Activity at end-September 2023 – Stronger balance sheet and revenues up +7% like-for-like
Continued strong rental momentum across all businesses
- In offices, portfolio leases keep up the pace: 90,600 m² let or renewed since the beginning of the year, contributing positively to the rebound in occupancy rate (+70 bps over 3 months to 93.8%)
- In German Residential, Covivio continues to benefit from a favourable rental market, achieving an average reversion of around +20%, of which +28% in Berlin
- Hotels: RevPAR up +15% in 2023 (vs. 2019)
Further balance sheet strengthening
Like-for-like revenue growth of +7% at end-September 2023
- Revenues (Group share) of €484.8 million, up +3.0% as reported and up +6.9% like-for-like
- Offices: improvement in like-for-like growth to +5.4%
- German Residential: sustained like-for-like growth at +3.8%
- Hotels: +15.3% like-for-like revenue growth
- Occupancy rate of 96.1% at end-September 2023 (vs 95.8% at end-June 2023)
ESG: Covivio once again awarded by the GRESB ranking
- Overall score of 90/100, up 2 points over 1 year and “5-Star” status maintained, confirming the relevance and strength of the Group’s ESG policy
2023guidance confirmed
- Recurring net income (Adjusted EPRA Earnings) 2023 guidance of around €420 million
[1] Revenue Per Available Room
ContaCt
Press Relations
Géraldine Lemoine
Tél : + 33 (0)1 58 97 51 00
Mail : geraldine.lemoine@covivio.fr
Louise-Marie Guinet
Tél : + 33 (0)1 43 26 73 56
Mail : covivio@wellcom.fr
Investor Relations
Vladimir Minot
Tél : + 33 (0)1 58 97 51 94
Mail : vladimir.minot@covivio.fr