Half Year 2023 Gecina SA Earnings Call Transcript
Good day, and welcome to Gecina 2023 Half Year Earnings Call. (Operator Instructions) This meeting is being recorded. And at this time, I'd like to hand the call over to your host, Benat Ortega, CEO. Please go ahead, sir.
Good morning to all of you, and thank you for attending this H1 earnings presentation. You've probably seen already our key figures. To summarize our results during first half 2023, I would like to point 4 key elements. Our recurring net results per share is up 7.5% versus H1 '22, with a like-for-like rental growth nearing 7%, favored by indexation, positive re-leasing spreads and occupancy rate increase.
Second, following the disposal of EUR 1 billion of assets in H1, 10% above appraisal values and with an exit yield of 2.5% in average, all debt metrics have been improved. For instance, LTV is down 150 basis points in 6 months, now standing at 32.2%. Our debt is now 95% hedged in average over the period 2023 to 2027, but these disposals have also positive impacts on net debt-to-EBITDA, ICR
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