ARGAN : Third quarter 2024 rental income

ARGAN, a French real estate company specializing in premium warehouse development and rental, reported a strong 9% increase in rental income over nine months, reaching €149 million by September 2024. The company s growth is driven by a 4.6% rent indexation and the full-year impact of 2023 and 2024 deliveries. ARGAN s portfolio, consisting of 100 warehouses across France, is valued at €3.8 billion with a yearly rental income of approximately €200 million. ARGAN has delivered 5 new sites, all pre-let and located in prime locations. These new warehouses, totaling 170,000 sq.m, are expected to generate an average yield of around 7%. The company has also raised its annual rental income target to €198 million for 2024, an increase of 8% compared to 2023. In addition, ARGAN is finalizing the sale of assets worth about €78 million, including a logistics platform in Caen and a property in the Paris region. The company s financial calendar for 2025 includes the publication of the press release after the stock exchange closes on January 3, the announcement of annual results on January 16, and a general assembly on March 20. ARGAN s client-centric approach, profitability, tight control over debt, and sustainability are central to its business model. The company s Aut0nom® concept, a Net Zero warehouse, demonstrates its commitment to environmental responsibility. As of June 30, 2024, ARGAN s portfolio was valued at €3.8 billion, with a yearly rental income of approximately €200 million. The company is listed on Euronext Paris and included in various indices. For more information regarding ARGAN s 2024 financial targets, refer to the press release dated July 24, 2024.

Source: globenewswire.com
Published on 2024-10-01

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