Paris, France, February 17, 2022

Earnings at December 31, 2021

Operational upturn in 2021: robust trend launched for 2022

Total real estate return of around +7% in 2021

2021 recurrent net income of €5.32 per share

EPRA Net Tangible Assets (NTA) of €176.3 per share, up +3.7% year-on-year

Proposed 2021 dividend of €5.3 per share (yield of around 4.7%)
€512m of sales completed in secondary sectors, with a premium of around +9% versus the end-2020 values

LTV of 32.3% (including duties), down -130bp over 12 months average cost of debt down -10bp (to 0.9% for drawn debt)

Commitment adopted to be carbon neutral by 2030 (CAN0P-2030)

Growth trend taking shape from 2022
(indexation, gradual normalization of vacancy, pipeline contribution)

2022 recurrent net income per share expected to be €5.5


2021 marked by a solid operational performance

Offices: outperformance for centrality

Buoyant market in central sectors

Upturn in take-up (+32% in Paris Region) driven by central sectors (+58% Paris CBD)

Vacancy rate already falling for central markets (-140bp in CBD over 6 months)

68% of Gecina’s Office portfolio in Paris at end-2021 (vs. 55% end-2016), with 75% including Neuilly/Levallois

Volume of lettings back up above the pre-crisis level for Gecina, with 180,000 sq.m let, +9% vs. 2019. More than 18,500 sq.m since the start of 2022.

Positive reversion captured (+6%), particularly in Paris (+13% in Paris CBD, +3% for other Paris locations)

Growth in values like-for-like (+3.0% year-on-year) driven by central offices (+4.8% Paris CBD) and traditional residential (+3.5%)

Residential: embedded growth

+15% embedded growth for residential rental income in 2021, thanks to the acquisition of 7 off-plan programs, with nearly 1,000 new housing units to be delivered by 2025

Student residences: normalization and confidence

Normalized spot occupancy rate close to 2019 levels

Encouraging signs for 2022 and 2023, with the return of international students and the full reopening of universities  

Gradual upturn in fundamentals, which is expected to positively impact the outlook for growth from 2022

2021: operational upturn

Upturn in take-up, driven primarily by central sectors

Record year for lettings

2022&2023:embedded financial performance

Low indexation, reflecting the drop in GDP and weak inflation in 2020

First effects of the operational restart, making it possible to achieve recurrent net income per share of €5.32, with €512m of assets divested over the year vs. initial guidance of €5.30 excluding sales

Upturn in indexation, resulting from GDP and inflation picking up in 2021

Positive contribution by the development pipeline

Positive potential reversion secured (+6%), particularly in Paris (+16% in CBD)

Gradual normalization of real estate vacancy levels

Debt structure largely adapted for a risk of an increase in rates (maturity of 7.4 years, 90% rate hedging in 2022, 72% of debt hedged through to 2028)

Outlook for 2022

Like-for-like rental income growth expected to be around +3% in 2022

2022 recurrent net income per share expected to be up +3% to c.€5.5 per share (+5% restated for sales completed in 2021)


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