2013 full-year earnings

Transcription

1 2013 full-year Paris, February 21, 2014 Bernard Michel Chairman Philippe Depoux CEO Nicolas Dutreuil CFO

2 Contents 1. STRATEGY & CSR 2. GECINA S PERFORMANCE ON OFFICES & RETAIL 3. GECINA S PERFORMANCE ON RESIDENTIAL & HEALTHCARE 4. FINANCIAL ACHIEVEMENTS & TARGETS 5. FY 2013 EARNINGS 6. APPENDICES 2

3 Key investment highlights Strategy & CSR Prime vehicle outperforming the Paris CBD and Western Crescent, the #1 office market in Europe No significant letting challenges in 2014, positive organic growth expected on the office segment Rebalancing of the portfolio towards higher-yielding assets, with residential contributing to the constitution of a distribution reserve Gecina is positioned to capitalize on acquisition opportunities on the Paris market thanks to its sound financial structure and the sale of Beaugrenelle 5 New impulse given by a strengthened management team 6 Progressive reduction of the uncertainties surrounding the shareholding structure 3

4 Gecina has the #1 office portfolio on Europe s #1 office market Strategy & CSR Gecina has the #1 office portfolio Gecina represents the main proxy to the Paris Region office market, which is the main office market in Europe 41% of office rents are generated in the Paris CBD 52% of office rents are generated within Paris Major exposure to high-street retail in the Paris CBD, benefiting from dynamic rent and valuation trends outperforming Europe s #1 office market ca. 12 million inhabitants in the Paris Region vs. ca. 9 million in Greater London the Paris Region accounts for 30% of French GDP vs. 21% for Greater London Gecina sshare price performance (rebased on 100 at Dec. 31, 2012) Change in the geographical breakdown of Gecina s office portfolio (% of rents) 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% 45% 40% 35% 30% 25% 20% 15% 10% 5% 52% of rents generated in Paris 31/12/12 30/01/13 01/03/13 31/03/13 30/04/13 30/05/13 29/06/13 29/07/13 28/08/13 27/09/13 27/10/13 26/11/13 26/12/13 25/01/14 0% Paris Center West Paris South Paris North East La Défense Western Crescent Inner Rim Outer Rim GECINA EPRA EUROZONE EPRA EUROPE EPRA France

5 CSR: achievements and commitments Strategy & CSR CSR is now incorporated into the overall strategy Through the new organization, CSR stakes will be tackled at all operating levels Context of Gecina s commitments to CSR: meeting office and healthcare tenants needs taking into account growing international standards (BREEAM, HQE, LEED) adapting the residential portfolio to ageing tenants and dependency issues respecting the Grenelle II legislation The second 4-year plan ( ) is underway, with structural targets and actions rolled out Inspiring project for Gecina sstaff: increased attractiveness and loyalty, training, career management Improvements in CSR ratings DJSI Europe & World, GRESB (Green Star) Carbon Disclosure Project: Climate Performance Leader 2013 (93%) Ranked 2 nd for real estate in the Novethicbarometer Office portfolio: primary energy consumption in kwehp/sq.m/ year Offices portfolio: increase in HQE certification kwhep/sq.m/year heating/cooling DD ajudsted % -16% -19% -17% -19% -23% -40% Target kwhep/sq.m/year heating/cooling DD adjusted Change since % -5% -10% -15% -20% -25% -30% -35% -40% -45% Sq.m % 19% 34% 44% 80% target Surface areas certified HQE exploitation % surface areas certified HQE exploitation 90,0% 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% 5

6 Capital structure Strategy & CSR On February 6, 2014, Gecina was informed of a disclosure threshold declaration and statement of intent filed with the French securities regulator (AMF) by ELISEO FINANCE S.à.r.l, a vehicle managed by Blackstone and indirectly held on a joint basis by Blackstone, through various real estate funds which it manages, and by Ivanhoé Cambridge, acting in concert. Breakdown at January 31, 2014 Non-resident institutionals 27% Treasury stock 3% Metrovacesa 27% According to this information, ELISEO FINANCE S.à.r.l now holds 22.98% of the company's capital and voting rights. ELISEO FINANCE S.à.r.l is requesting the appointment of a number of directors in proportion to this interest. Gecina's Board of Directors will consider the next steps to be taken further to this request. Resident institutionals 3% Individual shareholders 4% Natixis 5% Predica 9% Eliséo Finance 23% Dec31, 12 June 30, 13 Dec31, 13 Number of shares issued 62,777,135 62,821,182 62,870,496 Stock options 381, , ,407 Treasury stock (2,109,225) (1,911,191) (1,873,001) Diluted number of shares 61,049,425 61,588,663 61,658,902 6

