Xior Student Housing : Annual Communiqué - Announcement of annual results 1/1/2016 - 31/12/2016

22 February 2017 - Embargo until 7:00 (CET)

Annual Communiqué

Announcement of annual results 1/1/2016 - 31/12/2016

Antwerp, Belgium - 22 February 2017 - Annual results 1/1/2016 to 31/12/2016

1. XIOR's STUDENT HOUSING PORTFOLIO MID-2017 (INCL. PIPELINE) (#UNITS)

   1 Figures per share are calculated on the basis of the weighted average number of shares, unless stated otherwise.

   2 Based on the number of outstanding shares.

   22 February 2017 - Embargo until 7:00 (CET)

   Regulated information

   IPO 2015	31/12/2016	31/12/2017
   Total # of student units	2,035	2,531	3,178
   Fair value (incl. non-student)	EUR 195 million	EUR 266 million	> EUR 340 million
   Buildings (incl. non-student)	48	54	60
   Cities	4 (BE) + 4 (NL)	5 (BE) + 5 (NL)	5 (BE) + 7 (NL)

2. KEY FIGURES

   Consolidated income statement	in KEUR	31/12/2016	31/12/20153
   Net rental income	10.912	563
   Real estate result	11.349	667
   Operating result before result on the portfolio	7.580	132
   Financial result (excl. variations in the fair value of financial assets and liabilities)	-1.597	-54
   EPRA earnings *	5.774	14
   Result on the portfolio (IAS 40) *	1.108	-529
   Revaluation of financial instruments (ineffective interest rate hedges)	-1.866	0
   Net result (IFRS)	5.016	-514
   Number of lettable student units	2.531	1.462
   Gross yields4	2016	2015
   Belgium	5,17%	5,31%
   Netherlands	6,54%	7,95%
   Global portfolio	5,58%	5,67%
   Consolidated balance sheet	in KEUR	31/12/2016	31/12/2015
   Equity	131.630	108.382
   Fair value of investment property5	265.873	194.753
   Debt ratio (Law on Regulated Real Estate Companies) 6	50,69%	45,01%

   In accordance with the guidelines recently issued by the ESMA (European Securities and Market Authority), as from today the APMs (Alternative Performance Measures) used by Xior will be recorded. The definitions of the APMs and the reconciliation tables are listed in Section XIII of this Press Release. The website will include a separate Glossary of these APMs for future reference. The APMs

   are marked with *. 2

   3Xior's first financial year ended on 31 December 2015. The results from Xior's first financial year as a public regulated real estate company (RREC) listed on the stock market concern the period from 11 December 2015 to 31 December 2015, and cover a total of only 21 days.

   4 Calculated as estimated rental value divided by the fair value.

   5 The fair value of the property investments is the investment value, as determined by an independent property expert, minus transaction fees (see BE-REIT Press Release dated 10 November 2016). The fair value corresponds to the carrying amount under IFRS.

   6 Calculated in accordance with the Royal Decree of 13 July 2014 pursuant to the Law of 12 May 2014 on Regulated Real Estate Companies.

   22 February 2017 - Embargo until 7:00 (CET)

   Regulated information

   Key figures per share	in EUR	31/12/2016	31/12/2015
   Number of shares	5,270,501		4,626,780
   Weighted average number of shares7	4,926,405		NA
   EPRA earnings8 per share (based on the weighted average number of shares)*	1.17		NA
   Result on the portfolio (IAS 40)	0.22		-0.11
   Revaluation of financial instruments	-0.38		0
   Net result per share (IFRS)9	1.02		-0.11
   Closing price of the share	35.67		26.70
   Net asset value per share (IFRS) (before dividend)	24.97		23.42
   Dividend Payout Ratio (versus EPRA earnings)10	98.3%		NA
   Proposed dividend per share11	1.15		NA

