Paris, le 15 février 2024, 18h30

Résultats annuels 2023
Objectifs dépassés et croissance continue du résultat récurrent

« Dans un environnement immobilier impacté par la hausse des taux, Covivio s’est rapidement adapté, notamment via 720 M€
de nouveaux accords de cessions. En parallèle, le travail d’asset management et la hausse des revenus de +6,4% à périmètre
constant ont permis au résultat récurrent de s’inscrire en croissance. Nous maintiendrons en 2024 notre discipline financière, tout
en poursuivant la croissance de notre résultat récurrent. »
Christophe Kullmann, Directeur Général de Covivio

Très bonnes performances opérationnelles

► Hôtels : négociations avec AccorInvest pour un remembrement des murs et fonds de commerce, créateur de valeur
► Bureaux : près de 131 000 m² commercialisés et augmentation du taux d’occupation à 94,5%
► Résidentiel : accélération de la réversion locative, à +21%, dont +31% à Berlin
► Maintien à des niveaux élevés du taux d’occupation (96,7%) et de la durée moyenne ferme des baux (7 années)

Croissance de +6,4% des revenus à périmètre constant

► 1 Md€ de revenus consolidés et 648 M€ part du Groupe, soit +2,4% à périmètre courant et +6,4% à périmètre constant
► Bureaux : hausse des loyers à périmètre constant de +5,2%
► Résidentiel allemand : accélération de la hausse des loyers à périmètre constant, à +3,9% (vs +3,1% en 2022)
► Hôtels : +12,7% à périmètre constant, dont +9% sur les loyers fixes et +19% sur les revenus variables

Un bilan de qualité et renforcé

► En avance sur l’objectif de cessions : 720 M€ de nouveaux accords en 2023
► Réduction de la dette nette de près de 700 M€
► Doublement de la liquidité à 2,4 Md€, couvrant les échéances de dette jusqu’au 1er trimestre 2026
► Maintien d’un ratio de levier (LTV) maîtrisé, à 40,8%, malgré la baisse des valeurs de -10% à périmètre constant

Résultat net récurrent en croissance de +1% en 2023, malgré le désendettement

► Résultat net récurrent (EPRA Earnings ajusté) en hausse de +1%, à 435 M€ (4,47€/action) vs objectif initial de 410 M€
► Actif net réévalué (EPRA NTA) impacté par les baisses de valeurs : -21% sur un an, à 84,1€/action

Stratégie ESG : nouvelle progression des indicateurs, de la satisfaction clients et des notations

► 95,3% du patrimoine doté d’une certification, dont 67% de bureaux certifiés HQE/BREEAM Very Good ou au-dessus
► Hausse de la part de la dette liée à des objectifs ESG, à 57% vs 38% à fin 2022
► Une stratégie plébiscitée par nos clients et saluée par les agences, avec une note CDP relevée à A en février 2024

Perspectives 2024

► Maintien de la discipline financière : 580 M€ d’objectif de cessions et proposition d’un dividende de 3,30€/ action au titre de
2023, avec option de paiement en actions
► Extraction du potentiel de croissance, par l’indexation, la réversion et le travail d’asset management (dont la finalisation
attendue au 2nd semestre de l’échange d’actifs avec AccorInvest)
► Objectif de résultat net récurrent (EPRA Earnings ajusté) 2024 de l’ordre de 440 M€, en légère croissance tout en poursuivant
le désendettement
► Objectif de retour à un dividende uniquement en numéraire au titre de 2024 avec un taux de distribution supérieur à 80%.



L’EPRA Earnings ajusté et les EPRA NTA, NDV et NRV constituent des Indicateurs Alternatifs de Performance tels que définis par l’AMF et sont détaillés dans les
sections 3. Eléments financiers, 5. Reporting EPRA et 7. Glossaire du présent document. Les procédures d’audit sur les comptes consolidés ont été effectuées. Le
rapport de certification sera émis après finalisation des vérifications spécifiques.
COVIVIO
RESULTATS ANNUELS 2023



Principaux indicateurs opérationnels et financiers

Compte de résultat, Variation
2022 2023 Variation
En M€, Part du Groupe à périmètre constant
Taux d’occupation (%) 96,6% 96,7% +0,1pt
Revenus 633,0 648,0 +2,4% +6,4%
Résultat opérationnel courant 499,5 506,8 +1,5%
Résultat net récurrent (*) 430,2 435,4 +1,2%
Résultat net récurrent (*) par action (€) 4,58 4,47 -2,4%
Résultat net comptable 620,7 - 1 418,8 n.a.

Bilan, Variation
2022 2023 Variation
En M€, Part du Groupe à périmètre constant

Patrimoine 17 395 15 080 -13,3% -10,2%
Dette nette 7 581 6 925 -8,7%
Liquidité nette disponible 1 185 2 406 x2
LTV droits inclus (%) 39,5% 40,8% +1,3pt
ICR (x) 6,9x 6.4x -0,5x
Dette nette / EBITDA 14,5x 12,8x -1,7x
EPRA NTA 10 044 8 470 -15,7%
EPRA NTA par action (€) 106,4 84,1 -21,0%

ESG 2022 2023 Variation

Actifs bénéficiant d’une certification 93,0% 95,3% +2 pts
dont Bureaux Very Good ou supérieur 63,1% 67,2% +4 pts
Dette associée à des critères ESG 38,0% 57,0% +19 pts
* EPRA Earnings Ajusté


Covivio : un patrimoine diversifié et en amélioration continue

Covivio détient un patrimoine de 23,1 Md€ (15,1 Md€ PdG) d’actifs en Europe, géré selon trois piliers
stratégiques :

1. La localisation au cœur des capitales européennes, ainsi que des principaux quartiers d’affaires et
de loisirs, en particulier Paris, Berlin et Milan. Ainsi, 94% des actifs se situent dans des localisations
centrales1 et 99% à moins de 5 minutes à pied d’un transport en commun.

2. Une approche hospitality innovante et évolutive, inspirée du savoir-faire en hôtellerie, pour accompagner
la mutation des villes et l’évolution des attentes des utilisateurs. Cela se traduit notamment par une logique
d’opérateur intensifiée, une politique servicielle et une relation client ambitieuses, adossées à une offre
flexible forte.

3. Le développement durable, Covivio étant un opérateur engagé dans la transition climatique, pour un impact
positif et durable sur la ville. Cet objectif s’illustre par une trajectoire carbone ambitieuse (baisse des
émissions de 40% de 2010 à 2030) et est salué par les principales agences de notation.

Le patrimoine est composé à 52% (-3pts sur 1 an) de bureaux en France, Italie et Allemagne, dont 69% en centre-
ville et 25% dans les principaux centres d’affaires ; 31% (+1pt) de logements principalement à Berlin et les grandes
villes de la Rhénanie-du-Nord Westphalie ; et 17% (+2pts) d’hôtels situés dans les grandes villes touristiques
européennes (Paris, Berlin, Rome, Madrid, Barcelone, Londres, etc.), loués ou gérés par les opérateurs leaders :
Accor, IHG, Marriott, B&B, NH Hotels, etc.




1
Bureaux : centre des grandes métropoles européennes (Paris, Berlin, Milan, etc) et des principaux quartiers d’affaires ; Hôtels : grandes
destinations touristiques européennes ; Logements : Berlin, Dresde, Leipzig, Hambourg et grandes villes de la Rhénanie du Nord Westphalie

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Très bonnes performances opérationnelles

Hôtels : nouvelles opérations majeures dans un marché hôtelier porteur

Les performances en hôtellerie sont restées très dynamiques en 2023. En moyenne en Europe, les RevPAR
ressortent ainsi en hausse de +16% par rapport à 2019 (et de +18% vs 2022), grâce à des prix moyens en hausse
de +23%, tandis que le taux d’occupation s’améliore (+5,1 pts vs 2022 et -3,6 pts vs 2019). Les principales
expositions géographiques de Covivio ont surperformé, avec des croissances de RevPAR de +32% en Italie, +22%
en France, +20% au Royaume-Uni et +18% en Espagne.
Dans ce contexte, Covivio a poursuivi sa stratégie d’asset et de brand management en vue d’optimiser sa rentabilité
et de garantir une offre hôtelière toujours plus adaptée aux attentes des utilisateurs.

En novembre 2023, le Groupe est entré en négociations exclusives avec AccorInvest, en vue de rassembler la
propriété de murs et fonds de commerce. Covivio, via sa filiale Covivio Hotels2, est propriétaire de 54 hôtels loués
à AccorInvest en loyer variable sur chiffre d’affaires, dans le cadre de baux à long terme. AccorInvest est propriétaire
des fonds de commerce de ces hôtels, et a signé des contrats de gestion long terme avec le Groupe Accor.
L’opération de remembrement prendrait la forme d’un échange de fonds de commerce, actuellement détenus par
AccorInvest, contre des murs d’hôtels appartenant à Covivio. A l’issue de l’opération, 24 hôtels seraient désormais
détenus en murs et fonds par Covivio et 10 par AccorInvest.

La valeur convenue des murs cédés à AccorInvest représente environ 92 M€3 (au rendement de 5%) et la valeur
convenue des fonds de commerce rachetés par Covivio environ 114 M€4 (au rendement de 12%). Cette opération,
relutive pour Covivio dès la première année (9 M€ de revenus supplémentaires pour une sortie de cash de 22 M€
en part du Groupe), permettrait en outre de pouvoir optimiser à terme les performances de ces hôtels. Ainsi, des
programmes de capex à forte rentabilité (>20%) sont attendus, offrant une perspective de croissance des résultats
et de création de valeur.

La dynamique d’asset management s’est également poursuivie sur les autres parties du patrimoine :

- Sur le portefeuille en loyers fixes, Covivio a signé avec Melia de nouveaux baux de 15 ans sur 3 hôtels en
Espagne, à Barcelone, Valence et Malaga, avec une hausse des loyers fixes d’environ 30% et un rendement
sur investissement (15 M€ à 100%, 6 M€ part du Groupe) de l’ordre de 9%. Au second semestre, une
extension du bail de 9 ans a également été conclue avec NH Hotel sur un hôtel à Madrid, accompagné d’une
hausse du loyer de +15% ;

- Sur le patrimoine détenu en murs et fonds, des programmes de capex pour un total de près de 70 M€ à
100% (30 M€ part du Groupe) ont été lancés, avec un objectif de rentabilité supérieure à 15%. Sur l’exercice,
des travaux sont notamment en cours sur le Westin Grand Berlin, en vue de rénover les espaces communs
(lobby, bar, restaurant, salles de réunion) et sur deux hôtels à Bruges, pour y rénover les chambres et
espaces communs, créer des synergies de gestion et améliorer les performances énergétiques.


Bureaux : activité locative soutenue et renforcement de la centralité

Dans un marché locatif polarisé, où la demande se concentre sur les immeubles les plus centraux et offrant les
meilleures performances environnementales et servicielles (80% de la demande à Milan se concentre sur des
immeubles grade A), Covivio tire les fruits de son positionnement haut de gamme. Près de 131 000 m² de nouvelles
commercialisations et renouvellements ont été signés en 2023, dont 40 700 m² sur le seul 4ème trimestre. Le taux
d’occupation, qui avait reculé à 92,2% fin mars 2023 suite à deux livraisons d’actifs et un départ de locataire, s’inscrit
depuis en net rebond, de +230 pb, pour atteindre 94,5% en fin d’exercice (soit +10 pb vs 2022).
Ces succès locatifs s’illustrent par l’accélération de la commercialisation des immeubles récemment livrés.
C’est le cas de So Pop à Paris/Saint-Ouen, avec 11 600 m² commercialisés, permettant de faire passer le taux



2
Détenue à 43,9% et contrôlée par Covivio
3
Hors droits, part du Groupe Covivio / 210 M€ en part du Groupe Covivio Hotels
4
Droits inclus, part du Groupe Covivio / 260 M€ en part du Groupe Covivio Hotels

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RESULTATS ANNUELS 2023



d’occupation de 36% fin 2022 à 71% actuellement. 11 700 m² ont aussi été signés dans Maslö à Levallois-Perret,
désormais occupé à 87% (vs 28% fin 2022). Covivio a également loué 7 700 m² dans l’immeuble Urban Garden à
Issy-les-Moulineaux, libéré au 1er trimestre 2023 et déjà reloué à hauteur de 70%. A Châtillon, 2 450 m² ont été loués
sur l’immeuble IRO, portant le taux d’occupation à 64% (vs 57% fin 2022), tandis que 5 800 m² ont été
commercialisés ou renouvelés sur la tour CB21 à La Défense, désormais louée à 100% (vs 93% fin 2022). En
Allemagne, l’immeuble Zeughaus à Hambourg a quant à lui vu son taux d’occupation augmenter de +14 pts sur un
an, à 96%, suite à la relocation de 9 200 m².

En parallèle, Covivio a continué de capter le potentiel de réversion élevé des loyers sur son patrimoine de
centre-ville, de +12% en moyenne en 2023, comme à Lyon (+14% dans Silex2 sur 2 300 m²) ou Milan (+23%, pour
4 800 m² au total, sur les immeubles via Messina et via Amedei).

La dynamique locative est porteuse en France et en Italie (84% du patrimoine bureaux). En Allemagne, de
premiers succès locatifs ont été enregistrés en 2023 : les 16 488 m² de nouvelles commercialisations et 47 426
m² de renouvellements ont permis d’augmenter de 1,3 pt le taux d’occupation et de capter une réversion locative de
+5%. Pour autant, le taux d’occupation, actuellement de 86,4%, reste impacté par la récession économique et par
18% d’actifs non core. Afin d’accélérer l’amélioration des performances, une nouvelle équipe d’asset management
a été constituée, sous l’impulsion d’Alexei Dal Pastro, CEO Italie de Covivio, qui devient également responsable de
l’activité bureaux en Allemagne. Fort du succès du repositionnement du patrimoine en Italie, Alexei Dal Pastro
apportera sa connaissance fine du produit et son expérience managériale éprouvée.

Enfin, Covivio poursuit le travail de recentrage et d’extraction de la valeur de son patrimoine. Deux anciennes
centrales téléphoniques libérés par Orange feront l’objet d’un redéveloppement pour 135 M€ de capex et un
rendement marginal moyen de 6,5% : Grands Boulevards (7 500 m², livraison 2027) et Monceau (11 200 m², livraison
2025). Ces deux projets sont situés à Paris QCA, qui affiche une pénurie d’offre de qualité, avec un taux de vacance
de 2,7% fin 2023 et des loyers prime en hausse de +7% sur un an, à 1 070€/m².




Résidentiel allemand : hausse de la qualité du patrimoine et extraction de valeur dans un contexte de pénurie

Le déséquilibre entre offre et demande de logements s’est encore renforcé en 2023. La population a connu une
nouvelle hausse, à plus de 84 millions d’habitants, tandis que les nouvelles constructions et les attributions de permis
de construire, se sont encore contractées, bien loin de l’objectif gouvernemental de 400 000 nouveaux logements
par an. Ainsi, à Berlin, la pénurie de logements est maximale et les loyers de marché progressent de nouveau
significativement sur un an, de +6% pour les logements existants (à 12,9€/m²) et +9% pour les logements neufs (à
19,4€/m²).

Dans ce contexte, Covivio a poursuivi son travail d’asset management sur l’exercice :

- En captant la réversion locative : le travail de relocation sur près de 3 300 baux a permis d’afficher une
réversion locative moyenne de +21% en 2023, dont +31% à Berlin.

- En poursuivant les programmes de capex de modernisation, venant améliorer la qualité du patrimoine et
réduire sa consommation énergétique. 78 M€ (50 M€ part du groupe) ont été investis en 2023 avec une
rentabilité entre 5 et 10%.

- Via le travail de valorisation du patrimoine : Covivio a livré 227 nouveaux logements (coût de revient de
66 M€ et 44 M€ part du Groupe) sur des terrains attenants à ses immeubles ou via des élévations de toitures.
Situées à Berlin, ces opérations affichent un rendement locatif moyen de 5,0% et une marge sur les
logements cédés de +23% en moyenne (prix de vente moyen de 5 100 €/m²). Le Groupe a également
poursuivi son programme de ventes à l’unité, avec près de 128 logements cédés pour 53 M€ (35 M€ en part
du Groupe) à 5 200€/m² en moyenne, soit une marge sur la valeur d’expertise de +46%.




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RESULTATS ANNUELS 2023



Un bilan de qualité et renforcé

En avance sur le plan de cessions : 720 M€ de nouveaux accords signés en 2023

Dans un marché de l’investissement ralenti, Covivio a signé pour 900 M€ à 100% et 720 M€ part du Groupe
d’engagements de cessions, avec une marge moyenne de -7,5% sur les valeurs d’expertise de fin 2022 et un taux
de rendement moyen de 4,2%. Le Groupe est ainsi en avance dans la réalisation de son plan de cessions
(communiqué en décembre 2022) de 1,5 Md€ d’ici fin 2024, avec près de 920 M€, soit 61% du plan d’ores et déjà
sécurisés.

La majeure partie des cessions (77% et 551 M€ part du groupe) concernent des actifs de bureaux, dans une logique
de rééquilibrage du patrimoine et de cristallisation de la valeur. Covivio a notamment cédé l’immeuble Anjou, à Paris,
pour un rendement de 3,5%. Un ensemble de bureaux en périphérie de Montpellier a été cédé pour 78 M€ et un
rendement de 6,6%. Covivio a également signé une promesse de vente sur un immeuble de bureaux non core vacant
situé à Charenton, pour un montant de 49 M€.

En résidentiel allemand, la qualité du patrimoine a permis de sécuriser 80 M€ (120 M€ à 100%) d’accords de
cessions, essentiellement à Berlin, avec une marge moyenne de +16% : 35 M€ (53 M€ à 100%) de ventes à l’unité
(marge de +46%) et 44 M€ (67 M€ à 100%) pour 4 immeubles vendus en bloc, en ligne avec les valeurs d’expertise.

En hôtellerie, 65 M€ (152 M€ à 100%) de cessions ont été signées, principalement sur des actifs non core : 10 hôtels
économiques et moyennes gammes en France et 2 hôtels en Espagne, orientés clientèle d’affaires, en prime de
+2% sur les valeurs de fin 2022.

Enfin, Covivio a apuré sa poche non stratégique en signant 24 M€ (54 M€ à 100%) de promesses de vente sur des
actifs de commerce.


Doublement de la liquidité, couvrant les échéances de dettes jusqu’au 1 er trimestre 2026

En 2023, Covivio a sécurisé plus de 1,9 Md€ de financements ou refinancements (1,7 Md€ en part du Groupe), 86%
étant associés à des critères ESG, pour une maturité moyenne de 7 ans. Bénéficiant d’une dette diversifiée, Covivio
a été actif tant sur le marché bancaire qu’obligataire.

735 M€ de crédits corporate associés à des critères ESG ont été sécurisés, sur une durée moyenne de plus de 6
ans, auxquels s’ajoutent 495 M€ de financements hypothécaires. Sur le marché obligataire, outre deux extensions
de souches existantes pour 99 M€ chacune, Covivio a émis en novembre 2023 pour 500 M€ d’emprunts obligataires
verts à maturité 2032, sur la base d’une marge de 168 pb. L’émission a été largement variabilisée afin de tirer parti
de la très bonne situation de couverture du Groupe et contribue à l’allongement de la maturité de la dette.

