from Covivio Hotels (EPA:COVH)
Covivio Hotels - 2025 Half-year results
PRESS RELEASE
Paris, 16 July 2025
Results of the 1st half-year 2025: continued growth momentum
Hotel market: performance still improving in Europe
After very good momentum in 2024, the European hotel industry continued its growth in 2025 with results up +2.5% at the end of May 2025. These results were driven by the increase in prices and a slight increase in occupancy rates.
The best results were recorded in Southern Europe, notably Spain and Italy, with increases in RevPAR (Revenue Per Available Room) of +5.0% and +3.6% respectively. Germany continued to catch up, posting a +4.1% increase in RevPAR. In France, RevPAR growth was +2.1%.
Hotel investment in Europe totalled €4.95 billion in the first quarter of 2025 (stable year-on-year), with the hotel sector now accounting for 10.7% of total real estate investments.
1 €60 million in disposals, in line with 2024 appraisal values
Covivio Hotels signed new disposal agreements totalling €60 million in Group share (€65 million at 100%) during the first half of 2025: 8 assets in France for €23 million, including 2 Accor brand hotels, and 1 hotel in Erfurt, in Germany (€37 million).
Increase in appraisal values of +2.3% on a like-for-like basis, due to the increase in revenues and the consolidation of hotels as operating properties performed at the end of 2024
Covivio Hotels held a Hotel real estate portfolio valued at €5,878 million (€6,501 million at 100%) at the end of June 2025, characterized by:
- high-quality locations: the average grade given for “geographic location” by customers on Booking.com is 8.9/10;
- a diversified portfolio, in terms of countries (11 countries), segments (27% of economy hotels,
40% of mid-range hotels and 33% of upscale hotels) and partner operators (17 brands including Accor, Marriott, IHG, Radisson, Minor and B&B);
- long-term leases of 10.7 years on average.
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On a like-for-like basis, the Hotel real estate portfolio was up by +2.3% over six months, driven mainly by assets located in France (+4.7%) and southern Europe (+3.3% in Spain, +2.6% in Italy). This growth is mainly due to the consolidation of hotel properties located in France and Belgium at the end of 2024, which resulted in a revaluation of these assets of +10.4%.
The hotel portfolio has an average yield excluding transfer taxes of 6.4% (stable over 6 months), of which 6.2% on the lease portfolio and 6.5% on the operating properties portfolio.
Breakdown of the hotel real estate portfolio at 30/06/2025 (in Group share)
1
* Others: Hungary, Portugal, Czech Republic and Ireland
€183 million increase in equity
Covivio Hotels’ equity increased by €183 million in the first half of 2025, following the payment of the dividend in shares, which was subscribed by 82.3% of shareholders, at an issue price of €18.57/share.
9,848,860 new shares were issued, increasing the total number of shares comprising the share capital to 157,990,312.
This transaction, which reflects the renewed confidence of shareholders in Covivio Hotels’ strategy, strengthens the Company’s resources to continue its development.
Decrease in debt and improvement in the debt ratio
The net debt of Covivio Hotels fell to €1,966 million in Group share compared to €2,119 million at 31 December 2024, with a stable rate, of 2.3% at the end of June. The average debt maturity is 4.4 years.
At June 30, 2025, the Loan To Value (LTV) ratio stood at 29.8%, down -2.7 points compared to the end of 2024, benefiting from increases in value and the payment of the dividend in shares. The interest coverage ratio (ICR) was 8.1x, and the net debt/EBITDA ratio was 6.4x.
Covivio Hotels net liquidity (including undrawn credit lines) was €958 million at the end of June 2025.
Revenue growth: +5.3% on a like-for-like basis
The good results in the hotel market and for our hotels over the year resulted in revenue growth of +6.0% on a current scope and +5.3% on a like-for-like basis to €162.9 million compared to €153.7 million on 30 June 2024.
