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31 May 2012
Frankfurt am Main, Germany
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- Property Debt Breakfast
20 June 2012
London
France's Gecina sees 2008 cash-flow up 9%, net dives to e875m loss
France's second largest property firm, the REIT/SIIC Gecina, posted 2008 cash-flow up 9% and said recurring income rose 4.63% to e298m with gross rental income up 8%. However, portfolio depreciations of e990m took consolidated net earnings into a loss of e875m compared to a profit of e1.3bn in 2007. The firm owns a portfolio of office, residential, logistics and health care assets worth e12.4bn, down from e13.2bn at end-2007. Diluted net asset value sank to e7.8bn from e8.7bn, giving e128 per share down from e143 12 months earlier. Gecina will offer shareholders a e5.70 dividend, up 13.8% from 2007.