7 Dividend and payout FY % increase in the dividend made possible by a strong financial profile after 4 years of stability Proposedincreaseinthedividendfrom 4.4pershareto 4.6pershareattheApril2014AGM,up+4.5%comparedwith2012 Payoutcalculatedon2013netrecurrentincomepersharewouldbeupto90%vs.87%for years of stable dividend strong financial profile and confidence in the business model payout in line with industry standards increase consistent with the change in distribution rates decided by the French government 0.6mimpactforthe3%dividendtaxbasedonthefigureof 4.6pershare Change in payout over the past 5 years per share 6,0 5,5 5,0 4,5 4,0 3,5 3,0 2,5 2,0 87% 87% 90% 82% 77% 5,71 5,34 5,05 5,08 5,14 * 4,40 4,40 4,40 4,40 4,60 * % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Dividend per share Net recurrent income per share Payout * Submitted at the April 2014 AGM 7

8 Organization aligned with the strategy Strategy & CSR With the portfolio repositioning close to completion, Gecina is now focusing on value creation opportunities The portfolio repositioning is being completed sale of the logistics and hotel portfolios, moving towards the targeted asset allocation sales agreement signed on the Beaugrenelle shopping center (Feb. 20, 2014) Focus now set on value creation on all segments across the portfolio and through investments opportunities first steps already taken in 2013 through the start of the internal pipeline and acquisitions New organization: from a clustered organization to a transversal way of operating across the Group, effectively positioning Gecina in line with the strategy, structured around value creation, while responding to a challenging market environment Offices Residential & student housing Finance Healthcare Moving towards a new organization Acquisitions & disposals V A L U E Offices 70% Finance C R E A T I O N Asset management Operations 8

9 Gecina s business model: complementarity of the segments Strategy & CSR Evolving towards a streamlined, higher-yielding portfolio Investment story now streamlined with 3 segments Higher-yielding core assets (offices and healthcare) accounting for 77% of net rents in 2013 vs. 60% in 2006 Complementary features of the different business lines residential segment s cash-flow visibility and 10 year track-record of unit-by-unit and block sales benefiting the dividend office segment s value creation potential healthcare division s high yield (including capex with additional rents) and liquidity student accommodation business high yield and valuation upside potential with unit-by-unit sales Unit-by-unit residential sales: premium to GAV & impact on distribution Breakdown of net rents ( ) 3,0 2,5 32,0% 34,3% 33,5% 40,0% 35,0% 100% 90% 80% Logistics Hotels Healthcare: 7.0% net yield in 2013 vs. 5.8% in 2007 per share 2,0 1,5 1,0 0,5 0,0 23,7% 24,2% 22,0% 22,5% 20,8% 2,0 0,8 0,7 0,3 0,2 0,3 0,5 1,0 0,6 0,7 0,8 0,5 0,6 0,7 0, Distributable capital gain per share on block residential sales Distributable capital gain per share on unit-by-unit residential sales 30,0% 25,0% 20,0% 15,0% 10,0% 5,0% 0,0% 70% Residential: 4.4% net yield in 2013 vs. 3.6% in % 50% 40% 30% Offices: 6.0% net yield in 2013 vs. 5.5% in % 10% 0% Premium to GAV on unit-by-unit residential sales 9

10 Strong financial base enabling renewed growth strategy Strategy & CSR Committed pipeline Internal shadow pipeline Acquisition of assets on the market Sector consolidation ~ 1bn investment target for 2014 ~ 1bn of divestments planned for 2014, but this amount could be mitigated depending on acquisition opportunities Committed pipeline summary 2 projects transferred from the internal to the committed pipeline since H Internal shadow pipeline summary Offices 3projects Total investment: 224m Estimated net yield: 7.4% Paris 4projects Existing space: 50,000 sq.m Estimated capex: 169m Student housing 8projects Total investment: 141m Estimated net yield: 6.3% Western Crescent 2projects Existing space: 72,000 sq.m Estimated capex: 119m Healthcare 2projects Total investment: 82m Estimated net yield: 6.6% Land banks 6 land banks Estimated capex: 240m Projects launched only when pre-let + 31m of additional annualized headline net rents * Excluding planning for 36,000 sq.m of land banks in Lyon Target ROCE ~ 7%* 10

