H1 2020 in a nutshell
• EPRA Earnings for H1 2020 amount to 84.3 million euros, i.e. an increase of 15% compared to H1 2019 (73.2 million euros). EPRA Earnings per share for H1 2020 are 0.49 euros, up 7.9% from 0.45
euros in H1 2019.
• The occupancy rate is 98.2% on 30 June 2020, stable compared with 98.1% on 31 December 2019.
The average term (until the first termination date) of the WDP portfolio leases is 6.1 years (including solar panels).
• On 30 June 2020, the loan-to-value is 46.6% and the (proportional) debt ratio is 48.1%, compared with 45.0% and 46.7% respectively on 31 December 2019. WDP has a strong liquidity buffer of more than
550 million euros in unused credit lines.
• Under the 2019-23 growth plan, an investment volume of around 200 million euros could be identified in the first half of 2020, lifting the total within the growth plan towards 750 million euros, which
corresponds to half of the envisaged investment growth.
• During this unprecedented Covid-19 crisis, #TeamWDP was fully operational via a digital environment and modern communication tools, and was available to assist its clients and navigate through this
crisis together with all stakeholders. WDP believes it is well positioned in terms of its balance sheet strength, liquidity, portfolio, client base and diversification in order to cope with this crisis and the
associated volatile macroeconomic and finance climate.
• Moreover, by the end of the second quarter, WDP has seen business activity resume faster than expected and it sees a confirmation, and even an acceleration of various structural trends (such as e-commerce, technological advances, sustainability) which support the demand for modern logistics infrastructure. Therefore WDP sees support in these drivers to realise its 2019-23 business plan, for
which it is well on schedule, based on the present rhythm of identification of new investments. This rhythm is also necessary, considering the focus on pre-let projects and following the increased
complexity and longer lead time of some projects.
• For 2020, WDP expects EPRA Earnings of 0.95 to 1.00 euro per share, whereby it currently anticipates to end at the high end of the range (versus 1.00 euro at the start of the year, mainly driven by the
anticipated delay in the completion of projects under development as well as an anticipated increase in the provision for doubtful debtors). Based on this outlook, the dividend for 2020 (payable in 2021)
is projected as initially foreseen at 0.80 euro gross per share, marking an increase of 8% over 2019.
• This outlook is based on the current knowledge and assessment of the crisis, albeit subject to the further duration and evolution of the Covid-19 pandemic and the nature and effectiveness of the corresponding government measures, and except for a severe negative impact caused by future corona waves and/or lockdowns.