Le travail de désendettement et de financement a ainsi permis de doubler la liquidité nette disponible du
Groupe sur un an, à 2,4 Md€ fin 2023. A cette liquidité viendront s’ajouter près de 300 M€ (part du Groupe) de
promesses de ventes restant à encaisser dans les prochains mois.



Des indicateurs de dette solides

Noté BBB+, perspective stable, par S&P, Covivio affiche un bilan solide. Les cessions de l’exercice ont contribué à
la baisse de la dette nette de près de 700 M€ sur un an, à 6,9 Md€. Ce désendettement, malgré la baisse des valeurs
d’expertise, a permis de contenir la hausse du ratio d’endettement (LTV), à 40,8%. Le ratio Dette nette / EBITDA
s’inscrit pour sa part en nette diminution, à 12,8x (vs 14,5x fin 2022), et le ratio de couverture des intérêts (ICR) se
maintient à un niveau élevé de 6,4x.
La dette dispose d’une maturité moyenne de 4,9 ans (vs 4,8 ans fin 2022) et est largement protégée contre la hausse
des taux d’intérêt : taux de couverture de 92% pour une maturité moyenne des instruments de couverture de 5,9
ans. Ainsi, malgré la vive remontée des taux d’intérêt de marché, le taux moyen de la dette de Covivio est resté
contenu, à 1,50% vs 1,24% fin 2022.


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Revenus en hausse de +6,4% à périmètre constant

% variation % variation
Revenus Revenus
Revenus à à périmètre Taux Durée ferme
2022 2023
2023, million € 2023 périmètre constant d’occupation des baux
Part du Part du
100% courant Part Part du % en années
Groupe Groupe
du Groupe Groupe
Bureaux 330,9 385,1 320,3 -3,2% +5,2% 94,5% 5,4
Résidentiel Allemagne 176,6 286,0 185,1 +4,8% +3,9% 99,1% n.a.
Hôtels 123,7 333,4 139,9 +13,1% +12,7% 100,0% 12,2
Non stratégique 1,9 6,3 2,8 +49,4% -16,6% 100,0% 7,4
TOTAL 633,0 1 010,8 648,0 +2,4% +6,4% 96,7% 7,0




En 2023, les revenus locatifs s’établissent à 1 011 M€ et 648 M€ en part du Groupe, en progression de +2%
sur un an à périmètre courant. La baisse des revenus bureaux, liée aux cessions, est plus que compensée par
l’accélération de l’indexation, le rebond en hôtellerie et la solide croissance en résidentiel allemand. A périmètre
constant, les revenus affichent une progression de +6,4%, portée par l’indexation (3,5 pts), la hausse des loyers
lors des relocations et renouvellements (0,6 pt) et les revenus variables en hôtellerie (+2,3 pts).

En bureaux, les loyers diminuent de -3,2% suite aux cessions d’actifs réalisées en 2022 et 2023, mais progressent
de +5,2% à périmètre constant, portés par l’indexation et la dynamique locative, constatée sur toutes les
géographies : +4,0% en France, +6,4% en Italie et +6,5% en Allemagne.
En hôtellerie, les revenus ont continué à bénéficier de la forte croissance de l’activité en 2023, avec une hausse de
+12,7% à périmètre constant. Cette performance repose en premier lieu sur le rebond continu des revenus variables
(43% du patrimoine hôtelier), tant par les loyers variables avec AccorInvest (+19%, portés par la solide performance
des actifs parisiens), que le résultat des hôtels détenus en murs et fonds (+19% également, avec une forte croissance
en France et un rebond progressif en Allemagne). Les loyers progressent aussi sur les actifs en bail fixe (57% du
patrimoine hôtelier), de +9% à périmètre constant, soutenus par l’indexation (+3,1%), les opérations d’asset
management (+5,7%).

En résidentiel allemand, la croissance des loyers à périmètre constant accélère, à +3,9% en 2023 (vs +3,1%
en 2022), et ce sur l’ensemble des géographies : Hambourg (+4,4%), Berlin (+4,0%), Rhénanie du Nord Westphalie
(+3,9%) et Dresde et Leipzig (+2,9%). Cette hausse provient de l’indexation (pour 1,7 pt), des programmes de travaux
d’amélioration des logements (pour 1,3 pt), et des relocations avec réversion élevée (pour 1 point). Le taux
d’occupation se maintient à 99,1%, traduisant la qualité et l’attractivité du patrimoine, situé principalement dans les
centres-villes.

Le taux d’occupation moyen du patrimoine se maintient à un niveau élevé de 96,7% (vs 96,6% fin 2022), en
ligne avec la moyenne des dix dernières années, tandis que la durée moyenne ferme des baux atteint près
de 7 ans.



Ajustement des valeurs du patrimoine de -10% sur l’année, dans un marché ralenti

Face au nouvel environnement de taux, le marché de l’investissement en immobilier a été ralenti en 2023, et ce sur
la plupart des classes d’actifs, les principales transactions ayant été réalisées par les investisseurs en fonds propres
et utilisateurs finaux. D’après les chiffres de CBRE, toutes classes d’actifs confondues, les volumes se sont inscrits
en retrait de -47% en Europe en 2023, à 163 Md€. La forte remontée des taux de capitalisation s’est matérialisée au
fur et à mesure de l’année 2023 permettant de reconstituer une prime de risque immobilière, qui se rapproche de sa
moyenne des 20 dernières années (170pb). A Paris QCA, le rendement prime en bureaux s’inscrit ainsi en hausse
de +100pb sur un an, à 4,25% et la prime de risque par rapport à l’OAT 10 ans ressort à près de 155pb.



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COVIVIO
RESULTATS ANNUELS 2023



Dans ce contexte, les valeurs des actifs de Covivio se sont contractées de -10,2% à périmètre constant. A fin
2023, le patrimoine s’élève à 23,1 Md€ à 100% et 15,1 Md€ part du Groupe.


Valeurs Valeurs Variation à
Valeurs Rendement Rendement
2022 2023 périmètre % du
(m€, Hors Droits) 2023
part du part du constant portefeuille
100% 2022 2023
Groupe Groupe 12 mois

Bureaux 9 508 9 446 7 847 -11,7% 4,8% 5,5% 52%
Résidentiel allemand 5 238 7 212 4 672 -10,8% 3,5% 4,1% 31%
Hôtels 2 622 6 376 2 535 -3,9% 5,0% 5,9% 17%
Total Stratégique 17 368 23 035 15 054 -10,2% 4,4% 5,1% 100%
Non stratégique 27 54 26 -3,1% 6,3% n,a 0%
Total 17 395 23 089 15 080 -10,2% 4,4% 5,1% 100%


En bureaux, les valeurs reculent de -11,7% à périmètre constant, affichant de fortes disparités en fonction de la
centralité des actifs. Les actifs de centre-ville, qui constituent 69% du patrimoine, reculent de -8% et affichent
dorénavant un rendement de 4,8%. Les actifs situés dans le cœur des principaux pôles d’affaires baissent de -18%,
pour un rendement de 6,5%. Enfin, les baisses de valeurs les plus prononcées, de -21%, sont attribuables à la
catégorie non core (6% du patrimoine bureaux), située en périphérie et directement impactée par les changements
structurels des modes de travail.

Le résidentiel allemand affiche un recul de -10,8% à périmètre constant, la baisse des valeurs au second semestre
ayant décéléré (-7,3% sur le 1er semestre et -3,7% au 2nd). La valeur moyenne du patrimoine résidentiel s’établit à
2 461 €/m², dont 3 052 €/m² à Berlin et 1 826 €/m² en Rhénanie-du-Nord Westphalie, et le rendement moyen remonte
de +60pb sur un an, à 4,1%. Le patrimoine est valorisé en valeur bloc. Pour autant, 48% du patrimoine, soit 2,2 Md€,
est d’ores et déjà mis en copropriété, en particulier à Berlin (68% / 1,8 Md€), où l’écart entre valeur bloc et prix de
vente au détail atteint +52%.

En hôtels, le patrimoine recule de -3,9% à périmètre constant sur l’année, les solides performances
opérationnelles ayant en grande partie compensé l’impact de la hausse des taux (+50pb sur un an). Les hôtels en
murs et fonds ont légèrement surperformé, baissant de -3,7%, contre -4,0% pour les actifs en bail. Le patrimoine
affiche un rendement moyen de 5,9%, offrant une prime de risque élevée (+300pb par rapport à l’OAT).

Fin 2023, le rendement moyen du patrimoine de Covivio ressort ainsi à 5,1%, en hausse de +70 pb sur un an.


Croissance du résultat net récurrent dans un contexte de désendettement

Résultat net récurrent de 435 M€, en hausse annuelle de +1%
En dépit du programme de cessions et de la remontée du coût moyen de la dette, les fortes performances
opérationnelles et la baisse des coûts de fonctionnement ont permis au résultat net récurrent (EPRA Earnings ajusté)
de s’inscrire en progression de +1,2% sur un an, à 435,4 M€ (-2,5% à 4,47€ par action, en raison de l’augmentation
du nombre moyen d’actions). Ce résultat est supérieur de +6% à la guidance annoncée en début d’exercice (410
M€) et de +4% à celle révisée en milieu d’année (420 M€).
Le résultat net de Covivio ressort quant à lui à -1,4 Md€, impacté par les baisses de valeurs.

Actif net réévalué EPRA NTA de 84,1€/action, en baisse de -21% sur un an
Les ajustements des valeurs d’actifs se reflètent dans l’évolution de l’actif net réévalué de continuation (ANR EPRA
NTA), en retrait de -21% sur un an, à 84,1€/action (et 8 470 M€). L’ANR de liquidation (EPRA NDV) recule quant à
lui de -23% à 83,4€/action (et 8 401 M€). Enfin, l’ANR de reconstitution (EPRA NRV) ressort à 9 327 M€ et 92,6€
par action.




7
COVIVIO
RESULTATS ANNUELS 2023



ESG : nouvelle progression des indicateurs, de la satisfaction clients et des notations

Un patrimoine certifié en constante progression, désormais à 95,3%
Covivio a poursuivi l’augmentation du taux de certification de son patrimoine : la part bénéficiant d’une certification
HQE, BREEAM, LEED ou équivalent, en opération et/ou en construction, atteint désormais 95,3% (+2 points vs
2022).
En outre, la part des immeubles de bureaux bénéficiant des meilleurs niveaux de certification (Very Good et au-delà)
s’établit à 67%, en hausse de +4 pts par rapport à 2022.
Cette stratégie d’amélioration environnementale de l’intégralité du portefeuille contribue activement à l’atteinte des
ambitions ESG du Groupe, notamment celui de réduire de -40% ses émissions de gaz à effet de serre entre 2010 et
2030 (sur l’ensemble des scopes 1, 2 et 3 et la totalité du cycle de vie des actifs : matériaux, construction,
restructuration et exploitation).


Nouvelle amélioration des notations des clients
Soucieux d’entretenir sa culture-clients et d’améliorer en continu ses offres, Covivio mène régulièrement des études
indépendantes de satisfaction. Les résultats en 2023 sont de nouveau très positifs. En bureaux, l’enquête réalisée
avec l’institut KingsleySurvey auprès de 270 utilisateurs finaux en France, en Allemagne et en Italie, a révélé une
satisfaction globale de 3,9/5 (vs benchmark à 3,6) et une satisfaction du property management de 4/5 (vs benchmark
à 3,5).
Sur les logements en Allemagne et pour la 6e année consécutive, Covivio s’est vu octroyer la note « Very Good »
(meilleure note possible) par la revue Focus Money, à l’issue de l'étude « Fairest landlord 2024 ». Le Groupe fait
ainsi partie des quatre entreprises à avoir obtenu la note « Very Good » dans les six catégories de l’étude.
En hôtellerie, la note booking.com moyenne de localisation de nos hôtels progresse de 0,1 pt sur un an, à 8,9/10.


Progression des notations par les agences
Début février 2024, Covivio a de nouveau été reconnu par le CDP (Carbon Disclosure Project) pour son leadership
en matière de transparence et de performance sur le changement climatique, avec l’obtention de la note « A », la
meilleure note possible. Covivio fait ainsi partie du cercle restreint (1,6%) des entreprises ayant obtenu la note « A »,
parmi plus de 20 000 entreprises évaluées.
Au cours de l’année 2023, Covivio a également reçu des notes en amélioration par le GRESB, qui évalue la politique,
les plans d’actions et les performances ESG de plus de 1 500 entreprises du secteur du bâtiment et de l’immobilier
dans le monde. Covivio gagnait ainsi 2 points, obtenant la note de 90/100 sur le volet « Patrimoine en exploitation »,
soutenue notamment par une note maximale de 100% sur le volet « Management » et de 97/100 sur le volet
« Développement ». Le Groupe conserve ainsi son statut d’excellence « 5-star ».



Perspectives 2024

Dans un marché immobilier mis à l’épreuve en 2023, Covivio a dépassé ses objectifs. Le bilan a été renforcé et les
solides performances opérationnelles ont permis au résultat récurrent de s’inscrire en légère croissance, validant le
positionnement et la stratégie du groupe. En 2024, dans un contexte de baisse attendue des taux d’intérêt en Europe
et de reconstitution de la prime de risque, Covivio se prépare à la reprise. Dans ce contexte, le groupe se fixe deux
ambitions centrales pour cet exercice : maintenir la discipline financière et poursuivre la croissance de son résultat
net récurrent.




8
COVIVIO
RESULTATS ANNUELS 2023



Maintien de la discipline financière
Proposition d’un dividende de 3,30€ par action, avec option de paiement en actions
Dans ce contexte, il sera proposé au vote de l’Assemblée Générale du 17 avril 2024 la distribution d’un dividende
de 3,30€ par action (contre 3,75€ en 2023), accompagné d’une option de paiement du dividende en actions. La
plupart des actionnaires institutionnels présents au Conseil d’administration (43% du capital) se sont d’ores et déjà
engagés à opter pour le paiement du dividende en actions. Ces décisions permettront au groupe de conserver entre
185 M€ et 375 M€.
Objectif de 580 M€ de cessions en 2024
Covivio s’est donné pour objectif de céder 1,5 Md€ d’actifs entre décembre 2022 et fin 2024 et finit l’année 2023 en
avance sur son plan de ventes. A fin 2023, 920 M€ d’accords de cessions, ont d’ores et déjà été signés (dont 720
M€ sur l’année 2023), grâce à la diversité et la qualité du patrimoine, permettant d’adresser un large spectre
d’investisseurs potentiels : institutionnels, utilisateurs finaux, particuliers, opérateurs hôteliers.

En 2024, Covivio entend finaliser son plan de cessions avec un objectif de 580 M€, dont 250 M€ sont en négociations
avancées.

Un patrimoine fortement recentré offrant des opportunités de croissance
Depuis 2020, Covivio a réalisé pour 2,1 Md€ de ventes, à 80% en bureaux, et investi 1,4 Md€, essentiellement via
des capex sur ses actifs. Ce travail de rotation qualitative a permis un fort recentrage du patrimoine et une adaptation
aux mutations des marchés locatifs :
- Le patrimoine s’équilibre progressivement, la part de bureaux passant de 60% fin 2020 à 52% fin 2023.
- 69% des bureaux sont situés en centre-ville, contre 59% fin 2020, et le solde est principalement composé
d’actifs core dans des quartiers d’affaires établis, loués à 93% pour 6,1 années fermes en moyenne. Face à
la polarisation croissante du marché locatif, le positionnement haut de gamme de Covivio (centralité, haute
performance environnementale, offre servicielle ambitieuse) porte ses fruits, comme l’atteste l’activité 2023.

- Le résidentiel allemand représente 31% du patrimoine et bénéficie d’une exposition aux localisations
les plus recherchées. Le déséquilibre entre l’offre et la demande de logements ne cesse de s’accroître. A
Berlin en particulier, une nouvelle actualisation des indices de marché (Mietspiegel) au T2 2024 devrait
contribuer au renforcement de la dynamique locative. Covivio peut aussi s’appuyer sur des loyers de 20% à
25% inférieurs aux loyers régulés. En outre, la valeur du patrimoine reste très éloignée des prix de vente au
détail alors que 68% des actifs sont déjà divisés en copropriété (valeurs de 3 052 €/m² à Berlin vs prix de
vente moyen sur le marché de 4 700€).

- Le renforcement en hôtellerie, qui représente 17% du patrimoine, s’est accompagné d’un recentrage
sur les meilleures localisations. En parallèle, le secteur a de nouveau prouvé sa capacité à dépasser
l’inflation (croissance annuelle moyen des RevPAR 5de +3,4% de 2009 à 2023, contre une inflation moyenne
de +2,2%). Les perspectives sont favorables, avec une croissance moyenne des nuitées hôtelières attendue
à +5%/an d’ici à 2030 en Europe6. L’activité 2024 sera aussi portée par des évènements majeurs (Jeux
Olympiques 2024 à Paris, Euro de football en Allemagne). Covivio entend également profiter des opérations
d’asset management en cours, en particulier la concrétisation de l’échange d’actifs avec AccorInvest.

Objectif de résultat net récurrent 2024 en croissance
Grâce à ce repositionnement qualitatif, Covivio affiche des perspectives locatives solides qui, comme en 2023,
devraient permettre de compenser l’impact du désendettement sur les résultats. Covivio se fixe ainsi pour objectif la
poursuite de la croissance de son résultat net récurrent (EPRA Earnings ajusté) en 2024, attendu autour de
440 M€. Le Groupe vise également un retour à un paiement du dividende uniquement en numéraire au titre de 2024,
avec un taux de distribution supérieur à 80%.




5
Revenus Par Chambre
6
Source : Oxford Economics

9
COVIVIO
RESULTATS ANNUELS 2023



AGENDA
► Assemblée Générale : 17 avril 2024
► Détachement du dividende : 19 avril 2024
► Activité du 1er trimestre 2024 : 23 avril 2024
► Période de souscription pour le dividende en actions : du 23 avril au 7 mai 2024
► Paiement du dividende : 27 mai 2024
► Résultats du 1er semestre 2024 : 22 juillet 2024




CONTACTS
Relations Presse Relations Investisseurs
Géraldine Lemoine Vladimir Minot
Tél : + 33 (0)1 58 97 51 00 Tél : + 33 (0)1 58 97 51 94
geraldine.lemoine@covivio.fr vladimir.minot@covivio.fr

Louise-Marie Guinet
Tél : + 33 (0)1 43 26 73 56
covivio@wellcom.fr




A PROPOS DE COVIVIO
Fort de son histoire partenariale, de ses expertises immobilières et de sa culture européenne, Covivio invente
l’expérience utilisateur d’aujourd’hui et dessine la ville de demain.
Acteur immobilier de préférence à l’échelle européenne, Covivio se rapproche des utilisateurs finaux, capte leurs
aspirations, conjugue travailler, voyager, habiter, et coinvente des espaces vivants.

Opérateur européen de référence avec 23,1 Md€ de patrimoine Covivio accompagne les entreprises, les marques
hôtelières et les territoires dans leurs enjeux d’attractivité, de transformation et de performance responsable.

Construire du bien-être et des liens durables, telle est ainsi la Raison d’être de Covivio qui exprime son rôle en tant
qu’opérateur immobilier responsable auprès de l’ensemble de ses parties prenantes : clients, actionnaires et
partenaires financiers, équipes internes, collectivités, générations futures. Par ailleurs, son approche vivante de
l’immobilier ouvre à ses équipes des perspectives de projets et de parcours passionnants.

