Selectirente: revenue up 4% over nine months, rents up 0.5% on a like-for-like basis
Selectirente published on 4 November 2026 revenue of €23.5 million for the first nine months of the year, up 4.0%. Its rents rose 3.6%, but only 0.5% on a like-for-like basis: most of the growth therefore comes from assets acquired in 2025 and 2026.
This organic growth nonetheless marks a turning point. At the time of its half-year results on 23 July 2026, the property company reported like-for-like rents slightly down 0.2%. Leasing management took over in the third quarter, while acquisitions continued.
The rise in rents is mainly due to the expansion of the portfolio
Rents reached €23,208 thousand as at 30 September 2026, compared with €22,400 thousand a year earlier. According to the company, this growth is based on the acquisitions made and on leasing management. The gap between the published increase (3.6%) and the organic increase (0.5%) measures the weight of the new assets.
On a like-for-like basis, two effects almost entirely offset each other. Leasing management actions contributed 3.9% and indexation 0.8%. Conversely, vacancy subtracted 2.5% and ongoing insolvency proceedings 1.7%.
Other income, from ancillary rental income, rose 49.8% to €293 thousand. Their comparison base in 2025 included a lease termination indemnity of €95 thousand, and their weight remains marginal in revenue.
Rising re-letting, but a quarterly occupancy rate down
Over nine months, Selectirente carried out 36 leasing management operations: 22 re-lettings, 13 lease renewals and one lease assignment with de-specialisation. These operations, 24 of which concern Parisian assets, represent €1.7 million of annual rents, i.e. a revaluation of nearly 2.0% compared with previous rents.
The average twelve-month financial occupancy rate remains stable at 95.5%, compared with 95.4% a year earlier. In the third quarter alone, however, it fell by 0.8 points compared with the second quarter, to 95.1%.
The company mainly attributes this decline to the reintegration into the calculation base of a significant asset on Rue Rambuteau, in the Les Halles district. Temporarily excluded due to technical difficulties, it is now being marketed, and its re-letting should, according to the property company, significantly improve the occupancy rate.
€14.7 million invested or committed since January, €42.7 million of available resources
Since the beginning of the financial year, investments made and committed amount to €14.7 million across 17 assets, for an average initial yield of 6.2%. In the third quarter, the company acquired seven commercial premises for €6.4 million (yield of 6.3%) in Paris, Lyon and Saint-Germain-en-Laye. Two further acquisitions are committed for €2.5 million.
The direct portfolio now comprises 411 assets, nearly 93,000 m² and 533 leases. In parallel, the property company is engaged in two sale agreements for €4.9 million net to the seller. Their completion would bring the year's capital gains on disposals to €2.6 million, or €0.62 per share.
The demonstrations of 17 and 24 October 2026 affected less than 1% of the portfolio, with two premises damaged and two others targeted by thefts. Going forward, the company has €42.7 million of financial resources, which it plans to deploy in city-centre retail premises and, where appropriate, in larger portfolios.
Management thus expresses the ambition to "change scale", within the framework of its geographic diversification project. Its growth today remains driven by the expansion of the portfolio more than by the increase in existing rents.
