Covivio Management

Management criteria checks 3/4

Covivio's CEO is Joseph Kullmann, appointed in Jan 2011, has a tenure of 13.83 years. total yearly compensation is €2.61M, comprised of 30.7% salary and 69.3% bonuses, including company stock and options. directly owns 0.17% of the company’s shares, worth €9.84M. The average tenure of the management team and the board of directors is 13.8 years and 8.6 years respectively.

Key information

Joseph Kullmann

Chief executive officer

€2.6m

Total compensation

CEO salary percentage	30.7%
CEO tenure	13.8yrs
CEO ownership	0.2%
Management average tenure	13.8yrs
Board average tenure	8.6yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Joseph Kullmann's remuneration changed compared to Covivio's earnings?
Date	Total Compensation	Salary	Company Earnings
Jun 30 2024	n/a	n/a	-€737m
Mar 31 2024	n/a	n/a	-€1b
Dec 31 2023	€3m	€800k	-€1b
Sep 30 2023	n/a	n/a	-€1b
Jun 30 2023	n/a	n/a	-€865m
Mar 31 2023	n/a	n/a	-€122m
Dec 31 2022	€2m	€700k	€621m
Sep 30 2022	n/a	n/a	€937m
Jun 30 2022	n/a	n/a	€1b
Mar 31 2022	n/a	n/a	€1b
Dec 31 2021	€3m	€700k	€924m
Sep 30 2021	n/a	n/a	€778m
Jun 30 2021	n/a	n/a	€632m
Mar 31 2021	n/a	n/a	€496m
Dec 31 2020	€2m	€700k	€360m
Sep 30 2020	n/a	n/a	€473m
Jun 30 2020	n/a	n/a	€586m
Mar 31 2020	n/a	n/a	€667m
Dec 31 2019	€3m	€700k	€747m
Sep 30 2019	n/a	n/a	€693m
Jun 30 2019	n/a	n/a	€639m
Mar 31 2019	n/a	n/a	€694m
Dec 31 2018	€2m	€600k	€750m
Sep 30 2018	n/a	n/a	€820m
Jun 30 2018	n/a	n/a	€890m
Mar 31 2018	n/a	n/a	€902m
Dec 31 2017	€2m	€600k	€914m

Compensation vs Market: Joseph's total compensation ($USD2.72M) is about average for companies of similar size in the German market ($USD3.59M).

Compensation vs Earnings: Joseph's compensation has increased whilst the company is unprofitable.

CEO

Joseph Kullmann (59 yo)

13.8yrs

Tenure

€2,607,310

Compensation

Mr. Christopher Kullmann, also known as Joseph, has been Chief Executive Officer of Foncière Développement Logements since February 2018. Mr. Kullmann has been the Chief Executive Officer since October 201...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Christopher Kullmann	CEO & Director	13.8yrs	€2.61m	0.17% € 9.8m
Olivier Joseph Estève	Deputy Chief Executive Officer	13.8yrs	€1.35m	0.098% € 5.6m
Paul Arkwright	CFO, Director of Financial planning	no data	no data	no data
Yves Marque	COO, Chief Corporate Officer & Secretary of the Board	no data	no data	no data
Didier Guion	Technical Director	no data	no data	no data
Marjolaine Cecile Alquier de l'Épine	Director of Risk	4.8yrs	no data	no data
Joséphine Lelong-Chaussier	Legal Officer	no data	no data	no data
Géraldine Lemoine	VP & Chief Communication Officer	no data	no data	no data
Elsa Canetti	Human Resources Director	no data	no data	no data
Tugdual Millet-Taunay	Chief Executive Officer of Hotels - Europe	no data	no data	no data
Jean-Éric Fournier	Sustainable Development Director	no data	no data	no data
Marielle Seegmuller	Chief Operating France Officer	no data	no data	no data