Le titre Covivio est coté sur le compartiment A d’Euronext Paris (FR0000064578 - COV), admis au SRD et rentre
dans la composition des indices MSCI, SBF120, Euronext IEIF « SIIC France », CAC Mid100, dans les indices de
référence des foncières européennes « EPRA » et « GPR 250 », ainsi que dans les indices ESG FTSE4 Good, CAC
SBT 1.5°C, DJSI World et Europe, Euronext Vigeo (World 120, Eurozone 120, Europe 120 et France 20), Euronext®
CDP Environment France EW, Stoxx ESG, Ethibel et Gaïa et bénéficie des reconnaissances et notations EPRA
BPRs Gold Awards (rapport financier et développement durable), CDP (A), GRESB (90/100, 5-Star, 100% public
disclosure), Vigeo-Eiris (A1+), ISS-ESG (B-) et MSCI (AAA).


Notations sollicitées :
Volet financier : BBB+ / perspective Stable par S&P
Volet extra-financier : A1+ par V.E (partie de Moody’s ESG Solutions) / 85/100 par S&P




10
1. BUSINESS ANALYSIS 12


2. BUSINESS ANALYSIS BY SEGMENT 20
A. OFFICES 20
B. GERMAN RESIDENTIAL 29
C. HOTELS 35

3. FINANCIAL INFORMATION 40


4. FINANCIAL RESOURCES 49


5. EPRA REPORTING 54


6. FINANCIAL INDICATORS 64


7. GLOSSARY 65




Grand Hôtel Palazzo dei Dogi - Venezia
1. Business analysis - Group share
2023 results



1. BUSINESS ANALYSIS
A. REVENUES: €1,011 MILLION AND €648 MILLION GROUP SHARE IN 2023

100% Group share

Change Change Change % of
(€ million) 2022 2023 2022 2023
(%) (%) (%) LfL 1 revenue

Offices 394.3 385.1 -2.4% 330.9 320.3 -3.2% +5.2% 49%
Paris / Levallois / Neuilly 65.6 67.8 +3.3% 63.1 64.3 +1.9% +2.4% 10%
Greater Paris (excl. Paris) 101.5 95.5 -5.8% 82.1 74.5 -9.3% +2.3% 11%
Milan 68.4 68.9 +0.8% 68.4 69.0 +0.8% +6.1% 11%
Telecom Italia 63.9 58.7 -8.1% 32.6 30.0 -8.1% +6.8% 5%
Top 7 German cities 51.4 54.1 +5.3% 45.7 48.4 +5.9% +6.5% 7%
French Major Regional Cities 29.6 29.6 +0.0% 25.0 23.8 -4.7% +15.0% 4%
Other cities (France & Italy) 14.0 10.4 -25.9% 14.0 10.4 -25.9% +5.8% 2%
Germany Residential 272.9 286.0 +4.8% 176.6 185.1 +4.8% +3.9% 29%
Berlin 140.0 147.7 +5.5% 92.0 96.9 +5.3% +4.0% 15%
Dresden & Leipzig 22.8 23.3 +2.3% 14.8 15.1 +2.3% +2.9% 2%
Hamburg 17.4 18.5 +6.3% 11.4 12.1 +6.2% +4.4% 2%
North Rhine-Westphalia 92.7 96.7 +4.3% 58.4 60.9 +4.3% +3.9% 9%
Hotels 296.6 333.4 +12.4% 123.7 139.9 +13.1% +12.7% 22%
Lease Properties 234.7 257.7 +9.8% 97.3 107.6 +10.5% +11.1% 17%
France 79.9 90.9 +13.7% 29.8 34.6 +16.1% +14.7% 5%
Germany 31.8 34.7 +9.0% 13.6 14.8 +8.9% +7.6% 2%
UK 36.5 37.0 +1.1% 16.0 16.2 +1.1% +8.0% 3%
Spain 34.5 38.9 +12.6% 15.1 17.0 +12.6% +12.5% 3%
Belgium 14.1 15.4 +9.1% 6.2 6.7 +9.1% +10.4% 1%
Others 37.8 40.9 +8.3% 16.6 17.9 +8.3% +7.7% 3%
2
Operating Properties 62.0 75.8 +22.3% 26.4 32.3 +22.6% +18.6% 5%
Total strategic activities 963.8 1,004.5 +4.2% 631.1 645.2 +2.2% +6.4% 100%
Non-strategic 4.2 6.3 +49.4% 1.9 2.8 +49.4% -16.6% 0%
Total Revenues 968.1 1,010.8 +4.4% 633.0 648.0 +2.4% +6.4% 100%
1: Like-for-like change on 12 months basis || 2: Operating Properties (EBITDA)



Group share revenues, up +2.4% at current scope, stand at €648.0 million vs. €633.0 million in 2022, due to:

 The revenues of strategic activities increase by +6.4% on like-for-like basis due to:
o Office: +5.2% like-for-like, driven by indexation;
o Hotels: like-for-like revenue increased by +12.7% due to the strong rebound in variable revenues (EBITDA
+ variable leases) of +19% and a +8.8% like-for-like growth for fixed lease properties (including UK);
o German Residential: an accelerated growth of +3.9% like-for-like (vs. +3.1% in 2022).

 Deliveries of new assets (+€17 million), in Levallois, Berlin and Paris 1st ring.
 Asset disposals (-€28 million), mostly offices in France (-€13 million) and Italy (-€13 million);
 Vacated assets for redevelopment (-€14 million), mainly in Paris Centre West, Western Crescent and first
Ring.




12
1. Business analysis - Group share
2023 results


B. LEASE EXPIRIES AND OCCUPANCY RATES


1. Lease expiries: average firm residual duration of 7.0 years

Average lease duration by activity

By lease end date
By lease end date
(1st break)

Group share, in Years 2022 2023 2022 2023
Offices 5.4 5.4 6.1 5.9
Hotels 12.7 12.2 14.1 13.9
Non-strategic 7.9 7.4 8.3 7.4
Total 7.0 7.0 7.8 7.8



Lease expiries schedule

By lease
% of By lease % of
(€ million; Group share) end date
total end date total
(1st break)

2024 40 6% 14 2%
2025 66 9% 25 4%
2026 23 3% 38 5%
2027 34 5% 13 2%
2028 36 5% 42 6%
2029 33 5% 35 5%
2030 53 8% 42 6%
2031 22 3% 45 7%
2032 31 4% 38 6%
2033 26 4% 54 8%
Beyond 107 15% 125 18%
Offices and Hotels leases 471 68% 471 68%
German Residential 189 27% 189 27%
Hotel operating properties 33 5% 33 5%
Total 693 100% 693 100%



In 2024, lease expiries with first break options represent €40 million, of which €25 million are already managed (€5 million
of hotels and €20 million of core offices). Only €14.7 million (2.1% of Annualized revenue) are still to be managed in
offices, mostly on core assets for which tenant decision is not known yet.




13
1. Business analysis - Group share
2023 results


2. Occupancy rate: 96.7% secured, +0.1pt vs. 2022
Occupancy rate (%)

Group share 2022 2023

Offices 94.4% 94.5%
German Residential 99.2% 99.1%
Hotels 100.0% 100.0%
Total strategic activities 96.6% 96.7%
Non-strategic 100.0% 100.0%
Total 96.6% 96.7%




The occupancy rate increased slightly to 96.7% for the whole portfolio. Offices occupancy, temporarily impacted in Q1
2023 by two deliveries and one departure in Greater Paris, rebounded by +230bps since then, to end the year at 94.5%
(+10bps yoy).



C. BREAKDOWN OF ANNUALIZED REVENUES



By major tenants By activity

Annualised
(€ million, Group share) revenues %
2023

AccorInvest 35 5%
Telecom Italia 30 4% Hotels France
Orange 25 4% 21% Offices
27%
NH 22 3%
Suez 19 3%
IHG 19 3%
B&B 18 3%
Dassault Systèmes 17 2%
Maire Tecnimont 16 2%
German Italy
Thalès 13 2% Residential Offices
LVMH 9 1%
27% 17%

Edvance 9 1% German
Fastweb 6 1% Offices
7%
EDF / Enedis 6 1%
NTT Data Italia 5 1%
Intesa 5 1%
Crédit Agricole 5 1%
Hotels lease properties 10 2%
Other tenants <€5M 234 34%
German Residential 189 27%
Total 693 100%




14
1. Business analysis - Group share
2023 results


D. STABLE COST TO REVENUE RATIO

Other
German Hotels
(€ million, Group share) Offices (Mainly Total
Residential (incl. retail)
France Resi.)

2023 2022 2023
Rental Income 315.5 189.8 110.4 - 606.8 615.6
Unrec. property oper. costs -29.2 -1.5 -1.3 - 0.0 -35.2 -32.0
Expenses on properties -8.1 -14.1 -0.1 -0.4 -21.5 -22.7
Net losses on unrec.
-0.3 -1.6 -0.2 0.0 0.2 -2.1
receivable
Net rental income 277.9 172.6 108.7 -0.4 550.3 558.7
Cost to revenue ratio 14.1% 9.1% 1.5% 0.0% 9.3% 9.2%




E. DISPOSALS: €720M OF NEW AGREEMENTS IN 2023
New New Margin
Disposals Agreements Total
agreements agreements Total vs Yield
(€ million) <2023 <2023 Realised
2023 2023 2023 2022 (*)
closed to close Disposals
Closed To close value
1 2 3 =2+3 =1+2
Offices & 100 % 227 35 386 188 574 -11.1% 3.8% 613
Conversion to
1
Residential GS 221 35 370 181 551 -11.5% 3.7% 591

Germany 100 % 47 0 104 16 120 15.8% 2.7% 151
Residential GS 31 0 69 11 80 15.6% 2.7% 100
100 % 26 22 68 84 152 2.8% 7.2% 94
Hotels
GS 8 10 29 37 65 2.1% 6.9% 37
100 % 0 - - 54 54 5.3% 7.6% 0
Non Strategic
GS 0 - - 24 24 5.3% 7.6% 0
100 % 301 57 557 343 900 -5.1% 4.7% 858
Total Group
GS 260 44 467 253 720 -7.5% 4.2% 727

1: GS: Group share

New disposals and agreements totaled €720 million Group share (€900 million at 100%) in 2023. Covivio maintained its
strategy of qualitative asset rotation. In details, the disposal agreements include:

Most disposals (77%; €551 million Group share) were office and conversion into residential assets, with the aim of
rebalancing the portfolio and crystallising value. Covivio notably sold the Anjou building for a yield of 3.5%. An office
complex on the outskirts of Montpellier was sold for €78 million, representing a yield of 6.6%. Covivio has also signed a
preliminary sale agreement on a vacated non-core office building in Charenton,for €49 million.

In Germany Residential, the quality of the portfolio enabled us to secure €80 million (€120 million at 100%) in disposal
agreements, mainly in Berlin, at 16% average margin above appraisal values: €35 million (€53 million at 100%) in unit
sales (46% above appraisal values) and €44 million (€67 million at 100%) for four properties sold as a block (in line with
2022 appraisal values).

In hotels, €65 million (€152 million at 100%) of disposals were signed, mainly involving non-core assets: 10 budget hotels
in France and 2 business hotels in Spain, +2% above end-2022 appraisal values.

Finally, Covivio streamlined its non-core portfolio by signing preliminary sale agreements for €24 million (€54 million at
100%) of retail assets.




15
1. Business analysis - Group share
2023 results


F. INVESTMENTS: €340M (GROUP SHARE REALIZED IN 2023

€340 million Group share (€412 million at 100%) of capex were realized in 2023 (vs €452 million Group share in 2022),
to improve the quality of our portfolio and create value:

 Capex in the development pipeline totaled €222 million Group share (€239 million at 100%),

 €118 million Group share (€174 million at 100%) relate to works on the operating portfolio of which €76
million in German residential of which 2/3 modernization, generating revenues.



G. DEVELOPMENT PROJECTS:

1. Deliveries: 68,550m² of offices delivered in 2023

Five offices projects were delivered in 2023 in the Greater Paris and in Berlin:

 Maslo in Levallois (€216 million total cost & 20,800 m²), 87% let vs 28% at end-2022;
 DS Campus Extension in Vélizy-Villacoublay (€67 million cost Group Share & 27,500 m²), 100% let to Dassault
Systèmes;
 L’Atelier in Paris (€102 million total cost & 5,850 m²), operated by Wellio;
 Beagle in Berlin (€16 million total cost & 5,100 m²), 100% let;
 Xylo in Fontenay-sous-Bois (€33 million total cost & 9,300 m²), 0% let.


2. Committed Office Pipeline: €1.7 bn Group share, 53% pre-let

Covivio has a €1.7bn Group share pipeline of office buildings in France, Germany, and Italy, the bulk of it (85%) in the
city centers of Paris, Milan and Berlin, where demand for prime assets is high. This pipeline is highly pre-let (53%) and
will participate to the continued improvement of the portfolio quality towards centrality & grade A buildings.

 Two projects were committed in 2023: Grands Boulevards and Monceau, both in Paris CBD, for €135 million of
capex and a yield on capex of 6.5% (total yield on cost of 4.5%).
 The pipeline at end-December 2023 is composed of 10 projects (costs in Group share):

€833m



€508m



€204m
€102m
€44m

H1 2024 H2 2024 2025 2026 2027


Next 12 month Beyond 12-month
3 projects in Milan (The Sign D, 7 projects in Paris (Grands Boulevards,
Rozzano) and Berlin (Loft) Monceau), 1st ring (Thalès 2), Milan (Corte
Italia, Symbiosis G+H), Düsseldorf (Icon) and
Berlin (Alexanderplatz)
Capex still to be spent on the committed development pipeline reaches on average €170 million per year by
2027.




16


47%
1. Business analysis - Group share
2023 results




Pre-leased Total Budget 2 Total Budget 2
Committed projects Location Project type Surface (m²) 1 Delivery year Target Yield 3
(%) (M€, 100%) (M€, GS)

Monceau Paris Regeneration 11,200 m² 2025 0% 249 249 4.4%

Thalès 2 Meudon Construction 38,000 m² 2026 100% 204 204 7.8%

Grands Boulevards Paris Regeneration 7,500 m² 2027 0% 153 153 4.5%

To be delivered in 2025 and beyond 56,700 m² 47% 606 606 5.6%

Total France committed pipeline 56,700 m² 47% 606 606 5.6%

The Sign D Milan Construction 13,200 m² 2024 92% 76 76 6.1%

Rozzano - Strada 8 Milan Regeneration 25,700 m² 2024 47% 44 44 7.9%

To be delivered in 2024 38,900 m² 72% 120 120 6.7%

Corte Italia Milan Regeneration 12,100 m² 2025 100% 125 125 5.9%

Symbiosis G+H Milan Construction 38,000 m² 2025 100% 198 198 6.4%

To be delivered in 2025 and beyond 50,100 m² 100% 323 323 6.2%

Total Italy committed pipeline 89,000 m² 92% 443 443 6.3%

Loft (65% share) Berlin Regeneration 7,600 m² 2024 0% 40 26 5.4%

To be delivered in 2024 7,600 m² 0% 40 26 5.4%

Icon (94% share) Düsseldorf Regeneration 55,700 m² 2025 55% 277 261 5.0%

Alexanderplatz (55% share) Berlin Construction 60,000 m² 2027 0% 646 355 4.4%

To be delivered in 2025 and beyond 115,700 m² 25% 889 923 4.6%

Total Germany committed pipeline 123,300 m² 24% 963 642 4.7%

Total committed pipeline 269,000 m² 53% 2,011 1,691 5.4%



1
Surface at 100%
2
Including land and financial costs
3
Yield on total rents




17
1. Business analysis - Group share
2023 results


3. Build-to-sell pipeline

Total
Total
Budget 1 Pre-sold
Committed projects Units Budget 1
(€m, Group (%)
(€m, 100%)
share)

Berlin (1 project) 92 28 18 0%
Bordeaux Lac 203 42 42 83%
Antony 68 20 20 100%
Saint-Germain-en-Laye 24 13 13 100%
To be sold in 2024 387 102 92 73%
Berlin (2 projects) 117 83 55 0%
Fontenay-sous-Bois 249 68 34 86%
Bordeaux Lac 102 17 17 100%
Bobigny 158 41 28 92%
To be sold in 2025 & beyond 626 209 133 54%
Total Residential BTS 1,013 311 225 62%
1
Including land and financial costs



 Seven projects were delivered in 2023, for a total budget of €74 million (€86 million at 100%), with a 9% margin.
 At the end of 2023, the German pipeline is composed of 3 projects located in Berlin, where housing shortage is
the highest in Germany, totaling 209 residential units and a total cost of €73 million Group share.
 The current French pipeline is composed of 6 projects located mainly in the Greater Paris and Bordeaux,
representing 804 residential units, a total cost of €152 million Group Share. 91% of the projects are already pre-
sold.
 The total margin of the committed pipeline reaches 9%.



4. Managed Pipeline

In the long-term, Covivio also owns more than 322,000 m² of landbanks that could welcome new development projects:

- in Paris, Greater Paris and Major French Cities (209,000 m²) mainly for turnkey developments;
- in Milan with Symbiosis (23,000 m²) and Porta Romana (76,000 m²);
- and approximately 14,000 m² in Germany, mostly in Berlin.




H. PORTFOLIO

Portfolio value: -10.2% like-for-like change

Value Value
Value LfL 1
(€ million, Excluding 2022 2023 Yield Yield % of
2023 12 months
Duties) Group Group 2022 2023 portfolio
100% change
Share share

Offices 9,508 9,446 7,847 -11.7% 4.8% 5.5% 52%
Residential Germany 5,238 7,212 4,672 -10.8% 3.5% 4.1% 31%
Hotels 2,622 6,376 2,535 -3.9% 5.0% 5.9% 17%
Non-strategic 27 54 26 -3.1% 6.3% n.a 0%
Total 17,395 23,089 15,080 -10.2% 4.4% 5.1% 100%
1
LfL: Like-for-Like




18
1. Business analysis - Group share
2023 results


The portfolio decreased by -10.2% like-for-like (-€1 771 million) to reach €15.1 billion Group share (€23.1 billion in 100%)
mostly due to:



 Overall in offices, asset values were down -11.7% on a like-for-like basis, with substantial disparities between
the relative resilience of city centre assets (69% of the portfolio), down -8.1%, and the more pronounced fall of
-20.9% in the non-core category (6% of the office portfolio);

 Germany Residential recorded a -10.8% decrease on a like-for-like basis, across all geographies and an
average yield up from 3.5% to 4.1% (+49bps like-for-like increase in capitalization rates); Assets are valued at
their block value. 48% of the portfolio, worth €2.2 billion, is already co-owned, particularly in Berlin (68%; €1.8
billion), where the unit sale value is 52% above the block value.

 In Hotels, portfolio showed better resilience (-3.9%), with an average yield increasing from 5% to 5.9%, mostly
driven by the indexation (+45bps) and the increase in capitalization rates (+20bps like-for-like), offset by good
operating performance.




