Q3 2025 Gecina SA Earnings Call Transcript
Key Points
- Gecina Nom (GECFF) secured 114,000 square meters in office leasing year-to-date, generating EUR60 million in annual rents.
- The company signed nearly 1,300 residential leases, indicating strong demand for their service apartments.
- Gecina Nom (GECFF) achieved a 4% increase in rental income on a recurrent basis, driven by a solid 3.7% like-for-like performance.
- The company successfully issued a EUR500 million 10-year green bond at a record low 85 bps spread, strengthening its financial structure.
- Gecina Nom (GECFF) maintained a 5-star rating and ranked first in its peer group in the GRESB Index, highlighting its leadership in sustainable real estate.
- The French political context is complex, potentially delaying decision-making processes on the corporate side.
- There have been departures in Boulogne, with some assets vacated 20 years after delivery, although two-thirds have been re-leased.
- The ENGIE Tower in La Defense will experience a double-digit decrease in rent compared to the existing lease.
- The market is facing challenges with economic rents in areas with high vacancy, impacting overall rental performance.
- The investment market is not as fluid as five years ago, with liquidity progressively regaining but still limited.
Hello, and welcome to Gecina's business at September 30, 2025. (Operator Instructions) Today, we have Benat Ortega, CEO; and Nicolas Dutreuil, Deputy CEO in charge of Finance as our presenters.
I will now hand you over to your host, Benat Ortega to begin today's conference. Thank you.
Good morning, everyone, and thank you for joining the call this morning to review our activity for the first three quarters of 2025. Some key highlights we'd like to emphasize. Regarding office leasing, even during this complex French political context, we secured 114,000 square meters year-to-date, already more than third of last year's total. Leasing activity spans on all our geographies generating EUR60 million in annual rents.
Regarding residential leasing, nearly 1,300 leases have been signed year-to-date, confirming the relevance of our portfolio transformation towards service apartments to deliver efficient, collaborative and modern track.
This clearly meets the growing demand
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