Revenues | Revenues | Revenues | Revenues | Change | Change | |
€ million | H1 2024 | H1 2024 | H1 2025 | H1 2025 | Group Share | Group Share LFL |
100% | Group Share | 100% | Group Share | (%) | (%) (*) | |
Fixed Revenues | 96.2 | 89.5 | 98.4 | 91.5 | +2.3% | +3.6% |
Variable Revenues | 65.2 | 64.2 | 72.3 | 71.4 | +11.1% | +8.7% |
Total Hotel Revenues | 161.4 | 153.7 | 170.7 | 162.9 | +6.0% | +5.3% |
Non-strategic (Retail) | 1.7 | 1.7 | 0.5 | 0.5 | -68.7% | +1.8% |
Total revenues Covivio Hotels | 163.1 | 155.4 | 171.2 | 163.4 | +5.2% | +5.3% |
(*) On a like for like basis
Fixed revenues (56% of Hotel real estate revenues; Group share)
- Rents totalled €91.5 million at 30 June 2025, i.e. a +3.6% increase on a like-for-like scope due to rent indexation.
Variable revenues (44% of Hotel real estate revenues, Group share)
- Hotel real estate with variable rent (10% of hotel revenues, Group Share): the portfolio is mainly let to Essendi (formerly AccorInvest), in France and Belgium. It also includes the variable portion of revenue from assets located in Spain, Italy and the UK, held under leases with a guaranteed minimum rent.
- Hotel operating properties (34% of Hotel real estate revenues, Group share): the majority of these hotels are located in France, Germany and Belgium.
Overall, variable revenues increased by +8.7% on a like-for-like scope year-on-year, thanks in particular to the excellent performance of hotel lease properties in southern Europe and hotel operating properties located in Nice and Lille.
Signing of a new lease with Radisson Hotel Group
Covivio Hotels signed a new lease with Radisson Hotel Group for an asset located at Roissy Charles de Gaulle airport, previously operated by Accor under a management contract. This 12-year lease is based on a variable rent with a guaranteed minimum. The 4-star hotel with 305 rooms will be operated under the Radisson Blu brand.
The transition from operating property to a hotel lease property should lead to a significant improvement in revenues, which are expected to grow by more than 50% compared to 2024.
This transaction marks a new stage in the strategic partnership between Covivio Hotels and Radisson Hotel Group and illustrates Covivio Hotels' ability to continuously optimize its revenues, by leveraging the flexibility of the different types of contracts (lease, franchise, management) and its in-depth knowledge of operators.
Recurring net result growth of +10.7% in H1 2025
Recurring net result (EPRA Earnings) of €132.3 million at the end of June 2025 (compared to €119.5 million at the end of June 2024), increased by +10.7% over a year, boosted by revenue growth. EPRA Earnings per share amounted to €0.88 (compared to €0.81 last year) an increase of +8.8%, taking the payment of the dividend in shares into account.
The EPRA NTA (net tangible assets) NAV was €4,006 million, compared with €3,815 million at the end of 2024, up +5.0% over the semester. It totals €25.4 per share, a decrease of -1.5% compared to the end of 2024, due to the payment of the dividend in shares in 2025.
The EPRA NDV net asset value, which takes the fair value adjustment of interest rate hedges and fixedrate debt into account, rose to €3,843 million, from €3,690 million at the end of December 2024, an increase of +4.2%. It totals €24.3/share.
2025 outlook
As a leading player in hotel real estate in Europe, Covivio Hotels is pursuing its strategy of growth and optimization of its portfolio, by actively enhancing its existing portfolio through dynamic and targeted management.
CONTACTS
Press Relations Géraldine Lemoine Tel: +33 (0)1 58 97 51 00 geraldine.lemoine@covivio.fr | Investors Relations Vladimir Minot Tel: +33 (0)1 58 97 51 94 vladimir.minot@covivio.fr |
Louise-Marie Guinet
Tel: +33 (0)1 43 26 73 56 covivio@wellcom.fr
ABOUT COVIVIO HOTELS
Covivio Hotels specializes in owning business premises in the hotel sector. A listed real estate investment company (SIIC), a real estate partner of the major players in the hotel industry, Covivio Hotels holds assets worth € 6.5 billion by the end of June, 2025.
Covivio Hotels is graded BBB+ / Stable outlook by Standard and Poor’s.
ABOUT COVIVIO
Thanks to its partnering history, its real estate expertise and its European culture, Covivio is inventing today’s user experience and designing tomorrow’s city.
A preferred real estate player at the European level, Covivio is close to its end users, capturing their aspirations, combining work, travel, living, and co-inventing vibrant spaces.
A benchmark in the European real estate market with €23.1bn in assets, Covivio offers support to companies, hotel brands and territories in their pursuit for attractiveness, transformation and responsible performance.
