  eld training for the development of job-
speci c, ESG and software skills (e.g. GDPR training,  rst aid
training, Excel, ESG workshops, integrity training on ethical
standards and equal opportunities, ...) as well as soft skills.
Various degree programmes and certi cate courses can also be
requested via the human capital team. For external training, Xior
appeals to recognised learning organisations (e.g. excel training
via social fund 323,  rst aid training via Mensura). In 2021,
3,8h of of cial training was given per employee, an increase
compared to 2020. The new human capital strategy will also
focus on further developing the training plan with the aim of
increasing this KPI even further.
For more background on the reporting of the development
indicators, please see the measurement methodology in
Chapter
9.5.6 of this Annual report (‘Analysis of the calculations’)
.
“
All employees are given
the opportunity to sign up for
various external and
in-house training, both
through ‘on the  eld’ training
for job-speci c, ESG and
software skills as well as soft
skills.
„
Teach: Sharing knowledge
As Xior is close to its students, the organisation also  nds it
important to share knowledge with young talents. Xior has
a yearly traineeship programme where it offers students the
opportunity to do an internship and gain valuable practical
experience. At the end of the traineeship, they may also
be offered a permanent contract. During busy periods
(reporting, start of the rental season, open house days, etc.),
the organisation also calls on working students. In addition,
Xior regularly gives lectures and training courses at various
universities and colleges in the four countries (including KU
Leuven, KDG Hogeschool, Thomas More Hogeschool, Vlerick,
Hogeschool Rotterdam, Universidad Europea Madrid).
At the moment, with the active participation of two students
from the Bachelor’s programme in Industrial and Organisational
Psychology, the Xior traineeship programme being further
expanded.
Grow
The strategy will also focus more on ownership and leadership
development, so that the Xior Family can continue to inspire and
motivate each other. Internal mobility also plays an important
role, even internationally, with staff being given the opportunity to
work for Xior in one of the other countries. Through the ongoing
‘career talks’, Xior aims to use more upward or sideways internal
mobility to map out the right talents and ambitions of the Xior
Family. The objective is to roll out individual training plans based
on these career talks.
Current vacancies are also included in the news flash, allowing
employees to apply internally.
We operate and act as one “FAMILY”,
each letter standing for our main principles.
F
A
L
M
Y
I
FOCUS ON THE CLIENT
ACT SUSTAINABLY
MOVE AS ONE TEAM
INTEGRITY AND DIVERSITY
LEARN TEACH GROW
YOU CAN MAKE THE DIFFERENCE
49%
Men
51%
Woman
< 30 year
2727%% 5454%%
30-50 year
1919%%
> 50 year
We act as a family.
We grow as a family.
We are a family.
2. Attracting talent - Corporate culture & values (Diversity-Emp)
It is very important for Xior to be able to continue to attract and
integrate the right talents into the company. Motivated employees
who are fully committed to the vision and values of the Xior
Family. Xior will evolve towards strategic Human Capital planning,
in which the company will try to assess future recruitment
needs and match them with the right talents and qualities. This
approach should lead to a proactive human capital strategy for
both new and existing employees and thus attract and retain
the right pro les for the future. It should also offer opportunities
to every Xior employee, in order to help them to further develop
themselves, to give the best of themselves and to build a lifelong
career within Xior.
Xior strives to be an attractive employer by promoting an open,
inclusive and family-oriented company culture to both its students
and staff. This culture is emphasized by Xior’s “FAMILY” values,
where each letter stands for a core value.
3. Open recruitment for everyone
Xior looks for employees with the right skills that match the
company culture and activities, motivated employees who fully
align with the vision and values of our Xior Family. It is important
that the mix of cultures, talents, personalities and languages seen
in our student population is also reflected in our workforce. That is
why it paramount to Xior that there is room for everyone, with an
emphasis on diversity during the selection process. The selection
procedures are short and based on objective selection criteria,
and are free from any discrimination based on the candidate’s age,
ethnicity, gender, nationality, religion, sexual orientation or any
other personal characteristic that does not affect job performance
in any way.
Xior employees in Belgium fall under Joint Committee 323 with
the exception of a couple of employees working for Roxi who fall
under Joint Committee 302. There are no sectoral provisions in
the Netherlands. In spain there are several CBA’s which depend on
the type of residence, the offered services, location, etc.
4. Onboarding – welcome to the #xiorfamily
As part of the new strategy, the onboarding process and
package will be further developed. Currently, every new
employee receives the following on their their induction day:
the code of conduct including all policies and a presentation
about Xior and the values and ethical standards that are
important for the organisation and all its stakeholders.
Relevant training courses will also be scheduled at that time.
New staff members are introduced using the periodic internal
News Flash, an important internal communication document in
which the latest news about Xior and its teams are explained.
The human capital team is currently developing an employee
handbook per country that can serve as a guide for new and
existing employees.
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Health, safety & wellbeing
3.86 % 0
0
sick leave work related accidents
work related fatalties
82%
PARTICIPATION RATE PEOPLE SURVEY
69%
formal evaluations
2021
3.8 h
training
per employee
8. Evaluatie & feedback – You can make the difference
For all employees, a formal feedback moment is organised
(at minimum annually) with the direct manager. During
this evaluation, next to the discussion of performance and
objectives, attention is also paid to personal ambitions and
further development. Through regular informal consultation
moments, everyone is given additional opportunities to give
feedback. In 2021, a formal evaluation moment was organised
for 69% of the employees.
For more background on the reporting of the development
indicators, please see the measurement methodology in
Chapter
9.5.6 of this Annual Report (‘Analysis of the calculations’)
.
In 2021, Xior’s rst online employee survey was launched. This
was organised by an external professional party in order to
guarantee anonymity. All employees in the four countries were
questioned about their satisfaction with Xior as an employer.
The participation rate was 82 %. From now on, this employee
survey will be organised annually in order to be able to continue
to improve our human capital strategy.
Furthermore, an exercise was organised to clearly dene
objectives and KPI’s for each role. Not only will this allow a
stronger connection between the individual objectives of each
employee, it will also allow more targeted evaluation and
adjustment during feedback moments.
9. Retaining talent / following up on departures
Within the new human capital strategy, several tracks of
employee engagement are being followed to ensure that the
right talent can be retained within the organisation, among
others by focusing on personal development, internal mobility,
mentoring, coaching, career advice and a balanced and sound
remuneration structure. For every employee who leaves the
company, a structured exit interview is scheduled in which the
various sub-aspects of the Human Capital policy are discussed.
This way, we regularly and critically examine our approach and
adjust it where necessary.
6. Rewarding and recognising talent (we care for your talent)
(Diversity-Pay)
Xior offers all of its employees a fair salary package, possibly
supplemented by variable remuneration and fringe benets that
depend on the place of employment, taking into account local
legislation, social status and the employee’s position. For most
roles with strategic impact, the remuneration package includes a
variable part linked to the achievement of objectives that t into
the overall company strategy. This variable salary or bonus is paid
out in cash, through a warrants plan or via non-recurrent result-
based benets, depending on the country specic legal and scal
framework. Whether or not objectives are (partially) achieved, is
agreed upon by management and communicated to the employee
by the end of Q1 of the following year. Wages are set according
to the principle of “equal pay for equal work” to ensure fair and
balanced remuneration. To this end, during the course of 2022,
job descriptions and associated weighting and benchmarking of
people already employed by Xior will be reviewed. As far as salary
and other benets are concerned, no distinction is made between
men and women, each employee with the same job is treated
equally, as Xior strives for a good salary gap ratio. The increase
of this ratio towards 1.2 this year gives a distorted picture due to
the large increase in the workforce in Portugal compared to 2020,
(+40% employees in Portugal) who were predominantly women
and who on average enjoy lower salary levels than in the other
countries where Xior operates.
In addition to xed and variable remuneration, all employees at
Xior are recognised and rewarded in numerous other ways. For
instance, each employee receives a yearly Christmas package
from Xior, e-bikes are available for employees, team events are
organized where possible, …
Just as for the directors and the members of the Management
Committee, there is currently no share (option) plan for the
employees of Xior.
7. Health, safety & wellbeing (H&S-Emp)
In 2021, no work-related deaths were registered. Xior promotes
a healthy work-life balance and monitors absenteeism with an
eye towards improving the workplace. However, absenteeism
due to illness in 2021 comes down to 3.86% and is higher than
usual (
cf. EPRA table Chapter 9.4.2 of this Annual report )
34
.
This is still due to a.o. the global covid crisis and the time that
affected employees were given to recover from it. In accordance
with EPRA guidelines, these gures have also been normalised
so as not to give a distorted picture as a result of the increasing
workforce. For more background on the reporting of the safety
and health indicators, see the measurement methodology
in
Chapter 9.5.5 of this Annual Report (‘normalisation and
intensities’)
.
In 2021, the Xiorize project, which had been temporarily put on
hold due to covid, was also relaunched. Any Xior employee (from
any country) could apply to take part in a quarter triathlon with
the full support of Xior and become a true sports ambassador.
The 17 nal participants will be fully prepared with professional
coaching to swim, run and bike the Bruges triathlon in June 2022,
while throughout the year motivating other staff members to
live healthier lives and exercise more. Next to the Xiorize project,
various other sports events are also supported or organised,
such as the Wings for Life run, Zumba classes in our Groningen
residence and Xior’s own run for Little Hearts action on Strava.
In 2021, compliance with all relevant measures concerning
the covid crisis continued to be monitored in order to
safeguard the health of employees and ensure continuous
service.
Xior also wants to offer its employees the necessary
flexibility, with a healthy work-life balance and room for
internal mobility, where employees can apply to work for
Xior in one of the other countries, for example. As a result of
a.o. the corona crisis and the increase in teleworking, Xior
has also developed a formal teleworking policy.
34
Absentee overview: illness & recovery (3.53%), recovery work-related accident (0.33%). Ratio’s calculated compared to planned working days.
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Engagement: empathising with the students
It is important for Xior to know what is important to it’going
on with its tenants. That is why in 2020, the  rst steps were
taken to measure student satisfaction. In 2021, this was further
expanded using a satisfaction survey with a response from
1,567 students spread across Belgium, the Netherlands and
Spain. From now on, this survey will be organised annually for
all countries by a professional organisation. The results of this
survey will be taken to heart by Xior and concrete actions will
also be communicated to the students in order to improve Xior’s
service even further. Besides the survey, Xior is also launching
various student boards in the different countries where a
selection of students can contribute to improving the Xior
experience for all students.
Xior also organises local and international actions, such as
a.o. Go sharing green mobility for students in Belgium and the
Netherlands, exclusive previews in the cinema for Xior students,
visits to a movie set, etc. In the summer of 2021, use was made
of Xior’s international character with the launch of a summer
action, during which students were given the opportunity to go
on holiday to other Xior properties in one of the other countries
at a student-friendly price.
Affordability for tenants
Xior is well aware that studying and going to live in a dorm
requires a large investment from students and their parents. Xior
therefore makes every effort to make high-quality and reliable
accommodation, where students can study, live and work in
ideal conditions, accessible to as wide a public as possible.
Xior also strives for an optimal mix of student rooms, including
‘budget rooms’, so that student accommodation does not have
to be a luxury product.
Moreover, Xior works together with educational institutions
and housing corporations to ensure an extra ‘social’ offer. In
Barcelona, Xior offers 20 ‘scholarships’, enabling twenty students
to rent a student room at a greatly reduced rent.
Rent allowance Netherlands: this is a measure that affects the
affordability of independent student accommodation. In the
Netherlands, it is possible to apply for rent allowance. If a student
rents independent accommodation and is younger than 23, he
or she is eligible for rent subsidy if the basic rent plus eligible
service costs do not exceed the quality discount threshold (2021
= EUR 442.46). From the age of 23, students are entitled to a
rent supplement if the basic rent plus eligible service costs do
not exceed the liberalisation threshold (2021 = EUR 752.33). The
amount of the supplement depends on the student’s income and
the amount of the rent. Xior aligns its rents in the Netherlands
with the rent allowance limits, which means that the residences
remain affordable for students.
Xior Connect
The student was also given a central place in the digital
transformation project launched in 2021. The entire customer
journey was mapped out in detail and will serve as the basis for
various platforms in 2022 and 2023, including a new website
and interface platform. The aim is to create an ef cient but
above all homogenous platform, from check-in to check-out, in
the course of 2022-2023, which in turn will serve as the basis
for Xior Connect, the community aspect that will ensure an even
stronger student experience as well as interesting partnerships
with the business world.
80%
general satisfaction
students
9.3.3.
SOCIAL TENANTS: WELLBEING, HEALTH SAFETY STUDENTS
Xior is an organisation that brings together a large social mix
of people from all corners of the world and from all walks of
life, not only within its employees but also within its tenants. In
2021, Xior was home to more than 136 different nationalities
who could study, live and work together in harmony.
FROM AROUND THE GLOBE
WE CURRENTLY COUNT NATIONALITIES IN
BUILDINGS
A WORLD CLASS FAMILY
136 130
Oman
Egypte
Marokko
Portugal
Spanje
Ivoorkust
Nigeria
Kenia
Uganda
Zuid-Afrika
VerenigdeArabische
Emiraten
Sudan
Zweden
Noorwegen
Denemarken
Suriname
Peru
Mexico
Ecuador
Colombia
Bolivia
VerenigdeStaten
Bermuda
Curacao
Cyprus
IJsland
Mauritius
Albanië
Macedonië
Griekenland
Bulgarije
Roemenië
Servië
Bosnië
Herzegovina
Kroatië
Polen
Tjechië
Slowakije
Oostenrijk
Hongarije
Italië
Oekraïne
Rusland
Georgië
Iran
Syrië
Afghanistan
Pakistan
India
Oezbekistan
Kazachstan
Libanon
Jordanië
Koeweit
Sri Lanka
Bahrein
Slovenië
Thailand
Vietnam
Indonesië
Maleisië
Taiwan
Filipijnen
China
Zuid-Korea
Japan
Letland
Estland
Litouwen
Finland
Singapore
Peace of mind, health and safety in the student room (H&S-
Assets & H&S-Comp)
Xior attaches great importance to the wellbeing, health and
safety of both its tenants and its staff. The slogan “feel at
home” is a conscious choice, because at Xior the safety,
comfort and health of its students will always come  rst.
Residences always meet the highest safety standards and
have access control and  re safety systems. Even during the
corona crisis, quick action was taken to ensure the safety of
our students.
100% of the assets undergo a safety assessment in accordance
with the Housing Code as part of the licensing process.
These conformity checks are laid down by law and include
(depending on the various regional guidelines) a  re safety
check and a technical assessment of the lifts, electricity, water
quality, ventilation and heating systems, among other things.
As indicated in the EPRA table (see
Chapter 9.4 of this Annual
Report ), in 2021 5 incidents (of non-compliance with
regulations and voluntary codes concerning the health and
safety effects of our assets) were identi ed. Here, according
to our policy, immediate action was taken after identi cation.
In addition, operational staff or residence managers regularly
carry out site visits. They identify needs and possible
improvements and ensure that any problems are dealt
with quickly. Should an urgent technical problem arise, the
operational teams are available to the students 24 hours a day,
7 days a week.
At the end of 2021, Xior also launched an awareness campaign
to make students more aware of their own energy consumption
and CO
2
footprint. This campaign was shared by mail, in the
residences and on social media.
-
27%
Evolution number
of students
2020-2021
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3. BrinkToren – Netherlands
In July 2020, Xior won a tender for a new urban brown eld
development project located on a former industrial site. For this
project, sustainability, social inclusion and affordability were
strongly emphasised. The tower will be the  rst Xior building
to have a negative EPC score of -0.010. But Xior is going even
further with this project and has realised very high sustainability
ambitions with regard to energy saving, nature inclusiveness,
circularity and sustainable mobility. The combination of all these
sustainability criteria will make the BrinkToren a residential
tower that goes beyond the legal ‘BENG’ obligation, in place in
the Netherlands since 1 January 2021.
35
For example, the building will be equipped with a heat & cold
storage system and solar panels, not only on the roof but also on
the facade, combined with a PowerNEST installation on the roof.
In addition, the various terraces and roofs will be equipped with
so-called ‘Polder’ roofs, which will allow for water storage and
the creation of green enclaves. The collected rainwater will be
reused to water these roof gardens during the growing season.
Sustainable mobility is also being promoted by providing electric
cars and bicycles for sharing. This project also scores on the
social front by creating a vibrant vertical neighbourhood with a
wide variety of homes that will accommodate a varied group of
people who will be able to live, work, study, do business and relax
in a pleasant manner, all in a green and healthy environment. The
BrinkToren will also provide 120 social housing units.
Certi cates (Cert-Tot)
From 2019 onwards, Xior set out to collect, centralise and
report all data relating to the energy performance of the various
residences. These certi cates vary from country to country, but
each gives an indication of the energy ef ciency of the building
or room.
In Belgium, the sites or independent rooms have an Energy
Performance Certi cate (EPC), which maps out the energy
ef ciency of the student residences. For independent student
rooms in the Netherlands, a similar Energy Index (EI) is
established and new construction projects also have an EPC
value. An energy classi cation based on EPC values also exists
for buildings in Spain and Portugal.
In 2021, Xior actively continued to work on the centralisation of
energy performance. As seen in EPRA Table (
Chapter 9.4.1 of this
Annual Report
) at the moment, the EPC/EI certi cates of already
35
BENG = nearly energy neutral building
75% of the sites in the measurement scope were collected. This
is a little less than than in 2020, as the scope of buildings has
increased signi cantly. Some reports are still pending due to
recent renovations or new construction projects. In addition, some
certi cates are still missing because, for example, in Brussels and
in the Netherlands, there is only an obligation to measure the
energy performance of stand-alone units.
As can be seen in the EPRA Table (
Chapter 9.4.1 of this Annual
Report
) the majority of the sites in Belgium and the Netherlands
have a good energy score (calculated on the base of surface
area). Xior undertakes to continue to integrate these energy
scores into subsequent sustainability reports as well as to
improve the scores. It is a clear reflection of Xior’s strategic
commitment to greening its portfolio. Xior is also making the
necessary investments in existing residences to optimize these
buildings. Not only in terms of comfort, but also in terms of
sustainability.
A feasibility study is currently underway to determine whether
external certi cation, such as LEED, BREAAM or similar, is
possible for our existing buildings. Moreover, the requirements
of this external certi cation have already been incorporated into
some ongoing new developments and will be externally certi ed
upon completion.
Groene assets & Green Finance Framework (Cert-Tot)
Throughout 2021, efforts were also made to increase the share
of green loans to  nance the most sustainable, green buildings.
Thus, the number of green assets grew from 16 (MEUR 446) to
22 (MEUR 647 ) and the amount of green  nancing from MEUR
145 to MEUR 638 (of which MEUR 445 was taken up per 31
December).
Financial debt via Green
Financing
Green
Finance
Framework
647 MEUR
638 MEUR
Eligible assets under
the Green Finance
Framework
43% of which 445 MEUR
was taken up
9.3.4
SUSTAINABLE BUILDINGS IN SUSTAINABLE COMMUNITIES
Urban Brown elds: Projects and properties in the spotlight
Xior avoids developments on “virgin” green  elds. Given the
inner-city nature of student accommodation, Xior has developed
many urban brown eld projects in the past. Some examples
are Bonnefanten (Maastricht), Kipdorp (Antwerp), Black Box
(Groningen), Alma (Brussels), Ariënsplein (Enschede),.... Here
empty and/or obsolete buildings such as schools, hospitals,
of ce buildings are given a second life with a positive revitalising
effect on the entire neighbourhood.
1. Black Box – Groningen
Before the start of the academic year 2021-2022, Xior added
225 independent studios and over 50 flats to its portfolio in
Groningen. This is an entirely new development, for which
Xior acquired a large, iconic 13-storey of ce building just  ve
minutes from Groningen station. The building was already fully
let before its of cial opening, in view of the enormous shortage
of student rooms in the Netherlands.
In the development plan, great emphasis was placed on
the sustainable redevelopment of this - now former - urban
brown eld site.
The complete supporting structure and most of the facades
have been reused. The entire building is highly insulated. Partly
because of this, the building could be disconnected from gas;
heating and cooling are now provided by heat pumps installed
on the roof. To ensure social sustainability, the residents have
a spacious collective living room with a bar and kitchen, a quiet
study room and a large professional gym in the building. Xior
has also set up its of ce for the north of the Netherlands on the
ground floor.
2. Zaragoza – Spain
Xior won a tender for the development of a flagship residence
on an urban brown eld in Zaragoza. The residence will be
developed on an old historic site that has not been used for some
time. The formerly vacant military residences will be completely
renovated into a vibrant student campus, breathing new life
into the site and revitalising the surrounding neighbourhood.
Various facilities and services will also be made available to
the neighbourhood, fostering a seamless community between
residents and the local community.
“
Xior won a tender in
2021 for the development
of a flagship residence
on an urban brown eld in
Zaragoza. The formerly
vacant military residences
will be completely
renovated into a vibrant
student campus in order
to revitalise the site
and the surrounding
neighbourhood.
„
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XIOR I
201

Zernike – Groningen Rotsoord - Utrecht Woudestein - Rotterdam Katzensprung - Vaals
Besòs – Barcelona The Lofttown – Barcelona HUBR Madrid – Madrid
HUBR Malaga – Malaga HUBR Seville – Seville Amro teatinos – Malaga
Sustainable communities: social inclusion & charity
Xior also pays the necessary attention to facilities for the
disabled. For example, many buildings have wider doors for
wheelchair users, larger rooms and bathrooms for the disabled.
In various residences, Xior works together with different social
non-prot organisations that focus on people with disabilities or
want to offer opportunities to people with a social disadvantage.
In the Besòs residence in Barcelona we work together with:
• Foundation Formació i Treball for the restaurant, catering and
cleaning of the common areas. This Caritas foundation aims
to help people nd a job who have no or only limited access to
the regular labour market.
• ILUNION for processing laundry and linen. This organisation
wants to create quality jobs for people with disabilities.
• TEB for garden maintenance. TEB offers jobs for people
with mental disabilities, who gain signicantly more self-
condence by caring for nature.
• Diswork for all the night concierges, this is an organisation
that helps people with disabilities get jobs.
In 2019, Xior launched a new hybrid housing concept with ROXI.
This combination of short and long stay is aimed at target
groups in the wider environment and living environment of the
student: for example, parents who come to visit their child,
doctoral students, young professionals, etc. Currently, there are
2 operational Roxi residences: 1 in Ghent and 1 in Brussels.
In the Netherlands, Groningen cooperates with VSO Dunk,
an organisation that is committed to providing guidance to
young people with a disability or long-term illness (cluster 3
indication) through work placements and on-the-job training.
The aim is to achieve the best possible participation in society
and to increase self-reliance. In other cities, too, initiatives are
being rolled out in consultation with the municipality to give
people with disabilities opportunities.
At ‘The Lofttown’ in Barcelona, tasty, healthy and balanced meals
(made with as much local and organic produce as possible) are
served to students. All food surpluses are donated to a charity
that in turn distributes them among the most underprivileged
in the city.
Xior knows all too well that a good education and shelter are
very important for young people. These two values are close
to the company’s heart, which is why, in 2020, Xior became the
As part of Xior’s sustainability ambitions and with the aim of
attracting specic funding for the (re)nancing of green projects
and assets, Xior has developed a Green Finance Framework. This
framework provides a framework that complies with the GBP-
Green Bond Principles, supported by the International Capital
Market Association (ICMA) and certied by a Second Party
Opinion from Sustainalytics. The “
Green Finance Framework ” and
the “
Second Party Opinion ” are available online on the Xior website.
Based on the criteria set out in the Green Finance Framework,
a selection of the most ecological buildings was made from
the total property portfolio to form the ‘Green Assets Portfolio’.
At the end of December 2021, this portfolio consisted of 22
buildings, 6 more than at the end of 2020, for a total value of
MEUR 647 (compared to MEUR 446 at the end of 2020). This
portfolio thus consists of eligible assets that can be nanced
with green loans and is spread over the two home markets
where Xior is active, i.e. for MEUR 89 in Belgium (3 buildings),
MEUR 399 in the Netherlands (13 buildings) and MEUR 159 in
Spain (6 buildings). It is Xior’s ambition to increase this portfolio
of green eligible assets further each year, together with the
growth of the portfolio through new sustainable developments
or the purchase of existing residences that meet the criteria for
inclusion in the green portfolio.
In April 2021, Xior launched the rst Green CP/MTN programme
in Belgium. The rst commercial paper programme with a green
character on the Belgian market. In this way, its “green” nancing
position diversies further, by now also being able to make use
of very short-term green nancing via this CP, in addition to
green loans and green bonds with rather long maturities.
At the end of December, the total amount of green loans is
MEUR 638, of which MEUR 60 with ING, MEUR 10 with Pensio B,
MEUR 120 with ABN Amro, MEUR 200 via Green CP and MEUR
248 via USPP bonds. From this total amount, as of 31 December
2021, MEUR 445 was taken up that was already fully allocated
to the eligible assets.
The total number of green loans is 43% of the total nancing.
As indicated in the EPRA table (
see Chapter 9.4.1 of this Annual
Report
), 18 of these sites belong to the current measurement
scope. The overview below shows the sites in the green portfolio
in 2021. Xior is committed to further increasing the proportion
of “green” buildings in the portfolio in the coming years.
Overwale – Ghent Brusselsepoortstraat – Ghent Studax- Leuven Karspeldreef – Amsterdam
Naritaweg – Amsterdam (2 buildings) Barajasweg – Amsterdam Studio Park – Breda
Antonia Veerstraat – Delft Barbarasteeg – Delft Waldorpstraat – The Hague Oosterhamrikkade – Groningen
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9.3.5.
ENERGY EFFICIENCY & CLIMATE IMPACT
ENERGY EFFICIENCY & CLIMATE IMPACT
share of
green energy
(14% in 2020)
88
%
As a real estate player in student housing, Xior continues to
actively work with all students to reduce its ecological footprint.
Since 2019, Xior undertook to further systematically map its
environmental performance, partly using a comprehensive set of
(EPRA) indicators. Additionally, the climate impact of the student
housing gets calculated and all waste collectors are contacted in
order to obtain a picture of the evolution of the waste flows. In
2021, Xior continued to work actively on improving its data
collection in order to map its environmental performance even
more accurately, so that the energy ef ciency of the entire portfolio
can be better & more ef ciently monitored and improved.
Improving energy ef ciency and reducing climate impact starts
with the design of a new student residence and continues during
the development and during the  nal occupation of the buildings.
During the design phase, the best techniques and materials are
considered (e.g. solar panels, ground coupled heat exchangers
(GCHE), …) , and once the building is operational, Xior increasingly
focuses on raising awareness among users, resulting in an
annual reduction in climatel impact. See also below
section
raising awareness among tenants under Chapter 9.3.5.1.
36
See https://europeanclimate.org/wp-content/uploads/2022/03/ecf-building-emmissions-problem-march2022.pdf.
However, the evolution of Xior’s environmental performance in
2021 was influenced not only by the continued commitment,
but also by the Covid crisis, which had an inextricable impact
on the global real estate sector. With due regard for the
necessary safety measures, all the residences remained open
and occupied at all times, which meant that, for example,
communal areas also remained heated. Actual occupancy
fluctuated depending on the period of the year and the region.
The majority of students returned to their residences, but due
to the absence of physical classes, students spent relatively
more time in their rooms taking digital classes and also spent
more time in the common areas due to the closure of catering
and other recreational facilities. In general an increase was
observed in the consumption data measurements that was
limited to a maximum of 16% of the total portfolio in scope (in
LfL) due to the increased occupancy mentioned above. In the
coming reports it will become clear to what extent 2020 and
2021 are outliers. In any case, Xior is committed to continue to
realize the downward trends on the long term and therefore also
focuses on the reduction via design and sensibilisation.
All consumption and associated greenhouse gas emissions are
collected centrally based on measurements and invoices. This
report only reports on the performance data of the units under
own management and considers 2019 as the base year for the
trend analysis between 2019, 2020 and 2021. The consumption
of the previous reporting year was retrospectively adjusted
using the actual  gures from invoices and measurements. The
methodology used for all measurements is described in detail
in
Chapter 9.5 of this Annual Report . This methodology is in
line with EPRA reporting guidelines and applies mainly to the
environmental part, but also to the social part.
An overview of all environmental performance indicators is
presented in the EPRA tables in
Chapter 9.4.1 of this Annual
Report
. The main observations and trends are discussed below.
9.3.5.1Energyefciency
34
In the European Union, buildings are responsible for 40 %
36
of
total energy demand and 36 % of total CO
2
e emissions. Improving
the lifecycle energy performance of buildings therefore plays a
crucial role in Europe’s ambitious energy reduction and carbon
neutrality goals. At Xior, we understand very well that with our
growing portfolio, we have a huge responsibility, which we will
not shy away from. Mapping out the energy consumption and
climate impact of the student residences forms the basis for
further initiatives during the construction and usage phase to
further reduce this impact.
of cial corporate partner of “Little Hearts”. This is a non-pro t
orphanage in Cambodia that takes care of around 40 orphans
and also teaches around 120 children from the neighbourhood.
Xior supports this organisation with a monthly contribution and
occasional actions or events such as the Xiorize for Little Hearts
action on Strava.
In addition, a pilot project was set up with the Good Roll, an
organisation that produces attractively designed, 100% recycled
toilet paper. Their mission is to make safe and clean toilets
accessible to all. They use 50% of their pro ts to build toilets in
developing countries.
55%
buildings with
residence
manager
The aim is to draw up a charity Policy to create a framework to
support employee and student initiatives.
Community engagement (Comty-Eng)
A constant and interactive communication with educational
institutions and (local) governments is an important point of
attention for Xior. Currently, approximately 21% of the rental
income from the real estate portfolio is linked to some form
of cooperation with an educational institution (contracts,
guarantees and collaborations).
Xior strives for good relations and a good understanding with the
neighbours of all residences. To achieve this, consultation with
the neighbours takes place on a very regular basis, right from the
start of the permit procedure, but also after the building has been
put into use. In addition, the residence managers often appoint a
floor manager, who acts as an extra contact person between the
students and Xior. The aim is to keep any nuisance (noise, waste,
etc.) for both co-residents and local residents to an absolute
minimum. This is done by means of awareness-raising actions, but
also by an active and intensive follow-up of the residence managers
who are present on site. Especially during the corona crisis, it was
ensured that everyone complied with the applicable measures in
order to avoid any inconvenience and risk of contamination.
Xior also sponsors various youth clubs, sports clubs and
student clubs, both  nancially and by providing goods such as
sportswear, gadgets and others.
Various local initiatives are also supported in different countries,
such as the “cycling without age” initiative in Portugal, where young
people take the older, disabled generation for a ride on a bicycle.
In the Katzensprung residence in Vaals, a number of rooms were
made available for rent to local residents affected by the enormous
water nuisance in Limburg during the summer of 2021.
“
The share of green energy
increased from 14% to 88%,
thanks to a mix of green
energy contracts and own
energy production.
„
affordable and
clean energy
climate
action
204 I CORPORATE SOCIAL RESPONSIBILITY
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XIOR I
205

Electricity consumption (LfL)
0
1000
2000
3000
4000
5000
6000
202120202019
4 429
4 662
5 405
+16%
MWh
• Fossil fuels
Heating the student residences represents the largest share of
the reported energy consumption (63% in 2021). The residences
are mainly heated by natural gas. Absolute natural gas
consumption has increased strongly, but 15 additional sites are
reported compared to last year. It is more comparable in a like-
for-like scope, where Xior notes an increase as a consequence
of a higher occupancy and a colder winter.
Absolute consumption (Fuel-Abs)
In 2021, 36,002 MWh of natural gas was consumed, spread
across 77 buildings. Again, due to the growing portfolio and
better data collection, it is particularly interesting to study a
comparable scope (LfL analysis) as an indicator of the evolution
in the natural gas use.
Like for like consumption (Fuel-Lfl)
This like-for-like analysis compares the consumption of 50
buildings that have been operational for the last 3 years and for
which complete data is available. The data shows an increase of
11% compared to last year.
Natural gas consumption (LfL)
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
202120202019
16 110
14 669
16 322
11%
MWh
This increase can be explained by, the earlier mentioned higher
occupancy rate and a harsher winter.. However, a normalisation
of the consumption data based on degree days is not relevant in
this context, as part of the natural gas is also used for heating the
sanitary water. More explanation is given in the measurement
methodology in
Chapter 9.4 of this Annual Report.
• Heat grids (DH&C-Abs & Lfl)
With CO
2
emissions 30% lower than for natural gas, the use of
heat distribution has a positive effect on the ecological footprint
of a building. 10 Xior residences are connected to such a system:
• Woudestein (Rotterdam, Netherlands)
• Ariënsplein (Enschede, Netherlands)
• Naritaweg/Barajasweg (3 buildings), Karspeldreef (Amster-
dam, Netherlands)
• Lutherse Burgwal (The Hague, Netherlands)
• Diagonal Besòs (Barcelona, Spain)
• PXL Campus Hasselt (Belgium)
• Eendrachtkade Groningen (Netherlands)
This year, for the rst time, data are available for Lutherse
Burgwal and Diagonal Besòs, now making data available for 8
buildings. However, no data are yet available for PXL Hasselt,
nor for Eendrachtskade Groningen. For 5 buildings, data is
already available for the last three years and we can therefore
observe the rst trends. We see an increase of 10% compared to
the previous reporting year. This is comparable to the evolutions
in the natural gas use, and knows similar reasons (occupancy
rate, colder winter). For new investments, Xior will also give
preference to a sustainable system, if possible.
The energy indicators are presented in accordance with
the EPRA guidelines and can be found in the EPRA table of
environmental indicators in
Chapter 9.4.1 of this Annual Report.
• Energy intensity of buildings (Energy-Int)
An increase of energy intensity of 6% (average energy consump-
tion of 154 kWh/m²) has been established in the like-for-like scope.
An increase, as mentioned before – that is due to the higher occu-
pancy in buildings and a higher presence and consumption in the
buildings during the different lockdowns. The like for like scope
compares the same scope of buildings for which data is available
for the past 3 years. If all buildings are included in the scope, the
average consumption per m² is lower, namely 127 kWh/m². This
is due to the addition of sites to the measurement scope that have
an inherently lower energy consumption.
“
By expanding the scope with
energy-efcient buildings and
by renovating current buildings
in scope, the energy intensity is
further reduced.
„
• Solar energy and green power
In the measuring scope, currently 15 of the residences produce
their own solar energy, of which 9 in the Netherlands, 5 in
Belgium and 1 in Spain. The total installed capacity of the solar
panels amounts to about 863,036 Wp. This is 30% more than
the installed capacity in 2020. Xior will continue to invest in solar
energy and the installed capacity will of course also increase
as more and more new sites are equipped with solar panels.
For example in Annadal (Maastricht), 102,610 Wp of extra solar
panels were installed after an extensive energy audit.
30%
Installed capacity
solar panels
In 2021, 88.3% of the total electricity demand was covered
by green electricity (from renewable energy sources) from
the sites in the measurement scope, whereby 3.8% was self-
produced and 84.5% came from green electricity contracts. This
compares with 14% for 2020.
During the course of 2021, almost all energy contracts in Belgium
and the Netherlands were converted to green electricity. Xior aims
to raise this percentage even further in 2022 by also switching
energy contracts to green power in Spain and Portugal. For this,
various initiatives are already underway in both countries.
Moreover, the electricity contracts for some of the residences
in the portfolio used to be concluded per unit. Xior is continuing
its work to internalise these contracts as much as possible in
order to have more control over the type of contract (e.g. green
electricity) that is concluded. Today, Xior is 100% responsible
for the electricity contracts for 90% of the residences in the
portfolio in scope (landlord obtained).
• Electricity consumption
Absolute consumption (Elec-Abs)
In 2021, the scope included 91 buildings responsible for an
electricity consumption of 15,297 MWh. Of this consumption,
88% came from renewable sources.
Like for like consumption (Elec-Lfl)
Xior studies the like-for-like analysis as an indicator of the evolution
in consumption. Indeed, due to the growth of the portfolio, it is
important for Xior to analyse the trends on the basis of a constant
scope rather than on the basis of absolute consumption.
The like-for-like analysis compares the electricity consumption
of 58 buildings that were operational in the last 3 years. The
analysis shows an increase of 16% (742 MWh) compared to
2020. The share of green electricity in the like-for-like scope has
substantially increased from 7% to 98%.
The increase (16% in the total scope) occurs in all countries,
but mainly in the Netherlands. On the one hand, the change of
supplier (green) provided better insight into the consumption
compared to previous years. On the other hand, the increase can
also be explained by the return of the majority of the students
to the residences. As indicated earlier, they also spent more
time in their rooms and communal areas due to a.o. periods
when physical classes were not held and when recreational
facilities were closed. Xior undertakes to continue its efforts
and optimisations to further map out consumption and further
reduce energy intensity.
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XIOR I 207

Like for Like water consumption (Water-Lfl)
To determine the evolution of water consumption in 2021
compared to previous years, the like-for-like consumption of 46
sites is studied. The results show an increase of 16% compared
to last year. As mentioned earlier, the increase can be explained
by an increased occupancy in the residences during the summer
months due to the lockdown and the travel restrictions in the
different countries.
Xior is committed to continuing to raise awareness and
to continue to reduce water consumption, under normal
occupation.
Water consumption (LfL)
0
20000
40000
60000
80000
100000
120000
202120202019
101 212
103 629
120 498
+16%
m
3
9.3.5.3 Waste production
Absolute waste generation (Waste-Abs)
Since 2019, Xior has been committed to mapping the waste
production in its residences in order to follow up and report
on this indicator as well. This is done for various waste flows
(residual waste, glass, paper & cardboard and PMD). In
cooperation with various waste collectors, data was collected
for 42 of the buildings in the measurement scope by 2021. This
is an increase compared to 2020. Xior is actively endeavouring
to gain insight into the waste flow for the remaining sites this
year and the years thereafter, so that awareness and sorting
campaigns can be targeted there as well.
Analysis of the data shows that the outcome for 2021 is more
robust than the rst reporting years. Only 4% of the data was
extrapolated. This is the result of the continuous efforts of Xior
and its employees to systematically map out waste production
even further and better.
For those 42 buildings for which data is already available for
2021, a total waste generation of 746 tonnes was identied.
This is an increase of 287 tonnes compared to last year, partly
linked to the extension of the measurement scope from 38 to
42 buildings as well as a higher presence in the rooms and
residences.
Like for Like waste production (Waste-Lfl)
If a smaller scope is considered that includes the 14 buildings
for which data from both 2019, 2020 and 2021 are available,
then an increase of approx. 10% in the total amount of waste
is observed. This increase occurs in every waste category
reported (cf. EPRA table in section
9.4.1 of this Annual Report ).
The increase is mainly noticeable in the Dutch buildings and is
possibly due to increased presence in the buildings and local
lockdown measures. The amount of waste remains lower than
in 2019. Xior is monitoring this further and will thus also be
able to expand the number of buildings in the like for like scope
thanks to improved data to provide a more complete picture.
Waste intensity
When looking at the waste consumption per m², there too an
increase is observed compared to 2020 (10%) and a decrease
compared to 2019 (-25%). This increase is also explained by
higher occupancy in the residences.
Waste production (LfL)
0
50
100
150
200
250
202120202019
207
141
155
+10%
Ton
• Raising awareness among tenants
In addition to its own investments in sustainability, Xior also
focuses on raising awareness among its students. For example,
tips for saving energy are posted on social media and every
student receives a flyer with tips and tricks on how to stay
energy efcient in their room. In the buildings, posters are put up
about the environment, for example, how students can recycle
correctly. In 2021, a special campaign was launched on energy
saving, partly due to rising energy prices. With this campaign,
Xior wanted to make students aware of their own energy
consumption and the impact they could make themselves by
giving a few simple tips.
Some locations also have
individual meters in the
room. This makes stu
-
dents more aware of their
energy consumption. In
2020, some residences
were also equipped with
Cscan sensors, allowing
students to see their own
water consumption via a
web app and also receive
notications in case of
unhealthy situations,
such as for example a too
high CO
2
level.
• Led relighting programma
The ‘LED relighting programme’ continued in 2021, replacing
conventional lighting with more sus-tainable LED lighting. In
Belgium more than 80% of the old conventional lighting has
already been replaced. In the Netherlands 75% of the residences
already have LED lighting. In Spain and Portugal approx. 100%
of the buildings are equipped with LED lighting. Newly taken
over buildings with old-er conventional lighting are also being
transformed as quickly as possible.
All new building projects are also tted with LED lighting and
motion detection in stairwells, corri-dors and sanitary areas as
standard.
9.3.5.2 Water
•Moreefcientuseofwater(Water-Int)
Xior continues to raise awareness through various measures,
including internal communication, the provision of shower
sanders and the installation of Cscan sensors in a number of
residences. Thanks to these sensors, Xior is now also able to
analyse water consumption in the room and detect water leaks
at an early stage. The water sensor automatically shuts off the
tap when a leak is detected, so that waste and damage can be
avoided. In the design and development phase of buildings,
water-saving techniques are also always considered (energy-
saving showerheads, dual-flush taps, rainwater recovery, etc.).
The corona crisis had a direct impact on water consumption.
Although the latter is difcult to quantify and varies greatly from
residence to residence, depending on the actual occupancy of
students during the lockdown and the rest of the academic year.
Xior registers an increase of 6% in the water intensity for the
entire measuring scope, where this is the same from country to
country. A possible explanation is an increased occupancy in the
residences, also during the summer months due to the lockdown
and the prevailing travel restrictions in the different countries.
Absolute water consumption (Water-
Abs)
In 2021, 201,873 m
3
of water was
consumed, spread over 62 buildings.
This corresponds to 0.8 m³ of water
per square metre. The consumption
gures for 2020 (cf. EPRA table in
chapter 9.4.1 of this Annual Report )
were also adjusted on the basis of
actual gures from invoices and
measurements.
“
In consultation with the
students, we will continue to
work on raising awareness
in order to further minimise
consumption, which we
certainly expect to achieve
during normal occupancy.
„
208 I CORPORATE SOCIAL RESPONSIBILITY
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XIOR I 209

