Xior: EPRA result up 6% over nine months, driven by rents rising 4.62%
Student housing specialist Xior published its accounts for the first nine months on October 23, 2026. EPRA result reached 74,021 k€, up 6% year-on-year.
This growth is supported by two factors quantified by the group: an occupancy rate of 98.5% and rent growth of 4.62% on a like-for-like basis. The property company also confirmed its annual targets, with EPRA earnings per share of 2.30 euros and a dividend of 1.84 euros per share.
The balance sheet shows little change. The value of assets has risen 0.95% since the beginning of the year, tangible net asset value per share is stable, and the LTV ratio stands at 51.31%. The group has strengthened its available credit lines, now reaching 137 M€.
EPRA result up 6%, at 74,021 k€ over nine months
Over the first nine months of 2026, Xior generated EPRA earnings of 74,021 k€, up 6% year-on-year. On a per-share basis, EPRA earnings stood at 1.59 euros per share. The group presents these results as fully in line with expectations.
Rental activity explains this increase. The portfolio occupancy rate reached 98.5%, a level close to full capacity. Rents rose 4.62% year-on-year on a like-for-like basis, that is to say on assets held throughout both periods, excluding new acquisitions and completions.
This like-for-like measurement isolates the group's ability to increase rents on its existing portfolio. With an occupancy rate of 98.5%, the scope for growth through occupancy gains is limited: revenue growth stems essentially from the evolution of rents themselves.
Assets revalued by 33.8 M€, net tangible asset per share stable
The rise in rents is reflected in portfolio valuation. This increased 0.95% since the beginning of the year, representing a gain of 33.8 M€, which the group attributes to rent growth. For a property company, real estate experts value assets based on the rental income they generate: an increase in rents thus mechanically translates into valuation increases.
EPRA tangible net asset (NTA) per share amounted to 38.69 euros as of September 30, 2026, compared to 38.67 euros as of December 31, 2025. It therefore remained stable over the period.
On the debt side, the LTV ratio (the ratio between debt and asset value) came in at 51.31% and the debt ratio at 51.42%. Liquidity has been strengthened: available credit lines reached 137 M€, partly thanks to a new 100 M€ private American placement (USPP).
2026 target confirmed: 2.30 euros EPRA earnings per share
Xior reaffirmed its guidance for the 2026 financial year: EPRA earnings per share of 2.30 euros and a dividend of 1.84 euros per share. According to our data, the dividend paid for the 2025 financial year amounted to 1.768 euros per share. The announced target thus corresponds to an increase in distribution.
Future growth is partly based on the portfolio of ongoing projects, totaling 171 M€. These projects are expected to generate 9.8 M€ of additional annual rental income. Only 5 M€ of investments remain to be committed to complete them.
The bulk of the financial effort related to these projects has therefore already been made. The 9.8 M€ of annual rents expected will be added to the group's revenues, for a residual financing need limited to 5 M€, given the 137 M€ of available credit lines.