Build sustainable relationships and well-being, is the Covivio’s Purpose who expresses its role as a responsible real estate operator to all its stakeholders: customers, shareholders and financial partners, internal teams, local authorities but also to future generations and the planet. Furthermore, its living, dynamic approach opens up exciting project and career prospects for its teams.
APPENDICES:
Covivio Hotels, a 53.2%-owned subsidiary at the end of June 2025, is a listed property investment company (SIIC) and leading hotel real-estate player in Europe. It invests in hotel lease properties as well as hotel operating properties.
The figures presented are expressed at 100% and in Covivio Hotels Group share (GS).
Covivio owns a high-quality hotel portfolio (274 hotels / 38,354 rooms) valued at €6.5 billion (€5.9 billion in Group share), focused on assets located in major European cities and leased or operated by major hotel operators such as Accor, B&B, Mariott, IHG, NH Hotels, etc. This portfolio offers geographic and tenant diversification (across 11 European countries) and asset management possibilities via different ownership methods (hotel lease and hotel operating properties).
1. Continued growth in the hotel market
After very good momentum in 2024, the European hotel industry continued its growth in 2025 with results up +2.5% at the end of May 2025. These results were driven by the increase in prices and a slight increase in occupancy rates.
The best results were recorded in southern Europe, notably Spain and Italy, with increases in RevPAR (Revenue Per Available Room) of +5.0% and +3.6% respectively. Germany continued to catch up, posting a +4.1% increase in RevPAR. In France, RevPAR growth was +2.1%.
Hotel investment in Europe totalled €4.95 billion in the first quarter of 2025 (stable year-on-year), with the hotel sector now accounting for 10.7% of total real estate investments.
The assets partially owned by Covivio Hotels include mostly:
o 91 B&B assets in France, including 89 held at 50.2% and 2 held at 31.2% o 21 AccorInvest assets, including 20 assets in France et 1 asset in Belgium, between 31.2% and 33.3% owned.
2. Accounted revenues: +5.3% on a like-for-like basis
(€ million) | Revenues H1 2024 100% | Revenues H1 2024 Group share | Revenues H1 2025 100% | Revenues H1 2025 Group share | Variation (%) Group Share | Group Share valuation (%) at likefor-like scope |
Variable revenues | 65.2 | 64.3 | 72.2 | 71.4 | +11.1% | +8.7% |
Fixed revenues | 96.2 | 89.5 | 98.4 | 91.5 | +2.3% | +3.6% |
Total hotel revenues | 161.4 | 153.7 | 170.7 | 162.9 | +6.0% | +5.3% |
Hotel revenues increased by +5.3% on a like-for-like basis compared to H1 2024 reaching €162.9 million, due to:
Variable revenues (44% of hotel real estate revenue, Group share)
- Hotels with variable rents (10% of hotel real estate revenues, Group Share): the portfolio is mainly leased to Essendi (formerly AccorInvest), in France and Belgium. It also includes the variable portion of revenues from assets located in Spain, Italy and the UK, held under leases with a guaranteed minimum rent.
- Hotels operating properties (34% of hotel real estate revenues, Group share): these hotels are mainly located in France, Germany and Belgium.
Fixed revenues (56% of hotel real estate revenues, Group share): rents amounted to €91.5 million at June 30, 2025, an increase of +3.6% on a like-for-like scope due to the indexation of rents.
On a current scope, revenues increased by +6.0% year-on-year, impacted by the EBITDA of hotels taken over as hotel operating properties as part of the exchange operation with Essendi, acquisitions and disposals in 2024 and 2025.
3. Annualised revenues
Breakdown by tenant/operator and by country, based on 2025 revenues which total €371.9 million in Group share.
Revenues are divided into fixed rent (49%), variable rent (11%) and EBITDA (40%).
4. Indexation
Fixed-indexed leases are indexed to benchmark indices (ICC and ILC in France and the consumer price index for foreign assets).
