Sustaining Value: Another Year of Growth
Regulatory News:
Gecina (Paris:GFC):
| Key takeaways
- Financial performance: a third consecutive year of
growth, with earnings up +6.7% (recurrent net income per
share (Group share) of €6.42), above guidance, supported
by a solid +6.3% like-for-like rental growth driven by a
still high level of indexation and rental uplift in ever-polarized
markets (+10% on the office portfolio, +12% on the residential
portfolio), favoring prime and central assets as the return to the
office in modern well-located assets is confirmed
- Portfolio strategy delivering immediate value and preparing
for future value creation: - Newly repositioned buildings
delivered in 2024 (Mondo, 35 Capucines, Porte Sud) or to be
delivered in early 2025 (Icône) achieving c. +30% value creation
on the Paris office pipeline (vs total investment cost at the
beginning of the projects) including the new landmark deal for
Paris Central Business District (CBD) with Icône - Continuous
asset rotation strategy with the disposal of mature assets,
reflecting a +14% premium vs the latest valuations (5
residential assets between Q1 2024 and Q1 2025, as well as the
student housing transaction project expected to close in H1 2025) -
Launch of 3 new flagship projects to be delivered in 2027 in
our clients’ preferred areas, representing a capex program of c.
€500m still to invest and expected to generate c. €60 to
€70m of revenues in 2027-2028
- Strong and healthy balance sheet providing capacity to
operate and grow with: - A 35.4% loan-to-value improved to a
low of 32.7% when the disposals secured are completed - A
recently confirmed best-in-class A-/A3 rating, securing the
best financial conditions with an average cost of debt at
1.2% (drawn debt) - An optimized hedging profile providing
strong visibility on the cost of debt (c. 100% hedged on
2025-2026 and 85% over the next 5 years based on end-2024 debt,
adjusted for disposals to date)
- Performance on energy and carbon still standing the test of
time with another step forward through a -4.2% reduction in
energy consumption (-31% since 2019), as well as a -12.3%
decrease in carbon emissions (-60% since 2019)
- 2024 dividend up + 15 cts to €5.45 per share to be submitted
at the Shareholders’ General Meeting, full cash (interim
payment of €2.70 on March 5 with an ex-date of March 3, €2.75
balance on July 4 with an ex-date of July 2)
- 2025 guidance: recurrent net income (Group share) expected
between €6.60 to €6.70 per share, reflecting another year of growth
with +2.8%/+4.4% vs 2024
| Beñat Ortega, CEO: “I am proud to present Gecina’s
remarkable performance across all facets of our business in 2024
again. This achievement highlights our extensive real estate
expertise, seamlessly integrated to support our development
strategy. Development of new tailor-made offerings to meet markets
demands for centrality and services within our operational
portfolio. Development of complex projects to drive immediate
growth and prepare for future value creation. Development of new
initiatives to address the sustainability challenges in real
estate. For the third consecutive year, our growing earnings
demonstrate Gecina’s ability to maintain a trajectory of resilient
growth, while ensuring day-to-day operational excellence, to create
immediate value and prepare for future growth.”
In million euros
2023
2024
YoY Growth
LfL growth
Offices
534.0
566.7
+6.1%
+6.6%
Residential
132.9
127.8
-3.8%
+4.7%
Gross rents
666.8
694.5
+4.1%
+6.3%
Consolidated net income (Group share)
(1,787.2)
309.8
na
Recurrent net income (Group share)
444.2
474.4
+6.8%
-
Recurrent net income (Group share, ps,
€)
6.01
6.42
+6.7%
-
LTV (incl. duties)
34.4%
35.4%
+1.0pts
-
LTV (incl. duties, after secured
disposals at end-2024)
-
32.7%
-
-
LTV (excl. duties)
36.5%
37.6%
+1.1pts
-
EPRA NRV in € per share
158.1
157.6
-0.3%
-
EPRA NTA in € per share
143.6
142.8
-0.5%
-
EPRA NDV in € per share
150.1
147.3
-1.9%
-
DPS in €
5.30
5.45(1)
+2.8%
-
(1) Submitted at the Shareholders’ General Meeting
Recurrent net income of €6.42 ps (+6.7%), above
guidance
In million euros
Dec 31, 23
Dec 31, 24
Change (%)
Gross rental income
666.8
694.5
+4.1%
Net rental income
609.5
638.7
+4.8%
Other income (net)
3.4
3.3
-0.5%
Salaries and administrative costs
(77.9)
(76.3)
-2.0%
EBITDA
535.0
565.7
+5.7%
Net financial expenses
(90.0)
(90.5)
+0.6%
Recurrent gross income
445.1
475.2
+6.8%
Recurrent net income from associates
2.7
3.3
+21.5%
Recurrent minority interests
(2.0)
(2.0)
+4.1%
Recurrent tax
(1.6)
(2.1)
+26.9%
Recurrent net income (Group
share)(1)
444.2
474.4
+6.8%
Recurrent net income per share (Group
share)
6.01
6.42
+6.7%
(1) EBITDA after deducting net financial expenses, recurrent
tax, minority interests, including income from associates and
restated for certain non-recurring items
- Recurrent net income up, above guidance, with a systematic
optimization from the top line to the bottom line and all drivers
contributing to Gecina’s robust cash-flow performance this year
again
- Solid rental growth, especially in central locations, driven
by indexation, rental uplift, and the new deliveries which have
more than offset the impact of the €1.3bn of disposals of mature,
low yielded assets in 2023
- Continuous optimization of the cost base: gross to net
rental income ratio optimized, through effective relationships
with service providers and consistent quality management (rental
margin up +0.6pts) as well as salaries and administrative
costs (-2.0% in 2024, after -2.3% already in 2023)
- Low and overall stable cost of debt thanks to long
maturities and optimized hedging profile
Sound operational performance in an ever-polarized
market
Gross rental income
Dec 31, 23
Dec 31, 24
Change (%)
In million euros
Current basis
Like-for-like
Offices
534.0
566.7
+6.1%
+6.6%
Residential
132.9
127.8
-3.8%
+4.7%
Total gross rental income
666.8
694.5
+4.1%
+6.3%
| Like-for-like basis: gross rent up +6.3% (+€38.2m)
- Global: rent growth fueled by sustained indexation (+5.2%,
+€31.4m), as well as a sound rental uplift contribution (+0.8%,
+€5.2m), confirming the good performance posted in the first
half of 2024 (+6.3%)
- Office: +6.6% (+€33.1m) rental growth for the office
portfolio like-for-like, still fueled by indexation (+5.7%)
with c. 90% of the commercial leases indexed against the ILAT (the
other leases following the index of retail rents (ILC) or the index
of the cost of construction (ICC)), and the impact of rental uplift
(+0.6%), particularly on several assets in Central Paris
- Residential: +4.7% (€5.1m) rental growth on the residential
portfolio like-for-like, driven by sustained indexation (+2.8%)
and the rental uplift (+2.0%), particularly supported by the
diversification of the model to include new offerings and the good
performance by the student housing portfolio (optimization of
occupancy in summer through partnerships and the opening of student
accommodation to young urban professionals)
| Current basis: gross rent up +4.1%
- On top of the impact of like-for-like rental growth, current
rents were supported upwards by the full-year impact of the
assets delivered in 2023 (office & residential) following a
complete repositioning or a refurbishment (Boétie, 3 Opéra,
Horizons, Ville d’Avray, Montsouris) and the rents already
generated by assets recently delivered in 2024 (Mondo, 35
Capucines, Porte Sud) (+€17.2m)
- Downwards impact of the rent loss due to the transfer of
assets to the pipeline (-€7.3m, incl. Les Arches du Carreau in
Neuilly), as well as the 2023 disposals for both offices
(disposal of 10 office assets, including 101 Champs-Élysées) and
residential (three disposals in 2023, one additional asset sold in
the first quarter of 2024) (-€20.4m). This impact was more than
offset by organic growth and the revenue contributions from
recently delivered assets.
