Patrimoine & Commerce: Rents Up 5% Over First Nine Months, Stable at Constant Perimeter
Patrimoine & Commerce published on October 8, 2026 total gross rents of €45.4 million for the first nine months of fiscal year 2026, compared to €43.3 million one year earlier. The 5.0% increase is explained, according to the real estate company, by scope movements and a change in the overall consolidation scope, with an impact quantified at €2.4 million.
At constant perimeter, rents stand at €42.3 million, compared to €42.5 million on September 30, 2025, representing a change of -0.4% which the company qualifies as stable. The published increase is therefore attributable to portfolio operations and the consolidation of an asset, with the company noting that contractual lease indexation is virtually zero over the period.
€45.4 Million in Gross Rents, Including €2 Million Linked to Cherbourg Consolidation
The breakdown published by the real estate company makes it possible to decompose the increase. The most significant line is the scope variation, which brings €2.0 million in rents over nine months, compared to zero one year earlier. It corresponds to the Cherbourg asset, now consolidated under full consolidation.
Acquisitions contribute €1.0 million, compared to €0.1 million over the first nine months of 2025, representing an additional contribution of €0.9 million. Conversely, rents from disposed assets decline from €0.7 million to €0.2 million, a decrease of €0.5 million that reflects the gradual exit of these properties from the portfolio.
The core portfolio, at constant perimeter, represents €42.3 million of the €45.4 million in total gross rents. Its variation of -€0.2 million over one year corresponds to a decline of 0.4%. In total, the increase in gross rents amounts to €2.2 million according to the company's table.
Lease Indexation Virtually Zero at Constant Perimeter
For a retail real estate company, rents at constant perimeter reflect the performance of the existing portfolio, excluding purchases and sales. Patrimoine & Commerce indicates that contractual lease indexation is virtually zero and that the few temporary tenant movements are negligible. The automatic rent revaluation lever therefore did not operate over the period.
In this context, the growth in rental income depends on portfolio management decisions: acquisitions, disposals and consolidation scope. The real estate company continued in the third quarter of 2026 its policy of rotating assets it considers non-strategic. It disposed of two assets, located in Chauny (Aisne) and Chenove (Côte-d'Or), for a total amount of €1.9 million.
This pace is consistent with the first half. When publishing its half-year results on October 1, 2026, the company had reported rents up 5.6%. Over nine months, cumulative growth stands at 5.0%.
2026 Annual Results Expected on February 18, 2027
Éric Duval, manager and founder of Patrimoine & Commerce, stated that the company "confirms the good momentum of business activity", which he attributes to asset valuation and asset management. He indicated that the group intends to continue its development in low-cost retail parks in France.
The real estate company's portfolio totals more than 560,000 m², primarily retail assets located in retail parks near medium-sized cities throughout French territory. The next financial communication date is set for February 18, 2027, with the publication of 2026 annual results.
The most structuring element of this publication remains the breakdown of rents: of the €45.4 million in gross rents recorded over nine months, €42.3 million comes from the constant perimeter, with a variation of -0.4% over one year, while the Cherbourg consolidation and acquisitions together contribute €3.0 million.
