Paris, France, July 21, 2022

Earnings at June 30, 2022

Robust operational performances across Gecina's business lines

  • Gross rental income up +3% like-for-like to €308.2m
  • Recurrent net income per share up +3.9% excluding the impact of 2021 divestments
    (-0.7% including them)
  • Occupancy rate up for all asset classes (+110bp over six months)
  • Positive reversion of +13% for offices since the start of the year, with +26% in Paris
  • Pipeline’s positive net contribution to first-half rental income and NAV
  • Proactive debt management, ensuring good financial visibility
  • Net Tangible Assets (NTA) per share up +3% over six months
  • 2022 recurrent net income per share target raised to €5.55

Over 57,000 sq.m of office rental transactions completed by Gecina since the start of the year, illustrating the Group’s robust performance on central markets with positive trends

  • 70% for relettings or renewals, with average reversion of +13% (+26% in Paris)
  • 17% for vacant space, driving a +110bp increase in the average financial occupancy rate for offices over the first half of the year
  • 13% for assets under development: the letting rate for pipeline operations delivered in 2022 and 2023 is now 85% (vs. 67% at end-2021)

Gecina has signed several transactions in line with or higher than prime rents in Paris and Neuilly

  • Around 80% of the Boétie building (scheduled for delivery in early 2023) and 64 Lisbonne relet at the start of July 2022 were signed at around €950/sq.m  
  • 85% of 157-CDG in Neuilly let above prime market rents (€650-700)

Gross rental income up +3% like-for-like, reflecting the improved occupancy rate and the first increases in indexation

  • Rent indexation reflected in like-for-like growth as leases pass their anniversary dates. First-half contribution of around +0.9%, which will mechanically increase progressively over the coming quarters
  • For reference, the benchmark index, published each quarter for Office rent indexation (ILAT index), came to +5.1% at end-March 2022 (index published at end-June 2022)

Proactive debt management, ensuring good financial visibility

  • Opportunistic €500m bond issue in January 2022, with a 0.875% coupon and a maturity of 11 years, enabling Gecina to increase its liquidity to €3.3bn
  • Thanks to this proactive management, Gecina has a liquidity surplus of around €1bn, enabling it to cover its bond maturities through to 2027
  • Lastly, Gecina has a high hedging rate in the short term (around 90%), as well as the long term (75% on average through to end-2028, with an average hedging instrument maturity of 7.2 years)
  • The average cost of debt is stable for the first half of the year, with the LTV down -150bp year-on-year to 31.9%

NTA up +3% over six months to €181.2

  • The portfolio value climbed +1.3% over the first half of the year, in a context of rising inflation and therefore future increases in indexation, with significant reversion potential
  • The NTA is up +3% over six months and +5% year-on-year

In this context of good operational performances, and despite interest rates rising more quickly than expected, the recurrent net income per share target for 2022 is being raised to €5.55, up +7% excluding the impact of disposals compared with 2021 (and +4.3% including them).

Please read the full press release here


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