5. Hotel lease expiries: 10.7 years of residual firm lease term
(€ million) – Group Share | By lease end date (1st exit option) | % of the total | By lease end date | % of TOTAL |
2025 | - | 0% | - | 0% |
2026 | 14.9 | 7% | - | 0% |
2027 | 3.2 | 1% | - | 0% |
2028 | 5.1 | 2% | 7.7 | 3% |
2029 | 2.7 | 1% | 8.5 | 4% |
2030 | 2.1 | 1% | 20.1 | 9% |
2031 | 31.0 | 14% | 11.8 | 5% |
2032 | 10.7 | 5% | 12.2 | 5% |
2023 | 10.5 | 5% | 6.8 | 3% |
2034 | 7.1 | 3% | 33.8 | 15% |
Beyond | 136.5 | 61% | 122.9 | 55% |
Total hotel lease properties | 223.8 | 100% | 223.8 | 100% |
6. Portfolio valuation: +2.3% increase on a like-for-like basis
6.1 Change in portfolio values
(In € million, excluding duties, Group share) | Value 2024 | Acquis. | Invest. | Disposals | Change in value | Others | Value H1 2025 |
Hotels - Lease properties | 3,593 | -2 | -60 | 49 | -18 | 3,561 | |
Hotels - Operating properties | 2,226 | 12 | - | 82 | -3 | 2,317 | |
Total Hotels | 5,818 |
| 10 | -60 | 131 | -21 | 5,878 |
At 30 June 2025, hotel assets total €5.9 billion Group share, up €60 million compared to end-2024, mainly due to the impact of variations in value on a like-for-like scope (+€131 million) and disposals (-€60 million).
6.2 Change on a like-for-like basis: +2.3%
(In € million, excluding duties) | Value 2024 Group share | Value H1 2025 100% | Value H1 2025 Group share | Change in value on a like-for-like basis [1] in Group share | Yield[2] 2024 | Yield2 H1 2025 | % of total value |
France | 845 | 1,233 | 805 | +0.7% | 6.0% | 6.2% | 14% |
Paris | 265 | 364 | 264 | ||||
Greater Paris (excl. Paris) | 216 | 372 | 208 | ||||
Major regional cities | 172 | 218 | 138 | ||||
Other cities | 192 | 279 | 195 | ||||
Germany | 568 | 583 | 567 | -0.1% | 5.7% | 5.9% | 10% |
Frankfurt | 67 | 68 | 66 | ||||
Munich | 46 | 46 | 46 | ||||
Berlin | 59 | 62 | 60 | ||||
Other cities | 397 | 407 | 396 | ||||
Belgium | 121 | 120 | 120 | -1.2% | 8.5% | 9.0% | 2% |
Brussels | 18 | 18 | 18 | ||||
Other cities | 103 | 102 | 102 | ||||
Spain | 641 | 663 | 663 | +3.3% | 6.2% | 6.5% | 11% |
Madrid | 285 | 296 | 296 | ||||
Barcelona | 151 | 151 | 151 | ||||
Other cities | 206 | 216 | 216 | ||||
UK | 712 | 705 | 705 | +2.1% | 5.3% | 5.5% | 12% |
Italy | 279 | 286 | 286 | +2.6% | 6.1% | 6.7% | 5% |
Other countries | 426 | 415 | 415 | +0.6% | 6.3% | 6.5% | 7% |
Total Hotel lease properties | 3,593 | 4,006 | 3,561 | +1.4% | 6.0% | 6.2% | 61% |
France | 1,080 | 1,290 | 1,167 | +7.7% | 7.3% | 6.6% | 20% |
Paris | 493 | 608 | 540 | ||||
Other cities (Nice, Lille…) | 587 | 683 | 627 | ||||
Germany | 774 | 804 | 763 | -1.6% | 6.1% | 5.9% | 13% |
Berlin | 563 | 585 | 555 | ||||
Dresden & Leipzig | 156 | 161 | 153 | ||||
Other cities | 55 | 58 | 55 | ||||
Other countries | 372 | 401 | 387 | +2.9% | 8.0% | 7.6% | 7% |
Total Hotel operating properties | 2,226 | 2,495 | 2,317 | +3.7% | 7.0% | 6.5% | 39% |
Total Hotels 5,818 6,501 | 5,878 | +2.3% | 6.4% | 6.4% | 100% |
At the end of June 2025, Covivio Hotels holds a unique hotel portfolio valued at €5,878 million Group share (€6,501 million at 100%) in Europe. This strategic portfolio is characterised by:
- High-quality locations: average Booking.com geographic location grade of 8.9/10 and 91% in major European city destinations.
- A diversified portfolio in terms of countries (11 countries), segments (27% economic, 40% midscale and 33% upscale hotels).
- Major hotel operators with long-term leases: 17 hotel operators with an average lease term of
10.7 years.