Greenhouse gas intensity (GHG-Int)
As a result of lower CO
2
intensity, the greenhouse gas intensity
per m² decreased by 15% compared to 2020 in the full
measurement scope and by 20% in the Lfl measurement scope.
This is, despite the increase in energy demand, due the the
engagement to greening our energy consumption.
engagement to greening our energy consumption.
decrease in GHG
intensity (LfL)
(kgCO
2
e/m²)
-20
%
Electricity
Electricity consumption is currently responsible for about 14 %
of Xior’s total climate impact. In the context of this climate
study, electricity emissions were calculated on the basis of
the average CO
2
intensity per kWh of the national electricity
networks (location-based) used by Xior, with the addition of
network losses. However, the climate impact of electricity
production differs from producer to producer (market-based).
By choosing an energy supplier that can supply certi ed green
electricity, or by generating its own electricity from renewable
sources, Xior could reduce the total reported climate impact
(scope 1 & 2) even further by 4%.
In 2021, 3,330 tCO
2
e was avoided thanks to green energy
contracts and the production of own electricity through solar
panels. Xior was able to convert the vast majority of energy
contracts to green power contracts in 2021. Various initiatives
are also underway in the countries to increase the production of
our own electricity via solar panels (e.g. Annadal), and a specialist
Energy Manager will also be recruited to translate Xior’s climate
ambitions into clear CO
2
reduction targets.
Fossil fuels
Most Xior sites are heated by natural gas. The measurements
show that natural gas is responsible on average for 86% of
the greenhouse gas emissions linked to the portfolio in the
measurement scope.
Headquarters
In 2020, the main of ce was extended by an extra floor. Due
to the low energy demand of 60 kWh per m² supplied solely
by green electricity, the climate impact of the head of ce is
reduced to 0.
Conclusion on climate impact
Since the 2019 annual report, Xior has been systematically
mapped the climate impact of the student residences. Meanwhile,
the 2021 emissions are 26% lower than in 2019 (lfl). In addition to
the continued focus on energy ef ciency and awareness-raising,
Xior took the necessary steps in 2021 to provide the majority of
its sites with green electricity by adjusting energy contracts in
Belgium and the Netherlands. This process will be continued in
2022, as will the ambition to further increase the production of our
own electricity.
Xior is also taking steps to specify its reduction strategy and
targets. The CO
2
climate plan will set reduction targets in 2022 in
line with what climate science prescribes (science-based targets)
to reduce the global warming. This plan will serve as the basis for
a concrete reduction plan that translates into further adjustments
in the portfolio.
“
In line with its international
ambitions, Xior has reported
the climate impact of its
portfolio for the 3rd year in a
row, with a view to structurally
reducing its emissions. In 2021,
Xior avoided 3,330 tCO
2
e (43 %
of its current climate impact)
thanks to its own electricity
production and the purchase
of certi ed green electricity. In
2022, Xior aims to increase this
share even further.
„
9.3.5.4 Climate impact
General results
Xior’s CO
2
climate plan is being worked on in full, with the aim of
being able to de ne the reduction targets later in 2022. To this
end, a full time energy manager was recruited who will start in
May 2022 and who will further support, implement and steer
Xior’s sustainability strategy. The de nition of the reduction
targets will be done according to the SBTi framework. Based on
this de nition, a concrete CO
2
reduction plan will be drawn up,
and an analysis will be made of which existing buildings qualify
to reduce the CO
2
footprint via investments in energy-ef cient
systems.
Xior currently calculates climate impact according to the
requirements of the Greenhouse Gas (GHG) Protocol, one of
the most widely used tools to understand, quantify and manage
greenhouse gases.
Direct greenhouse gas emissions are mainly linked to the use
of fossil fuels for heat production. The majority of the sites are
heated by natural gas, which has a lower impact than mazout,
which was used in the past. Indirect greenhouse gases mainly
come from the production of electricity by the various electricity
suppliers and, 2
e
, from the production of heat for the residences
that are connected to a heat network. With the latter, we are
aiming for a more sustainable form of heating in a number of
the residences.
Total greenhouse gas emissions in 2021:
breakdown by source
Heating network 0.010%
Natural gas 86%
Electricity 14%
Absolute emissions (GHG-Dir-Abs en GHG-Indir-Abs)
The 2021 climate impact of the student houses was
calculated for the buildings within the relevant measurement
scope and amounts to 7,768 tCO
2
e. This is an increase
compared to last year. However, due to a different measurement
scope compared to 2020, it is more interesting to analyse the
trend according to a like-for-like analysis with a measurement
scope that remains the same.
Like for like emissions (GHG-Dir-Lfl and GHG-Indir-Lfl)
In a like-for-like analysis, Xior observes a strongly decreasing
trend compared to 2020. This analysis compares the climate
impact of the student residences that have been operational for
the last three years and for which complete data is available.
Compared to 2020, the climate impact decreased by 20%,
despite the increased energy demand. This is the direct result
of the effort Xior made in 2021 to change the electricity contract
to green electricity for most of the sites, as well as further
expansion of the installed solar panelcapacity..
Greenhouse gas emissions (LfL)
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
202120202019
4 837
4 475
3 565
-20%
tCO
2
e
climate
action
Absolute emissions in 2021: 7,768 tCO
2
e
= 4,012 return flights to New York
= 1,074 x emissions average Belgian
= 964 x emissions average Dutch person
= 1,738 x emissions average Spaniard
= 1,962 x emissions of average Portuguese
210 I CORPORATE SOCIAL RESPONSIBILITY
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XIOR I
211

nvt.²
9.4 EPRA-TABELS
9.4.1
EPRA SBPR TABLES OF ENVIRONMENTAL PERFORMANCE INDICATORS -
WHOLE PORTFOLIO & HEAD OFFICE, SEGMENT ANALYSIS BY COUNTRY
Impact
area
GRI Standards
(CRESS)
Indicators SDG's
EPRA sustainability performance
measurement Measuring unit Portfolio
Total porfolio Portfolio by country: Belgium Portfolio by country: the Netherlands
Absolute measurements (Abs) Like-for-Like (Lfl) Absolute measurements (Abs) Like-for-Like(Lfl) Absolute measurements (Abs) Like-for-Like(Lfl)
2
2019 2020 2021 2019 2020 2021
% change last
2 years
2019 2020 2021 2019 2020 2021
% change last
2 years
2019 2020 2021 2019 2020 2021
% change last
2 years
sites in scope
69 80 92 38 43 46 31 35 39
Energy
(landlord
-obtained
1
) 302-1
Elec-Abs
& LfL Total electricity consumption
2
Annual kWh 4 561 959 7 170 714 15 297 288 4 429 332 4 662 124 5 404 583 16% 1 534 009 2 808 751 4 440 526 1 534 009 1 586 276 1 600 777 1% 3 027 951 3 872 692 9 519 515 2 895 323 3 075 847 3 803 806 24%
Number of buildings in calculation (green and grey
electricity)
Number of buildings 61 72 91 58 58 58 37 43 46 37 37 37 27 27 39 21 21 21
Share of extrapolation of consumption data % 7% 2% 6% 7% 0% 1% 2% 2% 21% 2% 1% 2% 9% 2% 0% 9% 3% 0%
Share of electricity from renewable sources (own
production + purchase)
% 12% 14% 88% 7% 7% 98% 5% 14% 89% 5% 6% 92% 16% 16% 100% 14% 7% 100%
Share of electricity from renewable sources (own
production)
4
% 6% 5% 4% 5% 5% 3% 5% 5% 3% 5% 5% 4% 7% 5% 4% 6% 5% 3%
Share of electricity from renewable sources (purchase) % 6% 9% 85% 2% 2% 94% 0% 8% 86% 0% 1% 88% 9% 11% 96% 8% 2% 97%
302-1
DH&C-Abs
& LfL
Total consumption of district heating and cooling Annual kWh 3 431 564 4 745 912 6 186 494 3 431 564 3 697 197 4 060 209 10% N/Ap. N/Ap. N/Ap. N/Ap. N/Ap. N/Ap. N/Ap. 3 431 564 4 402 648 5 377 044 3 431 564 3 697 197 4 060 209 10%
Number of buildings in calculation Number of buildings 5 8 8 5 5 5 5 7 7 5 5 5
Share of extrapolation of consumption data % 18% 0% 2% 18% 0% 2% 18% 0% 2% 18% 0% 2%
Share of district heating and cooling from renewable
sources
% N/Av.
4
N/Av.
4
N/Av.
4
N/Av.
4
N/Av.
4
N/Av.
4
N/Av.
4
N/Av.
4
N/Av.
4
N/Av.
4
N/Av.
4
N/Av.
4
302-1
Fuels-Abs
& LfL
Total consumption of fossil fuels Annual kWh 18 340 818 19 123 973 36 002 014 16 109 698 14 669 222 16 322 433 11% 6 149 276 7 249 427 9 771 001 6 034 089 5 707 627 6 289 182 10% 12 191 541 10 796 645 22 611 293 10 075 609 8 961 596 10 033 251 12%
Number of buildings in calculation Number of buildings 57 62 77 50 50 50 34 38 39 33 33 33 23 22 32 17 17 17
Share of extrapolation of consumption data % 11% 2% 2% 13% 2% 2% 4% 2% 3% 4% 2% 4% 15% 2% 0% 18% 2% 0%
Share of renewable energy % N/Ap. N/Ap N/Ap N/Ap. N/Ap. N/Ap. N/Ap. N/Ap N/Ap N/Ap. N/Ap. N/Ap. N/Ap. N/Ap N/Ap N/Ap. N/Ap. N/Ap.
302-3, CRE1 Energy-Int Total energy intensity of the building Annual kWh per m
²
150 116 127 156 145 154 6% 171 160 152 169 158 185 17% 140 94 122 148 137 136 -1%
Portfolio by country: Spain Portfolio by country: Portugal Head of ce
Absolute measurements (Abs) Like-for-Like (Lfl)
5
Absolute measurements (Abs) Like-for-Like(Lfl) Absolute measurements (Abs)
2019 2020 2021 2019 2020 2021
% change last
2 years
2019 2020 2021 2019 2020 2021
% change last
2 years
2019 2020 2021
% change
last
2 years
sites in scope
2 3 4 1 1 1
Energy
(landlord
-obtained
1
) 302-1
Elec-Abs
& LfL Total electricity consumption
2
Annual kWh N/Ap.
3
489 271 497 028 N/Ap.
3
489 271 497 028 2% N/Ap.
3
N/Ap.
3
840 219 N/Ap.
3
N/Ap.
3
N/Ap.
3
- 24 507 45 580 42 552 -7%
Number of buildings in calculation (green and grey
electricity)
Number of buildings 2 2 2 2 4 1 1 1
Share of extrapolation of consumption data % 0% 13% 0% 13% 0% 0% 20% 1%
Share of electricity from renewable sources (own
production + purchase)
% 5% 4% 5% 4% 0% 0% 0% 100%
Share of electricity from renewable sources (own
production)
4
% 5% 4% 5% 4% 0% 0% 0% 0%
Share of electricity from renewable sources (purchase) % 0% 0% 0% 0% 0% 0% 0% 100%
302-1
DH&C-Abs
& LfL
Total consumption of district heating and cooling Annual kWh N/Ap.
3
343 264 809 451 N/Ap.
3
343 264 809 451 136% N/Ap.
3
N/Ap.
3
N/Ap. N/Ap. N/Ap. N/Ap. - N/Ap. N/Ap. N/Ap. -
Number of buildings in calculation Number of buildings 1 1 1 1
Share of extrapolation of consumption data % 0% 0% 0% 0%
Share of district heating and cooling from renewable
sources
% N/Av.
4
N/Av.
4
N/Av.
4
N/Av.
4
302-1
Fuels-Abs
& LfL
Total consumption of fossil fuels Annual kWh N/Ap.
3
1 077 902 2 592 321 N/Ap.
3
392 312 491 154 25% N/Ap.
3
N/Ap.
3
1 027 399 N/Ap.
3
N/Ap.
3
N/Ap.
3
- N/Ap. N/Ap. N/Ap. -
Number of buildings in calculation Number of buildings 2 2 1 1 4
Share of extrapolation of consumption data % 2% 12% 6% 5% 0%
Share of renewable energy % N/Ap. N/Ap. N/Ap. N/Ap. N/Ap.
302-3, CRE1 Energy-Int Total energy intensity of the building Annual kWh per m
²
N/Ap.
3
197 134 N/Ap.
3
N/Ap.
3
134 - N/Ap.
3
N/Ap.
3
87 N/Ap.
3
N/Ap.
3
N/Ap.
3
- 69 64 60 -7%
1
Xior only reports the results of energy invoices paid by Xior (landlord-obtained). It is Xior’s vision to relieve students of the responsibilities of their own energy contracts.
For some sites in the Netherlands, Xior is still switching from personal contracts to a collective contract. Further information is provided in the methodology.
2
Since switching energy suppliers in 2021, Xior has a better overview of the different electricity consumptions for several properties in the Netherlands.
Underestimates due to incomplete overviews of the consumption could thus be adjusted for the sites in question from 2021 onwards. It is part of Xior’s focus on improving our data monitoring.
So please note that part of the evolution in the Netherlands is thus linked to improved data quality.
3
In 2020, Spain was added to the scope for the  rst time. In 2021, Portugal was added to the scope for the  rst time.
4
Xior did not receive any details on the origin of the energy through its energy supplier and therefore did not report a share from renewable energy.
Xior is taking steps, in consultation with its energy producers, to analyse the origin of its energy in more detail and re-evaluate it where necessary.
5
In Spain, the LfL comparison covers 2 years. In the other regions, as well as in the comparison of the total portfolio, the LfL comparison is 3 years.
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Impact
area
GRI Standards
(CRESS)
Indicators SDG's
EPRA sustainability performance
measurement Measuring unit Portfolio
Total porfolio Portfolio by country: Belgium Portfolio by country: the Netherlands
Absolute measurements (Abs) Like-for-Like (Lfl) Absolute measurements (Abs) Like-for-Like(Lfl) Absolute measurements (Abs) Like-for-Like(Lfl)
2
2019 2020 2021 2019 2020 2021
% change last
2 years
2019 2020 2021 2019 2020 2021
% change last
2 years
2019 2020 2021 2019 2020 2021
% change last
2 years
sites in scope
69 80 92 38 43 46 31 35 39
Greenhouse
gas
emissions
(landlord
-obtained
1
)
Total greenhouse gas emissions (scope 1 & 2 -market
based)
Annual tonnes of CO
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
- N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
- N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
-
Total greenhouse gas emissions (scope 1 & 2 -location
based)
Annual tonnes of CO
2
5 296 5 821 7 768 4 837 4 475 3 565 -20% 1 389 1 752 1 884 1 368 1 307 1 183 -9% 3 908 3 732 4 879 3 469 3 168 2 382 -25%
305-1
GHG-Dir-
Abs & LfL
Direct (scope 1) Annual tonnes of CO
2
3 393 3 538 6 660 2 980 2 714 3 020 11% 1 138 1 341 1 808 1 116 1 056 1 163 10% 2 255 1 997 4 183 1 864 1 658 1 856 12%
Number of buildings in calculation Number of buildings 57 62 77 50 50 50 34 38 39 33 33 33 23 22 32 17 17 17
305-2
GHG-Indir-
Abs & LFL
Indirect (scope 2 - location based) Annual tonnes of CO
2
1 903 2 283 1 108 1 856 1 761 546 -69% 251 411 76 251 251 20 -92% 1 652 1 734 696 1 605 1 510 526 -65%
Number of buildings in calculation Number of buildings 69 72 91 60 60 60 37 43 46 37 37 37 24 25 7 23 23 23
305-2
GHG-Indir-
Abs & LFL
Indirect (scope 2 - market based) Annual tonnes of CO
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
305-4,
CRE 3
GHG-Int Total greenhouse gas intensity of buildings Annual kg CO
2
e per m² 35 26 22 36 33 27 -20% 31 29 26 30 28 26 -7% 37 24 24 39 36 27 -25%
Portfolio by country: Spain Portfolio by country: Portugal Head of ce
Absolute measurements (Abs) Like-for-Like (Lfl) Absolute measurements (Abs) Like-for-Like(Lfl) Absolute measurements (Abs)
2019 2020 2021 2019 2020 2021
% change last
2 years
2019 2020 2021 2019 2020 2021
% change last
2 years
2019 2020 2021
% change
last
2 years
sites in scope
2 3 4 1 1 1
Greenhouse
gas
emissions
(landlord
-obtained
1
)
Total greenhouse gas emissions (scope 1 & 2 -market
based)
Annual tonnes of CO
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
- N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
- N/Ap.
2
N/Ap.
2
N/Ap.
*
-
Total greenhouse gas emissions (scope 1 & 2 -location
based)
Annual tonnes of CO
2
N/Ap.
3
337 658 N/Ap.
3
73 91 25% N/Ap.
3
N/Ap.
3
347 N/Ap.
3
N/Ap.
3
N/Ap.
3
- 4 8 0 -100%
305-1
GHG-Dir-
Abs & LfL
Direct (scope 1) Annual tonnes of CO
2
199 480 73 91 25% 190 - N/Ap. N/Ap. N/Ap. -
Number of buildings in calculation Number of buildings 2 2 1 1 4
305-2
GHG-Indir-
Abs & LFL
Indirect (scope 2 - location based) Annual tonnes of CO
2
138 178 N/Ap N/Ap 157 - 4 8 0 -100%
Number of buildings in calculation Number of buildings 2 2 4 1 1 1
305-2
GHG-Indir-
Abs & LFL
Indirect (scope 2 - market based) Annual tonnes of CO
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Ap. - N/Ap.
2
N/Ap.
2
N/Ap.
2
305-4,
CRE 3
GHG-Int Total greenhouse gas intensity of buildings Annual kg CO
2
e per m² N/Ap.
3
42 33 N/Ap.
3
N/Ap. N/Ap. N/Ap.³ N/Ap.³ N/Ap. N/Ap.³ N/Ap.³ N/Ap.³ 12 11 0 -100%
1
We report the results of the energy bills paid by Xior (landlord obtained). Xior’s vision is to relieve students of the responsibilities of their own electricity contracts.
For some sites in the Netherlands, we are still switching from personal contracts to a collective contract. More information about this is available in the methodology.
2
We did not receive any details about the origin of the energy from our energy supplier and therefore do not report any market-based greenhouse gas emissions.
We are taking steps to analyse the origin of our energy in more detail in consultation with our energy producers and to re-evaluate where necessary.
3
In 2020, Spain was added to the scope for the  rst time. In 2021, Portugal was added to the scope for the  rst time.
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Impact
area
GRI Standards
(CRESS)
Indicators SDG's
EPRA sustainability performance
measurement Measuring unit Portfolio
Total porfolio Portfolio by country: Belgium Portfolio by country: the Netherlands
Absolute measurements (Abs) Like-for-Like (Lfl) Absolute measurements (Abs) Like-for-Like(Lfl) Absolute measurements (Abs) Like-for-Like(Lfl)
2
2019 2020 2021 2019 2020 2021
% change last
2 years
2019 2020 2021 2019 2020 2021
% change last
2 years
2019 2020 2021 2019 2020 2021
% change last
2 years
sites in scope
69 80 92 38 43 46 31 35 39
Water
(landlord
-obtained
1
)
303-1
Water-Abs
& LFL
Total water consumption Annual cubic metres (m
3
) 144 307 171 546 201 873 101 212 103 629 120 498 16% 32 975 44 061 52 465 28 507 29 326 34 301 17% 111 332 113 543 117 162 72 706 74 303 86 197 16%
Number of buildings in calculation Number of buildings 63 69 62 46 46 46 32 36 31 24 24 24 31 31 26 22 22 22
Share of extrapolation of consumption data % 6% 6% 16% 8% 8% 13% 1% 15% 13% 1% 16% 12% 8% 4% 21% 11% 5% 14%
Share of city water % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
CRE 2
Water-Int Total water intensity of the building
4
Water intensity per m
2
m³ per m² 0,9 0,8 0,8 0,9 0,9 0,9 6% 0,8 0,8 0,7 0,8 0,8 0,9 17% 1,0 0,8 0,7 1,0 0,9 0,9 0%
Portfolio by country: Spain Portfolio by country: Portugal Head of ce
Absolute measurements (Abs) Like-for-Like (Lfl) Absolute measurements (Abs) Like-for-Like(Lfl) Absolute measurements (Abs)
2019 2020 2021 2019 2020 2021
% change last
2 years
2019 2020 2021 2019 2020 2021
% change last
2 years
2019 2020 2021
% change
last
2 years
sites in scope
2 3 4 1 1 1
Water
(landlord
-obtained
1
)
303-1
Water-Abs
& LFL
Total water consumption Annual cubic metres (m
3
) N/Ap.
2
13 942 15 908 N/Ap.
2
13 942 15 908 14% N/Ap.
2
N/Ap.
2
16 338 N/Ap.
2
N/Ap.
2
N/Ap.
2
N/Av.
3
N/Av.
3
N/Av.
3
-
Number of buildings in calculation Number of buildings 2 2 2 2 3
Share of extrapolation of consumption data % 0% 0% 0% 0% 0%
Share of city water % 100% 100% 100% 100% 100%
CRE 2
Water-Int Total water intensity of the building
4
Water intensity per m
2
m³ per m² 1,7 1,9 1,7 2 14% 1,3
1
We report the results of the water bills paid by Xior (landlord obtained). Xior’s vision is to relieve students of the responsibilities of their own water contracts.
For some sites in the Netherlands, we are still switching from personal contracts to a collective contract. More explanation about this is given in the methodology.
2
In 2020, Spain was added to the scope for the  rst time. In 2021, Portugal was added to the scope for the  rst time.
3
The water consumption of the head of ce is part of the co-owners’ association. We are taking steps to get a better view of the details of consumption.
4
For some sites in the Netherlands, some of the contracts are still in the name of the student. For this indicator we leave those sites completely out of consideration to give a correct picture of the water intensity.
It explains why the evolution in the lfl is not parallel to the absolute values. The absolute results include the invoices in the name of Xior.
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Impact
area
GRI Standards
(CRESS)
Indicators SDG's
EPRA sustainability performance
measurement Measuring unit Portfolio
Total porfolio Portfolio by country: Belgium Portfolio by country: the Netherlands
Absolute measurements (Abs) Like-for-Like (Lfl) Absolute measurements (Abs) Like-for-Like(Lfl) Absolute measurements (Abs) Like-for-Like(Lfl)
2
2019 2020 2021 2019 2020 2021
% change last
2 years
2019 2020 2021 2019 2020 2021
% change last
2 years
2019 2020 2021 2019 2020 2021
% change last
2 years
sites in scope
69 80 92 38 43 46 31 35 39
Waste
(landlord
obtained)
306-2
Waste Abs
& LfL
Total waste production Annual tonnes of waste 207 459 746 207 141 155 10% 126 259 324 126 76 70 -7% 81 200 423 81 65 85 30%
Number of buildings in calculation Number of buildings 14 38 42 14 14 14 8 27 28 8 8 8 6 11 14 6 6 6
Share of extrapolation of consumption data % 26% 3% 4% 26% 5% 0% 31% 0% 3% 31% 0% 0% 19% 6% 5% 19% 12% 0%
Total production of hazardous waste Annual tonnes of waste N/Ap. N/Ap. N/Ap. N/Ap. N/Ap. N/Ap. N/Ap. N/Ap. N/Ap. N/Ap. N/Ap. N/Ap. N/Ap. N/Ap. N/Ap. N/Ap. N/Ap. N/Ap.
Total production of non-hazardous waste Annual tonnes of waste 207 459 746 207 141 155 126 259 324 126 76 70 81 200 423 81 65 85
Combustion with energy recuperation: Annual tonnes of waste 150 417 661 150 116 124 95 245 276 95 69 58 55 173 385 55 47 66
%, of total annual tonnes
of waste
72% 91% 89% 72% 82% 80% 75% 94% 85% 75% 91% 83% 68% 86% 91% 68% 72% 78%
Residual waste Annual tonnes of waste 150 417 661 150 116 124 95 245 276 95 69 58 55 173 385 55 47 66
%, of total annual tonnes
of waste
72% 91% 89% 72% 82% 80% 75% 94% 85% 75% 91% 83% 68% 86% 91% 68% 72% 78%
Recycling: Annual tonnes of waste 57 42 85 57 25 31 31 15 48 31 7 12 26 27 38 26 18 19
%, of total annual tonnes
of waste
28% 9% 11% 28% 18% 20% 25% 6% 15% 25% 9% 18% 32% 14% 9% 32% 29% 23%
Glass Annual tonnes of waste 11 9 11 11 3 3 10 3 5 10 1 1 1 6 6 1 2,0 1,9
%, of total annual tonnes
of waste
5% 2% 1% 5% 2% 2% 8% 1% 1% 8% 2% 1% 1% 3% 2% 1% 3% 2%
Paper Annual tonnes of waste 41 27 57 41 19,7 24 16 8 26 16 3,4 7 25 19 31 25 16 17
%, of total annual tonnes
of waste
20% 6% 8% 20% 14% 16% 12% 3% 8% 12% 4% 10% 31% 9% 7% 31% 25% 20%
PMD Annual tonnes of waste 5 6 17 5 2 4 5 4 17 5 2 4 0 2 0 0 0 0
%, of total annual tonnes
of waste
3% 1% 2% 3% 2% 3% 4% 2% 5% 4% 3% 6% 0% 1% 0% 0% 0% 0%
Total waste intensity of the building
Waste intensity per m
2
ton per m
2
0,008 0,004 0,004 0,008 0,005 0,006 10% 0,010 0,005 0,005 0,010 0,006 0,006 -7% 0,006 0,003 0,003 0,006 0,005 0,006 30%
Portfolio by country: Spain Portfolio by country: Portugal Head of ce
Absolute measurements (Abs) Like-for-Like (Lfl) Absolute measurements (Abs) Like-for-Like(Lfl) Absolute measurements (Abs)
2019 2020 2021 2019 2020 2021
% change last
2 years
2019 2020 2021 2019 2020 2021
% change last
2 years
2019 2020 2021
% change
last
2 years
sites in scope
2 3 4 1 1 1
Waste
(landlord
obtained)
306-2
Waste Abs
& LfL
Total waste production Annual tonnes of waste N/Ap.
1
N/Ap.
1
N/Ap.
1
N/Ap.
1
N/Ap.
1
N/Ap.
1
N/Ap. N/Ap.
1
N/Ap.
1
N/Ap.
1
N/Ap.
1
N/Ap.
1
N/Ap.
1
N/Ap.
2
N/Ap.
2
N/Ap.
2
1
In 2020, Spain was added to the scope for the  rst time. In 2021 Portugal was added to the scope.We are working on collecting waste data from our different sites.
Currently, it is not yet possible to distinguish between waste coming from our sites and the campus on which they are located.
2
We did not receive details of our waste collection from the collection service. We are taking steps to get a better view of our waste production in consultation with the collection service.
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Impact area
GRI Standards
(CRESS)
Indicators SDG's
EPRA sustainability performance
measurement Measuring unit Portfolio
Total portfolio Belgium The Netherlands Spain Portugal Head of ce
Absolute measurements (Abs) Absolute measurements (Abs) Absolute measurements (Abs) Absolute measurements (Abs) Absolute measurements (Abs) Absolute measurements (Abs)
2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021
sites in scope
69 80 92 38 43 46 31 35 39 2 3 N/Ap.
2
N/Ap.
2
4
1 1 1
Certiedassets CRE 8 Cert-Tot Mandatory(EnergyPerformanceCerticate-EPC)
1
Share of buildings in calculation 51 62 69 25 34 34 26 26 28 N/Ap.
1
2 3 N/Ap.
1
N/Ap.
1
4
Number of buildings with an EPC % of scope 74% 78% 75% 66% 79% 63% 84% 74% 72% N/Ap.
1
100% 100% N/Ap.
1
N/Ap.
1
100% N/Ap. N/Ap. N/Ap.
Level of certi cation per country
2
BELGIUM (EPC score):
50-100 kWh/m² % of area in scope with score 2% 4% 2% 7% 14% 10%
101 - 200 kWh/m² % of area in scope with score 6% 7% 5% 23% 23% 19%
201- 300 kWh/m² % of area in scope with score 2% 4% 2% 7% 14% 10%
301-400 kWh/m² % of area in scope with score 1% 1% 1% 3% 5% 3%
401- 500 kWh/m² % of area in scope with score 0% 3% 2% 1% 12% 9%
501+ kWh/m² % of area in scope with score 0% 0% 0% 1% 2% 1%
Unknown % van oppervlak in scope met de score 58% 31% 47%
NETHERLANDS (energy index score):
A++-label % of area in scope with score 0% 3% 3% 0% 4% 4%
A+-label % of area in scope with score 17% 10% 7% 23% 15% 12%
A-label % of area in scope with score 16% 18% 11% 22% 26% 18%
B-label % of area in scope with score 4% 6% 3% 5% 9% 5%
C-label % of area in scope with score 9% 9% 8% 12% 13% 13%
D-label % of area in scope with score 7% 2% 1% 10% 4% 1%
E-label % of area in scope with score 3% 0% 2% 4% 0% 3%
F-label % of area in scope with score 0% 0% 0% 0% 0% 0%
G-label % of area in scope with score 0% 0% 10% 0% 0% 16%
Unknown 24% 28% 29%
SPAIN (EPC score):
A-label % of area in scope with score N/Ap.
1
3% 2% N/Ap.
1
100% 33%
B-label % of area in scope with score N/Ap.
1
0% 0% N/Ap.
1
0% 0%
C-label % of area in scope with score N/Ap.
1
0% 0% N/Ap.
1
0% 0%
D-label % of area in scope with score N/Ap.
1
0% 4% N/Ap.
1
0% 67%
E-G-label % of area in scope with score N/Ap.
2
0% 0%
PORTUGAL (EPC score):
A+-label % of area in scope with score N/Ap.
1
N/Ap.
1
0% N/Ap.
1
N/Ap.
1
0%
A-label % of area in scope with score N/Ap.
1
N/Ap.
1
0% N/Ap.
1
N/Ap.
1
0%
B-label % of area in scope with score N/Ap.
1
N/Ap.
1
5% N/Ap.
1
N/Ap.
1
93%
B--label % of area in scope with score N/Ap.
1
N/Ap.
1
0% N/Ap.
1
N/Ap.
1
2%
C-label % of area in scope with score N/Ap.
1
N/Ap.
1
0% N/Ap.
1
N/Ap.
1
5%
D-F-label % of area in scope with score N/Ap.
1
N/Ap.
1
0% N/Ap.
1
N/Ap.
1
0%
Voluntary
3
Sites in “green portfolio” Number of certi cates 8 14 18 2 2 3 6 10 13 N/Ap.
1
2 2 N/Ap.
1
N/Ap.
1
0
1
2019 is the  rst year we reported on our EPC certi cates (Belgium & Netherlands). In 2020 Spain was added to the scope for the  rst time. Portugal was added for the  rst time in 2021.
2
The type of certi cation differs from country to country. In Belgium & Spain we measure the EPC score (energy performance certi cate) in the Netherlands the EI (energy index). For several buildings in Belgium, EPC reports are available at room level. In that case we take into account the different surfaces reported on the EPC certi cates. If only 1 score is available per building, the score is assigned to the entire surface area as known under the
inspection reports.
3
Our green portfolio is a voluntary system to support the greening of our buildings. The external veri cation in this report therefore vari ed that the EPC certi cates are in line with the Green Finance Framework.
Other criteria were not part of the external veri cation.
* At the time of publication of this report, not all data was available for the calculation of the indicators for the most recent reporting year. In this case, therefore, extrapolation was used.
The data of the comparative reporting year has, however, become available. Thus, for that reporting year, the actual use of the buildings is taken into account.
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221

9.4.3
EPRA SBPR TABLE OF GOVERNANCE PERFORMANCE INDICATORS
Impact area GRI Standard Indicators EPRA Sustainability performance measurement Measuring unit Performance 2021
Total
Governance 102-22 Gov-Board
Composition of body (Board)
See chapter 6.1.5 and 6.1.6 Corporate
Governance – Board of Directors
Number of executive board
members
Number 2
Number of independent/non-
executive board members
Number 5
Average term Years 5,3
Competence of board members
relating to environmental and social
topics
Number 7
1
102-24 Gov-Select
Process for nominating and
selecting the Board
See chapter 6.1.4.1 Corporate Governance –
General
102-25 Gov-Col
Process for managing conflicts of
interest
See chapter 6.1.14 Corporate Governance –
Conflicts of interest
1
Each of the Board members has competencies in environmental and social issues
9.4.2
EPRA SBPR TABLE OF SOCIAL PERFORMANCE INDICATORS
Impact area
GRI Standard
Indicators
EPRA Sustainability performance
measurement
Measuring unit Performance
2019 2020 2021
Employee
diversity
405-1 Diversity - Emp
Gender diversity among direct
employees
All employees
1
% women
39% 44% 49%
% men
61% 56% 51%
Executive management % women
0% 0% 0%
% men
100% 100% 100%
Non-executive board % women
25% 25% 40%
% men
75% 75% 60%
Other employees
1
% women
42% 45% 51%
% men
58% 55% 49%
405-2 Diversity - Pay
Gender ratio of the salary incl.
remuneration
All employees
1
Ratio men vs.women
1.80 1.31 1.52
Executive management Ratio men vs.women
N/Ap.
2
N/Ap.
2
N/Ap.
2
Non - executive board Ratio men vs.women
1.20 1.21 1.52
Other employees
1
Ratio men vs.women
1.02 1.09 1.21
Employee
development
404-1 Emp-Training
Employee development training
Average number of hours per
employee
3
2.8 2.6 3.8
404-3 Emp-Dev
Performance appraisal of employees
% of employees with performance
appraisal
3
61% 23% 69%
401-1 Emp-Turnover
Employee turnover and retention
1
New employees Number
37 98 86
%
54% 68% 50%
Former employees Number
7 15 50
%
10% 10% 29%
Belgium The Netherlands Spain Portugal
2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021
Health and
safety
403-2 H&S-Emp
Health and safety of employees
Accidents Number
0 1 0
Ratio to hours worked
0 0 0
Absentee rate due to illness
4
Ratio to planned working days
0,56% 2,67% 3,86%
Lost days Ratio to hours worked
0,00000 0,00005 0,00044
Work-related fatalities Number
0 0 0
416-2 H&S-Assets
Health and safety assessments of
our assets
Mandatory assessment in the context
of obtaining the permit
% of assets in scope
5
100% 100% 100% 100% 100% 100% 100% 100% 100% N/Ap.
6
100% 100% N/Ap.
6
N/Ap.
6
100%
403-2 H&S-Comp
Incidents of non-compliance with
health and safety assessments
Number of incidents in scope
3 3 5 3 3 5 no incidents no incidents no incidents N/Ap.
6
no incidents no incidents N/Ap.
6
N/Ap.
6
no incidents
Community
413-1 Comty-Eng
Our impact on the community
Impact on the student community
% of assets in the scope of
measurement with a residence
manager
5
51% 49% 55% 0 12% 15% 100% 91% 95% N/Ap.
6
100% 100% N/Ap.
6
N/Ap.
6
100%
1
Excluding working students. Xior makes no distinction between management and non-management functions. For more information we refer to chapter 9.5.6 “employee categories”
2
The whole management is currently made up of male members
3
For more information around calculation methodology, please refer to 9.5.6 “measurement methodology employees development”
4
For a breakdown of sick leave by reason, please refer to the EPRA report chapter 9.3.2.7
5
These are the sites that are in scope for the respective reporting year. Sites that are not in scope because of renovations, ... are not taken into account. We refer to 9.5.2 for an overview of the proportion of sites in scope.
6
No buildings in the scope of measurement for this year
source for allocation SDGs to the different topics:
https://www.globalreporting.org/Documents/ARCHIVES/resource%20library/SDG_GRI_LInkage.pdf
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invoices and measurements. Xior does this in agreement with the
auditors in order to provide the most accurate and recent picture
of the evolutions. Buildings for which data is available for 2021 as
well as for 2020 and 2019 fall within the like-for-like scope.
In accordance with the EPRA guidelines, a like-for-like analysis
was carried out for several environmental indicators. The
analysis enables Xior to observe evolutions in consumption,
regardless of the fact that new sites are added to the
measurement scope each year. It thus provides an overview of
the evolutions resulting from technical and awareness-raising
actions.
In the coming annual reports, the like-for-like scope will move
up each time to reflect the last 3 years. Xior notes that efforts
by adding low-energy houses to the measurement scope are
only visible in the absolute measurements. After all, these sites
are not yet in the like-for-like scope. In terms of intensities, it
is therefore better to look at the absolute measurements. For
the reasons mentioned above, the absolute energy efciency for
2021 is lower than that of the like-for-like scope.
With regard to water, for buildings where data for some rooms
are missing, an extrapolation is made based on the average use
of the rooms for which consumption is known.
9.5.4
REPORTING OF CONSUMPTION DATA UNDER THE
RESPONSIBILITY OF XIOR AND UNDER THE RESPONSIBILITY
OF THE STUDENT
Xior reports in accordance with an “operational control
approach”, which means that all utility data for the reported
assets are 100% based on invoices for the attention of Xior.
Previously, for part of the portfolio, the tenant concluded an
individual electricity contract for the rented unit. This reporting
therefore only contains the consumption that Xior as lessor
purchases and does not include the consumption data of the
tenant himself (invoices received directly by the tenant). It is
Xior’s vision to internalize these contracts where possible.
Xior itself is responsible for most of the contracts of the student
houses in the measurement scope. For electricity invoices it
covers 90% of the buildings, for natural gas and heat networks
99% of the buildings and for water invoices 87%. By managing
the contracts ourselves, we can reduce late payments and Xior
can conclude optimal electricity contracts on a larger scale. It
ts in with our ambition to green our energy demand.
9.5.5
REPORTING FROM OWN HEAD OFFICE/ OWN OFFICES
This year we are reporting for the third year about the head ofce.
This concerns the space occupied by Xior in its headquarters in
Antwerp. For the head ofce, we only report on the consumption
that relates to the floors that are occupied in the building itself. Due
to our growing company, an additional floor was taken into use in
2020. The data are from consumption invoices for the attention of
Xior. In accordance with the EPRA methodology and in conformity
with the reporting on these assets, the percentage of the data
that is extrapolated is also indicated here. Only the water invoice
is common. At present, Xior has no insight into its own share of
the consumption. However, with the future relocation of the head
ofce, we aim to get a better view of these missing data, so that
we will also have a better view of water and waste in the future.
9.5.6
ANALYSIS OF THE CALCULATION
Standardisation and intensities
Xior calculates the intensity indicators on the basis of floor space
(m²), as this variable is comparable across the entire scope. For
this purpose, Xior uses data based on primary energy. In order
to calculate a relevant intensity indicator, sites for which there
are data were excluded on the one hand, and on the other hand,
only sites for which data were available for each form of energy
consumed on the site were included.
The consumption data were not normalised according to degree-
day analyses. No hypotheses are added in order to keep the
uncertainties on the calculations as low as possible and moreover
visible. With the current method of energy supply, it is not possible
to make a distinction between the share of energy that serves
to heat the rooms and the share that serves to heat the sanitary
water. The latter is independent of the number of degree days and
therefore of whether or not the winter is mild.
Xior is also aware that it is not known for 100% of the sites whether
or not heating is provided electrically by adding heating elements
by the students themselves. Improving this point is part of the
commitment to move towards improved data centralisation, so
that appropriate measures can be taken in the context of our
own sustainability commitments. An internal benchmarking
exercise between the different buildings may give rise to further
investigation of possible underlying differences.
9.5 MEASUREMENT METHODOLOGY AND ASSUMPTIONS
Xior reports environmental, social and governance performance
in accordance with the EPRA Sustainability Best Practice
Recommendations (sBPR). This reporting is split into several
sections consisting of the overarching EPRA recommendations,
the environmental performance indicators, the social performance
indicators and the governance performance indicators.
9.5.1
REPORTING PERIOD AND ORGANISATIONAL BOUNDARIES
The reporting period of this report is equal to that of the annual
nancial report, in this case the nancial year 2021. Starting in
2019, Xior will publish an annual update on its activities in the
eld of sustainability in this report. Xior’s portfolio was analysed
on 31 December 2021, whereupon a selection was made of
the assets to be included in the calculation scope of the EPRA
indicators.
A distinction is made between ‘core’ and ‘non-core’ assets in the
portfolio. Student houses make up the largest part of the total
portfolio and are Xior’s core business. At present, more than
99.8% of the fair value falls under core business. The portfolio
outside the scope (0.2%) is diverse and includes retail, parking
garages and ofces.
For some of these ‘core’ assets, no data is currently available,
which is why these are also excluded from the measurement
scope for 2021:
• 11.8 % of the fair value is derived from sites under development
or awaiting conversion;
• 6.7 % of the sites are too recently delivered or purchased to be
able to collect sufcient data;
• For 9.4% of the sites, an additional effort is made to collect
qualitative consumption data (e.g. third-party management,
incomplete data, etc.). Last year, this was 14%.
In accordance with the extrapolation methodology, sites are
excluded for which at least 1 month of data is not available.
Distribution of the portfolio according to fair value
No core business 0.2%
Sites in scope 71.8%
Under construction/
redevelopment 11.8%
Recently acquired/
delivered 6.7%
Managed by third parties/
co-ownership 9.4%
9.5.2
MEASUREMENT SCOPE AND COVERAGE
In 2021, 72% of the total fair value belonged to the measurement
scope. This is an increase of 15% compared to 2020, which is
due to further evolutions in data collection and data availability
for sites that were under construction or too recent in previous
measurement years. This year, the measurement scope
corresponds to 92 student houses and the Xior head ofce. Last
year, this was still 80 buildings. The consumption data were
collected using invoice data. In case the data are incomplete or
missing, the data were extrapolated in accordance with EPRA
guidelines or the site was excluded.
In
Chapter 9.4 you can nd the EPRA tables with the various
performances, including the share of buildings in scope for each
of the performance indicators and the size of the extrapolation.
9.5.3
ESTIMATION AND EXTRAPOLATION OF CONSUMPTION DATA
UNDER THE RESPONSIBILITY OF XIOR
As indicated earlier, at the time of publication of this report,
not all data are available for the measurement year 2021. If
data for at least 1 month is available, it has been extrapolated
in accordance with EPRA guidelines. If no data is available for
2021, the building is not included in the calculation. If no data
is available for more than 200 days of the year, extrapolation is
based on averages from the previous year.
The 2020 consumption gures were adjusted from those
previously reported and audited, using the actual gures from
224 I CORPORATE SOCIAL RESPONSIBILITY
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XIOR I 225

9.6 EXTERNAL VERIFICATION OF REPORTING
FREE TRANSLATION
INDEPENDENT LIMITED ASSURANCE REPORT ON THE EPRA SUSTAINABILITY INDICATORS 2021 OF XIOR STUDENT HOUSING NV
To the Board of Directors of Xior Student Housing NV
This report has been prepared in accordance with the terms
of our engagement contract dated 28th of October 2021
(the “Agreement”), whereby we have been engaged to issue
an independent limited assurance report in connection with
the 2021 EPRA sustainability indicators (the “Subject Matter
Information”) set out under chapter 9.4 of the Annual Report of
and for the year ended 31 December 2021 (the “Report”).
The Directors’ responsibility
The Directors of Xior Student Housing NV (“the Company”) are
responsible for the preparation and presentation of the information
and data in the 2021 EPRA sustainability indicators for the year
ended 31 December 2021, as included in chapter 9.4 of the Annual
Report (the “Subject Matter Information”), in accordance with the
EPRA Sustainability Best Practices Recommendations Guidelines
– Version 3, September 2017 (the “Criteria”).
This responsibility includes the selection and application of
appropriate methods for the preparation of the Subject Matter
Information, for ensuring the reliability of the underlying
information and for the use of assumptions and estimates for
individual sustainability disclosures which are reasonable in the
circumstances. Furthermore, the responsibility of the Directors
includes the design, implementation and maintenance of
systems and processes relevant for the preparation of
the Subject Matter Information that is free from material
misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an independent conclusion
about the Subject Matter Information based on the procedures
we have performed and the evidence we have obtained.
We conducted our work in accordance with the International
Standard on Assurance Engagements 3000 (Revised)
“Assurance Engagements other than Audits or Reviews of
Historical Financial Information” (ISAE 3000), issued by the
International Auditing and Assurance Standards Board. This
standard requires that we comply with ethical requirements
and that we plan and perform the engagement to obtain
limited assurance as to whether any matters have come to
our attention that cause us to believe that the Subject Matter
Information has not been prepared, in all material respects, in
accordance with the Criteria.
The procedures performed in a limited assurance engagement
vary in nature and timing from, and are less in extent than for,
a reasonable assurance engagement. Consequently, the level
of assurance obtained in a limited assurance engagement is
substantially lower than the assurance that would have been
obtained had a reasonable engagement been performed. The
selection of such procedures depends on our professional
judgement, including the assessment of the risks of material
misstatement of the Subject Matter Information in accordance
with the Criteria. The scope of our work comprised the following
procedures:
• assessing and testing the design and functioning of the
systems and processes used for data-gathering, collation,
consolidation and validation, including the methods used for
calculating and estimating the Subject Matter Information as
of and for the year ended 31 December 2021 presented in
chapter 9.4 in the Report;
• conducting interviews with responsible ofcers;
• reviewing, on a limited test basis, relevant internal and
external documentation;
• performing an analytical review of the data and trends in the
information submitted for consolidation;
• considering the disclosure and presentation of the Subject
Matter Information.
The scope of our work is limited to assurance over the
Subject Matter Information. Our assurance does not extend
to information in respect of earlier periods or to any other
information included in the Report.
Our independence and quality control
Our engagement has been carried out in compliance with
the legal requirements in respect of auditor independence,
particularly in accordance with the rules set down in articles
12, 13, 14, 16, 20, 28 and 29 of the Belgian Act of 7 December
2016 organizing the audit profession and its public oversight
of registered auditors, and with other ethical requirements of
the International Code of Ethics for Professional Accountants
Indicators related to the safety and health of our employees are
also normalised to provide a reliable overview of the evolution
over time. In accordance with the most recent EPRA guidelines,
we report lost working days and accidents as a ratio to the total
time worked (hours). By normalising in this way, an absolute
increase in the numbers can be explained or not explained by an
increasing workforce. Also for absenteeism, in accordance with
EPRA guidelines, lost working days are normalised with respect
to the planned working days for 2021. In this way, a real increase
in absenteeism can be better determined. For the 2021 data, this
increase is mainly due to a.o. the international Covid situation. For
the scope of employees for which the indicators are calculated,
we refer to the paragraph “measurement methodology employee
categories” below.
Segmentation analysis: geographical location
Within the measurement scope, all sites fall under the ‘core’
category of ‘student house’. Therefore, no distinction was made
per type of asset in the report, but one was made based on
geographical segmentation. After all, energy suppliers often
differ per country, as does the climate impact of electricity
production. As the Netherlands, for example, has a more
carbon-intensive electricity production than Spain and Belgium,
it may be more interesting to focus on greening the electricity
rst. The EPRA tables with the various performances, including
the breakdown per country, can be found in
Chapter 9.4 of this
Annual Report
. A segmentation analysis based on geography
was also applied for the social indicators related to the sites.
Measurement methodology employee categories
Xior reports diversity indicators for employees and their respective
gross annual salaries. In order to create a more complete picture,
in addition to employees employed by the company, the same
indicators are calculated for the Executive management and for
the Non-executive board. In this way, it can be seen that the board
has become more diversied over the years.
If not explicitly mentioned, Xior focuses for the other
indicators only on the salaried employees excluding Executive
management & Non-executive board. In addition, in accordance
with EPRA guidelines, self-employed persons, contractors,
interims and Quares personnel are not included in these
indicators. Please note that for health indicators Spanish
employees are not included. Through a continued focus on
further data improvement, we aim to include this in the reporting
in the coming years.
Xior makes no further distinction between management
and non-management functions when reporting on salaried
employees. The rapid growth and the various acquisitions make
it irrelevant to make such a distinction today across the various
countries. Xior is putting extra emphasis on support staff in
order to offer employees a good workplace, including in HR
services. In the future, it will be possible to further structure the
company and make a relevant distinction between different job
categories for our reporting, among other things.
Measuring methodology of employee development
Since 2019, Xior has been reporting on various indicators around
the development of our employees. For example, the average
training hours as well as the performance assessment are mapped.
For training hours, all demonstrable trainings for the year 2021
are included for all employees who were employed or joined
during 2021. External training courses such as Excel (via Social
Fund 323) and rst aid (via Mensura) are included. In addition,
employees could also participate in various softskill training such
as GDPR training, ESG workshops, Integrity training and others.
For the performance evaluation, Xior commits to giving each
employee ofcial feedback at least once a year, with a view to
performance and future opportunities. To form an accurate picture,
we therefore base this indicator on employees who have been with
the company for at least one year. In addition, we count how many
of them have received an ofcial evaluation interview in 2021. We
do this in accordance with the GRI guidelines in order to avoid any
distortion due to the signicant change in our employee base.
Measuring methodology of climate impact
In order to measure the climate impact related to the core business,
CO
2
emissions were calculated according to the Greenhouse Gas
(GHG) Protocol. This protocol makes it possible to calculate the
climate impact of companies in a consistent manner. Both CO
2
and other greenhouse gases released during the production of
energy (CH
4
, N
2
O) are taken into account and expressed in CO
2
equivalents.
Xior calculates the scope 1 (direct emissions on site - natural
gas), scope 2 (emissions of electricity and heat produced
elsewhere) and some of the scope 3 emissions (grid losses)
by multiplying the consumptions with corresponding emission
factors. The emission factors come from the Bilan Carbone©
database, which is used universally.
The protocol states that the climate impact of electricity can be
calculated both on the basis of an average CO
2
intensity per kWh
of the national electricity networks (‘location-based’) and on the
basis of the energy mix of the producer (‘market-based’). In this
report, the climate impact was calculated using the location-
based approach.
226 I CORPORATE SOCIAL RESPONSIBILITY
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XIOR I 227

(including International Independence Standards) issued by
the International Ethics Standards Board for Accountants
(IESBA Code), which is founded on fundamental principles of
integrity, objectivity, professional competence and due care,
condentiality and professional behaviour.
Our rm applies International Standard on Quality Control
1 and accordingly maintains a comprehensive system of
quality control including documented policies and procedures
regarding compliance with ethical requirements, professional
standards and applicable legal and regulatory requirements.
Our conclusion
Based on the procedures we have performed and the evidence
we have obtained, nothing has come to our attention that
causes us to believe that the Subject Matter Information within
your Annual Report as of and for the year ended 31 December
2021 has not been prepared, in all material respects, in
accordance with the Criteria.
Other ESG related information
The other information comprises all of the ESG related
information in the Report other than the Subject Matter
Information and our assurance report. The directors are
responsible for the other ESG related information. As explained
above, our assurance conclusion does not extend to the other
ESG related information and, accordingly, we do not express
any form of assurance thereon. In connection with our
assurance of the Subject Matter Information, our responsibility
is to read the other ESG related information and, in doing
so, consider whether the other ESG related information is
materially inconsistent with the Subject Matter Information or
our knowledge obtained during the assurance engagement, or
otherwise appears to contain a material misstatement of fact.
If we identify an apparent material inconsistency or material
misstatement of fact, we are required to perform procedures
to conclude whether there is a material misstatement of the
Subject Matter Information or a material misstatement of
the other information, and to take appropriate actions in the
circumstances.
Other matter - restriction on use and distribution of our report
Our report is intended solely for the use of the Company, to
whom it is addressed, in connection with their Report as of
and for the year ended 31 December 2021 and should not be
used for any other purpose. We do not accept or assume and
deny any liability or duty of care to any other party to whom this
report may be shown or into whose hands it may come.
Diegem, April 15 2022
PwC Bedrijfsrevisoren BV/Reviseurs d’Entreprises SRL
represented by
Marc Daelman
*
Registered auditor
*
Marc Daelman BV, member of the Board of Directors, represented by its permanent representative Marc Daelman
228 I CORPORATE SOCIAL RESPONSIBILITY
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XIOR I 229

FINANCIAL
FINANCIAL
REPORT
10
“
Xior’s policies are compiled in the Code of
Conduct and form the Xior standard for all
employees including part-time and externals
and including all members of executive
management and the board of directors.
„
Bonnefanten
MAASTRICHT
230 I FINANCIAL REPORT
XIOR I Annual fi nancial report I 2021 XIOR I Annual fi nancial report I 2021
XIOR I
231

OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO 58,232 44,471
XVI (+/-) Result on the sale of investment property 0 0
XVII (+/-) XResult on the sale of other non-nancial assets 0 0
XVIII (+/-) Variations in the fair value of investment property 63,598 -50,448
(+)
Positive variations in the fair value of investment property 73,537 11,664
(-)
Negative variations in the fair value of investment property -9,939 -62,112
XIX (+) Other portfolio result -30,837 -15,782
OPERATING RESULT 90,993 -21,759
XX (+) Financial income 681 722
(+)
Interest and dividends collected 681 722
XXI (-) Net interest costs -8,879 -7,324
(-)
Nominal interest paid on loans -5,251 -4,197
(-)
Reconstitution of the nominal amount of nancial debt -395 -337
(-)
Costs of permitted hedging instruments -3,233 -2,791
XXII (-) Other nancial costs -1,513 -1,009
(-)
Bank costs and other commissions -1,214 -869
(-)
Other -299 -139
XXIII (+/-) Variations in the fair value of nancial assets and liabilities 12,022 -8,837
FINANCIAL RESULT 2,310 -16,449
XXIV Share in the result of associated companies and joint ventures 301 -676
RESULT BEFORE TAXES 93,603 -38,884
XXV (+/-) Corporation taxes
-3,724 -2,898
XXVI (+/-) Exit tax 270 23
XXVII Deferred taxes -7,837 -14
(+/-) TAXES -11,291 -2,889
NET RESULT 82,313 -41,773
Earnings per share 31/12/2021
31/12/2020
Number of ordinary shares in circulation 27,781,301 21,046,441
Weighted average number of shares 24,644,517 19,560,351
Net result per ordinary share (in EUR) 2.96 -2.14
Diluted net earnings per ordinary share (in EUR) 2.96 -2.14
EPRA earnings per share (in EUR) 1.82 1.74
EPRA earnings per share (EUR) – group share 1.80 1.70
The earnings per share were calculated based on the weighted average number of shares in circulation during the nancial year 2021.
10.1 CONSOLIDATED INCOME STATEMENT
In KEUR
31/12/2021
31/12/2020
I (+) Rental income 79,843 58,434
(+)
Rental income
74,416 56,805
(+)
Rental guarantees
5,922 2,296
(-)
Rent reductions
-496 -666
Impairments on trade receivables -244 -539
NET RENTAL INCOME 79,599 57,896
V (+) Recovery of rental charges and taxes normally payable by the tenant on let properties 13,574 10,914
Transmission of rental charges borne by the proprietor 13,480 10,820
Calculation of withholding tax and taxes on let properties 94 94
VII (-) Rental charges and taxes normally payable by the tenant on let properties -17,387 -12,782
Rental charges borne by the proprietor -17,232 -12,668
Withholding tax and taxes on let properties -155 -114
VIII (+/-) Other rental-related income and expenditure 1,564 2,429
PROPERTY RESULT 77,351 58,457
IX (-) Technical costs -3,702 -2,409
Recurring technical costs -3,811 -2,429
(-)
Maintenance
-3,140 -1,970
(-)
Insurance premiums
-670 -459
Non-recurring technical costs 109 20
(-)
Claims
109 20
X (-) Commercial costs -628 -398
(-)
Publicity, etc.
-490 -320
(-)
Lawyers' fees and legal costs
-138 -79
XI (-) Costs and taxes for non-let properties -667 -655
XII (-) Property management costs -4,712 -2,556
(-)
Management costs (external)
-40 0
(-)
Management costs (internal)
-4,672 -2,556
XIII (-) Other property charges -2,794 -2,025
(-)
Architects’ fees
-18 0
(-)
Valuation expert fees
-345 -589
(-)
Other property charges
-2,431 -1,436
(+/-) PROPERTY CHARGES -12,503 -8,043
PROPERTY OPERATING RESULT 64,848 50,414
XIV (-) General company expenses -6,627 -5,996
XV (+/-) Other operating income and costs 10 53
232 I FINANCIAL REPORT
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XIOR I 233

