presentation earnings H1 2015 v4 - Gecina · 2019-04-05 · 1.1/ Paris Region office markets in...
Transcript of presentation earnings H1 2015 v4 - Gecina · 2019-04-05 · 1.1/ Paris Region office markets in...
H1 2015 - earningsParis, July 23, 2015
Philippe Philippe Philippe Philippe DepouxDepouxDepouxDepouxCEO
Nicolas Nicolas Nicolas Nicolas DutreuilDutreuilDutreuilDutreuilCFO
ContentsContentsContentsContents
1/ Market views and 1/ Market views and 1/ Market views and 1/ Market views and Gecina’sGecina’sGecina’sGecina’s performance in H1performance in H1performance in H1performance in H1----2015201520152015
1.1/ Paris Region office markets in H1-2015
1.2/ Solid performance for Gecina
1.3/ Key figures for H1-2015 and guidance
2/ Strategic update2/ Strategic update2/ Strategic update2/ Strategic update
2.2/ Strategic Roadmap and Achievements in 2015
2.3/ Improving risk profile and value creation potential
3/ Main achievements in H13/ Main achievements in H13/ Main achievements in H13/ Main achievements in H1----2015201520152015
3.1/ Harnessing value creation through investment opportunities
3.2/ Harnessing value creation through disposals
3.3/ Harnessing value creation through our pipeline
3.4/ Harnessing value creation through rental management
3.5/ Harnessing value creation through financial management
3/ H13/ H13/ H13/ H1----2015 earnings2015 earnings2015 earnings2015 earnings
3.1/ Rental Income
3.2/ Recurrent Net Cash flow
3.3/ Appraisal Value, AVR & NNNAV
4/ Appendices4/ Appendices4/ Appendices4/ Appendices
4.1/ Diversification portfolios
4.2/ P&L
4.3/ Balance Sheet
4.4/ NNNAV
4.5/ Pipeline details
4.6/ Offices and Residential breakdowns
4.7/ Healthcare assets locations and lease maturities
4.6/ Number of shares and shareholding structure 2
CLIQUEZ POUR MODIFIER LE STYLE DU TITRE
Market views and Gecina’sperformance
+8%+8%+8%+8%
-5%
-22%
-60%
-50%
-40%
-30%
-20%
-10%
0%
+10%
+20%
ParisParisParisParis BoucleBoucleBoucleBoucleSud*Sud*Sud*Sud*
BoucleBoucleBoucleBoucleNordNordNordNord
PeriPeriPeriPeriDéfenseDéfenseDéfenseDéfense
LaLaLaLaDéfenseDéfenseDéfenseDéfense
Inner rimInner rimInner rimInner rim Outer rimOuter rimOuter rimOuter rim TotalTotalTotalTotalParisParisParisParis
regionregionregionregion
* Boucle Sud mostly includes Boulogne
0
1
2
3
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
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20
09
20
10
20
11
20
12
20
13
20
14
20
15
Ta
ke
up
(in
mil
lio
ns
sq.m
)
Q4 Q3 Q2 Q1
0
5
10
15
20
25
30
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Q1 Q2 Q3 Q4
4
Paris Region office markets in H1Paris Region office markets in H1Paris Region office markets in H1Paris Region office markets in H1----2015201520152015
Contrasting trends in H1, with encouraging improvements in Paris CityContrasting trends in H1, with encouraging improvements in Paris CityContrasting trends in H1, with encouraging improvements in Paris CityContrasting trends in H1, with encouraging improvements in Paris City
… while take… while take… while take… while take----up is weakening in Paris Region…up is weakening in Paris Region…up is weakening in Paris Region…up is weakening in Paris Region…Investment market still strong in H1Investment market still strong in H1Investment market still strong in H1Investment market still strong in H1----2015…2015…2015…2015…
… where rents are starting to recover slightly… where rents are starting to recover slightly… where rents are starting to recover slightly… where rents are starting to recover slightly… but not in key areas for … but not in key areas for … but not in key areas for … but not in key areas for GecinaGecinaGecinaGecina…………
Source: CBRE, BNPPRE, ImmostatSource: CBRE, Immostat
Source: BNPP RE Source: DTZ
----22% 22% 22% 22% in H1
55% of 55% of 55% of 55% of Gecina’sGecina’sGecina’sGecina’s office portfoliooffice portfoliooffice portfoliooffice portfolio
+4%
-1%
-4%
0% 0%
-15%
-10%
-5%
0%
+5%
+10%
+15%
+20%
+25%
Paris Western
Crescent
La Défense Inner rim Outer rim
prime rents
first hand
second hand
Take-up growth iforH1-2015 vs. H1-2014 Rental growth for H1-2015 vs. H1-2014 (headline rents)
Western Crescent
14% of 14% of 14% of 14% of Gecina’sGecina’sGecina’sGecina’s
office office office office portfolioportfolioportfolioportfolio
2,5%
3,0%
3,5%
4,0%
4,5%
32%
34%
36%
38%
40%
42%
44%
2011 2012 2013 2014 H1 2015
LTV Average cost of debt
-80 000
-40 000
0
40 000
80 000
120 000
160 000
200 000
2012 2013 2014 H1-2015
Value creation from investments, restructurations and acquisitions
Value creation (capital gains) from disposals (net of transaction fees)
Value creation on asset on operation (net of capex)
165.6
159.3
169.0
H1 2014 Beaugrenelle H1 2014 proforma H1 2015
5
Solid performance for Solid performance for Solid performance for Solid performance for GecinaGecinaGecinaGecina
… driving a solid performance in terms of recurrent net income… driving a solid performance in terms of recurrent net income… driving a solid performance in terms of recurrent net income… driving a solid performance in terms of recurrent net income
… with further reduction in average cost of debt…… with further reduction in average cost of debt…… with further reduction in average cost of debt…… with further reduction in average cost of debt…
Source: CBRE, Gecina
Solid performance for Solid performance for Solid performance for Solid performance for GecinaGecinaGecinaGecina
Gecina’sGecina’sGecina’sGecina’s vacancy rates still close to cyclical lows…vacancy rates still close to cyclical lows…vacancy rates still close to cyclical lows…vacancy rates still close to cyclical lows…
Value creation starting to materialize*Value creation starting to materialize*Value creation starting to materialize*Value creation starting to materialize*
Source: Gecina
* Excluding the impact of Beaugrenelle’s disposal in H1 2014.Source: Gecina
• Cost of debt including undrawn credit lines : 2.9%. Cost of drawn debt : 2.3%
in m€
2.9%*2.9%*2.9%*2.9%*
Underlying growth +6.1%*+6.1%*+6.1%*+6.1%*
+2.1% as published
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%CBD (Gecina) CBD (market)
Western Crescent (Gecina) Western Crescent (market)
Gecina's total office portfolio Paris Region average
4.7%
in K€
* Calculation based on appraisal values changes net of capex and potential fees and duties
Key figures for H1Key figures for H1Key figures for H1Key figures for H1----2015 and guidance2015 and guidance2015 and guidance2015 and guidance
6
€€€€mmmm H1H1H1H1----2014201420142014 H1H1H1H1----2015201520152015 % change% change% change% change FY 2015 GuidanceFY 2015 GuidanceFY 2015 GuidanceFY 2015 Guidance
Gross rentals 293.9 276.2-6.0%
(-1.1% like-for-like) ~-1% like-for-like on offices
EBITDA 244.1 227.2 -6.9%
EBITDA margin 83.0% 82.3%
Net Financial expenses -75.4 -56.3 -25.3%
Recurrent net income Recurrent net income Recurrent net income Recurrent net income ---- Group shareGroup shareGroup shareGroup share 165.6165.6165.6165.6 169.0169.0169.0169.0+2.1%+2.1%+2.1%+2.1%
(+6.1% underlying growth)
BetweenBetweenBetweenBetween++++6% and +96% and +96% and +96% and +9%%%% (1)
LTV (excluding duties)38.0%
(35.9% incl. duties)36.8%
(34.8% incl. duties) -120bp < 40%
Cost of drawn debt 3.1% (3.7% all in) 2.3% (2.9% all in) -80bp < 3.0% all in
Disposals 560181
(€225m already secured) ~800 m€
Investments 195260
(€1.7bn secured)
NNNAV (EPRA)NNNAV (EPRA)NNNAV (EPRA)NNNAV (EPRA) 97.897.897.897.8 102.5102.5102.5102.5 +4.8+4.8+4.8+4.8%%%%
(1) Depending on the timeline for completing the rest of the €800m sales program
CLIQUEZ POUR MODIFIER LE STYLE DU TITRE
Strategic update
One One One One rationale: leading rationale: leading rationale: leading rationale: leading the the the the Paris office marketParis office marketParis office marketParis office market
- Promising outlook for office real estate in the Paris Region
- > 80% of Gecina’s portfolio dedicated to offices in a mid term
One One One One priority: harnessing value creation potentialpriority: harnessing value creation potentialpriority: harnessing value creation potentialpriority: harnessing value creation potential
Active portfolio rotation strategy, with a “total return” focus and 4 strategic pillars
1- Capitalizing on opportunities for investment
2- Extracting value reserves within our portfolio
3- Selling non-core and mature assets in a buoyant market
4- Promoting “outstanding” buildings
+ Optimizing financial, operational and rental management
Strategic updateStrategic updateStrategic updateStrategic update
8
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Strategic roadmap Achievements in H1-2015
68% of 68% of 68% of 68% of Gecina’sGecina’sGecina’sGecina’s portfolio made up of offices portfolio made up of offices portfolio made up of offices portfolio made up of offices (vs. 63% at end 2014)
€€€€1.7bn of new 1.7bn of new 1.7bn of new 1.7bn of new investmentsinvestmentsinvestmentsinvestmentssecured so far in 2015 in key locations for offices
