Business at March 31, 2021
Solid first-quarter performance
Gross rental income of €158.1m
+1.3% like-for-like benefiting from the rent catch-up for previous years (-0.9% excluding this effect)
€133m of sales, with a +4.3% premium versus the latest end-2020 values
Target for operational portfolio to be carbon neutral by 2030 (CAN0P-2030)
Target to requalify all bond issues as Green Bonds
Positive reversion of +8% recorded in the first quarter (+18% for Paris CBD)
43% of the 2021-2022 pipeline pre-let, up 6 points since end-2020
First signs of a rental market upturn, encouraging trend for the second half of the year
- Around 39,000 sq.m let to date, including 30,000 sq.m during the first quarter, with an average firm maturity of 6.4 years on the new leases signed, significantly higher than the firm residual average maturity of 4.5 years for the Group’s office leases
- Reversion achieved during the quarter, with +8% for offices overall and +18% in Paris’ CBD
- Acceleration of pre-lettings, with 43% of the buildings to be delivered in 2021 and 2022 now pre-let
Solid like-for-like rental performance compared with a pre-Covid first quarter of 2020
- Like-for-like rental income growth of +1.3% (-0.9% restated for the rent catch-up for 2017 to 2020 on retail units received during the first quarter following a decision by the authorities)
- Outperformance for like-for-like office rental income growth in the most central sectors (particularly Paris City) compared with peripheral areas
Rent collection situation normalized
- 95% of 2021 first-quarter rent collected to date
- Rate consistent with the pre-Covid situation for rent due for the second quarter of 2021
- Risk profile stable for our tenants, with 83% in the top two categories according to Dun & Bradstreet (stable vs end-2020)
€133m of sales completed or covered by preliminary agreements at end-March 2021
- €133m of sales finalized or secured at end-March 2021, +4.3% higher than the end-December 2020 values, reflecting the good performance by the investment markets
Ambitious CSR roadmap
- Launch of the CAN0P-2030 plan, aiming for Gecina’s operational portfolio to be carbon neutral by 2030 vs 2050 previously
- Requalification of all bond issues as Green Bonds (€5.6bn), with a global, dynamic approach, subject to approval by note holders at their general meetings
- Percentage of responsible bank lines increased to 49%
- Introduction of an environmental performance criterion for 15% of long-term incentive plans
- Gecina included in the new CAC 40 ESG index
2021 guidance reaffirmed
- Confirmation of 2021 guidance for recurrent net income (Group share) of around €5.3 per share, excluding the potential impact of sales or acquisitions not secured to date
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Contacts
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Julien Landfried
Executive Director Communications, Public Affairs and Brand
