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20 Jul 2023
Gecina - Excellent H1 resulting in guidance uplift

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Gecina - Excellent H1 resulting in guidance uplift
Rents landed at EUR 332.9m, up 6.9% YoY on a LfL basis, driven primarily by indexation (+4.2%), increases in occupancy (+1.6%) as well as positive rental reversion (+1.1%). Contained portfolio devaluation at -4% LfL vs December end, with clear polarisation between central and less central locations ongoing.Net recurrent income per share guidance lifted to EUR 5.90-6.00 (EUR 5.80-5.90 previously), or +6 to +8%, as a result of solid rental performance and balance sheet control. A very strong set of results, with portfolio benefitting from both accelerating indexation figures and positive reversion in Paris City. ‘Buy' reiterated.The company hosts a conference