Paris, France, February 15, 2023

Earnings at December 31, 2022

Robust operational and financial performances in 2022

  • Acceleration of operational trends during the second half of the year
  • Gross rental income up +4.4% like-for-like to €626m (vs. +3.0% at end-June)
  • Occupancy rate rising (+190bp year-on-year, +210bp for offices)
  • Positive reversion of +24% recorded on offices in 2022
  • Pipeline’s positive net contribution to rental income (+€5m) and NAV (+€2.5/share)
  • Recurrent net income per share of €5.56, up +4.5% (vs. +3.9% at end-June)
  • €1.8bn of new credit lines and €750m of 11-year bond placements
  • €161m of sales completed or secured, with a premium of +8% versus end-2021 appraisal values
  • 2023 recurrent net income per share expected to reach €5.80 to €5.90 

Very strong commercial activity in 2022 across all asset classes

  • Several rental transactions signed in the second half of the year around €1,000/sq.m/year
  • 100% of the office projects delivered in 2022 or to be delivered in 2023 let or pre-let

Gross rental income up +4.4% like-for-like in 2022 (+3.0% for the first half of the year)

  • Average occupancy rate up +190bp year-on-year to 93.1% (+80bp over six months)
  • Indexation that is gradually firming up, contributing +2.1% in 2022, while the latest ILAT index published at end-December was 5.9%
  • Strong rental reversion captured on offices, with +24% on the buildings relet (+13% at end-June 2022) and over +10% for residential (+8% during the first half of the year)
  • Pipeline’s positive net contribution, which accelerated in the second half of the year
  • Overheads under control and down slightly in a context of rising inflation

Proactive management of debt despite an uncertain context

  • Average cost of debt stable in 2022 at 1.2% overall
  • €750m of bond debt raised since the start of 2022, with an average cost of 1.36% and an average maturity of 11 years: bond issue in January 2022, swaps set up in August, and bond lines tapped in December 2022 and January 2023
  • Liquidity surplus of around €1bn, making it possible to cover current bond maturities through to 2027
  • High hedging rate over the short, medium and long term (over 90% in 2023-2025, and nearly 80% on average through to end-2028, with an average hedging maturity of 7 years)

Solid financial aggregates in 2022

  • Recurrent net income per share up +4.5%
  • Portfolio value: -0.6% over 12 months (including value creation from the committed pipeline), with a positive rent effect in central sectors offsetting the increase in capitalization rates
  • NTA of €172.2 per share (-2.3% year-on-year)
  • NDV of €183.8 per share, up +6.3% thanks to the valuation of hedging instruments and fixed-rate debt
  • LTV including duties of 33.7%, in line with the best market standards
  • 2022 dividend: €5.30 per share, paid in full in cash

2023: positive trends to continue, with +4.3% to +6.1% recurrent net income per share growth expected

Recurrent net income (Group share) is expected to reach €5.80 to €5.90 per share in 2023, up +4.3% to +6.1%.


Beñat Ortega, Chief Executive Officer: “In 2023, Gecina will benefit from the embedded increase in the occupancy rate, the stronger impact of indexation, the positive reversion captured and the development pipeline’s rental contribution. Alongside this, the Group’s balance sheet structure offers good visibility over changes in financial expenses, further strengthening our confidence for the year and supporting our guidance for 2023”.

Read the full press release here


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