présentation powerpoint - covivio en
TRANSCRIPT
![Page 1: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/1.jpg)
FY2020RESULTS
17 FEBRUARY 2021
![Page 2: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/2.jpg)
I. 2020: MANY SUCCESSES IN A CHALLENGING ENVIRONMENT
II. A HIGH-QUALITY PORTFOLIO ABLE TO ADAPT
Offices: more prime locations, pipeline & services as key drivers
Residential: promising fundamentals & continuous growth
Hotels: positioned for recovery
III. FINANCIAL RESULTS
IV. OUTLOOK & GUIDANCE
APPENDIX
SUMMARY
2
![Page 3: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/3.jpg)
I.2020: MANY
SUCCESSES IN A
CHALLENGING
ENVIRONMENT
Lyon CBD, Silex 2
![Page 4: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/4.jpg)
4
REINFORCEMENT IN GERMANY IN 2020
A EUROPEAN PORTFOLIO
40%-3 pts
6%-1 pts
€17.1 bn(€25.7 bn
at 100%)
Geographic breakdown(Group share, change vs 31/12/2019)
17%-2 pts
60%OFFICES
25%RESIDENTIAL
15%HOTELS
37%+6 pts
€10.2 bn
€4.3 bn
GROUP SHARE
€2.5 bn
Notably with the acquisition in German offices for €1.1 bn Group share
![Page 5: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/5.jpg)
5
SUCCESS OF DISPOSALS: €0.9 BN GROUP SHARE
New disposals 2020
(realized & secured)
Group
share
Gross
Yield
(Group
share)
Margin
(Group
share)
France offices €424 m 5.3% 7%
Italy offices €280 m 4.7% 7%
Germany
Residential€129 m 3.0% 20%
Others €38 m 7.2% -4%
TOTAL €871 m 4.8% 8%
DISPOSALS WELL ABOVE TARGET OF > €600 M
ACCELERATION OF MATURE OFFICE DISPOSALS
SIGNIFICANT MARGIN OF +8%ABOVE APPRAISAL VALUE
![Page 6: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/6.jpg)
DISPOSAL OF TWO MATURE ASSETS IN FRANCE IN Q4 2020€176 million Group share secured
Successful asset management
In-house development
DisposalAbove end-2019 appraisal value
Issy - EDO
10,900 m² / delivered in 2017
73%
value creationsince delivery
++
=
Marseille – Euromed Astrolabe
14,400 m² / delivered in 2015
Transformation of a value-add asset
into a high-quality headquarters100% occupancy / 5.5 years WALT
2011: Acquisition at 8% yield
2015-2017: Departure of the tenant
& redevelopment with a 45% extension
2016: full pre-letting to Transdev for their HQ
Dec 2020: Disposal secured
Development in Marseille50% owned
100% occupancy / 3.7 years WALT
2012: Launching of the project
in order to develop 5 buildings
in the new Euromed district
2015-2017: Deliveries, fully let or sold
to end-users
Dec 2020: Disposal secured of Astrolabe
building
6
![Page 7: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/7.jpg)
2020 RESULTS / POSITIVE TRENDS SINCE JULY
€100.1per share
vs 98.4€ at end-June 2020
EPRA EARNINGS LTV EPRA NTA
Above guidance
despite second lockdownClose to <40% policy
€385 m / €4.21per share
vs guidance of €380 m announced in July
40.9%vs 41.1% at end-June 2020
Strong offices & residential
Hotels: H2 2020 in line
with expectations
Resilient portfolio values
& disposals volume
above guidance
7
![Page 8: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/8.jpg)
MORE PROGRESS ON AN AMBITIOUS ESG STRATEGY
88%
of the portfoliois certified green
+4 pts vs 2019
COVIVIO IS RANKED AMONG THE WORLD LEADERS BY ESG RATING AGENCIES
Best possible rating Prime status 5 stars with score of 85/100 AA rating
Sector leader Top 3% worldwide Global sector leader Among the sector leaders
Link to the rating
8
FairestLandlord
awardin German Resi.
36%
of women on the exec. committee
+9 pts vs 2019
Carbon reduction efforts Positive impact on communities Supporting gender equality
![Page 9: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/9.jpg)
II.HIGH QUALITY
PORTFOLIO ABLE
TO ADAPT
Milan, Via Cornaggia
II-A. OFFICES: more prime locations,
pipeline & services as key drivers
II-B. RESIDENTIAL: unbroken
fundamentals & continuous growth
II-C. HOTELS: positioned for
recovery
![Page 10: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/10.jpg)
II.A.
