Media
Paris, France, October 18, 2023

Business at September 2023

RESULTS
PRESS RELEASES

Record level of rental activity in the third quarter

2023-2024 pipeline fully pre-let

  • Gross rental income up +7.3% on a current basis and +6.1% like-for-like
  • Positive reversion on the leases signed in 2023, with +26% for offices in Paris (+14% overall) and +13% for residential
  • 2023-2024 pipeline fully pre-let, with two major projects recently let in Paris’ Central Business District: “Mondo” (30,000 sq.m) and “35 Capucines” (6,300 sq.m)
  • €111m of additional sales covered by preliminary agreements (+7.7% higher than the end-2022 appraisals)
  • Ranked 1st out of all 100 European listed real estate companies in the GRESB
  • 2023 recurrent net income per share target confirmed at €5.9 to €6.0
Investor Relations

Strong rental income growth over the first nine months of the year

  • Growing contribution from indexation (+4.6%)
  • Occupancy rate up +130bp for offices and +110bp overall
  • Significant rental uplift captured, particularly at the heart of Paris (+26% in Paris City and +14% overall for offices) and +13% for residential
  • Pipeline’s net rental contribution of +€16.4m, reflecting the impact of the deliveries of the l1ve building (Paris CBD) and 157-CdG (Neuilly) in 2022, Boétie (Paris CBD) in 2023 and a residential building in Ville d’Avray

Major pre-lettings in Paris’ CBD projects to be delivered in 2024

  • All office space in the “Mondo” building (30,000 sq.m) now pre-let to a CAC 40 Group
  • Finalization of the letting of office space in “35 Capucines” (6,300 sq.m)
  • All building deliveries in 2023-2024 already let or pre-let

€1.1bn of sales completed or secured since the start of the year

  • €111m of additional disposals under preliminary agreements since the start of July, with a +7.7% premium above the end-2022 appraisals and a loss of rental income of less than 3%, with two Parisian buildings occupied and two non-strategic assets currently vacant in Paris and the Paris Region’s Inner Rim.
  • Operations that further strengthen the Group’s balance sheet and consolidate its long-term outlook in a significantly slower investment market environment

2023 guidance confirmed

Recurrent net income (Group share) is expected to reach €5.9 to €6.0 per share in 2023, up +6% to +8%

Read the full press release here

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18-10-2023 - Gecina Press release - Business at September 30 2023.pdf

October 18, 2023

Experts

Beñat Ortega

Chief Executive Officer, director

Beñat Ortega, École Centrale Paris alumni, was appointed as Gecina’s Chief Executive Officer in april 2022 and as a Director of the company on 20 april 2023. B

STRATEGY
INVESTMENTS

Nicolas Dutreuil

Deputy CEO in charge of Finance

A Dauphine and Sorbonne graduate, with a postgraduate DESS in banking and finance, as well as a postgraduate DESCF in accounting and finance, Nicolas Dutreuil b

FINANCES
RESULTS
GREEN FINANCE

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