10.3 CONSOLIDATED BALANCE SHEET
ASSETS
(in thousands EUR) 31/12/2021
31/12/2020
I FIXED ASSETS 1,987,008 1,565,384
B Intangible assets 297 145
C Investment property 1,967,056 1,555,779
a. Property available to let 1,817,597 1,410,782
b. Property developments 149,459 144,998
D Other tangible xed assets 1,034 971
a. Tangible xed assets for own use 1,034 971
E Financial xed assets 686 4,166
Assets held until maturity 0 4,000
Other 686 166
G Trade receivables and other xed assets 135 135
H Deferred taxes – assets 491 1,013
I Shareholdings in associated companies and joint ventures, equity movements 17,309 3,175
II CURRENT ASSETS 89,438 54,932
D Trade receivables 2,693 4,887
E Tax receivables and other current assets
65,309 34,394
a. Taxes 2,589 2,912
b. Other 62,720 31,482
F Cash and cash equivalents 10,849 9,911
G Accruals and deferrals 10,586 5,741
Prepaid property charges 3,948 1,845
Accrued rental income not due 1,481 259
Other 5,158 3,638
TOTAL ASSETS 2,076,446 1,620,316
10.2 CONSOLIDATED COMPREHENSIVE RESULT
Figures in thousands of EUR 31/12/2021
31/12/2020
Net result 82,313 -41,773
Other components of the comprehensive result
(+/-) Impact on the fair value of estimated transaction costs and costs resulting from the hypothetical
disposal of investment property 0 0
(+/-) Variations in the effective part of the fair value of permitted cash flow hedging instruments 0 0
Comprehensive result 82,313 -41,773
Attributable to:
Minority interests 1,138 228
Group shareholders 81,175 -42,001
234 I FINANCIAL REPORT
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XIOR I 235

LIABILITIES
(in thousands EUR) 31/12/2021
31/12/2020
II Short-term liabilities 218,231 126,618
B Current nancial liabilities 165,342 90,309
a. Credit institutions
165,342 90,309
D Trade debts and other current liabilities 17,707 15,186
a. Exit tax
-9 -108
b. Other
17,717 15,294
Suppliers 13,492 10,594
Tenants 2,328 663
Taxes, wages and social security contributions 1,897 4,036
E Other current liabilities 26,436 15,846
Other 26,436 15,846
F Accruals and deferrals 8,745 5,277
a. Deferred property income 2,368 490
b. Accrued interest not due 2,027 1,794
c. Other 4,349 2,993
TOTAL EQUITY AND LIABILITIES 2,076,446 1,620,316
LIABILITIES
(in thousands EUR) 31/12/2021
31/12/2020
EQUITY 1,003,852 659,503
I. Equity attributable to parent company shareholders 984,436 641,194
A Capital 494,772 375,441
a. Issued capital 500,063 378,836
b. Capital increase costs (-) -5,291 -3,395
B Issue premiums 508,008 338,065
C Reserves -99,519 -30,310
Reserve for the balance of variations in the fair value of property -2,018 43,861
Reserve for the impact on the fair value of the estimated transaction fees and costs
resulting from the hypothetical disposal of investment properties
-34,439 -25,293
Reserve for the balance of the variations in the fair value of permitted hedging
instruments not subject to hedging accounting as dened in the IFRS
-24,509 -15,467
Reserves for the share of prot or loss and unrealised income of subsidiaries, associates
and joint ventures accounted for using the equity method
-3,494 -1,962
Other reserves 0 0
Retained earnings from previous nancial years -35,059 -31,449
D Net result for the nancial year 81,175 -42,001
II. Minority interests 19,416 18,309
LIABILITIES 1,072,593 960,813
I Non-current liabilities
854,363 834,196
B Non-current nancial debts 750,254 733,182
a. Credit institutions
551,345 621,392
b. Financial leasing
5,146 2,513
c. Other
193,763 109,277
C Other non-current nancial liabilities 13,023 26,530
a. Permitted hedging instruments
13,023 26,530
E Other non-current liabilities 28,177 23,333
F Deferred tax liabilities 62,909 51,150
a. Exit tax
6,723 3,335
b. Other
56,186 47,815
236 I FINANCIAL REPORT
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XIOR I 237

10.4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Figures in thousands of EUR
Capital Issue premiums Reserves
Net result for the
nancialyear
Minority interests Equity
Balance sheet as at 31 December 2019 342,125 276,440 -16,108 7,968 15,382 625,808
Net appropriation of income 2019
Transfer of result on the portfolio to reserves
-11,110 11,110 0
Transfer of operating result to reserves
-7,930 7,930 0
Result for the period -42,001 228 -41,773
Other elements recognised in the comprehensive result
Impact on the fair value of the estimated transaction fees and costs resulting from the hypothetical disposal of investment properties
Variations in the fair value of nancial assets and liabilities
7,284 -7,284 0
Issue of new shares 54,681 54,681
Capital increase through non-cash contribution 41,383 41,383
Costs of issuing new shares and of capital increase -1,124 -1,124
Partial allocation of capital to issue premiums -61,624 61,624 0
Put option for minority interests -2,481 -2,481
Dividends -19,495 -19,495
Other reserves 35 -229 -194
Entry into capital XL Fund – minority interests 2,700 2,700
Balance sheet as at 31 December 2020 375,441 338,064 -30,310 -42,001 18,309 659,503
Net appropriation of income 2020
Transfer of portfolio result to reserves
-56,557 56,557 0
Transfer of operating result to reserves
-3,005 3,005 0
Result for the period 81,175 1,138 82,313
Other elements recognised in the comprehensive income 0
Impact on the fair value of the estimated transaction fees and costs resulting from the hypothetical disposal of investment property
0
Variations in the fair value of nancial assets and liabilities
-9,042 9,042 0
Issue of new shares 295,071 295,071
Capital increase through contributions in kind 0
Costs of issuing new shares and of capital increase -5,796 -5,796
Capital reduction to create an available reserve to cover future losses 0
Partial allocation of capital to issue premiums -169,944 169,944 0
Dividends -26,602 -26,602
Adjustment to opening reserves Uhub Entities -604 -604
Other reserves 0 -32 -32
Balance sheet as at 31 December 2021 494,772 508,008 -99,519 81,175 19,416 1,003,852
238 I FINANCIAL REPORT
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XIOR I 239

Figures in thousands of EUR
Detail of reserves
Reserve for the balance of
variations in the fair value of
property
Reserve for the impact on the
fair value of the estimated
transaction fees and costs
resulting from the hypothe-
tical disposal of investment
properties
Reserve for the balance of the
changes in the fair value of
hedging instruments that are
not permitted and subject to
hedgingaccountingasdened
in the IFRS
Reservesfortheshareofprot
or loss and unrealised income
of subsidiaries, associates and
joint ventures accounted for
using the equity method Other reserves
Retained earnings
frompreviousnanci-
al years Total of the reserves
Balance sheet as at 31 December 2019 29,530 -22,071 -8,183 0 0 -15,382 -16,108
Net appropriation of earnings 7,659 7,659
Transfer of result on the portfolio to reserves
14,331 -3,221 -11,110 0
Transfer of operating result to reserves
Other elements recognised in the comprehensive result
Impact on the fair value of the estimated transaction fees and costs resulting from
the hypothetical disposal of investment properties
Variations in the fair value of nancial assets and liabilities
-7,284 7,284 0
Issue of new shares
Capital increase through non-cash contribution
Costs of issuing new shares and of capital increase
Dividends -19,495 -19,495
Other -2,365 -2,365
Transfer to new reserve account -1,962 1,962 0
Balance sheet as at 31 December 2020 43,861 -25,292 -15,467 -1,962 0 -31,449 -30,310
Net appropriation of earnings -41,773 -41,773
Transfer of portfolio result to reserves
-45,879 -9,147 -1,532 56,558 0
Transfer of operating result to reserves
Other elements recognised in the comprehensive result
Impact on the fair value of the estimated transaction fees and costs resulting from
the hypothetical disposal of investment properties
Variations in the fair value of nancial assets and liabilities
-9,042 9,042 0
Issue of new shares
Capital increase through non-cash contribution
Costs of issuing new shares and of capital increase
Capital reduction to create an available reserve to cover future losses
Deferred taxes for Dutch properties
Dividends -26,757 -26,757
Other -677 -677
Balance sheet as at 31 December 2021 -2,018 -34,439 -24,509 -3,494 0 -35,059 -99,519
240 I FINANCIAL REPORT
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XIOR I 241

10.6 NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS
10.6.1
GENERAL CORPORATE INFORMATION
Xior Student Housing NV is a public Regulated Real Estate
Company (RREC) that is subject to Belgian law and has its
registered ofce in Antwerp.
The Company’s consolidated annual nancial statements for
the nancial year closing on 31 December 2021 include Xior
Student Housing NV and its subsidiaries (the “Group”). The
Board of Directors approved the annual nancial statements
for publication. They will be submitted to the annual general
meeting on 19 May 2022.
10.6.2
IMPORTANT FINANCIAL REPORTING PRINCIPLES
Statement of conformity
The Company’s nancial reporting has been drawn up in
accordance with the IFRS, as approved within the European
Union, and the provisions of the Royal Decree on Regulated Real
Estate Companies.
These standards include all new and revised standards and inter-
pretations published by the
International Accounting Standards
Board
(“IASB”) and the International Financial Reporting Interpre-
tations Committee (“IFRIC”), insofar as these apply to the Compa-
ny’s activity and effectively to the current nancial year.
Standards and interpretations applicable for the nancial year
beginning on or after 1 January 2021
• Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16
Reference interest rates reform – Phase 2
• Amendments to the IFRS 16 Leases: COVID-19-related rental
concessions (applicable to nancial years beginning on or
after 1 June 2020)
• Amendments to IFRS 4 Insurance policies – Extension of the
temporary exemption for the application of IFRS 9 until 1 January
2023 (applicable to nancial years from 1 January 2021)
Published standards and interpretations that are not yet
applicable to the nancial year starting on 1 January 2021
• Amendments to the IFRS 16 Leases: COVID-19-related rental
concessions after 30 June 2021 (applicable to nancial years
beginning on or after 1 April 2021)
• Amendments to IAS 16 Tangible xed assets: income
obtained for its intended use (applicable to nancial years
beginning on or after 1 January 2022)
• Amendments to IAS 37 Provisions, contingent liabilities and
contingent assets: onerous contracts – cost to comply with
the contract (applicable to nancial years beginning on or
after 1 January 2022)
• Amendments to IFRS 3 Business Combinations: references
to the conceptual framework (applicable to nancial years
beginning on or after 1 January 2022)
• Annual improvements 2018–2020 (applicable to nancial
years beginning on or after 1 January 2022)
• IFRS 17 – Insurance policies (applicable to nancial years
beginning on or after 1 January 2023)
• Amendments to IAS 1 Presentation of the nancial
statements: classication of liabilities as current or non-
current (applicable to nancial years beginning on or after 1
January 2023, but not yet adopted within the European Union)
• Amendments to IAS 1 Presentation of Financial Statements
and IFRS Practice Statement 2: Explanation of the accounting
policies (applicable to nancial years beginning on or after 1
January 2023, but not yet adopted within the European Union)
• Amendments to IAS 8 Accounting policies, changes in
accounting estimates and errors: Denition of estimates
(applicable to nancial years beginning on or after 1 January
2023, but not yet adopted within the European Union)
• Amendments to IAS 12 Income taxes: Deferred taxes on
assets and liabilities arising from a single transaction
(applicable to nancial years beginning on or after 1 January
2023, but not yet adopted within the European Union)
The Company does not expect that the rst application of these
standards and interpretations will have a material impact on the
nancial position and performance.
10.6.3
ACCOUNTING PRINCIPLES
The nancial information is drawn up in thousands of euros,
rounded to the closest thousand. The Company also keeps its
books in euros. Investment property (including projects) and
hedging instruments are recognised at fair value. The other
items in the consolidated nancial statements are recorded
based on historical cost. Please nd below a summary of the
main nancial reporting principles.
10.5 CONSOLIDATED CASH FLOW STATEMENT
(in KEUR) 31/12/2021
31/12/2020
CASH AND CASH EQUIVALENTS AT THE START OF THE FINANCIAL YEAR 9,911 4,269
1. Cash flow from operating activities 26,971 3,292
Cash flow relating to operations: 39,517 -39,826
Operating result
37
-21,759
Operating result before result on the portfolio
37
58,232
Interest paid -15,281 -12,388
Interest received 0 0
Corporation tax paid -3,434 -5,678
Non-cash elements added to/deducted from earnings 12,824 70,614
* Amortisation, depreciation and impairments
Depreciation/amortisation/impairments (or writebacks) on tangible and intangible assets
201 191
* Other non-cash elements 12,623 70,423
Variations in the fair value of the investment properties
60,593
Other non-cash elements
12,623 9,830
Change in working capital required: -25,370 -27,496
* Change in assets: -31,387 -25,744
Trade and other receivables
2,288 -1,942
Tax receivables and other current assets
-29,511 -20,927
Accruals and deferred payments
-4,164 -2,876
* Change in liabilities:
6,016 -1,751
Trade debts and other current liabilities
-1,703 2,260
Other current liabilities
4,019 -3,294
Accruals and deferred payments
3,701 -717
2. Cash flow from investment activities -336,572 -282,360
Acquisition of investment property and property developments -166,859 -185,048
Sale of investment property 0 0
Purchase of shares in real estate companies -160,410 -96,907
Acquisition of other xed assets -413 -282
Acquisition of non-current nancial assets -8,890 -123
Receipts from trade receivables and other non-current assets 0 0
Assets held for sale 0 0
3.Cashflowfromnancingactivities 306,536 281,624
* Change in nancial liabilities and nancial debts
Increase in nancial debts
240,203 257,805
Reduction in nancial debts
-199,500 -1,940
Repayment of shareholder loans
0 0
*Change in other liabilities 2,209 -8,436
Increase in minority interests
1,107 132
* Change in equity
Increase (+)/decrease (-) in capital/issue premiums
291,170 54,681
Costs for the issue of shares
-1,896 -1,124
Dividend for the previous nancial year
-26,757 -19,495
Increase in cash following merger
4,003 3,087
CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR 10,849 9,911
37
The classication of the operating result was changed in 2021 to operating result before result on the portfolio
242 I FINANCIAL REPORT
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10.6.6
BUSINESS COMBINATIONS AND GOODWILL
If the Group acquires control over an integrated set of activities
and assets, as dened in IFRS 3 Business combinations, the
identiable assets, liabilities and conditional liabilities of the
acquired undertaking are recognised at their fair value on the
acquisition date. The goodwill represents the positive difference
between the total of the transferred payment, the amount of
the minority interests and, if applicable, the fair value of the
previously held interest in the acquired party and the Group’s
share in the fair value of the net identiable assets. If this
difference is negative (negative goodwill), it is immediately
recognised in the result after a reassessment of the assets.
After its initial recognition, goodwill is not amortised, but subject
to an impairment test that is performed each year with the
cash-generating units to which the goodwill was allocated. If
the carrying amount of the cash-generating unit exceeds the
present value of the Company, the ensuing loss in value will be
recognised in the result, initially reducing any goodwill and then
also the other assets of the unit in proportion to their carrying
amount.
A goodwill impairment is not resumed during a subsequent
nancial year.
10.6.7
INVESTMENT PROPERTY
(i) General
Properties that are held for long-term rental income, for their
appreciation in value or for both reasons, and that do not serve
for the Company’s own use, are recorded as an investment
property.
Property that is built or developed for future use as an investment
property (property development) is also recognised under the
item Investment property (see also below).
(ii) Valuation on initial recognition
Investment property includes all property that is ready for letting
and that fully or partially generates rental income. Investment
property is valued at the time of purchase at the acquisition
value, including additional transaction fees such as professional
fees, statutory services, registration duties, other transfer taxes
and non-deductible VAT. If the property is acquired via a share
transaction, the acquisition price also includes an adjustment for
exit tax, which is due by the companies over which the Company
acquires direct or indirect control (this is deducted, in principle,
from the value of the underlying property since it is a tax on the
latent added value that existed in the acquired company before
the acquisition of control), unless these companies are not
eligible for a merger with the Company (based on a resolution
by the Company’s Board of Directors). Commissions relating to
the purchase of properties are regarded as additional costs of
those purchases and are added to the acquisition value.
If the property is obtained by acquiring the shares of a real estate
company, through the contribution in kind of property against
the issue of new shares, or through a merger by acquisition of a
real estate company, the notarial charges, audit and consulting,
merger and other costs are also capitalised.
The property also includes the permanent furnishings and
ttings of the student rooms if these are let on a furnished basis.
(iii) Valuation after initial recognition
After their initial recognition, the investment properties are
appraised by the Valuation Expert.
The Valuation Expert precisely appraises the following
components at the end of each quarter:
• The properties, the properties by designated use and the real
rights to properties that are held by the Company or, where
applicable, by a real estate company over which it has control;
The Valuation Expert rst determines the investment value of
the property, which includes the transfer costs. The registration
duties are not deducted from the property value. This valuation
is obtained by discounting the actual rental income and/
or market rentals (DCF method – for more information see
Chapter 8.2.4.1 of this Annual Report ), where applicable after
deducting the associated costs. The discounting is based on
the yield factor that depends on the inherent risk of the specic
property. The Valuation Expert appraises the property in
accordance with national and international valuation standards
and their application procedures, including in relation to the
valuation of a regulated real estate company.
The investment property are then recognised in the balance sheet
at the Fair Value, in accordance with IAS 40. The Fair value of the
investment properties is the investment value, as determined by
an independent valuation expert, minus the transaction fees. The
Fair Value corresponds to the carrying amount under IFRS. From
10.6.4
SIGNIFICANT ACCOUNTING ESTIMATES AND KEY
UNCERTAINTIES
Signicant estimates in drawing up of the nancial statements
• When control is taken over an entity holding investment
property, it is determined whether such an acquisition is
considered a business combination. In all cases the respective
transactions were processed as direct purchases of assets
(also when shares in real estate companies are acquired)
and IFRS 3 Business Combinations was not applied (see note
10.6.6). IFRS 3 Revised was applied from the nancial year
beginning on 1 January 2020 (see note 10.6.2).
• It is determined whether derivative assets and liabilities
qualify for hedge accounting. The Company has no hedging
instruments qualifying as hedge accounting and the
evolutions in the hedging instruments’ fair value are therefore
processed in the income statement.
Determining the fair value of investment property
The fair value of the investment property is determined by
independent valuation experts in accordance with the Legislation
on Regulated Real Estate Companies. The fair value is calculated
by the valuation experts using the discounted cash flow (for
more information, see
Chapter 8.2.4.1 of this Annual Report ).
10.6.5
PRINCIPLE FOR CONSOLIDATION
The companies acquired during the last nancial year were not
processed as business combinations as dened under IFRS
3, but as the purchase of assets, since we only acquired the
assets and in certain cases the tenancy agreement and then
fully integrated these into our organisation.
(i) Subsidiaries
Subsidiaries are entities over which the undertaking exercises
control. An undertaking therefore exercises control over a
subsidiary if, and only if, the parent undertaking:
• Has power over the holding;
• Is exposed to, and has rights to variable returns, by reason of
its involvement in the holding; and
• is able to use its power over the holding to influence the size
of the investor’s return.
Minority interests are the interests in subsidiaries that are not
held directly or indirectly by the Group.
Changes to the Company’s interest in a subsidiary that do not
lead to a loss of control are dealt with as equity transactions.
The carrying amount of the Group’s interest and the minority
interests are therefore adapted to reflect the new proportional
interests in the subsidiary.
If the Company loses control over a subsidiary, the prot or loss
on disposal is calculated as the difference between (i) the sum
of the fair value of the payment received and the fair value of the
interest held, and (ii) the previously recognised carrying amount
of the assets (including goodwill), the liabilities of the subsidiary
and any minority interests. Amounts that would previously be
recognised in the other elements of the total result relating to the
subsidiary are recognised in the same manner (reclassication
to prot or loss or directly to the retained earnings) as when
the disposal of the relevant assets or liabilities occurred. The
fair value of any interest retained in the former subsidiary
at the date of loss of control is regarded as the fair value on
initial recognition for measurement in accordance with IAS 39
Financial Instruments: recognition and measurement or, when
applicable, as the cost on initial recognition of an associate or
jointly controlled entity.
(ii) Joint Ventures
Joint ventures have been established by contractual agreement
as companies over which the group has joint control. Such joint
control applies when the strategic, nancial and operational
decisions regarding the activity require unanimous consent
from the parties sharing control (the participants in the joint
venture). As dened in IFRS 11 Joint agreements, the results
and the balance sheet impact of joint ventures (Promgranjo
U.hub and Invest Drève St. Pierre), of which Xior holds 50%, are
processed according to the equity method.
(iii) Transactions eliminated from the consolidation
All transactions between group undertakings, balances and
unrealised gains and losses on their transactions are eliminated
when the consolidated annual nancial statements are
prepared.
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10.6.9
EXPENSES FOR WORKS TO INVESTMENT PROPERTY
Expenses for works to investment property are deducted from
the property operating result if the expenses do not have any
positive effect on the expected future economic benets, and
are capitalised if the expected economic benets that accrue to
the entity increase as a result. There are three types of expenses:
• Costs of structural and occasional maintenance, repairs
and refurbishments on existing furnishings and furniture,
including the internal staff costs of the employees who carry
out these repairs: these are charged to the operating property
result and are included under the item ‘Technical costs’;
• New investments and replacement investments in furnishings
and ttings: these costs are capitalised and added to the Fair
Value of the investment property to the extent that the student
rooms are let on a furnished basis and the new investments
and replacement investments lead to an increase in rental
levels. To the extent that the new furnishings and ttings lead
to the maintenance of the rental income, the costs of new
investments and replacement investments are deducted from
the property operating result. The costs relate to materials
and internal stafng costs, where applicable.
• Costs for major renovations and improvements: renovations
are occasional works that add a function to the building or
signicantly increase the existing comfort level and thus imply
an increase in the rent and/or rental value. These costs are
capitalised and thus added to the Fair Value of the real estate
property. These costs relate to materials, fees, construction
work and internal stafng costs. In accordance with IAS 23,
borrowing costs incurred specically for these renovations
are also capitalised and, therefore, added to the Fair Value
of the investment property to the extent that the building in
question does not generate any income during this period.
Real estate withholding taxes, levies and other property
charges relating to the building undergoing this renovation
are also processed in this way, as long as the building does
not generate any income. The Valuation Expert deducts the
value of work still to be competed from the appraisal. On
completion, these costs are capitalised and added to the Fair
Value of the real estate property.
10.6.10
DISPOSAL OF AN INVESTMENT PROPERTY
Prots or losses made on the sale of an investment property
(compared with the Fair Value) are recorded in the income
statement of the reporting period under the item ‘
Income from
the sale of investment property
’. As the property is sold, both
the “
Reserve for the balance of the changes in the Fair Value of
property
” and the “ Reserve for the impact of the Fair Value of
the estimated transaction costs and costs resulting from the
hypothetical disposal of investment properties
” in relation to the
sold property are transferred to available reserves.
Commissions paid on the sale of buildings, transaction fees and
liabilities entered into as a result of transactions are deducted
from the selling price obtained in order to determine the eventual
prot or loss.
10.6.11
OTHER TANGIBLE FIXED ASSETS
The tangible xed assets, other than the investment property,
are classied as ‘
other tangible xed assets ’ and are appraised
at their acquisition value, less the accumulated depreciation and
impairments. The straight-line depreciation method is based on
the expected useful life.
In the nancial year in which the investment is made,
depreciation is recorded on a time-apportioned basis according
to the number of months that the asset was in use.
The following depreciation rates apply on an annual basis:
• Plant, machinery and equipment: 20%
• Furniture: 10%
• Vehicles: 20%
• IT equipment: 33%
The expected useful life and amortisation method are reviewed
at least annually at the end of the nancial year. If there are
indications that an asset has possibly undergone a special
impairment loss, the carrying amount will be compared with
the realisable value. If the carrying amount is higher than the
realisable value, a special impairment loss will be recorded.
When tangible xed assets, other than investment property, are
sold or taken out of service, the acquisition value and the related
the seller’s perspective, this must be understood as subject to the
deduction of transfer taxes or registration duties. The estimated
amount of transfer taxes for properties located in Belgium was
xed at 2.5% for investment property with a value in excess of
MEUR 2.5.
38
Transfer taxes of 10% (Flanders) to 12.5% (Brussels
and Wallonia), depending on the region in which the buildings are
located must be taken into account for transactions with a global
value of less than MEUR 2.5.
This specically means that the Fair Value of the property is equal
to the investment value divided by 1.025, 1.10 or 1.125, depending
on the value of the property. The difference between the Fair
Value of the property and its Investment Value is recognised in the
income statement under Variations in the Fair Value of investment
property and allocated in the appropriation of the income to the
item “
Reserve for the impact on the Fair Value of the estimated
transaction costs and costs resulting from the hypothetical
disposal of investment properties
” in the equity.
The independent valuation experts take the theoretical local
registration duties into account for buildings located outside
Belgium.
Registration taxes applicable per country
The Netherlands
8 %
39
Spain 2.5 %
Portugal 2.5 %
Prots or losses arising from changes in the Fair Value of an
investment property are recognised in the income statement
in the period in which they arise and are allocated in the prot
appropriation to the
“Reserve for the balance of the changes in
the Fair Value of property”.
10.6.8
PROPERTY DEVELOPMENTS
Property developments include land and buildings in progress
as a result of which these only require investments and do not
generate any rental income for a certain period.
Properties that are built or developed for future use as an
investment property are recognised in the subitem “
Project
developments
” of the item “ Investment property ” and, in
38
Belgian Assets Managers Association (BEAMA) press release of 8 February 2006 on closed-end property investment companies and the rst application of the IFRS accounting rules. This
percentage was conrmed in a press release of the BE-REIT Association on 10 November 2016.
39
This is the new percentage of transfer taxes applicable from 1 January 2021 in the Netherlands to residential property.
accordance with IAS 40, are appraised at their Fair Value until
the development is completed. The assets are then transferred
to the subitem ‘
Property available for letting ’ of the item
‘
Investment property ’, still at their Fair Value.
After their initial recognition, the projects are appraised at their
Fair Value if all the following criteria are met: (i) the project costs
to be incurred can be reliably estimated and (ii) all necessary
permits for the property development have been obtained.
This Fair Value measurement is based on the valuation by
the Valuation Expert (according to the normal methods and
assumptions) and takes the costs (including a contingency
estimate) still to be incurred for the completion of the project
into consideration. Potential prots on project developments
are only recognised upon realisation of the project, once they
are denite.
All costs directly related to the purchase or development and
all subsequent investments that are recognised as transaction
fees (costs of new buildings and/or renovations, including the
purchase price of the site and site preparation) are recognised
in the balance sheet.
The interest costs that can be directly attributed to the project
are also capitalised as part of the cost price of the property
development.
The capitalisation of nancing costs, in accordance with IAS 23,
as part of the cost price of an eligible asset only happens if:
• Expenses are incurred for the asset;
• Financing costs are incurred; and
• activities are in progress to prepare the asset for its intended
use.
The capitalisation of the nancing costs will be suspended
for long periods during which the development of the asset is
interrupted and stopped in any case when the asset is ready
for letting.
The item “
Project developments ” is a subitem of the item
“
Investment property ” and is included in the calculation of the
Fair Value of the property portfolio in operation.
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10.6.15
EQUITY
The capital includes the cash resources obtained at the time
of incorporation, merger or because of a capital increase. The
external costs (fees of notaries, placement partners and so on)
that can be immediately allocated to the issue of new shares are
deducted from the equity. Due diligence costs are capitalised on
the asset.
Dividends form part of the retained result until the general
meeting of shareholders that awards them. The dividends are
then recorded as a debt.
10.6.16
PROVISIONS
A provision is made if:
• The Company has an existing – legally enforceable or factual
– liability due to a past event.
• It is likely that an outflow of resources will be needed to settle
the liability.
• The amount of the liability can be reliably estimated.
The amount that is recognised as a provision is the best
estimate of the expenses that are required to settle the existing
liability on the balance sheet date, taking into account the risks
and uncertainties associated with that liability.
For the sake of completeness, we also refer to
Chapter 10.9.36
of this Annual Report
on the legal and arbitration procedures.
10.6.17
FINANCIAL LIABILITIES
Financial liabilities are recognised on the balance sheet under
current or non-current liabilities, depending on their maturity
within twelve months of the closing date.
Trade debts are valued at amortised cost.
Interest-bearing loans are initially recognised at their Fair Value,
after the deduction of the transaction fees. Interest-bearing
loans are subsequently valued at their amortised cost based
on the effective interest method, with interest costs recognised
according to the effective interest rate.
The effective interest method is a method for calculating the
amortised cost of a nancial liability and for allocating interest
costs to the relevant period. The effective interest rate is the
interest rate that exactly discounts estimated future cash
receipts (including paid or received commissions and payments
that form an integral part of the effective interest rate, as well as
transaction fees and all other premiums and discounts) during
the expected life of the nancial liability or, if relevant, a shorter
period, to the net carrying amount on initial recognition.
IFRS 16 provides a comprehensive model for the identication
of lease agreements and their accounting treatment in the
nancial statements of both the lessor and lessee. Since
becoming effective, this standard supersedes IAS 17 and the
corresponding interpretations.
IFRS 16 introduces signicant changes to the accounting
treatment of lease agreements for the lessee, eliminating
the distinction between operating and nance leases and
recognising assets and liabilities for all lease agreements (with
the exception of short-term leases and low-value assets). In
contrast to the lessee’s treatment of lease agreements, IFRS
16 retains almost all provisions from IAS 17 – Leases on the
lessor’s treatment of lease agreements. This means that
lessors must continue to categorise the lease agreements as
operational or nancial lease agreements.
As a result of the XL Fund transaction in 2020, Xior has acquired
two property objects to which IFRS 16 applies. For this reason,
the necessary debt was included in the other non-current debt. A
property that is also subject to IFRS 16 was acquired in Breda in
2021. The same applies to the development project in Zaragoza.
Options on shares are included in the balance sheet at the
expected exercise price, if the price is linked to the Fair Value of
the property, or to the agreed duciary value, if the price is xed.
These options are recorded under non-current or current debt.
For options on the shares of a minority shareholder, the option
is entered against equity (Group Equity Debit).
Options on the shares of joint ventures are recorded in relation
to
Participating interests in associated companies and joint
ventures with equity movements
.
depreciation are removed from the balance sheet and the
realised gains or losses are recorded in the income statement.
Expenditure on work on other tangible xed assets is treated in
the same way as expenditure on work on investment property.
10.6.12
FIXED ASSETS OR GROUPS OF ASSETS HELD FOR SALE
Fixed assets and disposal groups are classied as assets held
for sale if their carrying amount will be recovered principally
through a sales transaction rather than through continuing use.
This condition is only fullled when the sale is highly probable
and the asset (or disposal group) is immediately available for
sale in its current state. The management must have committed
to a plan for the sale of the asset (or disposal group) which is
expected to qualify for inclusion as a completed sale within one
year of the classication date.
Investment property held for sale are valued in the same way
as other investment property (at Fair Value) in accordance with
IAS 40.
Other xed assets held for sale are valued at the lower value of
their carrying amount and their Fair Value less the selling costs
(in accordance with IFRS 5).
10.6.13
FINANCIAL INSTRUMENTS
The Company may use nancial derivatives (interest rate
swaps) to hedge against interest rate risks originating from
operational, nancial and investment activities. Financial
derivative instruments are included in current and xed nancial
assets if their fair values are positive and in non-current and
current nancial liabilities if their fair values are negative.
Prots or losses arising from changes in the Fair Value of
nancial derivatives are immediately recognised in the income
statement unless a derivative complies with the conditions
for hedge accounting. The Fair Value of nancial interest rate
derivatives is the amount that the Company expects to receive
or pay if that derivative ends on the balance sheet date, for
which purpose the applicable interest rate, the credit risk of the
counterparty concerned, and the credit risk of the undertaking
are taken into account.
If a hedging instrument expires or is sold, or no longer complies
with the criteria of
hedge accounting , the accumulated prots
and losses are retained in the equity at rst. They are recognised
in the income statement only once the liability or the hedged
cash flow is recognised in the income statement.
10.6.14
CURRENT ASSETS
Current receivables (due in one year or less) are valued at their
nominal value, after the deduction of impairments for doubtful
or uncollectable receivables.
Non-derivative nancial instruments, which are held as part of
a business model that aims to hold nancial assets to receive
contractual cash flows and contract terms of the nancial
asset that provide cash flows at a given time that relate only to
repayments and interest payments on the outstanding principal,
are measured at amortised cost. This valuation method is
mainly applied to long-term receivables and trade receivables.
Special impairment: in accordance with IFRS 9, Xior is required
to recognise expected credit losses on trade receivables:
provision for dubious receivables is made on an individual
basis when it is needed. The procedure for creating the dubious
receivables provision is as follows: the list of overdue rents
is closely monitored internally. Based on the management’s
estimation or when there are clearly demonstrable reasons that
the claim can no longer be collected, an allowance is created.
Cash and cash equivalents include cash, demand deposits and
other current, very liquid investments that can be converted into
cash immediately, whose amount is known, and which bear no
material risk of impairment. They are measured at amortised
cost and additional costs are recognised immediately in the
income statement.
Listed securities are valued at their stock exchange quotation.
248 I FINANCIAL REPORT
XIOR I Annual nancial report I 2021 XIOR I Annual nancial report I 2021
XIOR I 249

As a result of the application of IFRS 3 Revised and linked to
the ‘initial recognition exemption’ under IAS 12, Section 15b,
no deferred tax was recognised on the difference between the
carrying amount at acquisition and the duciary value.
This tax may be due on the disposal of the property via an
‘asset transaction’. This gives rise to contingent liability. This
amounted to KEUR 17,490 as at 31 December 2021.
10.6.23
EXIT-TAKS
Deferred taxes for subsidiaries are recognised as the difference
between the carrying amount of the investment property
after depreciation in the annual nancial statements of these
subsidiaries, under the Articles of Association, and the Fair
Value. These deferred taxes are recognised at the applicable
rate of the exit tax if the Board of Directors of the Company and
the subsidiary respectively intend to merge the subsidiary with
the Company.
(i) General
Exit tax is the corporate tax on the capital gain that is
established in the case of a taxed merger of an RREC with a
Belgian undertaking that is not an RREC. If this undertaking is
included in the Group’s scope of consolidation at rst, the exit
tax will be deducted from the equity of the Company that is to
be merged. If the undertaking is not immediately merged with
the RREC, adjustments to the exit tax, which prove necessary in
relation to the provision amount at the time of the merger, will
be recognised via the income statement.
(ii) Exit tax rate
The exit tax rate is 15% as from assessment year 2021 (nancial
year starting 1 January 2020).
(iii) Principle for calculating the exit tax
The exit tax applies to contributions, mergers, de-mergers and
transactions that are equated with mergers or de-mergers, in
which the Company participates as an RREC. Such transactions
are expressly excluded from tax neutrality. Both the RREC
licence and the above transactions in which the Company would
participate as an RREC are equated, from a tax perspective,
with a dissolution and liquidation of the real estate company or
companies involved.
To calculate the exit tax, the actual value of the assets of the
Company or of the real estate company or companies involved
on the date of the licence or of the relevant transaction is
equated with an ‘amount paid on the division of the corporate
assets’. The positive difference between the amount paid in
case of this legal ction and the enhanced value of the paid-up
capital is regarded as a dividend. If the Company participates
in a transaction that is equated with a de-merger, the rules on
dissolution and liquidation apply only to the separated assets of
the real estate company or companies involved.
If the Company is recognised as an RREC, the exit tax is applied
to its latent capital gains and exempt reserves at the time it is
granted the RREC licence (insofar as this exists at that time). If
the Company participates as an RREC in a contribution, merger,
de-merger or transaction equated with a merger or de-merger,
the exit tax is calculated on the latent capital gains and exempt
reserves of the real estate company that makes the contribution
by merger, de-merger or an equated transaction. The latent
capital gains are calculated as the positive difference between
the actual value for tax purposes of the (separated) assets of
the real estate company concerned, on the one hand, and the
acquisition value of those corporate assets less the depreciation
and impairments accepted for tax purposes on the other hand.
Exit tax, payable by companies whose assets are acquired by an
RREC through mergers, for instance, is calculated in accordance
with Circular Ci.RH.423/567.729 of the Belgian tax authorities
dated 23 December 2004, the interpretation or practical
application of which may change at any time. The Company
calculates the “actual value for tax purposes” as referred to in
this circular less the registration duties or VAT (that would be
applicable if the asset were sold) (the “Costs payable by the
Purchaser”) and may differ from – including being lower than
– the Fair Value of the property as recognised in the Company’s
balance sheet in accordance with IAS 40.
(iv) Payment of exit tax
If the Company engages in a contribution, merger, de-merger
or transaction equated with a merger or de-merger as an RREC,
the exit tax is payable by the real estate company that makes
the contribution to the RREC. If a contribution is made to the
Company by way of a merger, the exit tax will be payable by the
Company as the acquiring company.
(v) Purpose of the exit tax
As an RREC, the Company benets from a special tax regime.
Although it is subject to corporation tax, its taxable base is
limited to (i) the extraordinary or gratuitous advantages that
it receives and (ii) the expenses and costs that cannot be
deducted as business costs (other than impairments and
10.6.18
PROPERTY RESULT
The
net rental income includes the rent, operational lease
payments and other associated income less the costs
associated with letting, such as the rent payable on hired assets
and impairments on trade receivables.
Rental discounts are distributed across the minimum contract
term on the income statement.
The
recuperation of rental charges and taxes normally borne by
the tenant in let buildings
mainly includes the recuperation of
the costs of heating, water, electricity and the internet by means
of a lump-sum, xed amount for costs that the tenant pays at
the start of the tenancy agreement and that is recognised in
the result distributed over the term of the tenancy agreement.
Property tax is not passed on and remains payable by the
Company in case of student housing. For Spain and Portugal
we use an all-in rental price. Part of the rent paid by the tenant is
reclassied from net rental to
recovery of rental charges based
on the rental charges
.
The
rental charges and taxes normally borne by the tenant in let
buildings
include the communal charges as well as the cost of
the property tax. In accordance with IFRIC 21, the debt and cost
of the property tax is fully recognised when it becomes due by
the Company (in this case, on 1 January of the nancial year).
Income is valued at the Fair Value of the payment that is
received and is recognised on a straight-line basis in the income
statement in the period to which it relates.
10.6.19
PROPERTY CHARGES
Property charges are valued at the Fair Value of the payment
that is paid or due and is recognised in the income statement in
the period to which they relate.
The technical costs include structural and occasional
maintenance and losses from claims covered by insurance
companies. The commercial costs include estate agents’ fees.
Property management expenses primarily include: (i) the costs
of the personnel responsible for this activity; (ii) the operational
costs of the rental agencies and (iii) the fees paid to third parties.
10.6.20
GENERAL EXPENSES OF THE COMPANY AND OTHER
OPERATING INCOME AND COSTS
General expenses of the Company are costs relating to the
management and general operations of the Company. These
include general administrative costs, stafng costs for general
management, and depreciation on assets that are used for
general management.
10.6.21
FINANCIAL RESULT
The nancial result consists of interest costs on loans, bank
charges and additional nancing costs such as the changes of
hedging instruments insofar as these are not effective within
the meaning of IAS 39, less the returns on investments.
10.6.22
PROFIT TAX
This item includes the current tax expense on the result of the
nancial year and the deferred taxes. Prot tax is recorded
directly in the result, unless the tax relates to elements that
are recognised directly in the equity. In that case, the tax is
also recognised directly in the equity. The current tax expense
consists of the expected tax on the taxable income for the year
and adjustments for previous nancial years.
Deferred tax claims and liabilities are recognised based on the
balance sheet method for all temporary differences between
the taxable basis and the carrying amount for both assets and
liabilities. Deferred tax liabilities are included for all taxable
temporary differences. Deferred tax claims are recognised to
the extent it is likely that sufcient taxable prot will be realised
against which temporary differences can be set off.
Besides the tax on prots, a deferred tax liability is attributed
to the latent capital gain of properties. This deferred tax
liability will be adjusted if the Fair Value or carrying amount of
the property changes as a result of fluctuations in value or tax
depreciation, for example. The Netherlands The calculation of
the applied percentage takes into account the projected gross
margin on the real estate income in the Netherlands for the
coming years. In Spain and Portugal, this amounts to 25% and
21% respectively.
250 I FINANCIAL REPORT
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XIOR I 251

10.7 SEGMENT INFORMATION
The segmentation basis for reporting by segment is by
geographic region. The rental income is broken down by
geographic location: Belgium, the Netherlands and Iberia
(Spain and Portugal). Every location is broken down further into
students and other. Commercial decisions are taken at this level,
and rental income and occupancy rate are tracked at this level.
The unallocated amounts category includes all expenses that
cannot be allocated to a segment.
In the income statement, only the net rental income, the changes
in fair value of investment properties and the other portfolio
result are broken down by segment.
31/12/2021
Figures in thousands of EUR
Belgium The Netherlands Iberia
Non-
allocated
amounts
Total
Students Other Students Other Students Other
Net rental income 17,136 3,288 38,612 5,728 14,835 79,599
Property result -2,248 77,351
Property charges
-12,503 -12,503
Property operating result 64,848
Overheads
-6,627 -6,627
Other operating income and costs
10 10
Operating result before result on the
portfolio
58,232
Result from the sale of investment property
0 0
Variations in the fair value of investment
property
13,389 559 34,318 387 14,945 0 0 63,598
Other portfolio result
-19,181 0 -5,408 367 -6,615 0 -30,837
Operating result 90,993
Financial result
2,310 2,310
Share in earnings of associated companies
and joint ventures
301 301
Result before taxes 93,603
Taxes
-11,290 -11,290
Net result 82,313
EPRA earnings 44,796
Result on the portfolio -5,792 559 28,911 754 8,330 0 0 32,761
Total assets 574,126 18,767 1,013,422 2,060 358,683 0 109,388 2,076,446
Investment property
574,126 18,767 1,013,422 2,060 358,683 0 1,967,058
Other assets
109,388 109,388
Total liabilities and equity 2,076,446 2,076,446
Equity
1,003,852 1,003,852
Liabilities
1,072,594 1,072,594
capital losses on shares (Article 185a of the Belgian Income Tax
Code 1992). After becoming licensed as an RREC, the Company
is thus not taxed on its accounting result, which also implies
that its capital gains are not included in its taxable base. The
exit tax was introduced to prevent the Company from being
denitively exempt from paying tax on the latent, unrealised
capital gains and exempt reserves it possesses on the licensing
date. With the levying of exit tax, the Company is deemed, as it
were, to have settled its past obligations on the date it becomes
a licensed RREC. The same reasoning applies to the real estate
company or companies involved in a merger, de-merger or a
transaction equated with a merger or de-merger in which the
Company participates as an RREC.
(vi) Accounting treatment
The exit tax is the corporate tax on capital gains that is
established for the taxed merger of an RREC with a non-RREC
undertaking. The exit tax due on this capital gain is recognised
when the non-RREC undertaking is included in the Group’s scope
of consolidation for the rst time. In principle, the provision for
exit tax is revised in the interim only if it needs to be increased
because of the appreciation of this undertaking’s property. Any
over-estimate because of depreciation will be determined only
once the merger is actually concluded. These adjustments to
the exit tax liability are recognised via the income statement.
10.6.24
FINANCIAL RISK MANAGEMENT
i. Changes in interest rates
Higher interest rates lead to an increase in nancial expenses
and a fall in the EPRA result. In the current context of negative
interest rates, the method by which some banks set a minimum
percentage of 0% for the Euribor rate used as a reference in
nancing contracts has a negative impact on the nancial
expenses. Xior Student Housing uses IRS-type assets and
liabilities to hedge the interest rate risk on long-term loans with
variable interest rates. An interest rate swap is an agreement
between two parties in which the variable interest rate is
exchanged for a xed interest rate. The pursued interest rate
policy has hedged 94% of loans drawn down to a xed interest
rate. The average interest rate
of the public RREC is 1.62%.
Please refer to
Chapter 10.9.23 of this annual report for the
potential impact of interest changes.
ii. Financing risk
The long-term nancing was concluded in the form of bullet
loans. These are loans where the entire principal is paid in full
after 3 to 10 years. The diversication of the nancing across
various banks limits Xior Student Housing’s liquidity risk. The
loans were partially taken out at a variable interest rate and
partially at a xed interest rate. Xior Student Housing has
completed the necessary hedging transactions and converted
94% of its loans drawn down to a xed interest rate. The effect
of interest rate changes on the net result is therefore limited.
iii. Credit risk
Xior Student Housing monitors rent arrears closely. In case of
non-payment, the Company usually uses a rent deposit. For
further details, please refer to
Chapter 10.9.13 of this Annual
Report.
252 I FINANCIAL REPORT
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XIOR I 253

10.8 ALTERNATIVE PERFORMANCE MEASURES (APM’S)
40
APM name Denition Use
EPRA earnings The net result +/- variations in the Fair Value of
the investment property +/- other portfolio result
+/- result from the sale of investment property +/-
variations in the Fair Value of nancial assets and
liabilities +/- deferred taxes with regard to IAS 40
adjustments.
Measuring the result of the strategic operating
activities, excluding variations in the fair value of
investment property, other portfolio result, result
of the sale of investment property, variations in
the fair value of nancial assets and liabilities,
and deferred taxes arising from IAS 40. This
indicates the extent to which dividend payments
are covered by earnings.
Result on the portfolio Result from the sale of investment property +/-
variations in the fair value of investment property
+/- other portfolio results.
Measuring the realised and unrealised gain/loss
on investment property.
Average interest rate Interest charges including IRS interest expense
divided by the average outstanding debt during
the period.
Measuring the average interest costs of the debts
to enable a comparison with peers + analysis of
evolution over time.
Average interest rate excl. IRS interest charges Interest charges excluding IRS interest expense
divided by the average outstanding debt during
the period.
Measuring the average interest costs of the debts
to enable a comparison with peers + analysis of
evolution over time.
Averagenancingcosts Interest costs including IRS interest expense +
arrangement fees and commitment fees, divided
by the average outstanding debt during the period.
Measuring the average nancing costs of the
debt to enable a comparison with peers +
analysis of evolution over time.
Averagenancingcostexcl.IRSinterest
charges
Interest charges including IRS interest charges +
arrangement fees and commitment fees, divided
by the average outstanding debt during the period.
Measuring the average nancing costs of the
debt to enable a comparison with peers +
analysis of evolution over time.
EPRA earnings per share Net result +/- earnings from the sale of
investment property +/- fluctuations in the
fair value of the investment property +/- other
portfolio result +/- fluctuations in the fair value of
nancial assets and liabilities +/- deferred taxes
with regard to IAS 40 adjustments divided by the
average number of shares.
Vergelijkbaarheid met andere GVV’s en
internationale vastgoedspelers.
EPRA NAV This is the net asset value (NAV) that has been
adjusted to also include Real estate and other
investments at their fair value and to exclude
certain elements that are not expected to actually
take shape in a business model with long-term
investment property.
Comparability with other RRECs and international
property players.
EPRA NNNAV EPRA NAV adjusted to take into account (i) the
Fair Value of the assets and liabilities, (ii) the Fair
Value of debts and (iii) the deferred tax.
Comparability with other RRECs and international
property players.
40
With the exception of EPRA Net Initial Yield, EPRA Lease Vacancy and EPRA Cost Ratio, the APMs were audited by the Statutory Auditor.
31/12/2020
Figures in thousands of EUR
Belgium The Netherlands Iberia
Non-
allocated
amounts
Total
Students Other Students Other Students Other
Net rental income 13,947 1,401 30,396 5,188 6,964 0 57,896
Property result 561 58,457
Property charges
-8,043 -8,043
Property operating result 50,414
General expenses
-5,996 -5,996
Other operating income and costs
53 53
Operating result before result on the
portfolio
44,471
Result from the sale of investment property
0 0
Variations in the Fair Value of investment
property
-9,096 -535 -33,955 -220 -6,642 0 0 -50,448
Other portfolio result
-6,712 0 -7,899 -26 -1,145 0 0 -15,782
Operating result -21,759
Financial result
-16,449 -16,449
Share in the result of associated companies
and joint ventures
-676 -676
Result before taxes -38,884
Taxes
-2,889 -2,889
Net result -41,773
EPRA earnings 33,962
Result on the portfolio -15,808 -535 -41,854 -246 -7,787 0 -66,230
Total assets 405,666 18,159 793,133 108,166 230,656 0 64,536 1,620,316
Investment property
405,666 18,159 793,133 108,166 230,656 0 1,555,780
Other assets
64,536 64,536
Total liabilities and equity 1,620,316 1,620,316
Equity
659,503 659,503
Liabilities
960,813 960,813
254 I FINANCIAL REPORT
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XIOR I 255

