Paris, France, April 20, 2023

Business at March 31, 2023

Sustained revenue growth

  • Gross rental income up +8.7% year-on-year, and +7.3% like-for-like (vs. +4.4% for FY 2022)
  • Occupancy rate up +280bp in 12 months, to nearly 95%
  • First-quarter releasing spread of over +30% for offices in Paris (+7% overall) and +11% for residential
  • Increase in indexation’s contribution to like-for-like rental income growth (to +4.2% vs. +2.1% in 2022)
  • Pipeline’s positive net contribution to rental income
  • €147m of sales completed or secured, +6% higher than the latest appraisals
  • Group's solid financial position confirmed with several financing facilities raised or renewed during the first quarter, confirming good access to bank and bond liquidity
  • 2023 recurrent net income per share target confirmed at €5.80 to €5.90

Increase in the occupancy rate

  • Average financial occupancy rate progressing (+280bp year-on-year and +340bp for offices), reflecting active demand for Gecina’s assets in central sectors, as well as the improvement in residential letting processes

Significant rental reversion captured, particularly at the heart of Paris

  • Office rental reversion of over +30% for Paris City and +7% overall since the start of the year
  • Positive rental reversion progressing since the start of 2022 for residential, with +11% on average for the first quarter

Growing contribution by rent indexation

  • Rent indexation reflected in like-for-like growth as leases pass their anniversary dates
  • Contribution of around +4.2% for the first quarter (vs +2.1% for 2022)

€147m of sales completed or secured (under preliminary agreements) since the start of the year

  • With a premium of +6.4% versus the latest appraisal values for Gecina’s two asset classes
  • More than 70% of the disposals outside of Paris

Pipeline’s positive net contribution to rental income

  • Net rental contribution of +€4m, reflecting the impact of the deliveries of the l1ve building in Paris’ Central Business District and 157-CdG in Neuilly in 2022 (both fully let), offsetting the Icône-Marbeuf (Paris-CBD) and Flandre (Paris) assets vacated to be redeveloped

Liability structure adapted and robust, ensuring good visibility in an uncertain environment

  • €175m of responsible credit lines set up or renewed during the quarter, with an average term of seven years and a margin that is consistent with the previous lines
  • Cost of debt 90% hedged through to 2025 and nearly 80% on average through to 2028
  • Surplus liquidity currently covering all of the maturities for drawn debt through to 2027

2023 guidance confirmed

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

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