Strong growth in first-half 2022 results, bolstered by record rental activity

  • Finance

July 21, 2022

This excellent first half was marked by numerous operational successes across all activities, in particular thanks to 101,000 m² of new office leases signed and a stronger than expected recovery of the hotel industry. Covivio thus posted strong growth of financial results and confirmed its 2022 outlook. Despite an uncertain economic and financial environment, the rental dynamic of our markets, the relevance of our strategy focused on centrality, prime assets and customer culture, and the solidity of our governance, are long-term foundations to continue to generate value upon.

Christophe Kullmann
Covivio Chief Executive Officer

Strong acceleration of operational performance

  • 13.0% rise in revenues on a like-for-like basis and occupancy rate up 1.5 pts over six months, at 96.5%
  • Offices: record half-year for rent, with 101,000 m² let and pre-let and an increased occupancy rate of 94.3%, up 2.1 pts, representing a 3.2% like-for-like basis growth
  • Germany Residential: continued sustained rental growth at 3.0% on a like-for-like basis
  • Hotels: revenues, whether variable or fixed, were up 100% like-for-like, bolstered by a recovery that was significantly stronger than expected and asset management work

€27 billion portfolio (€18 billion Group share), up 2.6% on a like-for like basis

  • The office portfolio (up 0.7% on a like-for-like basis) was driven by robust rental activity the success of the development pipeline (up 3.0% like-for-like for committed projects)
  • Germany Residential: Values rose by 5.9% on a like-for-like basis against the backdrop of a housing shortage
  •  Hotels: Up 2.8% on a like-for-like basis thanks to asset management work and the upturn in business
  • Quality rotation: €260 million in commitments for disposals reinvested in development

Strong growth in first-half 2022 results

Reducing our LTV by 1.7 pts year-on-year at 39.5%

NAV up from 8% to 17% year-on-year (EPRA NET of €109.4 and EPRA NAV of €107.4), driven by the increase in asset values

Adjusted EPRA Earnings up 8% at €223 million (€2.37 per share) and a €796 million net income (up 70%)

Governance: continuity in change

  • Jean-Luc Biamonti replaces Jean Laurent as the Chairman of the Covivio Board of Directors
  • Delfin has been co-opted as Covivio Director, represented by Giovanni Giallombardo

Guidance confirmed

  • Adjusted 2022 EPRA Earnings guidance confirmed at around €4.5 per share


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