Quarterly financial information – Friday 1st October 2021 – 5.45 p.m.
ARGAN: 10% ggrowth in rental income to 117 M € end of September 2021
Rental income (IFRS) as To 30 September 2021 (unaudited figures)
|€m||Financial year 2021||Financial year 2020||Switch|
|1st quarter (January-March)||38.2||34.8||+ 10%|
|2sd quarter (April-June)||38.0||34.7||+ 10%|
|3rd quarter (July-Sept.)||40.8||36.5||+ 12%|
In the 3rd quarter 2021, ARGAN, the French real estate company specializing in the development and rental of PREMIUM warehouses, recorded rental income of €40.8m, am increase of +12% compared to 3rd quarter 2020.
End of September 2021, the cumulative rental income thus reaches €117m, high +ten% compared to the same period last year.
This strong 10% growth in rental income is due to the full-year effect of 2020 deliveries as well as to rental income generated by housing delivered since the start of the year.
DdeliveredYes during the 3rd trimester
During the 3rd quarter 2021, ARGAN continued its development with the delivery of a new warehouse:
- in August, delivery of the 185,000 m² logistics platform located in Augny, five kilometers south of Metz, leased to Amazon France. The site, built on the former Frescaty military air base, did not generate any new artificialization of the land and the multi-storey structure of the logistics platform made it possible to limit the footprint of the project to 50,000 m² while optimizing the storage capacities on 4 levels. A rooftop photovoltaic plant produces 500 MWh per year (with the possibility of extension) dedicated to Amazon’s own use. The rainwater collection system, the revegetation of the site and the other environmental advances integrated into the project have enabled it to obtain BREEAM Very Good certification.
Dvaluation of the portfolio delivered and reduction of the LTV ratio target
As of September 30, 2021, the valuation of the delivered portfolio of ARGAN of amounts to 3.7 billion euros excluding transfer taxes (€ 3.9bn including transfer duties) resulting in a capitalization rate of 4.40% excluding transfer taxes (4.20% including duties) down from 4.70% excluding duties at June 30, 2021, allowing us to revise our LTV ratio target to 50% for the end of the year (against an initial guidance of 53%).
Disposition to an OPPCI managed by GROUPAMA GAN REIM a portfolio of 4 logistics platforms
In accordance with our strategic plan, the 1st October 2021, ARGAN signed the disposal of a portfolio of 4 assets located in Loire-Atlantique, Maine et Loire, Var and Tarn and totaling more than 53, 000 m².
The portfolio is fully leased for a total annual rent of € 3.2 million excluding taxes and charges and with an average residual lease term of around 5 years.
Financial calendar 2021 (Publication of the press release after market close)
- January 03, 2022: 2021 annual turnover
- January 19, 2022: 2021 annual results
About the argan tree
ARGAN is the only French real estate company specializing in PREMIUM WAREHOUSE PLANNING & RENTAL listed on Euronext.
As of September 30, 2021, ARGAN’s portfolio amounted to 3.3 million m², comprising around 100 warehouses located exclusively in France, valued at 3.7 billion euros and generating annual rental income of 162 million euros. euros. ARGAN is listed on compartment A of Euronext Paris (ISIN FR0010481960 – ARG) and is part of the CAC All-Share and IEIF SIIC France indices. The company opted for the tax regime for listed real estate investment companies (SIICs) on July 1, 2007.
Francis Albertinelli – Financial and Administrative Director
Aude Vayre – Press relations
20211001 – Rental income Q3 2021 – French version