Geographical breakdown of the portfolio in 2023


Others
6% Italy
17%




Germany
43%
France
33%




I. LIST OF MAIN ASSETS
The value of the ten main assets represents 15% of the portfolio Group share, stable vs end 2022.

Top 10 Assets Location Tenants Surface (m²) Covivio share
Garibaldi Complex Milan Multi let 44,700 100%
CB21 Tower La Défense Multi let 68,100 75%
Jean Goujon Paris 8th LVMH 8,600 100%
Dassault Campus Vélizy Dassault Systèmes 97,000 50%
Icon Düsseldorf Multi let 55,700 94%
Levallois
Mäslo Multi let 20,800 100%
Perret
Zeughaus Hamburg Multi let 43,700 94%
Velizy Thalès Vélizy Thalès 88,274 100%
Frankfurt Airport Center Frankfurt Multi let 48,100 90%
Art & Co Paris 12th Multi let 13,500 100%




19
2. Business analysis - Group share
Offices – 2023 results



2. BUSINESS ANALYSIS BY SEGMENT
A. OFFICES: 52% OF COVIVIO’S PORTFOLIO

Covivio has implemented a strategy based on centrality, hospitality, and sustainability. This global strategy is
particularly reflected in its office portfolio, characterized by high levels of centrality and accessibility, A-quality and top-
level services offer. This strategy is bearing fruits, as illustrated by the increase in occupancy rate in 2023, +10bps to
94.5%.

Covivio owns offices in France (27% of Covivio’s portfolio), Italy (17%), and Germany (8%) totalling €9.4 billion (€7.8
billion Group share) at end-December 2023.

Covivio's portfolio is split as follows:

► Core assets in city centers (69% of Covivio’s office portfolio, +4pts vs. 2022 and +10pts vs. 2020): located in
city centers of main European cities (Paris/Levallois/Neuilly, Milan, Berlin, Düsseldorf, Hamburg, and French major
regional cities), with high occupancy (97%) and long WALB (5.2 years).

► Core assets in major business hubs (25%, -2pts vs. 2022): includes assets with value resiliency and liquidity,
in well-connected business hubs (Greater Paris, Periphery of German cities), with high occupancy (93%) and long
WALB (6.1 years), mostly let to long-term partners such as Telecom Italia, Thalès and Dassault Systèmes.

► Non-Core assets (6%, -2pts vs. 2022): gathers secondary offices assets outside city centers in Germany, Italy,
Greater Paris, for which the occupancy rate (82%) and the WALB (3.5 years) are lower, with a disposal or
conversion into residential strategy.



1. European office market: confirmed polarization, slowdown in investments1

1.1. French offices: continued rise of prime rents

Take-up in Greater Paris office market reached 1 932 100 m² in 2023, down -17% year-on-year:

► Paris Centre West continued to outperform, with take-up declining by -12% year-on-year to 573,700m²
► Paris inner city counted for 46% of the total take-up in Greater Paris (vs. 40% on average over the last 5 years).


The immediate offer increased by +10.2% YoY to 4.8 million m² and the vacancy rate now stands at 8.4%, up by +70bps
year-on-year, but with strong disparities:


► In Paris CBD, vacancies decreased by 10bps to 2.7%.
► In the first ring, the vacancy rate remains at high levels, increasing by 290bps to 15.4%



Prime rents in Paris continued to increase, reaching an all-time high of €1,070/m²/year (+7% vs. 2022), while remaining
stable in other areas. Incentives in Greater Paris increased slightly to 25.4%, up +80bps YoY, with strong disparities
across sub-markets:

► Slight increase in Paris CBD, +20bps at 15.9%
► Higher increase in La Défense, +200bps at 35.9%




1
Sources: CBRE, Cushman & Wakefield, Savills, BNP Real Estate


20
2. Business analysis - Group share
Offices – 2023 results


Office investments in Greater Paris totaled €4.7 billion over 2023, down –56% YoY. Prime yields increased over the
year, +100bps in Paris CBD to 4.25%.



1.2. Milan offices: still a dynamic letting market

The Milan office market recorded a total take-up of 412 000 m² (-15% year-on-year but still +8% above 5-year average)
after a record year in 2022. Demand remained focused on buildings in prime locations, offering good level of services,
as demonstrated by the level of grade A/A+ properties, which now count for 80% of the total take-up in Milan.


The average vacancy rate in Milan decreased by -50bps YoY, to +11.1% at end-2023, with strong disparity between the
centre (where most of Covivio’s portfolio is located) and the periphery:


► In Milan CBD, the vacancy rate stood at 5.9%, a slight increase of +40bps over one year, and decreased by
1pt to 3.4% in the semi-centre
► In the periphery, the vacancy rate increased by 80bps to 17.5%.


The intense demand for high-quality spaces, combined with the scarcity of grade A assets, contributed to the stabilisation
of prime rents in Milan at €700/m²/year.


With a total amount of €1.1 billion invested (-78% YoY), €0.73 billion for Milan (-79.9% YoY), the Italian office
investment market was limited in 2023. Prime yields now stand at 4.25% in Milan CBD (+50bps YoY) and 4.75% in
Milan Centre (+50bps YoY).



1.3. Germany offices: -26% in take-up, but prime rents up +6% yoy

Take-up in Germany top six markets in 2023 decreased by 26% year-on-year to 2,233,600 m², impacted by economic
slowdown and working from home impact.


Vacancy rates reached 5.6% on average, up +80 bps YoY. Berlin (4.4%) and Hamburg (3.9%) recorded the lowest
vacancy rates, followed by Munich at 5.5%, while in Frankfurt and Dusseldorf vacancy levels remained higher,
respectively at 9.7% and 8.2%.


Prime rents grew on average by +7.4% across 2023, with varying performances: Strong growth in Düsseldorf (+19%),
while Munich (+9%) and Berlin (+4%) also experienced decent growth. In Hamburg, prime rents stabilized in 2023, while
Frankfurt suffered negative growth (-6%).


Investment volume in German Offices declined by -79% YoY in 2023 to €4.6 billion. Prime yields now stand at 4.4%
on average for the top 6 cities in Germany, up +100bps YoY.




21
2. Business analysis - Group share
Offices – 2023 results


2. Accounted revenues: +5.2% on a Like-for-Like basis

100% Group share
Change Change Change (%)
(€ million) 2022 2023 2022 2023
(%) (%) LfL 1
Offices 394.3 385.1 - 2.4% 330.9 320.3 - 3.2% +5.2%
France 202.1 197.9 - 2.1% 175.6 167.6 - 4.6% +4.0%
Paris / Neuilly / Levallois 65.6 67.8 + 3.3% 63.1 64.3 + 1.9% +2.4%
Western Crescent and La
48.1 41.4 - 14.1% 42.0 34.4 - 18.2% -6.6%
Defense
First ring 53.3 54.2 + 1.6% 40.1 40.1 + 0.1% +8.2%
Major Regional Cities 29.6 29.6 + 0.0% 25.0 23.8 - 4.7% +15.0%
Others France 5.4 5.0 - 7.4% 5.4 5.0 - 7.4% +2.9%
Italy 140.8 133.0 - 5.6% 109.5 104.2 - 4.8% +6.4%
Milan 68.4 68.9 + 0.8% 68.4 69.0 + 0.8% +6.1%
Telecom Italia portfolio
63.9 58.7 - 8.1% 32.6 30.0 - 8.1% +6.8%
(51% ownership)
Others Italy 8.6 5.3 - 37.7% 8.6 5.3 - 37.7% +8.0%
Germany 51.4 54.1 + 5.3% 45.7 48.4 + 5.9% +6.5%
Berlin 7.8 8.0 + 2.4% 5.5 5.7 + 4.4% +0.5%
Frankfurt 20.5 21.3 + 4.3% 18.8 19.6 + 4.4% +7.8%
Düsseldorf 8.9 10.0 + 12.1% 8.4 9.4 + 12.2% +11.3%
Other (Hamburg & Munich) 14.3 14.9 + 4.2% 13.1 13.6 + 4.2% +4.1%

1 LfL: Like-for-Like


Compared to last year, rental income decreased by -€10.6 million, mainly due to:


 Like-for-Like rental growth (+€14.7 million) of +5.2%, mostly driven by the impact of strong indexation:

 Disposals (-€26.4 million) realized in 2022 (-€14.9 million) and in 2023 (-€11.5 million),

 Positive contribution from office pipeline (+€1.7 million), the impact of vacated assets to be redeveloped
(-€13.9 million), being offset by deliveries of new assets (+€15.6 million), shared between 2022 deliveries (So
Pop, Streambuilding, Goujon) and 2023 deliveries (Maslö, DS Campus, Beagle).




22
2. Business analysis - Group share
Offices – 2023 results




3. Annualized revenue

100% Group share
% of
Surface Number Change
(€ million) 2022 2023 2022 2023 rental
(m²) of assets (%)
income
Offices 2,069,251 189 461.4 448.7 378.8 358.4 - 5.4% 100%
France 978,119 93 261.0 244.8 214.2 189.7 -11% 53%
Paris / Neuilly / Levallois 265,350 23 86.2 85.7 80.9 79.6 - 2% 22%
Western Crescent and La
99,834 6 47.9 39.6 40.6 30.9 - 24% 9%
Defense
First ring 368,486 19 80.3 83.1 55.0 52.4 - 5% 15%
Major Regional Cities 195,517 29 41.0 32.3 32.2 22.7 - 29% 6%
Others France 48,932 16 5.5 4.1 5.5 4.1 - 25% 1%
Italy 726,488 77 144.6 147.0 116.5 117.7 1% 33%
Milan 226,957 28 79.3 81.8 79.3 81.8 3% 23%
Telecom Italia portfolio
457,081 47 57.4 59.6 29.2 30.4 4% 8%
(51% ownership)
Others Italy 42,450 2 7.9 5.6 7.9 5.6 -30% 2%
Germany 364,644 19 55.9 56.9 48.2 51.0 6% 14%
Berlin 58,119 7 8.3 8.3 5.2 6.1 17% 2%
Frankfurt 118,649 4 22.6 23.0 20.3 21.2 4% 6%
Düsseldorf 68,786 2 9.6 10.1 9.1 9.5 5% 3%
Other (Hamburg &
119,090 6 15.4 15.5 13.6 14.2 4% 4%
Munich)



The decrease is mainly explained by the following variations:


 The decrease in France (-11%) is driven by the release of premises in Western Crescent and disposals in Major
Regional Cities.


 The increase in Italy is mostly explained by the stability of the portfolio with an increased occupancy rate (98.7%)
and a significant WALB (6.3 years).


 The increase in Germany (+6%) is mostly explained by the Offices portfolio in Berlin and the delivery of Beagle
in Berlin.




4. Indexation

Fixed-indexed leases are indexed to benchmark indices (ILC and ICC in France and the consumer price index for foreign
assets) :

- For current leases in France, 93% of rental income is indexed to ILAT; 5% to ICC ; The balance is indexed to
ILC or the IRL.
- In Italy, the indexation of rental income is usually calculated by applying the increase in the Consumer Price
Index (CPI) on each anniversary of the signing of the agreement.
- Rents are indexed on the German consumer price index for 42% of leases, 10% have a fixed uplift and 32%
have an indexation clause (if CPI goes above an annual increase between 5% and 10%). The remainder (16%)
is not indexed and mainly let to public administration.




23
2. Business analysis - Group share
Offices – 2023 results




5. Busy rental activity: 130,860 m² renewed or let during 2023

Annualized
Annualised
Surface Top up rents
(€ million - FY 2023) rents
(m²) Group Share
(100%, €/m²)
(€m)

Vacated 112,804 31 284
Lettings 79,933 23 332
Renewals 50,927 10 218




2023 was a dynamic year for letting activity. 130,860 m² have been signed or renewed in 2023, with the main lettings
shown below:



 79,933 m² have been let or pre-let in 2023, of which:
o 11,658 m² on Levallois Maslö, now 87% let,
o 11,613 m² on Paris Saint-Ouen So Pop, now 71% let.
o 7,738 m² on Atlantis in Issy-les-Moulineaux, vacated early 2023 and already 70% relet,
o 7,164 m² on Paris Cap18,
o 4,242 m² relet in La Défense-CB21, now 100% let,
o 1,439 m² on Boulogne Grenier, now 100% let,
o 4,560 m² of pre-lettings on the development portfolio (Rozzano),
o 9,190 m² on Zeughaus in Hamburg, now 96% let,
o 4,054 m² on FAC in Frankfurt

 50,927 m² have been renewed, of which 47,426 m² in Germany, mainly:
o 11,575 m² on FAC in Frankfurt,
o 7,901 m² on CCC in Frankfurt,
o 6,711 m² on Zeughaus in Hamburg,
o 4,432 m² on ABC in Düsseldorf.

 112,804 m2 were vacated, mostly in France (93,267 m²) and Germany (14,309 m²)
o 28 317 m² for redevelopment (€9.4 million of top up rents, Group share), 24% for new offices, 76% to
be converted into residential,
o 45,572 m² on assets to be relet, of which 19 409 m² have already been relet,
o 38 915 m² on assets under disposal agreement.




24
2. Business analysis - Group share
Offices – 2023 results


6. Lease expiries and occupancy rate

6.1. Lease expiries: firm residual lease term of 5.4 years

By lease
(€ million % of By lease %
end date
Group share) total end date of total
(1st break)
2024 34.7 9.7% 12.8 3.6%
2025 63.0 17.6% 22.4 6.3%
2026 20.8 5.8% 37.8 10.5%
2027 32.8 9.2% 12.1 3.4%
2028 35.7 10.0% 42.3 11.8%
2029 18.6 5.2% 22.4 6.2%
2030 44.3 12.4% 33.1 9.2%
2031 19.5 5.4% 40.6 11.3%
2032 26.9 7.5% 34.4 9.6%
2033 21.4 6.0% 47.7 13.3%
Beyond 40.7 11.3% 52.7 14.7%
Total 358.4 100% 358.4 100%


In 2024, €34.7 million of leases will expire, of which €20 million already managed. €14.7 million are still to be managed
(2.1% of Covivio annualized revenues), mostly on core assets for which tenant decision is not known yet.




25
2. Business analysis - Group share
Offices – 2023 results


6.2. Occupancy rate: 94.5% at end 2023


(%) 2022 2023


Offices 94.4% 94.5%
France 94.4% 94.1%
Paris / Neuilly / Levallois 94.8% 95.8%
Western Crescent and La Defense 94.6% 95.8%
First ring 92.0% 89.9%
Major Regional Cities 98.6% 97.9%
Others France 88.0% 84.0%
Italy 98.4% 98.7%
Milan 98.0% 98.3%
Telecom Italia portfolio (QP 51%) 100.0% 100.0%
Others Italy 96.3% 97.3%
Germany 85.1% 86.4%
Berlin 87.4% 85.0%
Frankfurt 88.8% 90.3%
Düsseldorf 93.5% 93.8%
Other (Hamburg & Munich) 78.3% 81.4%



 In France, the occupancy rate decreased by -30bps to 94.1%, compared to 94.4% at end-2022, mostly due to
one vacated asset (Atlantis, already 70% relet) and one delivery in Q1 2023 (Maslö, now 87% let).
 In Italy, the occupancy rate level increased by +30bps to 98.7%, compared to 98.4% at end-2022, due to new
lettings.
 In Germany, the occupancy rate increased by +130 bps to 86.4% vs. end-2022. This is mainly linked to lettings,
especially on Zeughaus in Hamburg and on CCC in Frankfurt.




Strong rebound in occupancy rate since Q1
Q1 2023 SINCE APRIL 2023

Maslö delivery & Dynamic letting activity
departure from Atlantis Mostly on Maslö, Atlantis & So Pop



94.5%
94,4%


93.8%



93.1%



92.2%




FY 2022 Q1 2023 H1 2023 9M 2023 FY 2023




26
2. Business analysis - Group share
Offices – 2023 results


7. Portfolio values

7.1. Change in portfolio values: -17.5% on offices


(€ million - incl. Duties - Group Value Change in Reclass. Value
Invest. Disp.
share) 2022 value Inventories 2023

Assets in operation 7,913 81 -529 -878 36 6,623
Assets under development 1,595 184 -187 -160 -208 1,224
Total Offices 9,508 265 -716 -1,038 -172 7,847


The portfolio value decreased by - €1,661 million since year-end-2022 (-17.5%), mainly driven by:


 - €1,038 million from Like-for-Like value drop (-11.7%), due to cap rate extension and repricing on assets
needing repositioning,
 + €265 million invested in development projects and upgrading works on assets in operation;
 - €716 million from disposals.



7.2. Change on a like-for-like basis: -11.7%

Value Value
Value Value
(€ million, Excluding 2022 2023 LfL (%) Yield ² Yield ² % of
2022 2023
Duties) Group Group change 1 2022 2023 total
100% 100%
share share
Offices 11,328 9,508 9,446 7,847 -11.7% 4.8% 5.5% 100%
France 6,615 5,547 5,010 4,117 -14.5% 4.7% 5.5% 52%
Paris / Neuilly / Levallois 3,069 2,837 2,476 2,293 -11.5% 3.8% 4.5% 29%
Western Crescent and La
940 796 604 496 -23.5% 5.8% 7.2% 6%
Defense
First ring 1,622 1,146 1,283 864 -17.9% 5.4% 6.3% 11%
Major Regional Cities 918 700 601 417 -12.3% 4.8% 6.0% 5%
Others France 67 67 46 46 -4.7% 8.2% 9.3% 1%
Italy 3,014 2,520 2,963 2,491 -3.2% 5.2% 5.6% 32%
Milan 1,915 1,915 1,932 1,932 -2.5% 4.9% 5.3% 25%
Telecom Italia portfolio
1,007 513 963 491 -2.4% 5.7% 6.2% 6%
(51% ownership)
Others Italy 92 92 68 68 -21.6% 8.6% 9.2% 1%
Germany 1,699 1,441 1,473 1,239 -17.1% 4.1% 5.2% 16%
Berlin 509 335 467 306 -18.4% 3.9% 4.6% 4%
Frankfurt 483 445 411 378 -15.3% 4.5% 5.7% 5%
Düsseldorf 303 285 251 237 -20.1% 4.7% 5.8% 3%
Other (Hamburg &
405 376 344 319 -15.7% 3.6% 4.9% 4%
Munich)

1 LfL : Like-for-Like on a 12 months basis || 2 Yield excluding assets under development


The -11.7% change in Like-for-Like value is mostly driven by the increase in capitalization rates, across all geographical
areas and more specifically for peripheral assets.




27
2. Business analysis - Group share
Offices – 2023 results


 Overall, the -11.7% value decline is mostly linked to the market environment. There were strong disparities
between assets in the city centers (the major part of our portfolio, 69%), down -8.1% year-on-year, Major
Business Hubs down -18% and non-core assets down -20.9%.


The average yield increased by +75bps to 5.5%.




8. Assets partially owned

Partially owned assets are the following:


- CB 21 Tower (75% owned) in La Défense.
- The Silex 1 and 2 assets in Lyon (50.1% owned and fully consolidated).
- So Pop project in Paris Saint-Ouen (50.1% owned and fully consolidated).
- Streambuilding project in Paris 17th (50% owned and fully consolidated).
- The Dassault campuses in Vélizy (50.1% owned and fully consolidated).
- The New Vélizy campus for Thales (50.1% owned and accounted for under the equity method).
- Euromed Centre in Marseille (50% owned and accounted for under the equity method).
- Coeur d’Orly in Greater Paris (50% owned and accounted for under the equity method).




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2. Business analysis - Group share
German residential – 2023 results



B. GERMAN RESIDENTIAL: 31% OF COVIVIO PORTFOLIO

Covivio operates in the German Residential segment through its 61.7% held subsidiary Covivio Immobilien. The figures
presented are expressed as 100% and as Covivio Group share.

Covivio owns around ~41,100 units in Berlin, Hamburg, Dresden, Leipzig, and North Rhine-Westphalia, representing €7.2
billion (€4.7 billion Group share) of assets.

Covivio is mostly exposed to A-cities in Germany, with a 100% exposure to metropolitan areas above 1 million inhabitants
and 90% in cities above 500 000 inhabitants. Covivio targets the high-end of the housing market.

