Regulatory News:
Gecina (Paris:GFC):
| Key takeaways
- Strong, continuous polarization favoring
central areas on both the leasing and investment markets -
Continuous rental income growth materialized (+6.7%
like-for-like), reflecting a strong contribution by
indexation (+5.4%), as well as reversion (+1.0%) -
Significant reversion captured on new leases (average
increase of +14% between expired leases and newly signed
leases, with +18% in central areas for the office portfolio and
+16.5% for the residential portfolio) - Excellent GRESB
score achieved again (95/100), with Gecina first in its peer
group - 2024 Recurrent Net Income (Group share) guidance
upgraded: now expected to reach around €6.40 per share
| Beñat Ortega, Chief Executive Officer: “We achieved a
strong Q3 in a context of the rental market’s bifurcation, with a
growing focus on centrality among companies and a slowdown in
rental activity due to a wait-and-see attitude linked to the
Olympic Games and the electoral sequence in France. Our
achievements in terms of delivering repositioned buildings and on
the leasing side mean that we are able to raise our 2024 guidance,
with a recurrent net income (Group share) expected to around €6.40
per share”.
| Rental income: continuous growth materialized
Gross rental income
Sep 30, 2023
Sep 30, 2024
Change (%)
In million euros
Current basis
Like-for-like
Offices
398.3
422.9
+6.2%
+6.9%
Residential
98.5
95.6
-2.9%
+6.0%
Total gross rental
income
496.9
518.5
+4.4%
+6.7%
- Gross rental income up +6.7%
like-for-like, driven primarily by the continued impact of
indexation (+5.4%) as well as the reversion captured on
new leases (+1.0%) - Solid rental growth on a current basis
(+4.4%, with +6.2% for the offices) - (further details appended) -
Significant reversion on new office leases (+14%), with an
+18% uplift in central locations and +28% in Paris City, on 41,000
sq.m signed over the first three quarters, as well as on the
residential portfolio (+16.5%) - Occupancy rate up
slightly (93.7% vs 93.6% (Q3 2023))
| Non-financial excellence confirmed
- Excellent GRESB score achieved again
(95/100), with Gecina first in its peer group - 100% of
drawn and undrawn debt now green (following the greening of the
latest credit line in Q3 2024)
| Pipeline update: Q3 deliveries as scheduled
- Mondo, a 30,100 sq.m office asset in
Paris CBD (17th arrondissement), which was fully pre-let one
year in advance to the Publicis Group and benefits from the highest
environmental certification standards (HQE Excellent, LEED Gold,
BiodiverCity, BBCA (low carbon construction)), as well as the WELL
and WiredScore labels with a Gold rating - 35 Capucines, a
6,400 sq.m office asset in Paris CBD (2nd arrondissement),
fully pre-let to various luxury industry companies and a law firm,
also benefiting from high environmental certification standards
(HQE Excellent, BBCA (low carbon construction) and Effinergie
Renovation), as well as the WiredScore labels with a Silver rating
- Dareau (5,500 sq.m, 92 apartments), following the
conversion of an office building into residential units in Paris
(14th arrondissement), targeting ambitious certifications (NF
HQE Excellent (Habitat High Environmental Quality), BBCA,
BiodiverCity)
| 2024 Recurrent Net Income (Group share) guidance upgraded:
around €6.40 per share now expected
Appendices
| Gross rental income: +6.7% like-for-like
Gross rental income
Sep 30, 2023
Sep 30, 2024
Change (%)
In million euros
Current basis
Like-for-like
Offices
398.3
422.9
+6.2%
+6.9%
Residential
98.5
95.6
-2.9%
+6.0%
Total gross rental
income
496.9
518.5
+4.4%
+6.7%
Like-for-like: +6.7%
- Acceleration in gross rental income on a
like-for-like basis (+6.7%), with +6.9% for the office
portfolio - Still driven primarily by the continued impact of
indexation (+5.4%), as well as the reversion captured on
new leases (+1.0%)
Current basis: +4.4% (with +6.2% for offices)
- Strongly supported by like-for-like
rental growth (see above) - Positive contribution by the
deliveries in 2023 and 2024, including Boétie (Paris
CBD), 35 Capucines (Paris CBD), Porte Sud (Montrouge), a
residential building in Ville d’Avray and the Montsouris student
residence (Paris), helping to offset the impact of the
historically significant volume of sales completed in 2023
(€1.3bn) as well as the impact of the restructuring and renovation
of our assets (incl. Carreau de Neuilly)
| Offices: +6.9% like-for-like
Gross rental income - Offices
Sep 30, 2023
Sep 30, 2024
Change (%)
In million euros
Current basis
Like-for-like
Offices
398.3
422.9
+6.2%
+6.9%
Central areas (Paris,
Neuilly, Southern Loop)
289.0
309.9
+7.3%
+8.4%
Paris City
228.4
243.9
+6.8%
+8.8%
Core Western Crescent
60.6
66.0
+9.0%
+6.7%
La Défense
53.6
57.7
+7.6%
+7.6%
Other locations
(Peri-Défense, Inner/ Outer Rims and Other regions)
55.7
55.3
-0.8%
-1.2%
- Continued contribution from
indexation on office leases (+6.0%). - Impact of
leasing performance on the like-for-like scope, with the
impact of reversion (+0.7%), with Q3 deals in central areas
as well as in the Core Western Crescent and La Défense: 3,350 sq.m
for a communications company in Boulogne-Billancourt, c.2,000 sq.m
for a university in Paris’ 7th arrondissement and c.1,350 sq.m for
a consulting firm in Courbevoie
| Residential: +6.0% like-for-like
Gross rental income
Sep 30, 2023
Sep 30, 2024
Change (%)
In million euros
Current basis
Like-for-like
Residential
98.5
95.6
-2.9%
+6.0%
YouFirst Residence
82.7
76.7
-7.3%
+3.8%
YouFirst Campus
15.8
18.9
+19.6%
+15.4%
- All the components of our residential portfolios show
positive trends in like-for-like growth - Like-for-like rental
income growth of +6.0%, benefiting from positive indexation
(+2.7%), the impact of significant rental reversion (+2.2%)
and the reduction in the financial vacancy rate
| Occupancy rate: up slightly (93.7%) vs Q3 2023, at a high
level
Average financial occupancy rate
Sep 30, 23
Dec 31, 23
Mar 31, 24
Jun 30, 24
Sep 30, 24
Offices
93.6%
93.7%
93.9%
93.8%
93.7%
Residential
93.6%
94.7%
96.7%
95.2%
93.6%
Group total
93.6%
93.9%
94.3%
94.1%
93.7%
Financial agenda
2024 Earnings press release: February 13, 2025, after market
close
About Gecina
As a specialist for centrality and uses, Gecina operates
innovative and sustainable living spaces. A real estate investment
company, Gecina owns, manages and develops a unique portfolio at
the heart of the Paris Region’s central areas, with 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
Neuilly-sur-Seine. These portfolios are valued at 17.1 billion
euros at end-June 2024.
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).
www.gecina.fr
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version on businesswire.com: https://www.businesswire.com/news/home/20241016617420/en/
Gecina Financial communications Nicolas BROBAND
Tel.: +33 (0)1 40 40 18 46 nicolasbroband@gecina.fr Attalia NZOUZI
Tel.: + 33 (0)1 40 40 18 44 attalianzouzi@gecina.fr Press
relations Glenn DOMINGUES Tel.: + 33 (0)1 40 40 63 86
glenndomingues@gecina.fr Armelle MICLO Tel.: + 33 (0)1 40 40 51 98
armellemiclo@gecina.fr
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