Warehouses De Pauw 3Q25 results: solid results, “boring is good” in uncertain times
EPRA EPS 9m25 came at our expectation of €1.15. EPRA EPS yoy growth of 5.2% is still impressive as its average share count increased by 3.3% YoY and the abolition of the Dutch FBI regime. The GRI also beat our expectations by 2.2% 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 434k sqm of which 75% is pre-let with an expected NOI yield of 7.5%. The recovery in pre-let is remarkable as it amounted to only 60% at 4Q24 due to large brownfield exposure. The high pre-let level makes WDP a solid investment in uncertain macro-economic times. Recently, some new developments were added to the pipeline and new land options lifted. The recent change in labour laws in Belgium and the large Audi brownfield are also opportunities. 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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