Full Year 2023 Covivio SA Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Florent Laroche-Joubert - ODDO BHF - Analyst : Florent Laroche-Joubert from ODDO BHF. So maybe I would have -- we have three questions. So maybe the first question on offices. So could you please tell us a little bit more on your challenges in leasing for 2024? And maybe most specifically in offices in Germany. So we have seen a change in the organization. So what can we expect? Maybe my second question on the investment market and valuation. So I said that you are near at the low point of the real estate cycle. In the meantime, you are quite active in the investment market. So what is your feedback on the current situation in terms of liquidity, appetite of investors, and maybe how you see as maybe the valuation of the asset? And maybe a third question. So on disposal office, are you open to structure deals such as Vonovia with Apolo as part of disposal plans? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 16, 2024 / 9:00AM, CVO.PA - Full Year 2023 Covivio SA Earnings Call

Question: Florent Laroche-Joubert - ODDO BHF - Analyst : Thank you very much.

Question: Valerie Jacob Guezi - SociTtT GTnTrale S.A. - Analyst : I just wanted to ask a couple of follow-up questions on the guidance. The first one is you say you want to come back to growth. And I just wanted to clarify that this is not on a per share basis. And my second question is about the dividend. You say you want to come back to a cash dividend next year. And I just wanted to understand your thinking what happens, for example, if asset values go down more than you expect or if you cannot meet your disposal target, would you review this statement in that context?

Question: Stephanie Dossmann - Jefferies Group LLC - Analyst : And just to come back on the guidance, will it be possible to give us some colors in terms of drivers? Because I suspect the guidance was slightly above consensus and just trying to understand what is driving more growth going forward? And second question on disposals. As you as you are ahead of the plan over the '23, '24, would it make sense to make more disposals as the debt-to-equity ratio remains quite high compared to rating agency thresholds?

Question: Florent Laroche-Joubert - ODDO BHF - Analyst : Florent Laroche-Joubert, ODDO BHF. Can you hear me?

Question: Florent Laroche-Joubert - ODDO BHF - Analyst : Yes. I have an additional question actually on our German residential. So we are able to see that you can dispose with the onshore block deals with a significant margin. And so my question will be as follow. Are you paying transfer taxes or the fees maybe to get this deals over the line?