Total pipeline Total pipeline Total pipeline Total pipeline raisedraisedraisedraised to to to to €€€€2.8bn 2.8bn 2.8bn 2.8bn from €1.7bn at end-2014
€€€€225m of 225m of 225m of 225m of disposalsdisposalsdisposalsdisposals achievedachievedachievedachieved or or or or securedsecuredsecuredsecured in H1in H1in H1in H1(17% premium versus appraisals on average)
… more to come…
AverageAverageAverageAverage costcostcostcost of of of of debtdebtdebtdebt down down down down ----70bp in H1 70bp in H1 70bp in H1 70bp in H1 to 2.9% (all in)
AverageAverageAverageAverage debtdebtdebtdebt maturitymaturitymaturitymaturity up +1.6 up +1.6 up +1.6 up +1.6 yearsyearsyearsyearsfrom 5.0 to 6.6 years
First building in France First building in France First building in France First building in France withwithwithwith the «the «the «the « WellWellWellWell » label » label » label » label Curently under construction in Paris city (55 Amsterdam)
����
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+
4,3%
6,4%
16,5%
23,3%
0,0%
5,0%
10,0%
15,0%
20,0%
0
500
1 000
1 500
2 000
2 500
3 000
End-2014 H1-2015
Controlled Committed
Committed pipeline as% of total portfolio Total pipeline as % of total portfolio
9
Improving risk profile and growing value creation potentialImproving risk profile and growing value creation potentialImproving risk profile and growing value creation potentialImproving risk profile and growing value creation potential
Combined with capital gains achieved on disposalsCombined with capital gains achieved on disposalsCombined with capital gains achieved on disposalsCombined with capital gains achieved on disposals… while increasing value creation potential*… while increasing value creation potential*… while increasing value creation potential*… while increasing value creation potential*
Source: Gecina
Improving risk profile and value creation potentialImproving risk profile and value creation potentialImproving risk profile and value creation potentialImproving risk profile and value creation potential
Average lease maturity on offices extended …Average lease maturity on offices extended …Average lease maturity on offices extended …Average lease maturity on offices extended … … as well as average debt maturity…… as well as average debt maturity…… as well as average debt maturity…… as well as average debt maturity…
Source: Gecina
Source: Gecina, * including T1&B, Grande Armée (PSA) and Tour Van Gogh
+ 14 + 14 + 14 + 14 monthsmonthsmonthsmonths+12 +12 +12 +12 monthsmonthsmonthsmonths includingincludingincludingincludinghealthcarehealthcarehealthcarehealthcare
+ 1.6 + 1.6 + 1.6 + 1.6 yearsyearsyearsyears
5.0 5.0 5.0 5.0 yearsyearsyearsyearsDec 31, 2014
6.6 6.6 6.6 6.6 yearsyearsyearsyearsJune 30, 2015
3.5 3.5 3.5 3.5 yearsyearsyearsyearsDec 31, 2014
4.0 years includingHealthcare
4.7 4.7 4.7 4.7 yearsyearsyearsyears****June 30, 2015
5.0 years includingHealthcare
2%
9%
6%
17%
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
14,0%
16,0%
18,0%
2012 2013 2014 H1-2015
Source: Gecina
* Including PSA, T1&B and City2
in m€
CLIQUEZ POUR MODIFIER LE STYLE DU TITRE
Main achievements in H1-2015
0%
4%
8%
12%
16%
20%
2015 2016 2017 2018 2019 2020-2022
T1 &B + PSA
City 2
Sky 56,
PSA departure,
Tour Van Gogh*
PSA - Post re-developpment
Sky 56
Tour Van Gogh
City 2
PSA
T1&B
Harnessing value creation through investment opportunitiesHarnessing value creation through investment opportunitiesHarnessing value creation through investment opportunitiesHarnessing value creation through investment opportunities
€€€€1.7 1.7 1.7 1.7 bnbnbnbn of new investments secured in of new investments secured in of new investments secured in of new investments secured in 2015 so far2015 so far2015 so far2015 so far
€€€€1.7 1.7 1.7 1.7 bnbnbnbn* new investments secured* new investments secured* new investments secured* new investments securedChange in asset Change in asset Change in asset Change in asset rotation (Group share)rotation (Group share)rotation (Group share)rotation (Group share)
Rental impact of acquisitions secured in H1 (as % of 2014 FY rents)Rental impact of acquisitions secured in H1 (as % of 2014 FY rents)Rental impact of acquisitions secured in H1 (as % of 2014 FY rents)Rental impact of acquisitions secured in H1 (as % of 2014 FY rents)
ImmediateImmediateImmediateImmediate net net net net economiceconomiceconomiceconomicyieldyieldyieldyield:::: 5%5%5%5%
AverageAverageAverageAverage yieldyieldyieldyield on on on on costcostcostcost > 6.3%> 6.3%> 6.3%> 6.3%
>€100mRentalincome
(*) Including Tour Van Gogh, with preliminary agreement signed in the early July 2015
(*) preliminary agreement signed in the early July 2015 11
312 781 860
426 580 277 260
€€€€1.7bn1.7bn1.7bn1.7bn
-756-482
-926-1 303
-846-613 -181 -225
3,0%
6,7%7,3%
3,9%
5,4%
2,7% 2,4%
14,4%
-25,0%
-20,0%
-15,0%
-10,0%
-5,0%
0,0%
5,0%
10,0%
15,0%
20,0%
25,0%
-1500
-1000
-500
0
500
1000
1500
2000
2009 2010 2011 2012 2013 2014 H1 2015 H1 2015pro forma
Investments Disposals Investments in % of GAV
Proforma: including new investments and disposals secured in H1 (T1&B, Grande Armée PSA, Sky 56, City 2) and Tour Van Gogh
Harnessing value creation through investment opportunitiesHarnessing value creation through investment opportunitiesHarnessing value creation through investment opportunitiesHarnessing value creation through investment opportunities
€€€€1.7 1.7 1.7 1.7 bnbnbnbn of new of new of new of new investments investments investments investments secured in 2015 so farsecured in 2015 so farsecured in 2015 so farsecured in 2015 so far
City 2 City 2 City 2 City 2 –––– Boulogne Boulogne Boulogne Boulogne BillancourtBillancourtBillancourtBillancourt
T1&B T1&B T1&B T1&B + + + + PSA/EmotionPSA/EmotionPSA/EmotionPSA/Emotion
Sky 56 Sky 56 Sky 56 Sky 56 –––– Lyon Part Lyon Part Lyon Part Lyon Part DieuDieuDieuDieu Tour Van Gogh* Tour Van Gogh* Tour Van Gogh* Tour Van Gogh* –––– Paris / Paris / Paris / Paris / GareGareGareGare de Lyonde Lyonde Lyonde Lyon
Total Investment: €188mTotal surface: ~29 000 sq.mDelivery : April 2016 (lease start)Tenant: Solocal, 10 year firm lease
Total Investment: €136mTotal surface: ~31 000 sq.mDelivery date: 2018Tenant: 25% pre-let
Total investment (incl. Redevelopment): €150m Total surface: ~19 000 sq.mDelivery date: 2018
Average net yield on cost: ~6.5%
Acquisition price: €1.24 bnImmediate economic net yield (no incentives): ~5%
T1&BT1&BT1&BT1&BTotal surface: ~89 000 sq.mTenant: Engie (ex-GDF-Suez), 12 year firm lease
Grande Armée (PSA)Grande Armée (PSA)Grande Armée (PSA)Grande Armée (PSA)Total surface: ~34 000 sq.m
Tenant: PSA GroupRedevelopment project delivery: 2019/2021
Expected yield on cost: > 6%
(*) preliminary agreement signed in July 2015 12
Harnessing value creation through investment opportunitiesHarnessing value creation through investment opportunitiesHarnessing value creation through investment opportunitiesHarnessing value creation through investment opportunities
€€€€1.7 1.7 1.7 1.7 bnbnbnbn of new investments secured in key location in relation to the “Grand Paris project”of new investments secured in key location in relation to the “Grand Paris project”of new investments secured in key location in relation to the “Grand Paris project”of new investments secured in key location in relation to the “Grand Paris project”
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxT1 & B (La T1 & B (La T1 & B (La T1 & B (La DéfenseDéfenseDéfenseDéfense))))MetroMetroMetroMetro: M1 + M15 + M18RER: RER: RER: RER: RER A + RER ETramway: Tramway: Tramway: Tramway: T2Train: Train: Train: Train: J/L/U
Grande Grande Grande Grande ArméeArméeArméeArmée (PSA)(PSA)(PSA)(PSA)(Paris CBD)(Paris CBD)(Paris CBD)(Paris CBD)MetroMetroMetroMetro: M1 RER: RER: RER: RER: RER E + RER CTramway: Tramway: Tramway: Tramway: T3
Tour Van Gogh (Paris 12)*Tour Van Gogh (Paris 12)*Tour Van Gogh (Paris 12)*Tour Van Gogh (Paris 12)*MetroMetroMetroMetro: M1 + M14RER: RER: RER: RER: RER A + RER DTrain: Train: Train: Train: R
City 2 (Boulogne)City 2 (Boulogne)City 2 (Boulogne)City 2 (Boulogne)MetroMetroMetroMetro: M9 + M15Tramway: Tramway: Tramway: Tramway: T2
(*) preliminary agreement signed in the early July 2015 13
+27%
+13%
+17%
>+30%
Residential (unit-by-unit) - sold
Offices GROUP TOTAL Residential (unit-by-unit) - secured in H1
Harnessing value creation through Harnessing value creation through Harnessing value creation through Harnessing value creation through disposalsdisposalsdisposalsdisposals
Disposals achieved in H1Disposals achieved in H1Disposals achieved in H1Disposals achieved in H1----2015: 2015: 2015: 2015: €€€€181m and 181m and 181m and 181m and €€€€44m under preliminary engagement 44m under preliminary engagement 44m under preliminary engagement 44m under preliminary engagement
Premium vs last appraisal values & net exit yieldsPremium vs last appraisal values & net exit yieldsPremium vs last appraisal values & net exit yieldsPremium vs last appraisal values & net exit yieldsBy asset typeBy asset typeBy asset typeBy asset type
