Loading...

Shareholders

BECOMING A SHAREHOLDER

Becoming a Gecina shareholder means being part of Europe’s leading office real estate group, means investing in a solid growth stock, means enjoying a privileged relationship with the Company, with your account managed by a dedicated Shareholder Relations team, means benefiting from a personalized service and zero custody and management fees. 
Becoming a Gecina shareholder means sharing a human adventure, “far more than square meters”! 

How to become a shareholder

Gecina's shares can be held on a direct registered basis.

In this case, Gecina’s Securities & Exchange Services team is the dedicated contact for shareholders for all their transactions.

Gecina securities held on an intermediary registered basis can be transferred to the direct registered system at any time.

To do so, simply complete a request to register Gecina shares on a direct basis (form available by clicking here) and send it to the custodian financial intermediary.

In return, Gecina’s Securities & Exchange Services team will send an account registration certificate.

Account administration

Opening an account

A direct registered account can be opened directly with Gecina’s Securities & Exchange Services team:

- Either after a buy order placed through Gecina’s Securities & Exchange Services team, by completing and returning the “stock market order” form.

For initial acquisitions, the “market order” form will need to be accompanied by the completed account agreement for direct registered securities (in two copies), with the necessary supporting documents.

- Or following a transfer request submitted by shareholders to their account custodian for shares previously held on an intermediary registered basis.

In this case, the account agreement for securities held on a direct registered basis will be sent out to shareholders with the certificate confirming their registration on a direct basis. The agreement will need to be returned with the relevant supporting documents as quickly as possible to the Securities & Exchange Services team.

Account operations

In addition to the mandatory tax forms and/or information, each shareholder or individual authorized to operate the account receives the following:

- After each transaction, an interim statement indicating the new account balance;
- At the start of the year,

* An account statement at December 31 of the previous year;
* A calculation of capital gains or losses, if requested by shareholders;
* If all the securities sold come from a buy order processed by Gecina’s Securities & Exchange Services team;
* Or if shareholders have informed Gecina’s Securities & Exchange Services team of the price of securities when they have been transferred from another establishment

Stock market trading

Gecina’s Securities & Exchange Services team – under the terms, conditions and limits set out below – is responsible for executing buy and sell orders through an authorized financial intermediary.
The client placing the order is informed that their transaction has been executed with a transaction statement and payments are made directly with this financial intermediary:
- On the third business day following the order’s execution, for cash transactions;
- On the last trading day of the month, for transactions carried out under the Deferred Settlement Service (SRD).

Inheritances, donations

The French inheritance tax system does not differentiate between bearer securities and registered securities. Gecina’s Securities & Exchange Services team executes any instructions from legal advisors in charge of inheritance cases. Ownership is transferred within very short timeframes based on the supporting documents required to authenticate documents (certificate of ownership, cash gift statement, etc.). No charges are applied for completing these formalities and covering the related correspondence costs.

Dividend payments

Cash dividends are paid directly, without fees, as of the payment date. Gecina’s Securities & Exchange Services team must be provided with bank account details.

Securities transactions

Personalized notices are issued for all transactions on securities (dividend payments, stock splits, etc.). These transactions are processed and securities registration certificates are issued immediately and without charge.

Annual tax statement

In February, Gecina’s Securities & Exchange Services team sends a printed summary statement to accompany the year’s tax return. It includes information on the amount of dividends received and sales relating to the year’s transactions.

Share savings schemes

Since October 21, 2011, the 2012 French finance bill has withdrawn the possibility for the securities of listed real estate investment trusts (SIIC) and variable-capital predominantly real estate investment trusts (SPPICAV) to be held in share-based savings schemes and therefore entitled to benefit from an exemption from income tax on dividends paid out.

SIIC real estate trust securities held in share-based savings schemes on October 21, 2011, i.e. the day when these provisions were adopted, may remain within such schemes. SIIC real estate trust securities that remain within share-based savings schemes will continue to benefit from the exemptions applicable for securities held in such schemes in terms of both their dividends and their capital gains.

Orders

Listing

Gecina’s shares are listed on Euronext Paris - Compartment A with the ISIN FR0010040865 and the ticker GFC.
They are eligible for the deferred settlement service (SRD) and are part of the CAC Next 20, CAC Large 60 and SBF 120 indexes.
They are quoted continuously throughout the market day, from 9 am to 5:30 pm (French time).

Definition of market orders

Only firm buy and sell orders are accepted. Orders for short sales (sales with cash payment for securities purchased using the deferred settlement service) are not accepted.

To be valid, stock market orders must clearly indicate the following:

• Terms of payment, cash or deferred settlement; 
• Transaction type: buy or sell; 
• Number of securities to buy or sell; 
• Agreed price (under the conditions described in the section below); 
• Order validity period. The client placing the order may indicate a validity date: same day, month or date range. By default, cash orders are valid until the end of the day and deferred settlement orders are valid until the next liquidation.

