17-02-2021

Solid performance 2020 thanks to a prime and diversified portfolio

“2020 was marked by our significant expansion in Germany, the success of our disposal plan and the success of our ESG strategy. Our portfolio has shown its resilience thanks to its diversification and quality, despite an unprecedented crisis. The centrality of our assets, the potential of our developments, the flexibility of our offer and the recognised expertise of our teams, working closely with our clients, are the foundations of sustainable performance.”
Christophe Kullmann, Covivio Chief Executive Officer

2020: numerous success stories in a context of crisis

• Reinforcement in Germany: +6 points of exposure in the Covivio portfolio (to 37%);
• Success of the disposal plan: €871 million Group Share (vs > the €600 million target) with an 8% margin;
• Offices: 72,500 m² of new rental commitments in a wait-and-see rental market;
• German Residential: continued growth both in rents (+2.3% on a like-for-like basis) and in value (+8.2%).

Financial results for 2020: solid fundamentals

• Good performance in offices and residential (85% of the portfolio): revenue up +1% on a like-for-like basis; very high rent collection at 98%
• Hotel revenues (15% of the portfolio) impacted by the crisis: -55% on a like-for-like basis;
• EPRA Earnings: €385 million (€4.21/share), compared to the guidance published in July of €380 million;
• Portfolio values: +1.3% on a like-for-like basis, driven by residential and development projects;
• LTV of 40.9%, close to the policy of <40%;
• EPRA NTA per share of €100.1, increasing by 2% in the second semester;
• Dividend proposal: €3.60 per share .

New progress in the CSR strategy

• 88% of “green” assets at the end of 2020, +10 points on a like-for-like basis, on track to reach the target of 100% by 2025;
• Client culture: Covivio received the “Fairest Landlord” award in Germany at the Focus Money Survey in 2020, with the highest score of “Very Good” for all criteria.

2021 Outlook

• The diversification of the portfolio and its centrality are both assets for taking advantage of the coming recovery;
• Development pipeline: new projects in the CBDs of Paris, Berlin and Milan and acceleration of the transformation of offices into residential;
• Adaptation of real estate solutions with more services and flexibility for customers;
• Continuation of disposals, with a target of over €600 million;
• EPRA Earnings 2021 target to increase from €380 million to €395 million depending on the profile of the hotel recovery.