13-02-2020

Annual results 2019: the strength of the diversified model

“2019 has been again a rewarding year for Covivio, with a portfolio of €24 billion, ever more focused on the large European cities, greener and more adapted to the requirements of our clients. The results bear witness to the success of our business model: +6% for the NAV per share and +4% for recurring income per share and for the dividend. Our €8 billion development pipeline, our recent acquisition of prime hotels and our major investment in German offices, announced today, are all drivers in pursuing our sustainable growth”.
Christophe Kullmann, Covivio Chief Executive Officer

Success of three strategic pillars in 2019

  • €24 billion portfolio (+ €1.2 billion over one year), 92% in the Major European cities;
  • €8 billion in the development pipeline: €1.0 billion in new committed projects in 2019;
  • Client-focused culture: success of our Wellio flexible offices offer (99% occupancy rate); launch of the digital transformation.

Annual results 2019 better than expected

  • Rental income: +2.6% on a like-for-like basis;
  • Portfolio value: +5.3% on a like-for-like basis;
  • Achieved new LTV objective (of less than 40%), at 38.3%;
  • EPRA Earnings: €452 million (+19%) and €5.31/share (+4.4% versus guidance of >3%);
  • EPRA NAV: €9.3 billion (+12% over one year) and €105.8/share (+6.1%).

Covivio expresses its purpose: Build sustainable relationships & well-being

  • Reducing the impact on the environment: 84% of “green” buildings at end-2019;
  • Maximising the well-being of our clients: Covivio recognised for its client-focused approach in its German residential activites;
  • Strengthening our societal commitments: a Foundation and a Stakeholders Committee created.

Major German office investment

  • Covivio launches voluntary public takeover for Godewind Immobilien; approx. 35% of Godewind share capital already secured;
  • €1.2 billion-valued portfolio, made up of 10 assets in Frankfurt, Hamburg, Dusseldorf and Munich;
  • Creation of a €2.1 billion German office platform.

2020 outlook: sound foundation for sustainable growth

  • Proposal of a €4.80 dividend, a 4% increase, with the option for payment in shares ;
  • Objective of a 2020 EPRA earnings per share greater than €5.40.

 

 

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