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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Contacts
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Julien Landfried
Executive Director Communications, Public Affairs and Brand