11 Gecina s business model has proven its efficiency Strategy & CSR Resilience of total return despite a weak market environment Gecina s total return has been affected by the macroeconomic downturns from 2009 and 2010 however, there was never a need for a dilutive capital increase Since 2010, sustained level of total return despite: a weak market environment, for both logistics and offices dividend stability in line with the decision to consolidate the financial profile Change in Gecina stotal return vs. benchmark* (French listed companies exposed to offices) 20,0% 18,0% 16,0% 14,0% 17,9% Gecina s total return CAGR: 7.5% since 2010 vs. 4.3% for the benchmark 12,0% 10,0% 8,0% 6,0% 4,0% 2,0% 0,0% 6,0% 6,4% 6,8% 6,3% 4,5% 3,1% 0,9% Gecina French office benchmark Sources: companies *Benchmark: Icade, SFL, Foncière des Régions (excl. FY2013), Société de la Tour Eiffel (excl. FY 2013) and Silic (until FY 2012) Total return calculation: of diluted NNNAV + dividend / diluted NNNAV from previous year 11

12 2013 revised guidance achieved, stable cash flow expected for 2014 Strategy & CSR m FY 2012 FY 2013 FY 2014 Guidance Gross rentals Positive organic growth on offices EBITDA EBITDA margin 81.5% 81.6% Net recurrent income Net recurrent income - Group share Stability taking into account reinvestment in H2 of the proceeds of Beaugrenelle LTV 39.7% 38.7% < 40% Cost of drawn debt 3.7% 3.5% Moderate decrease Disposals 1, ~ 1bn Investments ~ 1bn NNNAV (EPRA) Dividend 4.4 per share 4.6 per share (*) * Submitted at the April 2014 AGM 12

13 1page Gecina sachievements on offices & retail

14 Gecina significantly outperforms the market on vacancy Offices & retail performance Lack of visibility affecting take-up, better trend in Paris Center West and Western Crescent Take-up down 25% for FY 2013 to 1.8 million sq.m, below the long-term average of 1.9 million sq.m However, take-up in Paris Center West up +4%, with +16% for the Western Crescent 2014 outlook: favorable basis for comparison, 2 million sq.m take-up expected Gecina outperforms the market by significantly improving its occupancy rate in 2013 Vacancy up to 7% in the Paris Region: pressure on demand and increase in supply, mostly in the Western Crescent Office vacancy rate of 5.3% (spot) for Gecina at end-2013, close to theoretical max. level after dealing with ca 100,000 letting challenges at end-2011 Pointe Metro 2 and 60% of Docks en Seine last challenges pragmatic letting policy Comparison of Gecina svacancy on its Western Crescent office portfolio and the market Effective fit between Gecina s office portfolio (% of rents) and market take-up in ,0% 18,0% 16,0% 14,0% 12,0% 10,0% 8,0% 6,0% 4,0% 2,0% 0,0% Termination of the AON lease on Défense Ouest Completion of Horizons, Newside and Pointe Metro Vacancy rate Western Crescent Gecina's vacancy rate in the Western Crescent 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 41% 24% Paris Center West Sources: CBRE, Immostat, JLL, BNP Paribas RE 8% 8% Paris South Paris North East 5% 6% 3% 1% Gecina's portfolio 35% 32% La Défense Western Crescent 9% 2013 take-up 10% 2% 15% Inner Rim Outer Rim 14

15 Positive organic growth on offices for 2013 and 2014e Offices & retail performance Contrasting trends for rents Headline rents globally stable in 2013 for the Paris Region lack of significant transactions on the CBD average prime rent on the Western Crescent up +2% in 2013 Adjustment still generated through incentives level of incentives still moderate within Paris (5% on average for Gecina in 2013) 2014e trends for organic growth on offices: slowdown in indexation (to ~ +1% expected) further improvement in occupancy (~+1% expected) limited negative reversion (~-1.5% expected) Weighted average new lease maturity for tenants who renegotiated in 2013: 7.3 years Breakdown of like-for-like change in office rental growth * Lease expiry and break analysis, including 2013 renegotiations on maturities > ,0% 3,0% 1,0% -1,0% -3,0% -5,0% Total -3.1% 0,5% -0,2% -3,4% Total -2.8% 0,8% 1,0% -3,7% -0,9% Total +0.7% 2,8% 2.5% -1,3% -0,2% -0,6% Total +3.4% 0.3% 1.7% -1,1% Index Vacancy Reletting & renegotiations Other 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 19% 14% 30% 29% 39% 34% 57% 46% 48% 36% 24% 25% Renegotiation Retained Tenants leaving * excl. AON impact in 2011 and

