2024 a positive year for the Gecina real estate company

Its recurring net profit, a benchmark indicator for real estate companies, increased by 6,8% over one year to reach 474,4 million euros. It is slightly above the target set by Gecina.

Net rents received by the property company, which also owns housing in the Paris region and student residences in major French cities, increased by 6,3% on a like-for-like basis, i.e. correcting for the effects of sales made during the year.

The group's CEO Beñat Ortega welcomed the "strong growth in rental income" during a conference call and added that he had noted "the return of employees to the office", after the period of teleworking launched by the Covid-19 pandemic, "and the attractiveness of prime assets" located in popular areas.

Gecina benefited, as in 2023, from an "ever more polarized market", which makes already sought-after locations ever more attractive - and more expensive.

Another source of profitability for the real estate company: building restructuring operations continued to bear fruit in 2024, with "value creation of nearly +30% (compared to the initial total investment) on Parisian office assets" delivered last year after work.

Its net debt increases slightly to 6,53 billion euros, compared to 6,24 billion euros in 2023. Already "secured" disposals, which will be effective in 2025, will reduce its net debt ratio compared to the value of its assets.

For 2025, Gecina forecasts recurring net income per share of between 6,60 euros and 6,70 euros.

"Given these successes, we will propose at the general meeting to pay a dividend of 5,45 euros per share," said Beñat Ortega, 15 cents more than last year.