There are various options for stock market orders:

• “Limit” orders: the maximum purchase price or minimum sales price is indicated by the client. This type of order is very traditional and allows the client to set their target price, but it may take time or be only partially completed, depending on the price chosen and changes in the share price. In case there are successive partial trades, a brokerage fee is incurred for each portion of the trade. 

• “At-best” orders or “market price” orders: these are orders without any price limits indicated. As a result of the way in which it is managed, it is automatically converted to a “limit order”, with the price chosen being the opening price if the order is placed at the start of trading or the best request if placed during a session. This is not a priority order and may therefore be split into partial trades.

Receipt and transmission of stock market orders

Buy and sell orders (form available by clicking here) can be submitted to Gecina’s Securities & Exchange Services team:

• By post: Gecina Securities & Exchange Services, 16, rue des Capucines, 75084 Paris cedex 02, France; • By fax: +33 (0) 1 40 40 64 81;
• By phone: two dedicated numbers, +33 (0) 1 40 40 50 79 and +33 (0) 1 40 40 65 47 (in this case, written confirmation is always requested);
• By email: titres&bourse@GECINA.fr

Buy and sell orders received by Gecina’s Securities & Exchange Services team before 5:15 pm (French time) are processed on the same day.

Unless otherwise instructed, orders that arrive after 5:15 pm and cannot be executed before the stock market closes will automatically be postponed to the following session.

Relations between clients holding shares on a direct registered basis and their financial intermediaries are managed exclusively through Gecina’s Securities & Exchange Services team.

Joint and co-ownership

Buy and sell orders concerning this type of account must be submitted in writing and signed by all the co-owners, unless one of them has been expressly appointed to represent the others.

Payments

Payments are made for the net amount indicated on the transaction notice:

• For purchases, with a cheque sent from the buyer to Gecina's financial intermediary;
• For sales, with a bank transfer from this intermediary to the seller (Gecina’s Securities & Exchange Services team must be provided with bank account details).

Fees

Whenever possible, Gecina has negotiated preferential rates with its financial intermediary. “Direct registered” shareholders are entitled to benefit from the discount obtained.

Broker fees 
As of January 1, 2015, they represent 0.20% (excluding tax) of the gross transaction amount, with a minimum of 7 euros (excluding tax) per order.

Exemption from custodian and management fees
Shareholders are exempt from any custodian or management fees for direct registered shares.

French financial transaction tax
The amended French finance bill for 2012 introduced a tax on acquisitions of capital or related securities, known as the financial transaction tax (Taxe sur les Transactions Financières), which came into force on August 1, 2012 and concerns companies with their registered offices in France and market capitalizations of over one billion euros at January 1. Gecina's securities are subject to this tax.

Taxation

Here, Gecina presents the general principles for the taxation of shares in relation to income (dividends) and capital gains. 
However, this information is only a summary of the main tax provisions applicable and does not include any specific provisions.

The following information exclusively concerns shareholders who are domiciled for tax purposes or have their registered offices in France.

Income from securities

Creation of a Flat Tax (Prélèvement Forfaitaire Unique)

The 2018 French Finance Bill introduced a 30% Flat Tax (Prélèvement Forfaitaire Unique, PFU), which applies to securities income (dividends, interest) and capital gains on sales. It has been in force since January 1, 2018.

It is based on the following breakdown:

  • 12.8% for the Flat Income Tax,
  • 17.2% for Social Security Charges.

It applies by default to transactions for dividends paid (unless a waiver request was submitted to the paying institution before November 30 of the year prior to the dividend payment date) and sales carried out from January 1, 2018.

Taxpayers still have the option to choose to be subject to the income tax scale. This represents a global choice and will apply to all income and capital gains for the year.

Exemption from the payment on account for income tax (12.8%)

Exemption thresholds have been defined based on the taxpayer's reference taxable income.

When dividends are paid out, the following may be exempt from this advance payment on account:

- Single men and women whose reference taxable income is less than €50,000,

- Couples whose reference taxable income is less than €75,000.

To be entitled to this exemption, taxpayers will need to submit a sworn statement by November 30 of the year in question confirming that they meet the conditions required to be entitled to the exemption when the payment is made the following year.

Reminder: the 2012 French Finance Bill withdrew the 40% tax allowance previously available on dividends drawn against exempt profits paid out by listed real estate investment trusts (SIIC) and variable-capital predominantly real estate investment trusts (SPPICAV). In addition, such dividends were no longer entitled to benefit from the fixed-rate allowance (1,525 euros or 3,050 euros depending on family status).

Taxation for non-residents

Dividends paid to individuals who are tax residents outside of France are now subject to a 12.8% withholding tax. This is a set rate. Under the international tax agreements in place between France and the countries where beneficiaries are resident, a more beneficial withholding rate may be applied. Shareholders are responsible for submitting the form relating to the certificate of residence no. 5000 to apply for the more favorable rate compared with the standard 12.8%. This form will need to reach the company before any operation to pay out dividends.

