Growth in 2022 earnings driven by record rental performance

  • Finance

February 21, 2023

With record revenue growth and a 5% increase in earnings, 93% of its assets certified and a high customer satisfaction, Covivio reaped the benefits of its strategy in 2022. We look ahead with confidence in our ability to adapt and prepare for the future. The adjustments announced end-2022 in response to the new environment have been implemented, with €200 million in sales negotiated at the end of the year. Thus, we will keep on benefitting from the soundness of Covivio’s business model, focusing on diversification, centrality, sustainable real estate and client centricity.”

Christophe Kullmann
Covivio Chief Executive Officer

12.7% like-for-like revenue growth

  • Revenues of €968 million on a consolidated basis and €633 million in Group share, up 12.7% like-for-like
  • Offices: like-for-like rental growth of 5.2% driven by lettings and indexation
  • Germany Residential: further sustained growth of 3.1% like-for-like
  • Hotels: revenues exceeded 2019 levels in the second half (up 64.3% like-for-like over the year)

Strengthening of balance sheet quality

  • €485 million in new preliminary sales agreements signed above 2021 appraisal values and €711 million in sales realized
  • €220 million reduction in net debt, loan-to-value (LTV) ratio of 39.5%
  • €1.1 billion in new financing in 2022, predominantly Green financing, including €0.9 billion in the second half

ESG strategy: new progress across all areas

93% of the portfolio has received environmental certification and 63% of the office portfolio is certified HQE/BREEAM Very Good or higher

Strategy favoured by our clients: high satisfaction ratings across all asset classes

Proposal to submit a “Say-on-Climate” resolution to a vote at next 2023 AGM

5% growth in recurring net income in 2022

  • Recurring net income (adjusted EPRA Earnings): €430 million (€4.58 per share), up 5%
  • Portfolio value at €26 billion (€17 billion Group share), stable on a like-for-like basis
  • 10% increase (€107.8 per share) in net disposal value (EPRA NDV) through the fair value adjustment of debt hedging instruments and fixed-rate debt. Net tangible assets (EPRA NTA) are stable (€106.4 per share)

2023 outlook

  • Further solid operating momentum in 2023, expected to offset the increase in financing costs and the impact of market trends in non-core offices
  • Implementation of strategic adjustments announced in December 2022 and focused on balance sheet strengthening: €1.5 billion disposal target by end-2024 (of which €200 million negotiated in recent weeks) and refocus of the development pipeline
  • Proposal of a maintained dividend, at €3.75 per share, with the option of payment in shares, benefitting from the support of the main shareholders (51% of capital), already committed to opt for the payment in shares
  • 2023 adjusted EPRA Earnings guidance of around €410 million, flat restated from the deleveraging effect.


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