14
Exit yield3.1% / 4.4%*3.1% / 4.4%*3.1% / 4.4%*3.1% / 4.4%*
Exit yield5.7%5.7%5.7%5.7%
Exit yield5555.3%.3%.3%.3%
Average exit Average exit Average exit Average exit yieldyieldyieldyield5.3%5.3%5.3%5.3%
BMW building in Madrid BMW building in Madrid BMW building in Madrid BMW building in Madrid (January 2015)
- Sales price €41m
- 18% above appraisal value
Residential sales (units)Residential sales (units)Residential sales (units)Residential sales (units)
- Sales price €53m in H1
- €29m under preliminary agreement
- 27% above last appraisal value
“Le Mazagran” in “Le Mazagran” in “Le Mazagran” in “Le Mazagran” in GentillyGentillyGentillyGentilly (June 2015)
- Sales price €78m (excluding duties)
- 12% above appraisal value
MercureMercureMercureMercure 2222
- Sales price €8m (excluding duties)
- 6% above appraisal value
Main disposal achievementsMain disposal achievementsMain disposal achievementsMain disposal achievements
€53m
128m
€15m
€20m
€29m
Residential units sold in H1
Office assets sold in H1
Other assets under preliminary
agreement
Residential disposals "almost
secured"*
Residential by units under
preliminary agreement
* Preliminary agreement in preparation as of June 30,2015
* Exit yield would be around 3.1%, excluding ground floor retail spaces sold in H1
… more to come…… more to come…… more to come…… more to come…
0
20
40
60
80
100
in €m
Sales secured* - Other
portfolio for sales by units
Sales achieved - Other
portfolio for sales by units
Sales secured* - The "Hopper
portfolio"
Sales achieved - The "Hopper
portfolio"
The "Hopper"
portfolio
18%
Other portfolio
for unit-based
sales*
7%
Other traditional
residential
75%
Harnessing value creation through Harnessing value creation through Harnessing value creation through Harnessing value creation through disposalsdisposalsdisposalsdisposals
Focus on residential sales process Focus on residential sales process Focus on residential sales process Focus on residential sales process ––––launched in 2015launched in 2015launched in 2015launched in 2015---- based on vacant units: “the Hopper plan”based on vacant units: “the Hopper plan”based on vacant units: “the Hopper plan”based on vacant units: “the Hopper plan”
€€€€102m of residential disposals achieved or secured* in H1, 102m of residential disposals achieved or secured* in H1, 102m of residential disposals achieved or secured* in H1, 102m of residential disposals achieved or secured* in H1, €€€€57 m through the new “Hopper” process57 m through the new “Hopper” process57 m through the new “Hopper” process57 m through the new “Hopper” process
24% of our residential portfolio set aside exclusively for unit 24% of our residential portfolio set aside exclusively for unit 24% of our residential portfolio set aside exclusively for unit 24% of our residential portfolio set aside exclusively for unit sales, representing around sales, representing around sales, representing around sales, representing around €€€€617m 617m 617m 617m (at end 2014)
15
Higher tenant turnover ratio on assets for saleHigher tenant turnover ratio on assets for saleHigher tenant turnover ratio on assets for saleHigher tenant turnover ratio on assets for sale
Premium vs 2014 Premium vs 2014 Premium vs 2014 Premium vs 2014 appraisalsappraisalsappraisalsappraisals~+30%~+30%~+30%~+30%
~~~~€€€€617m617m617m617m
Significant valuation upside to be capturedSignificant valuation upside to be capturedSignificant valuation upside to be capturedSignificant valuation upside to be captured
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 H1
2015
Paris residential - Notaries
Paris residential (block value) Gecina
Paris residential (unit) Gecina
13.7%15.0% 15.1%
14.0%
20.2%
0%
5%
10%
15%
20%
25%
2012 2013 2014 H1-2015
Tenant turnover ratio on Residential portfolio
Tenant turnover ratio on "Hopper" portfolio
* Secured = preliminary agreement signed or under preparation as of June 30,2015* Unit-based sales program launched before 2015
in €/sq m
4,00%
5,00%
6,00%
7,00%
8,00%
9,00%
S2
20
11
S1
20
12
S2
20
12
S1
20
13
S2
20
13
S1
20
14
S2
20
14
S1
20
15
Average yield on cost (Gecina - Committed pipeline Offices)
Weighted average prime yield (CBRE)
Harnessing value creation through Harnessing value creation through Harnessing value creation through Harnessing value creation through our pipelineour pipelineour pipelineour pipeline
Total pipeline* now closer to Total pipeline* now closer to Total pipeline* now closer to Total pipeline* now closer to €€€€2.8 2.8 2.8 2.8 bnbnbnbn versus versus versus versus €€€€1.7 1.7 1.7 1.7 bnbnbnbn at endat endat endat end----2014 (see details in the appendices)2014 (see details in the appendices)2014 (see details in the appendices)2014 (see details in the appendices)
16
Yield on cost vs. weighted average market prime yieldYield on cost vs. weighted average market prime yieldYield on cost vs. weighted average market prime yieldYield on cost vs. weighted average market prime yieldPipeline* change as % of total portfolio valuePipeline* change as % of total portfolio valuePipeline* change as % of total portfolio valuePipeline* change as % of total portfolio value
Western
Crescent
26%
Paris CBD
37%
Paris excl. CBD
18%
Lyon
7%
Inner rim
1%
Outer rim
7%
Other regions
4%
55% of Gecina’stotal pipeline
locatedin Paris city
€€€€2.8bn total pipeline*, with 91% office projects, located primarily in Paris City2.8bn total pipeline*, with 91% office projects, located primarily in Paris City2.8bn total pipeline*, with 91% office projects, located primarily in Paris City2.8bn total pipeline*, with 91% office projects, located primarily in Paris City
offices
91%
Student
housing
6%
Healthcare
3%
* Including new investments secured in H1 (T1&B, Grande Armée PSA, Sky 56, City 2) and Tour Van Gogh
Theoreticalvalue
creationspread
City 2, Sky 56
Grande Armée (PSA), Tour Van Gogh,
etc…
440762
1 268
2 024
4,3%
6,4%
16,5%
23,3%
0,0%
5,0%
10,0%
15,0%
20,0%
0
500
1 000
1 500
2 000
2 500
3 000
End-2014 H1-2015Controlled Committed
Committed pipeline as% of total portfolio Total pipeline as % of total portfolio
€440m
€762m
2014 H1-2015
++++€€€€322m322m322m322m
ProjectProjectProjectProject De live ry De live ry De live ry De live ry
datedatedatedate
Lettable Le ttable Le ttable Le ttable
a rea a rea a rea a rea
( s q.m.)( s q.m.)( s q.m.)( s q.m.)
Tota l Tota l Tota l Tota l
Inves tment Inves tment Inves tment Inves tment
(€m) (1)(€m) (1)(€m) (1)(€m) (1)
Already Already Already Already
inves ted inves ted inves ted inves ted
(€m) (1)(€m) (1)(€m) (1)(€m) (1)
To be To be To be To be
inves ted inves ted inves ted inves ted
(€m)(€m)(€m)(€m)
Es t. y ie ld Es t. y ie ld Es t. y ie ld Es t. y ie ld
on cos t on cos t on cos t on cos t
(net)(net)(net)(net)
exit y ie ld exit y ie ld exit y ie ld exit y ie ld
a t de live ry a t de live ry a t de live ry a t de live ry
(exp.)(exp.)(exp.)(exp.)
Committed Total offices & commercial 2016-2018 103 365 547 133 414 7,1% 5,5%
Total student housing 2015-2018 27 751 132 60 73 6,6% 5,3%
Total Healthcare 2 015 32 541 82 81 2 6,7% 6,5%
Tota l committedTota l committedTota l committedTota l committed 163 657163 657163 657163 657 762762762762 273273273273 488488488488 7,0%7,0%7,0%7,0% 5,6%5,6%5,6%5,6%
(1) Including current value of the lands and of the existing buildings when redevelopments
Harnessing value creation through Harnessing value creation through Harnessing value creation through Harnessing value creation through our pipelineour pipelineour pipelineour pipeline
Committed pipeline closer to Committed pipeline closer to Committed pipeline closer to Committed pipeline closer to €€€€762m versus 762m versus 762m versus 762m versus €€€€440 at end440 at end440 at end440 at end----2014201420142014
Extracting value reserve within our portfolio (Committed Extracting value reserve within our portfolio (Committed Extracting value reserve within our portfolio (Committed Extracting value reserve within our portfolio (Committed pipeline pipeline pipeline pipeline at at at at end end end end H1H1H1H1----2015)2015)2015)2015)
17
Committed pipeline breakdown per geographical segmentCommitted pipeline breakdown per geographical segmentCommitted pipeline breakdown per geographical segmentCommitted pipeline breakdown per geographical segment
€€€€762m of projects to be delivered between H2762m of projects to be delivered between H2762m of projects to be delivered between H2762m of projects to be delivered between H2----2015 and 20182015 and 20182015 and 20182015 and 2018
Controlled pipeline breakdown by project typeControlled pipeline breakdown by project typeControlled pipeline breakdown by project typeControlled pipeline breakdown by project type
* Including Sky56 and City 2
Western
Crescent
42%
Paris
15%
Lyon
25%
Inner rim
2%
Outer rim
2%Other
regions
14%
Offices
72%
Student
housing
17%
Healthcare
11%
Western
Crescent
19%
Paris CBD
47%
Paris excl.