| Focus on offices
Gross rental income – Offices
Dec 31, 23
Dec 31, 24
Change (%)
In million euros
Current basis
Like-for-like
Offices
534.0
566.7
+6.1%
+6.6%
Central areas
386.8
416.9
+7.8%
+8.9%
Paris City
304.9
332.7
+9.1%
+10.1%
- Paris CBD & 5-6-7
193.3
211.4
+9.4%
+10.5%
- Paris other
111.6
121.3
+8.7%
+9.3%
Core Western Crescent
82.0
84.1
+2.6%
+4.4%
- Neuilly-Levallois
34.2
33.3
-2.6%
+10.9%
- Southern Loop
47.8
50.8
+6.3%
+0.0%
La Défense
72.5
77.6
+7.1%
+7.1%
Other locations (Peri-Défense,
Inner / Outer Rims and Other regions)
74.6
72.2
-3.2%
-4.9%
| Strong rental uplift in central areas
- Confirmation of the return to the office after a
post-Covid transition (3.5 days a week at the office (+0.2 in 2024,
IFOP), the highest figure in European metropolises), underscoring
the critical need for well-located, modern, and collaborative work
environments, irreplaceable to foster creativity, collaboration,
and well-being
- c. 83,000 sq.m leased in 2024, representing an annual rent
of €52m, including the preleasing of Icône ahead of its
delivery (firm 9-year lease on c. 11,000 sq.m at the best rent
levels), and 5,300 sq.m let under the Yourplace offering (operated
offices)
- Good performance in all locations, with a mix of leases
in Paris City (53 deals, €36.5m) and outside Paris (5 deals for
€9.6m in the Core Western Crescent, 16 deals for €6.1m in La
Défense and other locations), including new tenants, renewals and
renegotiations
- +10% rental uplift on the office portfolio, with +28% in
Paris City and +44% in the Central Business District (including
Yourplace) where supply for prime products remains scarce (vacancy
below 3.6% in the CBD – BNPP-RE), demonstrating the ever-stronger
polarization of the leasing market favoring centrality. Market
rents have adjusted in the Western Crescent (except for
Neuilly-sur-Seine) as well as in other locations (Outer Rims and
Other regions)
- +12% rental uplift on the residential portfolio in a
still undersupplied market
| Rental margin up +0.6pts
Group
Offices
Residential
Rental margin at Dec 31, 2023
91.4%
94.1%
80.4%
Rental margin at Dec 31, 2024
92.0%
94.7%
79.7%
| Occupancy maintained high (93.4%) and reflecting
polarization
Average financial occupancy
rate
Dec 31, 2023
March 31, 2024
Jun 30, 2024
Sep 30, 2024
Dec 31, 2024
Offices
93.7%
93.9%
93.8%
93.7%
93.4%
Paris City
93.0%
92.9%
93.5%
94.2%
94.7%
Core Western Crescent
94.3%
95.1%
95.2%
92.5%
89.0%
La Défense
98.3%
99.5%
99.5%
99.5%
99.6%
Other locations (Peri-Défense, Inner/
Outer Rims and Other regions)
91.9%
91.5%
88.5%
87.6%
86.8%
Residential
94.7%
96.7%
95.2%
93.6%
93.2%
YouFirst Residence
96.4%
97.2%
96.6%
95.2%
94.0%
YouFirst Campus
87.7%
95.0%
90.6%
88.5%
90.5%
Group Total
93.9%
94.3%
94.1%
93.7%
93.4%
- Average financial occupancy rate maintained high at
93.4%, with the slight variation over 12 months (-0.5pts)
reflecting the impact of longer leasing times for available space
in the Western Crescent (Boulogne) and Puteaux and the disposal of
fully-let assets in 2023 (101 Champs-Élysées, Pyramides, 142
Haussmann, etc.)
- Office portfolio occupancy rate (93.4%), reaching 94.7%
in Paris, 89.0% in the Core Western Crescent and 99.6% in La
Défense. Office occupancy was broadly stable (-0.3pts), due to
lease expiries in the Western Crescent assets (Boulogne) and
Puteaux partially offset by new leases across the portfolio (Paris
CBD, Boulogne, Courbevoie)
- Residential portfolio occupancy rate (93.2%), combining
a strong leasing performance in the student portfolio (90.5% at
end-2024 vs 87.7% at end-2023) and the impact of transferring
apartments to the new model of serviced, furnished apartments
including their redesign and transformation
| Portfolio value up +0.7%: resilience of a prime, central
portfolio
Breakdown by segment
Appraised values
Like-for-like change
(1)
Net cap. rates
In million euros
Dec 31, 2024
Dec 31, 2023
Dec 2024 vs. Dec 2023
Dec 31, 2024
Dec 31, 2023
Offices
13,719
13,476
+1.0%
5.3%
5.1%
Central locations
11,917
11,548
+2.6%
4.5%
4.4%
- Paris City
9,925
9,481
+4.1%
4.1%
4.0%
- Core Western Crescent
1,991
2,067
-4.5%
6.4%
6.0%
La Défense
886
966
-6.9%
9.2%
8.1%
Other locations (Peri-Défense,
Inner / Outer Rim, other regions)
916
961
-7.0%
10.1%
9.6%
Residential
3,621
3,565
-0.4%
3.6%
3.4%
Hotel & financial lease
37
42
Group Total
17,377
17,082
+0.7%
4.9%
4,8%
(1) Excluding student residences
- Quiet investment market, driven primarily by transactions
concentrated on the €50m to €150m segment in Paris central
areas, with increasing competition driving yields down in this
area: €3.4bn in transactions in the Paris Region in 2024, marking a
return to office deal-making with a strong concentration in Paris
City (€2.1bn in Paris CBD and €0.7bn in the rest of the city, with
Paris representing over 80%), supporting the Group’s
valuations
- Portfolio value (block) of €17.4bn (79% offices, 21%
residential), including a +0.7% increase on a like-for-like basis
(compared with a -10.6% adjustment in 2023) demonstrating the
portfolio’s good fundamentals, supported by rental growth,
proactive asset management, and a more stable economic
backdrop
- Contrasted dynamics reflecting the polarization of the
markets in favor of centrality: - Valuations up +4.1% in
Paris: yield effect stabilized and completely offset by the
rental effect, with average and prime rents still up - Continued
value adjustment outside Paris (-5.7% overall, -6.9% in La
Défense), apart from Neuilly (+1.0%), which still follows the same
positive trend as Paris City
Portfolio strategy: creating immediate and future value with
more profitable, greener assets
| Optimizing rents in operations with turnkey real estate
models
- Yourplace (operated offices): strong leasing activity on
Gecina’s operated office platform, now deployed across 10 central
Parisian assets covering c. 7,000 sq.m as at end-2024 (net
annual rent of €6.8m). Yourplace addresses tenants’ needs for
well-located, small, turnkey offices, creating value with net rents
+30% to +40% above market rents (after refurbishment costs). The
Group plans to extend this model in 2025 as more spaces become
available on the relevant assets, with the ambition to continue our
expansion plan
- Turnkey apartments: leveraging insights from student housing
performance drivers, by applying them to the broader residential
portfolio, with a multi-offering approach including newly
designed and optimized, furnished living spaces for students,
corporates, young urban professionals and families looking for
modern accommodation in Paris City, close to their workplaces and
universities. This model is now deployed on 300 apartments,
generating annual rent of c. €4.0m.