16 Offices : main letting successes, limited challenges remaining Offices & retail performance 158,000 sq.m let, relet and renegotiated during 2013 Limited letting challenges: 3 assets (36,840 sq.m) Newside La Garenne Colombes 18,000 sq.m let Portes de la Défense Colombes Completion of 16,000 sq.m letting Tour Mirabeau 15th arrdt 2,000 sq.m let Major vacancy challenges on the office portfolio for 2014 Docks en Seine Saint-Ouen 7,000 sq.m let Tour Horizons Boulogne 2,000 sq.mlet Assets Location Completion or vacating Vacant space (sq.m) Annualized impact on office vacancy rate Annualized impact on Group vacancy rate Docks en Seine Saint-Ouen December , % 0.5% Pointe Metro 2 Gennevilliers December , % 0.8% 12/16, bd du Général-Leclerc Neuilly April , % 1.1% 16

17 Reversionary potential: limited impact for 2014 Offices & retail performance Negative reversion will impact 2014 rents 39mof break-up options in 2014 Of which 62% in Paris and Paris CBD -1.5% reversionary impact expected on organic rent for offices Office lease schedule (break-up options and end of leases) 87m of break-up options in 2015 Of which 59% in Paris and Paris CBD m Office lease schedule (break-up options) by area > 2021 Break-up options End of leases Break-up options other areas Break-up options Southern Belt m % 63% Break-up options Northern Belt, Peri- Défense Break-up options rest of Paris % Break-up options Paris CBD >

18 Offices: reversion moving forward Offices & retail performance Analysis of office break-up options in Paris(by area and average yearly rent) Analysis of office break-up options in Paris Region (by area and average yearly rent) ,061 sq.m 78,914 sq.m ,118 sq.m 80,272 sq.m 90,840 sq.m ,971 sq.m 19,320 sq.m 25,784 sq.m 35,519 sq.m 13,285 sq.m ,032 sq.m 44,650 sq.m 24,824 sq.m 23,979 sq.m 18,699 sq.m ,784 sq.m > > 2021 Of which 4,600 sq.m still at risk Of which 12,600 sq.m still at risk Of which 28,600 sq.m still at risk Of which 2,600 sq.m still at risk Of which 6,100 sq.m still at risk Of which 34,200 sq.m still at risk 18

19 Retail exposure: still on an upward trend Offices & retail performance Gecina offers strong exposure to prime Paris retail 872m of retail exposure (excl. Beaugrenelle) as part of the office portfolio 801m in the Paris CBD 424m of assets located on the Champs Elysées 1/3 of total retail investments in France concentrated in Paris Strong liquidity generated by multiple types of investors yield compression still ongoing -10 bpin 2013 for high street retail at 3.9% -27bp for Gecina sretail portfolio in 2013, +11.3% like-for-like increase in valuation for the retail portfolio (excl. Beaugrenelle) Beaugrenelle: footfall exceeding expectations, end-2013 appraisal value reflecting the sales agreement price Breakdown of Gecina sretail exposure within the office division (excl. Beaugrenelle) Change in cap rates for prime retail ( ) Rest of Paris 3% Other areas 5% 6,5% 6,0% 5,5% Paris CBD 92% 5,0% 4,5% 4,0% 3,5% 4,5% 3,9% Source: CBRE High street retail (City center) Shopping centers 19