Alternative Performance Measures (APMs): reconciliation tables
EPRA earnings 31/12/2021
31/12/2020
Net result 82,313 -41,773
Variations in the fair value of investment property -63,598 50,448
Other portfolio result 30,837 15,782
Result from the sale of investment property 0 0
Variations in the fair value of nancial assets and liabilities -12,323 9,513
Deferred taxes arising from IAS 40 7,567 -9
EPRA earnings 44,796 33,961
EPRA earnings – group share 44,379 33,298
Earnings per share 31/12/2021
31/12/2020
Number of ordinary shares in circulation 27,781,301 21,046,441
Weighted average number of shares 24,644,517 19,560,351
Net result per ordinary share (in EUR) 2.96 -2.14
Diluted net earnings per ordinary share (in EUR) 2.96 -2.14
EPRA earnings per share (in EUR) 1.82 1.74
EPRA earnings per share (EUR) – group share 1.80 1.70
EPRA earnings per share 31/12/2021
31/12/2020
Net result 82,313 -41,773
Variations in the fair value of investment property -63,598 50,448
Other portfolio result 30,837 15,782
Result from the sale of investment property 0 0
Variations in the fair value of nancial assets and liabilities -12,323 9,513
Deferred taxes arising from IAS 40 7,567 -9
Weighted average number of shares 24,644,517 19,560,351
EPRA earnings per share 1.82 1.74
IFRIC 21 impact 0 0
EPRA earnings per share after IFRIC 21 adjustment 1.82 1.74
EPRA earnings per share after IFRIC 21 adjustment – group share 1.80 1.70
APM name Denition Use
EPRA
Net Reinstatement Value (NRV)
Assumes that entities never sell property and aim
to show the value needed to rebuild the property.
Comparability with other RRECs and international
property players. The EPRA NAV metrics make
adjustments to the NAV as per the IFRS nancial
statements, to provide stakeholders with the
most relevant information about the fair value of
a property company's assets and liabilities under
various scenarios.
EPRA
Net Tangible Asset (NTA)
EPRA Net Tangible Assets assumes that entities
buy and sell assets, causing certain levels of
unavoidable deferred tax to crystallise.
Comparability with other RRECs and international
property players. The EPRA NAV metrics make
adjustments to the NAV as per the IFRS nan-
cial statements, to provide stakeholders with the
most relevant information about the fair value of
a property company's assets and liabilities under
various scenarios.
EPRA
Net Disposal Value (NDV)
Represents the shareholder value in a "sell-off
scenario", in which deferred tax, nancial instru-
ments and certain other adjustments are calcu-
lated to their fullest extent, after deduction of the
resulting tax.
Comparability with other RRECs and international
property players. The EPRA NAV metrics make
adjustments to the NAV as per the IFRS nan-
cial statements, to provide stakeholders with the
most relevant information about the fair value of
a property company's assets and liabilities under
various scenarios.
EPRA
Net Initial Yield (NIY)
Annualised gross rental income based on the
current rent on the closing date, excluding the
property charges, divided by the portfolio market
value plus the estimated transaction fees and
costs resulting from the hypothetical disposal of
investment properties.
Comparability with other RRECs and international
property players.
EPRA
Adjusted Net Initial Yield (Adjusted NIY)
This measure integrates an adjustment of the
EPRA NIY for the end of rent-free periods or other
non-expired rental incentives.
Comparability with other RRECs and international
property players.
EPRA rental vacancy Estimated Rental Value of vacant units divided by
the Estimated Rental Value of the total portfolio.
Comparability with other RRECs and international
property players.
EPRA cost ratio (incl. vacancy costs) EPRA costs (including vacancy costs) divided by
the gross rental income less the rent still to be paid
on rented land.
Comparability with other RRECs and international
property players.
EPRA cost ratio (excl. vacancy costs) EPRA costs (excluding vacancy costs) divided by
the gross rental income, minus the rent still to be
paid on rented land
Comparability with other RRECs and international
property players
Financial result (excl. variations in the fair
valueofnancialassetsandliabilities)
Financial result corrected before variations in the
fair value of nancial assets and liabilities.
Comparability with other RRECs and international
property players.
256 I FINANCIAL REPORT
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XIOR I 257

EPRA cost ratio 31/12/2021
31/12/2020
Overheads 6,626 5,996
Impairments on trade receivables 244 539
Property charges 12,503 8,043
EPRA costs (incl. vacancy costs) 19,373 14,578
Vacancy costs
667 655
EPRA costs (excl. vacancy costs) 18,706 13,923
Gross rental income 79,843 58,434
EPRA cost ratio (incl. vacancy costs) 24.3% 24.9%
EPRA cost ratio (excl. vacancy costs) 23.4% 23.8%
Financialresultexcl.variationsinthefairvalueofnancialassetsand
liabilities
31/12/2021
31/12/2020
Financial result 2,310 -16,449
Variations in the fair value of nancial assets and liabilities 12,022 -8,837
Financial result excl. variations in the fair value of nancial assets and liabilities -9,712 -7,611
As at 31/12/2021 EPRA NRV EPRA NTA EPRA NDV EPRA NAV EPRA NNNAV
IFRS equity attributable to shareholders
excluding minority interests 984,436 984,436 984,436 984,436 984,436
Minority interests XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX 19,416 19,416
DEDUCTION
DT in relation to FV gains of IP 56,186 56,186 XXXXXXXXXXX 56,186 XXXXXXXXXXX
FV of nancial assets 13,023 13,023 XXXXXXXXXXX 13,023 XXXXXXXXXXX
Intangible xed assets on IFRS BS XXXXXXXXXXX 297 XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX
ADDITION
FV of xed-income debts XXXXXXXXXXX XXXXXXXXXXX -7,584 XXXXXXXXXXX XXXXXXXXXXX
Taxes on the transfer of real estate 112,273 NA XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX
NAV 1,165,918 1,053,348 976,852 1,073,061 1,003,852
Fully diluted number of shares 27,781,301 27,781,301 27,781,301 27,781,301 27,781,301
NAV per share 41.97 37.92 35.16 38.63 36.13
NAV per share – group share 41.97 37.92 35.16 37.93 35.44
Average interest rate 31/12/2021
31/12/2020
Nominal interest burden on loans 5,251 4,197
Costs of permitted hedging instruments 3,233 2,791
Capitalised interest 4,656 3,785
Average outstanding debt during the period 810,932 655,477
Average interest rate 1.62% 1.64%
Average interest rate excluding costs of permitted hedging instruments 1.22% 1.22%
Averagenancingcosts 31/12/2021
31/12/2020
Nominal interest burden on loans 5,251 4,197
Costs of permitted hedging instruments 3,233 2,791
Capitalised interest 4,656 3,785
Breakdown of the nominal amount of nancial debt 395 337
Bank costs and other commissions 1,513 1,009
Average outstanding debt during the period 810,932 655,477
Average nancing costs 1.86% 1.85%
Average nancing costs excluding costs of permitted hedging instruments 1.46% 1.42%
EPRA Net Initial Yield 31/12/2021
31/12/2020
Investment property – full ownership fair value 2,006,026 1,632,555
Investment property – share in joint ventures 83,245 20,873
Minus property developments -263,796 -339,114
Completed property portfolio 1,825,475 1,314,314
Transaction fees 112,273 95,304
Investment value of property available for rent 1,937,748 1,409,618
Annualised gross rental income 92,557 73,539
Property charges 7,814 5,702
Annualised net rental income 84,743 67,837
Notional amount at the end of the rent-free period
Adjusted annualised net rental income 84,743 67,837
EPRA Net Initial Yield 4.4% 4.8%
EPRA Adjusted Net Initial Yield 4.4% 4.8%
EPRA Rental Vacancy 31/12/2021
31/12/2020
Estimated rental value of the vacant units 882 2,458
Estimated rental value of the entire portfolio 92,557 72,406
EPRA Rental Vacancy 0.95% 3.4%
258 I FINANCIAL REPORT
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10.9 OTHER NOTES
Due to rounding to thousands, rounding differences may arise
between the balance sheet, income statement and the attached
details.
10.9.1
PROPERTY RESULT
Figures in thousands of EUR 31/12/2021
31/12/2020
(+) Rental income 79,843 58,434
Rent 74,416 56,805
Rental guarantees 5,922 2,296
Rent reductions -496 -666
(+) Writeback of rentals carried over and discounted
(+/-) Rent-related expenses -244 -539
Net rental income 79.599 57.896
(+) Recovery of property charges
(+)
Recovery of rental charges and taxes normally payable by the tenants for
rented properties 13,574 10,914
(-)
Costs of tenants and borne by the landlord for rental damage and
refurbishment at the end of the tenancy 0 0
(-) Rental charges and taxes normally payable by the tenants for rented properties -17,387 -12,782
(+/-) Other rent-related income and expenditure 1,564 2,429
Vastgoedresultaat 77,351 58,457
Rent-related expenses contain impairments on rent receivables.
The guaranteed income as at 31 December 2021 includes the
rental guarantees given by the sellers upon acquisition in 2020
or 2021. Those rental guarantees have a term of 1 to 2 years
and cover the vacant units.
Figures in thousands of EUR 31/12/2021
31/12/2020
Summary of rental income that could cease to exist in future
Within 1 year 68.915 49.788
Between 1 and 5 years 1.827 2.194
More than 5 years 3.675 4.823
Total 74.417 56.805
The above table shows how much of the rental income between
1 January 2021 and 31 December 2021 could theoretically
cease to exist in future if the current tenants give notice of
termination on the next contractually permitted date and no
new tenant is found.
Fair value as % of total portfolio
% of deferred tax
excluded
Portfolio subject to deferred taxes and intended to be held
and not sold in the long term. 1,967,056 100 100
Portfolio subject to partial deferred tax and tax structuring 0 0 0
As at 31/12/2020 EPRA NRV EPRA NTA EPRA NDV EPRA NAV EPRA NNNAV
IFRS equity attributable to shareholders
excluding minority interests 641,194 641,194 641,194 641,194 641,194
Minority interests XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX 18,309 18,309
DEDUCTION
Deferred taxes related to FV earnings
on IP 47,815 47,815 XXXXXXXXXXX 47,815 XXXXXXXXXXX
FV of nancial instruments 26,530 26,530 XXXXXXXXXXX 26,530 XXXXXXXXXXX
Intangible xed assets on IFRS BS XXXXXXXXXXX 145 XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX
ADDITION
FV of xed-income debts XXXXXXXXXXX XXXXXXXXXXX -7,027 XXXXXXXXXXX XXXXXXXXXXX
Taxes on the transfer of real estate 95,508 NA XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX
NAV 811,047 715,394 648,221 733,848 659,503
Fully diluted number of shares 21,046,441 21,046,441 21,046,441 21,046,441 21,046,441
NAV per share 38.54 33.99 30.80 34.87 31.34
NAV per share – group share 38.54 33.99 30.80 34.00 30.47
Fair value % of total portfolio % excl. deferred taxes
Portfolio subject to deferred taxes and intended to be held
and not sold in the long term. 1,555,779 100 100
Portfolio subject to partial deferred tax and tax structuring 0 0 0
260 I FINANCIAL REPORT
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XIOR I 261

terms that exceed 1 year. The term of these contracts generally
varies from 3 to 10 years.
Rents are paid monthly in advance. Certain property-
related costs, such as utility costs, taxes and levies and the
communal charges are also payable by the tenant. Tenants
pay a xed monthly advance payment for these, with an annual
reconciliation, or a xed annual amount may be charged to
cover these costs. In order to guarantee tenants comply with
their obligations, a rental guarantee of at least 1 month’s rent,
and in most cases 2 months’ rent, is charged. This is paid
mostly in cash and reflected on the balance sheet under other
short-term liabilities.
10.9.2
PROPERTY CHARGES
Figures in thousands of EUR 31/12/2021
31/12/2020
(-) (-) Technical costs -3,702 -2,409
Recurring technical costs -3,811 -2,429
Maintenance -3,140 -1,970
Insurance premiums -671 -459
Niet -recurrente technische kosten 109 20
(-) Commercial costs -628 -398
Lawyers' fees and legal costs -139 -79
Estate agent commissions 0 0
Advertising -490 -320
Other 0 0
(-) Costs and taxes for non-let properties -667 -655
(-) Property management costs -4,712 -2,556
External management costs -40 0
Internal management costs -4,672 -2,556
(-) Other property charges -2,794 -2,025
Valuation expert fees -345 -589
Architects' fees -18 0
Immovable property tax and other taxes -2,431 -1,436
Property charges -12,503 -8,043
The increase in property charges from 31 December 2020 to 31
December 2021 is the result of the property portfolio’s further
expansion. Fourteen properties were added to the property
portfolio in 2020. This has an impact on the property charges. In
2021, 44 properties were again added to the property portfolio.
Most of Xior Student Housing NV’s tenancy agreements are
short-term contracts for the letting of student units. These
contracts are typically concluded for a one-year period, after
which they may be extended. Xior also tries to conclude long-
term contracts with academic universities and universities of
applied sciences for some of the rooms in its portfolio. Please
nd below a list of Xior’s main rental and guarantee contracts
with academic universities and universities of applied sciences:
University
Location Object Start date End date
RENTAL CONTRACT
Saxion Hogescholen Enschede Ariënsplein 01/08/2018 31/07/2026
Saxion Hogescholen Enschede Ariënsplein 01/09/2017 31/08/2027
Saxion Hogescholen Enschede Ariënsplein 01/03/2019 28/02/2029
Saxion Hogescholen Enschede Ariënsplein 01/05/2019 30/04/2022
Saxion Hogescholen Enschede Ariënsplein (courtyard) 01/11/2019 31/08/2027
Maastricht University Maastricht Vijverdalseweg 01/09/2019
Maastricht University Maastricht Annadal 01/02/2001 2021/2031
Stichting Studenten Huisvesting (SSH) Maastricht Annadal 2012 2037
Veste Foundation Maastricht Annadal 01/08/2019 31/07/2029
Foundation for Regional Training Centres of Twente Enschede Ariënsplein 01/04/2020 31/03/2030
Foundation for Regional Training Centres of Twente Enschede Ariënsplein 01/08/2020 31/07/2030
Saxion Hogescholen Enschede Ariënsplein 01/05/2019 30/04/2029
HoGent University of Applied Sciences Ghent Voskenslaan 01/09/2016 1/09/2041
Amro Estudiantes Granada 18/06/2020 31/08/2022
PXL University of Applied Sciences Hasselt Xior Campus Hasselt 01/09/2021 31/08/2022
PXL University of Applied Sciences Hasselt Xior Campus Hasselt 01/09/2021 31/08/2022
PXL University of Applied Sciences Hasselt Xior Campus Hasselt 01/03/2021 28/02/2030
Amro Estudiantes Malaga Teatinos 29/07/2021 31/08/2023
BRIK Brussels Van Orley 16/05/2005 15/05/2030
BRIK Brussels Zavelput 16/05/2004 15/05/2029
Université Saint-Louis Brussels Ommegang 15/09/2017 14/09/2026
Université Saint-Louis Brussels Méridien 15/09/2017 14/09/2026
GUARANTEE CONTRACT
Location Object Start date End date
Vrije Universiteit (VU) Amsterdam Naritaweg 01/09/2019 31/08/2022
Zuyd University of Applied Sciences Maastricht Vijverdalseweg 01/08/2020 31/07/2022
Zuyd University of Applied Sciences Maastricht Annadal 01/08/2019 31/07/2022
Rotterdam School of Management (RSM) Rotterdam Burgemeester Oudlaan 01/01/2018 31/12/2021
Utrecht University of Applied Sciences Utrecht Willem Dreeslaan 01/04/2019 31/03/2023
Navitas Enschede Ariënsplein 01/06/2019 31/05/2024
University of Twente Enschede Ariënsplein 01/08/2021 27/07/2022
A number of the contracts have been in place for several years
and are renewed each year.
Together, these rental or guarantee contracts cover 12.37%
of Xior’s annualised long-term rental income. There are also
partnerships with academic universities and universities of
applied sciences. These are rather ‘soft commitments’. They
represent 5.2% of the annual rental income.
Xior Student Housing NV has several other types of tenancy
agreements that are also long-term. These are mainly tenancy
agreements for the commercial properties, which typically have
262 I FINANCIAL REPORT
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10.9.5
RESULT ON THE PORTFOLIO
Figures in thousands of EUR 31/12/2021
31/12/2020
(+/-) Result from the sale of investment properties 0 0
(+/-) Result from the sale of other non-nancial assets 0 0
(+/-) (+/-) Variations in the fair value of investment property 63,598 -50,448
- Positive variations in the fair value of investment properties 73,537 11,664
- Negative variations in the fair value of investment properties 9,939 62,112
(+/-) (+/-) Other portfolio result -30,837 -15,782
Result on the portfolio 32,761 -66,230
New properties were acquired through share acquisitions in the
rst half of 2021.
The property was acquired at a negotiated value (the acquisition
value agreed between the parties), which was in line with (but
not necessarily equal to) the Fair Value as assessed by the
Valuation Experts.
• The difference between the Fair Value of properties acquired
and the duciary value of such property is processed as
“
variations in the fair value of investment property ” on the
income statement.
• For properties purchased through share acquisitions, the
difference between the properties’ book value and negotiated
value and any other sources of discrepancies between the fair
value and the negotiated value of the shares are processed
as “
other portfolio result ” on the income statement.
“
Other portfolio result ” relates to amounts arising from
the application of the consolidation principles and merger
transactions, and consists of the differences between the
price paid for real estate companies and the Fair Value of
the acquired net assets. “
Other portfolio result ” also covers
directly attributable transaction fees.
• The change in Fair Value between 1 January 2021 and 31
December 2021 was recognised under “
negative or positive
investment property variations
”.
The positive change in the valuation of the investment property
is mainly due to a change in the property market, which means
the yields are falling. This change means that the Fair Value
of the portfolio has risen. On the other hand, we also have
the positive variations in the valuation of investment property
representing the difference between the agreed value and the
Fair Value of the newly acquired property upon acquisition.
10.9.3
GENERAL EXPENSES
Figures in thousands of EUR 31/12/2021
31/12/2020
(-) General company expenses -6,627 -5,996
- Lawyers' fees, notarial charges and legal costs -163 -230
Audit -189 -108
- Technical Audit 0 -89
- Tax advice, accounting services and compliance -541 -373
- Directors and executive management -576 -757
Stafng costs -2,567 -2,220
- Housing costs -244 -157
- Ofce costs -372 -276
- Advertising, communication and annual report -492 -343
- Taxes and statutory expenses -787 -706
- Business development -216 -256
Insurance -28 -46
- Environmental, social and governance (ESG) -118 0
- Other general expenses -333 -435
General company expenses -6,627 -5,996
The general expenses of the Company cover the xed operating
expenses of the undertaking that operates as a legally listed
entity and enjoys RREC status. These costs are incurred
to provide transparent nancial information. The increase
in general costs is mainly due to a rise in personnel costs,
consultancy costs and taxes and legal costs, which mainly
include the so-called equity-based subscription tax.
10.9.4
OTHER OPERATING INCOME AND COSTS
Figures in thousands of EUR 31/12/2021
31/12/2020
(+)/(-) Other operating result and costs 10 53
Management for third parties 10 53
Other operating income and costs 10 53
Pursuant to Article 6 of the Law on Regulated Real Estate
Companies, Stubis, a wholly owned subsidiary of Xior Student
Housing NV, provided limited real estate services to third parties.
The returns from this are recognised as other operational
income and costs. The result before taxes for these services
to third parties in 2021 represents a non-signicant percentage
of the consolidated result before taxes. These services were
discontinued in the course of Q1 2021.
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In Belgium, an RREC is only subject to corporation tax as
regards disallowed expenses and extraordinary and gratuitous
advantages. Deferred taxes (exit taxes) for subsidiaries are
recognised as the difference between the carrying amount
after depreciation in the annual nancial statements of these
subsidiaries and the Fair Value. These are recognised at a rate
of 15%, as it is the intention to merge these subsidiaries with the
public RREC.
The Company also has a number of buildings that are located in
the Netherlands. Some of these properties are part of a Dutch
permanent establishment. Other Dutch properties are held by
a wholly-owned subsidiary of Xior Student Housing. The tax on
prots due by the Dutch permanent establishment and by the
Dutch subsidiaries is estimated at 25% of the taxable result of
the permanent establishment and subsidiaries.
The Company also has some properties in Spain and Portugal.
The prot tax is estimated at 25% or 21% of the taxable base of
the Spanish and Portuguese subsidiaries respectively.
Besides the tax on prots, a deferred tax liability is attributed
to the latent capital gain of properties. This latent gain is
calculated as the difference between the duciary value and the
Fair Value. This deferred tax liability will be adjusted if the Fair
Value or carrying amount of the property changes as a result
of fluctuations in value or tax depreciation, for example. The
applied percentage is evaluated annually by taking into account
the projected gross margin on the real estate income in the
Netherlands for the coming years. For Spain and Portugal, this
amounts to 25% and 21% respectively.
As a result of the application of IFRS 3 Revised and linked to the
‘initial recognition exemption’ under IAS 12, Section 15b, as from
2020 no deferred tax was recognised on the difference between
the carrying amount at acquisition and the duciary value.
This tax may be due on the disposal of the property via an ‘asset
transaction’.
This gives rise to contingent liability. This amounted to KEUR
17,490 as at 31 December 2021.
Please also refer to
Chapter 10.9.22 of this Annual Report .
10.9.6
FINANCIAL RESULT
Figures in thousands of EUR 31/12/2021
31/12/2020
(+) Financial income
681 722
(-) Net interest expense -8,879 -7,324
Nominal interest paid on loans -5,251 -4,197
Breakdown of the nominal amount of nancial debt -395 -337
Costs of permitted hedging instruments -3,233 -2,791
(-) Othernancialcosts -1,513 -1,009
Bank costs and other commissions -1,214 -869
Other -299 -139
(+/-) Variationsinthefairvalueofnancialassetsandliabilities 12,022 -8,837
Market value of interest rate swaps 12,022 -8,837
Other 0 0
Financial result 2,310 -16,449
41
For the calculation of the APMs, please refer to Chapter 10.8 of this Annual Report.
The average interest rate
41
was 1.62% (1.22% without
hedging instruments) as at 31 December 2021 compared to
1.64% as at 31 December 2020. The average nancing cost
was 1.86% as at 31 December 2021 compared to 1.85% as at
31 December 2020.
The Company is subject to fluctuations in interest rates,
because a signicant part of long-term liabilities were based
on variable interest rates. An increase in the interest rate can
therefore cause an increase in the interest charges. However,
the Company has concluded the necessary IRS contracts over
the years. As at 31 December 2021, 94% of the credit drawn
down was hedged with IRS contracts or taken out at a xed
interest rate. (
See also Chapter 5.3.2 of this Annual Report ).
The derivatives used by Xior Student Housing NV do not qualify
as hedging transactions. As a result, the changes in Fair Value
are included in the income statement immediately.
10.9.7
CORPORATION TAX
Figures in thousands of EUR 31/12/2021
31/12/2020
Parent company
25% corporate tax
0 -6
Subsidiaries
Belgian tax, due and deductible 0
0 0
Foreign tax, due and deductible
-3,723 -2,892
Foreign deferred taxes
-7,837 -14
Belgian deferred taxes
0 0
Total -11,561 -2,912
Exit tax 270 23
Total -11,291 -2,889
266 I FINANCIAL REPORT
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Unobservable inputs in the measurement of the fair value
42
42
The Fair Value is determined by the Valuation Expert and deviates from the value recorded on the balance sheet as at 31 December 2021. For reconciliation with the balance sheet as at 31
December 2021, reference is made to
Chapter 8.2.1 of this annual report.
31/12/2021
Fair Value
as at
31/12/2021
Asset types
Assessment
method Country Unobservable data Min Max
Weighted
average
Student flats 659,333 DCF Belgium
Rent per student room 310 1250 546
Discount rate 4.98% 7.95% 5.60%
Vacancy 1.98% 4.45% 2.96%
Inflation 1.50% 1.50% 1.50%
Number of units 6,019
Student flats 1,036,958 DCF the Netherlands
Rent per student room 250 1330 571
Discount rate 4.42% 7.95% 5.49%
Vacancy 2.79% 10.03% 3.12%
Inflation 1.50% 1.95% 1.67%
Number of units 9,393
Other 11,013 DCF Belgium Gross rental income/m² 144 363 213
Discount rate 2.80% 6.30% 4.82%
Vacancy 2.01% 8.30% 4.76%
Inflation 1.50% 1.50% 1.50%
square metres
60
Other 6,244 DCF the Netherlands Gross rental income/m² 58.63 183.97 134.67
Discount rate 6.19% 7.60% 7.02%
Vacancy 0.00% 5.87% 0.98%
Inflation 1.50% 1.95% 1.88%
square metres
4,123
Student flats 325,847 DCF Spain Rent per unit 759 1395 1175
Discount rate 6.89% 8.10% 7.37%
Occupancy in academic year 92% 98% 96%
Occupancy in summer 25% 90% 55%
Inflation 1.70% 1.80% 1.72%
Number of units
2,815
Student flats 122,255 DCF Portugal Rent per unit 450 559 512
Discount rate 7.00% 8.00% 7.57%
Occupancy in academic year 95% 95% 95%
Occupancy in summer 40% 95% 54%
Inflation 1.70% 1.70% 1.70%
Number of units 1,727
Total 2,161,650
10.9.8
INVESTMENT PROPERTY
Figures in thousands of EUR
Investment table
Investment property
in operation
Property
developments
Total
Balance as at 31/12/2019 1,111,685 79,106 1,190,791
Acquisition of real estate companies through purchase or contributions 277,012 59,173 346,330
Other CAPEX investments 23,691 51,776 75,467
Purchases and received contributions of investment property 0 0 0
Sale of investment property 0 0 0
Capitalised interest charges
1,947 1,838 3,785
Change to the fair value -44,446 -6,002 -50,448
Transfer from/to
40,893 -40,893 0
Balance as at 31/12/2020 1,410,782 144,998 1,565,925
Acquisition of real estate companies through purchase or contributions 232,349 5,870 238,219
Other CAPEX investments 30,059 49,608 79,667
Purchases and received contributions of investment property 25,136 25,136
Sale of investment property 0 0 0
Capitalised interest charges
3,004 1,652 4,656
Change to the fair value 66,508 -2,910 63,598
Transfer from/to
49,759 -49,759 0
Balance as at 31/12/2021 1,817,597 149,459 1,967,056
Capitalised interest charges with regard to properties that are
the object of property developments were capitalised at an
interest rate of 2% during 2021.
Further investment in CAPEX is related to the investments made
in connection of new purchases, own property development and
investments in the existing portfolio. For a detailed description of
all achievements in 2021, please refer to
Chapter 10.9.30 of this
Annual Report
.
IFRS 13 NOTE
Valuation of investment property
Investment property is included at their Fair Value in accordance
with IAS 40. The Fair Value is measured based on unobservable
inputs, so the assets within the investment property belong to level
3 of the fair value hierarchy as determined by the IFRS. There were
no shifts within the fair value hierarchy in 2021.
Investment property is recognised in the accounts based on
appraisal reports that are drawn up by independent and expert
property appraisers.
The valuation of the property portfolio was drawn up by Stadim
(Belgium and some of the Netherlands), Cushman & Wakeeld
(Netherlands, Spain and Portugal) and CBRE (Spain).
The independent Valuation Experts perform an external valuation
of the property portfolio each quarter.
For a further explanation of the valuation methods, please refer to
Chapter 8.2.4.1 of this Annual Report .
The fair value is determined based on one of the following levels of
the IFRS 13 hierarchy:
• Level 1: valuation based on listed market prices in active
markets
• Level 2: valuation based on directly or indirectly (externally)
observable data
• Level 3: valuation based fully or partially on non (externally)
observable data
The property portfolio is assessed at the fair value. The fair value is
measured based on unobservable inputs, so the assets within the
investment property belong to level 3 of the fair value hierarchy as
determined by the IFRS.
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Belgium and the Netherlands
There is a signicant gap between the minimum and maximum
rents for student rooms. This is because the rent for the different
rooms depends on the room type. We have four room types:
basic, basic+, comfort and premium. Each type offers a different
form of comfort, so the price depends on various factors (size
of the room, en-suite or not, with or without own kitchenette,
location in the building and so on). For more information on
the average room price and influencing factors, please refer to
Chapter 8.2.2.4 of this Annual Report .
For the determination of the DCF, the valuation expert takes into
account a gross rental value on the one hand, and a number
of costs associated with the property on the other hand. The
costs taken into account are: re insurance, property taxes,
maintenance costs and management costs of the property.
Some vacancies are also taken into account (see also table
above). For actual vacancies as at 31 December 2021, we
refer to the property table included in
Chapter 8 of the Annual
Financial Report
.
The valuation expert also takes into account the end value of the
property. On average, this end value amounts to 50% of the Fair
Value. This is due to the fact that Xior’s properties are in good
locations, so that the land value included in the Fair Value of the
property involves a high end value.
In the valuation, the valuation expert also allows for the ageing
of the buildings. To this end, an annual rate of depreciation is
applied to the value of the building when calculating the Fair
Value. This corresponds to approximately 2% per annum on
the value of the building. The valuation expert assumes that
thorough renovation will be required after a period of time in
order to ensure that rental streams are maintained. Costs for
this are provided in the DCF model. After a thorough renovation,
a building’s useful life rises again. Most properties in the
portfolio have a useful life of 27 years. The properties in the
portfolio are fairly recent and a number of properties were
thoroughly renovated each year in order to maintain the rental
flows and Xior quality standard.
Spain and Portugal
The minimum and maximum rental prices per student room
are much higher than for Belgium and the Netherlands. This is
because in Spain more services are included in the rental prices,
such as linen, room cleaning and in some cases half or full
board. The units in Spain all have their own sanitary facilities,
so there are only two types of rooms: comfort and premium.
For more information on the average room price and influencing
factors, please refer to
Chapter 8.2.2.4 of this Annual Report .
For the determination of the DCF, the valuation experts take
into account a gross rental value one, on the one hand, and a
number of costs associated with the property, on the other hand
in order to arrive at a net rental value. The EBITDA margin is a
crucial factor in determining the valuation. They also take into
account a certain occupancy and make a distinction between
occupancy during the academic year (September to June) and
occupancy during the summer months (July and August) (see
also the table above). For actual vacancies as at 31 December
2021, we refer to the property table included in Chapter 8 of the
Annual Financial Report.
Projects under development are valued in the same way. The
valuation expert determines the Fair Value upon completion and
deducts the upcoming construction costs.
The sensitivity of the Fair Value to a change in the aforementioned
non-observable data is generally presented as follows (if all
parameters remain unchanged):
Unobservable data
Effect on the fair value
In case the value of the non-perceptible data
falls
In case the value of the non-perceptible
data rises
Rent per student room Negative Positive
Discount rate Positive Negative
Gross rental income/m² Negative Positive
Vacancy Positive Negative
These unobservable data may also be interconnected as they
are partly determined by the market conditions.
31/12/2020
Fair Value
as at
31/12/2020
Assessment
method
Asset types Country Unobservable data Min Max
Weighted
average
Student flats 431,047 DCF Belgium
Rent per student room 235 910 443
Discount rate 3.38% 7.00% 4.61%
Vacancy 2.82% 5.74% 2.99%
Inflation 1.25% 1.25% 1.25%
Number of units 3,856
Student flats 951,159 DCF The Netherlands
Rent per student room 250 1.165 514
Discount rate 4.92% 7.22% 5.48%
Vacancy 0.00% 4.10% 2.77%
Inflation 1.25% 1.25% 1.25%
Number of units 7.168
Other 9,616 DCF Belgium Gross rental income/m² 144 330 208
Discount rate 2.60% 6.05% 4.56%
Vacancy 2.96% 8.02% 4.81%
Inflation
1.25% 1.25% 1.25%
square metres
5,958
Other 5,935 DCF The Netherlands Gross rental income/m² 77.50 180 136
Discount rate 5.25% 8.00% 6.91%
Vacancy 1.83% 6.13% 2.55%
Inflation 1.25% 1.25% 1.25%
square metres
4,123
Student flats 172,821 DCF Spain Rent per unit 759 1.395 1.175
Discount rate 7.14% 7.89% 7.47%
Occupancy in academic
year 97% 70% 90%
Occupancy in summer 15% 65% 41%
Inflation 1.18% 1.18% 1.18%
Number of units
1,144
Student flats 58,784 DCF Portugal Rent per unit 450 559 512
Discount rate 7.25% 8.25% 7.75%
Occupancy in academic
year 70%
90%
80%
Occupancy in summer 30% 40% 38%
Inflation 1.75% 1.75% 1.75%
Number of units 1,107
Total 1,629,362
270 I FINANCIAL REPORT
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XIOR I 271

10.9.11
TRADE RECEIVABLES AND OTHER FIXED ASSETS
The long-term receivables (KEUR 135) relate to a reduction in
rental property tax in the Netherlands
43
, which can be deducted
from future property tax expenses.
10.9.12
PARTICIPATING INTERESTS IN JOINT VENTURES – EQUITY
METHOD
As of 31 December 2021, Xior has a 50% participation in the
Promgranjo joint venture, a 50% participation in the Invest Drève
St. Pierre joint venture, a 50% participation in the Unidorm joint
venture and a 25% participation in Uhub Investments Lumiar.
These joint ventures are included in Xior’s consolidated nancial
statements with the equity method.
The table below provides an overview of the Promgranjo assets
and liabilities as at 31 December 2021.
Promgranjo
Overview of assets and
liabilities (100%)
Investment property 13,863
Other assets 214
Cash and cash equivalents 12
Equity 184
Deferred taxes
Non-current debts 12,834
Other debt 1,520
Xior will acquire the remaining 50% of the shares once the
project is completed. The estimated purchase price of the
remaining 50% was already included in the annual accounts as
at 31 December 2021.
XSHPT Portugal, subholding in Portugal, has granted a
shareholder loan to the Promgranjo joint venture. The
outstanding receivables were KEUR 12,701 as at 31 December
2021. The receivable is interest bearing at 2.5% per year.
The table below provides an overview of the assets and liabilities
of Invest Drève St. Pierre as at 31 December 2021.
43
This rental property tax is in force in the Netherlands, where landlords owning more than 50 rental properties have to pay a tax on the property tax value of rented accommodation. This
applies to rental properties for which the rent does not exceed EUR 752.33 per month (2021 price level). The rental property tax rate for 2021 is 0.526%. If the applicable conditions are met,
this tax can be reduced in case of investments.
Invest Drève St. Pierre
Overview of assets and
liabilities (100%)
Investment property 15,111
Other assets 0
Cash and cash equivalents 130
Equity 43
Deferred taxes
Non-current debts 14,762
Other debt 437
Xior will acquire the remaining 50% of the shares once the
project is completed. The estimated purchase price of the
remaining 50% was already included in the annual accounts as
at 31 December 2021.
Xior has granted a shareholder loan to the Invest Drève St.
Pierre joint venture. As at 31 December 2021, the outstanding
receivables were KEUR 14,762. The receivable is interest
bearing at 2% per year.
The table below provides an overview of the Unidorm assets
and liabilities as at 31 December 2021.
Unidorm
Overview of assets and
liabilities (100%)
Investment property 3,015
Other assets 7
Cash and cash equivalents 53
Equity 15
Other debt 3,060
Xior will acquire the remaining 50% of the shares once the
project is completed. The estimated purchase price of the
remaining 50% was already included in the annual accounts as
at 31 December 2021.
Xior has granted a shareholder loan to the Unidorm joint
venture. The outstanding receivables were KEUR 3,020 as at 31
December 2021. The receivable is interest bearing at 2.5% per
year.
If the discount rate or rents were to rise or fall, the impact on the
Fair Value would be as follows:
Impact on the Fair Value in KEUR
Rent +10% 237,586
Rent +5% 118,732
Rent -5% -119,133
Rent -10% -238,388
Discount rate +0.5% -155,226
Discount rate +0.3% -97,237
Discount rate +0.1% -33,432
Discount rate -0.1% 36,112
Discount rate -0.3% 113,094
Discount rate -0.5% 198,621
Valuation process for investment property
Investment property is included in the nancial statements
based on appraisal reports that are drawn up by the independent
Valuation Experts. These reports are based on information
provided by the Company and on the assumptions and valuation
models adopted by the valuation expert.
Information provided by the Company includes current tenancy
agreements, periods and conditions, along with renovation
carried out on investments for Property developments.
The assumptions and valuation models applied by the valuation
experts mainly relate to the market situation, such as returns
and discount rates. They are based on their professional
assessment and knowledge of the market.
For a detailed description of the method of valuation applied
by the valuation experts, please refer to
Chapter 8.2.4 of this
Annual Report
(“ Appraisal of the property portfolio by the
Valuation Experts
”).
The information provided by the valuation experts, the
assumptions and the valuation models are reviewed internally.
This includes reviewing variations in the Fair Value during the
period in question.
10.9.9
OTHER TANGIBLE FIXED ASSETS
Figures in thousands of EUR 31/12/2021
31/12/2020
Tangiblexedassets
Othertangiblexed
assets
Othertangiblexed
assets
Acquisition value
Balance at the start of the nancial year 1,698 1,222
Acquisitions 206 477
Atthenancialyear-end 1,904 1,698
Depreciation
Balance at the start of the nancial year -727 -371
Depreciation -143 -356
Atthenancialyear-end -870 -727
Net carrying value 1,034 971
10.9.10
FINANCIAL ASSETS
Figures in thousands of EUR 31/12/2021
31/12/2020
Financial assets
Financial derivatives (IRS)
Other 686 4,166
Total 686 4,166
272 I FINANCIAL REPORT
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XIOR I 273

10.9.15
CASH AND CASH EQUIVALENTS
Figures in thousands of EUR 31/12/2021
31/12/2020
Cash and cash equivalents
Banks 10,820 9,894
Cash resources 29 17
Total 10,849 9,911
There are no restrictions on the use or application of cash and
cash equivalents.
10.9.16
ACCRUALS AND DEFERRED PAYMENTS – ASSETS
Figures in thousands of EUR 31/12/2021
31/12/2020
Accruals and deferred payments – assets
Accrued rental income 1,481 259
Prepaid property charges 3,948 1,845
Other 5,158 3,638
Total 10,586 5,741
Accruals and deferral assets (KEUR 10,586), which are mainly
property costs to be transferred (KEUR 3,948), property income
obtained (KEUR 3,674), prepaid expenses (KEUR 244) and
service charges to be settled in the Netherlands (KEUR 1,520).
The table below provides an overview of the Uhub Investments
Lumiar assets and liabilities as at 31 December 2021.
Uhub Lumiar
100% after completion
(estimate)
Investment property 11,524 34,900
Other assets 112 112
Cash and cash equivalents 5 5
Equity 7,599 12,975
Other debt 4,042 22,042
Adjusted equity (100%) 12,975 12,975
Xior will acquire the remaining 50% of the shares once the
project is completed. The estimated purchase price of the
remaining 50% was already included in the annual accounts as
at 31 December 2021.
10.9.13
TRADE RECEIVABLES
Figures in thousands of EUR 31/12/2021
31/12/2020
Trade receivables
Trade receivables
3,105 5,349
Invoices to issue 274 263
Income to be collected 0 0
Recognised impairments -686 -725
Total 2,693 4,887
Trade receivables still to be collected (KEUR 2,693) include rent
still to be received. This also includes the receivables from the
commercial tenant, with whom a repayment plan has been
agreed.
Figures in thousands of EUR 31/12/2021
31/12/2020
Impairments on doubtful debts -
mouvement table
At the nancial year-end 725 371
From acquired companies 0 0
Additions 272 465
Reversals -301 -68
Written off as no longer
collectable -10 -21
At the nancial year-end 686 725
Provisions for doubtful debts are generally made on an individual
basis, when needed. There is a risk that a loss will be suffered on
a receivable. This risk is limited because a rental guarantee of at
least one month’s rent, and in most cases two months’ rent, is
requested at the start of the tenancy agreement.
The provision for doubtful debts is set up as follows: the list of
rent arrears is monitored internally. Based on an assessment
by the management or when there are clear indications that
the receivables can no longer be collected, a provision is
established. A provision of KEUR 686 was established as at 31
December 2021.
Receivables ageing summary
Figures in thousands of EUR
Ageing of outstanding
customers
31/12/2021
31/12/2020
Not due 48 96
30 days 352 2,616
31-60 days 679 486
61-90 days 87 197
More than 90 days 1,939 1,953
Total 3,105 5,349
10.9.14
TAX RECEIVABLES AND OTHER CURRENT ASSETS
Figures in thousands of EUR 31/12/2021
31/12/2020
Tax receivables and other current
assets
Tax to be reclaimed 120 1.304
VAT to be reclaimed 2,470 1,608
Other 62,719 31,482
Total 65,309 34,394
Tax receivables and other receivables (KEUR 65,309): this relates
mainly to receivables from Promgranjo, the joint-venture company
being used to develop the project in Porto, Portugal (KEUR
12,701), a receivable from Invest Drève St Pierre, the joint-venture
company being used to develop a project in Brussels (KEUR
14,762), a receivable from Unidorm, the joint-venture company
being used to develop a project in Lisbon, Portugal (KEUR 3,020),
an advance against an acquisition (KEUR 6,000) in Barcelona, and
a receivable from Aloxe NV (KEUR 1,214 – on which interest is
being paid at market interest rates). This also includes advance
payments relating to property developments and furnishings.
274 I FINANCIAL REPORT
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XIOR I 275

10.9.17
CAPITAL AND ISSUE PREMIUMS
Figures in EUR
Previous capital
(EUR)
Capital increase
(EUR)
New capital (EUR)
Previous number of
shares
New number of
shares
Accounting par value
(EUR)
Evolution of capital
Date Transaction
10/03/2014 Incorporation of company 20,000.00 20,000.00 200 100.00
23/09/2015 Capital increase 20,000.00 1,230,000.00 1,250,000.00 200 12,500 100.00
23/11/2015 Share split 1,250,000.00 1,250,000.00 12,500 42,500 29.41
11/12/2015 Sister company mergers 1,250,000.00 23,328,937.02 24,578,937.02 42,500 975,653 25.19
11/12/2015 Capital increase by way of contribution in kind, as a result of the Share Contribution 24,578,937.02 3,256,783.01 27,835,720.03 975,653 1,105,923 25.17
11/12/2015 Mergers by acquisition 27,835,720.03 3,696,060.08 31,531,780.11 1,105,923 1,253,764 25.15
11/12/2015 Capital increase below fractional value via cash contributions for the issue of new shares 31,531,780.11 58,710,898.28 90,242,678.39 1,253,764 4,626,780 19.50
11/12/2015 Capital reduction to create a reserve to cover foreseeable losses 90,242,678.39 -6,960,638.39 83,282,040.00 4,626,780 4,626,780 18.00
1/03/2016 Merger with Devimmo 83,282,040.00 4,151,826.00 87,433,866.00 4,626,780 4,857,437 18.00
1/08/2016 Merger with CPG 87,433,866.00 1,320,948.00 88,754,814.00 4,857,437 4,930,823 18.00
11/10/2016 Woonfront Tramsingel BV contribution in kind 88,754,814.00 6,114,204.00 94,869,018.00 4,930,823 5,270,501 18.00
17/01/2017 KVS project contribution in kind 94,869,018.00 2,669,976.00 97,538,994.00 5,270,501 5,418,833 18.00
22/06/2017 Capital increase 97,538,994.00 48,769,488.00 146,308,482.00 5,418,833 8,128,249 18.00
26/03/2018 Enschede project contribution in kind 146,308,482.00 9,317,304.00 155,625,786.00 8,128,249 8,645,877 18.00
12/06/2018 Capital increase 155,625,786.00 77,812,884.00 233,438,670.00 8,645,877 12,968,815 18.00
12/12/2018 All-In Annadal BV contribution in kind 233,438,670.00 14,400,000.00 247,838,670.00 12,968,815 13,768,815 18.00
4/06/2019 Optional dividend 247,838,670.00 2,702,574.00 250,541,244.00 13,768,815 13,918,958 18.00
13/06/2019 Stratos KvK NV contribution in kind 250,541,244.00 7,756,002.00 258,297,246.00 13,918,958 14,349,847 18.00
27/10/2019 Capital increase 258,297,246.00 86,099,076.00 344,396,322.00 14,349,847 19,133,129 18.00
18/06/2020 Capital increase through contributions in kind 344,396,322.00 2,918,916.00 347,315,238.00 19,133,129 19,295,291 18.00
7/10/2020 Contribution in kind Patrimmonia Couronne – Franck NV 347,315,238.00 11,835,702.00 359,150,940.00 19,295,291 19,952,830 18.00
25/11/2020 Capital increase
359,150,940.00 19,684,998.00 378,835,938.00 19,952,830 21,046,441 18.00
9/03/2021 Capital increase
378,835,938.00 75,767,184.00 454,603,122.00 21,046,441 25,255,729 18.00
7/12/2021 Capital increase
454,603,122.00 45,460,296.00 500,063,418.00 25,255,729 27,781,301 18.00
276 I FINANCIAL REPORT
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XIOR I 277

issue premiums, as well as all equity components under the
Company’s IFRS separate annual nancial statement (drawn
up under the Legislation on Regulated Real Estate Companies)
that are subject to conversion into capital, whether or not with
the creation of new securities, in accordance with the rules
prescribed by the Belgian Companies and Associations Code,
Legislation on Regulated Real Estate Companies and Articles
of Association.
The Board of Directors may also issue new shares. Where
appropriate, the issue premiums will be recognised and
retained in one or more separate accounts as liabilities in the
equity section of the balance sheet. If the capital increases
decided by the Board of Directors include an issue premium,
the Board of Directors must place the issue premium amount
– possibly reduced by an amount up to the costs of the capital
increase as referred to by the applicable IFRS rules – in a non-
distributable reserve account to serve as a guarantee to third
parties in the same way as the capital. Subject to the issue
premium’s incorporation into the capital, it can only be reduced
or abolished in a resolution at the general shareholders’ meeting
in accordance with the quorum and majority rules applicable to
amendments of the Articles of Association.
The Board of Directors may also issue subscription rights
(whether or not attached to another security) and convertible
bonds, or bonds redeemable as shares, which could lead to the
creation of the same securities, always subject to compliance
with the rules prescribed by the applicable regulations and the
Company’s Articles of Association.
Without prejudice to the application of Articles 7:188 to 7:193
and Article 7:201 of the Belgian Companies and Associations
Code, the Board of Directors may restrict or cancel the pre-
emptive right, even when this is done for the benet of one or
more specic persons other than employees of the Company
or its subsidiaries. In principle, this is only possible to the extent
that existing shareholders are granted an irreducible allocation
right when new securities are granted (to the extent required
by law). This irreducible allocation right must at least comply
with the conditions as set out in Article 11.1 of the Articles of
Association. Notwithstanding the application of Articles 7:190
to 7:194 of the Belgian Companies and Associations Code,
such restrictions with regard to the limitation or cancellation
of the pre-emptive right do not apply to a contribution in cash
which involves the restriction or cancellation of the pre-emptive
right, (i) in the context of the authorised capital where the total
amount of the capital increases carried out over a 12-month
period in accordance with Article 26, Section 1, (3) of the Law on
Regulated Real Estate Companies does not exceed 10% of the
capital amount at the time the decision was made to increase
the capital or (ii) in connection with a contribution in kind in the
context of the distribution of an optional dividend, insofar as
this is actually made payable to all shareholders. In this context,
the Company draws particular attention to the possibility of
increasing the capital by means of a private placement without
such an irreducible allocation right (limited to 10% new shares
per 12 months) recently included in the Legislation on Regulated
Real Estate Companies, and which the authorisation for
authorised capital granted by the general meeting also permits
(together with the authorisation for a contribution in kind limited
to 10%).
If securities are issued in return for a non-cash contribution, the
conditions as stated in Article 11.2 of the Articles of Association
must be fullled (including the possibility of deducting an
amount that corresponds to the portion of the unpaid gross
dividend). However, the special rules on a capital increase
through a non-cash contribution, as set out under Article 11.2,
do not apply to the contribution of the right to a dividend in the
context of the distribution of an optional dividend, as far as this
is actually made payable to all shareholders.
Under the same conditions as set out above and subject to the
applicable statutory provisions, the Company may, with the
exception of prot-sharing certicates and similar securities,
issue the securities referred to in Article 7:22 of the Belgian
Companies and Associations Code and any other securities
permitted by company law in accordance with the rules
prescribed for that purpose and the Legislation on Regulated
Real Estate Companies.
The right in relation to the authorised capital may never be used
for the following transactions:
(i) The issue of subscription rights that are mainly intended
for one or more specic persons, other than employees of
the Company or of one or more of its subsidiaries (Article
7:201(1)(3) of the Belgian Companies and Associations
Code);
(ii) The issue of super voting shares or securities that entitle
the issue of or conversion into super voting shares (Article
7:201(1)(2) of the Belgian Companies and Associations
Code);
(iii) Capital increases that are mainly brought about by a non-
cash contribution exclusively reserved for a shareholder of
the Company who holds securities of the Company to which
more than 10% of the voting rights are attached. Securities
Evolution of issue premiums
Date Transaction
Issue premiums
31/12/2015 25,615
1/03/2016 Merger with Devimmo 1,615
1/08/2016 Merger with CPG 514
11/10/2016 Woonfront Tramsingel BV contribution in kind 4,517
17/01/2017 KVS project contribution in kind 2,394
22/06/2017 Capital increase 35,222
26/03/2018 Enschede project contribution in kind 8,800
12/06/2018 Capital increase 53,332
12/12/2018 All-In Annadal contribution in kind 15,230
4/06/2019 Optional dividend 3,378
13/06/2019 Stratos KvK NV contribution in kind 10,241
27/10/2019 Capital increase 115,582
18/06/2020 Capital increase through contributions in kind 4,581
7/10/2020 Contribution in kind Patrimmonia Couronne – Franck NV 22,047
25/11/2020 Capital increase 34,996
9/03/2021 Capital increase 99,227
7/12/2021 Capital increase 70,716
Total issue premiums as at 31/12/2021 508,008
Undistributable issue premiums 298,448
Available issue premiums 209,560
In the 2021 capital increases, KEUR 169,943 was allocated to
the available issue premiums.
Authorised capital
At the Extraordinary General Meeting of 24 June 2021, the Board
of Directors was authorised to increase the registered capital in
one or more instalments:
(a) for capital increases by means of a contribution in cash that
offer the company shareholders the option to exercise their
statutory pre-emptive rights or irreducible allocation rights,
up to a maximum amount of EUR 227,301,561.00,
(b) for capital increases in the context of the distribution of
an optional dividend, up to a maximum amount of EUR
227,301,561.00,
(c) for capital increases by means of a contribution in cash that
do not offer the company shareholders the option to exercise
their statutory pre-emptive rights or irreducible allocation
rights, up to a maximum amount of EUR 45,460,312.20,
(d) for (a) capital increases by way of contribution in kind and (b)
any capital increases other than those mentioned above, up
to a maximum amount of EUR 45,460,312.20,
provided that the Board of Directors shall never increase
the capital in any case by more than the statutory maximum
amount, which is 100% of the total capital amount of EUR
454,603,122.00 as at the Extraordinary General Meeting held on
24 June 2021.
For this purpose, see Article 7 of the Articles of Association
included in
Chapter 12.4 of this Annual Report .
This authorisation was granted to the Board of Directors for
a ve-year period from the publication in the Annexes to the
Belgian Ofcial Journal of the minutes of the Extraordinary
General Meeting of 24 June 2021. This authorisation can be
renewed. The Board of Directors will determine the price, any
issue premium and the issue conditions of the new securities
for each capital increase.
These capital increases may be implemented by cash
contributions, non-cash contributions, mixed contributions
or the conversion of reserves, including retained prots and
278 I FINANCIAL REPORT
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XIOR I 279