OFFICESMORE PRIME LOCATIONS,
PIPELINE & SERVICES AS
KEY DRIVERS
Chatillon, IRO
![Page 11: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/11.jpg)
NEW OFFICE ENVIRONMENT: POLARIZATION OF TAKE-UP
Conjunctural impact of the economic crisis
Structural impact from WFH adoptionDecrease in office absorption on the overall market
Increasing competition will benefit best assets in connected locations
1
2
COVIVIO ROADMAP TO OUTPERFORM
Concentrate developments in central locations
11
Transform obsolete offices into residential
Continue to sell mature assets to finance the pipeline
Accelerate the deployment of services to clients
![Page 12: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/12.jpg)
REINFORCING
PRIME
LOCATIONS
Paris CBD, Jean Goujon
![Page 13: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/13.jpg)
OFFICE PORTFOLIO / REINFORCEMENT IN PRIME LOCATIONS
✓ Mix of attractive new buildings
63%
TOP EUROPEAN CITIES
€6.3 bn / 100 assets
TOP BUSINESS DISTRICTS
€2.8 bn / 50 assets9%€0.9 bn
NON-CORE
ASSETS
MOSTLY TELECOM
ITALIA WITH 100%
OCC. & 11Y WALT
GREATER PARIS
BEST DISTRICTS
(€2.1 bn)Issy-Boulogne,
Montrouge-Chatillon,
La Défense, Rueil, Vélizy
✓ Centrality: in the best micro-location of major transports hubs
13
PARIS INNER-
CITY / MILAN /
TOP 5 GERMAN
CITIES& Neuilly/Levallois
28%
+21 pts in 5 years
See detailed portfolio page 56-62 See detailed portfolio page 58-59Portfolio excl. assets under disposal agreements
✓ & prime redevelopment opportunities
✓ High-quality of real estate
✓ Attractive risk/returnprofile
TOP 5 FRENCH
CITIES
(€0.7 bn)Lyon, Bordeaux,
Marseille, Lille,
Toulouse
![Page 14: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/14.jpg)
Paris CBD, Anjou
PIPELINE,
A DRIVER TO
TRANSFORM THE
PORTFOLIO
![Page 15: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/15.jpg)
ADAPTING OUR PIPELINE IN A CHANGING ENVIRONMENT
15
+ 5 projects to be committed in 2021
in Paris CBD, Milan CBD, Berlin CBD
MORE CBDs
MORE CONVERSION FROM OFFICES TO RESIDENTIAL
CONTINUE TO DO TURNKEY PROJECTS
96%of committed projects
in city-centre of Paris, Milan, Berlin
Accompanying our tenantsin their real estate strategy
Turning obsolete
offices buildingsinto residential
Extension for Dassault Systèmes in Vélizy€71 m group share, 7% yield
ACTIONS PIPELINE AT END-2021
Building permits obtained / ongoingfor 1,600 housing units in France
![Page 16: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/16.jpg)
NEW DEVELOPMENT PROJECTS: 100% PRIME OFFICES IN CBDS
€0.9 bn Group share development cost, including €0.4 bn of capex
16
MILAN CBD
Corso Italia / 11,600 m²
BERLIN CBD
Alexanderplatz / 60,000 m² mixed-use
PARIS CBD
Anjou, Carnot, Laborde / 26,300 m²
To be committed in 2021 To be committed in 2021 To be committed in 2021
& sharing the project55% Covivio
45% 2 long-term partners
![Page 17: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/17.jpg)
OFFICE PIPELINE AT END-2021: €1.7 BN GROUP SHARE
17
NEW
96%
City-centre
Incl 70% CBD
4.8%
yield on cost
€0.8 bnCapex to be invested
over the next 3 years
>30% TARGETVALUE
CREATION
PARIS
102,000 M²
BERLIN
60,000 M²Mixed-use
MILAN
26,100 M²
1 Projects shared with partners
Paris CBD – Goujon
8,550 m² / 2022
Paris CBD - Laborde
6,200 m² / 2023
Paris CBD - Anjou
9,300 m² / 2024
Paris CBD - Carnot
10,840 m² / 2024
Paris 17th – N21
15,600 m² / 2022
Paris 17th – So Pop1
31,300 m² / 2022
Levallois – Alis
19,800 m² / 2022
CBD – Alexanderplatz1
2025
CBD – Unione
4,460 m² / 2022
CBD – Corso Italia
11,600 m² / 2023
Symbiosis - Vitae
10,000 m² / 2023
NEW
NEW
NEW
NEW
& 1 turkey project in Greater Paris27,500 m² DS campus extension in Vélizy
& Levallois
![Page 18: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/18.jpg)
TRANSFORMING OBSOLETE OFFICES INTO RESIDENTIAL IN FRANCE
18
Meudon Bellevue - 1,800 m²
100% sold
Raincy Gambetta - 5,300 m²
100% sold
St Germain-Lès-Corbeil - 5,100 m²
100% sold
NEUTRALISETHE RISK
ON OBSOLETE OFFICES
EXTRACT ADDITIONAL
VALUEFROM LONG-
LEASED ASSETS
+
THE STRENGTH OF DIVERSIFICATION:
SYNERGIES BETWEEN ASSET CLASSES
3 PROJECTS COMMITTED TO BE DELIVERED IN 2021-2022
12,300 M²
€44 MILLION
~10% TARGET
MARGIN 150,000 m² identified, mainly in Greater Paris, Bordeaux, Nantes & Nice
![Page 19: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/19.jpg)
MORE TO COME / THE EXAMPLE OF BORDEAUX LAC46,500 m² of residential potential
19
Former IBM building…
…to new residential area
BORDEAUX
2004 Sell & leaseback with IBM
2004-2018Area around the asset moving
from an office destination
to a new residential area
2018Building vacated, potential
for residential conversion identified
2020 Planning permission obtained
Attractive residential location & obsolescence of the building
Leading to residential conversion
2021Building permit obtained
for the 1st phase (15,000 m²)
![Page 20: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/20.jpg)
Paris 5th, Gobelins
CLIENT APPROACH
& SERVICES
A DIFFERENTIATING
STRENGTH
TO ATTRACT
MORE CLIENTS
![Page 21: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/21.jpg)
A RELEVANT & DIFFERENTIATING OFFER IN THE MAKING: ALL-IN-ONE
21
INITIATION
Services & Flexibility identified as key
for clients
ALL-IN-ONE
CONCEPT
Being built on
Expertise of our
teams developed
over the last years
Feedbacks from
>3,000 end-users
collected
in our buildings
Since 2017 Since 2018 Since 2019 Since 2020
SERVICES
Acceleration of our Services
offer
FLEXIBILITY
Acceleration of our flexible
offer
ADVISORY
Accompanying clients to build
tailor-made offers
+ + + =
Covivio flex-workspace offer
CB21new work-café
Paris Gobelinsaccompanying
the client from A to Z
Mix flex/ lease with
Orange
Covivio & Wellio
apps
See details on the
operation page 53
![Page 22: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/22.jpg)
Paris CBD, Percier
OFFICE
2020 OPERATIONAL
RESULTS
![Page 23: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/23.jpg)
RESILIENT OFFICE OPERATIONAL RESULTS
23
PURSUIT OF
RENTAL GROWTH
RESILIENT VALUE
GROWTH
+0.4%like-for-like
+0.8%like-for-like
OCCUPANCY RATE 92%
FRANCE
+0.7%-0.3%
+1.7%-1.4%
93% 97%
ITALY GERMANY1
of which Milan offices +0.8%
+2.9%
1 LfL in Gerrnan offices excludes the Godewind portfolio
of which Milan offices +0.4%
77%
+4.8%Excl. Godewind portfolio
in line with acquisitionon price
![Page 24: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/24.jpg)
Berlin Residential
II.B.
