Paris, France, April 21, 2022

Business at March 31, 2022

Dynamic first quarter with solid operational performances

Gross rental income of €153.3m, up +2.2% like-for-like

Occupancy rate up for all asset classes (+80bp over three months to 92%)

Rental market upturn, with nearly 30,000 sq.m of offices let

Positive reversion of +18% recorded on offices in the first quarter

Pipeline’s positive net contribution to rental income

Liability structure ensuring good financial visibility

Target confirmed for recurrent net income per share growth to €5.5 in 2022

Increase in the occupancy rate across all asset classes

  • Occupancy rate progressing across all asset classes, reflecting the upturn in rental transactions, particularly for offices in the Paris Region’s central sectors, as well as the improvement in residential letting processes and the normalization of the environment for student residences.

Significant rental reversion captured in the first quarter, particularly at the heart of Paris

  • Rental reversion captured still positive, with +18% for offices in the first quarter, driven by the transactions carried out at the heart of Paris in particular.

Upturn in rent indexation

  • Rent indexation reflected in like-for-like growth as leases pass their anniversary dates. Contribution of around +0.7% for the quarter, with a gradual ramp-up expected over the coming quarters.
  • For reference, the benchmark index, published each quarter for Office rent indexation (ILAT index), came to +4.3% at end-2021 (index published at end-March 2022), whereas it was negative (-1.2%) one year earlier.
  • This ILAT index published at end-March 2022 for Q4 2021 will be applied for the leases that have an anniversary date during the second quarter of 2022.

Pipeline’s positive net contribution to rental income

  • For the first quarter, the pipeline’s net contribution (contribution by assets delivered net of assets launched for redevelopment) was positive, with this trend expected to ramp up over the coming quarters and be confirmed in 2022, particularly with the talks underway with potential tenants further strengthening confidence in the pipeline’s future rental potential.

Liability structure adapted and robust, ensuring good financial visibility

  • In the current context, Gecina benefits from an adapted, resilient and sound financial structure, without any refinancing constraints over the next 24 months and with a high hedging rate in the short term (around 90%), as well as the long term (75% on average through to end-2028, with an average hedging instrument maturity of 7.8 years at end-March).


  • Target confirmed for recurrent net income per share growth to €5.5 in 2022


Read the full press release here


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