10.9.20
OTHER NON-CURRENT FINANCIAL LIABILITIES
The other non-current nancial liabilities as at 31 December
2021 are KEUR 13,023. They relate to the market value of the
outstanding interest rate swap (IRS) agreements as at 31
December 2021.
31/12/2021
IFRSclassication
Level (IFRS) Notional amount Interest rate (as %) Expires on Fair value liabilities
Interest Rate Swap 2 45,000,000 0.65 30/12/2027 -1,511,032
Interest Rate Swap 2 52,000,000 0.397 31/12/2030 -765,889
Interest Rate Swap 2 18,000,000 0.59 30/12/2024 -426,188
Interest Rate Swap 2 25,000,000 0.7 01/04/2025 -758,228
Interest Rate Swap 2 12,500,000 0.09 30/09/2026 -73,092
Interest Rate Swap 2 12,500,000 0.14 28/09/2029 5,912
Interest Rate Swap 2 43,000,000 0.391 31/12/2029 -62,428
Interest Rate Swap 2 24,062,500 0.785 07/02/2029 -1,083,838
Interest Rate Swap 2 693,000 0.074 30/09/2026 -3,621
Interest Rate Swap 2 6,682,500 0.074 30/09/2026 -34,918
Interest Rate Swap 2 7,177,500 0.074 30/09/2026 -37,505
Interest Rate Swap 2 7,152,750 0.074 30/09/2026 -37,375
Interest Rate Swap 2 3,935,250 0.074 30/09/2026 -20,563
Interest Rate Swap 2 30,000,000 0.413 09/08/2029 -715,543
Interest Rate Swap 2 48,000,000 0.416 09/11/2027 -1,184,524
Interest Rate Swap 2 22,000,000 0.9765 30/06/2028 -1,336,392
Interest Rate Swap 2 25,000,000 0.185 11/12/2028 -454,930
Interest Rate Swap 2 25,000,000 1.01 31/12/2029 -1,747,967
Interest Rate Swap 2 25,000,000 1.1225 31/12/2030 -2,079,407
Interest Rate Swap 2 25,000,000 0.895 30/06/2027 -1,388,833
Interest Rate Swap 2 32,500,000 0.195 24/06/2025 -113,657
Interest Rate Swap 2 32,500,000 0.195 24/06/2025 -113,657
Floor 2 15,000,000 30/04/2024 161,909
Floor 2 20,000,000 30/09/2023 159,617
Floor 2 20,000,000 31/03/2023 125,398
Floor 2 10,000,000 31/03/2024 95,678
Floor 2 15,000,000 05/05/2022 36,925
Floor 2 10,000,000 31/01/2023 65,497
Floor 2 10,000,000 11/12/2023 89,564
Floor 2 10,000,000 31/05/2023 73,705
Floor 2 15,000,000 05/05/2023 112,363
TOTAL -13,023,019
held by the following persons are added to those held by this
shareholder (Article 7:201(1)(3) of the Belgian Companies
and Associations Code):
• A third party acting in their own name but on behalf of the
aforementioned shareholder;
• A natural person or legal entity afliated with the
aforementioned shareholder;
• A third party acting in their own name but on behalf of a natural
person or legal entity afliated with the aforementioned
shareholder;
• Persons acting in joint consultation, which refers to (a) the
natural persons or legal entitles who act in joint consultation
within the meaning of Article 3, Section 1(5)(a) of the Belgian
Law of 1 April 2007, (b) the natural persons or legal entities
that have entered into an agreement for the coordinated
exercise of their voting rights in order to pursue a sustainable,
common policy in relation to the Company, and (c) the natural
persons or legal entities that have entered into an agreement
with regard to acquiring, holding or transferring voting
securities;
(iv) The issue of a new type of securities (Art. 7:201(1)(4) of the
Belgian Companies and Associations Code).
The capital was increased by means of the authorised capital
in the course of 2021. As at 31 December 2021, the balance of
the authorised capital was (a) EUR 227,301,561.00 (maximum)
(for capital increases through contributions in cash whereby
provision is made for the exercise of statutory pre-emptive
rights or irreducible allocation rights, (b) EUR 227,301,561.00
(maximum) (for capital increases in the context of the optional
dividend), (c) EUR 16.20 (maximum) (for capital increases
through contributions in cash whereby no provision is made for
the exercise of statutory pre-emptive rights or the convertible
allocation rights, and (d) EUR 45,460,312.20 (maximum) (for
capital increases through a contribution in kind and any capital
increases other than those mentioned above).
10.9.18
SHAREHOLDER STRUCTURE
Taking into account the received transparency notications and
the information in Xior Student Housing NV’s possession, the
main shareholders as at 31 December 2021 are:
Shareholder
%
Aloxe NV - Mr. C. Teunissen &
Mr. Frederik Snauwaert 17,11%
1
AXA Investment Managers SA
2
6,28%
3
1
Based on the transparency notication of 12 December 2018 and publicly available
information (including the denominator as at 7 December 2021 (27,781,301)).
2
AXA Investment Managers SA makes the transparency notication as the controlling
person for AXA Investment Managers Paris SA, AXA Real Estate Investment Managers
SA and AXA Real Estate Investment Managers SGP.
3
Based on the transparency notication of 3 April 2020 and publicly available information
(including the denominator as at 7 December 2021 (27,781,301)).
Please also refer to Chapter 6.1.3 of this Annual Report.
The transparency notications can be consulted on the
Company’s website (www.xior.be under the heading Investor
Relations – Shareholder Structure).
10.9.19
EARNINGS PER SHARE
31/12/2021
31/12/2020
Number of ordinary shares in
circulation 27,781,301 21,046,441
Weighted average number of shares 24,644,517 19,560,351
Net result per ordinary share (in EUR) 2.96 -2.14
Diluted net earnings per ordinary
share (in EUR) 2.96 -2.14
EPRA earnings per share (in EUR) 1.82 1.74
EPRA earnings per share (EUR) –
group share
1.80 1.70
280 I FINANCIAL REPORT
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XIOR I 281

10.9.21
OTHER NON-CURRENT LIABILITIES
Other non-current liabilities (KEUR 28,177) mainly relate to the put
option on the remaining 20% of Mosquera Directorship shares,
10% on XL Fund shares and 50% on Invest Drève St. Pierre shares.
This liability was initially recognised against equity for Mosquera
and XL Fund (deducted from equity – IFRS liability). The annual
fluctuations are across the P&L. This has a negative impact on
NAV per share. When the option is exercised, this negative amount
will be recognised in equity against minority interests.
The increase in debt for the Mosquera put/call option is due to an
increase in the value of the property.
Figures in thousands of EUR 31/12/2021
31/12/2020
Put/call option remaining 20%
Mosquera shares 20,732 19,112
Put/call option remaining 10% XL
shares 2,499 2,481
Put/call option on the remaining
50% Invest Drève St. Pierre shares 354 354
Leasehold fee Oaks of Life 4,000 0
Other liabilities 592 1,386
28,177 23,333
If the FV of the property rises or falls by 10%, this will have an
impact of +10% or -10% on the option price for Mosquera and XL
Fund. A rise or fall in the fair value of the property held by Invest
Drève St. Pierre, has no impact on the option price.
10.9.22
DEFERRED TAXES
Figures in thousands of EUR 31/12/2021
31/12/2020
Uitgestelde belastingen
verplichtingen
Exit tax 6,723 3,335
Deferred taxes on capital gains on
property abroad 56,186 47,815
Total 62,909 51,150
These are deferred taxes on Dutch, Spanish and Portuguese
property.
44
This amount does not include the nancial leasing liabilities (KEUR 5,146).
Please also refer to Chapter 10.9.7 of this Annual Report.
10.9.23
FINANCIAL DEBTS
Figures in thousands of EUR 31/12/2021
31/12/2020
Non-currentnancialdebts
Bilateral loans – variable or xed
interest rates 747,038 732,231
Loan drawdown costs -1,930 -1,562
Total 745,108
44
730,669
Figures in thousands of EUR 31/12/2021
31/12/2020
Non-currentnancialdebts(excl.
interests)
Breakdown according to maturity
Between 1 and 2 years 199,512 150,044
Between 2 and 5 years 290,981 362,800
More than 5 years 256,546 219,388
Total 747,038 732,231
Figures in thousands of EUR 31/12/2021
31/12/2020
Unutilised loans
Due within one year 0 9.514
Due after one year 366,000 91,000
Total 366,000 100,514
The nancial debts that have been closed at Xior Student
Housing level without underlying collateral. Exceptions to this
are loans taken out by subsidiaries, i.e. the loan from Stratos
KvK, the loan from Uhub Benca, the loan from Uhub São João
and the loan from Quares. This was taken over on acquisition
of 100% of the shares. This loan is partly secured by securities.
The majority of the nancial debts have a variable interest rate.
Some of the nancing concluded has a xed interest rate. IRS
contracts were signed to hedge part of the loans and swap the
variable interest rates for xed interest rates. A total of KEUR
479,704 in nancing is hedged with IRS contracts. This means
53% of drawn down nancing is hedged. There is KEUR 374,895
in loans at xed interest rates, which results in a hedge (IRS
+ xed interest rate) of 94% compared with the drawn down
nancing.
31/12/2020
IFRSclassication
Level (IFRS) Notional amount Interest rate (as %) Expires on Fair value liabilities
Interest Rate Swap 2 45,000,000 0.65 30/12/2027 -3,050,781
Interest Rate Swap 2 52,000,000 0.465 29/12/2023 -1,584,088
Interest Rate Swap 2 18,000,000 0.59 30/12/2024 -812,808
Interest Rate Swap 2 25,000,000 0.7 1/04/2025 -1,352,578
Interest Rate Swap 2 12,500,000 0.09 30/09/2026 -401,234
Interest Rate Swap 2 12,500,000 0.14 28/09/2029 -531,757
Interest Rate Swap 2 30,000,000 0.413 9/08/2029 -2,069,763
Interest Rate Swap 2 48,000,000 0.416 9/11/2027 -2,903,921
Interest Rate Swap 2 22,000,000 0.9765 30/06/2028 -2,337,328
Interest Rate Swap 2 25,000,000 0.185 11/12/2028 -1,161,837
Interest Rate Swap 2 25,000,000 1.01 31/12/2029 -3,109,847
Interest Rate Swap 2 25,000,000 1.1225 31/12/2030 -3,629,411
Interest Rate Swap 2 25,000,000 0.895 30/06/2027 -2,286,134
Interest Rate Swap 2 32,500,000 0.195 24/06/2025 -533,947
Interest Rate Swap 2 32,500,000 0.195 24/06/2025 -533,947
Interest Rate Swap 2 25,437,500 0.785 7/02/2029 -2,021,214
Floor 2 15,000,000 05/05/2021 34,825
Floor 2 10,000,000 31/03/2024 182,188
Floor 2 20,000,000 30/09/2023 308,324
Floor 2 10,000,000 31/05/2021 27,160
Floor 2 15,000,000 5/05/2022 119,731
Floor 2 20,000,000 31/03/2023 252,168
Floor 2 10,000,000 11/12/2023 168,688
Floor 2 10,000,000 31/01/2023 125,691
Floor 2 15,000,000 30/04/2024 293,958
Floor 2 25,000,000 31/12/2021 138,835
Floor 2 25,000,000 31/12/2021 138,835
TOTAL -26,530,192
The market value of the outstanding interest rate swap contracts
is received from the various nancial institutions.
282 I FINANCIAL REPORT
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XIOR I 283

Reconciliation of debt from nancing activities
The table below shows the changes in Xior’s nancing
activities
45
.
45
This overview does not take into account the nancial leasing debts (long-term ground lease contracts).
31/12/2020 Cash flows Non-cash changes
Reclassi-
cation 31/12/2021
Reconstitution
of the nominal
amount
Changes
in the
fair value
Taken over
upon
acquisition
Long-term credit 733,182 -7,993 -1,187 50,391 -29,285 745,108
Short-term credit 90,309 45,748 29,285 165,342
Financial instruments 26,530 -13,641 134 13,023
Total 850,021 37,755 -1,187 -13,641 50,525 0 923,473
10.9.24
TRADE DEBTS
Figures in thousands of EUR 31/12/2021
31/12/2020
Trade debts
Trade debts 9,443 7,283
Invoices to be received 4,049 3,312
Taxes and social security
contributions 1,895 4,036
Other 2,330 663
Exit tax -9 -108
Total 17,707 15,186
The taxes and social security are mainly estimated taxes on
permanent establishments and subsidiaries and payable VAT.
10.9.25
OTHER CURRENT LIABILITIES
Other current liabilities KEUR 26,436 (2020: KEUR 15,846) include
rental guarantees received from tenants, a put/call option on the
shares of a property company to be acquired, a put/call option on
Promgranjo, a put/call option on Unidorm and a put/call option on
Uhub Investments Lumiar (for the split, see also
Chapter 5.2.1 of
this Annual report).
Figures in thousands of EUR 31/12/2021
31/12/2020
Estimated future interest charges
Within 1 year 11,653 11,545
Between 1 and 5 years 35,290 31,779
More than 5 years 24,484 17,819
Total 71,427 61,143
Figures in thousands of EUR 31/12/2021
31/12/2020
Liquidity commitments on
maturity dates associated with
the hedging instruments
Within 1 year 2,485 2,512
Between 1 and 5 years 9,554 9,257
More than 5 years 4,957 5,509
Total 16,996 17,279
The estimate of future interest expenses takes into account the
debt position as at 31 December 2021.
Xior Student Housing had KEUR 1,276,640 of committed credit
agreements as at 31 December 2021. For Xior Student Housing’s
debt ratio, please refer to
Chapter 10.9.34 of this Annual
Report.
This concerns bullet loans taken out with various banks
and with terms varying from 3 to 10 years. The average term
is 4.83 years. A number of these credit agreements contain
cross default provisions that allow the lender to demand early
repayment of the credit (or to cancel or renegotiate the credit) if
Xior breaches one of its other credit agreements.
The following table gives an overview of the impact on the fair
value and IRSs if the interest rate were to rise or fall by up to
0.20%:
Change in interest rate
Impact on change in fair value of IRSs as at 31/12/2021
-0.20% -5,857 KEUR
+0.20% +5,841 KEUR
Change in interest rate
Impact on change in fair value of IRSs as at 31/12/2020
-0.20% -5,355 KEUR
+0.20% +5,333 KEUR
The Company must comply with the necessary covenants in the
context of its nancing agreements. Xior met all the relevant
covenants as at 31 December 2021.
A maximum debt ratio of 60% (see calculation provided in the
Belgian Royal Decree on Regulated Real Estate Companies), an
interest cover ratio of at least 2.5, an adjusted debt yield ratio of
6% and minimal hedging of 70%. For a more detailed description
of the nancing agreements signed by the Company, please
also refer to
Chapter 5.3.1 of this Annual Report.
2021 interest rate sensitivity
If the Euribor interest rate (3m, 12m and/or 6m) were to
increase by 20 basis points, this would have an impact of KEUR
112 on the interest to be paid by the Company by 2022. This
sensitivity estimate takes into account the concluded hedging
transactions.
284 I FINANCIAL REPORT
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XIOR I 285

Trade receivables and trade debts are recognised at amortised cost.
The change in the fair value of nancial derivatives is recognised via the
result.
Fair value
Since the trade receivables and trade debts are current, the fair
value almost approximates the nominal value of the nancial
assets and liabilities in question. As at 31 December 2021, Xior
Student Housing has KEUR 374,895 in nancial debts at xed
interest rates. The rest of the nancial debts are at variable
interest rates. A fair value was calculated for the loans that were
repaid at a xed interest rate. This fair value differs from the
carrying amount. For the loans taken out at variable interest
rates, the fair value equals the carrying amount. These loans are
partially hedged with IRS contracts.
For the denitions of the levels, please refer to
Chapter 10.9.8
of this Annual Report.
10.9.28
TRANSACTIONS WITH RELATED PARTIES
Figures in thousands of EUR 31/12/2021
31/12/2020
Transactions with related parties
Management remuneration 835 879
Independent directors'
remuneration 189 117
Total 1,024 996
Receivables from Aloxe 1,214 2,470
The related parties with whom the Company deals with are its
subsidiaries and its directors and executives. Transactions with
the subsidiaries are eliminated during the consolidation.
The directors and executives’ fees are included under the
item “
General Company expenses ” (see Chapter 10.9.3 of this
Annual Report
).
Directors and executives do not receive any further benets at
the expense of the Company. We refer for this purpose to the
remuneration report in
Chapter 6.1.17 of this Annual Report .
As at 31 December 2021, Xior Student Housing NV had
KEUR 1,214 in receivables from Aloxe, the Company’s main
shareholder. These receivables resulted mainly from the rental
guarantees provided for certain projects during the IPO.
10.9.29
STATUTORY AUDITOR’S FEE
Pursuant to Article 7:99, Section 7 of the Belgian Companies and
Associations Code, the 70% rule must be assessed in relation to
Xior Student Housing NV and may not be exceeded.
Figures in thousands of EUR 31/12/2021
31/12/2020
Mandate of the Statutory Auditor
(Xior Student Housing NV) 57 47
Mandate of the Statutory Auditor
(subsidiaries) 78 28
Audit engagements under
the Belgian Companies and
Associations Code 27 35
Other audit engagements (comfort
letter and so on) 54 22
Tax consultancy assignments 0 0
Other assignments outside the
audit engagements 0 0
TOTAL 216 132
10.9.30
ACQUIRED REAL ESTATE COMPANIES AND INVESTMENT
PROPERTY
The Company is achieving its growth strategy and its portfolio
contained 162 properties as at 31 December 2021. The
acquisitions achieved in the course of 2021 are explained briefly
below.
10.9.30.1 Property acquisitions
The Company has acquired two properties through a sale-
purchase against payment in cash (property acquisitions). They
are the property located on Rat Verleghstraat in Breda and the
property located in Zaragoza.
10.9.30.2 Share acquisitions
The Company acquired 100% of the shares in several real estate
companies through a sale-purchase against payment in cash
or shares.
Acquisition of 100% of Roosevelt NV shares
A newly established real estate company (in which Xior has
acquired a 75% stake) acquired all Roosevelt NV shares for
this redevelopment project. Roosevelt NV is the full owner of
the existing Antwerp Inn Hotel and the investment property
10.9.26
ACCRUED LIABILITIES AND DEFERRED INCOME
Figures in thousands of EUR 31/12/2021
31/12/2020
Accrued liabilities and deferred income
Deferred property income 2,368 490
Real estate expenses to be allocated 158 1,121
Accrued interests 2,027 1,794
Other 4,191 1,872
Total 8,744 5,277
The income to be carried over relates mainly to rent paid
in advance. Accrued expenses are mainly property tax
assessments and property taxes still to be received.
Other accruals and deferred payments are mainly general
expenses still due.
10.9.27
FINANCIAL ASSETS AND LIABILITIES
31/12/2021
31/12/2021
Figures in thousands of EUR
Carrying
amount
Fair value
Carrying
amount
Fair value Level
Summaryofnancialassetsandliabilities
Assets
Financial assets 18,621 18,621 8,489 8,489
Financial xed assets 686 686 4,166 4,166 level 2
Trade receivables and other xed assets
135 135 135 135 level 2
Deferred tax assets
491 491 1,013 1,013 level 2
Shareholdings in associated companies and joint ventures
17,309 17,309 3,175 3,175 level 2
Financial current assets 78,851 78,851 49,192 49,192
Trade receivables
2,693 2,693 4,887 4,887 level 2
Tax receivables and other current assets
65,309 65,309 34,394 34,394 level 2
Cash and cash equivalents
10,849 10,849 9,911 9,911 level 1
Total nancial assets 97,472 97,472 57,681 57,681
Liabilities
Non-currentnancialliabilities 791,454 799,038 783,045 790,072
Non-current nancial liabilities
750,254 757,838 733,182 740,209 level 2
Financial derivatives
13,023 13,023 26,530 26,530 level 2
Other non-current liabilities
28,177 28,177 23,333 23,333 level 2
Currentnancialliabilities 209,485 209,485 121,341 121,341
Current nancial liabilities
165,342 165,342 90,309 90,309 level 2
Trade debts and other current liabilities
17,707 17,707 15,186 15,186 level 2
Other current liabilities
26,436 26,436 15,846 15,846 level 2
Total nancial liabilities 1,000,939 1,008,523 904,386 911,413
286 I FINANCIAL REPORT
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XIOR I 287

Quares Student Housing
Summary of acquired assets and liabilities (100%)
Investment property 132,887
Other assets 270
Cash and cash equivalents 481
Equity 69,655
Exit tax 5,113
DTL 1,571
Non-current debts 52,685
Other debt 4,614
Adjusted equity 69,655
Purchase price of shares 80,707
10.9.31
AVERAGE HEADCOUNT AND BREAKDOWN OF STAFFING COSTS
31/12/2021
31/12/2020 31/12/2019
Average headcount (in FTE) 168.25 80.26 35.82
Blue collars 45 6 6
White collars 168 132 51
Executive staff
1 1 1
Administrative staff
31 23 12
Commercial staff
98 82 34
Technical staff
38 26 4
Stafngcosts(inthousandsofEUR) 6,238 4,199 1,887
Remuneration and direct social benets 4,561 3,068 1,431
Company social security contributions 1,016 732 365
Company contributions for non-compulsory insurance policies 25 126 25
Other stafng costs 636 273 66
10.9.32
POST BALANCE SHEET EVENTS
Please refer to
Chapter 5.6 of this Annual Report for post
balance sheet events.
There have been no other signicant events since the closing
of the nancial year that have affected the annual nancial
statements.
next door. The redevelopment will be based on a joint venture
between the newly established real estate company referred to
above and a private investor with whom Xior has collaborated
in the past. The necessary permits for this redevelopment are
expected in the course of 2022, and the project is expected to
be completed in Q3 2023. The total investment value is about
MEUR 18 with an expected gross yield of approximately 5.75%.
Roosevelt N.V.
Summary of acquired assets and liabilities (100%)
Investment property 5,434
Other assets 4
Cash and cash equivalents 27
Equity 3,266
Non-current debts 2,074
Other debt 124
Adjusted equity 3,266
Purchase price of shares 3,374
Acquisition of 99.99% of Student Properties Spain Socimi SA
shares
On 12 July 2021, Xior announced the launch of a voluntary public
takeover bid to acquire a majority stake in the Spanish student
accommodation company Student Properties Spain SOCIMI SA
(“SPS”). On 12 August, the takeover bid was successfully concluded,
and Xior now controls 99.99% of all issued and outstanding shares in
SPS. The company will remain listed on the BME and retain its Socimi
status. The SPS portfolio consists of three state-of-the-art residences
that together offer more than 725 beds, located in top locations in three
of Spain’s most popular student cities: Madrid, Seville and Malaga.
Student Properties Spain Socimi S.A.
Summary of acquired assets and liabilities (99.99%)
Investment property 82,063
Participating interests in Malaga 0
Participating interests in Seville 0
Other assets 1,087
Cash and cash equivalents 2,475
Equity 61,753
Exit tax 0
Non-current debts 22,156
Other debt 1,718
Portfolio result
Adjusted equity 61,753
Purchase price of shares 65,101
Acquisition of 100% of Managua Directorship SLU shares
Xior has signed an agreement with Amro Real Estate Partners, a
developer specialising in student accommodation, to purchase a
brand-new student residence with 229 student rooms and 231
beds in Malaga. The total investment value is approximately MEUR
23.2 with an expected stabilised gross return of approximately
7.1%. The purchase took place via a share transaction on 29
July 2021. Upon completion of the agreement, Xior concluded a
rental agreement under which Amro’s operating platform, Amro
Estudiantes, will run the residence’s operations for the rst two
years, based on a triple net lease and guaranteed xed income
of approximately MEUR 1.3 in the rst year and MEUR 1.4 in the
second year.
Managua Directorship S.L.U.
Summary of acquired assets and liabilities (100%)
Investment property 23,132
Other assets 94
Cash and cash equivalents 772
Equity 11,310
Exit tax
Non-current debts 12,276
Other debt 411
Adjusted equity 11,310
Purchase price of shares 11,222
Acquisition of 100% of Quares Student Housing NV shares
On 11 October 2021, Xior announced the agreement with regard
to the acquisition of 32.36% of Quares Student Housing and the
intention to launch a voluntary public offer for the remaining
shares. This public offer was successfully completed, and on 28
December 2021 Xior acquired 100% ownership of Quares Student
Housing. Quares Student Housing had an extensive portfolio of
1,107 rooms up and running in Belgium’s major student cities
(Antwerp, Brussels, Ghent and Liège), two committed development
projects in Brussels with a total of 181 units as well as a potential
pipeline. The total investment value is approximately MEUR 155.8,
with an expected initial yield in line with the current valuation of
the portfolio in Belgium. This concerns a total of 1,107 lettable
units with a current occupancy rate of over 99% and an expected
revenue flow of MEUR 6.4 for the 2021-2022 academic year and
MEUR 6.7 for the 2022-2023 academic year.
288 I FINANCIAL REPORT
XIOR I Annual nancial report I 2021 XIOR I Annual nancial report I 2021
XIOR I 289

31 December 2020:
Name Country
Share in
the capital
Stubis BVBA
Belgium 100
Stratos KVK N.V.
Belgium 100
Xior Campus Hasselt NV.
Belgium 100
XL Fund BV
Belgium
90
6 en 30 NV
Belgium 90
Val Benoit NV
Belgium 90
Savelkoul NV
Belgium 90
Patrimmonia Couronne - Franck NV
Belgium 100
Voskenslaan BV
Belgium 100
Docks Gent BV
Belgium 100
Xior Rotsoord B.V.
The Netherlands 100
Xior Student Housing NL B.V.
The Netherlands 100
Xior Student Housing NL 2 B.V.
The Netherlands 100
Xior Naritaweg B.V.
The Netherlands 100
Stubis NL B.V.
The Netherlands 100
STUBISNL IV B.V.
The Netherlands 100
Leeuwarden Tesselschadestraat B.V.
The Netherlands 100
All-In Annadal B.V.
The Netherlands 100
Xior-Karspeldreef Amsterdam BV
The Netherlands 100
Xior Groningen B.V.
The Netherlands 100
Amstelveen Laan van Kronenburg 2 B.V.
The Netherlands 100
Name Country
Share in
the capital
Borgondo Facilities B.V.
The Netherlands 100
I Love Vols B.V.
The Netherlands 90
XL NL Cooperatie 1 U.A.
The Netherlands 90
XL NL Cooperatie 2 U.A.
The Netherlands 90
Xior Zernike Coöperatie U.A.
The Netherlands 100
VBRE Groningen B.V.
The Netherlands 100
VBRE Groningen Opco B.V.
The Netherlands 100
XSHPT Portugal S.A.
Portugal 100
Uhub Investments Benca S.A.
Portugal 100
Uhub Investments São João S.A.
Portugal 100
Uhub Operations S.A.
Portugal 85
Minerva Student Housing S.L.
Spain 100
Xior Quality Student Housing S.L.
Spain 100
I Love Barcelona Campus Besos S.L.
Spain 100
Mosquera Directorship S.L.
Spain 80
Xior Student Housing S.L.
Spain 100
Terra Directorship S.L.
Spain 100
Joint Venture
Promgranjo S.L. Portugal 50
Invest Drève St. Pierre NV Belgium 50
Companies fully owned by holding company XL Fund BV (90% subsidiary of Xior Student Housing NV)
10.9.34
DEBT RATIO
Figures in thousands of EUR 31/12/2021
31/12/2020
Consolidated debt ratio (max. 65%)
Total liabilities 1,072,593 960,813
Adjustments -84,677 -82,849
Total debts according to the Royal Decree of 13 July 2014 987,916 877,964
Total assets 2,076,446 1,620,316
Adjustments 0 0
Total assets according to the Royal Decree of 13 July 2014 2,076,446 1,620,316
Debt ratio (as %) 47.58% 54.18%
Debt ratio 31/12/2021
31/12/2020
47.58% 54.18%
10.9.33
SCOPE OF CONSOLIDATION
The following subsidiaries are part of Xior Student Housing’s
scope of consolidation as at
31 December 2021:
Name Country
Share
in the
capital
Stubis BV
Belgium 100
Stratos KVK NV
Belgium 100
Xior Campus Hasselt NV
1
Belgium 100
XL Fund BV
Belgium 90
6 en 30 NV
2
Belgium 90
Val Benoit NV
2
Belgium 90
Savelkoul NV
Belgium 90
Oaks of Life NV
Belgium 90
Patrimmonia Couronne - Franck NV
1
Belgium 100
Voskenslaan BV
1
Belgium 100
Docks Gent BV
1
Belgium 100
Roosevelt BV
Belgium
75
**
Xior LBW BV
Belgium 100
Xior Carre BV
Belgium 100
Xior Bonnefanten BV
Belgium 100
Xior Enschede I BV
Belgium 100
Xior Wageningen BV
Belgium 100
Xior Delft BV
Belgium 100
Xior Breda BV
Belgium 100
Xior AGBL NV (Quares Student Housing NV)
Belgium 100
Xior Ommegang NV (Quares SHF
Ommegang NV)
Belgium 100
Xior Ruhl NV (Quares SHF Ruhl NV)
Belgium 100
Xior Octopus NV (Quares SHF Octopus BV)
Belgium 100
Tri-Bis SPRL
Belgium 100
Xior Studio Park Breda BV
The Netherlands 100
Stubeant BV
The Netherlands 75
Xior Rotsoord BV
The Netherlands 100
Xior Student Housing NL BV
The Netherlands 100
Xior Student Housing NL 2 BV
The Netherlands 100
Xior Naritaweg BV
The Netherlands 100
Stubis NL BV
The Netherlands 100
Name Country
Share
in the
capital
STUBISNL IV BV
The Netherlands 100
Leeuwarden Tesselschadestraat BV
The Netherlands 100
All-In Annadal BV
The Netherlands 100
Xior-Karspeldreef Amsterdam BV
The Netherlands 100
Xior Groningen BV
The Netherlands 100
Amstelveen Laan van Kronenburg 2 BV
The Netherlands 100
Borgondo Facilities B.V
The Netherlands 100
XL NL Cooperatie 1 UA
The Netherlands 90
XL NL Cooperatie 2 UA
The Netherlands 90
Xior Zernike Coöperatie UA
The Netherlands 100
XSHPT Portugal S.A.
Portugal 100
Uhub Investments Benca SL
Portugal 100
Uhub Investments São João SL
Portugal 100
Uhub Operations SL
Portugal 85
Minerva Student Housing SL
Spain 100
Xior Quality Student Housing SL
Spain 100
I Love Barcelona Campus Besos SL
Spain 100
Mosquera Directorship SL
Spain 80
Xior Student Housing SL
Spain 100
Terra Directorship SL
Spain 100
Managua Directorship SLU
Spain 100
Hubr Student Housing SL
Spain 100
SPS Socimi Spain
Spain 99,99
Hubr Malaga Socimi SA
Spain 100
Hubr Sevilla Socimi SA
Spain 100
Joint Ventures
Promgranjo SL Portugal 50
Invest Drève St Pierre NV Belgium 50
Unidorm SA Portugal 50
u.hub Investments Lumiar S.A Portugal 25
Companies fully owned by holding company XL Fund BV (90% subsidiary of Xior Student Housing NV)
** Company fully owned by Stubeant BV (75% subsidiary of Xior Student Housing NV) 31 December 2020:
1
Companies merged with Xior Student Housing NV in 2021.
2
Companies merged with XL Fund bv in 2021.
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A judgment of the Commercial Court of Antwerp, Antwerp
Division, rejected the other party’s claim as unfounded on 1
February 2021. On 10 February 2021, the other party reported
that it accepts this judgment and the other party paid EUR
18,000 in legal costs to the Company. The court rejected the
Company’s counterclaim as unfounded.
c) In addition to these two legal proceedings, the Company
was also involved in another (currently completed) legal
procedure as the defendant. On 12 October 2020, the
Company was summoned by the leaseholder of one of its
main retail properties to appear before the Commercial
Court of Antwerp, Antwerp Division. This leaseholder, who,
as a result of the Covid-19 crisis, had liquidity problems
(with a signicant arrears of the ground rent in respect of
the Company as a result) and for which legal reorganisation
proceedings have been opened by the Commercial Court
of Antwerp, Antwerp Division, summoned the Company to
obtain, in principle, the nullity of the leasehold agreement on
account of alleged fraud on the part of the Company and, on
a subsidiary basis, to obtain an adjustment to the periodic
payment of the ground rent in accordance with the current
market value of the property. Given that the Company has
very good arguments to refute these claims (and to institute a
possible counter-claim), the Company and the claimant held
negotiations immediately after receipt of the summonses
to resolve the dispute for good. On 9 February 2021, a
settlement agreement was signed by the Company and the
claimant whereby, in addition to the amicable termination of
the ground lease agreement (and the commercial lease) for
the retail property as at 31 May 2021, the Company recovered
a larger than initially estimated part of the outstanding ground
lease ground rent: EUR 341,605 (EUR 166,605 of which was
claimed by the Company by calling upon the bank guarantee
provided by the claimant under the concluded ground lease
agreement). The claimant shall pay the EUR 78,898.67 balance
of the Company’s receivables (not including the suspension)
with respect to the claimant in 55 monthly instalments of EUR
1,434.50 to the Company from 1 June 2021. The claimant
has denitively and irrevocably waived the legal claim led as
a nal part of the settlement. The settlement agreement was
also ofcially executed (before a notary) on 31 May 2021. The
claimant shall pay the EUR 142,150.52 debt with regard to
the suspension (under the leaseholder’s reorganisation plan
approved by the court’s judgment of 18 December 2020) to
the Company over a ve-year period in quarterly instalments
of EUR 7,481.60 starting on 2 March 2021 and ending by 15
September 2025.
d) As a leaseholder, the Company is also involved in a court-
ordered assessment for a building in Ghent whose heavy
facade cladding elements came undone and fell down in
November 2020. The Commercial Court of Ghent, Ghent
Division, appointed a court expert to determine the defects,
damage and causes in a judgment on 9 July 2021. An
introductory meeting is scheduled on 10 March 2022 for all
those involved in the case. In principle, the Company should
not incur any liability in this matter as the responsibility for
such a defect normally rests exclusively with the contractor,
subcontractor and/or architects concerned.
e) The Company is also involved in a dispute before the Dutch-
language Commercial Court of Brussels with regard to one of
its student complexes in the Brussels-Capital Region (which
it acquired at the end of 2020) after several shortcomings
were found during works done by a contractor between mid-
2013 and the end of 2014. Because of this, the Company is
withholding the payment of EUR 410,060.54 in outstanding
invoices to the contractor as security. The Company (and more
specically its legal predecessor) subsequently summoned
the contractor and architect on 28 January 2015 (procedure
still pending before the court). The court also appointed a
court expert. In the nal expert report of 25 April 2017, the
expert stated that the Company still had to pay the contractor
an outstanding balance of EUR 256,028.09, excluding
interest and contractual provisions. The Company (and,
more specically, its legal predecessor) paid EUR 100,000
to the contractor on 30 August 2017 (in exchange for the
contractor’s execution of the work, which has not happened
to this day), which means that there is still an outstanding
balance of EUR 156,028.09. After the nal expert report
was led, the Company also led an appeal before the court
about the emergence of new defects (for example relating
to ventilation). The Commercial Court subsequently decided
in a decision on 20 December 2019 that the court expert’s
assignment was to be extended. After that, the contractor
had the subcontractor responsible for ventilation systems
summoned (and the subcontractor joined the procedure).
The expert considered that the engineering rm responsible
for the ventilation should also be involved in the procedure,
so the Company also had the engineering rm summoned
and the Dutch-language Commercial Court of Brussels
decided in a decision on 6 July 2021 that the Company
and the responsible engineering rm can each also present
their own conclusions. The conclusions are currently being
exchanged between the parties and the case will be settled
in court on 6 June 2022. Even if the Company feels that a
settlement can be reached with regard to part of the work to
10.9.35
OFF-BALANCE SHEET RIGHTS AND OBLIGATIONS
A number of properties were acquired from third parties in the
course of 2016, 2017, 2018, 2019, 2020 and 2021. The sellers
provided (partial) rental guarantees for a number of these
properties. The duration of these rental guarantees varies from
12 to 36 months starting from the transfer date. More specically,
the Company has received a rental or return guarantee for the
properties on Tongerseweg in Maastricht (ended in September
2017), Kronehoefstraat in Eindhoven (ended in September
2018), Tramsingel 27 in Breda (ended in October 2017), Willem
Dreeslaan in Utrecht, Spoorstraat in Venlo, Kwietheuvel in
Venlo, Antonia Veerstraat in Delft (ended in September 2018),
Waldorpstraat in The Hague (ended in September 2018),
Campus Verbeekstraat in Leiden (ended in December 2018),
Ariënsplein in Enschede (ended in September 2019), Naritaweg
in Amsterdam (ended in April 2019), Rotsoord in Utrecht
(ended in August 2019), Avenue d’Auderghem/Oudergemlaan
in Etterbeek (ended in October 2018), Tesselschadestraat in
Leeuwarden (ended in December 2018), Annadal in Maastricht
(ended in December 2020), Duivendaal in Wageningen (ended in
2019), Alma Student (ended in October 2020), Roxi in Zaventem,
Campus Besos in Barcelona, 365 Rooms in Brussels, 6 en 30 in
Antwerp, Val Benoit in Liège, Katzensprung in Vaals, Uhub São
João in Porto (ended in 2021), Uhub Benca in Lisbon (ended in
2021), Amro Malaga, Hubr Sevilla and Hubr Malaga.
10.9.36
LEGAL AND ARBITRATION PROCEEDINGS
a) On 28 October 2015, a company that was acquired by the
Company as part of the IPO following a merger was sued by
non-voluntary third-party intervention before the Commercial
Court of Leuven in the context of a dispute regarding a real
estate project implementation contract. The dispute does not
relate to the property belonging to the Company’s portfolio.
The claimant who sued by non-voluntary third-party
intervention and indemnication has now waived the claim.
During the procedure, the original defendant also led an
indemnication claim against the Company. By judgement of
6 April 2017, the Commercial Court of Leuven ruled that the
agreement included in the relevant contract was terminated
by mutual agreement between the claimant and the original
defendant and ordered the latter to pay a termination fee in
favour of the claimant. The claim of the original defendant
against the Company was rejected as unfounded by the court.
In a petition on 12 July 2017, the original defendant – now
the appellant – lodged an appeal against the judgement of
the Commercial Court of Leuven on 6 April 2017. The claims
as set out in the rst instance were taken on by the respective
parties in the appeal proceedings. A judgment of the Brussels
Court of Appeal of 8 November 2021 signicantly reduced
the amount of EUR 371,000 originally sought by the claimant
and nally ordered the appellant to pay the claimant EUR
40,000 plus interest. In addition, the Company was convicted
in appeal to indemnify the appellant for the principal amount,
the interest and the costs the appellant was ordered to pay to
the claimant.
In view of the contractual arrangements made by the
Company in this regard, the negative result of this ruling is
not material to the Company as a whole and is limited to the
payment of the summons costs of EUR 354.08 and the costs
of the proceedings of EUR 6,250 (to the appellant). As a result
of the very limited negative impact of the ruling, the Company
has accepted the decision.
b) On 4 November 2019, the Company was also summoned
before the Commercial Court of Antwerp, Antwerp Division,
with respect to a dispute concerning the acquisition or not
by the Company of 100% of the shares in a target company
owning a specic property in Antwerp. The main objective of
the target company’s shareholders is the execution in kind
of the purchase agreement. On a subsidiary basis, the target
company’s shareholders provisionally claim damages of EUR
210,000 for an alleged breach of contract. In addition, the
Company also claims the costs of the proceedings, estimated
at the costs of summons (EUR 315.7), a litigation fee of EUR
18,000 and the rolling right of EUR 165.
If the Company is forced to execute the purchase agreement
in kind, this would, according to the target company’s
shareholders, mean that the Company would have to pay
a purchase price of EUR 3,500,000 (partly by taking over a
current account of one of the target company’s shareholders),
in exchange for the shares (and thus indirectly the ownership
of the real estate in Antwerp). The fact that the Company
strongly contests the counterparty’s claims is further
reinforced by the Company ling a counterclaim against the
counterpart for breach of the relevant contractual provisions.
The compensation resulting from the counterclaim was
provisionally estimated at EUR 49,623.76.
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10.9.37
STATUTORY AUDITOR’S REPORT ON THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS
STATUTORY AUDITOR’S REPORT TO THE GENERAL SHAREHOLDERS’ MEETING OF THE COMPANY XIOR STUDENT HOUSING NV
ON THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
We present to you our statutory auditor’s report in the context of
our statutory audit of the consolidated accounts of Xior Student
Housing NV (the “Company”) and its subsidiaries (jointly “the
Group”). This report includes our report on the consolidated
accounts, as well as the other legal and regulatory requirements.
This forms part of an integrated whole and is indivisible.
We have been appointed as statutory auditor by the general
meeting d.d. 24 June 2021, following the proposal formulated
by the board of directors and following the recommendation by
the audit committee. Our mandate will expire on the date of the
general meeting which will deliberate on the annual accounts
for the year ended 31 December 2023. We have performed the
statutory audit of the Company’s consolidated accounts for 7
consecutive years.
Report on the consolidated accounts
Unqualied opinion
We have performed the statutory audit of the Group’s consolidated
accounts, which comprise the consolidated balance sheet as at
31 December 2021, and the consolidated prot and loss account
for the year then ended, the consolidated income statement
and consolidated statement of other comprehensive income,
the consolidated statement of changes in shareholders’s
equity, the consolidated cash flow statement for the year then
ended, and notes to the consolidated nancial statements,
including a summary of signicant accounting policies and
other explanatory information, and which is characterised by a
consolidated balance sheet total of EUR ‘000’ 2.076.446 and a
consolidated net result for the year of EUR ‘000’ 82.313.
In our opinion, the consolidated accounts give a true and fair
view of the Group’s net equity and consolidated nancial position
as at 31 December 2021, and of its consolidated nancial
performance and its consolidated cash flows for the year then
ended, in accordance with the International Financial Reporting
Standards (IFRS) as adopted by the European Union and with
the legal and regulatory requirements applicable in Belgium.
Basis for unqualied opinion
We conducted our audit in accordance with International
Standards on Auditing (ISAs) as applicable in Belgium.
Furthermore, we have applied the International Standards on
Auditing as approved by the IAASB which are applicable to the
year-end and which are not yet approved at the national level.
Our responsibilities under those standards are further described
in the “Statutory auditor’s responsibilities for the audit of the
consolidated accounts” section of our report. We have fullled
our ethical responsibilities in accordance with the ethical
requirements that are relevant to our audit of the consolidated
accounts in Belgium, including the requirements related to
independence.
We have obtained from the board of directors and Company
ofcials the explanations and information necessary for
performing our audit.
We believe that the audit evidence we have obtained is sufcient
and appropriate to provide a basis for our opinion.
Key audit matters
A key audit matter is a matter that, in our professional judgement,
was of most signicance in our audit of the consolidated
accounts of the current period. This matter was addressed in
the context of our audit of the consolidated accounts as a whole,
and in forming our opinion thereon, and we do not provide a
separate opinion on this matter.
VALUATION OF THE INVESTMENT PROPERTIES
Description of the Key Audit Matter
The company recorded investment property on the assets
side of the balance sheet at 31 December 2021 for a total sum
of EUR ‘000’ 1.967.056. IFRS-standards require investment
property to be stated at fair value. The measurement of that fair
value strongly depends on a number of selected parameters, the
most important ones being the rental value of the property, the
occupation rate, the discount rate and the estimated costs of
maintenance and repair.
As required by legislation applicable to regulated real estate
companies, the investment properties are valued by an external
appraiser.
be carried out as part of the procedure with the contractor in
question, it regards the material impact of this dispute on the
Company as limited now that the Company has put in place
an indemnity and compensation mechanism to contractually
hedge itself against the previous owner.
f) On 23 December 2020, the Company was informed of a
collective claim by 45 (mainly Spanish) students of the Xior
Picasso – Xior Vélazquez residence in Villaviciosa de Odón
(Madrid) against Mosquera Directorship SL (an 80% Xior
subsidiary). They wish to claim a total of EUR 148,072.55
due to an alleged lack of service during the rst lockdown
and a situation of force majeure due to the Covid-19 crisis.
They particularly want to reclaim the rent from 10 March to
30 June 2020 plus interest and legal costs. Xior has set aside
a provision for the full amount of this rst collective claim.
On 28 January 2021, the Company was informed of a second
collective claim by a group of 36 students of the same
residence as the one mentioned above against Mosquera
Directorship SL. They are claiming EUR 123,217.82 on the
same grounds as those mentioned above. They particularly
want to reclaim the rent from 10 March to 30 June 2020
and the securities that were not returned plus interest and
legal costs. This provision was set up in Q1 2021. At present,
the Company is awaiting the verdict with regard to the
aforementioned legal proceedings.
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• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by the board of directors;
• Conclude on the appropriateness of the board of directors’
use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast signicant
doubt on the Group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are
required to draw attention in our statutory auditor’s report
to the related disclosures in the consolidated accounts or,
if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained
up to the date of our statutory auditor’s report. However,
future events or conditions may cause the Group to cease to
continue as a going concern;
• Evaluate the overall presentation, structure and content of
the consolidated accounts, including the disclosures, and
whether the consolidated accounts represent the underlying
transactions and events in a manner that achieves fair
presentation;
• Obtain sufcient and appropriate audit evidence regarding
the nancial information of the entities or business activities
within the Group to express an opinion on the consolidated
nancial statements. We are responsible for the direction,
supervision and performance of the Group audit. We remain
solely responsible for our audit opinion.
We communicate with the board of directors regarding, among
other matters, the planned scope and timing of the audit and
signicant audit ndings, including any signicant deciencies
in internal control that we identify during our audit.
We also provide the audit committee with a statement that we
have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on
our independence, and where applicable, related safeguards.
From the matters communicated with the audit committee, we
determine those matters that were of most signicance in the
audit of the consolidated accounts of the current period and are
therefore the key audit matters. We describe these matters in
our auditor’s report unless law or regulation precludes public
disclosure about the matter.
Other legal and regulatory requirements
Responsibilities of the board of directors
The board of directors is responsible for the preparation and the
content of the directors’ report on the consolidated accounts
and all other information included in the annual report on the
consolidated accounts.
Statutory auditor’s responsibilities
In the context of our engagement and in accordance with the
Belgian standard which is complementary to the International
Standards on Auditing (ISAs) as applicable in Belgium, our
responsibility is to verify, in all material respects, the directors’
report on the consolidated accounts, and the other information
included in the annual report on the consolidated accounts, and
to report on these matters.
Aspects related to the directors’ report on the consolidated
accounts
In our opinion, after having performed specic procedures in
relation to the directors’ report on the consolidated accounts,
this directors’ report is consistent with the consolidated
accounts for the year under audit and is prepared in accordance
with article 3:32 of the Companies’ and Associations’ Code.
In accordance with article 37 §2 of the ‘Wet van 12 mei 2014’
regarding “de gereglementeerde vastgoedgennootschappen”,
and in accordance with article 8 of the royal decree of 13 July
2014 related to the real estate investment funds, all transactions
of the Company with parties described by article 37 §1 of
aforementioned law, were disclosed in the section ‘conflicts of
interest’ of the annual nancial report.
In the context of our audit of the consolidated accounts, we
are also responsible for considering, in particular based on
the knowledge acquired resulting from the audit, whether the
directors’ report on the consolidated accounts and the other
information included in the annual report on the consolidated
accounts, containing:
• Risk factors ;
• Consolidated key gures 31 december 2021;
• Strategy and operational activities;
• Management report;
• Corporate governance;
• Xior on the stock exchange;
• Real Estate report;
• Statements.
As required by legislation applicable to regulated real estate
companies, the investment properties are valued by an external
appraiser.
The valuation of the investment property is a key audit matter
in our audit of the Consolidated Financial Statements due to
their material signicance relative to the nancial statements on
the one hand and the level of judgment inherent in the valuation
process on the other.
For additional information on the valuation of the investment
property, please refer to Notes 10.6.7. and 10.9.8 of these
Consolidated Financial Statements.
How our Audit addressed the Key Audit Matter
In assessing the reliability of the third-party valuation and the
reasonableness of the parameters used, we performed the
following procedures:
• We reconciled the report of the external appraisers to the
value as included in the nancial statements per 31 december
2021;
• We assessed the objectivity, independence and competence
of the external appraisers;
• We involved internal valuation experts for assessing the
reasonability of the most important parameters used by the
external appraisers, being yield and value per m² GLA;
• Together with our internal valuation experts, we analysed the
reasonability of the fair value fluctuations of the investment
property portfolio between 31 december 2021 and 31
december 2020;
• We nally checked whether the disclosures in the notes to the
Consolidated Financial Statements are in compliance with
IFRS.
We found the assumptions and data used to be reasonable and
in line with our expectations and management’s methodology
and estimates to be reasonable and the related company’s
disclosures appropriate.
Responsibilities of the board of directors for the preparation of
the consolidated accounts
The board of directors is responsible for the preparation
of consolidated accounts that give a true and fair view in
accordance with International Financial Reporting Standards
as adopted by the European Union and with the legal and
regulatory requirements applicable in Belgium, and for such
internal control as the board of directors determine is necessary
to enable the preparation of consolidated accounts that are free
from material misstatement, whether due to fraud or error.
In preparing the consolidated accounts, the board of directors
is responsible for assessing the Group’s ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless
the board of directors either intend to liquidate the Group or to
cease operations, or has no realistic alternative but to do so.
Statutory auditor’s responsibilities for the audit of the
consolidated accounts
Our objectives are to obtain reasonable assurance about
whether the consolidated accounts as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs will always detect a
material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these
consolidated accounts.
In performing our audit, we comply with the legal, regulatory
and normative framework applicable to the audit of the
consolidated accounts in Belgium. A statutory audit does not
provide any assurance as to the Group’s future viability nor as to
the efciency or effectiveness of the directors’ current or future
business management at Group level.
As part of an audit in accordance with ISAs, we exercise
professional judgement and maintain professional scepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the
consolidated accounts, whether due to fraud or error, design
and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufcient and appropriate
to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the
override of internal control;
• Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Group’s internal control;
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STATUTORY AUDITOR’S REPORT TO THE GENERAL MEETING OF SHAREHOLDERS OF THE COMPANY XIOR STUDENT HOUSING
NV ON THE ANNUAL FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDING ON 31 DECEMBER 2020
In the context of the statutory audit of the Consolidated Financial
Statements of Xior Student Housing NV (the “Company”)
and its subsidiaries (together “the Group”), we present to you
our statutory auditor’s report. This contains our report on
the Consolidated Financial Statements as well as the other
disclosures required by legislation and regulations. It forms one
whole and is indivisible.
We were appointed as Statutory Auditor by the Annual General
Meeting of 17 May 2018, in accordance with the proposal of the
Board of Directors made on the recommendation of the Audit
Committee. Our mandate expires on the date of the Annual
General Meeting that will consider the nancial statements for
the year ended 31 December 2020. We have conducted the
statutory audit of the Consolidated Financial Statements of the
Company for six consecutive nancial years.
Report on the Consolidated Financial Statements
Unqualied Opinion
We have audited the Group’s Consolidated Financial
Statements which comprise the consolidated balance sheet
as of 31 December 2020, the consolidated income statement,
the consolidated statement of comprehensive income,
the consolidated statement of changes in equity and the
consolidated cash flow statement for the year then ended, as
well as notes including the important accounting principles for
nancial statements. These Consolidated Financial Statements
show a consolidated balance sheet total of EUR ‘000’ 1,620,316
and the consolidated income statement ends with a net result
of EUR ‘000’ -41,773.
In our opinion, the Consolidated Financial Statements give a
true and fair view of the assets and the Group’s consolidated
nancial position on 31 December 2020 and its consolidated
nancial result and consolidated cash flows for the nancial
year ending on that date, in accordance with the International
Financial Reporting Standards (“IFRS”) as approved by the
European Union and with the legal and regulatory requirements
applicable in Belgium.
Basis for our unqualied opinion
We conducted our audit in accordance with International
Standards on Auditing (ISA) as applicable in Belgium. In addition,
we have adopted the IAASB approved international standards
on auditing that are applicable at the current cut-off date and
have not yet been approved at national level. Our responsibilities
under these standards are further described in the section
“Responsibilities of the Statutory Auditor for the Audit of the
Consolidated Financial Statements” of our report. We have
complied with all ethical requirements relevant to the audit of
the consolidated nancial statement in Belgium, including those
relating to independence.
We have obtained the clarication and information required for
our audit from the Company’s Board of Directors and employees.
We believe that the audit evidence we have obtained is sufcient
and appropriate to provide a basis for our audit opinion.
Key points of the audit
The principal audit concerns those matters that in our
professional opinion were the most signicant in the audit of
the Consolidated Financial Statements for the current reporting
period. These matters are considered in the context of our
audit of the nancial statements as a whole and in forming our
opinion on them, and we do not express an opinion on them
separately.
VALUATION OF THE INVESTMENT PROPERTY
Key point of the audit:
As of 31 December 2020, the company has recognised
investment properties on the assets side of its balance sheet
for a total amount of EUR ‘000’ 1,555,779. IFRS standards
require investment properties to be carried at fair value. The
determination of that fair value depends heavily on a number of
selected parameters. The most important are the rental value
of the property, the occupancy rate, the discount rate and the
estimated costs for maintenance and repairs.
In accordance with the legislation applicable to regulated real
estate companies, the investment properties are valued by an
external valuation expert.
In their report of 31 December 2020, the external surveyors in
Spain and Portugal drew attention to a signicant uncertainty
about the effects of the coronavirus on the future valuation
of real estate. This uncertainty relates mainly to the future
macroeconomic consequences of the current Covid-19
pandemic, with regard to potential treasury and continuity
problems of tenants and, in the longer term, the relationship
is materially misstated or contains information which is
inadequately disclosed or otherwise misleading. In light of
the procedures we have performed, there are no material
misstatements we have to report to you.
Statement related to independence
• Our registered audit rm and our network did not provide
services which are incompatible with the statutory audit of
the consolidated accounts, and our registered audit rm
remained independent of the Group in the course of our
mandate;
• The fees for additional services which are compatible with
the statutory audit of the consolidated accounts referred
to in article 3:65 of the Companies’ and Associations’ Code
are correctly disclosed and itemised in the notes to the
consolidated accounts.
European Uniform Electronic Format (ESEF)
We have also veried, in accordance with the draft standard on
the verication of the compliance of the nancial statements
with the European Uniform Electronic Format (hereinafter
“ESEF”), the compliance of the ESEF format with the regulatory
technical standards established by the European Delegate
Regulation No. 2019/815 of 17 December 2018 (hereinafter:
“Delegated Regulation”).
The board of directors is responsible for the preparation, in
accordance with ESEF requirements, of the consolidated
nancial statements in the form of an electronic le in ESEF
format (hereinafter “digital consolidated nancial statements”)
included in the annual nancial report.
Our responsibility is to obtain sufcient appropriate evidence
to conclude that the format and marking language of the
digital consolidated nancial statements comply in all material
respects with the ESEF requirements under the Delegated
Regulation.
Based on the work we have performed, we believe that the
format of and marking of information in the ofcial version of
the digital consolidated nancial statements included in the
annual nancial report of the Group per 31 December 2021
comply in all material respects with the ESEF requirements
under the Delegated Regulation.
Other statements
• This report is consistent with the additional report to the
audit committee referred to in article 11 of the Regulation
(EU) N° 537/2014.
Diegem, 15 April 2022
The statutory auditor
PwC Reviseurs d’Entreprises SRL / PwC Bedrijfsrevisoren BV
Represented by
Jeroen Bockaert
Reviseur d’Entreprises / Bedrijfsrevisor
298 I FINANCIAL REPORT
XIOR I Annual nancial report I 2021 XIOR I Annual nancial report I 2021
XIOR I 299

