French property company Gecina has said it will pay a dividend of EUR 5.01 per share on 2007 earnings, up 19.3% on 2006. Among other 2007 figures released Friday, Gecina said group net income fell 27.3% to roughly EUR 1.3 bn after value adjustments while EBITDA before disposals and value adjustments rose 11.6% to EUR 463.6 mln.
French property company Gecina has said it will pay a dividend of EUR 5.01 per share on 2007 earnings, up 19.3% on 2006. Among other 2007 figures released Friday, Gecina said group net income fell 27.3% to roughly EUR 1.3 bn after value adjustments while EBITDA before disposals and value adjustments rose 11.6% to EUR 463.6 mln.
At end-2007, Gecina's property portfolio was valued at EUR 13.2 bn, up 10% from the EUR 12 bn seen a year earlier. On a constant structural basis and excluding properties for sale, Gecina said this growth rate came out at 10.8%. Net asset value per share rose 14.1% to EUR 142.55.
Over the course of 2007, Gecina said it had invested EUR 672 mln, primarily in the logistics, residential and healthcare sectors.
Rental income in 2007 rose 4.1% to EUR 591.8 mln and despite less favourable market conditions, the company said it remained confident on future growth in rental income 'thanks to the still strong level of demand, faced with less abundant supply'. Overall, Gecina said this year it is 'forecasting sustained growth while continuing with the dynamic management of its portfolio.'
Gecina is in the process of splitting off from Spanish company Metrovecasa.