   EPRA metrics	Definition	in thousand EUR	EUR per share
   EPRA earnings *	Underlying result derived from the strategic operating activities. This indicates the extent to which dividend payments are supported by the earnings.	5,774	1.17
   EPRA NAV *	Net asset value (NAV) adjusted to take into account the fair value of the real estate property and excluding certain elements that are not part of a financial model of long-term property investments.	133,496	25.33
   EPRA NNNAV *	EPRA NAV adjusted to take into account the fair value of (i) the financial instruments, (ii) the debts and (iii) the deferred tax.	131,630	24.97
   %
   EPRA cost ratio (incl. vacancy costs) *	EPRA costs (including vacancy costs) divided by the gross rental income.	35.53%
   EPRA cost ratio (excl. vacancy costs) *	EPRA costs (excluding vacancy costs) divided by the gross rental income.	35.53%

3. CONSOLIDATED FINANCIAL RESULTS

The financial information for the period ending on 31 December 2016 was drawn up in accordance with the International Financial Reporting Standards (IFRS).

7 Shares are counted from the time of issue.

1. Calculated on the basis of the weighted average number of shares.

2. Based on the number of shares.

3. The dividend pay out ratio is calculated based on the consolidated result. The actual dividend distribution is based on the 3

   standalone result of Xior Student Housing NV.

4. Subject to approval by the Annual General Meeting.

   22 February 2017 - Embargo until 7:00 (CET)

   Regulated information

   The figures published represent consolidated figures; in line with the relevant legislation, associated companies and subsidiaries are consolidated.

5. Net rental income

   In 2016, Xior Student Housing achieved a net rental income of KEUR 10,912: KEUR 2,132 in Q1, KEUR 2,595 in Q2, KEUR 2,786 in Q3 and KEUR 3,399 in Q4. The net rental income will continue to increase in 2017, as certain buildings were finalised or acquired in 2016 and therefore did not have the opportunity to contribute to the net rental income for a full year.

   This mainly relates to the following properties:

   • 137 Parkstraat, Leuven, Belgium: rental income as of 1 March 2016 (following the merger with Devimmo NV)

   • 42-44 Overwaele, Ghent (Schoonmeersche Campus): rental income as of 1 May 2016

   • 11 Parkstraat/91 Vlamingenstraat, Leuven, Belgium: rental income as of 1 August 2016 (following a merger with CPG CVBA)

   • 55-57 Tongerseweg, Maastricht (Carré): rental income as of 1 September 2016

   • 1-11F Kronehoefstraat, Eindhoven (The Spot): rental income as of 30 September 2016

   • 27 Tramsingel, Breda: rental income as of 11 October 2016

   • 43 Kruitmolenstraat/16 Nieuwbrug, Brussels: rental income as of 21 October 2016 The average occupancy rate for the property portfolio stood at 97.4% in 2016.

6. EPRA earnings*

   The EPRA earnings* (excluding the portfolio result and excluding the impact of the variation in the fair value of financial assets and liabilities) amount to KEUR 5,774.

   EPRA earnings* per share12 of EUR 1.17, as compared to a proposed gross dividend of EUR 1.15 per share.

   Based on this, the Board of Directors intends to propose to the Annual General Meeting a gross dividend of EUR 1.15, or EUR 0.805 net13 per share for 2016 (taking account of the dividend entitlements of the coupons detached from the shares) represented by coupon number 1 (totalling EUR 0.892) and coupon number 2 (totalling EUR 0.258), which were already detached from the Xior share14.

7. The calculation of the EPRA earnings per share is based on the weighted average number of shares as at 31 December 2016, which is 4,926,405.

8. Taking account of a withholding tax of 30%. 4

9. Based on the weighted average number of shares and therefore taking account of dividend entitlements for the shares issued

due to various capital increases such as (i) the merger with Devimmo NV, (ii) the merger with CPG CVBA, (iii) the contribution in kind of the property company Woonfront-Tramsingel Breda B.V. and the contribution in kind of 69 units under construction in Brussels. It should be recalled that a coupon detachment occurred in connection with the capital increase on 11 October 2016 (Tramsingel