Group’s internal audit.
• Evaluating the appropriateness of accounting principles used
for nancial reporting and evaluating the reasonableness of
accounting estimates made by the Board of Directors and
related disclosures.
• Concluding whether the going concern assumption used
by the Board of Directors is acceptable and concluding,
based on the audit evidence obtained, whether there is any
material uncertainty with respect to events or circumstances
that could cause signicant doubt about the Group’s ability
to continue as a going concern. If we conclude that there is
signicant uncertainty, we are required to draw attention to
the related notes for the Consolidated Financial Statements
in our auditor’s report, or, if such notes are inadequate, to
amend our opinion. Our conclusions are based on audit
evidence up to the date of our audit report. However, future
events or circumstances may result in the Group no longer
being able to continue as a going concern.
• Evaluating the overall presentation, structure and content
of the Consolidated Financial Statements, and whether the
Consolidated Financial Statements present the underlying
transactions and events in a manner that gives a true and fair
view.
• Obtaining sufcient and appropriate audit evidence about
the nancial information of the entities or businesses
within the Group in order to express an opinion on the
Consolidated Financial Statements. We are responsible for
the management, supervision and execution of the group
audit. We remain solely responsible for our opinion.
We communicate with the Board of Directors , among others,
regarding the planned scope and timing of the audit and on the
signicant audit ndings, including any signicant failings in the
internal audit that we identify in the course of our audit.
We also provide the Board of Directors and the Audit Committee
with a declaration that we have complied with the relevant
ethical rules on independence, and we communicate with them
on all relationships and other matters that may reasonably
affect our independence and, where applicable, on the related
measures to ensure our independence.
Based on the matters communicated to the Board of Directors ,
we identify the matters that were most signicant in the audit of
the Consolidated Financial Statements for the current reporting
period and that therefore constitute the key audit topics in our
audit. We describe these matters in our report, unless disclosure
is prohibited by law or regulation.
Other legislative and regulatory requirements
Responsibilities of the Board of Directors
The Board of Directors is responsible for the preparation and
content of the report on the Consolidated Financial Statements
and the other information included in the report on the
Consolidated Financial Statements.
Responsibilities of the statutory auditor
In the framework of our mandate and in accordance with the
Belgian additional standard to the international standards
(ISAs) applicable in Belgium, it is our responsibility to verify, in
all material respects, the report of the Consolidated Financial
Statements and other information included in the report on the
consolidated report and to report on these matters.
Aspects relating to the annual report on the Consolidated
Financial Statements and other information included in the
annual report on the Consolidated Financial Statements
Having performed specic work for the annual report, we are
of the opinion that this annual report is consistent with the
Consolidated Financial Statements for the same nancial year
and has been prepared in accordance with Article 3:32 of the
Companies and Associations Code.
In implementation of Article 37 Section 2 of the Law of 12 May
2014 “on regulated real estate companies” and in accordance
with Article 8 of the Royal Decree of 13 July 2014 “with
respect to regulated real estate companies”, the Company’s
transactions with the parties described in Article 37 Section 1 of
the aforementioned Law have been disclosed in the “Conflicts of
interest” section of the annual nancial report.
In the context of our audit of the Consolidated Financial
Statements, we are also responsible for considering, in
particular on the basis of the knowledge obtained during the
audit, whether the annual report on the Consolidated Financial
Statements and the other information included in the annual
report on the Consolidated Financial Statements should be
qualied, specically the following chapters of the annual report:
• Risk management;
• Message to the shareholders;
• Key gures on 31 December 2020;
• Strategy and operating activities;
• Management report;
• Corporate governance;
• The Xior share;
• Property report;
between supply and demand for student real estate and the
resulting risk of vacancy.
The valuation of investment properties is a key issue in our audit
of the Consolidated Financial Statements, both because of their
signicance in the nancial statements and because of the
subjective nature of the valuation process.
For more information regarding the valuation of the investment
properties, please refer to notes 10.6.7 and 10.9.8 of these
Consolidated Financial Statements.
How was this key point dealt with in the context of our audit?
We assessed the reliability of the external valuation and the
reasonableness of the parameters used on the basis of the
work described below:
• We assessed the objectivity, independence and competence
of the external valuation experts.
• For a selection of buildings, we tested the reasonableness
of parameters used by comparing the parameters of the
external valuation experts with those used by our internal
valuation experts. If these parameters differed signicantly
from those used by the external valuation expert, the impact
of this difference on the fair value was determined, on the one
hand, on the individual investment property and, on the other
hand, on the entire property portfolio.
• In addition, we have analysed the reasonableness of the
underlying parameters for the changes in the fair value
compared to 31 December 2019.
• We tested whether the uncertainty referred to by the
appraisers was adequately explained in the annual report and
in the notes to the consolidated nancial statements.
• Finally, we have assessed the compliance of the information
included in the notes to the Consolidated Financial Statements
with IFRS standards.
Board of Directors’ responsibilities for the preparation of the
Consolidated Financial Statements
The Board of Directors is responsible for the preparation and
fair presentation of Consolidated Financial Statements in
accordance with International Financial Reporting Standards
(IFRS) as adopted by the European Union and the legal and
statutory and regulatory requirements applicable in Belgium, and
for such internal control as the Board of Directors determines is
necessary to enable the preparation of Consolidated Financial
Statements which are free from material misstatement, whether
due to fraud or error.
In preparing the Consolidated Financial Statements, the Board
of Directors is responsible for assessing the ability of the Group
to continue as a going concern, explaining, where appropriate,
circumstances relating to continuity and the assumptions
relating thereto, unless the Board of Directors intends to
dissolve the Group or cease trading, or unless it has no realistic
alternative but to do so.
Statutory Auditor’s responsibilities for the audit of the
Consolidated Financial Statements
Our objectives are to obtain reasonable assurance that the
Consolidated Financial Statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an audit report which includes our opinion. A reasonable
level of assurance is a high level of assurance but does not
guarantee that an audit carried out in accordance with the ISA
would always detect a material misstatement where one exists.
Variations may occur due to fraud or error and are considered
to be signicant if they could reasonably be expected to affect,
individually or in combination, the economic decisions made by
users on the basis of these Consolidated Financial Statements.
In carrying out our audit, we comply with the legal, regulatory and
normative framework applicable to the audit of Consolidated
Financial Statements in Belgium. However, a statutory audit
does not provide any certainty about the Company’s future
viability or about the efciency or effectiveness with which the
Board of Directors has or will take control of the Company’s
business operations.
As part of an audit conducted in accordance with the ISAs, we
apply professional judgement and maintain a professionally
critical attitude throughout the audit. We also carry out the
following work:
• Identifying and estimating the risks of material misstatement
of the Consolidated Financial Statements, whether due
to fraud or error, determining and performing the audit
procedures that are appropriate in the circumstances, and
obtaining audit evidence that is sufcient and appropriate to
provide a basis for our audit opinion. The risk of not detecting
a material anomaly is greater if that anomaly is the result of
fraud than if it is the result of errors, because fraud may involve
conspiracy, forgery, deliberate failure to record transactions,
deliberate misrepresentation or violation in the internal audit.
• Obtaining an understanding of the internal audit relevant to
the audit, with the objective of designing audit procedures
that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the
300 I FINANCIAL REPORT
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XIOR I 301

STATUTORY AUDITOR’S REPORT TO THE GENERAL MEETING OF SHAREHOLDERS OF THE COMPANY XIOR STUDENT HOUSING
NV ON THE ANNUAL FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDING ON 31 DECEMBER 2019
In the context of the statutory audit of the Consolidated Financial
Statements of Xior Student Housing NV (the “Company”) and its
subsidiaries (together “the Group”), we present to you our statutory
auditor’s report. This contains our report on the Consolidated
Financial Statements as well as the other disclosures required by
legislation and regulations. It forms one whole and is indivisible.
We were appointed as Statutory Auditor by the Annual General
Meeting of 17 May 2018, in accordance with the proposal of the
Board of Directors made on the recommendation of the Audit
Committee. Our mandate expires on the date of the Annual
General Meeting that will consider the nancial statements for
the year ended 31 December 2020. We have conducted the
statutory audit of the Consolidated Financial Statements of the
Company for ve consecutive nancial years.
Report on the Consolidated Financial Statements
Unqualied Opinion
We have audited the Group’s Consolidated Financial Statements
which comprise the consolidated balance sheet as of 31 December
2019, the consolidated income statement, the consolidated
statement of comprehensive income, the consolidated statement
of changes in equity and the consolidated cash flow statement
for the year then ended, as well as notes including the important
accounting principles for nancial statements. These Consolidated
Financial Statements show a consolidated balance sheet total of
EUR ‘000’ 1,276,529 and the consolidated income statement ends
with a net result of EUR ‘000’ 7,659.
In our opinion, the Consolidated Financial Statements give a true
and fair view of the assets and the Group’s consolidated nancial
position on 31 December 2019 and its consolidated nancial result
and consolidated cash flows for the nancial year ending on that date,
in accordance with the International Financial Reporting Standards
(“IFRS”) as approved by the European Union and with the legal and
regulatory requirements applicable in Belgium.
Basis for our unqualied opinion
We conducted our audit in accordance with International Standards
on Auditing (ISA) as applicable in Belgium. In addition, we have
adopted the IAASB approved international standards on auditing
that are applicable at the current cut-off date and have not yet
been approved at national level. Our responsibilities under these
standards are further described in the section “Responsibilities of
the Statutory Auditor for the Audit of the Consolidated Financial
Statements” of our report. We have complied with all ethical
requirements relevant to the audit of the consolidated nancial
statement in Belgium, including those relating to independence.
We have obtained the clarication and information required for our
audit from the Company’s Board of Directors and employees.
We believe that the audit evidence we have obtained is sufcient
and appropriate to provide a basis for our audit opinion.
Emphasis on a particular matter – Event after the date of
closure of the nancial year
With regard to the Covid-19 pandemic, we would like to draw your
attention to point 5.5 of the annual report and note 10.9.32 of the con
-
solidated nancial statements (“Events occurring after the balance
sheet date”). In this report, the board of directors explains its opinion
that the consequences of this pandemic could have a material im
-
pact on the Company’s business operations in 2020, but that they
do not have a material impact on the Company’s nancial position
as of 31 December 2019. We do not express any reservations in our
opinion on this matter.
Key points of the audit
The principal audit concerns those matters that in our professional
opinion were the most signicant in the audit of the Consolidated
Financial Statements for the current reporting period. These
matters are considered in the context of our audit of the nancial
statements as a whole and in forming our opinion on them, and we
do not express an opinion on them separately.
VALUATION OF THE INVESTMENT PROPERTY
Key point of the audit:
As of 31 December 2019, the company has recognised investment
properties on the assets side of its balance sheet for a total amount
of EUR ‘000’ 1,190,791. IFRS standards require investment properties
to be carried at fair value. The determination of that fair value depends
heavily on a number of selected parameters. The most important are
the rental value of the property, the occupancy rate, the discount rate
and the estimated costs for maintenance and repairs.
In accordance with the legislation applicable to regulated real
estate companies, the investment properties are valued by an
external valuation expert.
The valuation of investment properties is a key issue in our audit
of the Consolidated Financial Statements, both because of their
signicance in the nancial statements and because of the
subjective nature of the valuation process.
• Corporate social responsibility;
• Statements;
• Permanent document;
contain any material misstatement or information that is
incorrectly stated or otherwise misleading. In the light of the
work we have carried out, we have no material deviations to
report.
The “other information” as summarised above does not include
the “Corporate Social Responsibility” and “Message to the
shareholders” sections, as these will only be made available
after the report date. If we were to notice any material deviations
as we read these sections once they have been made available,
we must communicate them to the Board of Directors.
Statements concerning independence
• Our statutory auditor’s ofce and our network did not carry
out any assignments incompatible with the statutory audit
of the Consolidated Financial Statements and our statutory
auditor’s ofce remained independent of the Group during the
course of our mandate.
• The fees for the additional tasks that are compatible with the
statutory audit of the consolidated annual accounts referred
to in Article 3:65 of the Companies and Associations Code
have been correctly stated and broken down in the notes to
the Consolidated Financial Statements.
Other statements
• This report is consistent with our additional statement to the
Audit Committee as referred to in Article 11 of Regulation
(EU) No 537/2014.
Sint-Stevens-Woluwe, 23 February 2021
The statutory auditor
PwC Bedrijfsrevisoren BV
Represented by
Damien Walgrave
Statutory Auditor
302 I FINANCIAL REPORT
XIOR I Annual nancial report I 2021 XIOR I Annual nancial report I 2021
XIOR I 303

Financial Statements present the underlying transactions and
events in a manner that gives a true and fair view.
•
Obtaining sufcient and appropriate audit evidence about
the nancial information of the entities or businesses
within the Group in order to express an opinion on the
Consolidated Financial Statements. We are responsible for
the management, supervision and execution of the group
audit. We remain solely responsible for our opinion.
We communicate with the Board of Directors , among others,
regarding the planned scope and timing of the audit and on the
signicant audit ndings, including any signicant failings in the
internal audit that we identify in the course of our audit.
We also provide the Board of Directors and the Audit Committee
with a declaration that we have complied with the relevant ethical
rules on independence, and we communicate with them on all
relationships and other matters that may reasonably affect our
independence and, where applicable, on the related measures to
ensure our independence.
Based on the matters communicated to the Board of Directors ,
we identify the matters that were most signicant in the audit of
the Consolidated Financial Statements for the current reporting
period and that therefore constitute the key audit topics in our
audit. We describe these matters in our report, unless disclosure is
prohibited by law or regulation.
Other legislative and regulatory requirements
Responsibilities of the Board of Directors
The Board of Directors is responsible for the preparation and
content of the report on the Consolidated Financial Statements and
the other information included in the report on the Consolidated
Financial Statements.
Responsibilities of the statutory auditor
In the framework of our mandate and in accordance with the
Belgian additional standard to the international standards (ISAs)
applicable in Belgium, it is our responsibility to verify, in all material
respects, the report of the Consolidated Financial Statements and
other information included in the report on the consolidated report
and to report on these matters.
Aspects relating to the annual report on the Consolidated
Financial Statements and other information included in the
annual report on the Consolidated Financial Statements
Having performed specic work for the annual report, we are
of the opinion that this annual report is consistent with the
Consolidated Financial Statements for the same nancial year
and has been prepared in accordance with Article 3:32 of the
Companies and Associations Code.
In the context of our audit of the Consolidated Financial
Statements, we are also responsible for considering, in
particular on the basis of the knowledge obtained during the
audit, whether the annual report on the Consolidated Financial
Statements and the other information included in the annual
report on the Consolidated Financial Statements should be
qualied, specically the following chapters of the annual report:
• Risk management;
• Message to the shareholders;
• Key gures on 31 December 2019;
• Strategy and operating activities;
• Management report;
• Corporate governance;
• The Xior share;
• Property report;
• Corporate social responsibility;
• Statements;
• Permanent document;
contain any material misstatement or information that is incorrectly
stated or otherwise misleading. In the light of the work we have
carried out, we have no material deviations to report.
Statements concerning independence
• Our statutory auditor’s ofce and our network did not carry out
any assignments incompatible with the statutory audit of the
Consolidated Financial Statements and our statutory auditor’s
ofce remained independent of the Group during the course of our
mandate.
• The fees for the additional tasks that are compatible with the
statutory audit of the consolidated annual accounts referred to in
Article 3:65 of the Companies and Associations Code have been
correctly stated and broken down in the notes to the Consolidated
Financial Statements.
Other statements
• This report is consistent with our additional statement to the
Audit Committee as referred to in Article 11 of Regulation
(EU) No 537/2014.
Sint-Stevens-Woluwe, 20 April 2020
The statutory auditor
PwC Bedrijfsrevisoren BV
Represented by
Damien Walgrave
Statutory Auditor
For more information regarding the valuation of the investment
properties, please refer to notes 10.6.4 and 10.6.7 of these
Consolidated Financial Statements.
How was this key point dealt with in the context of our audit?
We assessed the reliability of the external valuation and the
reasonableness of the parameters used on the basis of the work
described below:
• We assessed the objectivity, independence and competence of
the external valuation experts.
• For a selection of buildings, we tested the reasonableness of
parameters used by comparing the parameters of the external
valuation experts with those used by our internal valuation
experts. If these parameters differed signicantly from those
used by the external valuation expert, the impact of this
difference on the fair value was determined, on the one hand, on
the individual investment property and, on the other hand, on the
entire property portfolio.
• In addition, we have analysed the reasonableness of the
underlying parameters for the changes in the fair value compared
to 31 December 2018.
• Finally, we have assessed the compliance of the information
included in the notes to the Consolidated Financial Statements
with IFRS standards.
Responsibilities of the Board of Directors for the preparation of
the Consolidated Financial Statements
The Board of Directors is responsible for the preparation and fair
presentation of Consolidated Financial Statements in accordance
with International Financial Reporting Standards (IFRS) as adopted
by the European Union and the legal and statutory and regulatory
requirements applicable in Belgium, and for such internal control
as the Board of Directors determines is necessary to enable the
preparation of Consolidated Financial Statements which are free
from material misstatement, whether due to fraud or error.
In preparing the Consolidated Financial Statements, the Board
of Directors is responsible for assessing the ability of the Group
to continue as a going concern, explaining, where appropriate,
circumstances relating to continuity and the assumptions relating
thereto, unless the Board of Directors intends to dissolve the Group
or cease trading, or unless it has no realistic alternative but to do so.
Statutory Auditor’s responsibilities for the audit of the
Consolidated Financial Statements
Our objectives are to obtain reasonable assurance that the
Consolidated Financial Statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue
an audit report which includes our opinion. A reasonable level of
assurance is a high level of assurance but does not guarantee
that an audit carried out in accordance with the ISA would always
detect a material misstatement where one exists. Variations may
occur due to fraud or error and are considered to be signicant
if they could reasonably be expected to affect, individually or in
combination, the economic decisions made by users on the basis
of these Consolidated Financial Statements.
In carrying out our audit, we comply with the legal, regulatory and
normative framework applicable to the audit of Consolidated
Financial Statements in Belgium. However, a statutory audit does not
provide any certainty about the Company’s future viability or about
the efciency or effectiveness with which the Board of Directors has
or will take control of the Company’s business operations.
As part of an audit conducted in accordance with the ISAs, we
apply professional judgement and maintain a professionally critical
attitude throughout the audit. We also carry out the following work:
• Identifying and estimating the risks of material misstatement of
the Consolidated Financial Statements, whether due to fraud or
error, determining and performing the audit procedures that are
appropriate in the circumstances, and obtaining audit evidence
that is sufcient and appropriate to provide a basis for our audit
opinion. The risk of not detecting a material anomaly is greater if
that anomaly is the result of fraud than if it is the result of errors,
because fraud may involve conspiracy, forgery, deliberate failure
to record transactions, deliberate misrepresentation or violation
in the internal audit.
• Obtaining an understanding of the internal audit relevant to
the audit, with the objective of designing audit procedures that
are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Group’s
internal audit.
• Evaluating the appropriateness of accounting principles used
for nancial reporting and evaluating the reasonableness of
accounting estimates made by the Board of Directors and
related disclosures.
• Concluding whether the going concern assumption used by the
Board of Directors is acceptable and concluding, based on the
audit evidence obtained, whether there is any material uncertainty
with respect to events or circumstances that could cause
signicant doubt about the Group’s ability to continue as a going
concern. If we conclude that there is signicant uncertainty, we are
required to draw attention to the related notes for the Consolidated
Financial Statements in our auditor’s report, or, if such notes are
inadequate, to amend our opinion. Our conclusions are based on
audit evidence up to the date of our audit report. However, future
events or circumstances may result in the Group no longer being
able to continue as a going concern.
• Evaluating the overall presentation, structure and content of the
Consolidated Financial Statements, and whether the Consolidated
304 I FINANCIAL REPORT
XIOR I Annual nancial report I 2021 XIOR I Annual nancial report I 2021
XIOR I 305

10.10 CONDENSED VERSION OF XIOR
STUDENT HOUSING NV’S SEPARATE
ANNUAL FINANCIAL STATEMENTS
Xior Student Housing NV’s separate annual  nancial statements
are based on the IFRS standards and in accordance with the Royal
Decree on Regulated Real Estate Companies of 13 July 2014. The
full version of Xior Student Housing NV’s separate annual  nancial
statements will be deposited together with the Annual Report and
the Statutory Auditor’s report with the National Bank of Belgium
within the statutory term and is available free of charge on the
Company website (www.xior.be) and from the registered of ce on
request.
The Statutory Auditor has issued an unquali ed opinion without
reservations for the separate annual  nancial statement of Xior
Student Housing NV.
306 I FINANCIAL REPORT
XIOR I Annual fi nancial report I 2021 XIOR I Annual fi nancial report I 2021
XIOR I
307

OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO 27,484 26,104
XVI (+/-) Result on the sale of investment property
(+)
- Net property sales (sales price – transaction fees)
(-) - Book value of sold property
XVIII (+/-) Variations in the fair value of investment property 27,473 -35,057
(+)
- Positive variations in the fair value of investment property 31,134 377
(-)
- Negative variations in the Fair Value of investment property 3,660 35,434
XIX (+/-) Other portfolio result -791 -3,126
OPERATING RESULT 54,167 -12,078
XX (+) Financial income 29,413 16,516
- Interest and dividends collected 29,413 16,516
XXI (-) Net interest costs -11,445 -9,651
(-)
- Nominal interest paid on loans -7,834 -6,662
(-)
- Breakdown of the nominal amount of nancial debt -395 -332
(-)
- Costs of permitted hedging instruments -3,216 -2,657
Authorised hedging instruments that are not subject to hedge accounting as dened
by IFRS
-3,216 -2,657
XXII (-) Other nancial costs -1,394 -931
(-)
- Bank costs and other commissions -1,214 -869
(-)
- Other -180 -61
XXIII (+/-) Variations in the fair value of nancial assets and liabilities 11,150 -21,768
- Permitted hedging instruments subject to hedging accounting as dened under IFRS 11,621 -9,042
- Other -471 12,726
FINANCIAL RESULT 27,724 -15,833
XXIV Share in the result of associated companies and joint ventures 0 -284
RESULT BEFORE TAXES 81,891 -28,196
XXIV (+/-) Corporation taxes -2,241 -973
XXV (+/-) Exit tax 0 23
XXV (+/-) Deferred taxes -1,582 -1,768
TAXES -3,823 -2,718
NET RESULT 78,068 -30,914
10.10.1
STANDALONE INCOME STATEMENT
RENTAL INCOME (in KEUR) 31/12/2021
31/12/2020
I (+) Rental income 33,927
33,696
(+)
Rental income
29,902
33,049
(+)
Rental guarantees
4,183
920
(+/-)
Rental discounts
-158
-273
III (+/-)
Rental related expenses
-33
-204
write downs on trade receivables
-33
-204
NET RENTAL INCOME
33,894 33,492
V (+) Recovery of rental charges and taxes normally payable by the tenant for let properties 5,432
6,989
Recharging of rental charges borne by the owner 5,349
6,910
Calculation of withholding tax and taxes on rented properties 83
79
VII (-) Rental charges and taxes normally payable by the tenant for let properties -8,155
-7,790
Rental charges borne by the owner -8,037
-7,689
Withholding tax and taxes on rented properties -119
-101
VIII (+/-) Other rent-related income and expenditure 1,954
771
PROPERTY RESULT 33,124 33,463
IX (-) Technical costs -1,614 -1,487
Recurring technical costs -1,726 -1,498
Maintenance
-1,494 -1,262
Insurance premiums
-232 -236
Non-recurring technical costs 112 10
Damage claims
112 10
X Commercial costs -352 -320
Publicity
-298 -280
Lawyers' fees and legal costs
-54 -40
XI Costs and taxes for non-let properties 0 -609
XII Property management costs -2,202 -2,355
Management costs (external)
0 0
(-)
Management costs (internal)
-2,202 -2,355
XIII (-) Other property charges -1,569 -1,263
Architects' fees
-12 0
(-)
Valuation expert fees
-178
-321
(-)
Other
-1,379 -942
PROPERTY CHARGES -5,737
-6,034
PROPERTY OPERATING RESULT 27,387 27,428
XIV (-) General company expenses -4,890 -4,368
XV (+/-) Other operating income and costs 4,988 3,044
308 I FINANCIAL REPORT
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XIOR I 309

10.10.3
STANDALONE BALANCE SHEET
ASSETS
Figures in thousands of EUR 31/12/2021
31/12/2020
I Fixed assets 1,866,168 920,806
B Intangible xed assets 239 13
C Investment properties 605,681 680,479
Property available to let 585,418 677,488
Property developments 20,263 2,990
D Other tangible xed assets 723 703
Tangible xed assets for own use 723 703
Other
E Financial xed assets 348,390 239,348
Assets at fair value via result 348,304 239,327
Other 86 21
G Trade receivables and other xed assets 911,131 135
ICO NC loans 910,996 0
Miscellaneous 135 135
H Deferred taxes – assets 2 2
I
Shareholdings in associated companies and joint ventures, equity
movements 3 126
II Current assets 59,107 565,748
D Trade receivables 1,240 2035
E Tax receivables and other current assets
47,456 559,732
Taxes -8 460
Salaries and social security
Other
47,464 559,272
F Cash and cash equivalents 1,461 991
G Accruals and deferrals 8,950 2,989
Expenses to be carried over 3,274 582
Income received from real estate 1,299
Other 4,377 2,407
TOTAL ASSETS 1,925,275 1,486,553
10.10.2
COMPREHENSIVE INCOME STATEMENT
Figures in thousands of EUR 31/12/2021
31/12/2020
Net result 78,068 -30,914
Other components of the comprehensive result
(+/-)
Impact on the fair value of estimated transaction costs and costs resulting from the hypothetical
disposal of investment properties 0 0
(+/-) Variations in the effective part of the fair value of permitted cash flow hedging instruments 0 0
Comprehensive result 78,068 -30,914
310 I FINANCIAL REPORT
XIOR I Annual nancial report I 2021 XIOR I Annual nancial report I 2021
XIOR I 311

II Current liabilities 110,906 84,645
B Current nancial liabilities 161,696 63,919
a. Credit institutions
161,696 63,919
D Trade debts and other current liabilities 31,083 3,748
Exit tax
-9 -
Other
31,094 3,748
Suppliers 5,347 3,271
Tenants 368 227
Taxe, Salaries and social security 377 250
Borrowings towards subsidiaries (C/A) 25,000 0
E Other current liabilities 4,193 13,577
Other
4,193 13,577
F Accruals and deferrals 3,934 3,401
a. Property income received in advance 492 350
c. Other 3,442 3,051
Total equity and liabilities 1,925,275 1,486,553
LIABILITIES
Figures in thousands of EUR 31/12/2021
31/12/2020
EQUITY 1,034,999 694,258
A Capital 494,772 375,441
Issued capital 500,063 378,836
Capital increase costs (-) -5,291 -3,395
B Issue premiums 508,008 338,065
C Reserves -45,849 11,666
Statutory reserves
Reserve for the balance of variations in the fair value of property -2,018 43,861
Reserve for the impact on the fair value of the estimated transaction
fees and costs resulting from the hypothetical disposal of investment
properties
-34,439 -25,293
Reserve for the balance of the variations in the fair value of permitted
hedging instruments not subject to hedging accounting as dened in the
IFRS
-24,509 -15,467
Reserve for the share in the result of subsidiaries that are processed
based on the equity method
-3,494 -1,962
Onbeschikbare reserve: reserve voor voorzienbare verliezen
Other reserves 102 102
Retained earnings from previous nancial years 18,509 10,528
D Net result for the nancial year 78,068 -30,914
LIABILITIES 890,276 792,295
I Non-current liabilities
689,370 707,650
A Voorzieningen 0 0
B Non-current nancial debts 664,195 672,437
a Credit institutions
470,352 563,160
c Other
193,718 109,277
C Other non-current nancial liabilities 12,889 24,509
Permitted hedging instruments 12,889 ,24,509
D Other non-current liabilities 354 354
F Deferred tax liabilities 11,932 10,350
a Exit tax
b Other
11,932 10,350
312 I FINANCIAL REPORT
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XIOR I 313

10.10.4
STATEMENT OF CHANGES IN EQUITY
Figures in thousands of EUR
Capital Issue premiums Reserves
Net result of
thenancialyear Equity
Balance sheet as at 31 December 2019 342,125 276,441 3,340 27,821 649,727
Net appropriation of earnings 2019 27,821 -27,821
Transfer of result on the portfolio to reserves
0
Transfer of operating result to reserves
0
Result for the period -30,914 -30,914
Other elements recognised in the comprehensive income
Impact on the fair value of the estimated transaction fees and costs resulting from the hypothetical disposal of investment properties
Variations in the fair value of nancial assets and liabilities
0
Issue of new shares 54,681 54,681
Capital increase through contributions in kind 41,383 41,383
Costs of issuing new shares and of capital increase -1,124 -1,124
Partial allocation of capital to issue premiums -61,624 61,624
Dividends -19,495 -19,495
Other reserves
Balance sheet as at 31 December 2020 375,441 338,065 11,666 -30,914 694,258
Net appropriation of income 2020
Transfer of result on the portfolio to reserves
-56,557 56,557 0
Transfer of operating result to reserves
8,083 -8,083 0
Result for the period 78,068 78,068
Other elements recognised in the comprehensive income
Impact on the fair value of the estimated transaction fees and costs resulting from the hypothetical disposal of investment properties
Variations in the fair value of nancial assets and liabilities
Issue of new shares -9,042 9,042 0
Capital increase through contributions in kind 295,071 295,071
Costs of issuing new shares and of capital increase
Partial allocation of capital to issue premiums -5,796 -5,796
Dividends -169,944 169,944 0
Other reserves 0
Balance sheet as at 31 December 2021 494,772 508,008 -45,849 78,068 1,034,999
314 I FINANCIAL REPORT
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XIOR I 315

10.10.5
DETAIL OF THE RESERVES
Figures in thousands of EUR
Reserve for the balance of
variations in the fair value of
property
Reserve for the impact on the
fair value of the estimated
transaction fees and costs
resulting from the
hypothetical disposal of
investment property
Reserve for the balance of the
changes in the Fair Value of per-
mitted hedging instruments that
are subject to hedging accoun-
tingasdenedintheIFRS
Distributable reserve: reserve for
foreseeable losses
Reserves for the
shareofprotorloss
and unrealised
income of subsidi-
aries, associates
and joint ventures
accounted for using
the equity method Other reserves Total reserves
Balance sheet as at 31 December 2019 29,530 -22,071 -8,183 0 0 4,066 3,340
Net appropriation of income 16,105 16,105
Transfer of result on the portfolio to reserves
10,197 -3,007 -7,190 0
Transfer of operating result to reserves
Other elements recognised in the comprehensive income
Impact on the fair value of the estimated transaction fees and costs
resulting from the hypothetical disposal of investment properties
Variations in the fair value of nancial assets and liabilities
-7,259 7,259 0
Issue of new shares
Capital increase through contributions in kind
Costs of issuing new shares and of capital increase
Capital reduction to create an available reserve to cover future losses
Deferred taxes for Dutch properties
Dividends -13,887 -13,887
Other
Balance sheet as at 31 December 2020 43,861 -25,292 -15,467 -1,962 0 10,528 11,666
Net appropriation of earnings -30,914 -30,914
Transfer of result on the portfolio to reserves
-45,879 -9,147 -1,532 56,558 0
Transfer of operating result to reserves
Other elements recognised in the comprehensive income
Impact on the fair value of the estimated transaction fees and costs
resulting from the hypothetical disposal of investment properties
Variations in the fair value of nancial assets and liabilities
-9,042 9,042 0
Issue of new shares
Capital increase through non-cash contribution
Costs of issuing new shares and of capital increase
Dividends -26,602 -26,602
Other
Balance sheet as at 31 December 2021 -2,018 -34,439 -24,509 -3,494 0 18,611 -45,849
316 I FINANCIAL REPORT
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XIOR I 317

10.10.7
DISTRIBUTION OBLIGATION IN ACCORDANCE WITH ARTICLE
13, SECTION 1, FIRST PARAGRAPH OF THE ROYAL DECREE OF
13 JULY 2014 REGARDING THE RREC
Figures in thousands of EUR 31/12/2021
31/12/2020
Net result 78,068 -30,914
(+) Depreciation 143 191
(+) Impairments 79 237
(-) Reversal of impairments -46 -33
(-/+) Other non-monetary items -8,848 24,135
(+/-)
EPRA result of the wholly owned subsidiaries by applying equity method with
the look-through approach 2,302 3,604
(-/+) Result from the sale of property 0 0
(-/+) Variations in the fair value of property -27,473 35,057
Adjusted result (A) 44,225 32,277
(-/+) Gains and losses realised on property during the nancial year (+/-)
(-)
Gains realised on property during the nancial year exempt from the distribu-
tion obligation subject to their reinvestment within a period of four years (-)
(+)
Gains realised on property previously exempt from the distribution obligation
and not reinvested within a period of four years (+)
Net gains on the realisation of property not exempt from the distribution
obligation (B)
0 0
Total (A) + (B) x 80% 35,380 25,822
Debt reduction (-) 0 0
Distribution obligation 35,380 25,822
As a result of the application of the look-through approach, the
EPRA results of the wholly owned subsidiaries were taken into
account when determining the distribution obligation. For the
determination of the amount to be paid out in accordance with
Article 13, Section 1, rst paragraph of the Royal Decree of 13
July 2014 regarding the RREC, the Company has the practice of
correcting the share of the prot or loss of subsidiaries under
the heading “Other non-monetary components”, which means
that the results of subsidiaries that are not wholly owned are not
taken into account for the calculation of the minimum dividend
to be paid.
10.10.6
APPROPRIATION OF INCOME UNDER THE ARTICLES OF
ASSOCIATION
31/12/2021
31/12/2020
A. Net result 78,068 -30,914
B. (-/=) Addition to/withdrawal from reserves
1. (-/+)
Addition to/withdrawal from the reserve for the (positive or negative)
balance of variations in the property’s fair value (-/+)
- nancial year 26,316 -45,879
2. (-/+)
Addition to/withdrawal from the reserve of the estimated transaction
fees and costs resulting from the hypothetical disposal of investment
properties (-/+)
- nancial year -297 -9,146
5. (+)
Addition to the reserve for the balance of the variations in the fair
value of permitted hedging instruments that are not subject to hedging
accounting as dened in the IFRS (+)
- nancial year 11,671 -9,042
10. (-/+) Addition to/withdrawal from other reserves (-/+) 0 0
11. (-/+)
Addition to/withdrawal from retained earnings from previous nancial
years (-/+) 8,801 8,083
12. (+/-)
Addition to reserves for the share of prot or loss and unrealised
income of subsidiaries, associates and joint ventures accounted for
using the equity method -3,911 -1,532
C. C.ReturnoncapitalpursuanttoArticle13,Section1,rstparagraph 35,380 25,822
D. Return on capital – other than C 108 780
318 I FINANCIAL REPORT
XIOR I Annual nancial report I 2021 XIOR I Annual nancial report I 2021
XIOR I 319

The result of the subsidiaries 100% owned by Xior Student
Housing has been realised by the Company for the period from
the Company’s acquisition to the closing date and has been
accounted for in the Company’s equity as follows:
• The operational distributable result (KEUR 2,302) of the
subsidiaries was attributed to the various items for the
Company’s result. This positive correction includes the sum
of the positive and negative EPRA results achieved by the
individual 100% owned subsidiaries, whereby the positive
EPRA result of Patrimmonia Couronne-Franck SA amounting
to KEUR 992 was not taken into account as this company
is unable to pay its positive results as a result of statutory
restrictions.
• The change in the Fair Value of investment property of
subsidiaries was attributed to the other portfolio result.
As such, the subsidiaries’ operating result for 2021 can be used
for distribution as dividend from the acquisition date (look-
through approach).
For subsidiaries in which the Company does not hold 100% of
the shares, the Company will include its share of the results of
these subsidiaries (both the realised and unrealised results)
in a separate unavailable reserve account “
Reserve for the
share of prot or loss and unrealised income of subsidiaries,
associates and joint ventures accounted for using the equity
method
”. For the nancial year ending 31 December 2021, the
Company’s share of the results of these subsidiaries that are
not wholly owned is KEUR 3,911, which will be allocated to the
aforementioned unavailable reserve.
10.10.8
NON-DISTRIBUTABLE EQUITY IN ACCORDANCE WITH
ARTICLE 7:212 OF THE BELGIAN COMPANIES AND
ASSOCIATIONS CODE
The amount as referred to in Article 7:212 of the Belgian
Companies and Associations Code of the paid-up capital or –
if the amount is higher – called-up capital, plus the reserves
that must not be distributed by law or under the Articles of
Association, is determined in Chapter IV of Annex C of the Royal
Decree on Regulated Real Estate Companies.
This calculation is based on Xior Student Housing NV’s separate
annual nancial statement, but by applying the look-through
approach.
Figures in EUR
31/12/2021
31/12/2020
Non-distributable equity in accordance with Article 7:212 of the Belgian Companies
and Associations Code 775,385,336 618,486,570
Paid-up capital 500,063,418 378,835,938
Issue premiums are unavailable according to the articles of association 298,447,920 298,447,920
Reserve for the positive balance of the variations in the investment value of property 24,297,814 0
Reserve for the impact on the fair value of the estimated transaction fees and costs
resulting from the hypothetical disposal of investment properties -34,735,686 -34,438,159
Reserve for the balance of the variations in the fair value of permitted hedging
instruments that are not subject to hedging accounting -12,837,978 -24,508,978
Reserve for the balance of the variations in the fair value of permitted hedging
instruments that are subject to hedging accounting 0 0
Reserves for the share of prot or loss and unrealised income of subsidiaries,
associates and joint ventures accounted for using the equity method 0 0
Other reserves 149,848 149,848
Separate equity 1,034,999,177 694,257,855
Planned dividend distribution 35,488,104 26,602,077
Weighted average number of shares 24,644,517 19,560,351
Operational distributable earnings per share (EUR) 1.44 1.36
Separate equity after dividend distribution 999,511,073 667,655,778
Remaining reserve after distribution 224,125,736 49,169,209
320 I FINANCIAL REPORT
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XIOR I 321

STATEMENTS
STATEMENTS
11
Kipdorpvest
ANTWERPEN
“
The student was also given a central
place in the digital transformation project
launched in 2021. The entire customer
journey was mapped out in detail, and will
serve as the basis for various platforms in
2022 and 2023, including a new website and
interface platform.
„
322 I STATEMENTS
XIOR I Annual fi nancial report I 2021 XIOR I Annual fi nancial report I 2021
XIOR I
323