| Delivering ever-more accretive, repositioned assets in 2024
& 2025
- Three office projects (Mondo, 35 Capucines, Porte Sud; total
annual rent of €35.3m) as well as one residential project (Dareau)
successfully delivered in 2024, on time and on budget,
demonstrating Gecina’s dedication to creating high-quality,
centrally-located, sustainable working and living spaces
- c. +30% value created on average (vs TIC) from the Paris
office projects delivered in 2024 or to be delivered early
2025, representing €2 of value created for each €1 of capex
invested despite a significant yield expansion since those projects
started. This proves the strong attraction of prime
repositioned assets in central Parisian areas, particularly in a
context of scarce supply of such properties and an ever-growing
polarization of the office market
Mondo
35 Capucines
Dareau
Premium returns achieved on this 30,100
sq.m CBD-located project, which was fully pre-let a year ahead
of delivery to Publicis Group. This project includes the creation
of +3,500 sq.m and a wide array of services.
Highest environmental certifica-tion
standards met
Optimized redevelopment of an
architectural and heritage asset in the heart of the CBD (6,400
sq.m), which was fully pre-let a year ahead of delivery to a luxury
company and a law firm
Highest environmental certifica-tion
standards met
Transformation of an obsolete office
building into a prime, fully serviced residential asset (gym,
coworking place) in Paris City, illustrating the Group’s unique
capacity to operate different asset classes in Paris
Ambitious certification targeted
- Icône (delivery in the first half of 2025), fully
pre-let to a single tenant (global investment manager) ahead of
delivery, creating c. +60% value (vs TIC) with a new landmark
deal in Paris hyper-central areas, just a step away from the
Champs-Élysées, at the best rent levels for the area. This c.
11,000 sq.m of premium office space meets the latest trends in
tenant expectations in terms of tailored services and environmental
performance (with six of the most demanding labels at the highest
levels awarded to the asset)
| 3 new central developments to refuel rent growth for
2027-2028
- 3 flagship developments launched in our clients’
preferred areas (Paris, Neuilly) and set to be delivered in
2027, representing a combined capex plan of c. €500m
still to invest at December, 2024 and projected annual rent of
c. €60 to €70m in 2027-2028 - Quarter, Paris City
(ex-Gamma: 19,100 sq.m, TIC of €227m, delivery: Q1-2027): premium,
turnkey offices just a step away from the bustling city hub of Gare
de Lyon - Les Arches du Carreau, Neuilly-Sur-Seine
(ex-Carreau de Neuilly: 36,500 sq.m, TIC of €483m, delivery:
Q2-2027): a visionary mixed-use transformation revitalizing a
landmark asset on the city's main avenue - Mirabeau, Paris
City (37,300 sq.m, TIC of €445m, delivery: Q3-2027): a new
iconic facade to soon enhance the Parisian skyline on this prime,
high-performing office building
- Total for the “committed” or “to be committed” pipeline:
€1.8bn total investment (with c. €650m CAPEX still to invest) 1 on
the committed or to be committed pipeline to create future,
sustained growth at a 5.4% yield overall
| Active rotation strategy to recycle value from mature
assets into new accretive projects
- Acceleration of the Group’s asset rotation strategy since 2022
by divesting mature assets at premiums versus their valuations
and low capitalization rates, unlocking capital to
consolidate its balance sheet (with positive impact on LTV,
ICR, net debt/EBITDA), reinvest in more profitable and greener,
higher-yield projects (+5.7% yield on the office committed
pipeline), and provide additional leeway to finance
opportunistic acquisitions while respecting its focused investment
discipline (assets with a high-quality and prime potential in
central areas)
- Accretive disposal project for the student housing
portfolio (18 assets, c. 3,300 beds, €25.6m gross rent and
€20.8m net rent after platform cost in 2024 & 4 developments,
c. 400 beds) for €567 million (incl. duties), expected to
close during the first half of 2025
- Continued rollout of the rotation strategy in 2024 with
the sale of mature residential assets in Q1 2024 (€56m) and
additional residential assets under preliminary agreement at
December 31, 2024 (€200m including Sibuet and Bel Air (Paris 12),
Py (Paris 20), Rueil Doumer (Rueil Malmaison)), following the
€1.3bn of disposals in 2023
- +14% premium overall on the 2024 disposals (sold or
secured as at December 31, 2024)
| Energy & Carbon: a performance that stands the test of
time
- A further step taken to radically reduce energy consumption
(-4.2%) and carbon emissions (-12.3%, now at 8.0 kgCO2/sq.m, ahead
of the 2025 milestone), building on the efforts initiated in
2008 (-31% in energy consumptions and -60% in carbon emissions
since 2019), with even stronger energy-saving targets for asset
using more carbon-intensive energy sources
- An impactful 3-way method: - better day-to-day
monitoring of equipment and comfort temperatures in the
buildings and a systematic on-site deep-dive approach to identify
and implement 800 energy efficiency actions (e.g. reprogramming of
heating, ventilation & air conditioning equipment, now
monitored via the building management system and sensor-based,
lighting optimization, etc.) - better energy with the
acceleration of the shift to renewables, including the
connection to urban networks (heating and cooling) and innovative
approaches to boost decarbonization by shifting the source of
energy instead of restructuring the entire building envelope (e.g.
