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ARGAN: H1 2024 rental income - €98 million, a strong increase of +8%
Quarterly financial information – Neuilly-sur-Seine, Monday, July 1, 2024 – 5.45pm
H1 2024 rental income:
€98 million, a strong increase of +8%
Rental income (IFRS) at June 30, 2024 (unaudited figures)
Rental income approaching €100 million in the 1 half of 2024
In the first half of 2024, ARGAN, the leading French real estate company specializing in the development and rental of PREMIUM warehouses , recorded a strong +8% increase in its rental income that stood at €98 million over the period. This increase came primarily from the rents' indexation (+4.6%) that took place on January 1, 2024, complemented by the full-year impact of 2023 deliveries and 2024 deliveries.
A historical year: €180 million in investments for 170,000 sq.m of total new built warehouses in 2024
Since the beginning of the year, ARGAN pursued its inaugurations at a sustained pace. In PRIME locations, the new platforms finalized in the first half of 2024 are located in:
ARGAN will then deliver ,
for the end of the fourth quarter, three new logistics warehouses ,
which will also be located in demanded locations , in:
In total, ARGAN has thus commitments for close to €180 million in developments representing 170,000 sq.m in 2024, generating an average yield approaching 7% . The high profitability of projects to be delivered in 2024 reflects ARGAN's ability to pursue its profitable growth momentum , driven by a portfolio of Aut0nom® -labelled warehouses on strategic locations , as part of an approach of pre-let projects and long-term partnerships with reliable and blue-chip clients.
€78 million in targeted assets sales for 2024
As announced, as part of an assets sales program for €180 million over the 2024-2026 period , ARGAN plans to achieve around €78 million in 2024 , with:
Annual rental income target confirmed: €197 million in 2024
Taking into account achievements in the first half , and a
schedule of deliveries and assets disposals in line with expectations ,
ARGAN is confirming its target for a rental income of €197 million for the full-year
2024 , i.e, an increase of +7% compared with 2023 .
2024 financial calendar (Publication of the press release after closing of the stock exchange)
2025 financial calendar (Publication of the press release after closing of the stock exchange)
About ARGAN
ARGAN is the only French real estate company specializing in the DEVELOPMENT & RENTAL OF PREMIUM WAREHOUSES listed on EURONEXT and is the leading player of its market. Building on a unique client-tenant-centric approach, ARGAN builds pre-let PREMIUM warehouses for blue-chip clients and supports them throughout all project phases from the development milestones to the rental management.
Profitability, tight control over our debt and sustainability are at the heart of
ARGAN 's DNA. Its strongly proactive ESG policy has very concrete results with our Aut0nom® concept, the “in-use” Net Zero warehouse.
As at December 31, 2023, our portfolio represented 3.6 million sq.m, across about a hundred warehouses, exclusively located in the continental part of France. This portfolio was valued €3.7 billion for a yearly rental income of about €200 million in 2024.
ARGAN is a listed real estate investment company (French SIIC), on Compartment A of Euronext Paris (ISIN FR0010481960 - ARG) and is included in the Euronext SBF 120, CAC All-Share, EPRA Europe and IEIF SIIC France indices.
www.argan.fr
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