Warehouses De Pauw 1Q26 results, no Hormuz impact, but steady course
1Q26 EPRA EPS of €0.38 came slightly above our expectation of €0.37. Like-for-like growth amounted to 1.7%, down from 2.3% as some frictional vacancy offset the indexation and rent reversion. However, occupancy remained relatively stable at 97.3% vs. 97.7% at FY25-end. Current development pipeline remains on track at 430k sqm of which 80% is pre-let with an expected NOI yield of 7.3%. The high pre-let level makes WDP a solid investment in current uncertain macro-economic times. WDP repeated its EPS outlook of €1.60 over FY26 and Blend30 EPS target of €2.00 by 2030. According to WDP is the current Hormuz blockade another reason for Europe to invest in its economic independence and a strong supply chain. We maintain our Buy recommendation. Conference call at 10H00, link.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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