Exposure to Berlin, where housing shortage is the highest in Germany, represents 56% at year-end 2023. Covivio’s portfolio
in Berlin is of high quality, with 68% of buildings built before 1950 and 68% of the surface already divided into
condominiums.


1. Supply/demand imbalance increased again in 2023, supporting rents

 In Germany, the demand for housing continued to rise since the start of the year, in a context of increasing
number of inhabitants while building completions, around 270 000 units in 2023, remain far from the Government
target (> 400 000 units / year).

 This shortage continues to support rents in Germany and especially in Berlin. Average rents of new buildings in
Berlin increased by +9% to €19.4/m² in 2023, while for existing buildings rents increased by +6% to € 12.9/m²
according to Riwis/Bulwiengesa.

 German residential investment market (for multi-family buildings above 30 units) was down -38% in 2023 versus
the prior year, to €7.5 billion. The private market was also impacted, as shown by private real estate loans
recorded by the Bundesbank, decreasing -37% year-on-year to €161 billion.

 Average prices slightly decreased yoy, by -4% for existing buildings, to €4,750/m², still well above the current
valuation of Covivio’s residential portfolio (€3,052/m² in Berlin). The average square meter price for new
buildings also decreased, by –2.8% to €7,000/m².




In 2023, Covivio's activities were marked by:

 Accelerated rental growth: +3.9% on a like-for-life basis (vs. +3.1% in 2022); and
 -10.8% value decline on a like-for-like basis, due to the increase in interest rates.




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2. Business analysis - Group share
German residential – 2023 results



2. Accounted rental income: +3.9% like-for-like

Rental Rental
Rental Rental Change Change
income income % of
income income (%) (%) LfL 1
(In € million) 2022 2023 rental
2022 2023 Group Group
Group Group income
100% 100% share share
share share
Berlin 140.0 92.0 147.7 96.9 + 5.5% +4.0% 52%
Dresden & Leipzig 22.8 14.8 23.3 15.1 + 2.3% +2.9% 8%
Hamburg 17.4 11.4 18.5 12.1 + 6.2% +4.4% 7%
North Rhine-Westphalia 92.7 58.4 96.7 60.9 + 4.3% +3.9% 33%
Essen 34.2 21.3 35.7 22.2 + 4.4% +4.0% 12%
Duisburg 16.1 10.0 16.6 10.3 + 2.8% +4.1% 6%
Mulheim 10.6 6.7 11.2 7.1 + 6.0% +3.2% 4%
Oberhausen 9.7 6.3 10.1 6.6 + 4.2% +3.9% 4%
Other 22.1 14.2 23.1 14.8 + 4.6% +3.9% 8%
Total 272.9 176.6 286.0 185.1 + 4.8% +3.9% 100%

of which Residential 235.0 151.7 245.1 158.2 + 4.3% +3.2% 85%
2
of which Other com. 37.8 24.8 41.1 26.9 + 8.5% +8.7% 15%
1 LfL: Like-for-Like || 2 Other commercial: Ground-floor retail, car parks, etc


Rental income amounted to €185.1 million Group share in 2023, up +4.8% (+€8.5million) thanks to:

 In Berlin, like-for-like rental growth is +4.0% (+€ 3.6 million), driven by the indexation (+2.0 pts) and relettings
(+1.4 pts) with high uplift (+31% in 2023).
 Outside Berlin, like-for-like rental growth was strong in all areas (+3.8% on average, +€3.2 million) due to the
reletting impact (including modernizations) and the indexation.




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2. Business analysis - Group share
German residential – 2023 results



3. Annualized rents: € 189.4 million Group share

Change
Annualised Annualised Annualised Average % of
Surface Number (%)
(In € million) rents 2022 rents 2023 rents 2023 rent per rental
(m²) of units Group
Group share 100% Group share month income
share
Berlin 1,308,503 17,852 95.5 150.3 98.5 + 3.2% 9.6 €/m² 52%
Dresden & Leipzig 266,623 4,354 15.0 23.9 15.5 + 2.9% 7.5 €/m² 8%
Hamburg 148,988 2,415 12.0 19.4 12.7 + 5.9% 10.8 €/m² 7%
NRW 2
1,103,280 16,482 60.3 99.5 62.7 + 4.1% 7.5 €/m² 33%
Essen 393,973 5,757 22.2 36.6 22.7 + 2.5% 7.7 €/m² 12%
Duisburg 198,572 3,033 10.1 17.0 10.6 + 4.1% 7.1 €/m² 6%
Mulheim 130,315 2,180 6.8 11.7 7.4 + 7.5% 7.5 €/m² 4%
Oberhausen 124,840 1,830 6.6 10.4 6.8 + 4.2% 7.0 €/m² 4%
Others 255,580 3,682 14.5 23.8 15.2 + 4.8% 7.8 €/m² 8%
Total 2,827,395 41,103 182.8 293.0 189.4 + 3.6% 8.6 €/m² 100%

o/w Residential 2,591,915 39,550 156.2 251.6 162.3 + 3.9% 8.1 €/m² 86%
o/w Other com. 1
235,480 1,553 26.4 41.4 27.1 + 2.8% 14.7 €/m² 14%
1
Other commercial: Ground-floor retail, car parks, etc || 2 North Rhine-Westphalia


The portfolio breakdown remained relatively stable over the past few periods, with Berlin generating slightly above 50%
of total rental income (stable vs 2022), through residential units and some commercial units (mainly ground-floor retail).

Rental income (€8.6/m²/month on average) offers solid growth potential through reversion vs. our achieved reletting rents
in all our markets including Berlin (25%-30%) Hamburg (20%-25%), Dresden and Leipzig (10%-15%) and in North Rhine-
Westphalia (20%-25%).




4. Indexation

Rental income from residential property in Germany changes depending on multiple mechanisms.

4.1. Rents for re-leased properties:

In principle, rents may be increased freely, provided the property is not financed through governmental subsidies.

As an exception to the unrestricted rent setting principle, cities like Berlin, Hamburg, Cologne, Düsseldorf, Dresden and
Leipzig have introduced rent caps (Mietpreisbremse) for re-leased properties. In these cities, rents for re-leased
properties cannot exceed the public rent reference (Mietspiegel) by more than 10%, except in the following conditions:

 If the property has been modernised in the past three years, the rent for the re-let property may exceed the
+10% limit by a maximum of 8% of the costs to modernise it.

 In the event the property is completely modernised (work amounting to more than one-third of new construction
costs excl. Maintenance), the rent may be increased freely.

 If the rent received from the previous tenant is higher than the +10% limit, then the previous rent will be the limit
in the case of re-letting.

Properties built after 1 October 2014 are not included in the rent cap.




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2. Business analysis - Group share
German residential – 2023 results



4.2. For current leases:

For residential tenants, the rent can generally be adjusted based on the local comparative rent (Mietspiegel), which is
usually determined based on the rent index. In addition to this adjustment method, an index-linked or graduated rent
agreement can also be concluded. A successive combination of adjustment methods can also be contractually agreed
(e.g. graduated rent for the first 5 years of the contract, followed by adjustment to the local comparative rent).

Adjustment to the local comparative rent: The current rent can be increased by 15% to 20% within three years,
depending on the region, without exceeding the local comparative rent (Mietspiegel). This type of contract represents c.
90% of our rental income.




4.3. For current leases with work carried out:

If works have been carried out, rents may be increased by up to 8% of the cost of work excl. maintenance, in addition to
the possible increase according to the rent index. This increase is subject to three conditions:

• The works aim to save energy, increase the utility value, or improve the living conditions in the long run.
• The rent increase takes effect 3 months after the declaration of rent increase.
• The rent may not be increased by more than €3/m² for work to modernise the property within a six-year period
(€2/m² if the initial rent is below €7/m²).



5. Occupancy rate: a high level of 99.1%


(%) 2022 2023

Berlin 98.6% 98.6%
Dresden & Leipzig 99.6% 99.8%
Hamburg 99.9% 100.0%
North Rhine-Westphalia 99.7% 99.6%
Total 99.2% 99.1%


The occupancy rate stands at 99.1%. It has remained above 98% since the end of 2015 and reflects the Group's very
high portfolio quality and low rental risk.




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2. Business analysis - Group share
German residential – 2023 results



6. Portfolio values: €7.2 billion (€4.7 billion Group share)


6.1. Change in portfolio value: -10.8%


(In € million, Group Value Change in
Invest. Disposals Other Value 2023
share, Excluding Duties) 2022 value

Berlin 2,985 51 -33 -340 11 2,674
Dresden & Leipzig 430 6 - -57 - 379
Hamburg 401 9 - -57 -2 350
North Rhine-Westphalia 1,422 31 -0 -185 0 1,269
Total 5,238 97 -33 -639 9 4,672


In 2023, the portfolio’s value decreased by -10.8% to €4.7 billion Group share, driven by the like-for-like decrease in
value of €640 million.



6.2. Change on a like-for-like basis: -10.8%

Value Value
Value Surface Value Value % of
(In € million, 2022 2023 LfL 1 Yield Yield
2022 (m²) 2023 2023 total
Excluding Duties) Group Group change 2022 2023
100% 100% 100% in €/m² value
Share share
Berlin 4,550 2,985 1,299,186 4,078 3,139 2,674 -10.2% 3.1% 3.7% 57%
Dresden & Leipzig 663 430 266,623 584 2,190 379 -11.9% 3.5% 4.1% 8%
Hamburg 613 401 148,988 536 3,595 350 -12.7% 3.0% 3.6% 8%
3
NRW 2,258 1,422 1,103,280 2,014 1,826 1,269 -11.2% 4.2% 4.9% 27%
Essen 889 552 393,973 782 1,985 485 -12.1% 4.0% 4.7% 10%
Duisburg 362 225 198,572 328 1,650 203 -9.5% 4.5% 5.2% 4%
Mulheim 245 154 130,315 223 1,712 140 -12.4% 4.5% 5.2% 3%
Oberhausen 201 132 124,840 182 1,460 119 -9.4% 5.0% 5.7% 3%
Others 561 360 255,580 499 1,954 320 -11.0% 4.1% 4.8% 7%
Total 8,084 5,238 2,818,077 7,212 2,559 4,672 -10.8% 3.5% 4.1% 100%

o/w Residential 7,162 4,634 2,583,082 6,356 2,461 4,113 -11.3% 3.4% 4.0% 88%
2
o/w Other com. 923 604 234,996 855 3,640 559 -7.3% 4.4% 5.0% 12%
1 LfL: Like for Like || 2 Other commercial: Ground-floor retail, car parks, etc || 3 NRW: North Rhine-Westphalia


The average value of residential assets is €2,559 per m², with €3,052 per m² in Berlin and €1,826 per m² in North Rhine-
Westphalia, and the average yield has risen 60 bp year on year to 4.1%. Assets are valued at their block value. 48% of
the portfolio is already co-owned, particularly in Berlin (68%), where the unit sale value is 52% above the block value.

In 2023, values decreased -10.8% on a like-for-like basis versus end-2022, reflecting the increase in interest rates. The
average yield of the portfolio is up +60bps to 4.1%.




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2. Business analysis - Group share
German residential – 2023 results



7. Maintenance and modernization CAPEX

In 2023, CAPEX totalled €117 million (€41.3 /m²; €76 million in Group share) and OPEX came to €21 million (€7.3 /m²;
€13 million in Group share).

On average, modernization projects, which totalled €78 million in 2023 (€50 million in Group share), have an immediate
yield close to 5%, going up to 10% post relettings.




Berlin
North Rhine-Westphalia
€56m (€ 42.7 / m²)
€42m (€ 38.2 / m²)

€117m CAPEX
(100%)
€ 41.3/m²



Hamburg
€10 m (€ 65.7 / m²) Dresden & Leipzig
€9m (€ 33.5 / m²)




34
2. Business analysis - Group share
Hotels – 2023 results




C. HOTELS: 17% OF COVIVIO’S PORTFOLIO

Covivio Hotels, a 43.9%-owned subsidiary of Covivio as of 31 December 2023, is a listed property investment company
(SIIC) and leading hotel real-estate player in Europe. It invests both in hotels under lease (fixed or variable) and hotel
operating properties.
The figures presented are expressed at 100% and in Covivio Group share (GS).
Covivio owns a high-quality hotel portfolio worth €6.4 billion (€2.5 billion in Group share), focused on major European
cities and let or operated by major hotel operators such as Accor, B&B, Mariott, IHG, NH Hotels, etc. This portfolio offers
geographic and tenant diversification (across 12 European countries) and asset management possibilities via different
ownership methods (hotel lease and hotel operating properties).


1. Hotel performances at historically high levels
In 2023, hotel performances proved to be exceptional despite an uncertain macroeconomic environment marked by
inflation, rising interest rates, and geopolitical tensions.

Increasing …Driven by …And improving
REVPAR in 2023 in Europe… strong average prices… occupancy rates


vs. 2022 vs. 2019 vs. 2022 vs. 2019 vs. 2022 vs. 2019


+16% +20% +8% +23% +5.5pt -1.8pt

+28% +32% +15% +35% +7.4pt -1.8pt

+14% +22% +10% +26% +2.5pt -2.2pt

+18% +16% +10% +23% +5.1pt -3.6pt

+18% +18% +10% +22% +5.1pt -2.3pt

+21% +6% +8% +16% +7.5pt -6.3pt


Sources: MKG, STR.


 Covivio Hotels' key European markets have significantly surpassed their 2019 performances, with RevPAR in
Europe at +16%, ranging from +6% for Germany to +32% for Italy.

 The Pricing Power of the hotel activity became more obvious in 2023. Average daily rates beat 2019 levels by
+23% on average in Europe in 2023, with nice performances among our main exposures: +35% in Italy, +25%
in France, +23% UK and +16% in Germany.

 The French market, the world's leading tourist destination, records a RevPAR increase of +22%.

 Tourist attendance in the European Union has returned to a level close to pre-pandemic times. The outlook for
2024 is very promising in Europe, especially in France, with numerous events such as the Olympic Games or
the or the European Football Championship in Germany.

 On the investment side, the transaction volumes in hotels recorded in Europe in Q3 YTD 2023 reached €9.4
billion, stable vs. 2022, showing better resilience than other asset classes in 2023. Spain and France continued
to attract the lion’s share of investments.

Assets partially owned by Covivio Hotels include mostly:
- 91 B&B assets in France, including 89 held at 50.2% and 2 held at 31.2%
- 25 AccorInvest assets in France (23 assets) and Belgium (2 assets), between 31.2% and 33.3% owned.




35
2. Business analysis - Group share
Hotels – 2023 results


2. Accounted revenues: +12.7% on a like-for-like basis
Change
Rental Rental Rental Rental Change
(%) LfL 1
(In € million) income 2022 income 2022 income 2023 income 2023 (%)
Group
100% Group share 100% Group share Group share
share
Lease properties - Variable 49.4 21.7 56.4 24.7 + 14.2% +18.9%
Lease properties - Fixed 185.3 75.7 201.3 82.8 + 9.5% +8.8%
Operating properties – EBITDA 62.0 26.4 75.8 32.3 + 22.6% +18.6%
Total revenues Hotels 296.6 123.7 333.4 139.9 + 13.1% +12.7%
1
LfL: Like-for-Like 12 months



Hotel revenues increased by +12.7% like-for-like (+€16.2million Group share) compared to 2022, due to:

 Lease properties:

- AccorInvest variable leases portfolio (17% of hotels revenues and 20% of the hotel portfolio), which is
indexed on hotel turnover, increased by +18.9% like-for-like compared to 2022, driven by intense touristic
activity. These midscale and economy hotels are located in France and Belgium;
- Fixed leases (60% of hotel revenues and 57% of the hotel portfolio): mostly through positive indexation
(+€2.3 million) and asset management (+€4 million).
 Operating properties (23% of the hotel revenues and 23% of the hotel portfolio): mainly located in Germany
and in the north of France. The increase from €26.4 million to €32.3 million (Germany +€0.8 million & France
+€1.3 million) was driven by the recovery of the market dynamic.




36
2. Business analysis - Group share
Hotels – 2023 results


3. Annualized revenue

Breakdown by operators and by country (based on 2023 revenues), totalling €144.9 million in Group share:




Revenues are split using the following breakdown: fixed (60%), variable (17%) and EBITDA on management contracts
(23%).



4. Indexation

Fixed leases are indexed to benchmark indices (ILC and ICC in France and consumer price index for foreign assets).



5. Lease expiries: 12.2 years hotels residual lease term

By lease
% of By lease % of
(In € million, Group share) end date
total end date total
(1st break)
2024 5.0 4% 0.8 1%
2025 2.7 2% 2.5 2%
2026 2.7 2% 0.0 0%
2027 1.0 1% 1.0 1%
2028 0.0 0% 0.0 0%
2029 14.3 13% 12.4 11%
2030 8.7 8% 8.7 8%
2031 2.2 2% 4.1 4%
2032 3.8 3% 3.8 3%
2033 4.9 4% 6.3 6%
Beyond 66.3 59% 72.0 64%
Total Hotels in lease 111.6 100% 111.6 100%




37
2. Business analysis - Group share
Hotels – 2023 results


6. Portfolio values: -3.9% like-for-like
6.1. Change in portfolio values

(In € million, Group share, Value Change Other Value
Invest. Disposals
Excluding Duties) 2022 in value (currency) 2023
Hotels - Lease properties 2,019 5 -9 -80 13 1,948
Hotels - Operating properties 603 4 - -22 1 586
Total Hotels 2,622 10 -9 -102 14 2,534


At end-2023, the portfolio amounted to €2.5 billion Group share, down by €87 million compared to year-end 2022,
essentially explained by the negative like-for-like change in value (€102 million).

6.2. Change on a like-for-like basis: -3.9%

Value Value
Value Value % of
(In € million, Excluding 2022 2023 LfL 1 Yield Yield
2022 2023 total
Duties) Group Group change 2022 2023
100% 100% value
Share share
France 2,209 726 2,117 701 -3.6% 4.7% 5.6% 28%
Paris 853 314 833 309 12%
Greater Paris (excl. Paris) 500 137 461 127 5%
Major regional cities 525 169 511 164 6%
Other cities 332 107 312 101 4%
Germany 666 288 619 267 -7.1% 4.8% 5.6% 11%
Frankfurt 76 32 70 30 1%
Munich 51 22 45 20 1%
Berlin 73 32 70 30 1%
Other cities 467 202 434 188 7%
Belgium 262 103 244 96 -6.8% 6.0% 7.2% 4%
Brussels 101 36 96 34 1%
Other cities 160 67 148 61 2%
Spain 646 284 636 279 +0.3% 5.3% 6.2% 11%
Madrid 289 127 282 124 5%
Barcelona 216 95 222 97 4%
Other cities 142 62 132 58 2%
UK 665 292 662 290 -4.4% 4.5% 5.6% 11%
Italy 277 121 266 117 -4.8% 5.0% 5.5% 5%
Other countries 467 205 451 198 -4.1% 5.1% 5.7% 8%
Total Lease properties 5,193 2,019 4,996 1,948 -4.0% 4.9% 5.8% 77%
France 300 132 311 136 +2.4% 5.8% 6.5% 5%
Lille 109 48 103 45 2%
Other cities 191 84 208 91 4%
Germany 875 364 842 350 -4.5% 4.8% 6.1% 14%
Berlin 621 258 592 246 10%
Dresden & Leipzig 199 83 193 80 3%
Other cities 55 23 57 24 1%
Other countries 245 107 228 100 -8.4% 5.8% 6.8% 4%
Total Operating properties 1,420 603 1,380 587 -3.7% 5.2% 6.2% 23%
Total Hotels 6,613 2,622 6,376 2,535 -3.9% 5.0% 5.9% 100%
1
LfL : Like-for-Like on a 12-months basis




38
2. Business analysis - Group share
Hotels – 2023 results


At the end of December 2023, Covivio held a unique hotel portfolio of €2.5 billion group share (€6.4 billion at 100%) in
Europe. This strategic portfolio is characterised by:

 High-quality locations: average Booking.com location grade of 8.9/10 and 89% in major European city
destinations.
 Diversified portfolio: in terms of countries (12 countries, none representing more than 33% of the total
portfolio), and segment (67% economic/midscale and 33% upscale).
 Major hotel operators with long-term leases: 16 hotel operators with an average lease duration of 12.2 years.



