Gecina (GFC) H2 2024 earnings summary

Executive summary

• Achieved third consecutive year of growth, with recurrent net income per share at €6.42, up 6.8% year-over-year, surpassing guidance and driven by strong like-for-like rental growth and asset rotation favoring prime, central locations.

• Dividend proposed at €5.45 per share, up €0.15 (+2.8%), reflecting robust operational and financial performance and to be proposed at the next AGM.

• Portfolio value increased 0.7% like-for-like to €17.4bn, with strong performance in central Paris and continued focus on prime office assets.

• Maintained a strong balance sheet with LTV at 35.4% (32.7% pro-forma after disposals), A-/A3 credit ratings, and a low average cost of debt at 1.2%.

• Continued leadership in ESG, with energy consumption down 31% and carbon emissions down 60% since 2019, and all financing now fully green.

Financial highlights

• Gross rental income increased 4.1% to €694.5m; net rental income up 4.8% to €638.7m; EBITDA up 5.7% to €565.7m.

• Like-for-like rental growth reached 6.3% overall, with offices at 6.6% and residential at 4.7%.

• Annualized rents reached €726m at year-end 2024; NAV and EPRA NTA per share at €142.8 (+0.7% vs 2023).

• Consolidated net income (Group share) at €309.8m, rebounding from a loss in 2023 due to lower negative fair value adjustments.

• EPRA earnings per share rose to €6.27 (+7%).

Outlook and guidance

• 2025 guidance: recurrent net income (Group share) expected between €6.60 and €6.70 per share, up 2.8%–4.4% year-over-year.

• Dividend of €5.45 per share proposed for 2024, with interim and balance payments scheduled.

• Indexation expected to slow but remain above 10-year average; demand for central offices remains strong.

• Rent growth to be supported by new asset deliveries and offset by disposals and pipeline transfers.

• Focus on central, prime assets and further development of serviced real estate offerings.