Business at March 31, 2019

Rental income reflecting Gecina’s strategy and robust trends for the most central sectors

• Gross rental income up +2.3% like-for-like in total and +2.5% for offices
• Factoring in the impact of assets delivered following redevelopment, this performance climbs to +13.2% for offices (+10.6% overall)
• Rental income down -2.6% on a current basis due to sales
• Nearly €17m of rent from like-for-like growth and assets delivered in 2018 in Paris, the Western Crescent and Lyon, offsetting the loss of rent linked to sales

€149m of sales already completed or under preliminary agreements in the first quarter, with a +7% premium versus the appraisal values

Office market still buoyant, particularly in Paris

• Immediate supply down -7% for the Paris Region and -11% for Paris City, its lowest level to date. Vacancy rates continuing to contract as a result, with 5.3% for the Paris Region and 2.2% for Paris
• Trends for headline rents on letting still positive for the most central sectors (+7.5% for the Paris Region and +9% to +14% for the various sectors in Paris City)

Gecina reconfirms its 2019 guidance with confidence

• Restated for the impact of sales of non-strategic assets from Eurosic’s scope, recurrent net income per share for 2019 is expected to grow by around +2% despite the significant volume of assets currently being redeveloped or to be launched for redevelopment shortly
• The projects from the pipeline are expected to generate additional net rental income - net of sales from 2018 - of +€130m to +€140m by 2024

Read the full press release here