20 1page Gecina sachievements on residential & healthcare

21 Residential market: organic rental growth and valuation up Residential & healthcare performance Stable environment for the Paris residential segment Prices in Paris reached 8,200 / sq.m in November 2013, a slight drop, down -1.3% year-on-year Gecina s asset values up +0.3% like-for-like on residential in 2013 Transaction volumes in the Paris Region are expected to be up by 5% in 2013 according to notaries estimates 15-year mortgage rates still at historically low levels: 3.15% at end-january 2014 Gecina is continuing to outperform indexation Organic growth in residential rents up 3.0% in 2013 (vs. +3.6% in 2012), strongly outperforming indexation (IRL up +0.69% in 2013) Impact of relettings and renegotiations came to +1.3% in 2013, in line with 2012 (+1.4%) Impact of the ALUR law to be assessed Spread between Gecina s block valuation and the notaries unit valuation Gecina continued to strongly outperform indexation in 2013 /sq.m % 8, Paris residential - Notaries Paris residential (unit) Gecina 49% 20% 164m of unit-by-unit sales in 2013, with a 34% premium to GAV despite a slight decline in market prices Paris residential (block value) Gecina 6,0% 5,0% 4,0% 3,0% 2,0% 1,0% 0,0% -1,0% Sources : Chambre des Notaires de Paris, INSEE 3.0% 0.7% 0.7% Gecina's organic rental growth (residential) French CPI IRL 21

22 Student accommodation: on track to meet target of 5,000 beds Residential & healthcare performance 2,962 beds taking into account the current portfolio and development pipeline Gecina currently has 1,442 beds in operation across 9 assets 8 additional assets are in the development pipeline, accounting for 1,520 beds 141m of investment until 2018, with an estimated average yield on cost of 6.3% Target of 5,000 beds set to be surpassed 3 new projects launched in 2013: La Défense Palaiseau Marseille 733 beds Total investment of 64m The Group has good visibility over ca. 1,000 additional beds, which should be secured in 2014 Gecina is looking into various projects representing 2,000 beds, including conversion of obsolete office buildings Once this target has been met, Gecina will review all options, including opening up the capital, setting-up joint ventures or listing the vehicle End-2013 Ongoing assets Number of assets 9 Number of beds 1,442 Valuation ( m) 165 Net yield 5.5% Gross rents ( m) 9.3 Rental margin 70.2% End-2013 Assets under development Number of assets 8 Number of beds 1,520 To be invested ( m) 141 Estimated yield on cost 6.3% Estimated additional rents ( m) 9 Breakdown (no. of beds) of the current student accommodation portfolio & committed pipeline Lyon 5% Lille 8% Bordeaux 22% Marseille 7% Paris 14% Paris Region 44% 22

23 Healthcare: France s 2 nd largest portfolio now at cruising speed Residential & healthcare performance Lower exposure to Générale de Santé, new partnership in MSO Sale of an 80m portfolio: liquidity of healthcare assets in a secondary market now structured New partnership with Capio: construction of 2 private clinics launched in 2013 Exposure to Généralede Santé has been significantly reduced All options opened for this segment Exposure to Généralede Santé (as % of healthcare rents) 100% 80% 60% 40% 20% 44.7% 0% Breakdown of healthcare rents by type of stay ( ) Healthcare lease schedule 100,00% 3% 6% 5% % 90,00% 80,00% 70,00% 60,00% 50,00% 40,00% 30,00% 100% 100% 97% 94% 95% 26% 74% 30% 33% 70% 67% m % 80% 70% 60% 50% 40% 30% 20% 10% 20,00% > % Short / medium stay Long stay 23

24 Achievements & targets: financing 1page

25 Continued improvement of all financial indicators Achievements & targets : financing LTV (excluding duties) Net financial debt End-2012 End-2013 Change 39.7% 38.7% -1.0% 4,429m 4,246m - 183m Net disposals of 266m Net disposals and impact of the portfolio realignment ICR 2.8x 3.0x +0.2x Secured debt ratio 15.0% 11.7% -3.2% Early repayment of mortgage facilities Average cost of drawn debt Average length of debt* Unusedcredit facilities 3.7% (4.0% all-in) 3.5% (4.0% all-in) -0.2% (stable) 4.7 years 4.9 years +0.2 years 2,050m 2,195m + 145m Impact of 2012 and 2013 hedging restructuring and low level of short-term rates All-in cost stable due to increased liquidity (mainly back-up commercial paper) 10 years for bond issue and 6 years for revolving facilities Hedging 94% 95% +1% * After taking into account unused credit facilities 25

