Paris, France, October 21, 2020

Business at September 30, 2020

Resilience and adaptability in a changing world


Solid operating performance

  • Gross rental income up +2.7% like-for-like (+3.5% for offices), with +5% including the assets delivered recently following a redevelopment operation (+6% for offices)
  • Contraction of -0.7% on a current basis linked to the realignment around central sectors and the redevelopments launched
  • 96% of rent for the first nine months already collected, with 98% including the deferrals negotiated
  • Fourth quarter in line with previous years for collection levels
  • Positive headline reversion achieved since the start of the year with around +15%

Group’s core markets resilient for the most central office sectors and residential assets

  • €473m of sales completed and under preliminary agreements since the start of the year, achieving an average premium of around +5% versus the latest appraisal values
  • Investment market: trends still supportive for residential and central sector offices
  • Rental market: market rents that are not weakening, particularly at the heart of Paris City, despite longer letting timeframes
  • Return to the office: already a reality in Paris, compared with other major cities like London and New York

Resilience and flexibility of the Group’s model

  • Healthy balance sheet at end-June: LTV including duties of 33%, average debt maturity of 7.1 years, €4.4bn of undrawn credit lines
  • Continued transformation and deployment of YouFirst to support Gecina’s agility and the responsiveness of its teams
  • Creation of a dedicated subsidiary and partnership for residential, supporting agility and making it possible to capitalize on development opportunities

Residential strategy continuing to be rolled out

  • Partnership agreement signed with Nexity to build around 4,000 homes for middle-class households in the Paris Region and major regional hubs across France

Gecina raises its recurrent net income guidance for 2020 to €5.70 per share, at the top end of the range announced in July

  • Improvement in visibility for the rest of 2020, enabling the Group to clarify its recurrent net income targets for 2020
  • Gecina now expects recurrent net income (Group share) per share for 2020 to be at the top end of the range reported in July

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