In the first 9 months of 2002, the real estate investment trust Warehouses De Pauw (WDP) achieved an operating profit of 13.1 million euro, compared with 11.9 million euro in the same period last year.
Net asset value per share before profit distribution amounted meanwhile to 28,86 euro. The portfolio value of WDP passed the 300 million euro mark and amounted to 310.5 million euro as of 30/09/2002.
WDP also hopes to conclude final negotiations with a number of candidate lessees before the end of this year. After these talks have been concluded, 85% of projects completed in 2002 will have been let on delivery, with WDP performing well in a stagnating market. For 2003 too, 50% of the 50.000m² which WDP will develop next year has already been pre-let.
In the first 9 months of 2002, WDP achieved an operating profit of 13.1 million euro. In the same period last year, the operating profit amounted to 11.9 million euro, which means an increase of 10% for this year.
This increase came about through rapid letting of the projects completed in 2002, indexation of existing rental contracts and especially the fall in short-term interest rates.
The operating profit per share rose further to 1.91 euro in the first 9 months of 2002.
For the year 2002, WDP anticipates an operating profit per share of 2.59 euro. With the anticipated profit distribution of 90%, this gives a net dividend for 2002 of 1.98 euro, which is 10% more than for 2001.
Portfolio value exceeds 300 million euro on 30/09/2002
Stadim CVBA appraises the portfolio value of WDP including transaction costs on 30/09/2002 at 310.5 million euro, a rise of 10% compared with the portfolio value of 1 year ago. Excluding transaction costs, the portfolio value amounted to 282.6 million euro on 30/09/2002.
Net asset value per share rises to 28.86 euro
The net asset value per share (before profit distribution of the current financial year) on 30/09/2002 increased to 28.86 euro, based on WDP’s existing appraisal methodology, i.e. an appraisal of the portfolio value including transactions costs. At the WDP share price of 26,9 euro on 30/09/2002, WDP is quoted with a negative premium of 6.7%.
Outlook for 2003
For 2003, 50% of the 50.000m², which WDP will develop next year is already pre-let. Specifically, the projects in Zele (15,000m² let) and the premises on the Havendoklaan in Vilvoorde (11,000m² let). The income from these lets will gradually make their contribution to WDP’s results as from the second and third quarter respectively.
For more information please visit www.wdp.be.
(source: WDP)
