Gecina (OTCPK:GECFF) Q2 2024 Earnings Conference Call July 24, 2024 4:00 AM ET
Company Participants
Benat Ortega - CEO
Nicolas Dutreuil - Deputy CEO in charge of Finance
Conference Call Participants
Florent Laroche-Joubert - Oddo BHF
Valerie Jacob - Bernstein
Adam Shapton - Green Street
Operator
Hello, and welcome to the Gecina 2024 Half Year Earnings Call. Please note this call is being recorded. And for the duration of the call your lines will be on listen-only. [Operator Instructions]
I will now hand you over to your host, Benat Ortega, CEO; joined by Nicolas Dutreuil, Deputy CEO in charge of Finance to begin today's conference. Please go ahead, sir.
Benat Ortega
Good morning, everyone. I would like to thank you for being with us this morning during this presentation of our H1 2024 results. Let's start with an overview of our financial performance.
First. In the first half of 2024 we recorded continuous growth for the third consecutive year with a net recurring income up by 8.4% in Euro and per share. Second, valuation has stabilized notably, thanks to sound rental growth in central location, while yields have been more stable than six months ago. Third, with a broadly stable LTV and excellent hedging of our net debt, Gecina maintains a strong balance sheet that offers room for optionality and visibility.
Fourth. During this first half, we have worked hard to position favorably Gecina for future growth by deploying our new approach on both residential assets and offices to deliver operational outperformance and by improving our accretive pipeline. As said Gecina is posting strong recurring net income per share growth. If considering our guidance 2024 this will be plus 20% recurring net income growth in three years.
Four factors explain this outperformance; central locations, providing rental uplift above indexation and low vacancy