Warehouses Estates Belgium 1H25 results: EPRA EPS below expectations
Warehouses Estates Reports 1H25 rental income in line with our expectations. There is however a big drop in occupancy from 97.6% to 95.0%. Warehouses Estates will redevelopment this vacant land and is currently awaiting a permit. The EPRA earnings per share came in -3.0% below our expectations. The reason is likely higher than expected interest expenses but it is hard to assess given the limited P&L view of the 1H25 press release. We will have to revise our estimates down. The strategic focus is currently on asset rotation visible in the EUR 3.3m sale in Péruwelz and EUR 2.4m acquisition in Gosselies. WEB confirms the intend to keep the EUR 3.35 dividend stable but does not repeat its commitment to grow EPRA earnings in FY25. This results in a higher payout ratio than the 90.8% recorded last year. Hold rating repeated.Warehouses Estates Belgium SCA is a Belgium-based real estate investment trust, mutual fund. It mainly invests in commercial, office, semi-industrial and industrial buildings. The Company has rental agreements with public administrations, international and national companies. Warehouses Estates Belgium SCA has a property portfolio in Anderlues, Berchem, Binche, Charteroi, Couillet, Courcelles, Eupen, Fleurus, Gosselies, Jumet, Leuze, Lodelinsart, Marchienne-au-Pont, Nalinnes and Naninne, Jette and Ypres. The Company's tenants are Media Markt, Cedicora, Rackstore, Tractebel Engineering, Forever Products, Michelin Belux, Intercarrelages, Eupener Karting, Tercel Oilfield Products Belgium and Hainaut Caravaning Center, among others.
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