Xior Student Housing : Interim announcement of the Board of Directors | Third quarter 2017 – ending on 30 September 2017

10 November 2017 - Embargo until 7:00 a.m. (CET)

Interim announcement of the Board of Directors Third quarter 2017 - ending on 30 September 2017

Antwerp, Belgium - Interim results for the period from 1 January 2017 until 30 September 2017

The occupancy rate was 98%, compared with 97.7% on 30 September 2016.

1. KEY FIGURES

   Consolidated profit and loss statement	in KEUR	30 September 2017	30 September 2016
   Net rental result	12,174	7,513
   Real estate result	11,941	7,396
   Operating result before result on the portfolio	8,116	4,585

   1 The definition of EPRA earnings has changed per 30 June 2017. Please refer to Chapter 5.8 of the Half-Yearly Report for the change and the definition/calculation and the reasons behind this..

   2 The figures per share are based on the weighted average number of shares (depending on the respective dividend entitlements),

   unless stated otherwise.

   10 November 2017 - Embargo until 7:00 a.m. (CET)

   Regulated information

   Financial result (excl. variations in the fair value of financial assets and liabilities)	-1,931	-954
   EPRA earnings 3	5,627	3,214
   EPRA earnings after correction for IFRIC 21	5,751	3,367
   Result on the portfolio (IAS 40)	208	1,298
   Revaluation of financial instruments (ineffective interest rate hedges)	923	-2,471
   Net result (IFRS)	6,596	1,960
   Number of lettable student units	3,494	2,375
   Consolidated balance sheet	in KEUR	30 September 2017	31 December 2016
   Equity	218,932	131,630
   Fair value of the real estate property4	450,216	265,873
   Debt ratio (Law on Regulated Real Estate Companies)5	50.50%	50.69%

   Key figures per share	in EUR	30 September 2017	30 September 2016
   Number of shares	8,128,249		4,930,823
   Weighted average number of shares	6,421,218		4,823,266
   EPRA earnings6 per share	0.88		0.67
   EPRA earnings7 per share after correction for IFRIC 21	0.90		0.70
   Result on the portfolio (IAS 40)	0.03		0.26
   Revaluation of hedging instruments	0.14		-0.50
   Net result per share (IFRS)8	1.03		0.40
   Closing price of the share	39.94		34.10
   Net asset value per share (IFRS) (before dividend)	26.93		23.92

   3 Alternative performance measures (APMs) are measures Xior Student Housing NV uses 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 2016 includes the concepts Xior considers as APMs. The APMs are marked with and are accompanied by a definition, an objective and a 2

   reconciliation (see X and XI of this Press Release), as required by the ESMA guideline.

   4 The fair value of the investment property is the investment value as determined by an independent property expert less the transaction fees (cf. BE-REIT Association press release dated 10 November 2016). The fair value corresponds to the carrying amount under IFRS.

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

   6 Calculated on the basis of the weighted average number of shares. 7 Calculated on the basis of the weighted average number of shares. 8 Based on the number of shares.

   10 November 2017 - Embargo until 7:00 a.m. (CET)

   Regulated information
2. CONSOLIDATED FINANCIAL RESULTS

   The financial information for the period ending on 30 September 2017 was drawn up in accordance with the International Financial Reporting Standards (IFRS).

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

3. Net rental result

   Xior achieved a net rental result of KEUR 12,174 for the first nine months of 2017, compared with KEUR 7,513 for the first nine months of 2016. This is a 62% increase. This net result will continue to increase in the course of the fourth quarter of 2017 as compared to Q3 2017, as certain acquisitions occurred well into Q3 2017. A number of properties were also under construction or being refurbished. These will only start to contribute to the rental income from October 2017.

   This mainly relates to the following properties:

   • The Amstelveen project: generates rental income from April 2017 as a result of the rental of existing office space. Additional rental income will be generated by this property after redevelopment;

   • Burgwal and Bokelweg projects: rental income since June 2017;

   • The Safe and The Bank, Venlo: rental income since July 2017;

   • The Hive, Utrecht: rental income since July 2017;

   • Antonia Veerstraat, Delft and Waldorpstraat, The Hague: rental income since September 2017;

   • KVS Project, Brussels: rental income since September 2017;

   • Woudestein, Rotterdam: rental income since September 2017;

   • Bondgenotenlaan, Leuven: rental income from October 2017 (fully let after transformation from 4 to 18 units;

   • Arendstraat, Leuven: rental income from October 2017 (fully let after renovation).

   The average occupancy rate of the property portfolio was 97.7% for the first nine months of 2017.

4. EPRA earnings

   The EPRA earnings (excluding the portfolio result, excluding the impact of deferred taxes with regard to IAS 40 adjustments and excluding the impact of the variation in fair value of the financial assets and liabilities) amount to KEUR 5,627, compared with KEUR 3,214 in Q3 2016. The EPRA earnings after IFRIC 21 adjustment were KEUR 5,751 on 30 September 2017, compared with KEUR 3,367 in Q3 2016.

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   10 November 2017 - Embargo until 7:00 a.m. (CET)

   Regulated information

   The EPRA earnings per share9 amount to EUR 0.88 and EUR 0.90 after correction for IFRIC 21 .

   As a result of the application of the "IFRIC 21 levies" accounting regulations (implemented in the 2015 financial year), the figures dated 31 March 2017 include a provision for the entire year of 2017 with regard to property tax on real estate, Dutch taxes on real estate, taxes on secondary residencies and the so-called "subscription tax". This has a substantial negative impact on the result of the first quarter of 2017, as these costs are no longer spread across all quarters but are entirely booked against the first quarter. The effect of this entry will reduce as the financial year unfolds. If these costs were to be spread and one quarter of the costs would be entered for each quarter, the result on 30 September 2017 would increase by KEUR 124. In this hypothesis, the EPRA earnings would be KEUR 5,751.

5. Net result

   The net result is KEUR 6,596 on 30 September 2017, compared with KEUR 1,960 on 30 September 2016. The net result per share stands at EUR 1.03.10

   The net result includes the impact of variations in the fair value of investment property, other portfolio results, deferred taxes with regard to the effects of IAS 40 and variations in the fair value of financial assets and liabilities. The EPRA earnings is the net result corrected for the impacts set out above.

6. Fair value of the property portfolio

On 30 September 2017, the portfolio consisted of 3,494 lettable student units. This resulted in a valuation of the property portfolio of KEUR 450,216 on 30 September 2017, representing a 69.3% increase since 31 December 2016. This increase was mainly due to the acquisition of a student property located at Barbarasteeg in Delft, the contribution of two properties under construction in Brussels (KVS project), the acquisition of an office building to be converted in Amstelveen, in The Hague (Burgwal project), in Rotterdam (Bokelweg project), respectively in Delft (Phoenixstraat), the acquisition of student properties in Utrecht (The Hive), , in Venlo (The Safe and The Bank), in Delft (Antonia Veerstraat), in The Hague (Waldorpstraat) and respectively in Rotterdam (Campus Woudestein).

If all committed acquisitions and projects are implemented and if we take into account the acquisition of the property in Groningen (Oosterhamrikkade) on 13 October 2017, this figure will rise to approximately EUR 500 million, with more than 4,700 lettable student units.

1. The calculation of the EPRA earnings per share was based on the weighted average number of shares on 30 September 2017, which was 6,421,218.

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

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