CBD
25%
Outer rim
9%
Harnessing value creation through Harnessing value creation through Harnessing value creation through Harnessing value creation through our pipelineour pipelineour pipelineour pipeline
Controlled (non committed) pipeline closer to Controlled (non committed) pipeline closer to Controlled (non committed) pipeline closer to Controlled (non committed) pipeline closer to €€€€2.0 2.0 2.0 2.0 bnbnbnbn versus versus versus versus €€€€1.3 1.3 1.3 1.3 bnbnbnbn at endat endat endat end----2014201420142014
Extracting value reserve within our portfolio (Extracting value reserve within our portfolio (Extracting value reserve within our portfolio (Extracting value reserve within our portfolio (Controlled pipeline identified Controlled pipeline identified Controlled pipeline identified Controlled pipeline identified at end H1at end H1at end H1at end H1----2015)2015)2015)2015)
18
Controlled pipeline breakdown per geographical segmentControlled pipeline breakdown per geographical segmentControlled pipeline breakdown per geographical segmentControlled pipeline breakdown per geographical segment
72% of Gecina’scontrolled pipeline located in Paris city
€€€€2bn2bn2bn2bn of projects identified in the controlled pipeline for 2017of projects identified in the controlled pipeline for 2017of projects identified in the controlled pipeline for 2017of projects identified in the controlled pipeline for 2017----2023202320232023
Controlled pipeline breakdown by project typeControlled pipeline breakdown by project typeControlled pipeline breakdown by project typeControlled pipeline breakdown by project type
Greenfield
18%
Redevelopment -
Tenant's
departure
certain or likely
50%
Redevelopment -
Tenant's
departure
uncertain
32%50% of Gecina’s
controlled pipeline focused on
redevelopmentprojects with tenants departure certain or
likely
€1,268m
€2,012m
2014 H1-2015*
++++€€€€744m744m744m744m
* Including Grande Armée PSA, and Tour Van Gogh
ProjectProjectProjectProject De livery De livery De livery De livery
datedatedatedate
Lettable Lettable Lettable Lettable
area area area area
( s q.m.)( s q.m.)( s q.m.)( s q.m.)
Tota l Tota l Tota l Tota l
Inve s tment Inve s tment Inve s tment Inve s tment
(€m) (2)(€m) (2)(€m) (2)(€m) (2)
Already Already Already Already
inves ted inves ted inves ted inves ted
(€m) (2)(€m) (2)(€m) (2)(€m) (2)
To be To be To be To be
inves ted inves ted inves ted inves ted
(€m)(€m)(€m)(€m)
Es t. y ie ld Es t. y ie ld Es t. y ie ld Es t. y ie ld
on cos t on cos t on cos t on cos t
(net)(net)(net)(net)
exit y ie ld exit y ie ld exit y ie ld exit y ie ld
at de livery at de livery at de livery at de livery
(exp. )(exp. )(exp. )(exp. )
Controlled (1) Greenfield (3) Pre-letting required (5) 2017-2021 91 954 358 7 351 7,7% 5,8%
Redevelopments (4)
Tenant's departure certain
or likely 2019-2022 122 238 1 008 763 236 6,8% 5,3%
Redevelopments
Tenant's departure
uncertain 2020-2023 66 167 647 460 187 6,3% 4,9%
Tota l non committedTota l non committedTota l non committedTota l non committed 280 359280 359280 359280 359 2 0122 0122 0122 012 1 2301 2301 2301 230 774774774774 6,8%6,8%6,8%6,8% 5,3%5,3%5,3%5,3%
(1) Controlled projects: potential projects identified by Gecina’s Asset Management teams and fully controlled by Gecina.
(2) Including current value of the lands and of the existing buildings when redevelopments
(3) including Tour Van Gogh w ith preliminary agreement signed in July 2015
(4) including PSA current headquarters, closing date in July 2015
(5) except for Tour Van Gogh
29 693sq m
104 500sq m
40 825sq m
87 153sq m
40 557sq m
4 745sq m 3 861sq m
12 868sq m
€506 €548 €546 €602 €554
€487 €521 €603
2015 2016 2017 2018 2019 2020 2021 > 2022
Harnessing value creation through Harnessing value creation through Harnessing value creation through Harnessing value creation through rental managementrental managementrental managementrental management
Rental challenges under control, and good visibility again for 2015 and 2016Rental challenges under control, and good visibility again for 2015 and 2016Rental challenges under control, and good visibility again for 2015 and 2016Rental challenges under control, and good visibility again for 2015 and 2016
Analysis of office breakAnalysis of office breakAnalysis of office breakAnalysis of office break----up options in Parisup options in Parisup options in Parisup options in Paris
(By area and average yearly rent)
19
Efficient lease management driving vacancy rate below market levels in all areasEfficient lease management driving vacancy rate below market levels in all areasEfficient lease management driving vacancy rate below market levels in all areasEfficient lease management driving vacancy rate below market levels in all areas
Analysis of Analysis of Analysis of Analysis of office breakoffice breakoffice breakoffice break----up options in up options in up options in up options in Paris Region (excl. Paris Region (excl. Paris Region (excl. Paris Region (excl. PPPParis)aris)aris)aris)
(By area and average yearly rent)
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
14,0%
16,0%
18,0%
20,0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 H1-2015
CBD (Gecina) CBD (market)
Western Crescent (Gecina) Western Crescent (market)
Gecina's total office portfolio Paris Region average
1.8%
4.7%
7.8%
2015e trends for organic rentalgrowth on offices:
~-1%given limited negative reversion
in line with budget
Of which
7,441 sq.m
still at risk
20 173sq m
75 440sq m
33 909sq m
76 434sq m
51 097sq m
17 705sq m
88 467sq m
70 899sq m
€345 €300 €330 €324 €369 €523 €345 €411
2015 2016 2017 2018 2019 2020 2021 > 2022
Of which
14,637 sq.m
still at risk
0
10
20
30
40
50
60
70
80
90
100
2015 2016 2017 2018 2019 2020 2021 > 2021
€m
Break-up options other areas
Break-up options Western Crescent
Break-up options rest of Paris
Break-up options Paris CBD
Harnessing value creation through Harnessing value creation through Harnessing value creation through Harnessing value creation through rental managementrental managementrental managementrental management
Rental challenges under control and good visibility for 2015 and 2016Rental challenges under control and good visibility for 2015 and 2016Rental challenges under control and good visibility for 2015 and 2016Rental challenges under control and good visibility for 2015 and 2016
Upcoming breakUpcoming breakUpcoming breakUpcoming break----up options, mostly in wellup options, mostly in wellup options, mostly in wellup options, mostly in well----balanced areasbalanced areasbalanced areasbalanced areas
20
Major vacancy challenges for the office portfolio in 2015Major vacancy challenges for the office portfolio in 2015Major vacancy challenges for the office portfolio in 2015Major vacancy challenges for the office portfolio in 2015
� In H1-2015 Gecina let nearly 66,000 sq.m of offices, factoring new lettings, relettings, renegotiations and renewals
� Representing €21m of annualized economic rents
� Average residual lease maturity (next break): 4.2 years*, vs. 4.0 years at end 2014
� Average residual lease maturity (end of lease): 5.5 years, vs. 5.4 years at end 2014
H1H1H1H1----2015 achievements and lease maturity2015 achievements and lease maturity2015 achievements and lease maturity2015 achievements and lease maturity
Rental management policyRental management policyRental management policyRental management policy
� Rental management tailored to current market conditions
� Pragmatic for the Inner Rim
� More aggressive for Inner Paris
� Keeping the occupancy rate at current standard (>95%), excluding strategic vacancies
AssetAssetAssetAsset LocationLocationLocationLocationCompletion or Completion or Completion or Completion or
vacatingvacatingvacatingvacating Vacant space (sq.m)Vacant space (sq.m)Vacant space (sq.m)Vacant space (sq.m)Annualized impact on Annualized impact on Annualized impact on Annualized impact on
office vacancy rateoffice vacancy rateoffice vacancy rateoffice vacancy rateAnnualized impact on Annualized impact on Annualized impact on Annualized impact on Group vacancy rateGroup vacancy rateGroup vacancy rateGroup vacancy rate
Docks en Seine Saint-Ouen Dec. 2013 9,370 0.9% 0.6%
Pointe Metro 2 Gennevilliers Dec. 2012 13,300 1.1% 0.7%
Docks en Seine – Saint-Ouen
Pointe Metro 2
– Gennevilliers
* Excluding T1 & B, Grande Armée-PSA, City 273%
67%
FY 2014FY 2014FY 2014FY 2014 H1H1H1H1----2015201520152015 ChangeChangeChangeChange
LTV (excluding duties) 36.7% 36.8% +10bp
LTV (including duties) 34.7% 34.8% +10bp
Net financial debt 3,881 3,930 +€49m
ICR 3.2x 3.9x + 0.7x
Secured debt ratio 11.2% 10.2% -100bp
Average cost of drawn debt3.0%
(3.6% all in)2.3%
(2.9% all in)-70bp
(-70bp all in)
Average length of debt* 5.0 years 6.6 years +1.6 years
Available liquidity 1,813 2,497 (1) +€684m
Harnessing value creation through financial managementHarnessing value creation through financial managementHarnessing value creation through financial managementHarnessing value creation through financial management
21
- NewNewNewNew bondbondbondbond issuesissuesissuesissues in January 2015 (€500m at 1.5%, 10-yearmaturity) and June 2015 (€500m at 2.0%, 9-year maturity)
- Proactive management of the hedging portfolio- €€€€1111....3333bnbnbnbn financingsfinancingsfinancingsfinancings concludedconcludedconcludedconcluded orororor renegotiatedrenegotiatedrenegotiatedrenegotiated inininin HHHH1111----2015201520152015
- New bilateral facilities for €1bn- Renegotiation for €300m
- In addition with the operation achieved in 2014, this ledaverageaverageaverageaverage costcostcostcost ofofofof debtdebtdebtdebt downdowndowndown bybybyby ----70707070bpbpbpbp to 2.9% (all in), andraised averageaverageaverageaverage maturitymaturitymaturitymaturity bybybyby ++++1111....6666 yearsyearsyearsyears.
