Covivio: nine-month revenues up 5%

(CercleFinance.com) - For the first nine months of 2024, real estate group Covivio announced a 4.
9% LFL increase in revenues (after +1.8% in H1), to E509m group share (E779m at 100%).

The strengthening of the hotel business (where revenues grew by 23.5% LFL) and positive operating momentum across all three asset classes outweighed the effect of sales, mainly of office space, it explains.

LFL growth also accelerated, to +6.8% (after +6.5% in H1), thanks to indexation (2.8 points), higher occupancy rates and rents on re-rentals and renewals (three points), and variable hotel revenues (one point).

Covivio confirms its target of recurring net income of around E460m in 2024, up 6%. It is also targeting a return to a cash-only dividend payment for 2024, with a payout ratio of over 80%.


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