Overview of Q1 Results#
Warehouses de Pauw (WDP) has reported its first quarter results, demonstrating operational stability. The company achieved EPRA (European Public Real Estate Association) earnings per share of €0.38, reflecting a 6% increase compared to the same period last year.
Future Earnings Guidance#
WDP confirmed its earnings guidance for the full year of 2026, projecting earnings of €1.60 per share, which indicates a 5% growth from 2025. Additionally, the company maintained its target for 2027 at €1.70 per share.
Portfolio and Investment Highlights#
The company's EPRA net tangible assets per share rose to €22.2, a 1.4% increase since December 2025. The portfolio value saw a slight increase of 0.2% on a like-for-like basis during the quarter, with the EPRA net initial yield remaining stable at 5.4%. WDP secured €185 million in new investments at a yield of 6.9%, including acquisitions worth €101 million at a 6.4% net operating income yield. During the same period, the company sold assets totaling €55 million.
Rental Income and Occupancy#
WDP's rental income reached €118 million in the first quarter, marking a 7.5% increase year-over-year. However, like-for-like rental growth slowed to 1.7%, down from 2.3% in 2025, mainly due to lower indexation. The occupancy rate experienced a slight decline of 40 basis points from the previous quarter, settling at 97.3%. The company signed new leases covering over 100,000 square meters during this quarter.
Financial Ratios#
The EPRA loan-to-value ratio for WDP stood at 41.8%, while the net debt to adjusted EBITDA ratio remained at 7.5 times. The average cost of debt was stable at 2.4%.