Fonciere Inea (INEA) Q3 2024 TU earnings summary

Executive summary

• Revenue grew 16% year-over-year to €58M for the nine months ending September 2024, reflecting strong operational momentum.

• Growth driven by both like-for-like rental increases and expansion of the asset base, with new office and business park deliveries contributing significantly.

• 68 leases signed in 2024, indicating sustained leasing activity despite a softer market for large tenants.

Financial highlights

• Gross rental income reached €57.7M, up 15.8% compared to the same period last year.

• Like-for-like rental income increased by 7.3%, with indexation accounting for 5.7% of growth.

• New assets delivered or acquired since 2023 generated €4.5M in additional revenue.

Outlook and guidance

• Revenue expected to benefit from the phased delivery of nearly 38,000 m² of new projects between November 2024 and end-2025.

• Management anticipates leveraging regional market resilience and a potential macroeconomic upturn.