partnership with Accenta and Idex for the largest borehole thermal
energy storage project on Gecina’s residential asset in Ville
d'Avray) - better investment with a targeted approach to
optimize capex and maximize its impact on energy consumption
and carbon emissions where it remains relevant
- Partnering with clients to achieve maximal impact and
further reduce consumption, with tenants in 5 already
low-carbon assets being offered to fully offset residual emissions
(project involving the afforestation of over 12 hectares)
- CSR embedded in day-to-day operations, based on the best
market standards with high levels of certification across the
portfolio: 100% of the office portfolio certified (vs 26% on
the market – CBRE), with more than one in two office buildings
achieving the highest certification levels, above "very good", and
the ISO 50001 international energy management standard obtained in
2024
- Excellent GRESB score achieved again (5 stars, 95/100), with
Gecina first in its peer group
Balance Sheet: maintained strong and healthy
| Continuous management of debt quality providing
agility
Ratios
Covenant
Dec 31, 2024
LTV (net debt/revalued block value of
property holding (excluding duties))
< 60%
37.6%
ICR (EBITDA/net financial expenses)
> 2.0x
6.3x
Outstanding secured debt/revalued block
value of property holding (excluding duties)
< 25%
-
Revalued block value of property holding
(excluding duties)
> €6.0bn
€17.4bn
- Best-in-class rating: recent confirmation of Gecina’s
A-/A3 ratings (stable outlook), supported by the continuous
capacity to generate steady cash flows due to the Group’s focused
investment strategy, securing the best financial conditions (A- by
S&P in August 2024, A3 by Moody's in July 2024)
- Low average cost of drawn debt at 1.2%, up slightly
compared with 2023 (+0.1pts), while the overall cost of debt came
to 1.5%. Gecina’s optimized hedging profile provides long-term
visibility on the cost of debt, with close to 100% of the
2025-2026 maturities hedged and 85% of the 2025-2029 ones based on
end-2024 debt, adjusted for disposals to date
- Liquidity profile further strengthened to provide short,
medium, and long-term security and flexibility (€3.8bn of net
liquidity – undrawn credit lines excluding commercial papers –,
covering maturities until 2029 all else equal). In 2024, Gecina
secured €1.3bn of financing on c. 7-year maturities from both
historic and new banks, through the early renewal of lines maturing
in 2025, 2026 and 2027
- Net debt volume of €6.5bn (+€0.3bn vs 2023, mainly due
to the financing of the Group’s development pipeline), with a
maturity close to 7 years
- 100% of Group financing now green, following the
greening of the latest credit line in the third quarter of
2024
| Low LTV of 35.4% providing long-term capacity to operate
and grow
- LTV kept low at 35.4% (incl. duties, prior to accounting
for the disposal projects under preliminary agreement), despite
significant valuation adjustments in the past years (2022-2024),
reflecting controlled net debt and the recent, slight increase in
values
- LTV of 32.7% (incl. duties) following the disposals of
mature assets secured at end 2024
| NAV (NTA) of €142.8 ps, materializing the value created
since H1 2024
- NAV (NTA) up +€0.7 per share since June 30, 2024 to
€142.8, primarily reflecting the value created through both the
pipeline deliveries and the asset rotation strategy (disposals
materialized or secured): - Dividend paid in the second half of
2024: -€2.7 - Recurrent net income: +€3.2 - Pipeline deliveries and
disposals: +€0.9 - Valuations and other effects (including IFRS
16): -€0.7
2025 Outlook, Dividend & Guidance
| Outlook: going further
- Indexation expected to continue to slow down, though
remaining above its 10-year average
- Still strong demand for centrally located offices
- Another step forward with the Group’s strategy,
maintaining a trajectory of resilient growth, operational
excellence, financial discipline and value creation in central
areas, including: - the continued development of the serviced,
operated real estate offerings (on both the office and residential
portfolios) - the delivery of two additional repositioned assets
(including Icône, fully pre-let already) - the launch of three new
iconic projects in tenants’ preferred areas of Paris and Neuilly
(Quarter, Les Arches du Carreau and Mirabeau)
- Taking up the 2025-2027 leasing challenges with innovative
initiatives, such as the unique FEAT – Pont de Sèvres
(Boulogne) project in one of the Greater Paris hubs, to offer
companies and their employees spaces that match their lifestyle,
strengthen their brand and help attract talents across Gecina’s
four office assets located in this business district
| 2024 Dividend up +15ct to €5.45 per share
- A dividend of €5.45 per share will be submitted at the
Shareholders’ General Meeting on April 17, 2025, reflecting a +15ct
growth. This proposal is based on the robust operational,
sustainable and financial performance achieved in 2024, following
three consecutive years of earnings growth
- Dividend all paid in cash, with an interim dividend of
€2.70 per share on March 5, 2025 (ex-date: March 3, 2025), and the
balance of €2.75 paid on July 4, 2025 (ex-date: July 2, 2025),
subject to approval at the Shareholders’ General Meeting
| 2025 Guidance: RNI expected between €6.60 and €6.70 per
share
- Recurrent net income (Group share) expected to reach €6.60
to €6.70 per share, reflecting a fourth consecutive year of growth
(between +2.8% and +4.4%) and average annual growth of c. +6% for
the last 4 years
Financial agenda
- 04.17.2025: General Meeting
- 04.17.2025: Business at March 31, 2025,
after market close
- 07.23.2025: 2025 first-half earnings, after
market close
- 10.16.2025: Business at September 30,2025,
after market close
About Gecina
Gecina is a leading operator, that fully integrates all the
expertise of real estate, owning, managing, and developing a unique
prime portfolio valued at €17.4bn as at December 31, 2024.
Strategically located in the most central areas of Paris and the
Paris Region, Gecina’s portfolio includes 1.2 million sq.m of
office space and over 9,000 residential units. By combining
long-term value creation with operational excellence, Gecina offers
high-quality, sustainable living and working environments tailored
to the evolving needs of urban users.
As a committed operator, Gecina enhances its assets with
high-value services and dynamic property and asset management,
fostering vibrant communities. Through its YouFirst brand, Gecina
places user experience at the heart of its strategy. In line with
its social responsibility commitments, the Fondation Gecina
supports initiatives across four core pillars: disability
inclusion, environmental protection, cultural heritage, and housing
access.
