Warehouses Estates Belgium (WEB) H1 2024 earnings summary

Executive summary

• Achieved strong portfolio growth and increased occupancy rate to 97.64% as of 30 June 2024, up from 96.54% at year-end 2023.

• Rental income rose 10.6% year-over-year to €12,186k, reflecting robust leasing activity and portfolio expansion.

• Operating result from properties increased 21.8% year-over-year to €9,477k, driven by cost control and higher revenues.

• 32 new leases signed and 3 renewals, maintaining rental terms consistent with pre-pandemic levels.

• Continued ESG initiatives, including a 23.5% reduction in scope 1 and 2 emissions per FTE and further electrification of the vehicle fleet.

Financial highlights

• Rental income: €12,186k (+10.6% year-over-year); net rental income: €12,291k (+11.1%).

• Property result: €12,032k (+16.8% year-over-year); operating income from property: €9,477k (+21.8%).

• Portfolio fair value: €333,256k (+5.05% from 31/12/2023); investment value: €343,588k (+5.01%).

• Debt ratio: 47.92% (up slightly from 47.52% at 31/12/2023).

• EPRA earnings per share: €1.80; EPRA NAV (NRV) per share: €52.74.

Outlook and guidance

• Objectives for 2024 financial year confirmed, with focus on high occupancy, debt control, and ESG development.

• Cautious approach to investment and economic development amid ongoing macroeconomic uncertainties.

• Intends to propose a gross dividend equivalent to the previous year, barring major economic deterioration.