The portfolio value decreased by -3.9% Like-for-Like, a mix of:

- Lease properties (-4.0%): This decline, primarily attributed to the rise in cap rates, was counterbalanced by a
positive income effect resulting from the improved hotel performance and rent indexation;
- Operating portfolio (-3.7%): The value of German hotel fell by 4.5% in 2023, reflecting market performance
and a rise in interest rates. Good performance for the French portfolio with a value increase of +2.4% thanks to
one asset in the south of the France which was renovated and to the rebound of market performance.



Portfolio breakdown by value 89% in major European
and geography destinations




Edinburgh

Amsterdam
Dublin
Warsaw

London Berlin
Prague Krakow
Lille Brussels

Paris Budapest
Munich

Venice
Lyon

Nice
Rome

Madrid Barcelona




39
3. Financial information
2023 results




3. FINANCIAL INFORMATION AND COMMENTS

Covivio’s activity involves the acquisition or development, ownership, administration, and leasing of properties,
particularly Offices in France, Italy and Germany, Residential in Germany, and Hotels in Europe.
Registered in France, Covivio is a public limited company with a Board of Directors.
The German Residential information in the following sections include some Office assets owned by the subsidiary Covivio
Immobilien.



CONSOLIDATED ACCOUNTS

3.1. Scope of consolidation
On 31 December 2023, Covivio’s scope of consolidation includes companies located in France and several European
countries. The main equity interests fully consolidated but not wholly owned companies are as follows:

Subsidiaries 31 Dec. 2022 31 Dec. 2023

Covivio Hotels 43.9% 43.9%
Covivio Immobilien 61.7% 61.7%
Sicaf (Telecom Italia portfolio) 51.0% 51.0%
OPCI CB 21 (CB 21 Tower) 75.0% 75.0%
Covivio Alexanderplatz 55.0% 55.0%
SCI Latécoëre (DS Campus) 50.1% 50.1%
SCI Latécoëre 2 (DS Campus extension) 50.1% 50.1%
SCI 15 rue des Cuirassiers (Silex 1) 50.1% 50.1%
SCI 9 rue des Cuirassiers (Silex 2) 50.1% 50.1%
Sas 6 Rue Fructidor (So Pop) 50.1% 50.1%
SCCV Fontenay sous bois (France Residential) 50.0% 50.0%
SCCV Bobigny (France Residential) 60.0% 60.0%
SNC N2 Batignolles promo (Streambuilding) 50.0% 50.0%
SCI N2 Batignolles (Streambuilding) 50.0% 50.0%
Hôtel N2 (Streambuilding - Zoku) 100.0% 50.1%




3.2. Accounting principles
The consolidated financial statements have been prepared in accordance with the international accounting standards
issued by the IASB (International Accounting Standards Board) and adopted by the European Union on the date of
preparation. These standards include the IFRS (International Financial Reporting Standards), as well as their
interpretations. The financial statements were approved by the Board of Directors on 15 February 2024.




40
3. Financial information
2023 results


3.3. Simplified income statement - Group share

(In € million, Group share) 2022 2023 var. %
Net rental income 550.3 558.7 +8.4 2%
EBITDA from hotel operating activity & flex-office 38.9 47.9 +9.0 +23%
Income from other activities (incl. Property dev.) 22.9 17.8 -5.1 -22%
Net revenue 612.1 624.4 +12.3 +2%
Net operating costs -83.3 -84.6 -1.3 +2%
Amortisations of operating assets -35.9 -44.4 -8.5 +24%
Net change in provisions and other 6.6 11.4 +4.8 +72%
Current operating income 499.5 506.8 +7.3 +1%
Net income from inventory properties -2.3 -0.1 +2.2 n.a.
Income from value adjustments -119.5 -1,751.8 -1,632.4 n.a.
Income from asset disposals -6.8 -34.3 -27.5 +408%
Income from disposal of securities 24.9 -1.0 -25.8 n.a.
Income from changes in scope & other -0.4 -2.0 -1.6 +370%
Operating income 395.4 -1,282.4 -1,677.8 n.a.
Income from non-consolidated companies 0.0 0.0 +0.0 n.a.
Cost of net financial debt -87.2 -97.4 -10.2 +12%
Interest charges linked to financial lease liability -7.2 -7.3 -0.1 +1%
Value adjustment on derivatives 371.9 -132.4 -504.3 n.a.
Discounting of liabilities-receivables & Result of chge -0.3 0.2 +0.4 n.a.
Early amortisation of borrowings' cost -0.9 -1.5 -0.6 n.a.
Share in earnings of affiliates 40.1 -33.2 -73.3 n.a.
Income before tax 711.8 -1,554.1 -2,265.9 n.a.
Deferred tax -75.2 156.6 +231.8 n.a.
Corporate income tax -15.8 -21.2 -5.4 +34%
Net income for the period 620.7 -1,418.8 -2,039.5 n.a.




 €624.4 million net revenue (+2%)

Net revenue in Group share increased especially thanks to both dynamic rental activity in all business lines and strong
operating activity in hotels, despite impact of disposals in offices.

(In € million, Group share) 2022 2023 var. %
France Offices 156.7 150.1 -6.5 -4%
Italy Offices (incl. retail) 91.2 89.8 -1.4 -2%
German Offices 31.9 37.5 +5.6 +18%
Offices 279.7 277.4 -2.3 -1%
German Residential 167.5 172.6 +5.1 +3%
Hotels (incl. Retail) 102.5 108.7 +6.2 +6%
Total Net rental income 550.3 558.7 +8.4 +2%
EBITDA from hotel operating activity & flex-office 38.9 47.9 +9.0 +23%
Income from other activities 22.9 17.8 -5.1 -22%
Net revenue 612.1 624.4 +12.3 +2%




41
3. Financial information
2023 results




France Offices: decrease is led by the sales of assets partially offset by indexation and deliveries.

Italy Offices: decrease mainly due to the sale of assets, partially offset by the like-for-like rental growth driven by high
indexation.
Germany Offices: increase of the rents benefitting from high indexation and a slight reduction of the vacancy.
German Residential: increase driven by continued rental growth driven by mainly indexation, modernisation works and
positive reversion.
Hotels in Europe: recovery has been very strong and steady over the period having significant impact on variable rents.
 EBITDA from the hotel operating activity and flex-office: increase in revenues of the hotel property activity
following the acquisition of 3 funds in UK and 2 funds in Belgium in the 4th quarter of 2022.The flex-office activity
increased slightly thanks to the ramp-up of this activity and the opening of new spaces in Milan with full year effect
in 2023.

 Income from other activities: the change in net income from other activities comes from the slowdown in property
development projects in German and French residential business.

 Net operating costs: a strong cost control compensates the decrease in external fees revenues.

 Amortisation of operating assets:
Note that this item includes the amortisation linked to the right of use according to IFRS 16. This amortisation of
right of use is mainly related to owner-occupied buildings and headquarters. The €8.4 million increase is mainly due
to new operated hotels in the UK (3 hotels), Belgium (2 hotels in Bruges) in France (1 hotel in Paris) and the full
year effect of the new Wellio site opened in 2022.

 Change in the fair value of assets:
The income statement recognises changes in the fair value (-€1,751.8 million) of assets based on appraisals carried
out on the portfolio. This line item does not include the change in fair value of assets recognised at amortised cost
under IFRS but is taken into account in the EPRA NAV calculation (hotel operating properties, flex-office assets
and other own occupied buildings). For more details on changes in the portfolio by activity, see section 1 of this
document.

 Income from asset disposals & disposal of securities:
Income from asset disposals contributed €-34.3 million during the year.

 Cost of net financial debt:
The cost of net financial debt increases due to the rise in interest rate, partially offset by a decrease of net debt.

 Interest charges linked to finance lease liability:
The Group rents some land under long term leasehold. According to IFRS 16, such rental costs are stated as
interest charges. This is stable compared with FY 2022 and refers to the hotel activity for an amount equal to -€6.7
million.

 Value adjustment on derivatives:
The fair value of financial instruments (hedging instruments) is slightly impacted by an average -68 bps decrease
in the 10Y swap. The P&L impact is an expense of -€132.4 million.




42
3. Financial information
2023 results


Share of income of equity affiliates

Contribution Change in
Group Share % interest to earnings Value equity value
(€million) (%)

OPCI Covivio Hotels 8.7% 0.1 42.1 -4%
Lénovilla (New Vélizy) 50.1% -21.0 61.7 -24.8%
Euromed 50.0% -5.3 28.6 -15.6%
Cœur d'Orly 50.0% -7.3 28.4 -26.0%
Phoenix (Hotels) 14.6% -1.0 47.7 -2.9%
Zabarella 2023 Srl 64.7% -0.3 13.6 +0.0%
Fondo Porta di Romana 32.0% 1.5 38.0 +8.4%
Total -33.2 260.0 -7.9%


The equity affiliates include Hotels in Europe and the France / Italy Offices sectors:

 OPCI Covivio Hotels: three hotel portfolios, B&B (18 hotels), Campanile (19 hotels) and AccorHotels (35 hotels)
80%-owned by Crédit Agricole Assurances.

 Lenovilla: the New Vélizy campus (47,000 m²), let to Thalès and co-owned with Crédit Agricole Assurances.

 Euromed in Marseille: one office building (Calypso) and a hotel (Golden Tulip) in partnership with Crédit Agricole
Assurances.

 Coeur d’Orly in Greater Paris: two buildings in the Orly airport business district in partnership with ADP.

 Phoenix hotel portfolio: 32% stake held by Covivio Hotels (43.9% subsidiary of Covivio) in a portfolio of 25 Accor
Invest hotels in France & Belgium and 2 B&B in France.

 Fondo Porta di Romana in Milan is a joint venture between Covivio (32.0%), Coima (64.7%) and Prada (3.3%)
to participate to the acquisition of a plot of land in South Milan (future Olympic game village).




Taxes

The corporate income tax relates to the tax on:

 Foreign companies that are not or are only partially subject to a tax transparency regime (Italy, Germany,
Belgium, the Netherlands, and Portugal).

 French subsidiaries with a taxable activity.

The corporate income tax amounted to -€21.2 million, including taxes on sales (-€8.0 million).




43
3. Financial information
2023 results


Adjusted EPRA Earnings at €435.4 million

Adjusted Adjusted
Net income
(In € million, Group share) Restatement EPRA E. EPRA E.
Group share
2023 2022
Net rental income 558.7 0.0 558.7 550.3
EBITDA from the hotel operating activity & flex-office 47.9 0.0 47.9 38.9
Income from other activities (incl. Property dev.) 17.8 0.0 17.8 22.9
Net revenue 624.4 0.0 624.4 612.1
Management and administration revenues 25.4 0.0 25.4 27.6
Operating costs -110.0 0.0 -110.0 -111.0
Amortisations of operating assets -44.4 29.6 -14.8 -14.5
Net change in provisions and other 11.4 -6.4 5.0 3.3
Operating income 506.8 23.2 530.0 517.5
Net income from inventory properties -0.1 0.1 0.0 0.0
Income from value adjustments -1,751.8 1,751.8 0.0 0.0
Income from asset disposals -34.3 34.3 0.0 0.0
Income from disposal of securities -1.0 1.0 0.0 0.0
Income from changes in scope & other -2.0 2.0 0.0 0.0
Operating result -1,282.4 1,812.4 530.0 517.5
Cost of net financial debt -97.4 0.0 -97.4 -86.3
Interest charges linked to finance lease liability -7.3 4.6 -2.7 -2.6
Value adjustment on derivatives -132.4 132.4 0.0 0.0
Discounting of liab.-receiv. & Foreign Exchge. Result 0.2 0.0 0.2 -0.3
Early amortisation of borrowings' costs -1.5 1.1 -0.4 -0.3
Share in earnings of affiliates -33.2 52.2 19.0 15.8
Pre-tax net income -1,554.1 2,002.8 448.6 443.9
Deferred tax 156.6 -156.6 0.0 0.0
Corporate income tax -21.2 8.0 -13.2 -13.7
Net income for the period -1,418.8 1,854.2 435.4 430.2

Average number of shares 97,487,850 93,955,927
Net income per share 4.47 4.58



 The restatement of the amortisation of operating assets (+€29.6 million) offsets the real estate amortisation of
the flex-office and hotel operating activities.

 The restatement of the net change in provisions (-€6.4 million) consists of the ground lease expenses linked to
the UK leasehold for €3.3 million and the reversal of a null and void provision for a €3.2 million on the Hotels in
Europe scope.

 Concerning the interest charges linked to finance lease liabilities relating to the UK leasehold, as per IAS 40
§25, €4.6 million was cancelled and replaced by the lease expenses paid (see the amount of -€3.3 million under
the line item “Net change in provisions and other”).

 The restatement of the share in earnings of affiliates allows for the EPRA earnings contribution to be displayed.
 The restatement of the corporate income tax (+€8.0 million) is linked to the tax on disposals.




44
3. Financial information
2023 results


Adjusted EPRA Earnings by activity

Corporate
Hotel
Germany Hotels in or non-
(In € million, Group share) Offices operating 2023
Residential lease 1 attrib.
properties
sector
Net rental income 277.9 172.6 107.5 1.2 -0.4 558.7
EBITDA from Hotel oper. activity & flex-
15.8 0.0 0.0 32.1 0.0 47.9
Office
Income from other activities (incl.
14.4 2.6 0.0 0.0 0.8 17.8
Property dev.)
Net revenue 308.1 175.2 107.5 33.3 0.4 624.4
Net operating costs -48.1 -30.6 -3.2 -1.1 -1.5 -84.6
Amortisation of operating assets -9.3 -2.1 -0.1 -2.1 -1.2 -14.8
Net change in provisions and other 4.9 -0.5 -0.8 -0.6 1.9 5.0
Operating result 255.6 141.9 103.4 29.5 -0.4 530.0
Cost of net financial debt -40.0 -31.4 -19.9 -6.5 0.5 -97.4
Other financial charges -1.0 0.0 -0.9 -1.1 -0.1 -3.0
Share in earnings of affiliates 13.5 0.0 5.5 0.0 0.0 19.0
Corporate income tax -6.1 -1.5 -3.7 -1.5 -0.5 -13.2
Adjusted EPRA Earnings 221.9 109.0 84.3 20.5 -0.4 435.4

Development margin -3.2 -2.5 0.0 0.0 0.0 -5.7
EPRA Earnings 218.8 106.5 84.3 20.5 -0.4 429.7



EPRA Earnings of affiliates
Hotels
(In € million, Group share) Offices 2023
(in lease)
Net rental income 13.4 7.7 21.1
Net operating costs -0.5 -0.6 -1.1
Amortisation of operating properties 1.3 0.4 1.7
Operating result 14.2 7.5 21.7
Cost of net financial debt -0.7 -1.8 -2.5
Share in earnings of affiliates 0.0 -0.2 -0.2
Share in EPRA Earnings of affiliates 13.5 5.5 19.0




45
3. Financial information
2023 results


3.4. Simplified consolidated income statement (at 100%)
(In € million, 100%) 2022 2023 var. %
Net rental income 842.3 863.5 +21.1 3%
EBITDA from hotel operating activity & flex-office 74.9 91.3 +16.4 +22%
Income from other activities (incl. Property dev.) 20.3 8.5 -11.8 -58%
Net revenue 937.6 963.3 +25.7 +3%
Net operating costs -121.2 -119.4 +1.8 -2%
Amortisation of operating assets -58.9 -73.6 -14.7 +25%
Net change in provisions and other 12.6 25.0 +12.4 +99%
Current operating income 770.0 795.3 +25.3 +3%
Net income from inventory properties -2.4 -0.1 +2.2 n.a.
Income from asset disposals -0.5 -37.9 -37.4 n.a.
Income from value adjustments 18.2 -2,437.3 -2,455.5 n.a.
Income from disposal of securities 24.9 -0.9 -25.8 n.a.
Income from changes in scope -0.4 -4.2 -3.8 n.a.
Operating income 809.8 -1,685.2 -2,494.9 n.a.
Cost of net financial debt -139.7 -165.6 -25.9 +19%
Interest charge related to finance lease liability -15.8 -15.9 -0.1 +1%
Value adjustment on derivatives 582.6 -207.7 -790.3 n.a.
Discounting of liabilities and receivables -0.6 0.4 +0.9 n.a.
Early amortisation of borrowings' costs -1.5 -1.8 -0.3 n.a.
Share in earnings of affiliates 51.0 -34.4 -85.4 n.a.
Income before tax 1,285.8 -2,110.1 -3,396.0 n.a.
Deferred tax -109.8 241.0 +350.8 n.a.
Corporate income tax -28.1 -33.7 -5.6 +20%
Net income for the period 1,147.9 -1,902.9 -3,050.8 n.a.

Non-controlling interests 527.2 -484.1 -1,011.3 n.a.
Net income for the period - Group share 620.7 -1,418.8 -2,039.5 n.a.



The -€3,050.8 million decrease in net income for the period compared with FY 2022 is related to the value decreases of
properties (-€2,437.3 million compared with a +€18.2 million in FY 2022) and derivatives (€-207.7 million compared with
a +€582.6 in FY 2022), partly offset by the change in deferred taxes mainly related to the effects described above
(+€350.8 million) and strong operating performances. As a result, these effects are also presents in non-controlling
interests and in net income Group share.




46
3. Financial information
2023 results



(In € million, 100%) 2022 2023 var. %
France Offices 182.3 179.5 -2.9 -2%
Italy Offices (incl. Retail) 119.9 116.3 -3.6 -3%
German Offices 34.2 40.1 +5.9 +17%
Offices 336.4 335.9 -0.6 -0%
German Residential 259.1 267.4 +8.3 +3%
Hotels (incl. Retail) 246.2 260.2 +14.1 +6%
Other (mainly France Residential) 0.6 0.0 -0.6 -100%
Total Net rental income 842.3 863.5 +21.1 +3%
EBITDA from the hotel operating activity & flex-office 74.9 91.3 +16.4 +22%
Income from other activities 20.3 8.5 -11.8 -58%
Net revenue 937.6 963.3 +25.7 +3%




3.5. Simplified consolidated balance sheet (Group share)

(In € million, Group share)
31 Dec.22 31 Dec.23 Liabilities 31 Dec.22 31 Dec.23
Assets

Investment properties 14,343 12,596
Investment properties under dev. 1,371 1,007
Other fixed assets 985 993
Equity affiliates 282 260
Financial assets 233 251
Deferred tax assets 78 57
Financial instruments 562 366 Shareholders' equity 9,443 7,957
Assets held for sale 228 227 Borrowings 7,924 7,703
Cash 343 778 Financial instruments 244 142
Inventory (Trading & Constr. activities) 190 257 Deferred tax liabilities 835 650
Other 500 420 Other liabilities 670 760
Total 19,116 17,211 Total 19,116 17,211


 Investment properties, Properties under development and Other fixed assets

The portfolio (including assets held for sale) at the end of December by operating segment is as follows:

(In € million, Group share) 31 Dec. 22 31 Dec. 23 var.
France Offices 5,164 3,932 -1,232
Italy Offices (incl. Retail) 2,445 2,403 -42
German Offices 1,335 1,145 -190
Offices 8,943 7,479 -1,464
German Residential 5,374 4,811 -563
Hotels (incl. Retail) 2,606 2,530 -76
Car parks (and other) 4 3 -1
Total Fixed Assets 16,927 14,823 -2,104




47
3. Financial information
2023 results


The decrease in Offices (-€1.464 million) was mainly due to the disposals (-€587 million), the change in fair value (-
€1,020 million) and reclassification to inventories for new build to sell projects (-€122 million) partly offset by +€220 million
of Acquisition and CAPEX.