Standard & Poor’s: Standard & Poor’s: Standard & Poor’s: Standard & Poor’s: BBB+/ outlook stable
Moody’s: Moody’s: Moody’s: Moody’s: Baa1 / outlook stable
RatiosRatiosRatiosRatios CovenantCovenantCovenantCovenant JuneJuneJuneJune 30, 30, 30, 30, 2015201520152015
Loan to value ratio (block, excluding duties) < 55% 36.8%
EBITDA / net financial expenses > 2.0x 3.9x
Secured debt/block value (excluding duties) < 25% 10.2%
Portfolio value (block, excluding duties, €m) > 6,000 – 8,000 10,677
(1) €1.5bn post closing of the acquisition of the T1 & B towers and the Grande Armée-PSA building
-
820
- -
650
-
500
300
48
96
101
392
109
24
343
53548
203
570120
90
510
100
0
200
400
600
800
1000
1200
2015 2016 2017 2018 2019 2020 2021 > 2021
Corporate (undrawn) Secured financing Bonds and convertible
2,5%
2,7%
2,9%
3,1%
3,3%
3,5%
3,7%
3,9%
4,1%
4,3%
30%
32%
34%
36%
38%
40%
42%
44%
46%
48%
2008 2009 2010 2011 2012 2013 2014 H1 2015
LTV Average cost of debt
22
Average cost of debt and LTVAverage cost of debt and LTVAverage cost of debt and LTVAverage cost of debt and LTVBreakdown of financial resources portfolioBreakdown of financial resources portfolioBreakdown of financial resources portfolioBreakdown of financial resources portfolio
Schedule of available financing at Jun 30, 2015Schedule of available financing at Jun 30, 2015Schedule of available financing at Jun 30, 2015Schedule of available financing at Jun 30, 2015Schedule of available financing at Dec 31, 2014Schedule of available financing at Dec 31, 2014Schedule of available financing at Dec 31, 2014Schedule of available financing at Dec 31, 2014
Significant improvement in Gecina’s financial structure… Lowering cost of debt and increasing maturitySignificant improvement in Gecina’s financial structure… Lowering cost of debt and increasing maturitySignificant improvement in Gecina’s financial structure… Lowering cost of debt and increasing maturitySignificant improvement in Gecina’s financial structure… Lowering cost of debt and increasing maturity
2.9% 2.9% 2.9% 2.9% all inall inall inall in
Harnessing value creation through financial managementHarnessing value creation through financial managementHarnessing value creation through financial managementHarnessing value creation through financial management
-
500
- -
650
-
500
1 300
29
94
99389
60
24
343
53
1
1
534150
291
864
340
200
0
400
800
1200
1600
2000
2015 2016 2017 2018 2019 2020 2021 > 2021
Corporate (undrawn) Secured financing Bonds and convertible
Average maturityat end 2014:
5.0 5.0 5.0 5.0 yearsyearsyearsyears
Average maturityat Jun 30, 2015:
6.6 6.6 6.6 6.6 yearsyearsyearsyears
29%34%
39% 41%46%
29%24% 19% 18%
15%
6% 4% 3% 3% 2%
16%12%
11% 5%9%
21%26% 29%
33%29%
2011 2012 2013 2014 June 2015
Corporate loans - unused Corporate loans - used or commercial paper cover
Leasing Mortgage loans
Bonds
CLIQUEZ POUR MODIFIER LE STYLE DU TITRE
H1-2015 earnings
293.9
276.2
-2.7
+4.9
-3.3
-16.7
H1 2014 Like-for-likechange
Invest. &completions
Assetrestruct.
Disposals(non strategicand mature
assets)
H1 2015
ow. -€12.8m fromBeaugrenelle
H1H1H1H1----2015 earnings: rental income2015 earnings: rental income2015 earnings: rental income2015 earnings: rental income
Décompos
24
Office Office Office Office rental rental rental rental income by locationincome by locationincome by locationincome by locationGross rents bridge H1Gross rents bridge H1Gross rents bridge H1Gross rents bridge H1----2014/ H12014/ H12014/ H12014/ H1----2015: 2015: 2015: 2015: ----€€€€17.8m17.8m17.8m17.8m
High occupancy rates, moderate reversion and poor indexation High occupancy rates, moderate reversion and poor indexation High occupancy rates, moderate reversion and poor indexation High occupancy rates, moderate reversion and poor indexation
Rental income by division, rental margins, occupancy rates and annualized rentsRental income by division, rental margins, occupancy rates and annualized rentsRental income by division, rental margins, occupancy rates and annualized rentsRental income by division, rental margins, occupancy rates and annualized rents
Gross Gross Gross Gross rentsrentsrentsrents Change (%)Change (%)Change (%)Change (%) RentalRentalRentalRental MarginMarginMarginMargin OccupancyOccupancyOccupancyOccupancy raterateraterate AnnualizedAnnualizedAnnualizedAnnualized rentsrentsrentsrents****
in in in in €€€€ mnmnmnmnJune 30, June 30, June 30, June 30,
2014201420142014June 30, June 30, June 30, June 30,
2015201520152015 CurrentCurrentCurrentCurrent ComparableComparableComparableComparableJune 30, June 30, June 30, June 30,
2014201420142014JuneJuneJuneJune 30, 30, 30, 30,
2015201520152015JuneJuneJuneJune 30, 30, 30, 30,
2014201420142014JuneJuneJuneJune 30, 30, 30, 30,
2015201520152015As of As of As of As of June June June June 30, 30, 30, 30,
2015201520152015
Offices Offices Offices Offices 175.8 172.1 -2.1% -1.7% 94.7% 94.1% 95.4% 95.3% 329
BeaugrenelleBeaugrenelleBeaugrenelleBeaugrenelle 12.8 0.0 n.a. n.a. 84.8% n.a. n.a. n.a. -
Traditional residentialTraditional residentialTraditional residentialTraditional residential 63.3 61.6 -2.7% -0.1% 84.5% 83.5% 97.8% 97.8% 117
Student residencesStudent residencesStudent residencesStudent residences 4.6 5.3 +15.0% +0.1% 70.4% 73.8% 94.1% 90.6% 11
HealthcareHealthcareHealthcareHealthcare 37.1 36.9 -0.7% +0.6% 99.4% 99.1% 100.0% 100.0% 74
OtherOtherOtherOther 0.4 0.3 -9.3% n.a. n.a. n.a. n.a. n.a. -
Group Total Group Total Group Total Group Total 293.9293.9293.9293.9 276.2276.2276.2276.2 ----6.06.06.06.0%%%% ----1.11.11.11.1%%%% 92.492.492.492.4%%%% 91.991.991.991.9%%%% 96.596.596.596.5%%%% 96.3%96.3%96.3%96.3% 531531531531
Gross Gross Gross Gross rentalrentalrentalrental incomeincomeincomeincome ----OfficesOfficesOfficesOfficesIn million euros
JuneJuneJuneJune 30, 30, 30, 30, 2014201420142014
JuneJuneJuneJune 30, 30, 30, 30, 2015201520152015
Change (%)
Currentbasis
Comparable basis
OfficesOfficesOfficesOffices 175.8175.8175.8175.8 172.1172.1172.1172.1 ----2.12.12.12.1%%%% ----1.71.71.71.7%%%%
Paris CBD - Offices 47.0 46.1 -1.9% -2.0%
Paris CBD - Retail units 17.8 17.1 -3.5% -3.5%
Paris excl. CBD25.4 28.7 +12.7% +3.8%
Western Crescent - La Défense 62.1 58.6 -5.6% -3.7%
Other 23.5 21.6 -8.1% +0.1%
FY 2015e trend for organic rental growth on offices ~-1%
* excluding T1&B and Grande Armée (PSA)
165.6
169.0
-17.8 -0.1
+1.0
+19.1+1.3
120,0
130,0
140,0
150,0
160,0
170,0
180,0
Recurrent netincome H1 2014
Change in grossrents
Change in rentalmargin
Change inoverheads costs
and other income
Change in netfinancial expenses
Change in minorityinterests and tax
Recurrent netincome H1 2015
H1H1H1H1----2015 recurrent net cash flow2015 recurrent net cash flow2015 recurrent net cash flow2015 recurrent net cash flow
25
� Effective control over salaries and
management costs
� Net financial expenses excl. capitalized interest
are down -25.3% with an average cost of debt of
around 2.9% (all in) in H1
�
�
�
� Driven primarily by the disposal of
Beaugrenelle in 2014
Change in Recurrent Net Income (H1Change in Recurrent Net Income (H1Change in Recurrent Net Income (H1Change in Recurrent Net Income (H1----2014 / H12014 / H12014 / H12014 / H1----2015) : +2.1% 2015) : +2.1% 2015) : +2.1% 2015) : +2.1%
SSSSolid operating and financial performance offsetting disposal impactsolid operating and financial performance offsetting disposal impactsolid operating and financial performance offsetting disposal impactsolid operating and financial performance offsetting disposal impacts
H1H1H1H1----2015 earnings: appraisal values & NNNAV2015 earnings: appraisal values & NNNAV2015 earnings: appraisal values & NNNAV2015 earnings: appraisal values & NNNAV
26
H1 H1 H1 H1 –––– 2015 portfolio value: Offices up +3.2% in H1 (with +66% for Paris CBD office assets)2015 portfolio value: Offices up +3.2% in H1 (with +66% for Paris CBD office assets)2015 portfolio value: Offices up +3.2% in H1 (with +66% for Paris CBD office assets)2015 portfolio value: Offices up +3.2% in H1 (with +66% for Paris CBD office assets)
