Warehouses Estates Belgium 1Q24 results reporting in line
Warehouses Estates Belgium reported 1Q24 results last night in line with our expectations. Gross rental income came in at EUR 5.9m vs EUR 5.8m KBCSe, +7.8% YoY. EPRA earnings increased to EUR 2.7m vs EUR 2.8m exp. The occupancy rate increased by 150 bps which underlies the strong fundamentals of out-of-town retail real estate. In 1Q24 WEB announced a CiK at EUR 41.48 per share. It concerns 2 buildings for which a total of 336.5m new shares have been issued (approval in 2Q24). Hence this transaction has not been included in the 1Q24 reporting but is part of our model (see our update on 29/02/2024). The debt ratio is high at 47.3% but with a strong reference shareholder this risk is mitigated. Given that results are in line with our expectations we repeat our HOLD recommendation and EUR 38.0 TP.Warehouses Estates Belgium SCA is a Belgium-based real estate investment trust, mutual fund. It mainly invests in commercial, office, semi-industrial and industrial buildings. The Company has rental agreements with public administrations, international and national companies. Warehouses Estates Belgium SCA has a property portfolio in Anderlues, Berchem, Binche, Charteroi, Couillet, Courcelles, Eupen, Fleurus, Gosselies, Jumet, Leuze, Lodelinsart, Marchienne-au-Pont, Nalinnes and Naninne, Jette and Ypres. The Company's tenants are Media Markt, Cedicora, Rackstore, Tractebel Engineering, Forever Products, Michelin Belux, Intercarrelages, Eupener Karting, Tercel Oilfield Products Belgium and Hainaut Caravaning Center, among others.
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