WDP has announced robust financial results for the first half of 2024, marking 25 years since the company went public. CEO Joost Uwents highlighted the company’s impressive average annual growth rate of +7% since 1999 and expressed optimism for the future, citing a €500 million investment package for the first half of the year as a testament to WDP’s ability to achieve profitable growth despite a challenging market environment.
In the first half of 2024, WDP’s EPRA revenues reached €156.1 million, an 8.1% increase year-on-year. This growth was driven by pre-let projects, acquisitions, organic rental growth of 3.3%, and a competitive funding cost of 1.7%. The occupancy rate remained high at 97.8% as of June 30, 2024, with the company successfully reviewing 200,000 m² GLA of leases and achieving an average rent increase of 15%. The portfolio saw an upward revaluation of €61 million (+1%) since the beginning of the year, mainly due to the stability of the existing portfolio and unrealized capital gains on recent projects and acquisitions.
WDP’s balance sheet remains strong with a loan-to-value ratio of 35.8% and a net debt/EBITDA ratio of 6.8x. The interest coverage ratio increased to 7.4x, supported by a fully hedged debt and ample liquidity with €2.0 billion in undrawn credit lines. The company’s #BLEND2027 growth plan had a strong launch, with €500 million in new investments identified in the first half of 2024. These investments, spread across various regions, included a notable €80 million acquisition in Germany and €72 million in energy projects.
For 2024, WDP confirms its EPRA earnings per share of €1.47, up 5% from €1.40 in 2023.
Key Developments in Romania:
WDP has a €1.3 billion portfolio in Romania, with approximately 1.8 million m² of leasable space across 73 strategic locations, capturing a 25% market share. In Q2 2024, WDP acquired a portfolio of 136,000 m² of leasable warehousing and land for future development, totaling over 300,000 m² of potential GLA. This €110 million investment includes class A warehouses in Bucharest, Constanța, and Târgu Mureș.
WDP also announced the expansion of warehouse capacity for food retailer Metro in Bucharest through a new, thermally controlled warehouse of approximately 15,000 m², with a 10-year lease commitment. The project investment is around €20 million, with delivery planned for Q3 2025.
Additionally, WDP secured a €250 million financing package from the European Investment Bank (EIB) for renewable energy projects and a €300 million sustainability-linked green loan from the International Finance Corporation (IFC) for new logistics construction projects in Romania. The interest margin of the loan is linked to the Group’s sustainability strategy, particularly the additional sustainability of the property portfolio and the expansion of installed solar power capacity in Romania.
CEO Joost Uwents stated, “Despite the challenging market environment, our focus on customers and shareholders has enabled us to achieve significant growth. Our #BLEND2027 growth plan and robust investment portfolio position us well for continued success.”
WDP’s strategic investments and strong financial performance highlight its resilience and commitment to sustainable growth in a competitive market.