26 Further improvements in the financial structure Achievements & targets : financing Strong financial profile LTV (excluding duties): 38.7% at end-2013, below the 40% guidance Cost of drawn debt down from 3.7% in 2012 to 3.5% in 2013 Rating upgrades continuing, with Standard & Poor s review in Dec (BBB/ positive outlook) Significant headroom vs. covenants 1bnoffinancingraisedin2013withanaveragematurityof7.2years The improvement in Gecina srating has contributed towards optimizing the Group s access to and cost of the different sources of financing, especially on the bond and commercial paper markets 300m bond issue in May 2013 with a 10-year maturity and 2.875% coupon, lowest spread for the last 9 years and lowest coupon and longest maturity ever for Gecina Signature of 660m of revolving credit facilities, with a maturity of nearly 6 years, and 391m reduction in secured financing 690m of commercial paper on average for 2013, vs. 168m in 2012 Standard & Poor s: BBB / positive outlook (Dec 2013) Moody s: Baa2 / stable outlook (Nov 2013) Revised from <20% to < 25% in Q Ratios Covenants Dec. 31, 2013 Loan to value ratio (block) < 55% 38.7% EBITDA excl. disposals/net financial expenses > 2.0x 3.0x Secured debt/block value < 25% 11.7% Portfolio value (block, mn) > 6,000 8,000 10,819 26

27 Further improvements in the financial structure Achievements & targets : financing Proactive management of credit maturities Renewal in advance of 2014 and 2015 revolving facilities( 510m) and new 150m of bilateral financing Renegotiation of facilities set up in 2012( 580m) Early repayment of short-term or highest-margin secured financing( 295m) Streamlined debt schedule and increased average maturity Linear schedule for coming years, with 550m- 750m of maturities(except 2016), average maturity increased to 4.9 years* 2.2bn of unused credit lines covering more than two years of credit maturities Continuing diversification of financing resources 55%ofdebtcomefromthemarketatend-2013vs.45%atend-2012and26%atend-2010 Hedging portfolio is constantly adapted to the volume and structure(bond issue) of the Group s debt Breakdown by type of debt Schedule of available financing at end-2013 (of which 2,195m of unused credit facilities at year-end 2013) 120% % 80% 60% 40% 20% 0% 1% 1% 13% 13% 19% 36% 35% 4% 2% 30% 38% 44% 43% 38% 55% 45% 36% 21% 26% >2020 Bonds and convertible bond Secured financing Corporate financing Commercial paper Corporate Secured financing Bonds and convertible * drawn debt taking into account unused credit lines m 27

28 1page 2013

29 FY 2013 net recurring cash flow FY In million euros Dec 31, 2012 Dec 31, 2013 Change (%) Gross rental income % Expenses on properties (142.4) (140.0) -1.6% Expenses billed to tenants % Net rental income % Services and other income % Overheads (64.7) (65.7) +1.4% EBITDA % Gains from disposals (4.2) 46.2 na Change in fair value of properties 69.5 (44.2) % Depreciation (5.2) (5.4) +5.5% Net provisions and amortization 0.3 (5.5) na Operating income % Net financial expenses (175.1) (162.7) -7.1% Financial depreciation and provisions (0.2) (0.6) na Change in fair value of financial instruments (155.6) 28.1 na Net income from equity affiliates % Pre-tax income % Recurrent tax (2.2) (4.2) +89.7% Non-recurrent tax na Exit tax (1.2) (3.8) na Deferred tax 4.5 (2.4) na Non-recurrent minority interests 7.2 (11.4) na Recurrent minority interests (0.1) (2.3) na Consolidated net income (group share) % Rental margin up 70bp to 91.4%, impactofchangesinthemix 2EBITDA margin up 10bp to 81.6% 3 On a comparable basis, the portfolio value is virtually stable vs. end-2013 (-0.1%). Values are up +0.3% for residential assets, offsetting the slight downturn in values on the office (-0.3%) and healthcare (-0.3%) portfolios 4 Impact of the increase in interest rates on the valuation of hedging (+ 54m) and MTM of- 26m of Ornane(convertible) bond 5 2.4m generated by the 3% tax on dividends Gross recurrent income % Net recurrent income % Gross recurrent income Group share % Net recurrent income Group share % Average number of shares (million) % Net recurrent income per share (undiluted) % 6Minority interests in Beaugrenelle: change in fair value 7 Minority interests in Beaugrenelle 29