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
rankings (GRESB, Sustainalytics, MSCI, ISS-ESG, and CDP) and is
committed to radically reducing its carbon emissions by 2030.
www.gecina.fr
Appendices
| Financial statements, Net asset value (NAV) and
pipeline
At the Board meeting on February 13, 2025, chaired by Jérôme
Brunel, Gecina’s Directors approved the financial statements at
December 31, 2024. The audit procedures have been completed on
these accounts, and the certification reports have been issued. The
full consolidated financial statements are available on the Group’s
website
| Condensed income statement and recurrent income
In million euros
Dec 31, 23
Dec 31, 24
Change (%)
Gross rental income
666.8
694.5
+4.1%
Net rental income
609.5
638.7
+4.8%
Other income (net)
3.4
3.3
-0.5%
Salaries and administrative costs
(77.9)
(76.3)
-2.0%
EBITDA
535.0
565.7
+5.7%
Net financial expenses
(90.0)
(90.5)
+0.6%
Recurrent gross income
445.1
475.2
+6.8%
Recurrent net income from associates
2.7
3.3
+21.5%
Recurrent minority interests
(2.0)
(2.0)
+4.1%
Recurrent tax
(1.6)
(2.1)
+26.9%
Recurrent net income (Group
share)(1)
444.2
474.4
+6.8%
Gains or losses on disposals
67.0
0.7
n.a.
Change in fair value of properties
(2,186.4)
(127.3)
n.a.
Depreciation and amortization
(29.7)
(11.7)
n.a.
Non-recurring items
0.0
0.0
n.a.
Change in value of financial
instruments
(66.2)
(24.7)
n.a.
Other
(16.0)
(1.5)
n.a.
Consolidated net income (Group
share)
(1,787.2)
309.8
n.a.
(1) EBITDA after deducting net financial
expenses, recurrent tax, minority interests, including income from
associates and restated for certain non-recurring items
| Consolidated balance sheet
ASSETS
Dec. 31,
Dec. 31,
LIABILITIES
Dec. 31,
Dec. 31,
In million euros
2023
2024
In million euros
2023
2024
Non-current assets
17,174.9
16,602.4
Shareholders' equity
10,599.5
10,522.3
Investment properties
15,153.5
14,828.2
Share capital
575.0
575.5
Buildings under redevelopment
1,398.4
1,212.0
Additional paid-in capital
3,307.6
3,312.8
Buildings in operation
81.8
80.6
Consolidated reserves
8,487.3
6,307.8
Other property, plant and equipment
9.3
10.1
Consolidated net income
(1,787.2)
309.8
Goodwill
165.8
165.8
Intangible assets
12.8
11.7
Capital and reserves attributable to
owners of the parent company
10,582.7
10,506.0
Financial receivables on finance
leases
32.8
27.6
Non-controlling interests
16.7
16.3
Investments in associates
86.7
82.0
Long-term financial investments
51.2
35.9
Non-current liabilities
6,051.0
5,569.3
Non-current financial instruments
181.9
147.7
Non-current financial liabilities
5,784.7
5,315.7
Deferred tax assets
0.9
0.9
Non-current lease obligations
49.6
49.6
Non-current financial instruments
123.9
108.0
Current assets
473.9
1,315.5
Non-current provisions
92.7
96.0
Properties for sale
184.7
990.4
Current liabilities
998.3
1,826.3
Trade receivables and related
35.4
31.5
Current financial liabilities
599.6
1,397.0
Other receivables
82.9
83.3
Security deposits
86.4
87.9
Prepaid expenses
23.6
28.7
Trade payables and related
185.6
160.6
Current financial instruments
3.6
2.6
Current taxes due & other
employee-related liabilities
58.0
58.5
Cash & cash equivalents
143.7
179.0
Other current liabilities
68.7
122.2
TOTAL ASSETS
17,648.7
17,918.0
TOTAL LIABILITIES
17,648.7
17,918.0
| Net asset value
December 31, 2024
EPRA NRV
(Net Reinstatement
Value)
EPRA NTA (Net Tangible Asset
Value)
EPRA NDV (Net Disposal
Value)
IFRS Equity attributable to
shareholders
10,506.0
10,506.0
10,506.0
Due dividends
-
-
-
Include / Exclude
Hybrid instruments
-
-
-
Diluted NAV
10,506.0
10,506.0
10,506.0
Include
Revaluation of IP (if IAS 40 cost option
is used)
170.4
170.4
170.4
Revaluation of IPUC (if IAS 40 cost option
used)
-
-
-
Revaluation of other non-current
investments
-
-
-
Revaluation of tenant leases held as
finance leases
0.2
0.2
0.2
Revaluation of trading properties
-
-
-
Diluted NAV at Fair Value
10,676.5
10,676.5
10,676.5
Exclude
Deferred tax in relation to fair value
gains of IP
-
-
x
Fair value of financial instruments
(42.3)
(42.3)
x
Goodwill as result of deferred tax
-
-
-
Goodwill as per the IFRS balance sheet
x
(165.8)
(165.8)
Intangibles as per the IFRS balance
sheet
x
(11.7)
x
Include
Fair value of fixed interest rate debt
(1)
x
x
416.3
Revaluation of intangibles to fair
value
-
x
x
Real estate transfer tax
1,059.3
139.5
x
EPRA NAV
11,693.5
10,596.3
10,927.1
Fully diluted number of shares
74,196,991
74,196,991
74,196,991
NAV per share
€157.6
€142.8
€147.3
Unit NAV per share
€165.6
€150.3
€154.8
(1) Fixed rate debt has been fair valued based on the interest
rate curve as of December 31, 2024 (2) Taking into account the
residential portfolio’s unit values
| Development pipeline overview
Project
Location
Delivery date
Total space (sq.m)
Total invest. (€m)
Already invest. (€m)
Still to invest (€m)
YoC (est.)
Pre-let (%)
Paris – Icône
Paris CBD
Q1-25
13,500
213
100%
Paris - 27 Canal
Paris
Q3-25
15,600
127
0%
Paris - Quarter (Gamma)
Paris
Q1-27
19,100
227
0%
Neuilly – Les Arches du Carreau
Western Crescent
Q2-27
36,500
483
0%
Paris – Mirabeau
Paris
Q3-27
37,300
445
0%
Total offices
122,000
1,495
940
555
5.7%
11%
Rueil – Arsenal
Rueil-M.
Q1-25
6,000
47
n.a
Bordeaux – Belvédère
Bordeaux
Q1-25
8,000
39
n.a
Garenne Colombes – Madera
La Garenne Colombes
Q1-25
4,900
43
n.a
Bordeaux – Brienne
Bordeaux
Q3-25
5,500
27
n.a
Total residential
24,400
156
138
18
3.7%
Total committed projects
146,400
1,652
1,078
574
5.5%
Controlled & Certain
offices
9,400
128
85
43
4.6%
Controlled & Certain
residential
4,200
29
0
29
4.8%
Total Controlled & Certain
13,600
157
85
72
4.6%
Total Committed + Controlled &
Certain
160,000
1,809
1,163
646
5.4%
Total Controlled & likely
121,350
609
328
281
4.9%
TOTAL PIPELINE
281,350
2,418
1,490
927
5.3%
1.2 EPRA reporting at December 31, 2024
Gecina applies the EPRA(1) best practices recommendations
regarding the indicators listed hereafter. Gecina has been a member
of EPRA, the European Public Real Estate Association, since its
creation in 1999. The EPRA best practice recommendations include,
in particular, key performance indicators to make the financial
statements of real estate companies listed in Europe more
transparent and more comparable across Europe.