Net yield by division and offices by area (Dec. 2014 vs. Net yield by division and offices by area (Dec. 2014 vs. Net yield by division and offices by area (Dec. 2014 vs. Net yield by division and offices by area (Dec. 2014 vs. June June June June 2015)2015)2015)2015)
Breakdown by segmentBreakdown by segmentBreakdown by segmentBreakdown by segment Block valueBlock valueBlock valueBlock valueNet Net Net Net capitalizationcapitalizationcapitalizationcapitalization rates rates rates rates
(excl.duties)Change on comparable basisChange on comparable basisChange on comparable basisChange on comparable basis
AverageAverageAverageAverage value value value value in € per sq.m
In million eurosIn million eurosIn million eurosIn million euros JuneJuneJuneJune 30, 30, 30, 30, 2015201520152015 DecDecDecDec. . . . 31, 31, 31, 31, 2014201420142014 June 30, 2015 Dec. 31, 2014June 2015
vs. Dec. 2014June 2015
vs. June 2014June 30, 2015
OfficesOfficesOfficesOffices 6,7886,7886,7886,788 6,4826,4826,4826,482 5.865.865.865.86%%%% 6.016.016.016.01%%%% +3.2+3.2+3.2+3.2%%%% 5.05.05.05.0%%%% 7,7037,7037,7037,703
Paris CBD 2,846 2,697 4.71% 4.98% +5.7% +11.0% 13,598
Paris CBD - Offices 1,918 1,803 5.26% 5.61% +6.6% +9.4% 10,734
Paris CBD - Retail 928 894 3.60% 3.74% +3.8% +14.3% 33,758
Paris excl. CBD 860 838 7.42% 7.51% +1.9% +1.0% 5,952
Western Crescent - La Défense 2,341 2,130 6.58% 6.60% +1.4% +0.3% 6,123
Other 742 817 6.51% 6.57% +0.7% +1.3% 4,651
Residential (block)Residential (block)Residential (block)Residential (block) 2,7222,7222,7222,722 2,7502,7502,7502,750 4.434.434.434.43%%%% 4.484.484.484.48%%%% ----0.10.10.10.1%%%% ----0.10.10.10.1%%%% 4,6254,6254,6254,625
HealthcareHealthcareHealthcareHealthcare 1,1191,1191,1191,119 1,1061,1061,1061,106 7.017.017.017.01%%%% 6.966.966.966.96%%%% ----0.20.20.20.2%%%% +0.5+0.5+0.5+0.5%%%% 1,9851,9851,9851,985
LogisticsLogisticsLogisticsLogistics 4444 4444 nananana nananana nananana nananana nananana
Group TotalGroup TotalGroup TotalGroup Total 10,63310,63310,63310,633 10,34110,34110,34110,341 5.675.675.675.67%%%% 5.785.785.785.78%%%% +2.1+2.1+2.1+2.1%%%% +3.3+3.3+3.3+3.3%%%%
Group Total Unit value 11,223 10,913 +2.1% +3.2%
6.0%
5.6%
3.7%
7.5%
6.6%6.6%
4.5%
7.0%
5.8%5.9%
5.3%
3.6%
7.4%
6.6% 6.5%
4.4%
7.0%
5.7%
3,0%
3,5%
4,0%
4,5%
5,0%
5,5%
6,0%
6,5%
7,0%
7,5%
8,0%
Offices (all) Paris CBD - Offices Paris CBD - retail Paris excl. CBD Western crescent -La Défense
Other Residential Healthcare Group
-80 000
-40 000
0
40 000
80 000
120 000
160 000
200 000
2012 2013 2014 H1-2015
Value creation from investments, restructurations and acquisitions
(net of related expenses for studies etc…)Value creation (capital gains) from disposals (net of transaction fees)
Value creation on asset on operation (net of capex)
H1H1H1H1----2015 earnings: Asset Value Return2015 earnings: Asset Value Return2015 earnings: Asset Value Return2015 earnings: Asset Value Return
27
AVR (Asset Value Return) AVR (Asset Value Return) AVR (Asset Value Return) AVR (Asset Value Return) –––– an inan inan inan in----house measurement of value creation house measurement of value creation house measurement of value creation house measurement of value creation
+1.2%
-0.1%
+0.8%
+2.1%+2.0%
+8.8%
+5.6%
+16.8%
+2.0%
+5.5%
+3.7%
+18.6%
-5%
0%
5%
10%
15%
20%
2012 2013 2014 H1-2015
Value creation on assets on operation (on lfl basis)
Value creation through disposals (capital gains)
Value creation on assets under development and through acquisitions
Value creation per asset type Value creation per asset type Value creation per asset type Value creation per asset type (Assets in operation, Assets sold, Assets under redevelopment or recently acquired)
Real estate value creation by asset typeReal estate value creation by asset typeReal estate value creation by asset typeReal estate value creation by asset type
96
97
98
99
100
101
102
103
104
2011 2012 2013 2014 H1-2015
Gecina - AVR (Asset value return)
IPD - France Offices (Capital return)
++++€€€€205m 205m 205m 205m
101.2
96.6
102.6 102.5
(4.65)
+2.74
+3.31
(0.13)
NNNAV end-2014 Dividend NNAV end-2014proforma
Recurrent income Val. adjust. assets NNAV H1-2015before non real
estate ajustments
Val. adjust.derivatives & fixed-
rated debt, and other
NNNAV end-June2015
H1H1H1H1----2015 earnings: appraisal 2015 earnings: appraisal 2015 earnings: appraisal 2015 earnings: appraisal vvvvalues & NNNAValues & NNNAValues & NNNAValues & NNNAV
28
NAV: real estate NAV: real estate NAV: real estate NAV: real estate value value value value creation around creation around creation around creation around €€€€6 per share in 6 months6 per share in 6 months6 per share in 6 months6 per share in 6 months
NNNAV up +1.3% in 6 months, +4.8% in 1 yearNNNAV up +1.3% in 6 months, +4.8% in 1 yearNNNAV up +1.3% in 6 months, +4.8% in 1 yearNNNAV up +1.3% in 6 months, +4.8% in 1 year
+6.3%Real estate value
creation
€97.8
€101.2 €102.5
€100.6
€103.9 €103.9
€106.8
€110.0 €110.8
H1-2014 2014 H1 2015
EPRA NNNAV EPRA NAV EPRA NNNAV (unit value)
EPRA NNNAV : +1.3% in 6 months
+4.8% in 1 year
Q&AQ&AQ&AQ&A
““““GecinaGecinaGecinaGecina is well is well is well is well positioned to build its positioned to build its positioned to build its positioned to build its
future”future”future”future”
29
CLIQUEZ POUR MODIFIER LE STYLE DU TITRE
Appendices
Diversification portfoliosDiversification portfoliosDiversification portfoliosDiversification portfolios
31
Offices
64%
Traditional
residential
24%
Student
accommodation
2%
Healthcare
10%
Offices
64%
Traditional
residential
24%
Student
accommodation
2%
Healthcare
10%
Offices
64%
Traditional
residential
24%
Student
accommodation
2%
Healthcare
10%
� Asset value : €€€€1.1bn1.1bn1.1bn1.1bn, 73 assets, with 8,300 beds
� 2nd largest player in Europe
� Gross rents in H1-2015: €36.9m, +0.6% lfl, -0.7% yoy
� Annualized rents €74m, rental margin structurally close to 100% rental margin structurally close to 100% rental margin structurally close to 100% rental margin structurally close to 100% (99.1% in H1-2015)
� 57% Medicine, Surgery, Obstetrics, 32% Nursing Homes, 5% Psychiatry, 5% Follow-up Care, 1% Other
� LongLongLongLong----term leases,term leases,term leases,term leases, residual average maturity (firm): 6.6 years, 7.0% net rental yield7.0% net rental yield7.0% net rental yield7.0% net rental yield
� Asset value : €€€€2.50bn 2.50bn 2.50bn 2.50bn
� Gross rents in H1-2015: €61.6m, -0.1% lfl, -2.7% yoy
� Structurally high occupancy rate Structurally high occupancy rate Structurally high occupancy rate Structurally high occupancy rate (97.8%), long-term visibility for cash flow
� Conservative valuation assumptions: Conservative valuation assumptions: Conservative valuation assumptions: Conservative valuation assumptions: block value assumed for appraisal value, c.21% below unit-based valuations, and 48% below Paris average Paris market values (Chambre des Notaires de Paris)
� €53m of residential assets were sold in H1-2015, 27% above their last appraisal values
� New approach for unitNew approach for unitNew approach for unitNew approach for unit----based residential based residential based residential based residential sales since early 2015sales since early 2015sales since early 2015sales since early 2015, in line with natural tenant turnover, covering 18% of the total residential portfolio, targeting capital gains of over 35% versus block appraisal values
� Asset value : €€€€217m 217m 217m 217m
� 11 assets with 1,769 beds today, 11 assets with 1,769 beds today, 11 assets with 1,769 beds today, 11 assets with 1,769 beds today, targeting 6,000 beds over medium term
� Gross rents in H1-2015: €5.3m, +0.1% lfl, +15.0% yoy
� 7 ongoing projects representing 1,300 beds 7 ongoing projects representing 1,300 beds 7 ongoing projects representing 1,300 beds 7 ongoing projects representing 1,300 beds (investments for around €132m with yield on cost of around 6.6%)
Healthcare portfolioHealthcare portfolioHealthcare portfolioHealthcare portfolio
Traditional residential portfolio Traditional residential portfolio Traditional residential portfolio Traditional residential portfolio
Student accommodation portfolioStudent accommodation portfolioStudent accommodation portfolioStudent accommodation portfolio
P&LP&LP&LP&L
32
