Gecina (OTCPK:GECFF) Q1 2025 – Earnings Conference Call April 18, 2025 3:00 AM ET
Company Participants
Benat Ortega – CEO
Nicolas Dutreuil – Deputy CEO in Charge of Finance
Conference Call Participants
Florent Laroche-Joubert – ODDO BHF
Stéphanie Dossmann – Jefferies
Christian Auzanneau – Alphavalue
Operator
Hello, and welcome to the Gecina Q1 2025 Business Activity. My name is Laura, and I will be your coordinator for today’s event. [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.
Benat Ortega
Hi, everyone. Thank you all for being here. Very happy to have the opportunity to present the business for Q1 2025 and answer the questions you may have. During the first quarter, gross rental income was up by 3.6% on a current basis, mainly driven by the like for like, and I’ll get back to it in a minute, and the contribution of the newly delivered assets that offset the impact of assets transferred to the pipeline, Mirabeau, Arches du Carreau and the disposal of mature assets on the residential side.
The like for like growth of 3.3, fueled by the continued effect of indexation, plus 4.2%, and the contribution of reversion capital on new leases, particularly on central locations, including the impact of service and operated real estate offering across both our asset classes. The solid leasing activity achieved across all geographies once again highlights the dual polarization trends that favor both top quality assets in prime locations. In three months, it’s been 41,000 square meters relays or renewed 33 deals, almost EUR 19 million of annualized assets drawing rents.
Last year, overall, we led 83,000 square meters, so we’ve already done on three
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