The decrease in German Residential (-€563 million) was mainly due to the change in fair value (-€653 million), CAPEX
and acquisitions (+€97million), partly offset by disposals for the year (-€31 million).

The decrease in the Hotels portfolio (-€76 million) was mainly driven by the decrease in fair value (-€78 million),
Amortization of operating properties and other tangible assets (-€20.3 million), Acquisition and Capex (+€19 million), right
of use (+€5 million), offset by disposals (-€9 million) and foreign currency exchange gain (+€10 million).


 Assets held for sale (included in the total fixed assets above), €227.3 million at year end 2023
Assets held for sale consist of assets for which a preliminary sales agreement has been signed. The breakdown by
segment is as follow:
o 50.7% of offices in France : €115 million.
o 31.2% of hotels in Europe : €71 million.
o 15.9% of offices in Italy : €36 million.
o 2.2% of residential in Germany : €5 million.



 Total Group shareholders’ equity
Shareholders’ equity decreased from €9,443 million at the end of 2022 to €7,957 million at year end 2023, i.e. -€1,486
million, mainly due to:
o Income for the period: -€1,418.8 million.
o The dividend distribution: -€351.9 million, partially offset by option for payment in shares (+€279.1 million).


 Net deferred tax liabilities
Deferred tax liabilities represent €650 million in liabilities at the end of year versus €835 million in 2022, Deferred tax
assets represent €57 million in assets at the end of year versus €78 million in 2022. This €164 million decrease is mainly
due to the drop in appraisal values in Germany (-€116.2 million), the drop in fair values of derivatives (-€8 million) and
the entry in the UK REIT regime in the Hotel activity (€-14 million).



3.6. Simplified consolidated balance sheet (at 100%)

(In € million, 100%)
31 Dec.22 31 Dec.23 Liabilities 31 Dec.22 31 Dec.23
Assets
Investment properties 21,391 19,046
Investment properties under dev. 1,574 1,140
Other fixed assets 1,718 1,730
Equity affiliates 401 375
Financial assets 114 118 Shareholders' equity 9,443 7,957
Deferred tax assets 86 72 Non-controlling interests 4,648 4,006
Financial instruments 813 522 Shareholders' equity 14,092 11,963
Assets held for sale 259 327 Borrowings 10,968 10,707
Cash 462 901 Financial instruments 300 185
Inventory (Trading & Constr. activities) 264 308 Deferred tax liabilities 1,320 1,054
Other 579 488 Other liabilities 981 1,117
Total 27,661 25,026 Total 27,661 25,026




48
4. Financial Resources
2023 results




4. FINANCIAL RESOURCES
Summary of the financial activity

Covivio is rated BBB+ with a stable outlook by S&P, confirmed on May 16th, 2023.

Covivio’s Loan-to-Value (LTV) ratio was 40.8% (LTV policy < 40%), thanks to active portfolio rotation and despite value
adjustments. Average cost of debt slightly increases to 1.50% (+26 bps vs end-2022), thanks to a highly hedged debt,
and maturity of debt increased to 4.9 years (vs. 4.8 years in 2022).

The net available liquidity position doubled to €2.4 billion on a Group share basis at end-December 2023, including €1.6
billion of undrawn credit lines and €0.9 billion of cash minor by €0.1 billion of Commercial Paper. This strong liquidity
position enables to cover debt expiries until Q1 2026.



4.1. Main debt characteristics

Group share 31 Dec. 2022 31 Dec. 2023
Net debt, Group share (€ million) 7,581 6,925
Average annual rate of debt 1.24% 1.50%
Average maturity of debt (in years) 4.8 4.9
Debt active average hedging rate 81.5% 92.3%
Average maturity of hedging (in years) 6.3 5.9
LTV including duties 39.5% 40.8%
ICR 6.9x 6.4x
Net debt / EBITDA 14.5x 12.8x




4.2. Debt by type
Covivio's net debt stands at €6.9 billion in Group share at end-December 2023 (€9.8 billion on a consolidated basis),
down by -€0.7 billion compared to end-2022.
As regards commitments attributable to the Group, the share of corporate debt (bonds and loans) grows up to 60% on a
Group share basis, at end-December 2023. Additionally, Covivio had €0.1 billion in commercial paper outstanding at 31
December 2023.


Consolidated commitments
Consolidated commitments
by type
by company
Corporate
credit; Covivio
14% Immobilien debt
(German
Covivio
Residential)
debt 54%
24%

Mortgage
Bonds; loans; Covivio Hotel
36% 50% debt
22%




49
4. Financial Resources
2023 results




Group share commitments
by type Group share commitments
Corporate by company
credit; 17%
Covivio Immobilien debt
(German Residential);
21%
Covivio
debt; 67%
Covivio Hotel
Bonds; debt
Mortgage
43% 12%
loans; 40%




4.3. Debt maturity

The average maturity of Covivio's debt stands at 4.9 years at end-December 2023. Until 2024, there is no major maturity
that has not already been covered or is already under renegotiation.

The next large maturities occur in 2024 and are mainly composed of a bond of €300 million (to be reimbursed) and a
mortgage debt of €150 million Group share linked to the Telecom Italia portfolio.

In 2024 and 2025 debt expiries, approximately 17% of maturities (€313 million) relate to undrawn credit lines, mostly in
France and Germany. 25% (€454 million) relate to bonds, and 58% (€1.1 billion) is comprised of bank mortgages that
are well diversified in terms of asset class and geography: 26% in Germany offices, 30% in Germany residential, 11% in
hotels, 16% in Italy offices and 17% in France offices. No single item of debt maturing before end-2025 exceeds €350
million.




Debt maturity by type (in € million, Group Share)
€2.4bn net liquidity covers debt
expiries until Q1 2026

1,311
1,181 1,224
1,054 1,015
944
785 753
672




139
91


2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 >2034

Corporate credit facilities Mortgage loans Bonds




50
4. Financial Resources
2023 results



4.4. Hedging profile

In 2023, debt was hedged at 92% on average, and 88% on average over the next three years, all of which with maturities
equivalent to or exceeding the debt maturity.

The average term of the hedges is 5.9 years Group share.



Hedging maturities
€ billion, Group share

€ 8 bn

€ 7 bn

€ 6 bn

€ 5 bn

€ 4 bn

€ 3 bn

€ 2 bn

€ 1 bn

€ 0 bn
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034




4.5. Average interest rate on debt and sensitivity


The average interest rate on Covivio’s debt increased by 26 bps to 1.50% in Group share.

Financial structure

Excluding debts raised without recourse to the Group’s property companies, the debts of Covivio and its subsidiaries
generally include bank covenants (ICR and LTV) applying to the borrower’s consolidated financial statements. If these
covenants are breached, early debt repayment may be triggered. These covenants are established on a Group share
basis for Covivio and Covivio Hotels.

 The most restrictive consolidated LTV covenants amounted, at 31 December 2023, to 60% for Covivio and
Covivio Hotels.

 The most restrictive ICR consolidated covenants applicable to the REITs, at 31 December 2023, are of
200% for Covivio and Covivio Hotels.


With respect to Covivio Immobilien (German Residential), for which almost all of the debt raised is "non-recourse" debt,
portfolio financings do not contain LTV or ICR consolidated financial covenants.

Lastly, with respect to Covivio, some corporate credit facilities are subject to the following ratios:

Ratio Covenant 31 Dec. 2023
LTV 60.0% 43.8%¹
ICR 2.00 6.41
Secured debt ratio 25.0% 4.1%
1
Excluding duties and sales agreements



All covenants were fully complied with at year end-December 2023. No loan has an accelerated payment clause
contingent on Covivio’s rating, which is currently BBB+, Stable outlook (S&P rating) confirmed on 16th May 2023.



51
4. Financial Resources
2023 results



Detail of Loan-to-Value calculation (LTV)

(In € million Group share) 31 Dec. 2022 31 Dec. 2023
Net book debt 7,581 6,925
Receivables linked to associates (full
-169 -187
consolidated)
Receivables on disposals -16 15
Preliminary sale agreements -228 -224
Purchase debt 54 33
Net debt 7,222 6,562
Appraised value of real estate assets (incl. duties) 18,151 15,948
Preliminary sale agreements -228 -224
Financial assets 15 15
Receivables linked to associates (equity method) 86 68
Share of equity affiliates 282 260
Value of assets 18,306 16,067
LTV Excluding Duties 41.5% 43.0%
LTV Including Duties 39.5% 40.8%




4.6. Reconciliation with consolidated accounts

Net debt

Consolidated Minority
(In € million) Group share
accounts interests
Bank debt 10,707 -3,005 7,703
Cash and cash equivalents 901 -123 778
Net debt 9,807 -2,882 6,925



Portfolio

Portfolio of Fair value Other Right of
Consolidated companies of assets use of Minority Group
(In € million)
accounts under the operating held for investment interests share
equity method properties sale properties
Investment & dev.
20,186 1,067 1,904 -13 -260 -7,912 14,972
properties
Assets held for sale 327 -122 -96 109
Total portfolio 20,513 1,067 1,904 -135 -260 -8,008 15,080

(+) Duties 807
(=) Portfolio group share including duties 15,887

(-) portfolio of companies consolidated under the equity method -412

(+) Fair value of trading activities -257
(+) Other operating properties 730
Portfolio for LTV calculation 15,948




52
4. Financial Resources
2023 results



Interest Coverage Ratio

Consolidated Minority
(In € million) Group share
accounts interests
EBITDA (net rents (-) operating expenses (+) results of other activities) 858 307 551
Cost of debt 151 65 86
ICR 6.41




53
5. EPRA reporting
2023 results




5. EPRA REPORTING

The following reporting was prepared in accordance with EPRA (European Public Real Estate Association) Best
Practices Recommendations, available on EPRA website (www.epra.com).
The German Residential information in the following sections includes some Office assets owned by the German
Residential subsidiary Covivio Immobilien.



5.1. Change in net rental income (Group share)

Indexation,
€ million 2022 Acquis. Disposals Development (1) AM & Others 2023
occupancy
France Offices 157 0 -12 1 5 0 151
Italy Offices (incl. retail) 91 0 -11 1 6 3 90
German Offices 32 0 0 0 3 3 38
Offices 280 0 -23 2 13 7 278
German Residential 167 1 -1 0 4 1 173
(2)
Hotels 103 0 -2 1 10 -3 109
Other (France Residential) 1 0 0 0 0 -1 0
Total 550 1 -26 3 27 4 559
(1) (2)
Deliveries & vacating for redevelopment || Including Retail but excluding EBITDA from operating properties



The revenues LFL growth (including EBITDA from Hotels) is +6.4% in 2023.

€ million 2023
Total from the table of changes in Net rental Income (GS) 559
Adjustments 0
Total net rental income (Financial data § 3.3) 559
Minority interests 305
Total net rental income (Financial data § 3.4) 863




5.2. Investment assets – Information on leases

Annualized rental income corresponds to the gross amount of guaranteed rent for the full year based on existing assets
at the period end, excluding any incentives.

Market rental value on vacant assets
Vacancy rate at end of period =
Contractual annualized rents on occupied assets
+ Market rental value on vacant assets


Market rental value on vacant assets
EPRA vacancy rate at end of period =
Market rental value on occupied and vacant assets




54
5. EPRA reporting
2023 results




ERV ERV of
Gross Net
Annualised Average of spot the EPRA
(€ million, Group rental rental Surface Vacancy
rents rent vacant whole vacancy
share) income income (m²) rate (%)
(€m) (€/m²) space portfolio rate (%)
(€m) (€m)
(€m) (€m)

France Offices 168 151 190 978,119 250 5.9% 22 215 10.1%

Italy Offices (incl. retail) 104 90 118 726,488 202 1.3% 2 122 1.4%

German Offices 44 38 51 364,644 156 13.6% 8 55 15.2%

Offices 315 278 358 2,069,251 217 5.5% 32 393 8.1%

German Residential 190 173 189 2,827,395 104 0.9% 2 188 0.9%

Hotels in Europe (2) 110 109 112 n.c n.c - - 112 -

Total (1) 616 559 660 4,896,646 151 3.3% 34 693 4.8%
(1) Including French residential and others || (2) incl. Retail & excl. EBITDA from operating properties


The vacancy rate (3.3%) is including secured areas for which lease will start soon, while the EPRA vacancy rate (4.8%)
is spot, at 31 December 2023.

Regarding the German Residential, the ERV doesn’t include the potential reversion in all our markets Berlin (25-30%),
Hamburg (20-25%), Dresden and Leipzig (10-20%) and in North Rhine-Westphalia (20-25%).

Average metric rents are computed on total surfaces, including land banks and vacancy on development projects.




5.3. Investment assets - Asset values

Change in fair
(€ million, Group share) Market value value over the Duties EPRA NIY
year
France Offices 4,117 - 699 193 4.3%
Italy Offices (incl. Retail) 2,491 - 83 84 4.4%
German Offices 1,239 - 238 67 3.6%
Offices 7,847 - 1,020 345 4.2%
German Residential 4,672 - 653 335 3.5%
Hotels (incl. Retail) 2,557 - 78 94 5.5%
Other (France Resi. and car parks) 4 - - n.a.
Total 2023 15,080 - 1,752 773 4.2%



The change in fair value over the year presented above excludes change in value of operating properties, hotel operating properties,
and assets under the equity method.

The EPRA net initial yield is the ratio of:

Annualized rental income
after deduction of outstanding benefits granted to tenants (rent-free periods, rent ceilings)
- unrecovered property charges for the year
EPRA NIY =
Value of the portfolio including duties




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5. EPRA reporting
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Reconciliation with financial data

€ million 2023
Total portfolio value (Group share, market value) 15,080
Fair value of the operating properties - 1,084
Fair value of companies under equity method - 412
Other assets held for sale 3
Right of use on investment assets 122
Fair value of car parks facilities -3
Tangible fixed assets 125
1
Investment assets Group share
13,831
(Financial data§ 3.5)
Minority interests 6,682
1
Investment assets 100%
20,513
(Financial data§ 3.5)
1
Fixed assets + Developments assets + asset held for sale



Reconciliation with IFRS

€ million 2023
Change in fair value over the year (Group share) - 1,752
Others -
Income from fair value adjustments Group
- 1,752
share (Financial data § 3.3)
Minority interests - 685
Income from fair value adjustments 100%
- 2,437
(Financial data § 3.3)



5.4. Assets under development
Capitalised Total
%
Fair fin. cost 1
Own. ownership % Delivery Surface at Pre- Yield
value expenses (€m, 2(%)
type (Group progress date 100% (m²) letting
2023 over the Group
share)
year share)
Meudon Atlas FC 3 100% 10 0 204 6% 2026 38,000 m² 100% 7.8%
Paris Grands Boulevards FC 100% 94 1 153 10% 2027 7,500 m² 0% 4.5%
Paris Monceau FC 100% 162 2 249 11% 2025 11,200 m² 0% 4.4%
Total France Offices 266 3 606 9% 56,700 m² 47% 5.6%
The Sign D FC 100% 29 1 76 47% 2024 13,200 m² 92% 6.1%
Corte Italia FC 100% 112 2 125 39% 2025 25,700 m² 100% 5.9%
Rozzano - Strada 8 FC 100% 30 1 44 73% 2024 12,100 m² 47% 7.9%
Symbiosis G+H FC 100% 91 2 198 34% 2025 38,000 m² 100% 6.4%
Total Italy Offices 262 5 443 41% 89,000 m² 92% 6.3%
Düsseldorf Icon FC 94% 198 2 261 13% 2025 55,700 m² 55% 5.0%
Berlin Alexanderplatz FC 55% 127 3 355 31% 2027 60,000 m² 0% 4.4%
Total German Offices 326 5 616 24% 115,700 m² 25% 4.6%
Total 854 13 1,665 23% 261,400 m² 54% 5.4%
1 Total cost including land and financial cost || 2 Yield on total cost ||3 FC: Full consolidation




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5. EPRA reporting
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Reconciliation with total committed pipeline

Capitalised Total cost
fin. expenses incl. fin. cost
(€M, Group share)
over the year (Group share)

Projects fully consolidated 13 1,665
Others (Loft) 0 26
Total Offices Committed pipeline 13 1,691
German Residential 1 73
French Residential 0 152
Total Committed pipeline 14 2,028
The total cost of committed projects is €1,691 million (cf 1.G. Development projects).

Reconciliation with financial data

2023
Total fair value of assets under development 854
Project under technical review and non-committed projects 154
Assets under development (Financial data § 3.5) 1,007




5.5 Information on leases
Lease expiration by date of 1st exit option
Annualised rental income of leases
expiring
Firm
residual Residual
Total
lease lease term N+1 N+2 N+3 to 5 Beyond Section
(€m)
term (years)
(years)
France Offices 5.0 5.6 10% 22% 25% 43% 190
Italy Offices (incl. retail) 6.3 6.9 3% 11% 25% 61% 118
Germany Offices 4.2 4.6 23% 19% 25% 33% 51
Offices 5.4 5.9 10% 18% 25% 48% 358 2A
Hotels (incl. retail) 12.2 13.9 4% 2% 3% 90% 112 2C
Others 2 n.a n.a n.a n.a n.a n.a 223
1
Total 7.0 7.8 6% 9% 13% 71% 693
1. Percentage of lease expiries on total revenues || 2: (German Residential, Hotels Ebitda, others)


In 2024, 5.7% of total leases are expiring: 3.6% have no intention to vacate the property and 0.4% are going to be
redeveloped. That leads the unsecured part to 1.7%, for which tenant decision is not yet known.




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5. EPRA reporting
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5.6 EPRA Net Initial Yield

The data below shows detailed yield rates for the Group and the transition from the EPRA topped-up yield rate to Covivio’s
yield rate.