Without IFRIC 21Without IFRIC 21Without IFRIC 21Without IFRIC 21 WithWithWithWith IFRIC 21IFRIC 21IFRIC 21IFRIC 21
In million eurosIn million eurosIn million eurosIn million euros JuneJuneJuneJune 30, 201430, 201430, 201430, 2014 JuneJuneJuneJune 30, 201530, 201530, 201530, 2015 Change (%)Change (%)Change (%)Change (%) JuneJuneJuneJune 30, 201430, 201430, 201430, 2014 JuneJuneJuneJune 30, 201530, 201530, 201530, 2015 Change (%)Change (%)Change (%)Change (%)
Gross rental income 293.9 276.2 -6.0% 293.9 276.2 -6.0%
Expenses non billed to tenants (22.2) (22.4) +0.7% (29.4) (28.7) -2.6%
Net rental incomeNet rental incomeNet rental incomeNet rental income 271.7271.7271.7271.7 253.8253.8253.8253.8 ----6.66.66.66.6%%%% 264.5264.5264.5264.5 247.5247.5247.5247.5 ----6.46.46.46.4%%%%
Services and other income (net) 4.2 3.8 -9.0% 4.2 3.8 -9.0%
Overheads (31.8) (30.4) -4.4% (32.3) (30.9) -4.5%
EBITDA EBITDA EBITDA EBITDA 244.1244.1244.1244.1 227.2227.2227.2227.2 ----6.96.96.96.9%%%% 236.4236.4236.4236.4 220.4220.4220.4220.4 ----6.76.76.76.7%%%%
Gains from disposals 6.6 19.9 +202.2% 6.6 19.9 +202.2%
Change in fair value of properties (54.1) 185.2 ns (54.1) 185.2 ns
Depreciation (2.5) (2.5) -2.5% (2.5) (2.5) -2.5%
Net impairments and provisions 0.2 1.6 ns 0.2 1.6 ns
Operating incomeOperating incomeOperating incomeOperating income 194.2194.2194.2194.2 431.4431.4431.4431.4 ++++122.1122.1122.1122.1%%%% 186.5186.5186.5186.5 424.6424.6424.6424.6 ++++127.7127.7127.7127.7%%%%
Net financial expenses (75.4) (56.3) -25.3% (75.4) (56.3) -25.3%
Financial impairment and depreciation 0.0 (4.5) ns 0.0 (4.5) ns
Change in value of financial instruments and debt (62.1) (45.0) -27.5% (62.1) (45.0) -27.5%
PrePrePrePre----tax incometax incometax incometax income 56.756.756.756.7 325.6325.6325.6325.6 ++++473.9473.9473.9473.9%%%% 49.049.049.049.0 318.8318.8318.8318.8 ++++550.2550.2550.2550.2%%%%
Recurrent tax (1.7) (1.9) +7.6% (1.7) (1.9) +7.6%
Non-current tax 0.0 (0.2) ns 0.0 (0.2) ns
Non-recurrent minority interests 0.9 (8.6) ns 0.8 (8.6) ns
Recurrent minority interests (1.4) (0.0) ns (1.3) (0.0) ns
Consolidated net income (Group share)Consolidated net income (Group share)Consolidated net income (Group share)Consolidated net income (Group share) 54.554.554.554.5 314.9314.9314.9314.9 ++++478.3478.3478.3478.3%%%% 46.846.846.846.8 308.2308.2308.2308.2 ++++559.0559.0559.0559.0%%%%
Recurrent net income Recurrent net income Recurrent net income Recurrent net income ---- total sharetotal sharetotal sharetotal share 167.0167.0167.0167.0 169.0169.0169.0169.0 ++++1.21.21.21.2%%%% 159.3159.3159.3159.3 162.3162.3162.3162.3 ++++1.91.91.91.9%%%%
Recurrent net income Recurrent net income Recurrent net income Recurrent net income ---- Group shareGroup shareGroup shareGroup share 165.6165.6165.6165.6 169.0169.0169.0169.0 ++++2.12.12.12.1%%%% 157.9157.9157.9157.9 162.3162.3162.3162.3 ++++2.82.82.82.8%%%%
Average number of shares over the period 61,155,258 61,783,218 +1.0% 61,155,258 61,783,218 +1.0%
Undiluted recurrent net income per share Undiluted recurrent net income per share Undiluted recurrent net income per share Undiluted recurrent net income per share ---- Group ShareGroup ShareGroup ShareGroup Share 2.712.712.712.71 2.742.742.742.74 ++++1.11.11.11.1%%%% 2.582.582.582.58 2.632.632.632.63 ++++1.71.71.71.7%%%%
ASSETSASSETSASSETSASSETS June 30,June 30,June 30,June 30, Dec. 31,Dec. 31,Dec. 31,Dec. 31, LIABILITIESLIABILITIESLIABILITIESLIABILITIES June 30,June 30,June 30,June 30, Dec. 31,Dec. 31,Dec. 31,Dec. 31,
In million euros 2015201520152015 2014201420142014 In million euros 2015201520152015 2014201420142014
NonNonNonNon----currentcurrentcurrentcurrent assetsassetsassetsassets 10,074.410,074.410,074.410,074.4 10,201.410,201.410,201.410,201.4 Capital and reservesCapital and reservesCapital and reservesCapital and reserves 6,443.76,443.76,443.76,443.7 6,280.06,280.06,280.06,280.0
Investment properties 9,450.2 9,827.2 Share capital 473.7 473.3
Buildings under refurbishment 533.0 276.0 Additional paid-in capital 1,895.6 1,890.7
Buildings in operation 62.2 62.7 Consolidated reserves 3,750.2 3,624.0
Other tangible fixed assets 5.9 5.5 Consolidated net profit 308.2 281.6
Intangible fixed assets 3.6 3.3Capital and reserves attributable to Capital and reserves attributable to Capital and reserves attributable to Capital and reserves attributable to owners of the parentowners of the parentowners of the parentowners of the parent 6,427.76,427.76,427.76,427.7 6,269.76,269.76,269.76,269.7
Long-term financial investments 6.8 11.8 Non-controlling interests 16.1 10.4
Share in equity-accounted companies 3.5 3.5
Non-current financial instruments 8.8 11.0 NonNonNonNon----current liabilitiescurrent liabilitiescurrent liabilitiescurrent liabilities 3,578.03,578.03,578.03,578.0 3,614.73,614.73,614.73,614.7
Deferred tax assets 0.4 0.4 Non-current financial debt 3,520.7 3,501.1
Non-current financial instruments 29.2 84.6
Current assetsCurrent assetsCurrent assetsCurrent assets 1,576.71,576.71,576.71,576.7 344.8344.8344.8344.8 Deferred tax liabilities 2.1 2.1
Properties for sale 581.0 169.1 Non-current provisions 26.0 26.8
Inventories 6.7 6.4
Trade receivables and related 113.5 84.8 CurrentCurrentCurrentCurrent liabilitiesliabilitiesliabilitiesliabilities 1,629.41,629.41,629.41,629.4 651.5651.5651.5651.5
Other receivables 133.5 48.6 Current financial debt 1,126.1 393.5
Prepaid expenses 25.5 22.6 Security deposits 55.5 58.6
Cash & Cash equivalents 716.6 13.3 Trade payables and related 329.2 109.6Current taxes due & other employee-related liabilities 63.2 36.9
Other current liabilities 55.4 53.0
TOTAL ASSETSTOTAL ASSETSTOTAL ASSETSTOTAL ASSETS 11,651.111,651.111,651.111,651.1 10,546.210,546.210,546.210,546.2 TOTAL LIABILITIESTOTAL LIABILITIESTOTAL LIABILITIESTOTAL LIABILITIES 11,651.111,651.111,651.111,651.1 10,546.210,546.210,546.210,546.2
Balance SheetBalance SheetBalance SheetBalance Sheet
33
NNNAVNNNAVNNNAVNNNAV
34
JuneJuneJuneJune 30, 201430, 201430, 201430, 2014 DecDecDecDec. 31, 2014. 31, 2014. 31, 2014. 31, 2014 JuneJuneJuneJune 30, 201530, 201530, 201530, 2015
In million eurosAmount / no.
of shares € / shareAmount / no.
of shares € / share Amount / no. of shares € / share
Fully diluted number of shares 61,947,641 61,967,103 63,423,273
Shareholders' equity under IFRS 6,035 6,269 6,428
+ impact of exercising stock options 54.1 49.7 71.9
Diluted NAVDiluted NAVDiluted NAVDiluted NAV 6,0896,0896,0896,089 €€€€98.3098.3098.3098.30 6,3186,3186,3186,318 €€€€101.97 101.97 101.97 101.97 6,5006,5006,5006,500 €€€€102.48 102.48 102.48 102.48
+ Fair value reporting of properties, if amortized cost option is adopted
37.7 44.5 51.6
+ Optimization of transfer duties 20.0
- Fair value of financial instruments 105.5 73.6 20.4
- Deferred tax due to the effects of entry into the SIIC system
0.0 3.4
= Diluted EPRA NAV= Diluted EPRA NAV= Diluted EPRA NAV= Diluted EPRA NAV 6,2336,2336,2336,233 €€€€100.6 100.6 100.6 100.6 6,4406,4406,4406,440 €€€€103.9 103.9 103.9 103.9 6,5926,5926,5926,592 €€€€103.9 103.9 103.9 103.9 + Fair value of financial instruments
(105.5) (73.6) (20.4)
+ Fair value of liabilities(65.6) (93.5) (70.2)
+ Deferred tax due to the effects of entry into the SIIC system (3.4)
= Diluted EPRA triple net NAV= Diluted EPRA triple net NAV= Diluted EPRA triple net NAV= Diluted EPRA triple net NAV 6,0616,0616,0616,061 €€€€97.8 97.8 97.8 97.8 6,2696,2696,2696,269 €€€€101.2 101.2 101.2 101.2 6,5016,5016,5016,501 €€€€102.5 102.5 102.5 102.5
Pipeline in detailsPipeline in detailsPipeline in detailsPipeline in details
Total pipeline in detailsTotal pipeline in detailsTotal pipeline in detailsTotal pipeline in details
35
Gecina’sGecina’sGecina’sGecina’s pipeline also grew given City 2, Sky 56, PSA and Tour Van Goghpipeline also grew given City 2, Sky 56, PSA and Tour Van Goghpipeline also grew given City 2, Sky 56, PSA and Tour Van Goghpipeline also grew given City 2, Sky 56, PSA and Tour Van Gogh
ProjectProjectProjectProject De live ry De live ry De live ry De live ry
datedatedatedate
Lettable Lettable Lettable Lettable
a rea area area area
(s q.m.)( s q.m.)( s q.m.)( s q.m.)
