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15 Feb 2024
Gecina - Solid 2023 with asset repricing ongoing

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Gecina - Solid 2023 with asset repricing ongoing
Rents stood at EUR 667m, up 6.5% YoY. On a LfL basis, the increase was 6.1%, supported by the strong LfL result for offices in particular (+6.5% YoY). Office space reversion in Paris CBD at +30%.Portfolio value stood at EUR 17.1bn, with a -10.6% LfL value adjustment recorded. Offices net cap rate up 90bps to 5.2%, residential up 30bps to 3.4%.2024 net recurrent income per share guidance at EUR 6.35-6.40 (+5.5-6.5% YoY).The company hosts a conference call today at 10:00 CET. ‘Hold' maintained.