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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Argan | EU:ARG | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.00 | -1.32% | 74.50 | 74.40 | 75.30 | 76.40 | 74.50 | 75.50 | 11,937 | 16:40:00 |
Quarterly financial information – Neuilly-sur-Seine, Wednesday, January 3, 2024 – 5.45 pm
2023 rental income€184 million: up +11%
Rental income (IFRS) as of December 31, 2023 (unaudited figures)
€ million | Year 2023 | Year 2022 | Trend |
1st quarter (Jan. – March) | 45.2 | 40.7 | + 11% |
2nd quarter (Apr. – June) | 45.7 | 41.0 | + 11% |
3rd quarter (Jul. – Sept.) | 46.3 | 41.2 | + 12% |
4th quarter (Oct. – Dec.) | 46.4 | 43.2 | + 7% |
Total (Jan. – Dec.) | 183.6 | 166.1 | + 11% |
Strong increase in rental income by + 11% in 2023
ARGAN, the leading French real estate company specializing in the DEVELOPMENT and RENTAL of PREMIUM WAREHOUSES, recorded a strong increase in its rental income by +11% in 2023, which thus stood at €184 million over the year. The strong momentum recorded in 2023 comes from the full-year effect of rents coming from the developments in 2022, rents of 5 warehouses delivered in 2023, as well as the indexation that took place on January 1, 2023 (+4% on average).
ARGAN exceeded the initial target set at €182 million in rental income for the year, which was then updated to €183 million and announced as part of the 2023 half-year results release1.
A solid momentum in 2023: €132 million of investments delivered
In 2023, our Group has delivered a total of 5 new warehouses (including one extension) in PRIME locations, cumulating €132 million in investments for 100,000 sq.m and an average yield of 5.2%.
2023 deliveries include two acquisitions of newly-built warehouses, at financial conditions negotiated at the end of 2021 before rates increased, with an average yield of 4.4%. These were made in:
ARGAN has also developed three logistics platforms, which represent half of the amount of 2023 investments, with an average yield of 6.1%. These are located in:
Projects delivered in 2023 were already financed through amortizing mortgage loans that were taken out in 2022, before interest rates rose.
At the same time, ARGAN sold a 20,000 sq.m logistics platform located in Bonneuil (94).
A record pipeline: €180 million of investments planned for 2024
This very upbeat business momentum is now continuing in 2024 with a secured volume of developments nearing €180 million for 170,000 sq.m in total, with an average yield approaching 7%. The high profitability of deliveries planned for 2024 testifies to ARGAN’s ability to pursue its profitable growth momentum, driven by a portfolio of Aut0nom® -labelled warehouses on strategic locations, as part of a long-term partnership approach with reliable and blue-chip clients.
Projects for the year include developments already announced, and launched in:
These projects that were previously announced are moreover completed by ongoing new developments in:
Half of 2024 developments were pre-financed through mortgage amortizing loans, and the other half will be through warehouses disposals in 2024 and in 2025.
Overall, 2023 and 2024 are two record years in terms of investments for ARGAN, with a total of over €310 million for 270,000 sq.m of new lettable areas.
More generally, recent projects mark ARGAN’s shift towards Aut0nom® as its standard for developments. As such, about ten warehouses, whose principle is to produce their own green energy for their own self consumption, are already delivered or being constructed. This results in strongly reduced CO2 emissions.
A PREMIUM portfolio of 3.6 million sq.m, appraised at €3.7 billion excluding transfer duties at the end of December 2023:
As at December 31, 2023, the portfolio of buildings represented 3,580,000 sq.m. Standing at €3.68 billion excluding duties (compared with €3.94 billion at the end of 2022), the decrease in value over the year (-7 %) mainly came from the mechanical impact of decompressing capitalization rates, that increased from 4.45% excluding duties at the end of 2022 (4.2% including duties) to 5.10% excluding duties as at December 31, 2023 (i.e., 4.85% including duties).
The weighted average residual lease term, computed as at December 31, 2023, increased to 5.7 years (compared with 5.5 years at the end of December 2022).
The occupancy rate of the portfolio remained at a maximum of 100% with a weighted average age at 11.1 years (compared with 10.4 years as at December 31, 2022).
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 in France. Building on a unique customer-centric approach – which consists in tailor-made and innovative support throughout all project phases from the development milestones to the rental management – ARGAN has grown strongly since it first started in 2000. The company recorded 184 million Euros in yearly rental income in 2023. Moreover, as of December 31, 2023, our portfolio consists in spaces of 3.6 million sq.m, across about a hundred warehouses all located in France, which are worth 3.7 billion Euros. ARGAN’s development model takes into account all its stakeholders and aims at pursuing a growth path that is profitable, with a debt kept under control, while ensuring to fully minimise its environmental and societal impact.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 SecretarySamy Bensaid – Head of Investor RelationsPhone: +33 1 47 47 47 40 E-mail: contact@argan.frwww.argan.fr | Marlène Brisset – Media relationsPhone: +33 6 59 42 29 35E-mail: argan@citigatedewerogerson.com |
1 For more information on ARGAN’s 2023 targets, please refer to the press releases published on July 19 and January 19, 2023.
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