Gecina reports on all the EPRA indicators defined by the “Best
Practices Recommendations” available on the EPRA website. When they
are not applicable, the lines of the tables defined by EPRA do not
appear below.
Moreover, EPRA defined recommendations related to corporate
social responsibility (CSR), called “Sustainable Best Practices
Recommendations”.
(1) European Public Real Estate Association.
12/31/2024
12/31/2023
See Note
EPRA Earnings (in million euros)
463.4
433.0
1.2.1
EPRA Earnings per share (in euros)
€6.27
€5.86
1.2.1
EPRA Net Tangible Asset Value (in euros
per share)
€142.8
€143.6
1.2.2
EPRA Net Initial Yield
4.1%
3.9%
1.2.3
EPRA “Topped-up” Net Initial Yield
4.4%
4.2%
1.2.3
EPRA Vacancy Rate
7.0%
5.7%
1.2.4
EPRA Cost Ratio (including direct vacancy
costs)
19.7%
21.6%
1.2.5
EPRA Cost Ratio (excluding direct vacancy
costs)
17.8%
19.8%
1.2.5
EPRA Property related Capex (in million
euros)
445
383
1.2.6
EPRA Loan-to-Value (including duties)
36.4%
35.7%
1.2.7
EPRA Loan-to-Value (excluding duties)
38.6%
37.9%
1.2.7
| 1.2.1 EPRA earnings
The table below indicates the transition between the
consolidated net income and the EPRA earnings:
In thousand euros
12/31/2024
12/31/2023
Consolidated net income (Group share) per
IFRS income statement
309,763
(1,787,184)
Exclude:
Changes in value in properties
(127,282)
(2,186,389)
Profits or losses on disposals
673
66,968
Tax on profits or losses on disposals
-
(141)
Goodwill impairment and derecognition
-
(17,462)
Changes in fair value of financial
instruments and associated close-out costs
(24,732)
(66,200)
Adjustments related to non-operating and
exceptional items
(717)
(1,319)
Adjustments above in respect of joint
ventures
(2,841)
(23,528)
Non-controlling interests in respect of
the above
1,293
7,862
EPRA Earnings
463,369
433,025
Average number of shares excluding
treasury shares
73,937,919
73,848,175
EPRA Earnings per Share (EPS)
€6.27
€5.86
Company specific adjustments:
Depreciation and amortization, net
impairment and provisions
11,020
11,135
Recurrent net income (Group share)
474,389
444,160
Recurrent net income (Group share) per
share
€6.42
€6.01
| 1.2.2 Net Asset Value
In euros per share
12/31/2024
12/31/2023
EPRA NAV NRV
€157.6
€158.1
EPRA NAV NTA
€142.8
€143.6
EPRA NAV NDV
€147.3
€150.1
| 1.2.3 EPRA net initial yield and EPRA “Topped-up” net
initial yield
The table below indicates the transition between the yield rate
disclosed by Gecina and the yield rates defined by EPRA:
In %
12/31/2024
12/31/2023
Gecina net capitalization
rate(1)
4.9%
4.8%
Impact of estimated costs and duties
-0.3%
–0.3%
Impact of changes in scope
+0.1%
+0.0%
Impact of rent adjustments
–0.6%
–0.6%
EPRA net initial yield(2)
4.1%
3.9%
Exclusion of lease incentives
+0.3%
+0.3%
EPRA “Topped-up” net initial
yield(3)
4.4%
4.2%
(1) Like-for-like December 2024.
(2) The EPRA net initial yield rate is
defined as the annualized contractual rent, net of property
operating expenses, excluding lease incentives, divided by the
portfolio value including duties.
(3) The EPRA “Topped-up” net initial yield
rate is defined as the annualized contractual rent, net of property
operating expenses, excluding lease incentives, divided by the
portfolio value including duties.
EPRA net initial yield and EPRA
“Topped-up” net initial yield
(in million euros)
Offices
Residential
Total 2024
Investment properties
13,719
3,621
17,340 (3)
Adjustment of assets under development and
land reserves
(2,346)
(510)
(2,856)
Value of the property portfolio in
operation excluding duties
11,373
3,111
14,484
Transfer duties
771
199
970
Value of the property portfolio in
operation including duties
B
12,144
3,310
15,453
Gross annualized IFRS rents
538
133
671
Non-recoverable property charges
16
27
43
Annual net rents
A
522
106
628
Rents at the expiration of the lease
incentives or other rent discount
51
0
51
“Topped-up” annual net rents
C
572
107
679
EPRA net initial yield(1)
A/B
4.3%
3.2%
4.1%
EPRA “Topped up” net initial
yield(2)
C/B
4.7%
3.2%
4.4%
(1) The EPRA net initial yield rate is
defined as the annualized contractual rent, net of property
operating expenses, excluding lease incentives, divided by the
portfolio value including duties.
(2) The EPRA “Topped-up” net initial yield
rate is defined as the annualized contractual rent, net of property
operating expenses, excluding lease incentives, divided by the
portfolio value including duties.
(3) Except finance lease and hotel.
| 1.2.4 EPRA vacancy rate
In %
12/31/2024
12/31/2023
Offices
7.1%
6.2%
Residential
6.2%
3.9%
◆ YouFirst Residence
6.5%
3.8%
◆ YouFirst Campus
4.9%
4.1%
EPRA vacancy rate
7.0%
5.7%
EPRA vacancy rate corresponds to the vacancy rate “spot” at
year-end. It is calculated as the ratio between the estimated
market rental value of vacant spaces and potential rents for the
operating property portfolio.
The financial occupancy rate reported in other parts of this
document corresponds to the average financial occupancy rate of the
operating property portfolio.
EPRA vacancy rate does not include leases signed with a future
effect date.
