Fonciere INEA - H1 2023 - Solid results, leverage concern is growing
Gross rental income lands at EUR 32.6m (+16.8% YoY), +8% LfL. Leasing activity is solid again, with leases representing a total lettable area of 50,000 sqm (outperform FY22 of 40,000 sqm), signed in H1. Occupancy rate is stable YTD at 89.6% as the leasing activity completely absorbed the impact of the delivery of partially vacant new assets.EPRA NTA reached EUR 54.1/share (-1.7% YTD) mainly due to the dividend payment. INEA records a positive portfolio revaluation (+EUR 7m) and a 10 bp yield compression leading to an average EPRA NIY of 4.9%LTV reaches 47.1% (+510bps).Interest expenses increased by 56% YoY toFonciere Inea. Fonciere Inea SA is a France-based company that specializes in owning and managing commercial real estate properties. The Company's portfolio consists of office buildings, e-mail platforms, local businesses and warehouses. The Company operates through its subsidiaries, including SCI PA, SCI Alpha 11 Marbeuf and SAS MD, among others. Fonciere Inea SA comprised properties located throughout over 20 regional cities in France, including Espace Concorde in Montpellier, Champ Chardon in Orleans, Exapole in Saint Herblain, Les Baronnies in Marseille, Za Kennedy, among others. The Company has also a 22% stake in Messageries Developpement SAS (formerly Saint Honore Patrimoine). The Company has operations only in France.
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