For non-resident legal entities, the withholding rate is still 30%. The international tax agreements in place may also include provisions for a more beneficial withholding rate.

French real estate wealth tax (Impôt sur la Fortune Immobilière, IFI)

French wealth tax (ISF) replaced with real estate wealth tax (IFI)

Since January 1, 2018, the French wealth tax has been replaced with the real estate wealth tax (Impôt sur le Fortune Immobilière). Interests held by investors representing less than 5% of the capital and voting rights of a listed real estate investment trust (SIIC), such as Gecina, are excluded from the basis for calculating real estate wealth tax.

Extract:

Art. 972 iii. – For the application of Article 965, and under the same conditions, the shares of real estate investment companies covered by Article 208 C-I are not taken into account to determine the tax base when the taxpayer holds, directly and, if applicable, indirectly, individually or jointly with the persons mentioned in Article 965-1, less than 5% of the company’s capital and voting rights.

Reminder of French wealth tax (ISF) rates for the past 5 years

Shareholders had to choose which share price to be used:

- The closing price for the tax year: €131.45 at December 31, 2016
or
- The average closing price for the last 30 trading days of the tax year: €125.22 (for 2016). 

 Historical data:

Share price (in euros) 2012 2013 2014 2015 2016
Year’s closing share price 84.90 96.03 103.50 112.10 131.45
ISF average share price 85.90 95.53 106.45 113.38 125.22
Capital gains from sales of securities

Note: The period to be retained for assessing the sales threshold for your 2017 sales declaration concerns sales made between December 28, 2017 and December 27, 2018.

A capital gain is the difference between the purchase price of shares and the net proceeds received from their sale on the stock market. They are taxed from the first euro of sales.

The 2018 French Finance Bill has amended the treatment of capital gains on sales. With the introduction of the Flat Tax (Prélèvement Forfaitaire Unique), securities acquired before January 1, 2018 now need to be separated from securities acquired after this date.

For securities acquired before January 1, 2018, taxpayers can choose from the following options:

- Applying the 30% Flat Tax (PFU) on capital gains (12.8% - income tax rate + 17.2% - social security charges rate) without any holding period allowance, or

- Retaining the income tax system in addition to 17.2% social security charges, with possibilities for allowances taking into consideration the holding period, based on the following breakdown:

The allowance is equal to:

- 50% of the amount of net gains for securities held for longer than 2 years and less than 8 years.

- 65% of the amount of net gains for securities held for longer than 8 years.

Holding periods are counted from the exact date when shares were acquired. 

For securities acquired after January 1, 2018, the options between the Flat Tax and the income tax scale (plus 17.2% social security charges) are still available, but the holding period allowances are no longer applicable.

Choice between the Flat Tax (PFU) and the standard income tax scale. This option is chosen annually and covers all securities income and capital gains.

Allocation of capital losses

Capital losses can be allocated against capital gains of the same type during the same year as their sale or the following 10 years.

Specific case of company / share-based savings schemes

Specific features of shares from a company savings scheme

Capital gains realized when selling shares from a company savings scheme are exempt from income tax, but are still subject to social security contributions.

All capital gains recorded on payments made since January 1, 2018 will be subject to the rates in force on the day of the generating event (17.2% at April 26, 2018).

Specific case of shares held in a share-based savings scheme

Since October 21, 2011, the 2012 French finance bill has withdrawn the possibility for securities of listed real estate investment trusts (SIIC) and variable-capital predominantly real estate investment trusts (SPPICAV) to be held in share-based savings schemes and therefore entitled to benefit from an exemption from income tax on dividends paid out.
SIIC real estate trust securities held in share-based savings schemes on October 21, 2011, i.e. the day when the current provisions were adopted, may remain within such schemes. SIIC real estate trust securities that remain within share-based savings schemes will continue to benefit from the exemptions applicable for securities held in such schemes in terms of both their dividends and their capital gains.

SHAREHOLDER LETTERS

REGISTERING FOR NEWS UPDATES AND VISITS


This section enables individual shareholders to receive email updates with all of Gecina's publications: press releases, shareholder letters, etc.
This section also offers the possibility for Gecina's shareholders to register for property visits organized by the company.

To register, please complete the following form

For any questions about the company :

numéro vert actionnaire@gecina.fr

*Required fields

Your request has been sent, thank you!

Certain fields are missing or have not been completed correctly!

As places are limited, the Individual Shareholder Relations team will be in touch to inform you about your registration for these visits.
In accordance with the French data protection act (Loi n° 78-17 relative à l'informatique, aux fichiers et aux libertés) of January 6, 1978, amended, users may ask to access, rectify or remove any personal data they have entered by writing to actionnaire@gecina.fr