Business at March 31, 2024
Solid growth
- Gross rental income up +6.2% like-for-like thanks to indexation (+5.2%) and rental reversion (+1.2%)
- Strong year-on-year rental growth (+4.3%) despite the high volume of sales in 2023 (€1.3bn)
- Significant rental reversion (+16% overall for offices, nearly +30% in Paris)
- Gecina ramping up the rollout of its “managed” offers for offices and residential
- Payment of a cash dividend of €5.3 per share for 2023
- 2024 recurrent net income per share target confirmed at €6.35 to €6.40, up +5.5% to +6.5%
Strong rental income growth over the first three months of the year
- Contribution by rent indexation following on from 2023 (+5.2%)
- Significant rental reversion captured during the first quarter (+16% overall for offices), particularly at the heart of Paris
- Occupancy rate stable overall at 94.3%
- Pipeline’s positive net rental contribution benefiting from the impact of the deliveries of the Boétie building (Paris CBD) in 2023 and a residential building in Ville d’Avray
- Growth on a current basis still high despite the historically significant volume of sales completed in 2023 (€1.3bn)
2024 guidance confirmed
- Group outlook supported by a solid balance sheet, further strengthened through the sales in 2023 and the renewal of €0.7bn of undrawn credit lines since the start of the year, as well as positive rental market trends
- Recurrent net income (Group share) is expected to reach €6.35 to €6.40 per share in 2024, up +5.5% to +6.5%
Read the full press release here
As a specialist for centrality and uses, Gecina operates innovative and sustainable living spaces. A real estate investment company, Gecina owns, manages and develops a unique portfolio at the heart of the Paris Region’s central areas, with more than 1.2 million sq.m of offices and more than 9,000 housing units, almost three-quarters of which are located in Paris City or Neuilly-sur-Seine. This portfolio is valued at 17.1 billion euros at end-2023.
Gecina has firmly established its focus on innovation and its human approach at the heart of its strategy to create value and deliver on its purpose: “Empowering shared human experiences at the heart of our sustainable spaces”. For our 100,000 clients, this ambition is supported by our client-centric brand YouFirst. It is also positioned at the heart of UtilesEnsemble, our program setting out our solidarity-based commitments to the environment, to people and to the quality of life in cities.
Gecina is a French real estate investment trust (SIIC) listed on Euronext Paris, and is part of the SBF 120, CAC Next 20, CAC Large 60 and CAC 40 ESG indices. Gecina is also recognized as one of the top-performing companies in its industry by leading sustainability benchmarks and rankings (GRESB, Sustainalytics, MSCI, ISS-ESG and CDP).
To safeguard its communications, Gecina certifies its contents with Wiztrust. You can check their authenticity at www.wiztrust.com.
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Contacts
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Glenn Domingues
Director of Public Affairs and Corporate Communications
