Rental revenues stood at EUR 43.8m, down -3.7% YoY following last year's disposals. On a LfL basis, rents were up 2.7%, primarily driven by indexation (+2.5%).Mercialys confirms its FY guidance for net recurrent earnings per share of EUR 1.22 to EUR 1.25.We reiterate our ‘Buy' rating, with a EUR 14.50 TP.