Financing and refinancing transactions carried out since the start of 2024 amounted to EUR1.3 billion and related in particular to the setting up of eleven sustainable credit lines with an average maturity of nearly seven years, through the early renewal of lines maturing in 2025, 2026 and 2027. These new financing programs all have a margin dependent on the achievement of CSR objectives, and allowed the Group to renew all the 2025 maturities and a large part of the 2026 maturities early with longer maturities, mainly in 2031.

In 2024, Gecina continued to use short-term resources via the issue of NEU CPs. At December 31, 2024, the Group's short-term resources totaled EUR840 million.

| 1.4.3 Debt maturity breakdown

At December 31, 2024, the average maturity of Gecina's debt, after allocation of unused credit lines and cash, was 6.7 years.

The following chart shows the debt maturity breakdown after allocation of unused credit lines at December 31, 2024:

Debt maturity breakdown after taking into account undrawn credit lines (in billion euros)

All of the credit maturities up to 2029, including the 2025, 2027 and 2028 bond maturities in particular, were covered by unused credit lines as at December 31, 2024 and by free cash.

| 1.4.4 Average cost of debt

The average cost of the drawn debt amounted to 1.2% at the end of December 2024 (and 1.5% for total debt), slightly higher than in 2023.

| 1.4.5 Credit rating

The Gecina group is rated by both Standard & Poor's and Moody's, which respectively maintained the following ratings in the second half of 2024:

A-- (stable outlook) for Standard & Poor's;

A3 (stable outlook) for Moody's.

| 1.4.6 Management of interest rate risk hedge

Gecina's interest rate risk management policy is aimed at hedging the Company's exposure to interest rate risk. To do so, Gecina uses fixed-rate debt and derivative products (mainly caps and swaps) in order to limit the impact of interest rate changes on the Group's results and to keep the cost of debt under control.

In 2024, Gecina continued to adjust and optimize its hedging policy with the aim of:

maintaining an optimal hedging ratio;

maintaining a high average maturity of hedges (fixed-rate debt and derivative instruments); and

securing favorable long-term interest rates.

At December 31, 2024, the average duration of the portfolio of firm hedges stood at 5.4 years.

Based on the current level of debt, the hedging ratio will average close to 100% until the end of 2026 and 85% on average until the end of 2029 (proforma of completed disposals).

The chart below shows the profile of the hedging portfolio (in billion euros):

Gecina's interest rate hedging policy is implemented mainly at Group level and on the long-term; it is not specifically assigned to certain loans.

Measuring interest rate risk

Gecina's anticipated nominal net debt in 2025 is fully hedged against interest rate increase.

Based on the existing hedging portfolio, contractual conditions as at December 31, 2024, and anticipated debt in 2025, a 50 basis point increase or decrease in the interest rate, compared to the forward rate curve of December 31, 2024, would have no material impact on financial expenses in 2025.

| 1.4.7 Financial structure and banking covenants

Gecina's financial position as at December 31, 2024, meets all requirements that could affect the compensation conditions or early repayment clauses provided for in the various loan agreements.

The table below shows the status of the main financial ratios outlined in the loan agreements:

 
                                    Benchmark standard   Balance at 12/31/2024 
--------------------------------  --------------------  ---------------------- 
 LTV -- Net financial 
  debt/revalued block value of 
  property holding (excluding 
  duties)                                  Maximum 60%                   37.6% 
 ICR -- EBITDA/net financial              Minimum 2.0x                    6.3x 
  expenses 
 Outstanding secured                       Maximum 25%                      -- 
  debt/revalued block value of 
  property holding (excluding 
  duties) 
 Revalued block value of               Minimum EUR6 bn              EUR17.4 bn 
  property holding (excluding 
  duties) 
--------------------------------  --------------------  ---------------------- 
 

The financial ratios shown above are the same as those used in the covenants included in all the Group's loan agreements.

(1) EUR646m overall (on the committed and to be committed pipeline): EUR206m in 2025, EUR284m in 2026, EUR143m in 2027, EUR14m in 2028

View source version on businesswire.com: https://www.businesswire.com/news/home/20250213928311/en/

 
    CONTACT: 

Gecina

Financial communications

Nicolas BROBAND

Tel.: +33 (0)1 40 40 18 46

nicolasbroband@gecina.fr

Attalia NZOUZI

Tel.: + 33 (0)1 40 40 18 44

attalianzouzi@gecina.fr

Press relations

Glenn DOMINGUES

Tel.: + 33 (0)1 40 40 63 86

glenndomingues@gecina.fr

Armelle MICLO

Tel.: + 33 (0)1 40 40 51 98

armellemiclo@gecina.fr

(END) Dow Jones Newswires

February 13, 2025 13:56 ET (18:56 GMT)