French property group Gecina saw a 9.14% increase in its cash flow per share in 2008 and said it expects cash flow to rise by over 10% in 2009 as a result of 'an expected reduction in the average cost of debt and operating expenses, as well as an increase in rental income.'
French property group Gecina saw a 9.14% increase in its cash flow per share in 2008 and said it expects cash flow to rise by over 10% in 2009 as a result of 'an expected reduction in the average cost of debt and operating expenses, as well as an increase in rental income.'
Annual revenues in 2008 came to EUR 638 mln, up 7.6% on 2007's levels. Gecina said the growth was mostly driven by the office and logistics business lines, which benefited from new assets brought into the portfolio. Net Asset Value per share was down 10.01% to EUR 128.29 per share at end December 2008. The occupancy rate across its portfolio was down to 93.8% at end December 2008 from 96% in 2007 as a result of a 13% vacancy rate in its logistics portfolio.
The company is proposing a dividend of EUR 5.70 per share for 2008, representing an increase of 13.8% on 2007. In 2009, Gecina said it will continue to sell assets for a total of some EUR 600 - 700 mln.