13.8yrs

Average Tenure

52yo

Average Age

Experienced Management: F5D's management team is seasoned and experienced (13.8 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Christopher Kullmann	CEO & Director	12.6yrs	€2.61m	0.17% € 9.8m
Jerome Grivet	Director	13.8yrs	€45.30k	no data
Olivier Piani	Independent Director	5.6yrs	€49.31k	0.00063% € 36.4k
Christian Delaire	Independent Director	5.6yrs	€69.00k	0.00071% € 41.1k
Catherine Soubie	Independent Director	8.6yrs	€60.51k	0.00062% € 35.9k
Jean-Luc Biamonti	Chairman of the Board	13.8yrs	€200.00k	0.00046% € 26.6k
Romolo Bardin	Director	9.6yrs	€59.00k	0.020% € 1.2m
Sylvie Ouziel	Independent Director	11.6yrs	€43.00k	0.0067% € 388.7k
Olivier Le Borgne	Director	3.9yrs	€39.00k	no data
Patricia Savin	Independent Director	8.6yrs	€38.00k	0.00019% € 11.0k
Alix d'Ocagne	Independent Director	4.8yrs	€43.31k	0.00018% € 10.4k
Stephanie de Kerdrel	Director	3.9yrs	€52.10k	no data

8.6yrs

Average Tenure

57.5yo

Average Age

Experienced Board: F5D's board of directors are considered experienced (8.6 years average tenure).

Covivio Management

Management criteria checks 3/4

Key information

Recent management updates

Covivio, Annual General Meeting, Apr 17, 2024

Recent updates

Covivio to Report Q1, 2025 Results on Apr 16, 2025

Covivio to Report First Half, 2025 Results on Jul 21, 2025

Covivio to Report Fiscal Year 2024 Results on Feb 19, 2025

First half 2024 earnings released: €0.082 loss per share (vs €7.27 loss in 1H 2023)

Upcoming dividend of €3.30 per share

Full year 2023 earnings released

Dividend of €3.30 announced

Covivio (ENXTPA:COV) signed an agreement to acquire additional 8.3% stake in Covivio Hotels (ENXTPA:COVH) from Generali Asset Management SGR SpA for €160 million.

Full year 2023 earnings released

Covivio to Report Q2, 2024 Results on Jul 22, 2024

Covivio, Annual General Meeting, Apr 17, 2024

Now 21% undervalued after recent price drop

An unknown buyer acquired Anjou office building located in Paris from Covivio (ENXTPA:COV).

First half 2023 earnings released: €7.27 loss per share (vs €8.45 profit in 1H 2022)

Full year 2022 earnings released: EPS: €6.61 (vs €9.79 in FY 2021)

Full year 2022 earnings released

Covivio to Report First Half, 2023 Results on Jul 20, 2023

Now 21% undervalued after recent price drop

Covivio to Report Fiscal Year 2022 Results on Feb 21, 2023

First half 2022 earnings released

Investor sentiment deteriorated over the past week

Upcoming dividend of €3.75 per share

Now 20% undervalued

Full year 2021 earnings: Revenues miss analyst expectations

Now 21% undervalued after recent price drop

Covivio to Report Fiscal Year 2021 Results on Feb 22, 2022

Covivio (ENXTPA:COV) acquired Residential portfolio of 640 homes in Berlin from Nox Capital for €154 million.

First half 2021 earnings released: EPS €4.95 (vs €2.19 in 1H 2020)

Covivio (ENXTPA:COV) acquired 552 units of Residential Portfolio In Berlin for approximately €130 million.

Indigo Group S.A. agreed to acquire Parking Concessions and Long-term Leases Portfolio from Covivio (ENXTPA:COV).

Upcoming dividend of €3.60 per share

Banca Finnat Euramerica S.p.A. (BIT:BFE) acquired an additional 17.9% stake in Investire SGR S.p.A. from Covivio (ENXTPA:COV).

New 90-day low: €64.85

Fondo Thesaurus acquired Two office building in Milan from Covivio (ENXTPA:COV) for €137 million.

New 90-day high: €77.00

Covivio to Report First Half, 2021 Results on Jul 21, 2021

Market bids up stock over the past week

New 90-day high: €68.40

New 90-day low: €55.35

Covivio to Report Fiscal Year 2020 Results on Feb 18, 2021

Covivio to Report Nine Months, 2020 Results on Oct 15, 2020

Fonciere des Regions (ENXTPA:FDR) acquired 2,000 residential units in Hamburg for approximately €240 million.

New 90-day low: €57.55

Earnings released

Tikehau Residential 1 fund of Tikehau Investment Management SAS acquired Portfolio of around 520 residential parcels in France from Covivio (ENXTPA:COV).

Arete, a fund managed by Kryalos SGR S.p.A. completed the acquisition of portfolio of mature and non-core assets from Covivio (ENXTPA:COV).

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Average Age

Board Members

Average Tenure

Average Age