Warehouses De Pauw: Low Earnings Growth In 2025 Should Prove Temporary
Source: SeekingAlpha
2025-03-13 23:34:37 ET
Summary
- Warehouses De Pauw is an industrial REIT focused on logistics properties in Belgium, the Netherlands, and Romania.
- EPRA earnings totaled €1.50/share in 2024, benefitting from 2.6% like-for-like rent growth, a larger portfolio, stable funding costs, and a one-off fee.
- EPRA earnings are forecast at €1.53/share in 2025, with higher taxes in the Netherlands weighing on still solid underlying growth.
- I estimate that rent reversion benefits will trump the effect of debt refinancing, with a clear path to reaching EPRA Earnings of €1.75/share post 2027.
- Key risks to consider include further deterioration in the logistics market and currency risks related to the high-yield Romania portfolio.
Introduction
Over the past year, Warehouses De Pauw ( WDPSF ) has significantly underperformed the Vanguard Global ex-U.S. Real Estate Index Fund ETF ( VNQI ), delivering a total loss of ~16%:
WDPSF vs VNQI one-year total returns as of March 2025 (Seeking Alpha)
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Warehouses De Pauw: Low Earnings Growth In 2025 Should Prove Temporary
Warehouses De Pauw SCA DWP
NASDAQ: WDPSF
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