ARGAN: STANDARD & POOR’S PLACES THE COMPANY’S “BBB-” ISSUER CREDIT RATING ON POSITIVE CREDIT WATCH

Following ARGAN's proposed merger with WDP announced on July 23, 2026, Standard & Poor's has placed ARGAN's 'BBB-' issuer credit rating on Positive CreditWatch, indicating a potential upgrade to 'BBB' upon merger completion in Q1 2027. The combined entity would benefit from increased scale, geographic diversification, reduced tenant concentration risk, and a stronger financial profile.