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ARGAN: Third quarter 2024 rental income - Strong +9% increase over 9 months to €149 million & Target for the year raised to €198 million
Quarterly financial information – Neuilly-sur-Seine, Tuesday, October 1, 2024 – 5.45 pm
Third quarter 2024 rental income:
Strong +9% increase over 9 months to €149 million
Target for the year raised to €198 million
Rental income (IFRS) at September 30, 2024 (unaudited figures)
Rental income of €149 million at the end of September 2024
Still driven by a solid momentum , ARGAN , the leading French real estate company specializing in the development and rental of PREMIUM warehouses , recorded a strong +9% increase in its rental income thus standing at €149 million at the end of September. With an occupancy rate of 100% of its warehouses for a seventh consecutive quarter , ARGAN's growth over the period primarily came from rents' indexation (+4.6%) that took place on January 1, 2024, complemented by the full-year impact of 2023 deliveries and 2024 deliveries.
ARGAN about to achieve a remarkable year: €180 million in investments for 170,000 sq.m of total new built warehouses in 2024
Over nine months, ARGAN has delivered 5 new sites, all pre-let in line with our policy, and on PRIME locations. These new platforms, all operational at the end of September 2024, are located in:
At the end of the fourth quarter, ARGAN will
then deliver three new operations ,
still in demanded locations , in:
As planned and announced, ARGAN will thus have delivered close to €180 million in developments for 170,000 sq.m over a year by the end of 2024, which represents a remarkable development volume, generating an average yield approaching 7% . The high profitability of projects to be delivered in 2024 reflects ARGAN's capacity 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 sites and long-term partnerships with reliable and blue-chip clients.
2024 assets sales program in its final step
ARGAN is in the final step to conclude the full volume of assets sales programmed for 2024, in a total amount of about €78 million , including:
Annual rental income target raised to €198 million for 2024
Taking into account the very good rental momentum over the first nine months of 2024
and on a background of full occupancy of our warehouses ,
ARGAN is now raising its rental income target to €198 million
(vs. €197 million previously) for the full-year 2024 , i.e., an
increase of +8% over a year compared with 2023 .
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 June 30, 2024, our portfolio represented 3.6 million sq.m, across about a hundred warehouses, exclusively located in the continental part of France, and this portfolio was valued €3.8 billion for a yearly rental income of about €200 million.
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
1 For more information regarding ARGAN 's 2024 financial targets, please refer to the press release dated July 24, 2024.
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