French property company Gecina said net income after value adjustments rose 80.8% to nearly EUR 1.2 bn in the first six months of 2007 compared with the year-earlier period. Excluding value adjustments, net income was 16.6% higher at EUR 180.3 mln.

French property company Gecina said net income after value adjustments rose 80.8% to nearly EUR 1.2 bn in the first six months of 2007 compared with the year-earlier period. Excluding value adjustments, net income was 16.6% higher at EUR 180.3 mln.

Rental income rose 7.2% to EUR 289.5 mln in the first half, while the value of Gecina's property portfolio jumped 26.7% to EUR 13.3 bn from EUR 10.5 bn. Based on block valuations, the portfolio value represents EUR 12.5 bn, Gecina said. Net asset value per share rose 33.7% to EUR 141.56.

Gecina’s portfolio currently breaks down into 54% offices, 38% residential properties, 4% logistics and 2% each for hotels and healthcare facilities. Gecina said the total yield on its property holdings is 4.81%: 5.22% for offices, 4.12% for residential and 6.33% for other segments.

The company invested EUR 431.4 mln in the first six months of the year, primarily focusing on offices and logistics. At end-June, Gecina had a project pipeline of nearly 593,000 m2, with deliveries set for 2007 to 2011.