Warehouses De Pauw First Look 1Q23, moving on at a cautious pace
The 1Q23 results came in bang in line with our expectations on all EPRA metrics. The negative impact on the FV was slightly lower than our expectation at 76.8m vs. 85.0m expected. The company reported a Net Initial Yield impact of 10bps over 1Q23 to 5.10%. A yield expansion on the existing portfolio of 15bps was partly compensated by a 1.6% increase in ERV. We expect 25bps of total yield expansion over 1H23 in our model.The new project investments over 1Q23 amounted to only 25m, with an additional 30m investment in 35MWp solar. This confirms the change in strategy of more selective investments for higher Yld on cost, combined with a focus on solar expansion. The LTV remains relatively low at 36.2%. We believe that in case of a prolonged downturn, WDP is in pole position to pick up interesting assets. Analyst 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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