RESIDENTIALPROMISING
FUNDAMENTALS
& CONTINUOUS GROWTH
![Page 25: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/25.jpg)
GERMAN RESIDENTIAL MARKET: UNBROKEN FUNDAMENTALS…
25
STRONG POPULATION GROWTH IN ATTRACTIVE CITIES COMBINED WITH INSUFFICIENT OFFER…
…especially in Berlin with the effect of the new regulation
1 Source: Bertelsmann, Guthmann (latest available data at end-September)
10%
4%
14%
8% 8%
7%
14%
Berlin Düsseldorf Frankfurt Cologne Hamburg Stuttgart Leipzig
12,5
11,4 11,1
12,7
11,712,3
11,7
10,6
9,1
14,8
8,6
6,8
6,1
6,8 6,96,5
5,4
4,4
05-19 07-19 09-19 11-19 01-20 03-20 05-20 07-20 09-20
Sept-20 vs Sept-19-64%
NUMBER OF APARTMENTS ON OFFER TO RENT IN BERLIN, IN THOUSAND
% EXPECTED POPULATION GROWTHFROM 2012 TO 2030
![Page 26: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/26.jpg)
€2 220 /m²
€2 650 /m²
€3 390 /m²
€4 220 /m²
déc.-12 déc.-13 déc.-14 déc.-15 déc.-16 déc.-17 déc.-18 déc.-19 déc.-20
…LEADING TO CONTINUOUS VALUE INCREASE
26
APARTMENTS PRICES CONTINUE TO RISE IN GERMANY… …INCLUDING IN BERLIN REACHING >€5,000 M² ON AVERAGE
100
120
140
160
180
200
déc-12 déc-13 déc-14 déc-15 déc-16 déc-17 déc-18 déc-19 déc-20
CHANGE IN MEDIAN ASKING PRICE IN €/M²
HOUSING PRICE INDEX FOR APARTMENTS IN GERMANY (BASIS 100 IN 2005)
+11% in 2020
€5 070/m²
+7% in 2020
![Page 27: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/27.jpg)
REINFORCEMENT IN GERMAN RESIDENTIAL
27
SINCE 2012 SINCE 2020SINCE 2015 SINCE 2018
REINFORCEMENTIN GERMAN RESIDENTIAL + + +
ACQUISITIONS IN FAST-GROWING CITIES
LAUNCHING PIPELINE & ACQUIRING LAND BANKS
DELIVERIES ON THE DEVELOPMENT PIPELINE
Size of German residential portfolio in Group share % of Covivio’s portfolio
€0,7 bn
€2,2 bn
€3,7 bn€4,3 bn
0%
5%
10%
15%
20%
25%
-
1
1
2
2
3
3
4
4
5
5
2012 2015 2018 2020
25%
9%
+24% INCREASE PER YEAR SINCE 2012
![Page 28: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/28.jpg)
INVESTMENT DYNAMIC CONTINUES
28
CONTINUING TO ACQUIRE
EXISTING ASSETS
ACCELERATION OF
DEVELOPMENT PIPELINE IN BERLIN
First deliveries of €29 m in 2020 (123 units)€119 m in 2020 (€79 m Group share)
3.7% yield
534 units in Berlin at €2,750 /m²
Atlbau-style apartments in central districts
–
195 units in NRW (Essen & Dortmund) at €1,900 /m²
€244 m of committed projects at end-2020
€157 m group share
–
Target margin >40%
Berlin Firlstrasse
45 units building built in 1910
Berlin Biesdorf
106 new units
![Page 29: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/29.jpg)
MAINTAINING EXCELLENT RELATIONS WITH TENANTS
“Fairest Landlord” awardin the Focus Money survey 2020
Independent survey updated every year among 26 German
residential companies, including ~1,400 tenants surveyed
German Residential - Hamburg
Picnic with tenants to inform on energy modernization works
29
Best possible score on all criteriaImprovement for the third year running
• Tenant relations: very good
• Tenant support: very good
• Services: very good
• Fair rent: very good
• Quality of property: very good
• Environmental
responsibility: very good
vs good in 2019
vs good in 2018
1 Link to the survey
![Page 30: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/30.jpg)
2020 PERFORMANCE: RENTAL GROWTH & VALUE INCREASE
NRW, HAMBURG,
DRESDEN & LEIPZIG
44% of the portfolio
BERLIN
56% of the portfolio
PURSUIT OF RENTAL
GROWTH+2.3%Like-for-like
VERY HIGH OCCUPANCY
STRONG VALUE
GROWTH+8.2%Like-for-like
+1.2% +3.4%
+5.7% +11.6%
99%
30
![Page 31: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/31.jpg)
Paris, Motel One
II.C.
