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Gecina Profit Exceeds Its Own Forecast as Rental Margin Widens

Gecina SA, Paris’s largest publicly traded office landlord, reported full-year earnings that beat its own forecast as the company’s rental margin widened.

Profit excluding disposals and asset-value changes rose 0.7 percent to 5.08 euros a share, the Paris-based company said in a statement today. In July, Gecina forecast a 2 percent decline. The rental margin widened to 90.8 percent from 90.4 percent even as divestments contributed to a 5.2 percent drop in net rental income.

Gecina spent the past two years restructuring its portfolio to cut its debt. The company reduced its loan-to-value ratio to 39.7 percent from 42.6 percent at the end of 2011 and raised about 900 million euros from property sales.

“From 2013, Gecina’s sound financial foundations will enable it to position itself on acquisitions of offices with value creation potential over the medium or long term,” the company said in the statement.

Gecina fell 18 cents to 85.23 euros at 9:57 a.m. in Paris. Before today, the shares had advanced 15 percent in 12 months compared with a 16 percent gain for the FTSE EPRA Nareit index of European property stocks.

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