Gecina records a limited decline in activity in 2020, but expects a decline in 2021

In 2020, Gecina posted recurring net profit - a benchmark indicator for the sector - of 421 million euros, down 4% over one year, according to a press release on Thursday. Its turnover is down 2,3% (at current scope), to 658 million euros.

The real estate company highlights its "resilient model in the face of the health shock", indicating that "nearly 99% of rents for 2020 have already been collected" and that "the rate of collection in the first quarter of 2021 is standardized ".

For the office activity alone, rental income was down 2,7%, "a variation which reflects the effect of disposals of non-strategic assets carried out in 2019 and 2020 (-31 million euros)" , indicates the press release.

In the midst of the coronavirus pandemic, the property company also mentions "the return to the office" of employees working remotely: "at the end of January, the weekly average return to the office was -31% compared to a normalized situation, close of the level reached in September and October 2020 while restrictive health measures are now applied, with in particular a curfew imposed at 18 p.m. ".

"The trend is less sustained abroad, especially in the London region, where the return to the office is of the order of -55% over the last week of January," notes Gecina.

Under the outlook, the group sees 2021 as "a year of transition".

"Under the effect of the disposals made in 2020 as well as the release of assets with high potential for value creation intended to be restructured" or "the lengthening of time to market", the group indicates that "its recurring income net group share per share is expected to decrease in 2021, and should be around 5,3 euros per share ", against 5,72 euros in 2020.