Page 1

COVIVIO Paris , 21 July 2021 , 6 p.m. Half - year results for 2021 : Covivio raises its earnings outlook for 2021 " Covivio had a good first half with more than 140,000 m² of new office leases and renewals , € 400 million in agreed disposals with a 4 % margin and a 2 % growth in asset values on a like - for - like scope . NAV increased by 4 % year - on - year and EPRA Earnings by 7.5 % . Ahead of its financial and non - financial objectives , Covivio is raising its 2021 earnings guidance and strengthening its environmental ambition by aiming for carbon neutrality by 2030. " Christophe Kullmann , Covivio Chief Executive Officer Successful deployment of the offices strategy ( 58 % of the portfolio ) : centrality , quality , services Acceleration of asset turnover : € 404 million in agreed disposals ( with a 4 % margin ) , including € 334 million in offices , bringing office disposals to more than € 1 billion over 18 months ( a margin of 5 % on disposals ) . Successful development project : five assets delivered for € 307 million , pre - let at 97 % and generating 43 % value creation . A value - creating development pipeline of € 1.3 billion : 39,000 m² of new contracts for our development projects ; € 450 million of expected value creation , including € 250 million still to be captured . Ever more centrality : 100 % of the committed projects in the coming months will be concentrated in the CBDs of Paris , Berlin and Milan , with a value creation objective of € 200 million . Transformation of offices - housing : 1,545 housing units and € 256 million in committed projects by the end of 2021 , i.e. seven times more than at the end of 2020 . Strengthening Germany residential ( 27 % of the portfolio ) € 140 million ( € 98 million Group share ) of acquisitions in the centre of Berlin with a 3.5 % yield . Continued growth of the development pipeline : 1,100 housing units under construction ( € 294 million at 100 % ) . Strong growth momentum : + 3.8 % in rental income ; + 7.4 % on a like - for - like scope . Hotels ( 15 % of the portfolio ) : the first signs of recovery after a half year impacted by lockdown measures The health crisis continues to weigh on hotel activity in the first half . The gradual lifting of lockdown measures should allow a resumption of activity during the second half of the year . Covivio has a strategic portfolio for operators , by its location ( Booking.com average rating of 8.8 / 10 ) and the intrinsic profitability of its hotels ( average rent - to - sales ratio of 60 % in 2019 ) . First - half net income growing € 26 billion portfolio ( € 17 billion Group share ) , up 2 % on a like - for like basis . LTV stability ( 41 % ) despite the full payment of the dividend in cash during the half year . NAV up 4 % year - on - year on average ( EPRA NTA per share of € 101.6 and EPRA NDV of € 91.7 ) . Rental income : € 291 million ; stable on a like - for - like scope excluding hotels , and -20 % in hotels . EPRA Earnings up by 7.5 % to € 207 million ( € 2.19 and + 0.9 % per share ) . ESG strategy : new carbon ambitions In 2018 , Covivio set itself an ambitious carbon trajectory ( -34 % between 2010 and 2030 on scopes 1 , 2 and 3 ) approved by SBTi , in line with the 2 ° C scenario . Ahead of its objectives ( -20 % at the end of 2020 ) , Covivio is strengthening its ambition and is setting a new roadmap . Scopes 1 and 2 : Covivio is on the 1.5 ° C trajectory and aims for carbon neutrality by the end of 2030 . Scope 3 : trajectory well below of 2 ° C . 2021 Outlook raised Objective of more than € 600 million in new disposal agreements confirmed . EPRA Earnings 2021 guidance of € 390 million to € 400 million vs € 380 million to € 395 million . EPRA Earnings and EPRA NAV are Alternative Performance Indicators as defined by the AMF and are detailed in Sections 3. Financial information , 5. EPRA reporting and 7. Glossary of this document . The limited review procedures on the half year financial statements have been carried out . The limited review report is in the process of being issued .