20-02-2019

2018 Annual results: transformation and performance

This first year under the new Covivio identity completes our transformation into a 360° European real estate operator. Major strategic advances and the positive dynamic of our markets have resulted in accelerated operational and financial performance, which we expect to continue in 2019 “

Christophe Kullmann, Covivio Chief Executive Officer

 

  • Completion of our transformation into a 360° European real estate operator
    • Increased presence in Major European cities : €1.9 billion of investments (€1.4 billion Group share)
    • Enhanced portfolio quality and exit of non-strategic activities via disposals worth €1.9 billion (€1.2 billion Group share)
    • Focus on the development pipeline: 80% rise in the size of committed projects, to €1.6 billion
    • Innovating to support our customers’ needs: 1st successes from our Flex-offices offer
    • Merger with Beni Stabili, a key step to simplify the organisation

 

  • 2018 results: the result of a winning strategy and well-oriented rental markets
    • Rental income: +3.4% on a like-for-like basis
    • Like-for-like portfolio value: 4.4% growth
    • 5% increase in EPRA Earnings per share, and a 5.5% rise in EPRA NAV per share

 

  • Effective ESG policy
    • Intensified efforts to boost the greening process of the portfolio: +8 points, reaching 72%
    • Enhanced governance: renewal of the term of office of Jean Laurent as Chairman of the Board of Directors and appointment of Christian Delaire and Olivier Piani as independent directors[1]

 

  • 2019 outlook : continued dynamic performance
    • Proposal of a €4.60 dividend, a 2.2% increase, with the option for payment in shares1
    • New target for the LTV: below 40% versus “between 40% and 45%”
    • Guidance of 2019 EPRA earnings per share growth of over 3%

[1] Proposed to the General Meeting of 17 April 2019

 

Press release:

Download press release

 

Contact:

Press Relations

Géraldine Lemoine

Tél : + 33 (0)1 58 97 51 00

geraldine.lemoine@covivio.fr

 

 

Laetitia Baudon

Tél : + 33 (0)1 44 50 58 79

laetitia.baudon@shan.fr

Investor Relations

Paul Arkwright

Tél : + 33 (0)1 58 97 51 85

paul.arkwright@covivio.fr