HOTELSPOSITIONED FOR
THE RECOVERY
![Page 32: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/32.jpg)
2020: A CHALLENGING YEAR
FIXED
LEASES44%
Up to 90% of hotels forced to close in 2020
-55% like-for-like revenue
-61%
-75%
-71%
-64%
-77%
-74%
-73%
-76%
IMPACTING COVIVIO
HOTEL PORTFOLIO
-67% RevParin Europe
A STEEP CONJUNCTURAL
CRISIS FOR THE HOTEL INDUSTRY
Revpar performance by country
UK
PORTFOLIO
VARIABLES
LEASES
EBITDA FROM MANAGEMENT
CONTRACTS
42%
13%
AGREEMENTS
WITH OPERATORS-3%
MAC CLAUSE
FORCED
CLOSURES
& LOW
OCCUPANCY
-73%
-100%
-88%
% of hotel portfolio
% LfLchange
32
Source MKG
![Page 33: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/33.jpg)
EUROPE: GOOD FUNDAMENTALS FOR RECOVERY
EUROPEAN HOTELS CLIENTELE:
HIGHLY EUROPEAN
3 KEY DRIVERS FOR EARLY RECOVERERS
1DOMESTIC-focused markets & destinations relying on LAND-BASED TRANSPORT
France (~70% domestic) Germany (~85%)
UK (~85%)
2 LEISURE-driven markets to recover faster
France (~80% leisure) Germany (~80%)
Italy (~80%) UK (~70%)
3INDIVIDUAL TRAVEL
favored by progressive lifting of restrictions
90%of overnight stays in EU are from EU residents
50%from domestic clients
including
33
![Page 34: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/34.jpg)
COVIVIO HOTEL PORTFOLIO / POSITIONED TO CAPITALIZE ON EARLY MARKET RECOVERY
FRANCE & GERMANY UNITED KINGDOM OTHERS
CONTRACT STRUCTURE
% OF HOTEL REVENUES(based on 2019)
KEY DRIVERS
FOR RECOVERY
1
2
3
% of regional clientele(Domestic + Europe)
% of Leisure clientele
% of individual travelers
Mostlyindividual regional clients
travelling for leisure
Mostlyindividual regional clients
travelling for leisure
Major European operators
83%
56%
76%
78%
59%
73%
42% 13% 44%
FULLY VARIABLE LEASE with MAC clause
FIXED LEASE
34
![Page 35: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/35.jpg)
Paris CBD, Jean Goujon
III.FINANCIAL
RESULTS
Solid portfolio value & balance sheet
Rental activity & 2020 revenues
EPRA Earnings, EPRA NTA & Dividend
![Page 36: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/36.jpg)
OFFICE LETTING ACTIVITY / 72,500 M² OF NEW CONTRACTS IN 2020
36
Montpellier - Majoria
17,600 m²
Bordeaux - Cité Num.
2,800 m²
With an existing client Delivered in Sept. 20 Incl.
Orange / 62,800 m²
Details slide 8
Orange / 62,800 m²
Details slide 37
Paris - Gobelins
4,360 m²
Greater Paris - IRO
3,800 m²
Paris – Carré Suffren
7,600 m² let & relet
Incl. Incl.
Turin - Corso Ferrucci
9,300 m²Relettings on non-core
26,000 m²
New multinational client
Milan operating
portfolio / 27,000 m²
relet & renewedMilan / Symbiosis D
2,500 m²
Incl. Turin & Rozzano
Düsseldorf – Airport
business centre
3,200 m²Frankfurt – Y2
15,000 m²
Berlin - Lotte
3,300 m²
Hamburg - Zeughaus
6,200 m²
Munich - Sunsquare
5,000 m²
Incl.
Attracting new clients 23,000 m² let
Working with our partners
100,000 m² renewed
35%of the total
portfolio
Strong dynamic in Milan : +8% rent on relettings
25,000 m² new leases & 55,000 m² renewed
16%of the total
portfolio
>50 new leases & renewals
24,500 m² new leases & 27,000 m² renewed
9%of the total
portfolio
![Page 37: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/37.jpg)
1
2
3
OFFICE ASSET MANAGEMENT / ONE EXAMPLE WITH AN HISTORIC PARTNER, ORANGE
37
Securing Orange in their regional officesLease extension in Q3 2020 from 3 to 9 years on 46,000 m²
ACCOMPANYING ORANGEON THEIR REAL ESTATE STRATEGY…
Solutions to manage their Parisian footprintExtending their presence on Paris-Maillot (9,600 m²): +6 years / +19% rent
Anticipating departure in Levallois (8,200 m²): 2023 vs 2025
→ Potential redevelopment into residential
Developing new offices for them16,500 m² turnkey project on a land bank in Montpellier
€49 m / 6.7% yield / delivery in 2021
…BENEFITS COVIVIO’S PORTFOLIO
Liquidity / exit from secondary citiesof which €59 m secured in Q4 2020 above 2019 appraisal value
Value creation / +8% LfL value in 2020
Better portfolio quality
& exploiting land banks
![Page 38: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/38.jpg)
38
2020 REVENUES / +1.0% LFL EXCLUDING HOTELS
2020, €million
Revenues
2019
Group share
Revenues
2020
Group share
% change
like-for-like
Group share
Occupancy rate
%
Average
lease term
firm, in years
Collection rate
France Offices 226.4 207.1 +0.7% 93.1% 4.6 99%
Italy Offices 147.0 126.8 -0.3% 96.8% 7.4 97%
Germany Offices 7.6 49.3 +2.9% 76.7% 4.9 97%
Germany Residential 154.3 157.7 +2.3% 98.7% n.a. 99%
SUB-TOTAL OFFICES & RESIDENTIAL 535.4 540.9 +1.0% 93.8% 5.5 98%
Hotels in Europe 121.2 57.6 -54.8% 100%1 14.2 92%2
TOTAL STRATEGIC ACTIVITIES 656.6 598.5 -9.4% 94.7% 7.3 97%
Non-strategic (retail) 21.9 11.0 -10.1% 99.4% 9.8 73%
TOTAL 678.6 609.5 -9.4% 94.8% 7.3 97%
1 On lease properties2 73% if considering rent-free agreements as unpaid
Above 96% since 2016In Italy: excellent occupancy rate maintained
-12 pts occupancy linked financial agreement with WeWorkIn Germany: occupancy penalised by cancellation of lease in Düsseldorf
95.5% occupancy rate at constant scopeIn France: two assets delivered with commercialization delayed and ongoing Focus on office occupancy rate
![Page 39: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/39.jpg)
Paris – Carré Suffren
25,000 m² - 89% occ.
