Jefferies is maintaining its Buy recommendation on the stock with a price target of 110 EUR following the release of first-quarter figures.
Jefferies points out that like-for-like gross rental income (LFL GRI) growth slowed to +2.3% in the first quarter, with offices posting a +1.5% increase.
'The occupancy rate decreased slightly to 93.5%. However, rental reversion remains strong at +18% (+28% in the Central Business District) and approximately 10% above market rents,' the analyst notes.
Jefferies also notes that the FY2024 guidance has been confirmed, with recurrent net income per share expected between 6.70 EUR and 6.75 EUR.
Gecina is a leading French real estate company. Gross rental income breaks down by type of asset as follows:
- offices and commercial spaces (84.6%);
- residential buildings (15.4%).
At the end of 2025, the group's real estate holdings amounted, in market value, to EUR 17.6 billion distributed between offices and commercial spaces (83.7%), residential buildings (16.1%) and other (0.2%).
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