ARGAN: Third quarter 2024 rental income - Strong +9% increase over 9 months to €149 million & Target for the year raised to €198 million
01 Ottobre 2024 - 5:45PM
UK Regulatory
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)
€ million |
Financial year 2024 |
Financial year 2023 |
Trends |
1st quarter (Jan. - March) |
48.1 |
45.2 |
+6% |
2nd quarter (April - June) |
50.0 |
45.7 |
+9% |
3rd quarter (July - Sept.) |
51.1 |
46.3 |
+10% |
Total for the first 9 months |
149.2 |
137.2 |
+9% |
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:
-
Eslettes (76), delivered in February,
close to Rouen, for DSV Road, with an
Aut0nom®-labelled distribution centre of 4,600 sq.m. As
part of a nine-year fixed-term lease, this second
partnership with DSV comes with a Net Carbon Zero
footprint for the ‘in-use’ phase;
-
Castries (34), delivered in May, very
close to Montpellier, for CARREFOUR, for
a multi-temperature urban logistics site of
4,300 sq.m, rented as part of a fixed-term
6-year lease;
-
St-Jean-sur-Veyle (01), delivered in June, near
Mâcon, for U PROXIMITE (a new
client), for a
tri-temperature warehouse of 31,300 sq.m, which is
Aut0nom®-labelled and will be close to the one
rented to BACK EUROP France since 2023, with a fixed-term
lease of 12 years;
- Bolbec
(76), delivered in June, at the periphery of le
Havre, for DACHSER (a new client),
for an
Aut0nom®-labelled warehouse of 15,200 sq.m,
alongside a site previously delivered to DIDACTIC in 2022;
-
Mondeville (14), delivered in July, on the
beltway of Caen, also for
CARREFOUR, as part of an Aut0nom®
building of 82,000 sq.m on a former
industrial brownfield of Stellantis, with a
nine-year fixed-term lease.
At the end of the fourth quarter, ARGAN
will then deliver three new
operations,
still in demanded locations, in:
- Augny
(57) for 4MURS (new client), in the
neighbourhood of Metz and close to the
warehouse rented to AMAZON, for a 9,500 sq.m
Aut0nom® warehouse with a 12-year lease,
including a 9-year fixed-term;
-
Chartres (28), as part of an activity area
that is the economic heart of the metropolitan district,
for an Aut0nom® warehouse of 18,000 sq.m that
will be operated under a fixed-term ten-year lease in
future state of completion;
-
Bruguières (31), close to
Toulouse, as ARGAN is finalizing the
works to rehabilitate and extend the fulfillment
hub (for a total surface that will represent 13,400 sq.m)
rented to GEODIS. This project includes a new
signed lease for a fixed-term period of 12
years.
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:
- €18
million already finalized with the disposal, in
the second quarter, of a logistics platform in
Caen (14) of 18,000 sq.m; and
- The remaining amount of
about €60 million coming from the sale of an asset in the Paris
region, with a disposal being currently finalized and expected to
close at the beginning of the fourth quarter of 2024.
Annual rental income target raised to €198 million for
20241
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)
- January 3: Net sales of
4th quarter 2024
- January 16: Annual results 2024
- March 20: General Assembly 2025
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
Francis Albertinelli – CFO
Aymar de Germay – General Secretary
Samy Bensaid – Head of Investor Relations
Phone: +33 1 47 47 47 40
E-mail: contact@argan.fr
www.argan.fr |
Marlène Brisset – Media relations
Phone: +33 6 59 42 29 35
E-mail: argan@citigatedewerogerson.com
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1 For more information regarding
ARGAN’s 2024 financial targets, please refer to
the press release dated July 24, 2024.
- 20241001 - Q3 2024 Rental Income
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