INEA: Rental Income Declining to €57.3M over Nine Months, Comparable Rents Up 0.7%
Real estate company INEA published on October 14, 2026 consolidated gross rental income of €57.3M for the first nine months of the year, compared with €61.2M a year earlier. This decline of €3.9M is broken down into three effects: constant scope (-€0.8M), non-constant scope (-€2.0M) and the application of IFRS 16 standard (-€1.1M). On this constant scope basis, billed rents increased by 0.7% to €41.6M, supported by indexation (+1.1%). This publication covers a period that the company described as the most exposed to possible tenant departures, with 18% of rents concerned, against an annual average of 8% in its lease schedule.
A Decline of €3.9M Distributed Among Three Distinct Effects
On a constant scope basis, rental income stands at €54.5M, compared with €55.3M in the first nine months of 2025. Billed rents rose from €41.3M to €41.6M, while recharged operating costs fell from €14.0M to €12.9M. According to INEA, this decline of €1.1M is primarily linked to annual adjustments of operating costs recharged to tenants. Non-constant scope contributed €3.1M to revenues, compared with €5.1M a year earlier. The end of rental guarantees on the last delivered properties weighs in at €1.3M: their contribution fell from €1.8M to €0.5M. Disposals, net of deliveries, brought corresponding revenues from €3.3M to €2.6M, an effect of -€0.7M. Disposals carried out since the beginning of 2025 as part of the arbitrage program, for €25M, were partly offset by the latest deliveries, notably the Flex Park activity parks in Chalifert and Trappes. Finally, the IFRS 16 impact moved from +€0.8M to -€0.3M.
Nearly 28,000 m² Signed Against 21,000 m² of Departures
The mechanism of two of the three effects deserves clarification. A rental guarantee ensures income on a recently delivered property; at its expiration, this income is maintained only if the surfaces are actually leased. IFRS 16 standard leads to spreading rent abatements over the firm lease term: the expiration of several abatements translates, according to the company, into a purely accounting impact of -€1.1M, whereas the tenants concerned now pay their full rent. On the leasing side, INEA signed nearly 28,000 m², including 9,500 m² of renewals, against 21,000 m² of actual departures to date. Among the transactions cited are the installation of Ionis Group school over 2,764 m² in the Atravaia office complex in Aix-en-Provence and that of Veolia Environnement over 2,037 m² in the Window building in Rennes. This is supplemented by the signature of three leases covering 2,576 m² in the Olea building in Bordeaux. These signings occur in a declining regional market. According to BNP Paribas Real Estate data cited by the company, regional demand fell by 28% in the first six months of 2026 to 476,000 m². The vacancy rate in the eight main metropolitan areas increased by 90 basis points to stand at 7%, a level that remains more favorable than in the Paris region according to INEA.
A Portfolio of 81 Sites Valued at €1,195M
As of June 30, 2026, INEA's portfolio consists of 81 real estate sites, representing a total lettable area of approximately 457,000 m² and a value of €1,195M. It is composed of new offices and activity parks, leased mainly to subsidiaries of large private or public groups. The company highlights the fit of this portfolio, both in offices and activity parks, with the requirements of major tenant companies, relying on transactions concluded in Aix-en-Provence, Rennes and Bordeaux. The arbitrage program initiated since the beginning of 2025 represented €25M in disposals, whose effect on revenues was limited to -€0.7M thanks to deliveries. The most structuring element of the publication remains the evolution of billed rents on a constant scope basis: €41.6M over nine months, up 0.7%, in a period where 18% of rents were exposed to possible departures.
