Warehouses De Pauw 1H25 Results are solid, pipeline pre-let recovers to 75%
EPRA EPS 1H25 came above our expectation at EUR 0.75 vs. 0.73 exp. EPRA EPS yoy growth of 5.6% is still impressive as its average share count increased by 2.9% YoY. The GRI also beat our expectations by 3.5% as investments accelerated and occupancy remained strong. WDP repeated its EPRA EPS25 outlook at 1.53, slightly below our 1.54 estimate. The “Blend27” strategy was also repeated with a guidance of 1.70 EPRA EPS by FY27. Current development pipeline stands at 387m of which 75% is pre-let with an expected NOI yield of 7.3%. The recovery in pre-let is remarkable as it amounted to only 60% at 4Q24 due to some large brownfield exposure. The shares recovered slightly from a steep sell-off that started on macro worries. These now seem overblown as the financial performance remains solid. Recently, acquisitions increased as WDP expands in France to build scale. We maintain our Buy recommendation. Conference call at 10H00.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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