WDP - In-line H1, with limited portfolio devaluation
Property result stood at EUR 173.3m, up 12.7% YoY, primarily driven by portfolio expansion and indexation (+6.1%).EPRA EPS up 14% YoY to EUR 0.71 including a EUR 0.05 one-off positive impact from provision reversal related to the Dutch FBI status.Portfolio value was down 2.2% since December end as a result of an upward yield shift of +27bps in the discount rates applied by property experts, partly offset by the +3.5% increase in ERVs. EPRA NIY on the portfolio stands at 5.2%, with 4.8% for Western Europe.WDP confirms its higher 2023 EPRA EPS target at EUR 1.40 (+12% YoY). We reiterateWarehouses De Pauw and its subsidiaries are engaged in investment in the Belgian semi-industrial property market. Co. is a closed-end property investment company which specializes in: development of storage and distribution premises; customized projects in line with the user's request; acquiring premises for customers who wish to engage in sale and leaseback transactions.
We are an investment house with Belgian roots founded on more than 150 years of trust.
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