30 Rental income: strong trend for organic growth FY 2013 Gross rents Change (%) Rental margin Occupancy rate Dec. 31, 2012 Dec. 31, 2013 Current Comparable Dec. 31, 2012 Dec. 31, 2013 Dec. 31, 2012 Dec. 31, 2013 Offices (excl. Beaugrenelle) % +3.4% 93.3% 93.0% 90.9% 93.6% Beaugrenelle na na na 93.8% na 98.3% Traditional residential % +3.0% 82.5% 82.6% 97.7% 98.1% Student housing % +3.0% 74.0% 70.2% 94.3% 94.9% Healthcare % +2.8% 98.8% 99.1% 100.0% 100.0% Logistics na na 83.7% na 82.0% na Hotels % na 98.9% 100.9% 100.0% na Group total % +3.2% 90.8% 91.4% 93.4% 95.5% See details on annualized rents and scope impacts in appendix 700, FY 2012 FY 2013 rental income = - 7.2m 650,0 600,0 550,0 596, (4.3) (66.4) 588,9 500,0 450,0 400,0 FY 2012 Like-for-like change Invest. & completions Asset restruct. Disposals FY

31 Investments & acquisitions FY m of investments in 2013 Offices 410m Beaugrenelle 97m Residential 42m Healthcare 31m Acquisitions: 55% Completed projects: 26% Ongoing projects: 11% Capex: 8% Orange private clinic Rue Marbeuf 8 th arrdt Bayonne private clinic Tour Mirabeau 15 th arrdt Lançonconversion into student housing 31

32 Disposals FY 2013 Segment Amount ( m) Price vs. end-2012 appraisal Net exit yield Residential (block) % 4.1% Residential (unit-by-unit) % 3.3% Offices % 5.1% Hotels % 6.3% Healthcare % 6.2% GROUP TOTAL % 5.1% Change in asset rotation In addition to Beaugrenelle, a further 29m of assets are currently under preliminary sales agreements ,8% 7,3% 4,1% 7,9% 11,8% 7,8% 50,0% ,0% ,0% , ,0% -150,0% ,0% Investments Disposals Asset rotation as % of GAV 32

33 Change in capitalization rates FY 2013 Net yields globally stable across the portfolio in 2013, positive impact of Net yields by division (2012 / 2013)* rents -1.7% impact on the valuation from cap rates +1.5% impact on the valuation from rents 7,50% 7,00% 6,50% 6,00% 6,0% 6,0% 6,8% 7,0% 5,6% 5,7% 5,50% Renegotiations and relettingson long leases have contributed towards 5,00% 4,50% 4,3% 4,4% securing the valuation of some key assets in the Western Crescent 4,00% 3,50% 3,00% Offices Residential Healthcare Group * Based on 2013 like-for-like portfolio Change in like-for-like valuation of the office portfolio: breakdown by cap rate and rent impacts Total +8.2% 8,0% 6,0% 4,0% Total -9.8% Total -9.2% 0,5% 7,7% Total 0% Total +0.7% Total -0.3% 2,0% 0,0% 2,1% 0,0% 2,3% 0,7% -1,6% -1,0% -2,0% -4,0% -6,0% -9,5% -11,3% -8,0% -10,0% -0,3% Cap. rate impact Rent impact 33

34 2013 portfolio value and NNNAV FY 2013 Breakdown by segment Block value Change on current basis Change on comparable basis m FY 2013 FY months 12 months 6 months 12 months Offices 6,908 6, % +3.7% +0.2% -0.3% Residential 2,797 2, % -5.7% -0.2% +0.3% Healthcare 1,071 1, % -3.3% -0.7% -0.3% Logistics % -7.4% -10.2% -12.0% Hotels na na na na Sub-total 10,781 11, % -2.1% -0.1% -0.1% Equity affiliates 0 5 na na na na Group total 10,781 11, % -2.1% -0.1% -0.1% Group total: unit value 11,368 11, % -2.4% -0.1% -0.4% , (0.6) 102, (4.4) NNNAV +1.7% over NNNAV +2.3% vs. end-june NNNAV end-2012 Dividend Recurring income Val. adjust. assets Val. adjust. derivatives & fixed-rated debt Other NNNAV end

35 1page Appendices

36 Consolidated balance sheet Appendices ASSETS Dec 31, Dec. 31, LIABILITIES Dec 31, Dec. 31, In million euros In million euros Fixed assets Capital and reserves Investment properties Capital Buildings under refurbishment Issue, merger & capital contrib.premiums Buildings in operation Consolidated reserves Other tangible fixed assets Consolidated net profit Intangible fixed assets Group shareholders' equity Long-term financial investments Minority interests Equity affiliates Financial instruments Non-current liabilities Deferred tax Financial debt Financial instruments Current assets Deferred tax liabilities Properties for sale Provisions for liabilities and charges Taxes due & other employee-related Inventories liabilities Rent due and other receivables Other receivables Current liabilities Prepaid expenses Short-term financial debt Financial instruments Financial instruments Cash & cash equivalents Security deposits Trade payables Assets held for sale Taxes due & other employee-related liabilities Other liabilities Liabilities held for sale TOTAL ASSETS TOTAL LIABILITIES

