Warehouses de Pauw disclosed first-quarter financials showing a continuation of steady operating trends. EPRA earnings per share reached €0.38, marking a 6% increase compared with the same quarter a year earlier.
The company reiterated its full-year 2026 guidance of €1.60 per share, which equates to 5% growth relative to 2025, and kept its 2027 target unchanged at €1.70 per share.
On a per-share basis, EPRA net tangible assets stood at €22.2 at quarter-end, up 1.4% from December 2025. The property portfolio recorded a like-for-like value uptick of 0.2% during the quarter, and the EPRA net initial yield remained steady at 5.4%.
Investment activity during the period included €185 million in new investments at an average yield of 6.9%. That total incorporated €101 million of acquisitions delivered at a net operating income yield of 6.4%. Dispositions amounted to €55 million in asset sales over the same timeframe.
The group’s development pipeline totaled €386 million, of which €297 million is still to be spent. The projects under construction cover some 430,000 square meters in aggregate. Developments in progress reported an 80% preletting rate and a yield on cost of 7.5%.
Rental income for the quarter totaled €118 million, representing a 7.5% increase year-over-year. On a like-for-like basis, rental growth slowed to 1.7% for the quarter compared with 2.3% for the full year 2025. The company attributed the slowdown primarily to lower indexation.
Occupancy eased by 40 basis points on a quarter-on-quarter basis to 97.3%. During the quarter WDP signed new leases covering more than 100,000 square meters.
Leverage and financing metrics remained broadly consistent. The EPRA loan-to-value ratio was 41.8%, while net debt to adjusted EBITDA stood at 7.5 times. The group’s average cost of debt held at 2.4%.
What this means
- WDP’s headline earnings showed modest growth while the company stuck to its published earnings targets for 2026 and 2027.
- Portfolio values and initial yields were essentially flat for the quarter, indicating limited valuation movement in the near term.
- Development activity remains material, with the majority of planned spend still outstanding and a high preletting ratio across projects.
The quarterly report highlights stable operating performance, modest rental momentum and consistent financing costs, while also flagging areas where momentum has slowed or metrics have softened slightly.