Market rental value of vacant
units (in million euros)
Potential rents (in million
euros)
EPRA vacancy rate at the end
of 2024 (in %)
Offices
47
662
7.1%
Residential
8
135
6.2%
◆ YouFirst Residence
7
105
6.5%
◆ YouFirst Campus
1
30
4.9%
EPRA vacancy rate
55
797
7.0%
| 1.2.5 EPRA cost ratios
In thousand euros/in %
12/31/2024
12/31/2023
Property expenses(1)
(201,214)
(209,594)
Overheads(1)
(83,672)
(88,992)
Recharges to tenants
145,428
152,303
Other income/income covering overheads
1,996
2,127
Share in costs of associates
(294)
(561)
EPRA costs (including vacancy costs)
(A)
(137,756)
(144,717)
Vacancy costs
13,530
12,247
EPRA costs (excluding vacancy costs)
(B)
(124,226)
(132,470)
Gross rental income
694,481
666,835
Share in rental income from associates
4,141
3,785
Gross rental income (C)
698,622
670,620
EPRA cost ratio (including vacancy
costs) (A/C)
19.7%
21.6%
EPRA cost ratio (excluding vacancy
costs) (B/C)
17.8%
19.8%
(1) Costs incurred for entering into
leases, eviction allowances, and time spent by the operational
teams directly attributable to marketing, development or disposals
are capitalized or reclassified as gains or losses on disposals of
€18.8 million in 2024 and €21.7 million in 2023 (see Notes 5.5.4.1
and 5.5.5.5 to the consolidated financial statements.
| 1.2.6 Capital expenditure
In million euros
12/31/2024
12/31/2023
Group
Joint ventures
Total
Group
Joint ventures
Total
Acquisitions
0
n.a.
0
0
n.a.
0
Pipeline
310
n.a.
310
256
n.a.
256
Of which capitalized interest
16
n.a.
16
9
n.a.
9
Maintenance Capex(1)
135
n.a.
135
127
n.a.
127
Incremental lettable space
n.a.
0
n.a.
0
No incremental lettable space
124
n.a.
124
98
n.a.
98
Tenant incentives
11
n.a.
11
29
n.a.
29
Other expenses
n.a.
0
n.a.
0
Capitalized interest
n.a.
0
n.a.
0
Total Capex
445
n.a.
445
383
n.a.
383
Conversion from accrual to cash basis
–25
n.a.
–25
9
n.a.
9
Total Capex on cash basis
420
n.a.
420
392
n.a.
392
(1) Capex corresponding to (i) renovation
work on apartments or private commercial surface areas to capture
rental reversion, (ii) work on communal areas, (iii) lessees’
work.
| 1.2.7 EPRA Loan-to-Value
In million euros
Group
Share of material associates
Non-controlling Interests
Total
Include:
Borrowings from Financial Institutions
165
13
178
Commercial paper
838
838
Bond Loans
5,692
5,692
Net Payables
198
1
(3)
197
Current accounts (Equity
characteristic)
14
(14)
0
Exclude:
Cash and cash equivalents
(179)
(5)
2
(181)
Net Debt (A)
6,729
10
(15)
6,724
Include:
Owner-occupied property
238
238
Investment properties at fair value
14,855
89
(30)
14,914
Properties held for sale
990
990
Properties under development
1,212
1,212
Intangibles
12
12
Financial assets
32
32
Total Property Value (B)
17,339
89
(30)
17,399
Real Estate Transfer Taxes
1,059
7
(2)
1,064
Total Property Value (incl. RETTs) (C)
18,398
96
(32)
18,463
Loan-to-Value (A/B)
38.8%
38.6%
LTV (incl. RETTs) (A/C)
36.6%
36.4%
1.3 Additional information on rental income
| 1.3.1 Rental situation
Gecina’s tenants come from a wide range of sectors of activity,
reflecting various macro-economic factors.
Breakdown of tenants by sector (offices – based on annualized
headline rents)
Group
Industry
37%
Consulting/services
24%
Technology
9%
Retail
8%
Media – television
6%
Finance
6%
Public sector
5%
Hospitality
5%
Total
100%
Weighting of the top 20 tenants (% of annualized total headline
rents)
Tenant
Group
Engie
7%
Publicis
3%
WeWork
3%
Boston Consulting Group
3%
Lagardère
2%
Yves Saint Laurent
2%
EDF
2%
Arkema
1%
Eight Advisory
1%
Renault
1%
Lacoste
1%
LVMH
1%
Edenred
1%
Jacquemus
1%
Salesforce
1%
CGI France
1%
Orange
1%
MSD
1%
Sanofi
1%
Latham & Watkins
1%
Top 10
25%
Top 20
34%
| 1.3.2 Annualized gross rental income
Annualized rental income was up by +€60 million compared to
December 31, 2023, mainly reflecting the rental dynamics on a
like-for-like basis (+€27 million) and the proceeds of building
deliveries during the year net of the loss of rents due to the
departure of tenants from buildings undergoing or expected to
undergo redevelopment (+€33 million) and other factors including
letting of the assets made unavailable for rent for more than one
year to be renovated (+€1 million).
Note that this annualized rental income includes €21 million
from assets intended to be vacated for redevelopment.
In addition, the annualized rental income figures below do not
yet include the rental income that will be generated by committed
or controlled projects, which may represent nearly €98 million of
potential headline rents, including almost €7 million pertaining to
assets that are yet to be committed.
In million euros
12/31/2024
12/31/2023
Offices
592
534
Residential
133
132
◆ YouFirst Residence
106
106
◆ YouFirst Campus
27
26
Total
726
666
| 1.3.3 Like-for-like rent change factors for 2024 vs.
2023
Group
Like-for-like change
Indexation
Reversion
Vacancy and other
+6.3%
+5.2%
+0.8%
+0.3%
Offices
Like-for-like change
Indexation
Reversion
Vacancy and other
+6.6%
+5.7%
+0.6%
+0.4%
Residential
Like-for-like change
Indexation
Reversion
Vacancy and other
+4.7%
+2.8%
+2.0%
–0.2%
| 1.3.4 Volume of rental income by three-year break and end
of leases
Commercial lease schedule
(in million euros)
2025
2026
2027
2028
2029
2030
2031
>2031
Total
Break-up options
81
65
145
61
53
41
37
139
621
End of leases
67
26
102
36
51
77
55
206
621
1.4 Financial resources
The year 2024 was marked by a gradual shift in central banks’
monetary policy after several months of high rates aimed at curbing
inflation. The ECB’s deposit rate, which had reached 4.00% in 2023,
gradually lowered throughout the year, reaching 3.00% by the end of
2024. This monetary easing led to a decline in long-term rates,
providing some relief to financial markets, although economic
uncertainty persisted in a context of moderate growth.
During 2024, Gecina was able to rely on its strengths – the
solidity and flexibility of its balance sheet, its low level of
debt, a high volume of liquidity, extensive access to various
sources of financing and a high credit rating – to pursue its
strategy of refinancing undrawn credit lines by securing €1.3
billion in new sustainable credit lines with an average maturity of
nearly seven years. With these refinancings, 100% of the Group’s
credit lines are now sustainable. Besides, Gecina continued to
adjust and optimize its hedging policy, by reenforcing the
medium/long term of its hedging profile.
