Earnings at December 31, 2023
Robust and positioned for growth
- Recurrent Net Income per share above the upper guidance range, up +8.2% to €6.01 in 2023
- 100% of 2023-2024 deliveries already let or pre-let (100,000 sq.m)
- 2023 dividend to be fully paid in cash (€5.3 per share) [1]
- LTV broadly stable at 34%, following €1.3bn of disposals in 2023, +8% above appraisals with a 2.5% yield
- 2024 recurrent net income per share expected to be up between €6.35 to €6.40 (+5.5% to +6.5%)
Outperforming the leasing market with 156,000 sq.m let or relet, up +60% vs. 2022
- Leasing trends confirmed in central areas
- Reversion captured on offices (+30% for Paris, +14% overall) and residential (+13%)
- Average occupancy rate up +90bp in 2023 on Offices, +80bp in total
- Weighted average firm duration of 8.4 years
- 2023-2024 pipeline fully let / prelet (> 100,000 sq.m)
- Mondo (30,000 sq.m) and 35 Capucines (6,300 sq.m) in Paris CBD fully pre-let in 2023
Driving all P&L aggregates upwards in 2023 through strong achievements
- Improvement in occupancy, indexation and rental uplifts reflected in +6.1% LfL growth
- 65,000 sq.m of projects delivered in 2022-2023 (incl. l1ve, Boétie in Paris CBD) driving the pipeline’s net rental contribution to +€22m, with gross rents climbing +6.5%
- SG&A and service charges kept under control despite inflation, with EBITDA up +7.8%
- Hedging and disposals in 2023 kept financial expenses under control (cost of drawn debt of 1.1%), with +8.2% Recurrent Net Income per share growth
- Record CSR achievements: #1 European REIT in GRESB, -20% for CO2 emissions, -10% for energy consumption
Taking decisive capital allocation decisions, ideally positioning the Group for the new reality
- €1.3bn of disposals with an average premium of +8% versus the latest appraisals and a c.2.5% yield, executed in a muted investment market, and resulting in:
- LTV of 34% (including duties), broadly stable vs. end 2022 despite a -10.6% drop in valuations
- Liquidity further strengthened, now covering bond maturities until 2028
- Debt now 92% hedged on average through to 2028
- €1.7bn of new debt opportunistically sourced to anticipate refinancings at same spread conditions thanks to strong access to all financing sources
- Proceeds from disposals to fund an accretive development pipeline over the next four years
Shaping Gecina for future growth
- Favorable operational performances (positive trends on central markets, supportive rental uplift and indexation)
- Two iconic pre-let projects to be delivered in 2024 (Mondo and 35 Capucines in Paris CBD)
- Two major new projects in central locations to be launched in 2024 (c.60,000 sq.m, deliveries 2027e)
- Disposals carried out in 2023 with an accretive impact on recurrent net income
- Anticipating new clients’ requirements with differentiating operating platforms within the office and residential portfolios, to capture incremental performance
- 2024 recurrent net Income expected to grow between €6.35 and €6.40 per share (+5.5% to 6.5%)
Beñat Ortega, Chief Executive Officer: “In a quite uncertain environment, Gecina delivered strong operational and financial achievements confirming the unique positionning of our Group. Our outperformance on our asset portfolio was further strengthened by our balance sheet, combining to offer good visibility over our cash flow growth moving forward.
The Group also successfully managed to opportunistically reinforced its strengths this year by disposing €1.3bn of mature real estate assets, above their appraisal values with an accretive impact on earnings, thanks to an average 2.5% yield. This is enabling us to further strengthen the quality of our balance sheet, in addition to financing our pipeline, concentrated primarily in Paris and driving strong value creation, while opening opportunistic financial headroom as well.
The Group is therefore well placed to achieve growth thanks to our decisive capital and asset allocation initiatives, combined with a strong CSR leadership, aligned with the new reality on the real estate markets. We are building the foundations for a Group that will be positioned to deliver sustainable outperformance as we move forward”.
A specialist in centrality and uses, Gecina operates innovative and sustainable living spaces. The real estate investment company owns, manages and develops a unique portfolio in the heart of central areas of the Paris Region, covering more than 1.2 million sq.m of offices and more than 9,000 housing units, almost three-quarters of which are located in Paris City or in Neuilly-sur-Seine. This portfolio is valued at 17.1 billion euros at end-2023.
Gecina has firmly established its focus on innovation and its human approach at the heart of its strategy to create value and deliver on its purpose: “Empowering shared human experiences at the heart of our sustainable spaces”. For our 100,000 clients, this ambition is supported by our client-centric brand YouFirst. It is also positioned at the heart of UtilesEnsemble, our program setting out our solidarity-based commitments to the environment, to people and to the quality of life in cities.
Gecina is a French real estate investment trust (SIIC) listed on Euronext Paris, and is part of the SBF 120, CAC Next 20, CAC Large 60 and CAC 40 ESG indices. Gecina is also recognized as one of the top-performing companies in its industry by leading sustainability benchmarks and rankings (GRESB, Sustainalytics, MSCI, ISS-ESG and CDP).

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Glenn Domingues
Director of Public Affairs and Corporate Communications