WDP - In-line Q1, portfolio seeing signs of stabilisation
Q1 property result stood at EUR 89.5m, up 9.6% YoY. LfL rental growth stood at 3.5%, driven primarily by lease indexation with -0.5% impact from increased vacancy. The reversionary potential on the existing portfolio stands at ca. 13%.Operating margin declined 290bps since December end to 88.6% as a result of G&A expenses increasing ca. 75% YoY and property charges being up 23.7% (rental income up 11.8%).Portfolio EPRA NIY remained flat at 5.3%, with portfolio witnessing a +EUR 26m revaluation (+0.4% QoQ) ‘Hold' rating reiterated on the back of demanding multiples.WDP reiterates its 2024 EPRA EPS guidance at EUR 1.47 (+5%Warehouses 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.
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