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.Gecina is a rental real estate company. Co.'s purpose is to operate individual rental properties or group of properties located mainly in France. Co.'s properties include commercial assets (offices and retail outlets), residential assets, logistics assets, hotels and healthcare facilities. Co. is organized around two main sectors and one ancillary segment: Economic sector comprising the commercial segment (offices and retail outlets), the portfolio of logistics properties and of hotel buildings; Demographic sector comprising traditional residential units (housing units property holding), portfolio of students residences and of healthcare facilities; Ancilary segment of real estate services.
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