Chatillon - IRO
25,600 m² - 37% occ.
La Défense - CB21
68,000 m² - 89% occ.
Düsseldorf – Herzog T.
56,000 m² - 52% occ.
Hamburg – Zeughaus
44,000 m² - 69% occ.
Boulogne – Grenier
7,800 m² - 41% occ.
New service offer & common
areas in 2020
New asset, delivered in
2020
New service offer & common
areas in 2020
Renovated in 2020 to include
services & outdoor spaces Renovation of common
areas under way for 2021
39
OFFICE LETTING CHALLENGES ADDRESSED WITH CLEAR MEASURES
Pro-active asset management to attract tenants with relevant products
4% Assets to be redeveloped,
mainly in Paris CBD & Milan CBD
<10%
2.5% Tenants not
exercising break option
VACANCY FOCUSED ON A HANDFUL
OF QUALITY BUILDINGS, ACTIVELY MANAGED
6 assets accounting for 5 pts of Office vacancy
Central or connected locations in top business districts
Quality buildings recently delivered or renovated
LIMITED SHORT-TERM
LEASE EXPIRIES TO MANAGE
of Covivio revenues in 2021
(€62 m of lease expiries)
6.5%MANAGED
Mostly in Paris inner-city
& Levallois, Milan & Berlin <3.5%TO BE RENEWED OR RELET
Refurbishment of loft space
to be let
![Page 40: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/40.jpg)
2019 France & Italy offices German offices German residential Hotels net revenue Non-strategic retail Cost of debt & other 2020
-€38 mFrance & Italy
offices
Disposals
& vacating for redevelopment
+€35 mGerman offices
Acquisition of Godewind
+€3 mGerman
residential
Rental growth
-€68 mHotels
Variable revenues & provisions
-€11 mOthers
(retail)
Disposals
& provisions
+€12 mother
EPRA EARNINGS 2020 / €385 MILLION
€452.2€5.31 / share
Average number of shares 2020 of 91,383,658
€385.0 m €4.21 / share
40
Strong Offices& Residential activity
stable
Impact of crisis on hotels & retail
-€79 m
Decrease in financial costs & other
+€12 m
EPRA Earnings2019
EPRA Earnings2020
Office & Residential net revenues
-15%
-21%
![Page 41: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/41.jpg)
PORTFOLIO LIKE-FOR-LIKE VALUE GROWTH: +1.3%
+8%
41
9%
RESIDENTIAL25% of the portfolio
HOTELS15% of the portfolio
+0.8%like-for-like
+8.2%like-for-like
-6.9%like-for-like
OFFICES60% of the portfolio
1 Hotels in variable leases & operating properties
Value creation on development pipeline
+1%41% Value creation or stability on quality assets in dynamic locations
Paris, Milan & dynamic business districts in FranceGodewind portfolio value in line with acquisition price including duties (excluded from LfL)
% of Covivio portfolio
-8%10% Integrating value decrease on challenged assets in the short-term
Mainly La Défense & Péri-Défense, Italy outside Milan
+6%14% Berlin keeps on growing despite regulation
+12% 11% Very strong dynamic in other cities
-7% 7% Variable revenues hotels1: integrating a full recovery in 2023/2024
-14% 2% UK portfolio: integrating longer closure of hotels & more uncertainty
-4% 6% Other hotels in lease: benefitting from agreements signed
![Page 42: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/42.jpg)
SOLID KEY CREDIT METRICS
HIGH ICR
396285
521
1 597 1 617
1 198
808 757
1 706
2021 2022 2023 2024 2025 2026 2027 2028 >2028
Debt maturities (in €million, Group share)LONG DEBT MATURITY
1.29%81% hedged
LOW COST OF DEBT
6.1x
5.7 years
RATING BBB+, STABLE OUTLOOK
€1.2 bn available
cash
Strong liquidity of €2.5 bnLTV 40.9%
Close to<40% policy
limited short-termdebt maturities
42
&
€1.3 bn of undrawn
credit lines
+
![Page 43: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/43.jpg)
EPRA NTAEnd-2019
EPRA NTAEnd-2020
EPRA NTAEnd-2020
+€4.2/share
EPRAEarnings
-€4.8/share
Dividend
-€0.5/share
Other
+€1.8/share
Property value
increase
-€0.6/share
Debt management
-€4.2/share
Dividend in shares
43
EPRA NET TANGIBLE ASSETS / €9.5 BN AT END-2020, +4% VS END-2019
€104.3/share
€100.1/share
Before dividend in shares
EPRA NRV€110.3 /share€10,452 m
EPRA NDV€89.3 /share€8,464 m
Diluted number of shares at end-2020: 94,733,299
€104.2/share
€9,122 m
€9,482 m
![Page 44: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/44.jpg)
44
DIVIDEND 2020: €3.6 PER SHARE
€3.6PER
SHARE186%PAYOUT
RATIO
detachment of coupon
DIVIDEND CALENDAR
Payment in cash
26/04/2021 28/04/2021
1 Dividend subject to the approval of the General Assembly to be held on April 20th, 2021
![Page 45: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/45.jpg)
Milan CBD, Corso Italia
IV.
