Paris, France, October 20, 2022

Business at September 30, 2022

Robust operational performances and balance sheet further strengthened

  • Gross rental income of €463m, up +4% like-for-like (vs. +3% at end-June and +2.2% at end-March)
  • Occupancy rate up across the portfolio (+130bp year-on-year to 92.5%)
  • 73,000 sq.m of offices let since the start of the year, including 24,000 sq.m during the third quarter
  • Over nine months, positive reversion of +16% recorded for offices and +9% for residential
  • Pipeline’s positive net contribution to rental income
  • 90% of financial expenses hedged through to 2024, with 75% on average through to 2028
  • Financial ratings recently confirmed: A- by S&P, A3 by Moody’s
  • Gecina now Western Europe’s leading office real estate company in the GRESB rankings
  • 2022 recurrent net income per share target confirmed at €5.55 (+4.3% vs. 2021)

Increase in the occupancy rate

  • Occupancy rate progressing, reflecting active demand for Gecina’s assets in central sectors, as well as the improvement in residential letting processes and a very good start to the 2022 academic year for student residences


Significant rental reversion captured, particularly at the heart of Paris

  • Rental reversion of +16% for offices since the start of the year, driven by the transactions carried out at the heart of Paris in particular
  • Positive rental reversion progressing since the start of 2022 for residential, with +9% on average


Growing contribution by rent indexation

  • Rent indexation reflected in like-for-like growth as leases pass their anniversary dates. Contribution of around +1.5%, with a gradual ramp-up expected over the coming quarters
  • For reference, the ILAT index published at end-September 2022 for Q2 2022 is +5.3%


Pipeline’s positive net contribution to rental income

  • The pipeline’s net contribution (contribution by assets delivered net of assets launched for redevelopment) was positive, with this trend expected to ramp up between now and the end of the year and then in 2023, with the delivery of several projects (including l1ve and Boétie in the CBD)
  • 90% of the space in assets delivered in 2022 and scheduled for delivery in 2023 now let, with the recent letting of the remaining space in the Boétie building in the CBD and 157 Charles de Gaulle in Neuilly, rising to nearly 100% including the discussions that are currently being finalized


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

  • €600m of responsible credit lines renewed during the quarter, with an average term of over seven years and a margin that is consistent with the previous lines
  • Cost of debt 90% hedged through to end-2024 and 75% on average through to 2028
  • Surplus liquidity currently covering all of the maturities for drawn debt through to 2027
  • Average debt maturity of 7.4 years at end-September


Gecina makes further progress in the CSR rankings and GRESB in particular

  • Overall rating up to 94/100, and 99/100 for redevelopments, reflecting Gecina's excellence in terms of CSR aspects and moving up to first place as Western Europe’s top-ranked office real estate company
  • Gecina also retained its AAA rating for the fifth consecutive year in the MSCI rankings


In this context of good operational performance levels, and despite interest rates rising more quickly than expected, Gecina is able to confirm its recurrent net income per share target of €5.55 for 2022, up +4.3% from 2021.


Read the full press release here


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