Argan: Rental Income Up 5% Over Nine Months, Annual Target Raised
The real estate company specializing in logistics warehouses recorded 166.2 million euros in rental income over the first nine months of 2026, up 5% year-on-year.
Against the backdrop of tensions in French debt, the company raised its rental income target for the full fiscal year, now set at least 222 million euros.
Growth Accelerating Quarter After Quarter
Over the first nine months of 2026, Argan published rental income of 166.2 million euros, compared to 158.7 million euros over the same period in 2025, representing growth of 5%.
The momentum strengthened over successive quarters: revenue increased by 3% in the first quarter, 5% in the second and 7% in the third, the latter coming in at 56.5 million euros against 52.9 million euros a year earlier.
This growth is primarily attributable to the full-year effect of developments delivered in 2025, complemented by rent indexation (+0.6%) which took effect on January 1, 2026. The EPRA occupancy rate remained at 99.9%.
Seven Deliveries Since January Within a 200 Million Euro Investment Program
The secured investment program for 2026 amounts to 200 million euros, covering ten projects. Acquisitions account for nearly 130 million euros, and the average overall return on 2026 investments exceeds 6%.
More than 150 million euros have already been delivered through seven projects, including sites for Puma near Strasbourg (42,000 m², firm lease of 9 years), Danone in Sorigny (8,200 m², firm lease of 9 years) and Ferrero in Normandy, with two sites delivered in Cléon and Barentin, each secured with a firm lease of 10 years.
Three additional projects remain scheduled by year-end, for Jacky Perrenot in Béziers, a new customer in Sorigny and Jung Logistique in Tournan-en-Brie, the latter benefiting from direct on-site rail access.
Annual Target Raised to at Least 222 Million Euros
Based on the performance of the first nine months and prospects for the fourth quarter, Argan has again raised its annual rental income target for 2026, now expected at least 222 million euros, representing growth of 5% compared to 2025.
This level is above the 221 million euro target communicated in the annual results published on March 4, 2026. The portfolio, which represented 3.9 million m² and nearly 110 warehouses as of June 30, 2026, valued at 4.3 billion euros excluding transfer fees, was generating annualized rental income of 224 million euros.
The financial calendar provides for a general meeting on November 20 on the proposed merger with WDP, followed by the publication of fourth quarter 2026 revenue on January 4, 2027 and annual results on January 21, 2027.
