Xior Student Housing confirmed its earnings-per-share guidance for 2026 and 2027 at €2.30 and €2.40 respectively, reflecting an implied compound annual growth rate of roughly 4% and an unchanged payout policy set at 80%.
In the first quarter the company recorded EPRA earnings per share of €0.57, up 1.8% year-over-year, a level that equates to a €2.28 full-year run rate based on quarterly extrapolation. Net rental income for the quarter reached €48.6 million, an increase of 11% compared with the prior year. Xior reported like-for-like rental growth of 5% - a same-store improvement that surpassed its stated minimum guidance of 4% as well as prevailing inflation rates cited by the company.
On asset values, like-for-like property valuations rose 0.8% at the end of March. That marks a return to positive valuation movement after a 0.6% decrease in the fourth quarter of 2025. Net tangible asset value per share was reported at €39.47, up 2.1% from the December 2025 level. The EPRA vacancy rate remained low at 2%, underscoring occupancy stability across the portfolio.
From an expense and operating-profit perspective, operating expenses increased 10% year-over-year, compared with an 11% rise in net rental income over the same period. Xior's reported figures indicate that operating cost growth remained slightly below rental revenue growth for the quarter.
The company's interest-rate and funding profile shows a debt hedging ratio of 89% with an average hedge duration of 4.6 years. The reported cost of debt stood at 3.05%, marginally lower than the 3.06% recorded for full-year 2025. Management stated that 100% of the company's financing needs for the next 18 months are already covered.
At the quarter end, loan-to-value was 49.5%. Remaining capital expenditure tied to the active development and upgrade pipeline is limited to €9 million, and Xior identified €10 million of incremental rental potential associated with that pipeline.
Bottom line: The company maintained its medium-term earnings guidance and payout ratio while reporting modest EPRA EPS growth, solid like-for-like rent gains and a small positive shift in property valuations. Capital and financing metrics show near-term coverage for funding needs and a hedged interest-rate position.