Numeri “ robusti” per la quotata francese Gecina

Gross rental income of €463m, up +4% like-for-like (vs. +3% at end-June and +2.2% at end-March)

Occupancy rate up across the portfolio (+130bp year-on-year to 92.5%)
73,000 sq.m of offices let since the start of the year, including 24,000 sq.m during the third quarter
Over nine months, positive reversion of +16% recorded for offices and +9% for residential
Pipeline’s positive net contribution to rental income
90% of financial expenses hedged through to 2024, with 75% on average through to 2028
Financial ratings recently confirmed: A- by S&P, A3 by Moody’s
Gecina now Western Europe’s leading office real estate company in the GRESB rankings
2022 recurrent net income per share target confirmed at €5.55 (+4.3% vs. 2021)

Increase in the occupancy rate

Occupancy rate progressing, reflecting active demand for Gecina’s assets in central sectors, as well as the improvement in residential letting processes and a very good start to the 2022 academic year for student residences

Significant rental reversion captured, particularly at the heart of Paris

Rental reversion of +16% for offices since the start of the year, driven by the transactions carried out at the heart of Paris in particular
Positive rental reversion progressing since the start of 2022 for residential, with +9% on average

Growing contribution by rent indexation

Rent indexation reflected in like-for-like growth as leases pass their anniversary dates. Contribution of around +1.5%, with a gradual ramp-up expected over the coming quarters
For reference, the ILAT index published at end-September 2022 for Q2 2022 is +5.3%

Pipeline’s positive net contribution to rental income

The pipeline’s net contribution (contribution by assets delivered net of assets launched for redevelopment) was positive, with this trend expected to ramp up between now and the end of the year and then in 2023, with the delivery of several projects (including l1ve and Boétie in the CBD)
90% of the space in assets delivered in 2022 and scheduled for delivery in 2023 now let, with the recent letting of the remaining space in the Boétie building in the CBD and 157 Charles de Gaulle in Neuilly, rising to nearly 100% including the discussions that are currently being finalized

Liability structure adapted and robust, ensuring good visibility in an uncertain environment

€600m of responsible credit lines renewed during the quarter, with an average term of over seven years and a margin that is consistent with the previous lines
Cost of debt 90% hedged through to end-2024 and 75% on average through to 2028
Surplus liquidity currently covering all of the maturities for drawn debt through to 2027
Average debt maturity of 7.4 years at end-September

Gecina makes further progress in the CSR rankings and GRESB in particular

Overall rating up to 94/100, and 99/100 for redevelopments, reflecting Gecina’s excellence in terms of CSR aspects and moving up to first place as Western Europe’s top-ranked office real estate company
Gecina also retained its AAA rating for the fifth consecutive year in the MSCI rankings
In this context of good operational performance levels, and despite interest rates rising more quickly than expected, Gecina is able to confirm its recurrent net income per share target of €5.55 for 2022, up +4.3% from 2021.

Source : Company