OUTLOOK
& GUIDANCE
![Page 46: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/46.jpg)
OUTLOOK & GUIDANCE
46
Pursuit of active asset rotation
& client-oriented strategy
OFFICE
HOTELS
RESIDENTIAL
>€500 mvalue creation remaining to be captured on projects committed and to be committed in 2021
Continuous growth of rents & value
Uncertainty on the
pace of recovery
SHORT-TERM MEDIUM-TERM
Long-term fundamentals unchanged
€380 m to €395 mdepending on the pace of hotel recovery
€4.0 - €4.2 per share
EPRA Earnings
guidance 2021Disposals
2021>€600 m
![Page 47: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/47.jpg)
KEY UPCOMING EVENTS
SHAREHOLDERS’ MEETING: 20 April 2021
Q1 2021 ACTIVITY: 20 April 2021
H1 2021 RESULTS: 21 July 2021
47
![Page 48: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/48.jpg)
APPENDIX CONTENTS
1. COVIVIO’S ESG STRATEGY
2. DEVELOPMENT PIPELINE
3. COVIVIO OFFICE PORTFOLIO
4. P&L EPRA EARNINGS
48
![Page 49: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/49.jpg)
49
COVIVIO ESG STRATEGY
For more details
on Covivio ESG strategy,
see dedicated presentation
on the website
link
Symbiosis project / 125,000 m² Transforming a former industrial area into a new green business district
![Page 50: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/50.jpg)
DEVELOPMENT PIPELINE
50
![Page 51: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/51.jpg)
5.6%
yield on cost
€1.2 bncost Group share
COMMITTED PIPELINE / OFFICES DELIVERY SCHEDULECommitted Pipeline at end-2020
8 projects / 116,500 m²
In Paris, Montrouge, Lyon, Montpellier
& Milan
Beyond 12 months
Prime buildings in CBD & Inner-cities
Next 12 months
81% pre-let
6 projects / 117,300 m²
Paris CBD, Milan CBD, Paris 17th and Levallois
& 1 turnkey project in Vélizy
43%pre-let
>30%Target margin
51
€392 m
€92 m
€348 m
€294 m
€113 m
H1 2021 H2 2021 H1 2022 H2 2022 H1 2023
0%
0%
47%
90%
71%
Delivery schedule
Cost in Group share €x
% pre-let x%
![Page 52: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/52.jpg)
1 Surface at 100%2 Including land and financial costs
3 Yield on total rents including car parks, restaurants, etc.52
Committed projects Location ProjectSurface¹
(m²)Delivery
Target rent
(€/m²/year)
Pre-leased
(%)
Total
Budget²
(€M, 100%)
Total
Budget ²
(€M, Group share)
Target Yield³
Flow Montrouge Construction 23,600 m² 2021 327 100% 115 115 6.6%
Gobelins Paris 5th Regeneration 4,360 m² 2021 510 100% 50 50 5.0%
Silex II (50% share) Lyon Regeneration 30,900 m² 2021 31253%
(15% Wellio)169 85 5.8%
Montpellier Bâtiment de services Montpellier Construction 6,300 m² 2021 224 n.a 21 21 6.7%
Montpellier Orange Montpellier Construction 16,500 m² 2021 165 100% 49 49 6.7%
Total deliveries 2021 81,660 m² 87% 404 320 6.2%
Jean Goujon Paris 8th Regeneration 8,600 m² 2022 >900 0% 189 189 4.0%
Paris So Pop (50% Share) Paris 17th Regeneration 31,300 m² 2022 >400 0% 230 112 6.1%
N2 (50% share) Paris 17th Construction 15,600 m² 2022 575 0% 168 84 4.2%
Levallois Alis Levallois Regeneration 19,800 m² 2022 >500 0% 210 210 5.0%
DS Extension 2 (50% share) Vélizy - Greater Paris Regeneration 27,500 m² 2023 325 100% 141 71 7.2%
Total deliveries 2022 and beyond 102,800 m² 15% 938 666 4.9%
Total France Offices 184,460 m² 41% 1342 986 5.4%
The Sign B+C Milan Construction 16,900 m² 2021 299 97% 72 72 7.3%
Symbiosis D Milan Construction 18,500 m² 2021 315 47% 91 91 6.8%
Total deliveries 2021 35,400 m² 70% 163 163 7.0%
Unione Milan Regeneration 4,500 m² 2022 480 0% 47 47 4.6%
Vitae Milan Construction 10,000 m² 2023 315 18% 42 42 6.5%
Total 2022 deliveries and beyond 14,500 m² 10% 89 89 5.5%
Total Italy Offices 49,900 m² 52% 252 252 6.5%
Total Offices 234,360 m² 43% 1,594 1,238 5.6%
COMMITTED PIPELINE / €1.2 BN OF OFFICES AT END-2020
![Page 53: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/53.jpg)
ACCOMPANYING TENANTS: THE EXAMPLE OF GOBELINS4,360 m² full plug & play contract signed in 2020 for 5 years with an existing partner
53
5.0%
EBIT yield
€2.5 m EBIT
=
+15% margin
vs IFRS market
rent
A win-win offer
FOR THE CLIENT FOR COVIVIO
Benefitting from best-in class workspace & able to fully focus on his business.
