Activity at end-September 2023 – Stronger balance sheet and revenues up +7% like-for-like

October 21, 2023

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

€565 million (€718 million at 100%) in new disposal commitments, of which €214 million in Q3

€1.1 billion in financing signed since the start of the year, including €350 million in Q3

€1.7 billion available liquidity, up by €500 million since the start of the year, and covering debt expiries over the next 24 months

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

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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