Inea announced on Wednesday that it had achieved solid operating growth in 2023 and maintained the value of its portfolio, a performance described as unique in the "chaotic" sector of listed office property companies.

The SIIC reports that its consolidated gross rental income rose by 15.5% last year to 67.5 million euros, mainly due to the entry into operation of new buildings.

On a like-for-like basis, net rental income rose by a further 8.7%, thanks in particular to indexation and improved occupancy rates.

Gross operating income (EBITDA) grew by 23%, outstripping rental income thanks to tight control of operating costs.

As a result, recurring net income (RNR) rose by 4% to €25.4 million over the past year.

From Inea's point of view, the highlight of the 2023 financial year remains the resilience of the value of its property assets, which increased by €0.4 million on a like-for-like basis, despite the rise in interest rates.

The company claims to be the only property company to post growth in the value of its total assets, which stood at €1.266 million at the end of 2023, compared with 1,224 million twelve months earlier.

The company plans to offer shareholders a stable dividend of 2.70 euros per share, giving a yield of 7.1% on the December 31, 2023 share price.

Listed on the Paris Bourse, Inea's share price was little changed (+0.5%) on Wednesday following all these announcements.

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