Gecina

Latest Results (03.01.2026):

Gecina — Q4 2024 / Full‑year 2024 results: Gecina reported strong full‑year 2024 performance (press release 13 Feb 2025) with recurrent net income per share of €6.42 (+6.7% YoY), recurrent net income (Group share) €474.4m (+6.8%), and gross rental income €694.5m (+4.1% on a current basis; +6.3% like‑for‑like). The company kept occupancy high (93.4%), slightly tightened leverage (LTV 35.4%, 32.7% pro‑forma for secured disposals), proposed a higher dividend of €5.45/share and guided 2025 recurrent net income to €6.60–€6.70 per share.

Headline earnings

Recurrent net income (Group share) €474.4m; recurrent net income per share €6.42 (+6.7% vs 2023). EPRA earnings per share €6.27; consolidated net income (including valuation and one‑offs) was €309.8m.

Rents, leasing and occupancy

Gross rental income €694.5m (+6.3% like‑for‑like). Office LfL +6.6% (strong indexation and rental uplift, esp. Paris City); residential LfL +4.7%. Financial occupancy remained high at 93.4% (office 93.4%, residential 93.2%).

Portfolio value and market positioning

Portfolio valued at €17.4bn (79% offices, 21% residential) with like‑for‑like valuation +0.7% (contrasted: Paris +4.1%, outside Paris weaker). Prime central assets showing resilience and strong rental uplifts (+10% offices, +12% residential).

Balance sheet, liquidity and cost of debt

LTV 35.4% (32.7% pro‑forma for secured disposals); net financial debt €6.53bn; average drawn cost of debt ~1.2%; ~€3.8bn undrawn liquidity (ex CP). Hedging: c.100% for 2025–2026 and ~85% over next 5 years. Ratings: A‑ / A3 (stable).

Dividend and 2025 guidance

Dividend proposed €5.45 per share (up €0.15). Interim €2.70 planned (ex‑date Mar 3, 2025) and balance €2.75 (subject to AGM). 2025 guidance: recurrent net income per share €6.60–€6.70 (+2.8% to +4.4% vs 2024).

Development pipeline and value creation

Committed pipeline includes flagship projects (Icône delivered H1‑2025 pre‑let; three new central developments targeted for 2027 deliveries). Committed / to‑be‑committed pipeline ~€1.8bn (c. €650m CAPEX still to invest); Gecina reports ~+30% value creation vs total investment cost on recent Paris office repositionings.

Asset rotation and disposals

Ongoing rotation of mature, low‑yield assets: €1.3bn disposals in 2023 and further disposals/agreements in 2024 with an average premium of +14% vs prior valuations; student housing disposal project (~€567m) expected to close H1‑2025.

ESG — energy and carbon performance

Energy consumption down −4.2% in 2024 (−31% since 2019); carbon emissions −12.3% in 2024 (−60% since 2019). 100% of office portfolio certified; GRESB 5‑star (95/100); commitment to major decarbonization actions and green financing.