 EPRA topped-up net initial yield is the ratio of:
Annualized rental income
after expiration of outstanding benefits granted to tenants (rent-free periods, rent ceilings)
- unrecovered property charges for the year
EPRA Topped-up NIY =
Value of the
- charges portfolio
non including
récupérées duties
de l'exercices
-

 EPRA net initial yield is the ratio of:
Annualized rental income
after deduction of outstanding benefits granted to tenants (rent-free periods, rent ceilings)
- unrecovered property charges for the year
EPRA NIY = -
Value of the portfolio including duties




Italy
Germa Hotels
(€ million, Group share) Total France Offices German Total
n (incl.
Excluding French Residential and car parks 2022 Offices (incl. Residential 2023
Offices Retail)
Retail)
Investment, disposable and operating properties 17,394 4,117 2,491 1,239 4,672 2,557 15,076
Restatement of assets under development - 1,371 - 329 - 299 - 353 - 25 - - 1,007
Restatement of undeveloped land and other assets
- 333 - 161 - 108 - 12 -0 - 14 - 295
under development
Duties 918 193 84 67 335 94 773
Value of assets including duties (1) 16,608 3,820 2,168 941 4,981 2,637 14,547
Gross annualised IFRS revenues 653 182 110 40 189 148 668
Irrecoverable property charge - 63 - 17 - 15 -5 - 16 -1 - 54
Annualised net revenues (2) 590 164 95 34 174 146 614
Rent charges upon expiration of rent free periods or
34 17 8 6 - 0 32
other reductions in rental rates
Annualised topped-up net revenues (3) 624 182 103 40 174 146 645
EPRA Net Initial Yield (2)/(1) 3.6% 4.3% 4.4% 3.6% 3.5% 5.5% 4.2%
EPRA "Topped-up" Net Initial Yield (3)/(1) 3.8% 4.8% 4.8% 4.3% 3.5% 5.6% 4.4%

Transition from EPRA topped-up NIY to Covivio
yield
Impact of adjustments of EPRA rents 0.4% 0.5% 0.7% 0.4% 0.3% 0.1% 0.4%
Impact of restatement of duties 0.2% 0.3% 0.2% 0.4% 0.3% 0.2% 0.3%
Covivio reported yield rate 4.4% 5.5% 5.6% 5.2% 4.1% 5.8% 5.1%




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5. EPRA reporting
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5.7. EPRA cost ratio

(€million, Group share) 2022 2023
Unrecovered Rental Cost - 35.2 - 32.0
Expenses on properties - 21.5 - 22.7
Net losses on unrecoverable receivables 0.2 - 2.1
Other expenses - 6.0 - 5.7
Overhead - 105.1 - 103.9
Amortisation, impairment, and net provisions 3.1 4.5
Income covering overheads 28.1 25.3
Cost of other activities and fair value - 6.3 - 5.5
Property expenses - 0.4 - 1.1
EPRA costs (including vacancy costs) (A) - 143.0 - 143.2
Vacancy cost 21.5 21.5
EPRA costs (excluding vacancy costs) (B) - 121.5 - 121.8
Gross rental income less property expenses 607.2 616.7
EBITDA from hotel operating properties & coworking,
100.3 88.9
income from other activities
Gross rental income (C) 707.5 705.6
EPRA costs ratio (including vacancy costs) (A/C) -20.2% -20.3%
EPRA costs ratio (excluding vacancy costs) (B/C) -17.2% -17.3%




5.8. Adjusted EPRA Earnings: growing to €435.4 million

(€million) 2022 2023
Net income Group share (Financial data §3.3) 620.7 - 1,418.8
Change in asset values 119.5 1,751.8
Income from disposal - 15.8 35.4
Acquisition costs for shares of consolidated companies 0.4 2.0
Changes in the value of financial instruments - 371.9 132.4
Interest charges related to finance lease liabilities (leasehold > 100 years) 4.6 4.6
Rental costs (leasehold > 100 years) - 3.3 - 3.3
Deferred tax liabilities 75.2 - 156.6
Taxes on disposals 2.1 8.0
Adjustment to amortisation and provisions 21.4 26.4
Adjustments from early repayments of financial instruments 1.6 1.1
EPRA Earnings adjustments for associates - 24.3 52.2
Adjusted EPRA Earnings (B) 430.2 435.4
Adjusted EPRA Earnings in €/share (B)/(C) 4.58 4.47
Promotion margin - 15.3 - 5.7
EPRA Earnings (A) 414.9 429.7
EPRA Earnings in €/share (A)/(C) 4.42 4.41

Average number of shares (C) 93,955,927 97,487,850




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5. EPRA reporting
2023 results



5.9. EPRA NRV, EPRA NTA and EPRA NDV

2022 2023 Var. Var. (%)
EPRA NRV (€ m) 11,040 9,327 - 1,712 -15.5%
EPRA NRV / share (€) 117.0 92.6 - 24.4 -20.9%
EPRA NTA (€ m) 10,044 8,470 - 1,573 -15.7%
EPRA NTA / share (€) 106.4 84.1 - 22.3 -21.0%
EPRA NDV (€ m) 10,172 8,401 - 1,771 -17.4%
EPRA NDV / share (€) 107.8 83.4 - 24.4 -22.6%
Number of shares 94,385,959 100,658,623 6,272,664 6.6%



Reconciliation between shareholder’s equity and EPRA NAV

2022 (€ m) € per share 2023 (€ m) € per share
Shareholders’ equity 9,443 100.0 7,957 79.0
Fair value assessment of operating properties 227 175
Duties 918 807
Financial instruments and ORNANE - 334 - 235
Deferred tax liabilities 786 623
EPRA NRV 11,040 117.0 9,327 92.6
Restatement of value Excluding Duties on some assets - 884 - 773
Goodwill and intangible assets - 68 - 68
Deferred tax liabilities - 44 - 16
EPRA NTA 10,044 106.4 8,470 84.1
Optimization of duties - 34 - 34
Intangible assets 17 18
Fixed-rate debts 553 318
Financial instruments and ORNANE 334 235
Deferred tax liabilities - 742 - 607
EPRA NDV 10,172 107.8 8,401 83.4
(1) Excluding credit spread impact of €+7M


Valuations are carried out in accordance with the Code of conduct applicable to SIICs and the Charter of property
valuation expertise, the recommendations of the COB/CNCC working group chaired by Mr Barthès de Ruyter and the
international plan in accordance with the standards of the International Valuation Standards Council (IVSC) and those of
the Red Book of the Royal Institution of Chartered Surveyors (RICS).

The real estate portfolio held directly by the Group was valued on 31 December 2023 by independent real estate experts
such as Cushman, REAG, CBRE, HVS, JLL, BNPP Real Estate, MKG and CFE. This did not include:

 assets on which the sale has been agreed, which are valued at their agreed sale price;

 assets owned for less than 75 days, for which the acquisition value is deemed to be the market value.

Assets were estimated at values excluding and/or including duties, and rents at market value. Estimates were made
using the comparative method, the rent capitalisation method and the discounted future cash flow method.

Other assets and liabilities were valued using the principles of the IFRS standards on consolidated financial statements.
The application of fair value essentially concerns the valuation of debt coverages.

For companies co-owned with other investors, only the Group share was considered.




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5. EPRA reporting
2023 results



Fair value assessment of operating properties:

In accordance with IFRS, operating properties are valued at historical cost. To take into account the appraisal value, a
€175 million value adjustment was recognised in EPRA NRV, NDV, NTA related to:

- co-working and operating hotel properties for €141 million

- own-occupied buildings for €31 million

- car parks for €3 million



Fair value adjustment for fixed-rate debts
The Group has taken out fixed-rate loans (secured bond and private placement). In accordance with EPRA principles,
EPRA NDV was adjusted for the fair value of fixed-rate debt. The impact is +€318 million at 31 December 2023.


Recalculation of the base cost excluding duties of certain assets

When a company, rather than the asset that it holds, can be sold, transfer duties are re-calculated based on the
company’s net asset values (NAV). The difference between these re-calculated duties and the transfer duties already
deducted from the value had an impact of €33.7 million at 31 December 2023.


Deferred tax liabilities

The EPRA NTA assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred
tax.

For this purpose, the Group uses the following method:

- Offices: takes into account 50% of deferred tax considering the regular asset rotation policy,
- Hotels: takes into account deferred tax on the non-core part of the portfolio, expected to be sold within
the next few years,
- Residential: includes the deferred tax linked to the building classified as Assets available held for sale,
considering the low level of asset rotation in this activity.




5.10 CAPEX by type

€ million 2022 2023
100% Group share 100% Group share
€ m illion 2021 H1 2022 2022 H1 2023
1
Acquisitions 58 35 - -
100% Group share 100% Group share 100% Group share 100% Group share
Developments
1
Acquisitions 7 4 42
239 25
155
58 35
196 0 0
156
Investment Properties
Developments 359 249 120 241 80 161
239 155 223 116 85 153
2
Capitalized expenses on development206
portfolio
Investment Properties 136 105 38 69 30
241 161 34 82 58 32
(except under equity method)
Capitalized expenses on development portfolio 2
67 59 17 13 38 30 19 17
Total
(except under equity method) 577 381 453 341
Total 639 448 284 186 577 381 218 160
1
Acquisitions including duties
2
Financial expenses capitalized, commercialization fees and other capitalized expenses




The €156 million group share of Development Capex relates to renovation expenses on development projects (excluding
properties under equity method and assets under operation but including Capex on assets delivered over the year until
delivery date).




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5. EPRA reporting
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The €153 million group share of CAPEX on Investment Properties is mainly composed of:

- €33 million on offices including tenant improvement, green capex to enhance the value on strategic
offices;
- €9 million of modernisation Capex on hotels, with the aim to improve the quality of assets and benefit
from increased revenues and performance,
- €76 million of modernization & maintenance Capex on German Residential of which 2/3 modernization,
generating revenues.



5.11. EPRA LTV

The following table is published for the first time, in line with EPRA recommendations.

EPRA LTV Proportionate Consolidation
31 Dec. 2023 Group € M Share of Joint Share of Material Non-controlling Combined
(€ million, Group share) as reported Ventures Associates Interests
Include:
Borrowings from Financial Institutions 5,720 182 -2,316 3,586
Commercial paper 260 -120 140
Hybrids (including Convertibles,
preference shares, debt, options, - -
perpetuals)
Bond Loans 4,444 -533 3,911
Foreign Currency Derivatives (futures,
0
swaps, options and forwards)
Net Payables 42 -42 0
Owner-occupied property (debt) 0
Current accounts (Equity characteristic) 0
Exclude: 0
Cash and cash equivalents 901 31 -138 794
Net Debt (a) 9,565 151 -2,873 6,843


Include:
Owner-occupied property 1,976 10 - 834 1,152
Investment properties at fair value 18,786 461 - 6,542 12,705
Properties held for sale 314 - - 90 224
Properties under development 1,140 - - 133 1,007
Intangibles - - - -
Net Receivables - 4 36 40
Financial assets 373 - - 149 224
Total Property Value (b) 22,589 475 0 - 7,712 15,352
Real Estate Transfer Taxes 1,163 - 356 807
Total Property Value (incl. RETTs) (c) 23,752 475 0 -8,067 16,159


LTV (a/b) 42.3% 44.6%
LTV (incl. RETTs) (a/c) (optional) 40.3% 42.3%




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5. EPRA reporting
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Including preliminary agreements still to be cashed in, EPRA LTV (excluding transfer taxes) would go down to 43.8%.

EPRA LTV 44.6%
Duties -2.2%
Preliminary Agreements -0.8%
Other effects (including conso. restatements) -0.7%
LTV including duties 40.8%




5.12. EPRA performance indicator reference table


Amount in
EPRA information Section in % Amount in €
€/share

EPRA Earnings 5.8 - €429.7 m €4.41 /share
Adjusted EPRA Earnings 5.8 - €435.4 m €4.47 /share
EPRA NRV 5.9 - €9,327 m €92.6 /share
EPRA NTA 5.9 - €8,470 m €84.1 /share
EPRA NDV 5.9 - €8,401 m €83.4 /share
EPRA net initial yield 5.6 4.2% - -
EPRA topped-up net initial yield 5.6 4.4% - -
EPRA vacancy rate at year-end 5.2 4.8% - -
EPRA costs ratio (including vacancy costs) 5.7 -20.3% - -
EPRA costs ratio (excluding vacancy costs) 5.7 -17.3% - -
EPRA LTV 5.11 44.6%
EPRA indicators of main subsidiaries 6 - - -




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6. Financial indicators
2023 results




6. FINANCIAL INDICATORS OF THE MAIN ACTIVITIES

Covivio Hotels Covivio Immobilien

31 Dec. 22 31 Dec. 23 Change (%) 31 Dec. 22 31 Dec. 23 Change (%)

EPRA Earnings (M€) 220.9 238.8 +8.1% 166.3 152.6 -8.2%
EPRA NRV 4,105 3,915 -4.6% 5,733 4,756 -17.1%
EPRA NTA 3,722 3,550 -4.6% 5,199 4,262 -18.0%
EPRA NDV 3,763 3,512 -6.7% 4,574 3,682 -19.5%
% of capital held by Covivio 43.9% 43.9% - 61.7% 61.7% -
LTV including duties 35.0% 34.4% -0.6 pts 31.7% 35.2% +3.5 pts
ICR 6.0x 5.4x - .6x 7.3x 4.5x - 2.8x




64
7. Glossary
2023 results




7. GLOSSARY
 Net asset value per share: NRV, NTA and NDV
NRV (Net Reinstatement Value) per share, NTA (Net Tangible Assets) per share and NDV (Net Disposal Value)
per share are calculated pursuant to the EPRA recommendations, based on the shares outstanding as at year-
end (excluding treasury shares) and adjusted for the effect of dilution.



 Operating assets
Properties leased or available for rent and actively marketed.



 Rental activity
Rental activity includes mention of the total surface areas and the annualized rental income for renewed leases,
vacated premises and new lettings during the period under review.
For renewed leases and new lettings, the figures provided take into account all contracts signed in the period so
as to reflect the transactions completed, even if the start of the leases is subsequent to the period.
Lettings relating to assets under development (becoming effective at the delivery of the project) are identified
under the heading “Pre-lets".



 Cost of development projects
This indicator is calculated including interest costs. It includes the costs of the property and costs of construction.



 Definition of the acronyms and abbreviations used:
MRC: Major regional cities, i.e. Lyon, Bordeaux, Lille, Aix-Marseille, Montpellier, Nantes and Toulouse
ED: Excluding Duties
ID: Including Duties
IDF: Paris region (Île-de-France)
ILAT: French office rental index
CCI: Construction Cost Index
CPI: Consumer Price Index
RRI: Rental Reference Index
PACA: Provence-Alpes-Côte-d’Azur
LFL: Like-for-Like
GS: Group share
CBD: Central Business District
Rtn: Yield
Chg: Change
MRV: Market Rental Value


 Firm residual term of leases
Average outstanding period remaining of a lease calculated from the date a tenant first takes up an exit option.




65
7. Glossary
2023 results



 Green Assets
“Green” buildings, according to IPD, are those where the building and/or its operating status are certified as
HQE, BREEAM, LEED, etc. and/or which have a recognised level of energy performance such as the BBC-
effinergieR, HPE, THPE or RT Global certifications.


 Unpaid rent (%)
Unpaid rent corresponds to the net difference between charges, reversals and irrecoverable loss of income
divided by rent invoiced. These appear directly in the income statement under net cost of irrecoverable income.


 Loan To Value (LTV)
The LTV calculation is detailed in Part 4 “Financial Resources”.

LTV EPRA is available in the dedicated EPRA reporting, Part 5.


 Rental income
Recorded rent corresponds to gross rental income accounted for over the year by considering deferment of any
relief granted to tenants, in accordance with IFRS standards.
The like-for-like rental income posted allows comparisons to be made between rental income from one year to
the next, before taking changes to the portfolio (e.g. acquisitions, disposals, building works and development
deliveries) into account. This indicator is based on assets in operation, i.e. properties leased or available for rent
and actively marketed.
Annualized “topped-up” rental income corresponds to the gross amount of guaranteed rent for the full year based
on existing assets at the period end, excluding any relief.


 Portfolio
The portfolio presented includes investment properties, properties under development, as well as operating
properties and properties in inventory for each of the entities, stated at their fair value. For the hotel operating
properties, it includes the valuation of the portfolio consolidated under the equity method. For offices in France,
the portfolio includes asset valuations of Euromed and New Vélizy, which are consolidated under the equity
method.



 Projects


• Committed projects: these are projects for which promotion or construction contracts have been signed and/or
work has begun and has not yet been completed at the closing date. The delivery date for the relevant asset
has already been scheduled. They might pertain to VEFA (pre-construction) projects or to the repositioning of
existing assets.

• Managed projects: These are projects that might be undertaken and that have no scheduled delivery date. In
other words, projects for which the decision to launch operations has not been finalised.




66
7. Glossary
2023 results



 Yields/return
The portfolio returns are calculated according to the following formula:


Gross annualized rent (not corrected for vacancy)

Value excl. duties for the relevant scope (operating or development)


The returns on asset disposals or acquisitions are calculated according to the following formula:


Gross annualized rent (not corrected for vacancy)

Acquisition value including duties or disposal value excluding duties


 EPRA Earnings


EPRA Earnings is defined as "the recurring result from operating activities". It is the indicator for measuring the
company's performance, calculated according to EPRA's Best Practices Recommendations. The EPRA Earnings
per share is calculated using the average number of shares (excluding treasury shares) over the period under
review.

Calculation:
(+) Net Rental Income
(+) EBITDA of hotels operating activities and Coworking
(+) Income from other activities
(-) Net Operating Costs (including costs of structure, costs on development projects, revenues from
administration and management)

(-) Depreciation of operating assets
(-) Net change in provisions and other
(-) Cost of the net financial debt
(-) Interest charges linked to finance lease liability
(-) Net change in financial provisions
(+) EPRA Earnings of companies consolidated under the equity method

(-) Corporate taxes
(=) EPRA Earnings



 Surface
SHON: Gross surface
SUB: Gross used surface




67
7. Glossary
2023 results



 Debt interest rate
Average cost:
Financial Cost of Bank Debt for the period

+ Financial Cost of Hedges for the period

Average cost of debt outstanding in the year


Spot rate: Definition equivalent to average interest rate over a period of time restricted to the last day of the period.


 Occupancy rate
The occupancy rate corresponds to the spot financial occupancy rate at the end of the period and is calculated
using the following formula:
1 - Loss of rental income through vacancies (calculated at MRV)
rental income of occupied assets + loss of rental income

This indicator is calculated solely for properties on which asset management work has been done and therefore
does not include assets available under pre-leasing agreements. Occupancy rate are calculated using annualized
data solely on the strategic activities portfolio. Future leases secured on vacant spaces are accounted for as
occupied.
The “Occupancy rate” indicator includes all portfolio assets except assets under development.



 Like-for-like change in rent
This indicator compares rents recognised from one financial year to another without accounting for changes in
scope: acquisitions, disposals, developments including the vacating and delivery of properties. The change is
calculated using rental income under IFRS for strategic activities.
This change is restated for certain severance pay and income associated with the Italian real estate (IMU) tax.
Given specificities and common practices in German residential, the Lile-for-Like change is computed based on
the rent in €/m² spot N versus N-1 (without vacancy impact) on the basis of accounted rents.

For operating hotels (owned by FDMM), like-for-like change is calculated on an EBITDA basis
Restatement done:
o Deconsolidation of acquisitions and disposals realised on the N and N-1 periods
o Restatements of assets under works, ie:
- Restatement of released assets for work (realised on N and N-1 years)

- Restatement of deliveries of assets under works (realised on N and N-1 years).


 Like-for-like change in value
This indicator is used to compare asset values from one financial year to the next without accounting for changes
in scope: acquisitions, disposals, developments including the vacating and delivery of properties.
The like-for-like change presented in portfolio tables is a variation taking into account CAPEX works done on the
existing portfolio. The restated like-for-like change in value of this work is cited in the comments section. The
current scope includes all portfolio assets.

Restatement done:
o Deconsolidation of acquisitions and disposals realised over the period
o Restatement of work realised on assets under development during period N




68