Attracting clients in a challenging environment.
Developing skills to implement in other buildings.
DEFINING THE NEED
OF THE CLIENT
PROPOSING TAILORED
OFFICE DESIGN
OPERATING ALL ASPECTS
OF THE BUILDING
• Workshops with management & employees
• Visits of existing sites with different layouts
• Defining space planning, furniture, etc.
• Traditional lease
• Mix of lease & flex
• All-in-one offer
• Custom “services menu” defined with employees
• Building management: IT, meeting rooms, welcome desk, security, access, energy, etc.
• Collecting feedbacks to improve quality of life
![Page 54: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/54.jpg)
COMMITTED PIPELINE / GERMAN RESIDENTIAL DELIVERY SCHEDULECommitted Pipeline at end-2020
54
2020 2021 2022-2023
123 units delivered€29 m cost
(€19 m Group Share)
430 units to be delivered€132 m cost
(€85 m Group Share) 413 units to be delivered€111 m cost
(€72 m Group Share)
4.9%
yield on cost on units to be let
€244 m total cost€157 m group share
>40%target margin on units to be sold
![Page 55: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/55.jpg)
55
MANAGED OFFICE PIPELINE
In the short-term / 2021
In the medium-term 2022/2023
Land banks
5 CBD projects to be committed in 2021
6 buildings to be potentially vacated for redevelopment
In Greater Paris (60,000 m²) & major French cities (70,000 m²) essentially for turnkey developments
In Milan with Symbiosis area (77,000 m²) & Porta Romana (70,000 m²)
In Berlin with the potential for a second tower in Alexanderplatz (70,000 m²)
4 in Orange buildings in Paris (22,000 m²)
2 buildings in Greater Paris (46,000 m²)
![Page 56: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/56.jpg)
PORTFOLIO
56
![Page 57: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/57.jpg)
PARIS PORTFOLIO: HIGH-QUALITY & HIGH-POTENTIAL€2.8 bn Group share
New / renovated assetsDelivered or renovated<5 years
Valued €15,800 / m²
74,000
m²
Projectscommitted & to becommittedin 2021>30% target value creation
110,000
m²
Redevelopment potentialCurrently leased – 4 years WALT
Currently valued €7,900/m² 1
155,000
m²
Jemmapes
Bobillot
Raspail
Keller
ProvenceLaborde
Anjou
Carnot
Voltaire
Carré SuffrenArt&Co
The LinePercier
Maillot
Ménilmontant
P. Auguste
Gutenberg
Littre
Montmartre
Steel
Pereire
Alis N2
So Pop
Goujon
Cap18
Gobelins
Thais
Le Ponant
New / renovated assets
Committed & to be committed development projects
Occupied assets with development potential
1 Excl. Cap18 land bank 57
29 assets In Paris (89%) & Neuilly/Levallois (11%)
![Page 58: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/58.jpg)
median size of buildings
14,000 m²
GREATER PARIS / BE IN THE BEST LOCATIONS OF TOP DISTRICTS€2.1 bn Group share1
58
21 ASSETS IN TOP BUSINESS
DISTRICTS OF GREATER PARIS
OFFERING BEST LOCATIONS & BUILDINGS INSIDE EACH DISTRICT
UNCOMPROMISING QUALITY OF REAL ESTATE Business districts (size of office area in m²) / % of Covivio office portfolio
Issy-Boulogne (2.1 million m²) / 2%
Montrouge Malakoff Chatillon (1.0 million m²) / 3%
Vélizy Meudon (0.9 milllion m²) / 5%
100% occupancy with 10 years WALT
Orly airport (0.2 million m²) / <1%
La Défense (3,4 million m²) / 4%
Rueil (0.7 million m²) / 1.5%
Saint-Ouen / St Denis (1.1 million m²) / <1%
Charenton (0,2 million m²) / 1%
<5 min walk from rail transport
Certified green assets
Services operated by Covivio
AND OTHER COMPETITIVE ELEMENTS
Size of the buildings & floor space
Lower cost
of portfolio+ 10% within 10 min walk86%
99%
Target 100% by 202560%
on new space
€280 to €400/m²
1 Excl assets under disposal agreements
![Page 59: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/59.jpg)
59
TOP ASSETS IN FRANCE: 84% OF THE FRANCE OFFICE PORTFOLIO
Vélizy campusesDelivered between 2008-2016
HQ of Dassault Systems,
Eiifage, Thales university
La Défense
CB21 tower
HQ of Suez
Renovated in 2010 / repositioned with
services & outdoor space in 2020
Montrouge-Malakoff-Chatillon district
Flow & IRO
Delivered in 2020/2021
HQ of Edvance
Lyon Part-Dieu
Silex 1,2
1 building delivered in 2018
1 to be delivered in 2021
Paris& Neuilly/Levallois
Greater Paris & Major cities / 34% of the portfolio
Rueil
HQ of Vinci
Redevelopment potential into a urban campus
with a mix of offices & residential
Issy-Boulogne
Atlantis
HQ of Cisco France
Marseille Euromed
Euromed centre
2 buildings delivered in 2016
Bordeaux Euratlantique
Quai 8.2 & Cité numérique
2 buildings delivered in 2019
50%
of the France
office portfolio
![Page 60: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/60.jpg)
