Strong increase of 2021 annual results

A growing and constantly adapting portfolio

• €27 billion in portfolio (€18bn Group share), increase of €1 billion year-on-year
• Growth of 4% on a like-for-like basis driven by the German Residential and office developments
• €901 million in new disposal commitments with a +4% margin, 80% in offices
• Offices development pipeline success: €485 million of deliveries pre-let at 96% and €1.1bn of new commitments already 53% pre-let
• Selective residential acquisitions in Berlin, for €208 million, with substantial growth potential in rents and values

Very good operating activity, which accelerated in the second half of the year

• A record year for office rentals: 180,000 m² leased and pre-let, two-thirds of which in the 2nd half of the year
• Recovery of the Hotels activity in the second half of the year: like-for-like revenue growth of 27%
• Strong rental growth in the German Residential market (up 4.5%)
• Revenue up 3.2% on a like-for-like basis (vs – 2.6% in H1)

ESG strategy: new progress in all areas

• Carbon trajectory: target of -40% reduction by 2030 on scopes 1, 2 and 3 (including construction)
• Increase in the share of green assets: at the end of 2021, 91% of the Covivio portfolio has environmental certification twice as much as five years ago
• Customer-centric strategy: very good results in the Offices tenants survey, winning the “Fairest Landlord” award in German Residential, with an average satisfaction rating on localisation of 8.8/10 in hotels
• Launch of the Covivio Foundation: support for 12 European projects focused on promoting equal opportunities, in line with Covivio’s Purpose
• Strengthening the expertise of the Board of Directors: proposal to appoint Daniela Schwarzer as independent director

2021 results exceeded our goals

• Sharp decrease in LTV by two points to 39%
• Increase in NAVs by +6% to +10% year-on-year (EPRA NTA per share of €106.4 and EPRA NDV of €97.8)
• Adjusted EPRA Earnings up 6.6% to €410 million (€4.35 and +3.3% per share) and historic net income of €924 million
• Proposed cash dividend of €3.75 per share, up by 4.2%

Outlook

• Adjusted EPRA Earnings guidance for 2022 of €4.5 per share, assuming that the hotel recovery continues