Financial policy

Prudent, pro-active and disciplined financial management.

Optimizing financial strategy for stability and growth

Our financial policy is geared towards an optimal mix of debt and equity with a focus on adequate liquidity to cover any commitments and to have a buffer for opportunities within the context of a solid investment grade credit rating.

We seek to limit earnings volatility, to maximise the asset/​liability duration match and to maximise earnings retention via stock dividend.

Key financing objectives

  • Proactive management of the capital structure
  • Diversified sources of funding & sustainable long-term relationships
  • Synchronised debt and equity issuances
  • Active financial risk control including interest rate risk, liquidity and counter-party risk
  • Well-spread maturity profile and adequate liquidity
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Key metrics

Key policy metrics of WDP’s financial policy

Stable capital structure based on


net debt/​EBITDA (adj.)

Synchronised debt/​equity issuance


loan-to-value throughout the cycle.
Funding new capex with minimum 50% equity (and maximum 50% debt)

Solid access to capital

>18 months

minimum liquidity buffer to cover commitments

Maximizing cash retention


dividend pay-out rate in the form of an optional dividend

Limited earnings volatility

> 85%

minimum hedge ratio

Fully unencumbered


encumbered assets

Covenants and securities

The contractual provisions of the credit facilities generally stipulate:

WDP confirms that all of these conditions were met throughout the entire 2023 financial year.

WDP should remain qualified as a regulated real estate company (GVV/SIR) in Belgium

A maximum gearing ratio of 65%

A minimum Interest Coverage Ratio of 1.5x

The value of speculative (i.e. without pre-letting) development projects may amount to a maximum of 15% of the book value of the portfolio

Financial debt at subsidiary level may amount to a maximum of 30% of the total outstanding debts