INEA: Rental Income Grows Despite Slight Decline in Q1 Revenue
On Wednesday, real estate investment trust INEA reported its first quarter 2026 results, showing a 1.9% increase in like-for-like rental income. The company continues its asset disposal program with several ongoing real estate sales.
In the first three months of 2026, INEA posted a consolidated revenue of 20.2 million euros, a limited decrease of 3.2% compared to 20.9 million euros in the same quarter of 2025. On a like-for-like basis, rental income grew by 1.9%, driven particularly by lease indexation. This resilience reflects the strength of the company's real estate assets in a tight market characterized by a scarcity of large demands. The slowdown in leasing activity led to a reduction in the amortization of rent-free periods under IFRS 16, resulting in a negative impact of 2.8%. On a non-like-for-like basis, the effect of disposals made in 2025 accounts for a 2.3% decline.
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INEA continues its disposal strategy announced in 2025 by implementing an opportunistic approach adapted to market conditions. Tomorrow, the company will sell a 3,290 sqm courier building located in Wittelsheim for 2.2 million euros. It has also signed two additional sale promises for a total amount of 4.6 million euros: the Eureka building in Reims (2,085 sqm) and a 523 sqm floor of the Tripolis building in Lille. The total volume of properties currently under sale promises amounts to 10.3 million euros, including the Staci 1 logistics platform already committed as of December 31, 2025.
Real Estate Portfolio and Upcoming Events
As of December 31, 2025, INEA had a real estate portfolio valued at 1.21 billion euros, rights included, comprising 82 properties representing a total rental area of nearly 463,000 sqm and offering a potential yield of 7.5%. The general assembly is scheduled for May 20, followed by the publication of the second quarter revenue on July 9 and the semi-annual results on July 23.
Atonie persistante du marché locatif affectant les revenus à périmètre constant
Programme d'arbitrage en cours réduisant le périmètre d'actifs (-7 M€ en S1 2026, ~40 M€ prévu pour l'année)
Forte exposition aux dénoncés de baux en 2026 (18% des loyers concernés vs 8% en moyenne annuelle)
Opportunities identified
Retour de transactions significatives émanant de grands groupes (Thalès, État) signalant une amélioration du marché
Activité locative soutenue avec commercialisation de 21.000 m² en hausse de 9% sur 12 mois
Indexation des loyers positive à 1,5% soutenant les revenus futurs
Outlook / guidance
Management commentary: Le succès de la politique d'arbitrages permet d'ailleurs de relever la guidance de cash-flow/action pour l'exercice 2026 : annoncé dans une fourchette de 4,6 à 5 €/action en début d'année, il est désormais attendu entre 5,9 et 6,5 €/action, selon la bonne réalisation des cessions en cours.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
