Le mie ricette per la real estate community- Recurrent Net Income (Group share) per share growth of +7.5% (+4.5% in 2022)
- Gross rental income up +8% on a current basis driven by reversion (+15% for offices), occupancy (+80bp), indexation and pipeline
- Disposals: €1bn with a +10% premium versus the end-2022 appraisal values and 2.5% loss of rental income
- Improvement in all debt metrics (LTV down to 32.2%)
- Efficiency plan generating a -17% reduction in energy consumption over 6 months
- 2023 guidance revised upwards: 2023 recurrent net income per share expected to be up +6% to +8%
Beñat Ortega, Chief Executive Officer: “The first half of this year confirms the performance achieved in 2022, reflecting Gecina’s strong operational successes in central areas and our proactive long-term debt management, giving us visibility over our financial expenses. The confirmation of these trends further strengthens our confidence, enabling us to raise our guidance in recurrent income per share for 2023.
In an uncertain context, with a disrupted macroeconomic environment, but favorable leasing trends for Paris City, we have decided to optimize and accelerate the Group’s dynamic capital allocation strategy.
During the first half of 2023, we sold €1bn of mature real estate assets, above their appraisal valuesand with a loss of rental income of only 2.5%, enabling us to further strengthen the quality of our balance sheet, which was already particularly robust, in addition to financing our pipeline, concentrated primarily in Paris and driving strong value creation, and offering us an opportunistic financial headroom.
In the context of a new reality on the real estate markets, today we are building the foundations for a Groupthat will be better positioned to deliver sustainable outperformance”.
Source : Company