37 Rental income: scope impacts FY 2013 Annualized rents (IFRS) at end-2013 m Annualized rents Offices 341 Beaugrenelle 31 Traditional residential 120 Student housing 9 Healthcare 73 TOTAL 574 Scope impacts on 2013 and 2014 gross rents In million euros Office lettings +14, acquisitions completions Office sales (18.7) (8.4) Beaugrenelle opening Healthcaresale (4.0) (1.1) Logisticssale (12.1) Residential sales (21.4) (4.0) 37

38 Development pipeline Appendices Project Location Delivery date Area (sq.m.) Investment ( M) Already invested ( M) To be invested ( M) Est. yield (net) Pre-letting 122 av. Général Leclerc (Boulogne) Hauts de Seine (92) Q , % 0% 55 rue d Amsterdam Paris 8 Q , % 0% Gerland Lyon Q , % 100% Total offices & commercial 43, % 26% Saint-Denis Pleyel Seine St Denis (93) Q2-14 4, % na Bagnolet Seine St Denis (93) Q2-15 4, % na Bordeaux Gironde Q3-15 3, % na Lançon Paris 13 Q3-15 1, % na Lecourbe Paris 15 Q3-14 2, % na Palaiseau Saclay Essonne(91) Q3-15 3, % na Puteaux Rose de Cherbourg Hauts de Seine (92) Q2-18 7, % na Marseille Mazenod Marseille Q2-16 3, % na Total residential 30, % na Clinique Bayonne Pyrénées Atlantiques(64) Q , % 100% Clinique Orange Vaucluse(84) Q3-15 4, % 100% Total Healthcare 34, % 100% GROUP 108, % na 38

39 Offices Appendices Breakdown of Gecina s office portfolio (rents) Inner Rim 9% Outer Rim 3% 101 assets Office snapshot ca1,000,000 sq.m Western Crescent 35% Paris Center West 41% Breakdown of office tenants by business sector La Défense 1% Paris North East 3% Paris South 8% Services 36% Commuication - TV 2% Telecoms 8% Luxury & retail 15% Information & communication technologies 4% Industry 8% Real estate 3% Banks & financials 5% Public sector 7% Insurance 2% Other 10% 39

40 Offices Appendices Assets under development Current portfolio 40

41 Residential Appendices Residential snapshot Residential portfolio breakdown (value) 7,718 apartments 2,962 student accommodation units Other 4% Paris Region 25% Paris 71% 41

42 Residential Appendices Traditional residential Projects under development Healthcare assets Student housing 42

43 Healthcare Appendices Healthcare lease expiry m > % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 74 facilities 8,337 beds Healthcare snapshot Breakdown of annualized rental income at end-2013 on healthcare real estate Retirement home 1% Nursing homes 31% Follow-up care and rehabilitation 5% Psychiatry 6% Medicine, surgery, obstetrics 57% 43

44 Demographic division Appendices Traditional residential Projects under development Healthcare assets Student housing 44

45 Change in GAV Appendices , ,009 (44) ,781 (777) Total GAV block dec-31, 2012 Value adjustment on assets Acquisition and capex Disposals Other Total GAV block dec-31, 2013 Unit / Block diff. Total GAV unit dec- 31,

46 2014 financial diary Appendices April 23 General meeting April 24 First-quarter business July 22 First-half October 23 Third-quarter business 46

47 Disclaimer Appendices This document does not constitute an offer to sell or a solicitation of an offer to buy GECINA securities and has not been independently verified. If you would like to obtain further information concerning GECINA, please refer to the public documents filed with the French securities regulator (Autorité des marchés financiers, AMF), which are also available on our internet site. This document may contain certain forward-looking statements. Although the Company believes that such statements are based on reasonable assumptions on the date on which this document was published, they are by their very nature subject to various risks and uncertainties which may result in differences. However, GECINA assumes no obligation and makes no commitment to update or revise such statements. 47