Valuation experts
The Company’s property portfolio is valued by ve independent
Valuation Experts:
• Stadim CVBA, with its registered ofce at Mechelsesteenweg
180/8 floor, 2018 Antwerp, Belgium, with company number
0458.797.033 (Antwerp Register of Legal Entities, Antwerp
section) and represented (within the meaning of Article 24
of the Law on Regulated Real Estate Companies) by Céline
Janssens;
• Cushman & Wakeeld v.o.f. (as legal successor of DTZ
Zaldehoff v.o.f.), with its registered ofce at Gustav Mahlerlaan
362, 1082 ME Amsterdam, The Netherlands, with chamber of
commerce number 33154480 and represented (within the
meaning of Article 24 of the Law on Regulated Real Estate
Companies) by Jurre Brantsma;
• Cushman & Wakeeld Lda, with its registered ofce at
Avenida de Liberdade 131-5°, 1250-140 Lisbon, Portugal, with
N° Matricula 14287 and represented (within the meaning of
Article 24 of the Law on Regulated Real Estate Companies)
by Ricardo Reis; and
• Cushman & Wakeeld Spain Limited Sucursal en Espana,
with its registered ofce at Jose Ortega y Gasset 29 6
th
Floor
Edicio Beatriz, 28006 Madrid with Número de Identicatión
Fiscal: ESW0061691B and represented (within the meaning
of Article 24 of the Law on Regulated Real Estate Companies)
by Tony Loughran;
• CBRE Valution Advisory SA, with its registered ofce at Edicio
Castellana 200, P° de la Castellana, 2020 p. 8, 28046 Madrid,
Spain, with Número de Identicatión Fiscal: A85490217 and
represented (within the meaning of Article 24 of the Law on
Regulated Real Estate Companies) by Javier Caro.
For the impact of the joint conclusion of the above-mentioned
Valuation Experts with respect to the Company’s property
portfolio as at 31 December 2021, please refer to
Chapter 8.2.4.
of the Annual Financial Report 2021
. The Valuation Experts
update the valuations each quarter.
The aforementioned independent Valuation Experts have each
conrmed to the Company that they have no material interests
in the Company except those arising from their respective
contractual relationship with the Company as an independent
Valuation Expert for the Company within the meaning of Article
24 of the Law on Regulated Real Estate Companies.
Each of the above Valuation Experts has agreed to the inclusion
of the above joint conclusion in this Registration Document.
Studies
Chapter 8.1 of the Annual Financial Report 2021 contains an
acquisition of a study carried out by Cushman & Wakeeld
describing the general status in the underlying Belgian, Dutch,
Spanish and Portuguese student accommodation property
markets.
Cushman & Wakeeld has agreed that this information is
included by reference in this Registration Document.
Cushman & Wakeeld has conrmed to the Company that it
has no material interests in the Company except those arising
from Cushman & Wakeeld’s contractual relationship with the
Company as an independent Valuation Expert of the Company
within the meaning of Article 24 of the Law on Regulated Real
Estate Companies.
11.1 FORWARD-LOOKING STATEMENTS
This Annual Report contains future-oriented information,
prospective information, projections, convictions, opinions
and estimates produced by Xior in relation to the expected
future performance of Xior and the market in which it
operates (‘forward-looking statements’). By nature, forward-
looking statements involve inherent risks, uncertainties and
assumptions, both general and specic, that appear justied at
the time at which they are made but which may or may not turn
out to be accurate, and there is a risk that such statements will
not materialise. Some events are difcult to predict and may
depend on factors outside of Xior’s control. In addition, the
forward-looking statements are only valid on the date of this
Annual Report. Statements in this Annual Report relating to
past trends or activities may not be interpreted as an indication
that such trends or activities will persist in future. Actual prots,
the nancial situation and Xior’s performance or result may
therefore differ substantially from the information projected or
implied in forward-looking statements. Xior expressly rejects
any obligation or guarantee to publicly update or review forward-
looking statements unless it is required to do so by law.
11.2 PARTY RESPONSIBLE FOR THE CONTENT OF THE REGISTRATION
DOCUMENT
The Board of Directors of Xior Student Housing NV, with its
registered ofce at Mechelsesteenweg 34, Box 108, 2018 Antwerp,
is responsible for the content of this Registration Document.
Xior Student Housing NV declares it has taken all reasonable
measures to ensure the data in this Annual Report is in
accordance with the facts and that no data has been omitted
that would affect the implications of this Registration Document.
As far as it is aware, this is currently the case.
The Board of Directors, whose composition is set out in
Chapter
6.1.5 of this Annual Report
, declares to the best of its knowledge
that:
• The annual nancial statements, which are drawn up in
accordance with the applicable standards for annual nancial
statements, provide a true and fair view of the equity, nancial
position and result of the Company and of the undertakings
included in the consolidation.
• The annual nancial report provides a true and fair overview
of the business developments and result, and of the position
of the Company and the undertakings included in the
consolidation, as well as a description of the main risks and
uncertainties that confront them.
11.3 INFORMATION PROVIDED BY THIRD PARTIES
This Registration Document contains information provided by
third parties (see
Chapter 8.1 of this Annual Report for a report
by Cushman & Wakeeld;
Chapter 8.2.4 for the conclusions of
the Valuation Experts Stadim, Cushman & Wakeeld and CBRE;
and
Chapters 7.6.4 and 10.9.37 for the reports by the Statutory
Auditor).
Xior Student Housing NV declares that the information provided
by third parties is accurately reproduced. As far as the Company is
aware and was able to ascertain from the information published
by the third party involved, no facts have been omitted that would
make the shown information inaccurate or misleading.
The third-party information (reports and conclusions) was included
following the approval of the information’s content, form and context.
Statutory auditor
For the information regarding the Statutory Auditor, please
refer to
Chapter 10.9.37 of this Registration Document. For
an overview of the Statutory Auditor’s reports that have been
included in this Registration Document with the Statutory
Auditor’s consent, please refer to
Chapters 7.6.4 and 10.9.37
of this Registration Document. The Statutory Auditor has
conrmed to the Company that the Statutory Auditor has no
material interests in the Company, except those arising from the
mandate as Statutory Auditor of the Company.
324 I STATEMENTS
XIOR I Annual nancial report I 2021 XIOR I Annual nancial report I 2021
XIOR I 325

PERMANENT
PERMANENT
DOCUMENT
DOCUMENT
12
Vaals- Katzensprung
THE NETHERLANDS
“
As Xior is close to students, we also
 nd it important as an organisation to
share knowledge with young talents.
Our annual traineeship programme
offers students the chance to gain
valuable practical experience in a
professional environment.
„
326 I PERMANENT DOCUMENT
XIOR I Annual fi nancial report I 2021 XIOR I Annual fi nancial report I 2021
XIOR I
327

12.1.4
HISTORY OF THE COMPANY
Below we provide an overview of the most important changes in
terms of corporate law that have occurred within the Company
since its establishment.
Date Event
10 March 2014 The Company is established as a private limited company under the name Xior Student Housing whose registered capital of
EUR 20,000.00 is represented by 200 shares.
23 September 2015 The Company is converted into a limited company and the nancial year is extended to 31 December 2015.
Increase of the registered capital to EUR 1,250,000.00, represented by 12,500 shares.
23 November 2015 The existing 12,500 shares are split into 42,500 new shares at a ratio of 1 existing share to 3.4 new shares.
Increase of the registered capital to EUR 1,250,000.00, represented by 12,500 shares.
11 December 2015 The registered capital increases to EUR 90,242,678.39, represented by 4,626,780 shares following various contributions in
kind and a contribution in cash as part of the completion of the IPO.
The capital is reduced by EUR 6,960,638.39 to create a reserve for foreseeable losses, resulting in a new capital of EUR
83,282,040.00 represented by 4,626,780 shares.
The Board of Directors is authorised to increase the Company's registered issued capital to EUR 83,282,040.00 in one or
more transactions.
The Board of Directors is authorised to acquire own shares or to accept them as security.
The Board of Directors is authorised to acquire own Company shares, accept them as security and sell them in the event of
serious imminent damage.
1 March 2016 Increase of the registered capital to EUR 87,433,866.00, represented by 4,857,437 shares following the merger by acquisition
of Devimmo NV.
1 August 2016 Increase of the registered capital to EUR 88,754,814.00, represented by 4,930,823 shares following the merger by acquisition
of C.P.G. CVBA.
11 October 2016 Increase of the registered capital to EUR 94,869,018.00, represented by 5,270,501 shares following a contribution in kind of
all shares in the company Woonfront-Tramsingel Breda BV.
24 November 2016 Xior Student Housing NV acquires all shares in Stubis BV.
16 December 2016 Xior Student Housing NV enters into a silent merger by the acquisition of (i) Karibu Invest BV (following the silent merger
of Karibu Invest BV by the acquisition of Kwartma BV), (ii) Retail Design BV, (iii) Eindhoven De Kroon BV and (iv) Woonfront-
Tramsingel Breda BV.
17 January 2017 Increase of the registered capital to EUR 97,538,994.00, represented by 5,418,833 shares following the contribution in kind of
a student accommodation property (under construction) in Brussels.
22 June 2017 Increase of the registered capital to EUR 146,308,482.00, represented by 8,128,249 shares as a result of the capital increase
by contribution in cash following an SPO in June 2017 (public offering to subscribe to new shares in the context of a capital
increase in cash within the authorised capital with priority allocation right).
15 December 2017 Silent merger with Xior Student Housing NV by acquisition of Amstelveen Keesomlaan 6-10 BV, Bokelweg BV, Burgwal
BV, Utrecht Willem Dreeslaan BV, De Keulse Poort BV, The Safe BV, Woonfront-Antonia Veerstraat Delft BV, Woonfront-
Waldorpstraat Den Haag BV and Woude BV (after the previous merger between Woude BV as the acquiring company and
Stein 1 BV as the acquired company) and OHK Vastgoed BV.
28 March 2018 Increase of the registered capital to EUR 155,625,786.00, represented by 8,645,877 shares following the contribution in kind
of a student accommodation property in Enschede to be renovated.
27 April 2018 Renewal of the Board of Directors' authorisation to increase the Company's registered issued capital in one or more
transactions.
12.1 COMPANY DETAILS
12.1.1
NAME, LEGAL FORM, STATUS, DURATION AND
REGISTRATION DATA
The Company is a public limited company (
société anonyme/
naamloze vennootschap
) incorporated under Belgian law and
has the status of a public regulated real estate company under
Belgian law (a “public RREC” or “PRREC”). Its name is “Xior
Student Housing” or “Xior”. As a public RREC, the Company falls
under the scope of application of the Law on Regulated Real
Estate Companies and the Royal Decree on Regulated Real
Estate Companies. The Company also falls under the scope of
application of the Belgian Companies and Associations Code.
Since 24 November 2015, the Company has been licensed as
a public RREC under Belgian law, registered at the FSMA. The
Company is a listed company within the meaning of Article 1:11
of the Belgian Companies and Associations Code (and therefore
a “public-interest entity” within the meaning of Article 1:12 of
the Belgian Companies and Associations Code). Xior Student
Housing’s shares have been listed on Euronext Brussels (XIOR)
since 11 December 2015.
The Company is entered in the Crossroads Bank for Enterprises
(Antwerp Register of Legal Entities, Antwerp section) under
company number BE 0547.972.794.
The Company has been incorporated for an indenite period.
12.1.2
REGISTERED OFFICE AND FURTHER CONTACT DETAILS
The Company’s registered ofce is located at Mechelsesteenweg
34 (Box 108), 2018 Antwerp, Belgium. The Board of Directors
may adopt a resolution to move the registered ofce elsewhere
in Belgium.
The Company’s further contact details are:
Tel.: +32 3 257 04 89 (Head Ofce)
E-mail: info@xior.be
www.xior.be
12.1.3
INCORPORATION
The Company was incorporated as a private limited company,
Xior Student Housing NV, on 10 March 2014, by means of
a deed executed before civil-law notary Peter Timmermans,
notary in Antwerp, as published in the Annexes to the Belgian
Ofcial Journal of 28 March 2014 under number 14069091.
The Company was incorporated with a registered capital of EUR
20,000.00, represented by 200 shares allocated to the founders
as follows:
• Aloxe NV: 199 shares (99.50%); and
• Bimmoc BV: 1 share (0.50%).
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12.1.4.1 Company capital
A table showing the evolution of the Company’s registered
capital is included in
Chapter 10.9.17 of this Annual Report.
12.1.4.2 Status as a regulated public real estate company
Xior Student Housing NV has the status of a public RREC.
Regulated real estate companies are dened in the Legislation
on Regulated Real Estate Companies in terms of their activities.
This activity consists primarily of making available real estate
to users either directly or through a company in which it holds a
participation. It may also own other real estate within the limits
set in that regard (such as shares in public and institutional
RRECs, shares in public and institutional real estate investment
companies with xed capital (BEVAKs), units in certain
foreign UCIs, shares issued by certain other REITs, real estate
certicates and units in a specialised property investment fund),
and can also (i) enter into joint ventures with a public client and
(ii) develop, establish, manage or make available utilities and
other facilities and installations itself or by contracting a third
party in the long term, either directly or via a company in which it
has a stake in accordance with the provisions of the Legislation
on Regulated Real Estate Companies. The RREC may perform
all the activities in this regard related to the construction,
conversion, renovation, development (for its own portfolio),
acquisition, disposal, management and operation of property.
The RREC follows a strategy that aims to retain possession
of its property for the long term. In performing its activities,
it focuses on active management, which specically implies
that it assumes direct responsibility for the management of its
activities and the development and day-to-day management
of the properties, and that all other activities that it carries out
add value to these properties or for those who use them, such
as providing ancillary services in relation to the provision of the
properties.
A public RREC is a regulated real estate company whose shares
are permitted for trading on a regulated market and that raises
funds in Belgium or abroad through a public offering of shares.
RRECs are governed by strict legislation. The Belgian legislature
has ensured that the RREC provides a great deal of transparency
in relation to its activities by stipulating that at least 80% of the
adjusted net result (pursuant to Article 13 of the Royal Decree
on Regulated Real Estate Companies) less the net reduction
in the RREC’s debt in the course of the nancial year must be
distributed. RRECs also benet from a special tax regime.
The RREC is subject to the supervision of the FSMA and specic
regulations. The main characteristics of these regulations are
the following:
• The RREC must take the legal form of a public limited
company.
• The shares of a public RREC must be admitted to trading
on a regulated Belgian market and at least 30% of its voting
securities must be continuously and permanently held by the
public.
• The composition of the RREC’s board of directors must be
such that the RREC can be managed in accordance with
Article 4 of the Law on Regulated Real Estate Companies. The
permitted activities of the RREC are essentially limited to the
activities provided in Article 4 of the Law on Regulated Real
Estate Companies, as described above.
• Strict rules in relation to conflicts of interest and internal
control structures must be observed.
• The RREC may not act as a property developer, unless this
only happens occasionally.
• The portfolio must be recognised at Fair Value (under IFRS);
the RREC may not depreciate its real estate.
• An independent Valuation Expert values the RREC’s assets
both periodically (each quarter) and on an ad hoc basis
(for example when the RREC issues shares or enters into a
merger). The expert may only be entrusted with the valuation
of a certain asset for a maximum of three years. After the end
of this period, the expert may only value this asset again after
a three-year period has passed since the previous period.
• Unless this results from a change in the Fair Value of the
assets, the RREC’s consolidated and separate debt ratio may
not exceed 65% of the consolidated or separate assets, as
the case may be, less the permitted hedging instruments, in
accordance with Article 23 of the Royal Decree on Regulated
Real Estate Companies.
• The annual nancial costs that form part of the debt of the
RREC and its subsidiaries must not at any time exceed 80%
of the consolidated net operating result, in accordance with
Article 25 of the Royal Decree on Regulated Real Estate
Companies.
• Security may be provided only in relation to nancing the
activities of the Company or Group, and is limited to 50% of
the total Fair Value of the consolidated assets and, for each
encumbered asset, to 75% of the value of that encumbered
asset.
• The RREC must diversity its investments so that the risks
are appropriately spread. In principle, the RREC must not
hold any “asset unit” that represents more than 20% of the
consolidated assets.
• At least 80% of the adjusted net result (pursuant to Article
12 June 2018 Increase of the registered capital to EUR 233,438,670.00, represented by 12,968,815 shares as a result of the capital
increase by contribution in cash following an SPO in June 2018 (public offering to subscribe to new shares in the context of
a capital increase in cash within the authorised capital with priority allocation right).
12 December 2018 Increase of the registered capital to EUR 247,838,670.00, represented by 13,768,815 shares as a result of the contribution in
kind of all All-In Annadal BV company shares.
14 December 2018 Renewal of the board of directors' authorisation to increase the Company's registered issued capital in one or more
transactions.
Amendment of the Articles of Association including a change of objective in order to amend the Articles of Association
following the amended Legislation on Regulated Real Estate Companies.
16 May 2019 Silent merger with Xior Student Housing NV through the acquisition of Promiris Student NV.
4 June 2019 Increase of the registered capital to EUR 250,541,244.00, represented by 13,918,958 shares following the contribution in
kind in the context of the optional dividend.
13 June 2019 Increase of the registered capital to EUR 258,297,246.00, represented by 14,349,847 shares following a contribution in kind
of the shares of the real estate company that owns the "Studax" student site in Leuven.
29 October 2019 Increase of the registered capital to EUR 344,396,322.00, represented by 19,133,129 shares as a result of the capital
increase by contribution in cash following an SPO in October 2019 (public offering to subscribe to new shares in the context
of a capital increase in cash within the authorised capital with priority allocation right).
6 November 2019 Renewal of the Board of Directors' authorisation to increase the Company's registered issued capital in one or more
transactions.
23 December 2019 Silent merger with Xior Student Housing NV through the acquisition of Alma Student NV.
18 June 2020 Increase of the registered capital to EUR 347,315,238.00, represented by 19,295,291 shares following the contribution in
kind for a claim of L.I.F.E. NV with regard to the Company.
7 October 2020 Increase of the registered capital to EUR 359,150,940.00, represented by 19,952,830 shares following the contribution in
kind of the Patrimmonia Couronne-Franck NV shares to the Company.
25 November 2020 Increase of the registered capital to EUR 378,835,938.00, represented by 21,046,441 shares as a result of a capital increase
in cash within the authorised capital with the cancellation of the statutory pre-emptive right of the existing shareholders and
without granting a priority allocation right to the existing shareholders, by means of an accelerated bookbuild.
9 March 2021 Increase of the registered capital to EUR 454,603,122.00, represented by 25,255,729 shares as a result of a capital increase
in cash within the authorised capital with the cancellation of the statutory pre-emptive right of the existing shareholders and
with granting priority allocation rights to the existing shareholders, by means of an accelerated bookbuild.
24 June 2021 Renewal of the Board of Directors' authorisation to increase the Company's registered issued capital in one or more
transactions and to amend the Articles of Association according to the Belgian Companies and Associations Code.
30 June 2021 Silent merger by acquisition of Xior Campus Hasselt NV.
29 November 2021 Silent merger by acquisition of Patrimmonia Couronne-Franck NV, Docks Gent BV and Voskenslaan NV.
7 December 2021 Increase of the registered capital to EUR 500,063,418.00, represented by 27,781,301 shares as a result of a capital increase
in cash within the authorised capital with the cancellation of the statutory pre-emptive right of the existing shareholders and
without granting a priority allocation right to the existing shareholders, by means of an accelerated bookbuild.
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12.2 GROUP STRUCTURE
12.2.1
EXTERNAL GROUP STRUCTURE
As at 31 December 2021, the Company’s group structure was as follows:
For information on the diversication of share ownership, please refer to
Chapter 6.1.3.2 of this Annual Report.
FREE FLOAT
76,61%
ALOXE NV
17,11%
AXA IM
6,28%
XIOR STUDENT
HOUSING NV
BE BE & NL NL ES PT
Stubis B.V.
Xior
Bonnefanten
N.V.
Xior Nartiaweg
B.V.
Stubeant
B.V. (NL) (75%)
Xior Nartiaweg
B.V.
Xior Student
Housing NL B.V.
Stubis NL IV
B.V.
Xior Quality
Student
Housing S.L.
HUBR Student
Housing S.L.
(25%+1)
Student Properties
Spain SOCIMI S.A.
(99.99%)
Xior Student
Housing
S.L.U.
XSHPT Portugal
Stratos KvK N.V.
Xior Enschede
N.V.
H. Savelkoul
& Co N.V.
Roosevelt N.V.
Xior Groningen
B.V.
Xior
Karspeldreef
Amsterdam B.V.
Borgondo
Facilities B.V.
ILBCB S.L.
HUBR Malaga
SOCIMI S.A.
Promgranjo
50%
Invest Drève St.
Pierre N.V.
(50%)
Xior Breda N.V.
XL NL 1
Coöperatie U.A.
Leeuwarden
Tesselschade-
straat B.V.
Xior Rotsoord
B.V.
Stubis NL B.V.
Minerva Student
Housing S.L.
HUBR Sevilla
SOCIMI S.A.
Uhub
Investments
Benca S.L.
Xior Studio Park
Breda N.V.
Xior Delft N.V.
XL NL 2
Coöperatie U.A.
Xior Student
Housing NL
2 B.V.
All-In Annadal
B.V.
Amstelveen
Laan van
Kronenburg 2 B.V.
Mosquera
Directorship S.L.
(80%)
Uhub
Investments
Sao Joao S.L.
Xior Enschede
N.V.
Xior LBW N.V. Oaks of life N.V.
Xior Zernike
Coop U.A.
Terra
Directorship S.L.
Uhub
Operations
(85%)
Xior ageningen
N.V.
Xior AGBL N.V.
Managua
Directorship
S.L.U
Uhub Lumiar
S.A.
(25%+1)
Xior Ruhl N.V.
Unidorm
S.A. (50%)
Tri-bis B.V.
Xior
Octopus N.V.
Xior
Ommegang
N.V.
13 of the Royal Decree on Regulated Real Estate Companies)
less the net reduction in the RREC’s debt in the course of the
nancial year must be distributed as repayment of capital.
• Dividends paid by a public RREC like Xior are generally subject
to 30% withholding tax in Belgium (see Articles 171(3) and 269,
Section 1(1) of the Belgian Income Tax Code).
• The result (rental income and capital gains from sales, less
the operating expenses and nancial charges) of the RREC
in Belgium is exempt from corporation tax. Although the
RREC is subject to corporation tax at the normal rate, its
taxable base is limited to the sum of (i) the extraordinary or
gratuitous advantages that it receives and (ii) the expenses and
costs that cannot be deducted as business costs other than
impairments and capital losses on shares (see Article 185bis
of the Belgian Income Tax Code). It may also be subject to a
special assessment on secret commissions of 103% or 51.5%
if the acquiring party is a legal entity, on commissions and
remuneration that have been paid but not declared in individual
records and a summary return. The results of the activities in
the Netherlands, Spain and Portugal are subject to local income
tax. Stratos KvK NV, Xior Bonnefanten NV, Xior Breda NV, Xior
Carré NV, Xior Delft NV, Xior Enschede I NV, Xior LBW NV, Xior
Wageningen NV, Xior Studio Park Breda NV and XL Fund NV are
registered on the list of specialised property investment funds.
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Name Jurisdiction % shares Held by
Stubis NL IV BV The Netherlands 100 % XSH
Borgondo Facilities BV The Netherlands 100 % XSH
Xior Quality Student Housing SL Spain 100 % XSH
> I love Barcelona Campus Bèsos SA Spain 100 % XQSH
> Mosquera Directorship SL Spain 80 % XQSH
> Managua Directorship SLU Spain 100 % XQSH
> Minerva Student Housing SL Spain 100 % XQSH
> Terra Directorship SL Spain 100 % XQSH
HUBR Student Housing SL Spain 25 + 1 % XSH
Student Properties Spain SOCIMI SA Spain 99,99 % XSH
> HUBR Malaga SOCIMI SA Spain 100 % SPS
> HUBR Sevilla SOCIMI SA Spain 100 % SPS
Xior Student Housing SLU Spain 100 % XSH
XSHPT Portugal SA Portugal 100 % XSH
> Promgranjo SA Portugal 50 % XSHPT
> Uhub Investments Benca SL Portugal 100 % XSHPT
> Uhub Investments Sao Joao SL Portugal 100 % XSHPT
> Uhub Operations Lda. Portugal 85 % XSHPT
> Uhub Lumiar SA Portugal 25 % +1 XSHPT
> Unidorm SA Portugal 50 % XSHPT
The abbreviations used in the last column of the table below are
explained here:
XSH: Xior Student Housing NV
XQSH: Xior Quality Student Housing SA
SPS: Student Properties Spain SOCIMI SA
XSHPT: XSHPT Portugal SA
Stubis BV staat in voor het verstrekken van “vastgoeddiensten
aan derden” met toepassing van artikel 6 van de GVV-Wet. In dit
verband wordt opgemerkt dat de Vennootschap er steeds naar
streeft om zowel voor haar eigen gebouwen als voor de gebouwen
die het voorwerp uitmaken van deze “vastgoeddiensten aan
derden” een optimale dienstverlening aan te bieden, en dus
in het bijzonder een optimale bezetting van deze gebouwen
benaarstigt. In dat opzicht is de Vennootschap overigens
van oordeel dat hier weinig of geen belangenconflicten rijzen,
aangezien het uitverhuren van beide “types” van gebouwen
in het belang is van de Vennootschap. In de praktijk wordt
bovendien de keuze voor een welbepaald kot bepaald door de
kandidaat-huurder. De Vennootschap zal de huurder bijstaan in
de keuze voor een bepaald kot aan de hand van de wensen en
noden van de kandidaat-huurder (bvb. voorkeurlocatie), op basis
van het volledige aanbod van studentenkamers, en uiteraard in
functie van beschikbaarheden, waarbij de nale keuze bij de
kandidaat-huurder ligt. Bijgevolg worden belangenconflicten tot
een minimum beperkt of zijn deze zelfs onbestaande.
12.2.2
INTERNAL ORGANISATIONAL STRUCTURE
As at 31 December 2021, the Company had 162.05 FTEs
excluding the management team, divided into an operational
department (headed by the CEO) and a support administrative
department (headed by the CFO).
12.2.3
SUBSIDIARIES
As at 31 December 2021, the Company directly or indirectly held
the following subsidiaries, sub subsidiaries and shareholdings.
Name Jurisdiction % shares Held by
Stratos KVK NV Belgium 100 % XSH
Stubis BV Belgium 100 % XSH
Invest Drève St. Pierre NV Belgium 50 % XSH
Xior Studio Park Breda NV Belgium 100 % XSH
Xior Bonnefanten NV Belgium 100 % XSH
Xior Breda NV Belgium 100 % XSH
Xior Carré NV Belgium 100 % XSH
Xior Delft NV Belgium 100 % XSH
Xior Enschede I NV Belgium 100 % XSH
Xior LBW NV Belgium 100 % XSH
Xior Wageningen NV Belgium 100 % XSH
XL Fund NV Belgium 90 % XSH
> H. Savelkoul & Co NV Belgium 100 % XL Fund
> Oaks of Life NV Belgium 100 % XL Fund
> XL NL Coöperatie UA The Netherlands 100 % XL Fund
> XL NL 2 Coöperatie UA The Netherlands 100 % XL Fund
Stubeant BV The Netherlands 75 % XSH
> Roosevelt NV Belgium 100 % Stubeant
Xior AGBL NV Belgium 100 % XSH
> Xior Octopus NV Belgium 100 % Xior AGBL
> Xior Ruhl NV Belgium 100 % Xior AGBL
> Xior Ommegang NV Belgium 100 % Xior AGBL
> Tri-bis BV Belgium 100 % Xior AGBL
Xior Rotsoord BV The Netherlands 100 % XSH
Xior Naritaweg BV The Netherlands 100 % XSH
Stubis NL BV The Netherlands 100 % XSH
> Amstelveen Laan van Kronenburg 2 BV The Netherlands 100 % Stubis NL
Leeuwarden Tesselschadestraat BV The Netherlands 100 % XSH
All-In Annadal BV The Netherlands 100 % XSH
Xior Student Housing NL BV The Netherlands 100 % XSH
Xior Karspeldreef Amsterdam BV The Netherlands 100 % XSH
Xior Groningen BV The Netherlands 100 % XSH
Xior Zernike Coöperatie UA The Netherlands 100 % XSH
Xior Student Housing NL 2 BV The Netherlands 100 % XSH
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However, since the Valuation Experts are legal entities, the
above rotation principle applies solely to the natural persons
who represent the respective Valuation Experts, on condition
that the respective Valuation Experts show that appropriate
functional independence exists between these natural persons.
This “internal” rotation principle was applied and the mandates
of both Valuation Experts were renewed for a three-year period,
whereby Stadim is represented by Céline Janssens until 31
December 2021 and Cushman & Wakeeld is represented by
Jurre Brantsma.
The contract with Cushman & Wakeeld Portugal was signed on
7 May 2019, with Cushman & Wakeeld being represented by
Ricardo Reis. The contract with CBRE was signed on 15 January
2019, with CBRE being represented by Javier Caro.
The Valuation Experts value all the properties (land and
buildings) in the Company’s portfolio.
The Valuation Experts are entitled to an annual fee based on
the size of the Company’s portfolio. The experts’ fees are not
directly or indirectly related to the value of the property they
assess. For the nancial year 2020, the overall remuneration of
the Valuation Experts was EUR 583,978 (incl. VAT), of which EUR
390,807 went to Stadim, EUR 78,000 to Cushman & Wakeeld
Netherlands, EUR 49,947 to Cushman & Wakeeld Portugal,
EUR 31,224 to CBRE Spain and EUR 34,001 to Cushman &
Wakeeld Spain.
12.3.2
STATUTORY AUDITOR
At the general meeting of 24 June 2021, the Company re-appointed
PricewaterhouseCoopers Bedrijfsrevisoren BV (or PwC) with
its registered ofce at Culliganlaan 5, 1831 Machelen, entered
in the Crossroads Bank for Enterprises under company number
BE 0429.501.944 (Brussels Register of Legal Entities, Dutch
section) and represented by Jeroen Bockaert, who is a company
auditor and member of the Institute of Company Auditors, as the
Company’s Statutory Auditor until the ordinary general meeting
that will decide on the annual nancial statements drawn up for
the nancial year closing 31 December 2023.
The annual fee of the Statutory Auditor for examining and auditing
the separate and consolidated accounts of the Company and its
subsidiaries was xed for the term of its mandate at EUR 47,753.73
(excluding VAT and expenses), subject to annual indexation.
For a summary of the Statutory Auditor’s fee in the nancial year
2021, please refer to
Chapter 10.9.29 of this Annual Report .
The Statutory Auditor has agreed that its reports are included
in this Annual Report under
Chapters 7.6.4 and 10.9.37 of this
Annual Report
.
12.3.3
FINANCIAL SERVICE
ING Belgium SA/NV
Legal Financial Markets
Marc Sanders
Avenue Marnix/Marnixlaan 24
1000 Brussels
+ 32 2 547 31 40
marc.sanders@ing.be
A fee of EUR 21,802 (excl. VAT) was paid for 2021.
12.3.4
LIQUIDITY PROVIDER
Van Lanschot Kempen Wealth Management NV
Beethovenstraat 300
1077 WZ Amsterdam
A fee of EUR 20,000 (excl. VAT) was paid for 2021.
12.2.4
AVAILABILITY OF COMPANY DOCUMENTS AND OTHER
INFORMATION
The Company must le its consolidated Articles of Association,
including whenever these are revised and amended, and other
documents that must be published in the Annexes to the Belgian
Ofcial Journal with the registry of the Commercial Court of
Antwerp (Belgium), Antwerp section, where these will be available
to the public. A copy of the most recent consolidated Articles of
Association and the Corporate Governance Charter must also be
made available on the Company website. The Annual Financial
Reports for 2019 and 2020 are included by reference and are also
available on the Company website.
In accordance with Belgian legislation, the Company must draw
up separate and consolidated annual nancial statements that
are to be audited. The separate and consolidated annual nancial
statements and the related reports of the Board of Directors
and the Statutory Auditor must be led with the National Bank
of Belgium, where these will be available to the public. As a
listed company, the Company is moreover obliged to publish its
abridged, half-yearly nancial statements, as well as its audited
annual nancial statements, the Statutory Auditor’s report and its
Board of Directors’ Annual Report.
The Company must disclose all information that qualies as
“inside information” under the applicable regulations to the
public. The Company must also disclose information about its
shareholder structure and certain other information to the public.
In accordance with the Royal Decree of 14 November 2007, such
information and documents are made available through press
releases, the nancial press in Belgium, the Company website
(on condition that the conditions set out in Article 14 of the Royal
Decree of 14 November 2007 are met), the communication
channels of Euronext Brussels or a combination of these media,
via which these documents can be consulted.
The Company’s web address is www.xior.be. A copy of the above-
mentioned documents can also be obtained from the Company’s
registered ofce.
12.3 SERVICE PROVIDERS OF THE COMPANY
12.3.1
VALUATION EXPERTS
In accordance with Article 24 read together with Articles 47
and following of the Law on Regulated Real Estate Companies,
the Company uses independent Valuation Experts who are
responsible for the periodic and ad hoc valuations of its assets.
Stadim CVBA, Mechelsesteenweg 180, 2018 Antwerp, Belgium
is entrusted with the real estate valuation assignments for real
estate located in Belgium and certain real estate located in the
Netherlands. Cushman & Wakeeld, Gustav Mahlerlaan 362-
364, 1082 ME Amsterdam, The Netherlands is entrusted with
the real estate valuation assignments for the other real estate
located in the Netherlands. The property valuation assignments
for the properties located in Portugal are entrusted to Cushman
& Wakeeld, Avenida de Liberdade 131-5°, 1250-140 Lisbon.
The property valuation assignments for the properties located
in Spain are entrusted to CBRE, Edicio Castellano 20, P° de
la Castellana 202 planta 8, 28046 Madrid, and Cushman &
Wakeeld, Jose Ortega y Gasset 29, Edicio Beatriz 6
th
Floor,
28006 Madrid (together, the “Valuation Experts”). For this
purpose, the Company and the respective Valuation Experts
entered into property appraisal agreements under which the
Valuation Experts act as appraisers (i) for the initial valuation of
the Company’s property after becoming licensed as an RREC,
(ii) for the annual variations in the Fair Value and quarterly
adjustments, and (iii) any subsequent appraisals of assets that
the Company wishes to acquire or sell. The Valuation Experts
also update the total valuation of the Company’s assets based
on market developments and the individual characteristics of
the assets concerned at the end of each quarter.
Based on the agreements with the Valuation Experts, the
Valuation Experts are appointed for a xed three-year period.
The rst three-year period for the Netherlands and Belgium
started on 1 January 2016. In accordance with Article 24 of the
Law on Regulated Real Estate Companies, a new agreement
may be concluded with a Valuation Expert, where relevant,
only after a period of three years has passed between the end
of the current period and the new period (rotation principle).
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06-06/19320265 (decided by the Board of Directors on 16 May
2019 in the context of the authorised capital presented before
the same undersigned notary and published in the Annexes to
the Belgian Ofcial Journal of 24 May 2019 under number 2019-
05-24/19318725).
• 13 June 2019, which included a capital increase by a contribution
in kind, published in the Annexes to the Belgian Ofcial Journal
of 18 June 2019 under number 2019-06-18/19321724.
• 29 October 2019, which included the establishment of
an authorised capital increase by a contribution in cash
(decided by the Board of Directors on 15 October 2019 in the
context of the authorised capital presented before the same
undersigned notary and published in the Annexes to the Belgian
Ofcial Journal of 24 October 2019 under number 2019-
10-24/19340581), published in the Annexes to the Belgian
Ofcial Journal of 31 October 2019 under number 2019-10-
31/19341646.
• 6 November 2019, which included a renewal of the authorised
capital, published in the Annexes to the Belgian Ofcial Journal
of 14 November 2019 under number 2019-11-14/19343364.
• 18 June 2020, which included a capital increase by a contribution
in kind in the context of the authorised capital, published in the
Annexes to the Belgian Ofcial Journal of 29 June 2020 under
number 2020-06-29/20328897.
• 7 October 2020, which included an authorised capital increase
by a contribution in kind in the context of the authorised capital,
published in the Annexes to the Belgian Ofcial Journal of 12
October 2020 under number 2020-10-12/20348275.
• 25 November 2020, which included recording the realisation of
an authorised capital increase through a contribution in cash
(decided by the Board of Directors on 19 November 2020 in the
context of the authorised capital, published in the Annexes to
the Belgian Ofcial Journal of 26 November 2020 under number
2020-11-26/20357178), published in the Annexes to the Belgian
Ofcial Journal of 2 December 2020 under number 2020-12-
02/00358296.
• 9 March 2021, which included the establishment of a capital
increase through a contribution in cash (decided by the Board of
Directors on 23 February 2021 in the context of the authorised
capital, published in the Annexes to the Belgian Ofcial Journal
of 1 March 2021 under number 2021-03-01/21313257),
published in the Annexes to the Belgian Ofcial Journal of 22
March 2021 under number 2021-03-22/21317952.
• 24 June 2021, which included the renewal of the authorised
capital approval and the adjustment to comply with the Belgian
Companies and Associations Code published in the Annexes
to the Belgian Ofcial Journal of 29 June 2021 under number
2021-06-29/0339812.
• 7 December 2021, which included the establishment of an
authorised capital increase by a contribution in cash (decided
by the Board of Directors on 2 December 2021) to be published
in the Annexes to the Belgian Ofcial Journal.
A R T I C L E S O F A S S O C I A T I O N
CHAPTER I – NAME – FORM – TERM – REGISTERED OFFICE –
OBJECT – WEBSITE – EMAIL ADDRESS – PROHIBITORY CLAUSES
ARTICLE 1. NAME AND FORM
The company name is “Xior Student Housing” abbreviated to
“Xior”.
The company has the form of a public limited company.
The company is a public regulated real estate company, hereafter
abbreviated to “public RREC” or “RREC”, within the meaning of the
Act of 12 May 2014 on regulated real estate companies (the “RREC
Act”), the shares of which are admitted for trading on a regulated
market, and which raises its nancial resources in Belgium or
abroad via public share offerings.
The name of the company and all the documents that it issues
(including all deeds and invoices) must include “openbare
gereglementeerde vastgoedvennootschap naar Belgisch recht”
(public regulated real estate company under Belgian law) or
“openbare GVV naar Belgisch recht” (public RREC under Belgian
law). The corporate name must also always be preceded or
followed by the words “naamloze vennootschap” (public limited
company) or the abbreviation “NV”.
The company is subject to all regulations that apply at any
given time to regulated real estate companies and, in particular,
to the provisions of the Belgian Law on Regulated Real Estate
Companies and the Royal Decree of 13 July 2014 on regulated
real estate companies.
ARTICLE 2. TERM
The company has been incorporated for an indenite period.
ARTICLE 3. REGISTERED OFFICE – WEBSITE – EMAIL ADDRESS
The registered ofce of the company is located in the Flemish
Region.
The Board of Directors is authorised to relocate the registered
ofce of the company within Belgium, provided this relocation does
not require a change in the language of the Articles of Association
under the applicable language legislation. Such a decision does
not require any amendment to the Articles of Association, unless
the registered ofce of the company is moved to another Region.
12.4 CONSOLIDATED ARTICLES OF ASSOCIATION OF THE COMPANY AS AT
7 DECEMBER 2021
“Xior Student Housing”, abbreviated to “Xior”.
Public Limited Company (NV)
Public regulated real estate company under Belgian law
with its registered ofce in the Flemish Region
at Mechelsesteenweg 34 Box 108, 2018 Antwerp (Belgium)
Antwerp Register of Legal Entities,
Antwerp section 0547.972.794
www.xior.be – email address: ir@xior.be.
H I S T O R Y
(in accordance with Article 2:8, Section 1 (4) of the Belgian
Companies and Associations Code)
The company was incorporated as a private limited liability
company by means of a deed executed before the undersigned
notary, Peter Timmermans, on 10 March 2014, and published
in the Annexes to the Belgian Ofcial Journal of 28 March 2014
under number 2014-03-28/14069091.
The Articles of Association were amended by means of a deed
before the same notary, Peter Timmermans, on:
• 23 September 2015, which included a conversion of the legal
form into the current form, published in the Annexes to the
Belgian Ofcial Journal of 20 November 2015 under number
2015-11-20/0162805.
• 23 November 2015, which included a capital increase and an
amendment to the Articles of Association to obtain the status
of a public regulated real estate company, published in the
Annexes to the Belgian Ofcial Journal of 8 December 2015
under number 2015-12-08/0170864.
• 11 December 2015, which included various mergers by
acquisition and a capital increase by means of non-cash and
cash contributions, published in the Annexes to the Belgian
Ofcial Journal of 5 January 2016 under number 2016-01-
05/0001184.
• 1 March 2016, which included a merger by acquisition published
in the Annexes to the Belgian Ofcial Journal of 6 April 2016
under number 2016-04-06/16047694.
The Articles of Association were amended on 1 August 2016 by
a deed executed before the notary, Yves De Deken, replacing his
colleague, the notary Peter Timmermans, who could not attend,
both practising in Antwerp, , containing a merger by acquisition,
published in the Annexes to the Belgian Ofcial Journal of 5
September 2016 under number 2016-09-05/16123425.
The Articles of Association were amended by means of a deed
before the same notary, Peter Timmermans, on:
• 11 October 2016, which included a capital increase by a
contribution in kind in the context of the authorised capital,
published in the Annexes to the Belgian Ofcial Journal of 31
October 2016 under number 2016-10-31/16150541.
• 17 January 2017, which included a capital increase by a
contribution in kind in the context of the authorised capital,
published in the Annexes to the Belgian Ofcial Journal of 15
February 2017 under number 2017-02-15/17024925.
• 22 June 2017, which included the establishment of a capital
increase by a contribution in cash (decided by the Board
of Directors on 6 June 2017 in the context of the authorised
capital presented before the same undersigned notary and
published in the Annexes to the Belgian Ofcial Journal of 21
June 2017 under number 2017-06-21/17086917), published
in the Annexes to the Belgian Ofcial Journal of 10 July 2017
under number 2017-07-10/17098233.
• 28 March 2018, which included a capital increase by a
contribution in kind, published in the Annexes to the Belgian
Ofcial Journal of 20 April 2018 under number 2018-04-
20/18065090.
• 27 April 2018, which included a renewal of the authorised
capital increase, published in the Annexes to the Belgian Ofcial
Journal of 28 May 2018 under number 2018-05-28/18082291.
• 12 June 2018, which included the establishment of a capital
increase by a contribution in cash (decided by the Board of
Directors on 29 May 2018 in the context of the authorised capital
presented before the same undersigned notary), published in
the Annexes to the Belgian Ofcial Journal of 18 June 2018
under number 2018-06-18/18317764.
• 12 December 2018, which included a capital increase by a
contribution in kind in the context of the authorised capital,
published in the Annexes to the Belgian Ofcial Journal of 17
December 2018 under number 2018-12-17/18340508.
• 14 December 2018, which included a change of object and
a renewal of the authorised capital increase, published in the
Annexes to the Belgian Ofcial Journal of 21 December 2018
under number 2018-12-21/0341749.
• 4 June 2019, which included the establishment of a capital
increase by a contribution in kind, published in the Annexes to
the Belgian Ofcial Journal of 6 June 2019 under number 2019-
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restructuring permitted by law, participate in (or be a member of)
any existing or yet to be incorporated companies, undertakings or
associations through subscriptions, shareholdings, membership,
nancial contribution or otherwise, in Belgium or abroad, the
object of which is similar or complementary to its own, or is of
such a nature as to contribute to or facilitate the achievement
of its object, and generally to perform all acts that are directly or
indirectly associated with its object.
ARTICLE 5. PROHIBITORY CLAUSES
The company may not in any way:
i. Act as a property promoter within the meaning of the
regulations applicable to regulated real estate companies,
excepting occasional transactions;
ii. Join a syndicate for a permanent takeover or guarantee;
iii. Lend nancial instruments, with the exception of loans that
are made subject to the conditions of and according to the
provisions of the Royal Decree of 7 March 2006;
iv. Acquire nancial instruments issued by a company or
an association under private law that has been declared
bankrupt, has entered into a private agreement with its
creditors, is the subject of legal restructuring proceedings,
has been granted deferred payment terms or has been the
subject of a similar measure abroad; or
v. Enter into contractual agreements or include stipulations in
the Articles of Association relating to so-called “perimeter
companies” that would breach the voting power limit
to which they are entitled under the applicable law on
shareholdings, of 25% plus one share.
CHAPTER II – CAPITAL – SHARES – OTHER SECURITIES
ARTICLE 6. CAPITAL
The capital is set at vehundred million sixty-three thousand
four hundred and eighteen euros (EUR 500,063,418.00). It is
represented by twenty-seven million seven hundred and eighty-
one thousand three hundred and one (27,781,301) non-par-value
shares, each representing 1/27,781,301 of the capital.
ARTICLE 7. AUTHORISED CAPITAL
The Board of Directors is authorised to increase the registered
capital in one or more transactions, on the dates and under the
conditions dened by the board on one or more occasions:
(a) for capital increases by means of a contribution in cash that
offer the company shareholders the option to exercise their
statutory pre-emptive rights or irreducible allocation rights,
up to a maximum amount of two hundred and twenty-seven
million three hundred and one thousand ve hundred and sixty-
one euros (EUR 227,301,561.00),
(b) for capital increases in the context of the distribution of an
optional dividend, up to a maximum amount of two hundred
and twenty-seven million three hundred and one thousand ve
hundred and sixty-one euros (EUR 227,301,561.00),
(c) for capital increases by means of a contribution in cash that
do not include offering shareholders in the company the option
to exercise their statutory pre-emptive rights or irreducible
allocation rights, up to a maximum amount of forty-ve million
four hundred and sixty thousand three hundred and twelve
euros and twenty cents (EUR 45,460,312.20),
(d) for (a) capital increases by way of contribution in kind and (b)
any capital increases other than those mentioned above, up to
a maximum amount of forty-ve million four hundred and sixty
thousand three hundred and twelve euros and twenty euro
cents (EUR 45,460,312.20),
provided that the Board of Directors shall never increase the
capital in any case by more than the statutory maximum amount,
which is 100% of the total capital amount (being four hundred and
fty-four million six hundred and three thousand one hundred and
twenty-two euros (EUR 454,603,122.00)) as of the extraordinary
general meeting held on 24 June 2021.
This authorisation is valid for a ve-year period from the publication
in the Annexes to the Belgian Ofcial Journal of the minutes of the
extraordinary general meeting of 24 June 2021.
This authorisation is renewable.
The Board of Directors will determine the price, any issue premium
and the issue conditions of the new securities for each capital
increase.
Within the limits dened by the rst paragraph, these capital
increases may be implemented by cash contributions, non-cash
contributions, mixed contributions or the conversion of reserves,
including retained prots and issue premiums, as well as all equity
components shown in the company’s annual separate IFRS
nancial statement (drawn up under the regulations applicable to
registered real estate companies) that are eligible for conversion
into capital, whether or not with the creation of new shares, in
accordance with the rules prescribed by the applicable regulations
and these articles of association.
The Board of Directors may also issue new shares. Where
appropriate, the issue premiums will be recognised and retained in
one or more separate accounts as liabilities in the equity section of
the balance sheet. The Board of Directors may choose freely, in the
In the latter case, the Board of Directors is authorised to take the
decision to amend the Articles of Association.
If, as a result of the relocation of the registered ofce, the
language of the Articles of Association needs to be changed, only
the general meeting may take this decision with due observance
of the requirements for approving an amendment to the Articles
of Association.
The company may establish administrative ofces, branches
or agencies. both in Belgium and abroad, by means of a simple
resolution of the Board of Directors.
The company’s website is www.xior.be. The email address of the
company is ir@xior.be.
The Board of Directors may change the company’s email address
and website subject to compliance with the Belgian Companies
and Associations Code.
ARTICLE 4. OBJECT
The company’s sole object is (x) to make property available to
users either directly or via a company in which it has a participating
interest in accordance with the provisions of the Law on Regulated
Real Estate Companies and the decrees and regulations adopted
for its implementation, and (y) to own property within the limits of
the Law on Regulated Real Estate Companies.
Property means property within the meaning of the Law on
Regulated Real Estate Companies, as well as other assets, shares
or rights that are dened as property by the regulations applicable
to regulated real estate companies.
For the purpose of making properties available, the company
may, in particular, perform all activities that relate to the erection,
construction (without affecting the prohibition on acting as a property
developer, except for occasional transactions), refurbishment,
renovation, tting out, development, acquisition, disposal, letting,
subletting, exchange, contribution, transfer, parcelling out, placing
under the system of co-ownership of or undivided interest in
property, granting or acquiring rights of supercies, usufruct, long-
term ground lease or other real or personal rights to property, and
the management and operation of properties.
In accordance with the regulations applicable to regulated real
estate companies, the company may also:
i. Be a lessee of properties, with or without an option to
purchase;
ii. Be a lessor of properties, with or without an option to
purchase, on the understanding that acting as a lessor of
properties with an option to purchase may be performed
only as an ancillary activity, unless those properties are
intended for objectives of general interest, including social
housing and education, in which case this activity may be
performed as a principal activity;
iii. Develop activities as part of a public-private partnership
within the limits dened for this purpose by the regulations
applicable to regulated real estate companies, whether
or not placed within an institutional regulated real estate
company;
iv. Invest in securities that are not property within the meaning
of the regulations applicable to regulated real estate
companies, as either an ancillary or temporary activity.
These investments must be made in accordance with the
risk management policy adopted by the company and be
diversied in order to ensure appropriate risk diversication.
The company may also hold unallocated cash and cash
equivalents. Cash and cash equivalents may be held in all
currencies in the form of a current account or term deposits
or in the form of any other readily negotiable monetary
instrument.
v. Provide mortgages or other personal or real securities
for the purpose of nancing the property activities of the
company or its group, within the limits dened for this
purpose by the regulations applicable to regulated real
estate companies;
vi. Take out or grant loans within the limits dened for this
purpose by the regulations applicable to regulated real
estate companies;
vii. Enter into transactions involving permitted hedging
instruments, insofar as these transactions form part of a
policy determined by the company for hedging nancial
risks, with the exception of speculative transactions.
The company may, with due observance of the regulations
applicable to regulated real estate companies, acquire, rent or let,
transfer or exchange immovable or movable assets, materials
and supplies, and generally carry out all commercial or nancial
transactions (including “supplementary services” as referred to in
the regulations applicable to regulated real estate companies) that
relate directly or indirectly to its object, or that are simply of such a
type that they will contribute to or facilitate the achievement of its
object, either within Belgium or abroad.
With due observance of the regulations applicable to regulated real
estate companies, the company may, by means of a cash or non-
cash contribution, merger, full or partial division, or other corporate
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observance of the regulations applicable to regulated real estate
companies, a resolution to increase or decrease capital may be
adopted only by an extraordinary general meeting in the presence
of a notary.
If the general meeting adopts a resolution to request an issue
premium, this must be issued in a non-distributable reserve
that serves as a guarantee for third parties in the same way as
the capital and which, subject to its incorporation in the capital,
may be reduced or abolished only by means of a resolution of
the general meeting of shareholders deliberating in accordance
with the conditions for a quorum and majority that apply to an
amendment of the Articles of Association.
11.1 Capital increase by cash contribution
In the event of a capital increase by a contribution in cash, decided
by the general meeting, or in the context of the authorised capital,
and without prejudice to the application of the Belgian Companies
and Associations Code, the preferential subscription right of the
shareholders may be limited or cancelled only insofar as this is
required by the regulations that apply to regulated real estate
companies to grant an irreducible allocation right to existing
shareholders whenever new securities are allocated.
This irreducible allocation right must meet the following conditions
imposed by the legislation applicable to regulated real estate
companies:
i. It must relate to all newly issued securities.
ii. It must be granted to the shareholders in proportion to
the capital represented by their shares at the time of the
transaction.
iii. A maximum share price must be announced no later than
on the eve of the start of the public subscription period.
iv. In that case, the public subscription period must be open for
at least three stock exchange days.
The irreducible allocation right applies to the issue of shares,
convertible bonds and subscription rights that may be exercised
through a contribution in cash.
However, in accordance with the legislation applicable to
regulated real estate companies, any such irreducible allocation
right does not have to be granted in any case in the event of a
capital increase by a contribution in cash carried out under the
following conditions:
i. The capital increase is carried out using the authorised
capital.
ii. The total amount of the capital increases performed over
a 12-month period in accordance with this paragraph does
not exceed 10% of the capital amount at the time when the
capital increase is decided.
This irreducible allocation right may also not be granted in the
event of a contribution in cash that includes a restriction or
cancellation of the pre-emptive right, in addition to a contribution
in kind in the context of the distribution of an optional dividend,
insofar as this is actually made payable to all shareholders.
11.2 Capital increase by contributions in kind
Capital increases by contributions in kind are subject to the
provisions of the Belgian Companies and Associations Code.
In addition, in accordance with the regulations applicable to
regulated real estate companies, the following conditions must be
met in the event of contributions in kind:
i. The identity of the contributor must be stated in the Board
of Directors’ report on the contribution in kind and, where
applicable, in the notice convening the general meeting to
approve the capital increase.
ii. The issue price may not be less than the lowest of (a) any
net asset value per share that dates from four months or
less prior to the date of the contribution agreement or,
at the company’s discretion, prior to the date of the deed
conrming the capital increase and (b) the average closing
price in the 30 calendar days prior to the same date.
For the application of the above, an amount corresponding
to the portion of the unpaid gross dividend to which new
shares might not acquire any rights may be deducted from
the amount referred to under point (b). Where applicable,
the Board of Directors will specically account for the
deducted dividend amount in its special report and explain
the nancial conditions in its annual nancial report.
iii. Except if the issue price, or in the case as referred to in Article
11.3, the exchange ratio, as well as the relevant conditions
are determined on or before the working day after the
contribution agreement is concluded and announced to the
public, stating the period within which the capital increase
will be implemented, the deed for the capital increase must
be executed within a maximum of four months; and
iv. the report referred to under point (i) above must also explain
the impact of the proposed contribution on the position of
the former shareholders, in particular as regards their share
of prots, of the net asset value per share and of the capital,
as well as the impact on voting rights.
Under the legislation that applies to regulated real estate
event that a capital increase is decided by the Board of Directors,
whether to deposit the issue premium amount – possibly reduced
by an amount up to the maximum of the costs of the capital increase
as calculated under the applicable IFRS rules – in a non-distributable
reserve account which acts as a guarantee to third parties in the
same way as the capital itself, such that unless the issue premium
is incorporated into the capital itself, it may be reduced or abolished
only by a resolution of the general shareholders’ meeting in
accordance with the rules for a quorum and majority that apply to
amendments of the articles of association.
Within the limits dened in the rst paragraph, the Board of
Directors may also issue subscription rights (whether or not
attached to another security) and convertible bonds, or bonds
redeemable as shares, which could lead to the creation of the
same securities as referred to in the previous paragraph, always
subject to compliance with the rules prescribed by the applicable
regulations and these articles of association.
Within the limits dened by the rst paragraph and without
prejudice to the application of the applicable regulations, the Board
of Directors may also limit or cancel the pre-emptive right, even if it
operates in favour of one or more persons other than employees of
the company or its subsidiaries, insofar as an irreducible allocation
right is granted to the existing shareholders on the award of new
securities (insofar as required by law). This irreducible allocation
right must at least comply with the conditions set out in Article 11.1
of these Articles of Association. Notwithstanding the application
of the valid regulations, the above restrictions with regard to the
limitation or cancellation of the pre-emptive right do not apply to a
contribution in cash which involves the restriction or cancellation
of the pre-emptive right, (i) in the context of the authorised capital
where the total amount of the capital increases carried out over
a 12-month period in accordance with Article 26, Section 1, (3) of
the Law on Regulated Real Estate Companies does not exceed
10% of the capital amount at the time the decision was made to
increase the capital or (ii) in connection with a contribution in kind
in the context of the distribution of an optional dividend, insofar as
this is actually made payable to all shareholders.
If securities are issued in return for a non-cash contribution, the
conditions as stated in Article 11.2 of these Articles of Association
must be fullled (including the possibility of deducting an amount
that corresponds to the portion of the unpaid gross dividend).
However, the special rules on a capital increase through a non-
cash contribution, as set out under Article 11.2, do not apply to
the contribution of the right to a dividend in the context of the
distribution of an optional dividend, insofar as this is actually
made payable to all shareholders.
The Board of Directors is authorised to have any resulting
amendments to the Articles of Association recorded in a legally
valid manner.
ARTICLE 8. NATURE OF THE SHARES
The shares have no par value.
The company’s shares are registered or digital shares, as preferred
by their owner or holder (hereafter the “Holder”) and subject to
the restrictions imposed by law. The Holder may, at any time and
without charge, request in writing the conversion of said registered
shares into digital shares.
Each digital share is represented by an entry in an account in the
name of its Holder with a recognised depositary participant or
settlement institution.
A register of the registered shares is held at the company’s
registered ofce, potentially in electronic form. Holders of
registered shares may consult the full register of registered
shares.
There are no different types of shares.
ARTICLE 9. SECURITIES
With the exception of prot-sharing certicates and similar
securities, and subject to compliance with the regulations
applicable to regulated real estate companies and the Articles
of Association, the company may issue any securities that are
not prohibited by or pursuant to the law, in accordance with the
rules prescribed for this purpose and the regulations applicable
to regulated real estate companies. These securities may be
registered or digital.
ARTICLE 10. ACQUISITION AND DISPOSAL OF OWN SHARES
The company may acquire, accept in pledge or dispose of its own
shares under the conditions laid down by law.
In accordance with the resolution of the general meeting of
shareholders of 23 November 2015, the Board of Directors is
authorised to acquire own shares, at a unit price that may not be
lower than 75% (seventy-ve per cent) of the average price for the
last 30 days of listing of the share on Euronext Brussels.
This authorisation is granted for an indenite period.
ARTICLE 11. CHANGE IN THE CAPITAL
Notwithstanding the possibility to use authorised capital by
means of a resolution of the Board of Directors, subject to due
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written form. If the above notice period is not feasible, a shorter
period is possible. If necessary, notice of the meeting may be
given by telephone in addition to the above forms of notice.
Each director who attends or arranges to be represented at a
board meeting, is deemed to have received due notice. A director
may also waive the right to invoke the lack of or irregularity of
the notice, either before or after a meeting at which said director
was not present. The regularity of the notice does not need to be
justied in any event if all directors are present or duly represented
and declare that they accept the agenda.
Meetings of the Board of Directors may validly be held using
telecommunications technology that enables joint deliberations,
such as telephone or video conferences (Skype, Zoom, Teams,
etc.)
Each director may give a proxy to another board member by letter,
email or in another written manner to represent them at a specic
meeting.
The Board of Directors is presided by the chair. If the chair is
unable to attend or has not (yet) been appointed, the meeting is
presided by the vice-chair or, if the vice-chair is absent or has not
(yet) been appointed, by the director with the longest service and
in case of equal service, by the oldest director.
ARTICLE 15. DELIBERATIONS
The Board of Directors may validly deliberate on and adopt
resolutions only if at least the majority of the directors are present
or represented. If this quorum is not reached, a new board
meeting may be convened with the same agenda, which will
validly deliberate and adopt resolutions if at least two directors are
present or represented.
A resolution may be adopted by the unanimous written approval
of all directors.
If a director has a direct or indirect interest under property law
that conflicts with a resolution or transaction that falls within
the authority of the Board of Directors, that director must act in
accordance with the provisions of the Belgian Companies and
Associations Code. The members of the Board of Directors shall
also comply with the provisions in this area in the regulations
applicable to regulated real estate companies.
Subject to the following provisions, resolutions of the Board of
Directors are adopted by a majority of the votes cast.
Abstentions or invalid votes are not counted as votes cast. If the
votes are tied within the Board of Directors, the motion is rejected.
ARTICLE 16. POWERS OF THE BOARD OF DIRECTORS
The Board of Directors has the broadest possible powers to
perform all acts that are necessary or useful to achieve the object
of the company. It is empowered to perform all acts that are not
expressly reserved for the general meeting by law or in these
Articles of Association.
The Board of Directors draws up the half-yearly reports and the
annual report.
The Board of Directors shall appoint one or more independent
valuation experts in accordance with the regulations applicable to
regulated real estate companies and propose any amendments
needed to the list of experts included in the le attached to the
application for accreditation as a RREC.
ARTICLE 17. MINUTES
Resolutions of the Board of Directors are recorded in minutes that
are signed by the chair of the meeting, the secretary if one has
been appointed, and the board members who wish to sign them.
The minutes are kept in a special register. Proxies are attached to
the minutes. Copies or extracts that need to be produced in court
or elsewhere are signed by the chair of the Board of Directors,
two directors or one director who is entrusted with the day-to-day
management. This power may be assigned to a mandatory.
ARTICLE 18. FEES
The mandate of a director is remunerated. Directors’ fees are
determined by the general meeting. Members of the Board of
Directors are entitled to the reimbursement of normal and justied
expenses and costs which they can demonstrate have been
incurred in the performance of their mandates.
Article 7:91(1) and (2) of the Belgian Companies and Associations
Code are declared to be inapplicable. By way of exemption from
Article 7:91 (1) of the Belgian Companies and Associations
Code, shares may therefore be denitively acquired, and share
options or any other rights to acquire shares may be exercised in
accordance with their issue conditions as determined by either
the general meeting or the Board of Directors or their authorised
representative(s). In addition, by way of derogation from Article 7:91
(2) of the Belgian Companies and Associations Code, the conditions
covering variable remuneration, including the applicable periods to
which this remuneration relates, are also determined by the Board
of Directors (based on a recommendation from the remuneration
committee or acting as the remuneration committee itself).
companies, these additional conditions do not apply in any case in
the event of a contribution of the right to a dividend in the context of
the distribution of an optional dividend, insofar as the distribution
of this dividend is actually made payable to all shareholders.
11.3 Mergers, de-mergers and equivalent transactions
In accordance with the regulations applicable to regulated real
estate companies, the special rules on capital increases in kind set
out in Article 11.2 apply mutatis mutandis to mergers, de-mergers
and equivalent transactions referred to in the Belgian Companies
and Associations Code, as referred to in the regulations applicable
to regulated real estate companies.
In this case, the “date of the contribution agreement” refers to the
date on which the merger or de-merger proposal is led.
11.4 Capital reduction
The company may reduce its capital subject to compliance with
the relevant statutory provisions.
ARTICLE 12. LISTING ON THE STOCK EXCHANGE AND
NOTIFICATION OF MAJOR HOLDINGS
The company’s shares must be admitted for trading on a Belgian
regulated market, as required by the regulations applicable to
regulated real estate companies.
The thresholds which, when exceeded, trigger a notication
obligation under the legislation on disclosure of major holdings
in issuers whose shares are admitted for trading on a regulated
market, are set at 5% and each multiple of 5% of the total number
of existing voting rights.
Subject to the exceptions provided for by law, no one may vote at
the general meeting of the company using more voting rights than
those attached to the securities the ownership of which has been
notied in accordance with the law, at least twenty (20) days prior
to the date of the general meeting. The voting rights attached to
any unreported shares are suspended.
CHAPTER III – GOVERNANCE AND REPRESENTATION
ARTICLE 13. APPOINTMENT – TERMINATION – VACANT POSITIONS
The company is managed by a Board of Directors. The Board of
Directors consists of at least ve directors, who may be, but do
not have to be shareholders, who are appointed by the general
meeting of shareholders for a maximum of six years, and who
may be dismissed by the general meeting of shareholders at any
time without any reason being stated and with immediate effect.
Outgoing directors are eligible for reappointment.
Aloxe NV (or persons who, with the prior and written consent of
Aloxe NV, assume the promotership, as stipulated in Article 2 (13)
of the Law on Regulated Real Estate Companies, from Aloxe NV
(“the successors”)) is (are) entitled (jointly) to propose candidates
for three directorships, until the last of the following events occurs:
(i) Aloxe NV (or its successors) hold(s) less than 25% of the
company’s capital, and (ii) Aloxe NV (or its successors) no longer
is/are the sponsor(s) of the company within the meaning of the
applicable regulations on Regulated Real Estate Companies.
Only natural persons may be directors.
The Board of Directors consists of at least three independent
members in accordance with the applicable legal provisions.
The directors must permanently meet the requirements of
reliability and expertise for the performance of their duties, as
set out in the regulations applicable to regulated real estate
companies, and must not fall within the scope of the statutory
prohibitions of the regulations applicable to regulated real estate
companies.
In the event that one or more posts become vacant on the Board
of Directors, the remaining directors, meeting as the Board of
Directors, may provisionally co-opt a replacement until the next
general meeting. The next general meeting must conrm or not
the appointment of the co-opted director.
The appointment of directors is submitted to the FSMA for
approval in advance.
Unless otherwise specied in the general meeting’s resolution
on appointments, the term of ofce of any outgoing directors
who have not been re-appointed shall end immediately after the
ordinary general meeting where the new appointments were
made.
ARTICLE 14. CHAIR AND MEETINGS OF THE BOARD OF DIRECTORS
The Board of Directors may appoint a chair and vice-chair from
among its members.
The Board of Directors is convened by the chair, two directors or
the managing director whenever required by the interests of the
company.
Notices for meetings shall state the time, date and place of the
meeting and must be sent on or before the third calendar day
prior to the date of the meeting by email, or if no email address
has been provided to the company, by normal letter or in another
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The ordinary general meeting is held each year at 10:00 on the
third Thursday of May or, if this day is a public holiday, at the
same time on the next working day.
ARTICLE 25. CONVOCATION
The Board of Directors and the statutory auditor may convene
a general meeting (ordinary general meeting) as a special or
extraordinary general meeting whenever this is required in the
company’s interest. They must convene the ordinary general
meeting on the day stipulated in the Articles of Association.
The Board of Directors and the statutory auditor are obliged to
convene a special or extraordinary general meeting whenever one
or more shareholders, who individually or jointly represent one-
fth of the issued capital, request such a meeting. This request
must be sent by registered letter to the company’s registered
ofce and precisely describe the items on which the general
meeting should deliberate and adopt resolutions. The request
should be addressed to the Board of Directors and the statutory
auditor, who are obliged to convene a meeting within three weeks
of receipt of the request. Other items may be added to the agenda
items provided for by the shareholders in the meeting notice.
One or more shareholders who together hold at least three per
cent (3%) of the company’s capital may, in accordance with the
provisions of the Belgian Companies and Associations Code,
request that items for discussion be included on the agenda of
any general meeting, and may submit proposals for resolutions to
be voted regarding items for discussion that are or will be included
in the agenda.
The general meeting notice must specify at least the time, date
and place, the agenda and the resolutions for adoption.
The convocation to the general meeting must comply with the
provisions of the Belgian Companies and Associations Code.
Any shareholder, director or statutory auditor who participates in
or arranges to be represented in the meeting is deemed to have
received due notice. A shareholder, director or statutory auditor
may also waive the right to invoke the lack of or irregularity of the
meeting notice, either before or after a general meeting that they
did not attend or at which they were not represented.
ARTICLE 26. ADMISSION
Without prejudice to the obligations in the Belgian Companies
and Associations Code, shareholders may attend and exercise
their voting rights at the general meeting only if the following
requirements are met:
(1) A shareholder may participate in the general meeting and
exercise the right to vote there only based on the formal
registration of the shares in the name of the shareholder, on
the registration date, either by an entry in the share register in
the company’s name or by entry in the books of a recognised
account holder or a settlement institution, regardless of the
number of shares that the shareholder holds on the date of the
general meeting. Midnight (CET) on the fourteenth day before
the general meeting serves as the registration date.
(2) The owners of digital shares wishing to participate in the
meeting must submit a certicate that has been issued by a
recognised account holder or a settlement institution, showing
how many digital shares are registered in their accounts in the
name of the respective shareholder on the registration date,
in respect of which the shareholder has indicated the wish
to attend the general meeting. They shall communicate the
certicates to the company or to the person designated by the
company for this purpose, as well as their wish to attend the
general meeting, if relevant by sending a power of attorney,
at the latest on the sixth day prior to the date of the general
meeting, to the email address of the company or via the email
address specically mentioned in the convocation to the
meeting.
The owners of registered shares who wish to attend the meeting
must inform the company, or the person it has appointed for
this purpose, at the latest on the sixth day prior to the date of
the meeting, of their intention to attend the meeting, using the
email address of the company or the email address specically
mentioned in the convocation to the meeting, or, if applicable,
by sending a power of attorney.
(3) The Board of Directors shall keep a record of all shareholders
who have given notice of their intention to attend the general
meeting, including the shareholder’s name and address or
registered ofce, the number of shares that the shareholder held
on the registration date and based on which the shareholder
has indicated the wish to attend the general meeting, as well
as a description of the documents that show the shareholder
held the shares on that registration date.
ARTICLE 27. REPRESENTATION
Any shareholder may issue a power of attorney to be represented
at the general meeting, in accordance with the relevant provisions
of the Belgian Companies and Associations Code. The proxy
holder may not be a shareholder.
A shareholder of the company may designate only one person as
a proxy holder for a specic general meeting. Exceptions may be
made in this regard only when they conform to the relevant rules
of the Belgian Companies and Associations Code.
ARTICLE 19. EFFECTIVE MANAGEMENT AND DAY-TO-DAY
MANAGEMENT
The effective management of the company must be entrusted to
at least two natural persons, who must meet the requirements
of reliability and expertise as set out in the regulations applicable
to regulated real estate companies. They must not fall within the
scope of the statutory prohibitions of the regulations applicable to
regulated real estate companies.
The appointments of day-to-day managers are submitted to the
FSMA for advance approval.
The Board of Directors may entrust the day-to-day management
of the company, as well as the representation of the company in
respect of these matters, to one or more persons, each acting
alone, jointly or as a collegiate body, who do not necessarily
have to be directors. The person(s) entrusted with the day-to-
day management must meet the requirements of reliability and
expertise as dened by the applicable regulations on regulated
real estate companies and must not fall within the scope of the
statutory prohibitions of the regulations applicable to regulated
real estate companies.
If the day-to-day management is delegated, the Board of Directors
determines the remuneration attached to the appointment.
Articles 7:121 and 7:91 (1) and (2) of the Belgian Companies and
Associations Code are declared inapplicable. By way of exemption
to Articles 7:121 and 7:91 (1) of the Belgian Companies and
Associations Code, shares may therefore be denitively acquired,
and share options or any other rights to acquire shares may be
exercised in accordance with their issue conditions as determined
by either the general meeting or the Board of Directors or their
authorised representative(s). In addition, by way of exemption
from Article 7:121 and 7:91 (2) of the Belgian Companies and
Associations Code, the conditions on variable remuneration,
including the applicable periods to which this remuneration
relates, are also determined by the Board of Directors (based on a
recommendation of the remuneration committee or acting as the
remuneration committee itself).
ARTICLE 20. POWER TO REPRESENT EXTERNALLY
Other than in the case of a special delegation of powers by the
Board of Directors, the company is validly represented in all acts,
including those involving a public or ministerial civil servant,
as well as in court, either as claimant or as defendant, by two
directors acting jointly.
Within the limits of day-to-day management, the company is
validly represented by one managing director acting alone.
The company is therefore validly represented by special
representatives of the company within the limits of a mandate
entrusted to them for this purpose by the Board of Directors or,
within the area of day-to-day management, by one managing
director acting alone.
ARTICLE 21. SPECIAL POWERS OF ATTORNEY
The Board of Directors may delegate its powers for special
and certain matters to a mandatory, even if this person is not a
shareholder or director.
A managing director may delegate powers for special and certain
matters to a mandatory, even if this person is not a shareholder
or director.
ARTICLE 22. COMMITTEES
The Board of Directors shall establish an audit committee as well
as a remuneration and appointments committee from among
its members, and dene in writing their composition, duties and
powers.
The Board of Directors, on its own responsibility, may set up one
or more consultative committees, the composition and terms of
reference of which it shall determine.
CHAPTER IV – AUDIT SUPERVISION
ARTICLE 23. AUDIT SUPERV
The audit of the company is entrusted to one or more statutory
auditors who perform the duties assigned to them under the
Belgian Companies and Associations Code (and its associated
implementing decrees) and the regulations applicable to regulated
real estate companies.
A statutory auditor must be an auditor or company audit rm
accredited by the FSMA.
CHAPTER V – GENERAL MEETING
ARTICLE 24. GENERAL MEETING
The general meeting represents the general body of shareholders.
General meeting resolutions are binding on all shareholders, even
those who were absent or voted against them.
The General Meeting shall be held at the registered ofce or at the
location indicated in the convocation.
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already communicated to the company before the publication of
an extended agenda, the proxy holder must observe the relevant
provisions of the Belgian Companies and Associations Code.
The items for discussion and resolutions for approval that are
included on the agenda as described in the previous paragraph,
will be discussed only if all the relevant provisions of the Belgian
Companies and Associations Code have been observed.
29.4 The Board of Directors, the shareholders, holders of
convertible bonds, subscription rights or certicates issued with
the cooperation of the company may, if the Board of Directors
has granted permission to do so in the meeting invitation, take
part remotely in the general meeting via an electronic means
of communication provided by the company, in accordance
with the provisions of Article 7:137 of the Belgian Companies
and Associations Code. Shareholders who take part in the
general meeting in this way are deemed to be present at the
place where the meeting is held, for the purposes of meeting
requirements regarding majorities and quora. The company
must be able to verify the identity of the shareholder and the
capacity in which said shareholder is acting, using the means of
communication deployed. The Board of Directors may impose
any additional conditions it sees t to guarantee the security of
the electronic means of communication. The electronic means of
communication must at least enable the holders of the securities
referred to in the rst paragraph to have direct, simultaneous and
uninterrupted exposure to the discussions during the meeting
and, as far as the shareholders are concerned, to exercise their
voting rights with regard to all points on which the meeting must
take decisions. The electronic means of communication must
enable the holders of securities listed above to participate in the
deliberations and to exercise their right to ask questions, unless
the law provides for a more flexible arrangement in this regard.
The convocation to the general meeting must contain a clear
and precise description of the procedures relating to remote
attendance of the General Meeting. These procedures shall also
be made accessible on the company website.
ARTICLE 30. VOTING RIGHTS
Each share confers the right to one vote. Shareholders without
voting rights, holders of subscription rights, holders of convertible
bonds and holders of certicates issued with the cooperation
of the company are entitled to attend the general meeting in an
advisory role. In the cases listed in Article 7:57 of the Belgian
Companies and Associations Code, shareholders without the
right to vote normally have a right to vote.
Shares are indivisible in relation to the company. If one share
belongs to different people, or if the rights attached to a share are
divided among several people, the Board of Directors may suspend
the attached rights from being exercised until one person has
been designated as the shareholder in relation to the company. If
a share is encumbered by a usufruct, the voting right attached to
that share will be exercised by the usufructuary, unless joint notice
to the contrary is given by the bare owner and the usufructuary to
the company.
ARTICLE 31. DECISION-MAKING
The general meeting may validly deliberate and vote, regardless of
what percentage of the capital is present or represented, except
in cases where the Belgian Companies and Associations Code
imposes an attendance quorum.
Unless there are statutory provisions or provisions of the Articles
of Association to the contrary, resolutions are adopted by an
ordinary majority of the votes cast. Abstentions, void and invalid
votes are not counted as votes cast. If the votes are tied, the
resolution is rejected.
Voting will be by a show of hands or roll call, unless the general
meeting decides otherwise by an ordinary majority of the votes
cast.
The shareholders shall be authorised to vote remotely by letter
or via the company website, using a form drawn up and provided
by the company, if the Board of Directors has given permission
for this in the convocation to the meeting. This form must state
the date and place of the meeting, the name or registered name
of the shareholder and the domicile or registered ofce thereof,
the number of votes the shareholder wishes to vote at the general
meeting, the form of the shares held, the agenda items for the
meeting (including the proposed resolutions), a space that allows
indicating a vote for or against any decision or to abstain from
voting, as well as the deadline by which the voting form must be
returned to the company. The form must explicitly state that it
needs to be signed and must be received by the company no later
than the sixth day prior to the date of the meeting.
The extraordinary general meeting must be held in the presence
of a civil-law notary who draws up a legally valid record of the
proceedings.
The general meeting may discuss and adopt a resolution on
an amendment to the Articles of Association in a legally valid
manner only if the attendees at the meeting represent at least
half of the capital. If the above quorum is not present, a new
meeting must be convened in accordance with Article 7:153
of the Belgian Companies and Associations Code; the second
A person who acts as a proxy holder may hold a proxy from more
than one shareholder. If a proxy holder holds proxies from several
shareholders, they may vote differently on behalf of different
shareholders.
The power of attorney must be signed by the shareholder and
should be communicated to the company via the company’s
email address or the email address specically mentioned in the
convocation to the meeting no later than the sixth day prior to the
date of the general meeting.
The Board of Directors may draw up a power of attorney form.
If more than one person holds rights in rem to the same share,
the company may suspend the exercise of the voting rights
associated with this share until one person has been designated
as the holder for the purpose of exercising the voting rights.
Without prejudice to the possibility of deviating from the
instructions under certain circumstances, as set out in Article 7:145
(2) of the Belgian Companies and Associations Code, the proxy
holder must cast their vote in accordance with any instructions
given by the shareholder who authorised the proxy holder. The
proxy holder must keep a record of the voting instructions for at
least one year and conrm on request by the shareholder that the
voting instructions were followed,.
If there is a potential conflict of interests between the shareholder
and the designated proxy holder, as referred to in Article 7:143,
Section 4 of the Belgian Companies and Associations Code, the
proxy holder must disclose the precise facts that are relevant so
that the shareholder can assess whether there is any risk that
the proxy holder will pursue an interest different from that of the
shareholder. The proxy holder may moreover vote on behalf of the
shareholder only if there are specic voting instructions for every
item on the agenda.
Minors, persons who are declared incompetent and legal
entities must be represented by their legal representatives or
representatives under their articles of association.
ARTICLE 28. CHAIR – OFFICERS
Each general meeting is chaired by the chair of the Board of
Directors or in their absence, by the managing director, or in the
absence thereof by the person appointed by the directors who are
present.
The chair appoints a secretary.
The meeting elects two tellers.
The other members of the Board of Directors complete the
ofcers of the meeting.
ARTICLE 29. COURSE OF THE MEETING – PLACING ITEMS ON THE
AGENDA – POSTPONEMENTS
29.1 Deliberations and voting are led by the chair in accordance
with the normal rules of proper meeting skills. Directors must
answer questions posed by shareholders, during the meeting or
in writing, in relation to their report or the agenda items, insofar
as disclosing details or facts would not be of such a nature as to
affect the commercial interests of the company adversely and or
to breach the condentiality that the company or its directors have
undertaken to uphold.
The statutory auditor(s) must answer questions posed by
shareholders, during the meeting or in writing, in relation to their
report, insofar as disclosing details or facts would not be of such
a nature as to affect the commercial interests of the company
adversely or breach the condentiality that the company, its
directors or the statutory auditor(s) have undertaken to uphold.
They are entitled to address the general meeting in connection
with the performance of their duties.
If different questions are asked about the same topic, the Board
of Directors and the statutory auditors may give one answer.
As soon as the convocation to the meeting has been published,
the shareholders may ask the above questions in writing, in
accordance with the relevant provisions of the Belgian Companies
and Associations Code.
29.2 The Board of Directors is entitled, during the session of
an ordinary general meeting, to postpone the decision on the
approval of the annual nancial statements for ve weeks. This
postponement does not affect other resolutions that have been
adopted, except a different general meeting resolution in this
regard. The next meeting is then entitled to adopt the annual
nancial statements denitively.
29.3 The general meeting may validly deliberate or adopt
resolutions only in respect of items that are specied or implicitly
included in the announced agenda. Deliberating on items that are
not included in the agenda is possible only in a meeting in which all
shares are present and provided that any resolutions in this regard
are adopted unanimously. The required consent is established if
no objection is noted in the minutes of the meeting. In addition to
the items for discussion, the agenda must include the resolutions
for adoption.
Notice of the items for discussion and accompanying resolutions
for approval that are added to the agenda will, as relevant,
be notied in accordance with the provisions of the Belgian
Companies and Associations Code. If a power of attorney was
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and Associations Code, as well as any formalities provided
for in the issue terms and conditions of the bonds or in the
convocation to the meeting.
The general meeting of bond holders shall be held in accordance
with the provisions of Article 7:168 of the Belgian Companies
and Associations Code.
Bond holders may, if the Board of Directors has granted permission
to do so in the convocation to the meeting, in accordance with
the provisions of Article 7:137 of the Belgian Companies and
Associations Code and in accordance with the same terms
and conditions as set out in Article 29.4 of these Articles of
Association, participate remotely in the General Meeting via an
electronic means of communication provided by the company.
CHAPTER VI – DISSOLUTION – LIQUIDATION
ARTICLE 37. APPOINTMENT AND POWERS OF LIQUIDATORS
If the company is dissolved, for whatever reason and at whatever
time, the liquidation shall be executed by the liquidators
appointed by the general meeting, in accordance with the
provisions of the Belgian Companies and Associations Code.
In the absence of any such appointment, the members of the
Board of Directors, shall be considered as liquidators by third
parties as of right, but without the powers that the law and the
Articles of Association assign in relation to the execution of the
liquidation to the liquidator appointed as dened in the Articles
of Association, by the general meeting or by a court.
If the statement of assets and liabilities drawn up in accordance
with the Belgian Companies and Associations Code shows
that not all creditors can be paid in full, the appointment of
the liquidators as set out in the Articles of Association or by
the general meeting must be submitted to the president of
the court for conrmation. However, this conrmation is not
required if it appears from the statement of assets and liabilities
that the company owes money only to its shareholders, and if
all shareholders who are creditors of the company conrm in
writing that they agree to the appointment.
The shareholders general meeting determines the liquidators’
fee.
ARTICLE 38. DISSOLUTION – DISTRIBUTION
The liquidation of the company is executed in accordance with
the provisions of the Belgian Companies and Associations Code.
Any distribution to shareholders shall take place only after the
meeting to terminate the liquidation.
Except in the case of a merger, the net assets of the company
after settlement of all debts, or the allocation of the sums required
for this purpose, shall be used rst and foremost to repay the
paid-up capital, in cash or in kind. Any balance shall be distributed
equally among all shareholders of the company in proportion to
the number of shares they hold.
CHAPTER VII – GENERAL PROVISIONS
ARTICLE 39. ELECTION OF DOMICILE
For the application of the Articles of Association, any
shareholder domiciled abroad, any director, statutory auditor,
senior manager, liquidator, shall be deemed to have elected
their domicile in Belgium. If this is not the case, they shall be
deemed to have elected domicile at the company’s registered
ofce, where all communications, reminders, summonses and
notications can be validly delivered to or served on them.
ARTICLE 40. JURISDICTION
Unless the company expressly waives its jurisdiction, the
commercial court of the district where the company has its
registered ofce will have sole jurisdiction to hear all disputes
between the company, its directors, its security holders and
liquidators concerning the affairs of the company and the
implementation of these Articles of Association.
ARTICLE 41. GENERAL LAW
The parties declare that they will act in full compliance with the
Belgian Companies and Associations Code and the regulations
applicable to regulated real estate companies (as amended
from time to time).
Accordingly, any provisions of these Articles of Association that
unlawfully deviate from the provisions of the above legislation
are deemed not to form part of this deed, and any clauses that
would be contrary to the mandatory provisions of this legislation
are deemed not to have been written.
The invalidity of one article or a part of an article of these
Articles of Association shall not affect the validity of the other
(parts of) clauses of the Articles of Association.
Certied full text of the articles of association
Notary Peter Timmermans
meeting will discuss and decide validly regardless of the
percentage of the capital that is present or represented. An
amendment to the Articles of Association is permitted only if
it is approved by at least three quarters of the votes or, in the
case of a change in the object or purposes of the company, by
four-fths of the votes cast, in which cases abstentions are not
counted in either the numerator or the denominator. Any draft
amendment to the Articles of Association must be submitted to
the FSMA in advance.
An attendance list with the names of the shareholders and the
number of shares shall be signed by each of them or by their
representatives before the meeting starts.
Those who attended the general meeting or were represented
by proxy may consult this list.
ARTICLE 32. MINUTES
Minutes must be drawn up of every general meeting. The
minutes of the general meeting are signed by the ofcers of the
meeting and the shareholders who request to sign them.
The minutes are kept in a special register. Powers of attorney
must be attached to the minutes of the meeting for which they
have been given.
Copies that need to be produced in court or elsewhere are
signed by two directors or a managing director.
ARTICLE 33. FINANCIAL YEAR – ANNUAL FINANCIAL
STATEMENTS – ANNUAL REPORT
The nancial year of the company starts on the rst of January
and ends on the thirty-rst of December of each year.
At the end of each nancial year, the books and records are
closed and the Board of Directors draws up the inventory and
annual accounts.
The Board of Directors also draws up an annual report in which it
accounts for its management. This annual report also contains
a corporate governance declaration, which forms a specic
part of the report. This corporate governance declaration also
contains the remuneration report, which forms a specic part
of the declaration.
The statutory auditor draws up a written and detailed report for
the attention of the annual meeting.
The general meeting listens to the annual report and the report
of the statutory auditor(s) and decides by an ordinary majority
on the approval of the annual nancial statements. After the
approval of the annual nancial statements, the general meeting
decides, by a separate vote, on the discharge of the directors
and statutory auditor(s) from liability.
The separate and consolidated annual nancial statements of
the company must be led with the National Bank of Belgium in
accordance with the relevant statutory provisions.
The annual and half-yearly nancial reports are also available
free of charge from the registered ofce and can be consulted,
for information purposes, on the company’s website.
ARTICLE 34. APPROPRIATION OF PROFITS
Based on a proposal by the Board of Directors, the General Meeting
decides, within the limits permitted by the Belgian Companies and
Associations Code and the regulations applicable to regulated real
estate companies, to pay out a dividend, the minimum amount of
which is prescribed by the regulations applicable to regulated real
estate companies.
ARTICLE 35. DIVIDENDS
Dividends are paid on the date and at the place determined by
the Board of Directors.
The Board of Directors may, on its own responsibility, decide to
distribute interim dividends in the cases and within the periods
permitted by law.
ARTICLE 36. GENERAL MEETING OF BOND HOLDERS
The Board of Directors and the statutory auditor(s) of the
company may invite the bond holders, if there are any and
insofar as the issue terms and conditions of the relevant bonds
do not provide otherwise, to attend a general meeting of bond
holders, which will have the powers as set out in Article 7:162 of
the Belgian Companies and Associations Code.
Unless otherwise dened in the issue terms and conditions of
the bonds in question:
• The Board of Directors must convene the general meeting
whenever bond holders who represent one-fth of the
securities in circulation request such a meeting; and
• the convocation to the meeting shall contain the agenda and
be drawn up in accordance with the provisions of the Belgian
Companies and Associations Code. In order to be admitted to
the general meeting of bond holders, each bond holder must
comply with the formalities set out in the Belgian Companies
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GLOSSARY
GLOSSARY
13
Vismarkt
BREDA
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In 2021, Xior’s satisfaction survey
was further expanded across the
four countries, with a response of
1,567 students where we achieved an
overall satisfaction of 80%.
„
352 I GLOSSARY
XIOR I Annual fi nancial report I 2021 XIOR I Annual fi nancial report I 2021
XIOR I
353