The value of the hotel portfolio increased on a like-for-like basis by +2.3%, due to the consolidation of assets as hotel operating properties, the results of variable revenue hotels and the indexation of fixed rents.
Growth was achieved both on hotel leased properties (+1.4%) and hotel operating properties (+3.7%), particularly in France (+4.7%) and southern Europe (+3.3% in Spain, +2.6% in Italy).
The hotel real estate portfolio has an average yield excluding duties of 6.4%, stable over 6 months.
Portfolio breakdown by value and geography
91% in major European destinations
- Bridge table of the portfolio:
Portfolio (as of 30/06/2025) 5 914 M€
Use rights on investment properties Use rights on operating properties Equity affiliates > 30% Non-accrued goodwill of operating property assets Real Estate Assets Group Share | + 239 M€ + 45 M€ - 156 M€ - 383 M€ 5 659 M€ |
The companies's fully consolidated non-controlling interest 100% Real estate assets - IFRS accounts | + 270 M€ 5 929 M€ |
- Bridge table of EPRA indicator: Shareholders’ equity Group - IFRS Accounts | 3 499 M€ |
Fair value of operating property assets net of deferred taxes | + 296 M€ |
Non optimised transfer rights | 331 M€ |
Fair value of financial instruments | - 90 M€ |
Defered tax (including IFRS adjustments) | + 290 M€ |
EPRA NRV | 4 326 M€ |
Non-optimised transfer rights | -283 M€ |
Goodwill and intangibles assets* | - 1 M€ |
Deferred tax on non-core assets | - 36 M€ |
EPRA NTA | 4 006 M€ |
Optimisation of the transfer rights | - 48 M€ |
Intangibles assets | + 1 M€ |
Fair value of fixed-rate debt net (excluding credit spread) of deferred taxes | + 49 M€ |
Fair value of financial instruments | + 90 M€ |
Deferred taxes | - 254 M€ |
EPRA NDV | 3 843 M€ |
*The goodwill corresponding for €323 million to acquired operating companies (OpCos) has not been deducted. Indeed, the price paid to acquire these OpCos contributes to the value of the assets (OpCos + PropCos), as valued by the real estate appraiser. The Group did not pay any additional price to acquire these OpCos. The goodwill published in the balance sheet therefore contributes to the fair value of the assets shown as operating properties in the Group's balance sheet.
- Bridge table of rental income:
€ million | Rental income HY 2025 | Non-controlling interest | Rental income HY 2025 Group Share |
IFRS Accounts | Covivio Hotels | ||
Hotels | 171 M€ | -8 M€ | 163 M€ |
Retail premises | 1 M€ | 0 M€ | 1 M€ |
Total Rental Income | 171 M€ | -8 M€ | 163 M€ |
Managed hotel EBITDA | 56 M€ | -1 M€ | 55 M€ |
- Debt maturity per year (Group share commitments):
- Detail of Loan-to-Value (LTV) calculation:
(€ million) – Group Share | 31/12/2024 | 30/06/2025 |
Net book debt | 2 119 | 1 965 |
Receivables linked to associates (fully consolidated) | -27 | -27 |
Pledges | -69 | -51 |
Security deposits received | -7 | -11 |
Purchase debt | 11 | 2 |
Net debt Group Share | 2 026 | 1 878 |
Appraised value of real estate assets (including duties) | 6 029 | 6 094 |
Pledges | -69 | -51 |
Receivables linked to associates (equity method) | 61 | 64 |
Share of equity affiliates | 217 | 188 |
Value of assets | 6 237 | 6 294 |
LTV Excluding Duties | 34,3% | 31,5% |
LTV Including Duties | 32,5% | 29,8% |
- Reconciliation with consolidated accounts:
Net debt
(€ million) |
| Consolidated financial statements | Minority interests | Group Share |
Bank Debt | 2 653 | -91 | 2 562 | |
Cash and cash equivalents | -607 | 11 | -597 | |
Net debt |
| 2 046 | -80 | 1 966 |
Portfolio
Interest Coverage Ratio (ICR)
- Bridge table of EPRA Earnings:
Net income Non-
Net Income, EPRA
€ million 100% IFRS controlling Restatements
Group Share Earnings
Accounts interest
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|
NET INCOME FOR THE PERIOD 120,6 -6,1 114,5 17,8 132,3
- Balance sheet (100%):
- Profit and loss account (100%):
€ million- Consolidated data | 30/06/2024 | 30/06/2025 | Variation |
Rents | 134 | 116 | -18 |
Rental charges not recovered | -2 | -2 | 0 |
Expenses on Buildings | -2 | -1 | 1 |
Net bad debt expenses | 1 | 1 | 0 |
NET RENTS | 131 | 114 | -17 |
Revenue from hotels under management | 138 | 223 | 85 |