At December 31, 2024, Gecina had immediate liquidity of €4.6
billion, or €3.8 billion excluding NEU CP significantly surpassing
the long-term internal target of a minimum of c. €2.0 billion. This
excess liquidity notably covers all bond maturities until 2029 (and
therefore in particular the 2025, 2027 and 2028 maturities).
This proactive and dynamic management of the Group’s financial
structure further increases its strength, resilience and visibility
for the coming years. It also ensures that the Group’s main credit
indicators remain at an excellent level. The maturity of the debt
is 6.7 years, the interest rate risk hedging is close to 100% over
the next two years and 85% on average until the end of 2029
(proforma of completed disposals), and the average maturity of this
hedging is 5.4 years. The loan-to-value (LTV) ratio (including
duties) was 35.4% (32.7% pro forma of secured disposals and the
student portfolio transaction project), and the interest coverage
ratio (ICR) stood at 6.3x. Gecina therefore has a significant
margin with respect to all of its banking covenants. The average
cost of drawn debt rose by 0.1% slightly compared to 2023, at
1.2%.
| 1.4.1 Debt structure at December 31, 2024
Net financial debt amounted to €6,531 million at the end of
December 2024.
The main characteristics of the debt are:
12/31/2024
12/31/2023
Gross financial debt (in million
euros)(1)
6,710
6,380
Net financial debt (in million euros)
6,531
6,236
Gross nominal debt (in million euros)
6,755
6,445
Unused credit lines (in million euros)
4,428
4,535
Average maturity of debt (years, restated
from available credit lines)
6.7
7.4
LTV (including duties)
35.4%
34.4%
LTV (excluding duties)
37.6%
36.5%
ICR
6.3x
5.9x
Secured debt/Properties
–
–
(1) Gross financial debt (excluding fair
value related to Eurosic’s debt) = Gross nominal debt + impact of
the recognition of bonds at amortized cost + accrued interest not
yet due + miscellaneous.
Debt by type
Breakdown of gross nominal debt (€6.8 billion)
Breakdown of authorized financing (€10.3 billion, including €4.4
billion of unused credit lines at December 31, 2024)
Gecina uses diversified sources of financing. Long-term bonds
represent 85% of the Group’s nominal debt and 56% of the Group’s
authorized financing.
At December 31, 2024, Gecina’s gross nominal debt was €6,755
million and comprised:
◆ €5,750 million in long-term Green Bonds issued under the Euro
Medium-Term Notes (EMTN) program;
◆ €165 million in sustainable bank loans;
◆ €840 million in NEU CP covered by confirmed medium and
long-term credit lines.
| 1.4.2 Liquidity
The main objectives of the liquidity are to provide sufficient
flexibility to adapt the volume of debt to the pace of acquisitions
and disposals, cover the refinancing of short-term maturities,
allow refinancing under optimal conditions, meet the criteria of
the credit rating agencies, and finance the Group’s investment
projects.
Financing and refinancing transactions carried out since the
start of 2024 amounted to €1.3 billion and related in particular to
the setting up of eleven sustainable credit lines with an average
maturity of nearly seven years, through the early renewal of lines
maturing in 2025, 2026 and 2027. These new financing programs all
have a margin dependent on the achievement of CSR objectives, and
allowed the Group to renew all the 2025 maturities and a large part
of the 2026 maturities early with longer maturities, mainly in
2031.
In 2024, Gecina continued to use short-term resources via the
issue of NEU CPs. At December 31, 2024, the Group’s short-term
resources totaled €840 million.
| 1.4.3 Debt maturity breakdown
At December 31, 2024, the average maturity of Gecina’s debt,
after allocation of unused credit lines and cash, was 6.7
years.
The following chart shows the debt maturity breakdown after
allocation of unused credit lines at December 31, 2024:
Debt maturity breakdown after taking into account undrawn credit
lines (in billion euros)
All of the credit maturities up to 2029, including the 2025,
2027 and 2028 bond maturities in particular, were covered by unused
credit lines as at December 31, 2024 and by free cash.
| 1.4.4 Average cost of debt
The average cost of the drawn debt amounted to 1.2% at the end
of December 2024 (and 1.5% for total debt), slightly higher than in
2023.
| 1.4.5 Credit rating
The Gecina group is rated by both Standard & Poor’s and
Moody’s, which respectively maintained the following ratings in the
second half of 2024:
◆ A– (stable outlook) for Standard & Poor’s;
◆ A3 (stable outlook) for Moody’s.
| 1.4.6 Management of interest rate risk hedge
Gecina’s interest rate risk management policy is aimed at
hedging the Company’s exposure to interest rate risk. To do so,
Gecina uses fixed-rate debt and derivative products (mainly caps
and swaps) in order to limit the impact of interest rate changes on
the Group’s results and to keep the cost of debt under control.
In 2024, Gecina continued to adjust and optimize its hedging
policy with the aim of:
◆ maintaining an optimal hedging ratio;
◆ maintaining a high average maturity of hedges (fixed-rate debt
and derivative instruments); and
◆ securing favorable long-term interest rates.
At December 31, 2024, the average duration of the portfolio of
firm hedges stood at 5.4 years.
Based on the current level of debt, the hedging ratio will
average close to 100% until the end of 2026 and 85% on average
until the end of 2029 (proforma of completed disposals).
The chart below shows the profile of the hedging portfolio (in
billion euros):
Gecina’s interest rate hedging policy is implemented mainly at
Group level and on the long-term; it is not specifically assigned
to certain loans.
Measuring interest rate risk
Gecina’s anticipated nominal net debt in 2025 is fully hedged
against interest rate increase.
Based on the existing hedging portfolio, contractual conditions
as at December 31, 2024, and anticipated debt in 2025, a 50 basis
point increase or decrease in the interest rate, compared to the
forward rate curve of December 31, 2024, would have no material
impact on financial expenses in 2025.
| 1.4.7 Financial structure and banking covenants
Gecina’s financial position as at December 31, 2024, meets all
requirements that could affect the compensation conditions or early
repayment clauses provided for in the various loan agreements.
The table below shows the status of the main financial ratios
outlined in the loan agreements:
Benchmark standard
Balance at 12/31/2024
LTV – Net financial debt/revalued block
value of property holding (excluding duties)
Maximum 60%
37.6%
ICR – EBITDA/net financial expenses
Minimum 2.0x
6.3x
Outstanding secured debt/revalued block
value of property holding (excluding duties)
Maximum 25%
–
Revalued block value of property holding
(excluding duties)
Minimum €6 bn
€17.4 bn
The financial ratios shown above are the same as those used in
the covenants included in all the Group’s loan agreements.
1 €646m overall (on the committed and to be committed pipeline):
€206m in 2025, €284m in 2026, €143m in 2027, €14m in 2028
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250213928311/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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