Xior Student Housing has the status of a public GVV under Belgian law, or in English a Real Estate Investment Trust, with B-REIT status.

Regulated real estate companies are defined in the REIT legislation in terms of their activities. This activity comprises making real estate available, either directly or via a company in which it holds a stake, to consumers, and potentially within the limits defined for this, owning "other assets" (shares in public real estate SICAVs, rights to participate in specific overseas UCITs, issuing shares through other specified REITs and real estate certificates). A GVV can perform all the activities within this framework that are related to the construction, conversion, renovation, development (for its own portfolio), purchasing, selling, management and operation of real estate.

The GVV follows a strategy that aims to retain possession of its real estate for the long term. In performing its activities, it focuses on active management, which in particular means that it is responsible itself for the development and the 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 as well as the making the relevant properties available.

A public REIT (GVV) is governed by strict legislation. The principle characteristics of these regula-tions are the following:

• It must be listed on a Belgian regulated market (Euronext Belgium) with a minimum free float of 30%;
• Strict rules in the area of dealing with disputes and internal control structures;
• The portfolio must be held at market value (under IFRS); the REIT (GVV) may not depreciate its property;
• Occasional and regular valuation of the real value of the property by an independent property expert;
• Maximum level of consolidated and simple debt of 65%;
• A purchase or sale must not lead to the situation where a single property represents more than 20% of its consolidated assets;
• Requirement to pay out at least 80% of profits in dividends;
• The Company benefits from a special tax regime in Belgium; the taxable base for the Company is limited to (i) the deductible expenses and costs that cannot be deducted as business costs, other than write-downs or capital losses on shares, and (ii) 'extraordinary or gratuitous advantages' received;

The REIT (GVV) is regulated by the FSMA (Financial Services and Markets Authority).