Operating expenses of hotels under management | -108 | -167 | -59 |
RESULTS OF HOTELS UNDER MANAGEMENT | 0 | 56 | 56 |
Management and administration income | 2 | 3 | 0 |
Structure costs | -11 | -12 | -1 |
NET OPERATING COSTS | -9 | -9 | -1 |
Depreciation of operating assets | -21 | -52 | -31 |
Net change in provisions | 0 | 0 | 0 |
Other operating profits ans losses | 8 | 8 | 0 |
OPERATING RESULT | 139 | 116 | -23 |
Income from asset disposals | 4 | -1 | -5 |
Result of value adjustments | 21 | 51 | 30 |
Income from the sale of securities | 0 | 0 | 0 |
Result of changes in scope | 0 | 0 | 0 |
Profit and loss from goodwill | -1 | 0 | 1 |
OPERATING INCOME | 162 | 165 | 3 |
Cost of net financial debt | -30 | -25 | 5 |
Interest expense on rental liabilities | -8 | -8 | 0 |
Value adjustment of derivative instruments | 21 | -6 | -27 |
Discounting and exchange result | -1 | 0 | 1 |
Early amortization of loan issue costs | -1 | 0 | 1 |
Share of profit of companies accounted for using the equity method | 9 | 1 | -8 |
NET INCOME BEFORE TAX | 154 | 128 | -25 |
Taxes | -12 | -8 | 4 |
NET INCOME FOR THE PERIOD | 142 | 121 | -21 |
Minority interests | -9 | -6 | 3 |
NET INCOME FOR THE PERIOD - GROUP SHARE | 133 | 115 | -19 |
- Glossary:
1) Definition of the acronyms and abbreviations used:
GS: Group share
Chg: Change
LfL: Like-for-Like basis
2) Firm residual term of leases
Average outstanding period remaining of a lease calculated from the date a tenant first takes up an exit option.
3) Triple net lease
Lease contract reached between a landlord and a tenant. A "triple net" lease means a lease for which all the taxes and expenses (work, maintenance) related to proper functioning of the building are at the expense of the tenant.
4) Loan To Value (LTV)
Calculation of the LTV is detailed in the Appendices.
5) Rental income
Recorded rent corresponds to gross rental income accounted for over the year by taking into account the 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.
6) EBITDA (Earnings before Interest, Taxes, Depreciation and Amortisation):
This is gross operating income after rent. The calculation can be described in the following manner:
(+) Total revenues (revenues)
(-) Purchases and External Expenses
(-) Personnel Expenses
= EBITDAR
(-) Rental income
= EBITDA
7) EBITDAR Margin:
EBITDAR corresponds to the gross operating income before rent. It is used to compare companies with different ownership policies.
The EBITDAR margin corresponds to the following calculation: EBITDAR / Total rental income
The level of operating profits of hotels varies depending on the hotel category.
8) Portfolio
The portfolio presented includes investment properties and properties under development, as well as operating properties and properties in inventory for each of the entities, stated at their fair value.
9) Yield
The portfolio returns are calculated according to the following formula:
Annualised gross rental income
Value excluding duties on the scope in question
10) Average annual rate of debt
Financial cost of bank debt for the period
+ Financial cost of hedges for the period
Average used financial net debt outstanding in the year
11) 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.
12) 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 on the basis of rental income under IFRS for strategic activities.
On hotel operating properties, the change in constant scope is calculated based on EBITDA.
Restatement done:
▪ Deconsolidation of acquisitions and disposals realised on the N and N-1 periods ▪ Restatements of assets undergoing work, i.e.:
o Restatement of assets released for work (realised on N and N-1 years) o Restatement of deliveries of under-work assets (realised on N and N-1 years).
13) Like-for-like change in value
This indicator is used to compare asset values from one financial year to another without accounting for changes in scope: acquisitions, disposals, works, developments including the vacating and delivery of properties.
Restatement done:
▪ Deconsolidation of acquisitions and disposals realised during the period
▪ Restatement of work realised on assets during period N (including assets under developpement).