Tota l Tota l Tota l Tota l
Inves tment Inves tment Inves tment Inves tment
(€m) (2)(€m) (2)(€m) (2)(€m) (2)
Already Already Already Already
inves ted inves ted inves ted inves ted
(€m) (2)(€m) (2)(€m) (2)(€m) (2)
To be To be To be To be
inves ted inves ted inves ted inves ted
(€m)(€m)(€m)(€m)
Es t. y ie ld Es t. y ie ld Es t. y ie ld Es t. y ie ld
on cos t on cos t on cos t on cos t
(net)(net)(net)(net)
Exit y ie ld Exit y ie ld Exit y ie ld Exit y ie ld
a t de l ive ry a t de l ive ry a t de l ive ry a t de l ive ry
(exp. )(exp. )(exp. )(exp. )
% % % %
owners hipowners hipowners hipowners hip
Committed Boulogne - Cristallin Hauts de Seine (92) Q1-16 11 462 68 59 9 7,6% 5,8% 100%
Boulogne - City 2 (6) Hauts de Seine (92) H1-16 28 500 188 0 188 7,0% 5,8% 100%
Paris - 55 Amsterdam Paris Q1-17 12 362 102 63 39 6,7% 5,2% 100%
Lyon - Gerland Rhône (69) Q2-2017 20 341 53 12 41 8,3% 6,3% 60%
Lyon Part-Dieu - Sky 56 Rhône (69) 2018 30 700 136 0 136 7,0% 5,0% 100%
Total offices & commercial 103 365 547 133 414 7,1% 5,5%
Bagnolet Philia Seine St Denis (93) Q3-15 4 126 19 19 0 6,9% 5,25% 100%
Bordeaux Blanqui Gironde Q3-15 3 377 12 11 1 6,7% 5,50% 100%
Lançon Paris 13 Q3-15 1 465 11 11 1 5,9% 4,80% 100%
Palaiseau Saclay Essonne (91) Q3-15 3 002 11 10 1 6,6% 5,50% 100%
Puteaux Rose de Cherbourg Hauts de Seine (92) Q2-18 8 102 43 1 42 7,0% 5,25% 100%
Marseille Mazenod Bouches du Rhônes (13) Q2-17 3 742 15 4 11 6,2% 5,50% 100%
Puteaux Valmy Hauts de Seine (92) Q3-17 3 937 21 4 17 6,3% 5,25% 100%
Total residential 27 751 132 60 73 6,6% 5,3%
Clinique Bayonne Pyrénées Atlantiques (64) Q3-15 27 744 69 68 1 6,6% 100%
Clinique Orange Vaucluse (84) Q3-15 4 797 13 12 1 6,9% 80%
Total Healthcare 32 541 82 81 2 6,7% 6,5%
Tota l committedTota l committedTota l committedTota l committed 163 657163 657163 657163 657 762762762762 273273273273 488488488488 7,0%7,0%7,0%7,0% 5,6%5,6%5,6%5,6%
Controlled (1) Greenfield (3) Pre-letting required (5) 2017-2021 91 954 358 7 351 7,7% 5,8% 100%
Redevelopments (4)
Tenant's departure certain
or likely 2019-2022 122 238 1 008 763 236 6,8% 5,3% 100%
Redevelopments Tenant's departure uncertain 2020-2023 66 167 647 460 187 6,3% 4,9% 100%
Tota l non committedTota l non committedTota l non committedTota l non committed 280 359280 359280 359280 359 2 0122 0122 0122 012 1 2301 2301 2301 230 774774774774 6,8%6,8%6,8%6,8% 5,3%5,3%5,3%5,3% 100%100%100%100%
(1) Controlled projects: potential projects identified by Gecina’s Asset Management teams and fully controlled by Gecina.
(2) Including current value of plots and existing buildings for redevelopments
(3) including Tour Van Gogh w ith preliminary agreement signed in July 2015
(4) including PSA's current headquarters, closing date in July 2015
(5) Except for Tour Van Gogh
(6) Book value of €169m retained as of June 30, 2015
36
Further step forward, Further step forward, Further step forward, Further step forward, strengthening strengthening strengthening strengthening our leadership on our leadership on our leadership on our leadership on the Paris the Paris the Paris the Paris Region’s urban office marketsRegion’s urban office marketsRegion’s urban office marketsRegion’s urban office markets
Solid performance for Solid performance for Solid performance for Solid performance for GecinaGecinaGecinaGecina
Source: Gecina
H1H1H1H1----2015 2015 2015 2015 Proforma*
MidMidMidMid----term targetterm targetterm targetterm target2014201420142014
68%
Offices
Residential
Healthcare
* Including new investments secured in H1 (T1&B, Grande Armée PSA, Sky 56, City 2) and Tour Van Gogh
63%63%63%63%
>80%>80%>80%>80%
Office and Residential portfolio breakdownsOffice and Residential portfolio breakdownsOffice and Residential portfolio breakdownsOffice and Residential portfolio breakdowns
Office portfolio: rental breakdown by business sectorOffice portfolio: rental breakdown by business sectorOffice portfolio: rental breakdown by business sectorOffice portfolio: rental breakdown by business sector Office asset locationsOffice asset locationsOffice asset locationsOffice asset locations
Residential portfolio: valuation breakdown by regionResidential portfolio: valuation breakdown by regionResidential portfolio: valuation breakdown by regionResidential portfolio: valuation breakdown by region Residential asset locationsResidential asset locationsResidential asset locationsResidential asset locations
37
Paris
73%
Paris Region
24%
Other
3%
34%
16%14%
10%
6%
5%
4%3%
3%2%2%
Services
Luxury & retail
Industry
Public sector
Telecoms
Banks & financials
Information &
communication technologiesInsurance
Other
Real estate
Commuication - TV
HealthcareHealthcareHealthcareHealthcare
Healthcare lease expiry (Healthcare lease expiry (Healthcare lease expiry (Healthcare lease expiry (€€€€m)m)m)m) Diversification asset locationsDiversification asset locationsDiversification asset locationsDiversification asset locations
Breakdown of annualized rental income by Breakdown of annualized rental income by Breakdown of annualized rental income by Breakdown of annualized rental income by tenant tenant tenant tenant typetypetypetype
0
5
10
15
20
25
30
35
40
45
2015 2016 2017 2018 2019 2020 2021 > 2021
€m
Medicine,
surgery,
obstetrics
57%
Psychiatry
5%
Follow-up
care and
rehabilitation
5%
Nursing homes
33%
38
JuneJuneJuneJune 30, 201530, 201530, 201530, 2015 Dec 31, 2014Dec 31, 2014Dec 31, 2014Dec 31, 2014 June 30, 2014June 30, 2014June 30, 2014June 30, 2014
Number of shares issued 63,163,312 63,104,820 63,025,766
Stock options 920,302 649,442 752,846
Treasury stock -660,341 -1,787,159 -1,830,971
Diluted number of shares 63,423,273 61,967,103 61,947,641
Average number of shares 61,783,218 61,260,603 61,155,258
Diluted average number of shares 62,703,520 61,910,045 61,908,104
Number of shares and shareholding structureNumber of shares and shareholding structureNumber of shares and shareholding structureNumber of shares and shareholding structure
Gevrey investissement(Blackstone & Ivanhoé
Cambridge)
29,8%
Crédit Agricole Assurances
- Predica
13,3%
Norges Bank
9,7%Other resident
institutional shareholders
3,7%
Individual shareholders
4,3%
Non-resident shareholders
38,1%
Treasury shares
1,0%
Shareholding structure as of June 30, 2015Shareholding structure as of June 30, 2015Shareholding structure as of June 30, 2015Shareholding structure as of June 30, 2015
Number of sharesNumber of sharesNumber of sharesNumber of shares
39
Financial diaryFinancial diaryFinancial diaryFinancial diary
October 21October 21October 21October 21 ThirdThirdThirdThird----quarter businessquarter businessquarter businessquarter business
40
Appendices
41
This document does not constitute an offer to sell or a solicitation of an offer to buy GECINA securities and has notbeen independently verified.
If you would like to obtain further information concerning GECINA, please refer to the public documents filed withthe French securities regulator (Autorité des Marchés Financiers, AMF), which are also available on our internet site.
This document may contain certain forward-looking statements. Although the Company believes that suchstatements are based on reasonable assumptions on the date on which this document was published, they are bytheir very nature subject to various risks and uncertainties which may result in differences. However, GECINAassumes no obligation and makes no commitment to update or revise such statements.
DisclaimerDisclaimerDisclaimerDisclaimer