PARIS (Agefi-Dow Jones)–The listed real estate investment company Covivio announced on Tuesday that it expects a further increase in its EPRA (European Public Real Estate Association) results in 2022, after a 6.6% increase in this indicator. in 2021, driven by an acceleration in operational activity in the second half.
For the current year, Covivio is aiming for an EPRA profit target “of the order of 4.5 euros per share”, the company said in a press release. This forecast is understood “in the event of a continuation of the recovery in hotels”, she specified.
In 2021, the property company, which is present in offices, housing and hotels, generated EPRA earnings of 410 million euros, or 4.35 euros per share, compared to 385 million euros in 2020. group has thus achieved the objective it had set itself, raised last October, of generating EPRA earnings of more than 400 million euros and 4.2 euros per share.
In addition, “Covivio’s net income reached its highest level, at 924 million euros”, underlined the group. “The drop in office rental income, linked to the rotation of the portfolio, was more than offset by growth in hotels and the performance in German residential,” commented Covivio. “The result also benefited from the good performance of operating costs and the reduction in the cost of financial debt,” added the company.
The group saw its rental income increase by 3.2% on a like-for-like basis, to 598.7 million euros.
EPRA Net Tangible Assets (NTA) revalued net assets (ANR) increased by 7% over one year, to 10.1 billion euros. Per share, the NAV NTA reached 106.4 euros, against 100.1 euros a year earlier. The liquidation NAV was 9.3 billion euros and 97.8 euros per share.
The portfolio at the end of 2021 amounted to 26.7 billion euros, up 3.8% at constant scope, and to 17.7 billion euros group share.
While Covivio continued its portfolio rotation strategy in 2021 by signing disposal commitments for €901 million group share, the portfolio benefited from the 0.8% growth in office and that of 13.7% of residential appraisal values. The value of the hotel portfolio remained stable compared to the end of 2020.
Covivio will propose to the general meeting of April 21 next the distribution of a dividend of 3.75 euros per share in cash, up 4.2% compared to 2020, corresponding to a distribution rate of 86% of the result EPRA.
-Francois Berthon, Agefi-Dow Jones; 01 41 27 47 93; [email protected] ed: ECH
COVIVIO FINANCIAL RELEASES:
https://www.covivio.eu/fr/finance/actualites-financieres/communiques-financiers/
Agefi-Dow Jones The financial newswire
Dow Jones Newswires
February 22, 2022 12:02 ET (17:02 GMT)