(Boursier.com) — The consolidated gross rental income of Foncière Inea are up 15.5% over 12 months, to 67.5 MEUR. This increase is explained 60% by the entry into operation of new buildings and 40% by the good growth in revenues on a like-for-like basis.
Net rents at constant scope increased by 8.7%, under the triple effect of indexation (4.6%), the improvement in the occupancy rate (1.6%) and the reversion observed during lease renewals (1.4%).
The recurring net profit therefore increased by 4%, to 25.4 MEUR. Per share, the RNR is down 7%, because the shares created during the capital increase of June 2022 are now fully recognized in the weighted average number of shares (+12%).
INEA claims to be the only real estate company to show growth in the value of its total assets (1,266 MEUR at the end of 2023, compared to 1,224 MEUR twelve months earlier). However, the asset size objective (EUR2 billion at the end of 2026), which constituted one of its two guidances communicated at the end of 2021, is not maintained in the current environment. INEA does not plan to strengthen its equity in the short term.
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The company’s net debt reached 565 MEUR as of December 31, 2023 compared to 443 MEUR as of December 31, 2022. INEA also benefits from 95 MEUR of unused confirmed credit lines, allowing it to cover future disbursements on its pipeline. VEFA operations (77 MEUR), and has no significant debt maturity before 2027.
The financial year carried out in 2023 and the positive outlook of the company allow it to propose to the next general meeting of shareholders a stable dividend of 2.70 EUR/share.
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