Argan - Solid operational results hampered by portfolio devaluation
Rental income emerges at EUR 90.9m, up +11% YoY, of which 4% derived from rent review.Direct result lands at EUR 62.8m, +8% YoY (+7% on a per share basis at EUR 2.73).EPRA NTA stands at EUR 78.1, down -16% over 6 months. Portfolio valuation is now EUR 3.64bn (vs EUR 3.85bn as of the end of 2022), translating into an average yield of 5.0% (vs 4.45% as of the end of 2022).LTV is up to 49% vs 45% at the end of 2022. The company confirms its confident midterm outlook, with rental growth expected close to +10% per year overArgan SA designs, builds, develops, owns, leases, and manages logistical bases and warehouses in France. Co. is also involved in land development and management, delivering turnkey projects to its customers. Co divides its activities among two categories of clients: Shipper and Logisticians. It serves shippers, manufacturers or distributors. In addition, Co. serves logisticians, operating the logistics of shippers, including Alloga, Arvato, Daher, Dartess , FM Logistic, Geodis, Kuehne & Nagel, Movianto, Neovia logistics, and XPO Logistic. Co.'s portfolio amounts to more than 1,600,000 mA2, made up of 50 logistics platforms and 9 couriers, making a total of 59 buildings.
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