EPRA earnings (APM)
Net result +/- variations in the fair value of investment property +/- other portfolio result +/- result from the
sale of investment property +/- variations in the fair value of nancial assets and liabilities.
EPRA earnings per share (APM)
Net result +/- result from the sale of investment property +/- variations in the fair value of investment property
+/- other portfolio result +/- variations in the fair value of nancial assets and liabilities, divided by the average
number of shares.
Euronext Brussels
The regulated market of Euronext Brussels where the Company shares are traded.
Estimated Rental Value ('ERV')
This is the total rental value of the portfolio on an annual basis applied by the Valuation Expert in the valuation
reports.
D
Debt ratio
The debt ratio as referred to in Article 13, Section 1 of the Royal Decree on Regulated Real Estate Companies.
Distributable earnings per share
The prot as referred to in Article 13, Section 1 of the Royal Decree on Regulated Real Estate Companies.
F
Fair Value
This value is the investment value as determined by an independent Valuation Expert, minus the transaction
fees. The fair value corresponds to the carrying amount under IFRS. From the seller's perspective, this must
be understood as subject to the deduction of transfer taxes or registration duties. The estimated amount
of transfer taxes for properties located in Belgium was xed at 2.5% for investment property with a value in
excess of MEUR 2.5.
46
The fair value is therefore calculated by dividing the value including the transaction
fees by 1.025. Properties valued at less than the MEUR 2.5 threshold and foreign companies are subject to
normal registration taxes. Their fair value therefore corresponds with the value that includes the transaction
fees payable by the purchaser.
FSMA
Belgian Financial Services and Markets Authority.
G
2020 Governance Code
The Belgian Code on Corporate Governance as indicated by the Royal Decree of 12 May 2019 and
available on the following website: https://www.corporategovernancecommittee.be/en/over-de-code-
2020/2020-belgian-code-corporate-governance
Group
Xior and its subsidiaries, from time to time.
I
IASB
International Accounting Standards Board.
IFRIC
International Financial Reporting Interpretations Committee.
IFRS
International Financial Reporting Standards, the accounting standard by which regulated real estate
companies are obliged to report based on Article 11 of the Royal Decree on Regulated Real Estate Companies.
Investment value or value including
the transaction costs
This value equals the amount at which a building could be exchanged between well-informed parties,
consenting and acting under normal competitive conditions, including any registration taxes (10% in the
Flemish Region until 31 December 2021 and 12% in the Flemish Region from 1 January 2022, and 12.5% in
the Walloon Region and Brussels-Capital Region), notary fees and VAT (if the purchase is subject to VAT).
IPO
Initial public offering or stock market launch: the capital increase of the Company by contribution in cash
through a public offering of new shares, and the admission to listing of the Xior shares on the regulated
Euronext Brussels market, completed on 11 December 2015.
IRS
Interest rate swap
46
See the Belgian Assets Managers Association (BEAMA) press release of 8 February 2006 on closed-end property investment companies and the rst application of the IFRS accounting
rules and the BE-REIT press release of 10 November 2016.
A
Aloxe NV
Aloxe NV, a public limited company under Belgian law, with its registered ofce at Mechelsesteenweg 34, Box
101, 2018 Antwerp, entered in the Crossroads Bank for Enterprises under company number 0849.479.874
(Antwerp Register of Legal Entities, Antwerp section).
APM
Alternatieve Performance Measures . In accordance with the guidelines issued by the European Securities and
Market Authority (ESMA) on 3 July 2016, Xior’s Alternative Performance Measures (APMs) will be included in
the Annual Report. The denitions of the APMs and the use and reconciliation tables are included in
Chapter
10.8 of this Annual Report
. A separate Glossary will be posted on the Company website on these APMs
for future reference. The APMs are marked with a .
Average nancing costs (APM)
Interest costs including IRS interest expense + arrangement fees and commitment fees, divided by the
average outstanding debt during the period.
Average interest rate (APM)
Interest charges including IRS interest expense divided by the average outstanding debt during the period.
B
Belgian Law of 1 April 2007
The Belgian Law of 1 April 2007 on public takeover bids, as published in the Belgian Ofcial Journal of 26 April
2007, and amended from time to time.
Belgian Law of 2 May 2007
The Belgian Law of 2 May 2007 on the disclosure of signicant holdings in issuers whose shares are admitted
to trading on a regulated market and which contains various provisions, as published in the Belgian Ofcial
Journal of 12 June 2007, and amended from time to time.
C
CEO
Chief Executive Ofcer.
CFO
Chief Financial Ofcer.
CIO
Chief Investment Ofcer.
Companies and Associations Code
Belgian Companies and Associations Code of 23 March 2019, as published in the Belgian Ofcial Journal of
4 April 2019 and as amended from time to time.
E
EPRA Adjusted Net Initial Yield
(Adjusted NIY)
This measure integrates an adjustment of the EPRA NIY for the end of rent-free periods or other non-expired
rental incentives.
EPRA Cost Ratio (excluding
vacancy costs) (APM)
EPRA costs (excluding vacancy costs) divided by the gross rental income less the rent still to be paid on
rented land.
EPRA Cost Ratio (including vacancy
costs) (APM)
EPRA costs (including vacancy costs) divided by the gross rental income less the rent still to be paid on
rented land.
EPRA NAV (APM)
Net asset value (NAV) adjusted to take into account the fair value of the investment property and excluding
certain elements that are not part of a nancial model of long-term property investments.
EPRA NDV (APM)
The EPRA net disposal value represents the shareholder value in a "sell out scenario", in which deferred tax,
assets and liabilities and certain other adjustments are calculated to the full extent, after deduction of the
resulting tax.
EPRA Net Initial Yield (NIY) (APM)
Annualised gross rental income based on the current rent on the closing date, excluding the property charges,
divided by the portfolio market value plus the estimated transaction fees and costs in case of hypothetical
disposal of investment property.
EPRA NNNAV (APM)
EPRA NAV adjusted to take into account the fair value of (i) the assets and liabilities, (ii) the debts and (iii)
the deferred taxes.
EPRA NTA (APM)
EPRA Net Tangible Assets assumes that entities buy and sell assets, causing certain levels of unavoidable
deferred tax to crystallise.
354 I GLOSSARY
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XIOR I 355

V
Value with costs payable by the
purchaser or Net market value
The investment value less the registration taxes and notarial charges or VAT.
Valuation experts
The Company’s valuation experts (formerly “property experts”) appointed in accordance with Article 24 of the
Law on Regulated Real Estate Companies at the date of this Annual Report are Stadim, Cushman & Wakeeld
& CBRE.
X
Xior Student Housing or Xior or the
Company
Xior Student Housing NV, a public limited company under Belgian law, licensed as a public regulated real
estate company (RREC) under Belgian law, with its registered ofce at Mechelsesteenweg 34, Box 108, 2018
Antwerp (Belgium), entered in the Crossroads Bank for Enterprises under company number 0547.972.794
(Antwerp Register of Legal Entities, Antwerp section).
L
Law on Regulated Real Estate
Companies
The Belgian Law of 12 May 2014 on Regulated Real Estate Companies, as published in the Belgian Ofcial
Journal of 30 June 2014 and as amended from time to time.
Legislation on Regulated Real
Estate Companies
The Law on Regulated Real Estate Companies and the Royal Decree on Regulated Real Estate Companies.
N
Net result excl. effects of IFRIC 21
(APM)
Net result proportionally adjusted for property tax and taxes on second homes.
Net assets per share (EPRA) (APM)
Equity excluding the fair value of the permitted hedging instruments divided by the number of shares.
Net assets per share (IFRS)
Equity divided by the number of shares.
Net result per share
Net result divided by the average number of shares.
O
Occupancy rate
This is the ratio of the Rental Income to the Total Rent.
P
Portfolio result (APM)
Result from the sale of investment property +/- variations in the Fair Value of investment property +/- other
portfolio result.
Public RREC or PRREC
Public regulated real estate company/companies (also referred to as a Belgian Real Estate Investment Trust
or BE-REIT).
PwC
The professional partnership incorporated in the form of a cooperative society with limited liability,
PriceWaterhouseCoopers Bedrijfsrevisoren BCVBA, with its registered ofce at Woluwedal 18, 1932
Sint-Stevens-Woluwe, entered in the Crossroads Bank for Enterprises under company number VAT BE
0429.501.944 (Brussels Register of Legal Entities).
R
Rental income
The arithmetical sum of the rental income invoiced by the Company based on the concluded tenancy
agreement over the period of a nancial year, or part thereof.
Regulated real estate company
A company that the FSMA has entered on the list of regulated real estate companies under Belgian law, that
is accordingly recognised as a regulated real estate company and is governed by the Law on Regulated Real
Estate Companies of 12 May 2014 and the Royal Decree on Regulated Real Estate Companies of 13 July
2014, as amended from time to time.
RREC
Regulated real estate company/companies.
Royal Decree on Regulated Real
Estate Companies
The Royal Decree of 13 July 2014 on Regulated Real Estate Companies, as published in the Belgian Ofcial
Journal of 16 July 2014 and as amended from time to time.
Royal Decree of 14 November 2007
The Royal Decree of 14 November 2007 on the obligations of issuers of nancial instruments that are
admitted to trading on a regulated market, as published in the Belgian Ofcial Journal of 3 December 2007,
and amended from time to time.
T
Total Rent
The Total Rent the Company would bill under its tenancy agreements, if 100% of the property portfolio were to
be let, based on its asking price at year end, including assets under construction if applicable and estimated
annual rental income for hostel activities.
Trading regulations
The trading regulations of the Company, as included as a schedule to the Corporate Governance Charter.
356 I GLOSSARY
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XIOR I 357

IDENTITY
IDENTITY
CARDS
14
Ouderghemlaan
BRUSSELS
“
At Xior, we understand that
as a company with a rapidly
growing portfolio, we have a
big responsibility in terms of
CO
2
emissions.
We do not shy away from
that responsibility.
„
358 I IDENTITY CARDS
XIOR I Annual fi nancial report I 2021 XIOR I Annual fi nancial report I 2021
XIOR I
359

Name: Xior Student Housing NV
Status: Public regulated real estate company (RREC) under Belgian law
Registeredofce: Mechelsesteenweg 34, Box 108, 2018 Antwerp
Tel.: +32 3 257 04 89
Email: info@xior.be
Website: www.xior.be
Trade Register: Antwerp, Antwerp section
VAT: BE 0547.972.794
Company number: 0547.972.794
Date of incorporation: 10 March 2014
Licence as public RREC: 24 November 2015
Financial year-end: 31 December
Annual General meeting: Third Thursday in May (10:00)
Listing: Euronext Brussels – permanent market
ISIN code: BE0974288202 (XIOR)
Statutory auditor: PwC Bedrijfsrevisoren BV – Culliganlaan 5, 1831 Machelen – represented by Jeroen Bockaert
Financial services: ING Belgium
Valuation experts: Stadim, Cushman & Wakeeld and CBRE
360 I IDENTITY CARDS
XIOR I Annual nancial report I 2021

Xior Student Housing NV
a Public RREC under Belgian law (BE-REIT)
Mechelsesteenweg 34, bus 108,
2018 Antwerp
BE 0547.972.794
(Antwerp Trade Register, Antwerp Division)
www.xior.be I info@xior.be I T +32 3 257 04 89
www.xior.be
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