MILAN OFFICE PORTFOLIO: HIGHLY CENTRAL LOCATIONS€2.0 bn Group share existing assets
Existing assets in central locationsValued €8,300 / m²
340,000
m²
Projectscommitted & to becommittedin 2021>30% target value creation
52,000
m²
Land banksProgressive commitments in
Symbiosis & The Sign areas
New land bank secured
in Porta Romana
60
41 assets in Milan
Centre
Semi-centre
Periphery
CBD
Porta Nuova
Linate Airport
Milanofiori
NavigliLorenteggio
City Life
Certosa Maciachini
Bicocca
Lambrate /Forlanini
Symbiosis
The SignPorta Romana
Corso Italia
Operating portfolio
Committed developments
15%Periphery
Centre & Semi-Centre
31%
54%CBD & Porta
Nuova
133,000
m²
![Page 61: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/61.jpg)
61
TOP ASSETS IN ITALY: 83% OF THE ITALIAN OFFICE PORTFOLIO
Milan
Torre Garibaldi
Prime asset renovated in 2011 on top of
Milan Garibaldi train station in Porta
Nuova
Milan
Via Dante
Prime asset in the CBD delivered in 2020
with flexible offer
Milan
Corso Italia
Prime redevelopment project in the CBD
Milan
San Fedele
Prime asset in the CBD
next to the Duomo
Milan
Symbiosis
2 buildings delivered in 2018 & 2020
2 under development
Land bank to be committed with pre-let
Milan
The Sign
1 building delivered in 2020
& 1 to come in 2021
Milan
Via Messina
High-quality office centre
next to the Garibaldi station
Milan
Via Unione
Prime asset under redevelopment in the CBD
Milan
Via Cornaggia
Prime asset in the
CBD
Italy
Telecom Italia portfolio
100% occupancy with 11 years WALT
![Page 62: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/62.jpg)
GERMANY OFFICES PORTFOLIO
% value Group share62
Munich
7%
Frankfurt
31%
Dusseldorf
21%
Hamburg
18%
Berlin
22%
€1.5 bn Group share in top 5 cities
Frankfurt – Airport Centre Frankfurt – City Gate Frankfurt – Comcom
Frankfurt – Y2 Düsseldorf – Herzog T. Düsseldorf – Airport Centre
Hamburg – Zeughaus Hamburg – Pentahof Munich – Eight Dornach and Sunsquare
Berlin - Alexanderplatz
![Page 63: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/63.jpg)
GERMAN RESIDENTIAL PORTFOLIO
Berlin: a €3.7 billion portfolio (€3.0 bn Group share)
focused on the best locations
Basic locations
Average locations
5% of the portfolio
Good locations
23% of the portfolio
Prime locations
72% of the portfolioCovivio Assets
Sources: Engel & Volkers
1 Ground floor retail, car parks
48%Residential
8%Hamburg
8%Commercial1
56%Berlin
9%Dresden & Leipzig
28%NRW
RENTAL YIELD
3.7%
PORTFOLIO 100%
€6.6 BN
PORTFOLIOGROUP SHARE
€4.3 BN
% revenuein
Group share
63
![Page 64: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/64.jpg)
France33%
Germany24%
UK13%
Spain11%
Belgium6%
Other13%
%
value
1 Cities with >2 million overnight stay per year
…WITH SOUND
PROFITABILTY PROFILE
PORTFOLIO
€2.5 BNGroup share
16Major hotel operators
Paris
Lille
Lyon
MadridBarcelona
Nice
Edinburgh
London
Brussels
Amsterdam
Munich
Berlin
Warsaw
~35%EBITDAR Margin
in 2019
~1.8xrent cover1
in 2019
CENTRAL LOCATIONS + PROFITABLE ASSETS = STRATEGIC HOTELS FOR OPERATORS
88% IN MAJOR EUROPEAN CITIES1…
HOTELS / A PRIME PORTFOLIO IN TOP EUROPEAN TOURISTIC DESTINATIONS
64
Rome
Venice
Florence
Budapest
Prague
Dublin
![Page 65: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/65.jpg)
P&L EPRA EARNINGS
65
![Page 66: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/66.jpg)
P&L EPRA EARNINGS 2020 / €385 MILLION
66
€million – Group share 2019 2020 Change €m Change %
Net rental income 591.5 539.0 -52.5 -9%
EBITDA from hotel operating activities & coworking 34.3 9.0 -25.3 -74%
Income from other activities (incl. property development) 25.0 31.5 +6.5 +26%
NET REVENUE 650.7 579.5 -71.2 -11%
Management & administration income 29.8 21.8 -8.0 -27%
Operating expenses -5.4 -5.1 +0.3 -0%
Overhead costs -101.0 -100.0 +1.0 -1%
Depreciations & Amortisations -16.8 -23.8 -6.9 +41%
OPERATING INCOME 557.3 472.6 -84.7 -15%
Cost of net financial debt -109.5 -92.9 +16.6 -15%
Other financial charges -3.3 -2.9 - -
Share in earnings of affiliates 14.9 13.5 -1.4 -9%
Corporate income tax -7.8 -5.2 +2.6 -34%
EPRA EARNINGS 452.2 385.0 -67.2 -15%
Average number of shares 85,236,197 91,383,658 +6,147,461 +7%
EPRA EARNINGS (€/share) 5.31 4.21 -1.1 -21%
![Page 67: Présentation PowerPoint - Covivio EN](https://reader034.vdocuments.us/reader034/viewer/2022042723/6267d82500759a6d5a2191a5/html5/thumbnails/67.jpg)
Paris
30, avenue Kléber
75116 Paris
Tel.: +33 1 58 97 50 00
CONTACT
Paul ArkwrightTel.: +33 1 58 97 51 85
Mobile: +33 6 77 33 93 58
www.covivio.eu