Mercialys: Rents up 2.5% over nine months, 2026 targets confirmed
The real estate company published this activity update as its share price showed, on October 14, 2026, a decline of 16% in three months, in a context of rising bond yields that weighs on listed real estate values. At the end of September, rents, footfall and sales at its Shop-Park retailers are up, with the trend accelerating compared to end June on two of these indicators.
Rents invoiced at €137.5M, up 2.5% over nine months
Mercialys published on October 15, 2026, at 5:45 p.m., its activity update at the end of September. Over the first nine months of the year, rents invoiced by the real estate company reached €137.5M, up 2.5% at current scope. Rental income, which includes entry rights, stands at €138M, up 2.6%. At constant scope, organic growth in gross rents came in at 2.3%, a pace in line with that of the first half. This figure is 230 basis points above indexation, which was nil over the period. According to the company, the increase is based on reversion, at 2.1% on leases signed over a twelve-month rolling period, and on asset management initiatives, which have taken over from indexation. Two factors impacted revenues. The contribution from the acquisition of Saint-Genis 2, completed in June 2025, diminishes over nine months. Ongoing transformations of hypermarket space continued to temporarily weigh on quarterly rental income, an impact offset by indemnities received; full contribution from new leases is expected in 2027. On this basis, Mercialys confirmed its annual targets. Recurring net income (RNR) per share is expected between €1.30 and €1.32, representing growth of between 3.2% and 4.8% compared to 2025. The dividend per share target is at least €1.02. Full-year 2026 results will be published on February 11, 2027, after market close.
Footfall and retailer sales accelerating since end June
Site footfall increased 5.4% over nine months at constant scope, on a scope representing more than 85% of asset value. The gap with the Quantaflow national panel, covering 345 commercial sites, reached 420 basis points, compared to 370 basis points at end June, when the increase was 4.5%. Retailer turnover, excluding retailers in liquidation or receivership, rose 3.0%, after 2.3% at end June. This increase is 280 basis points above the national FACT index, while the national trend stands at 0.2% and the Banque de France estimates household consumption growth at 0.3%. The company attributes this to a low everyday price offering, carried by more than 75% of the portfolio's retailers, and the presence of food retailers such as Leclerc, Intermarché and Lidl. The financial occupancy rate stands at 98.2%, improving, and current financial vacancy at 1.8% on September 30. The 2026 rent collection rate reaches 97.3% at end September, stable compared to end June. Retailer expense ratio stood at 11.1% at end June. The real estate company signed 135 leases over nine months. 2027 rental expiries were reduced by 120 basis points over nine months and 370 basis points over two years, following re-letting concluded notably with Intermarché, Leclerc and Lidl. They now represent 15.6% of the rental base.
More than €10M in additional rents expected from 2027-2028 projects
Ongoing projects are expected to contribute to rents from 2027 onwards. Marseille Plan de Campagne (delivery mid-2027) is pre-let at approximately 80%, Grenoble (second quarter 2027) pre-let at 90%, Saint-André in Réunion (second half 2027) pre-let at over 90%, and Dijon (fourth quarter 2028) at nearly 50%, with the signing of Lidl. With the delivery of Brest and Niort redevelopments, the overall portfolio should represent more than €10M in additional rents on a full-year basis, for project capex of approximately €100M over 2026-2028. These rents should progressively compensate for early lease termination indemnities received in 2025 and 2026 at Brest, Niort and Marseille Plan de Campagne. The commercial rent index returned to 0.26% in the second quarter 2026, compared to -0.45% in the first quarter, and the company estimates that indexation should constitute an additional growth driver in 2027 and 2028. Mercialys has no debt repayment before November 2027 (€150M) and has nearly €400M in undrawn credit lines; its interest rate hedging coverage ratio reached 94% on June 30. The group indicates that the recent rate environment, if it were to persist, will gradually weigh on its financial expenses over the coming years. It has also initiated negotiations for disposals of approximately €30M. On the stock exchange, the share fell on October 2, 2026 to €9.41, its lowest level in three years, before rebounding 2% on October 14.
