Key figures
Discover WDP’s key figures.
| Operational | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|---|---|
Fair value of the property portfolio (including solar panels) (in million euros) | 1,930.0 | 2,203.8 | 2,669.8 | 3,449.6 | 4,175.8 | 4,766.5 | 6,054.3 | 6,656.0 | 6,766.6 |
Total surface area (in m2) (including land in concession) | 6,613,567 | 7,309,128 | 8,767,182 | 11,843,174 | 12,475,388 | 13,170,851 | 14,911,239 | 16,785,359 | 17,159,308 |
Lettable area (in m2) | 3,081,943 | 3,375,482 | 3,756,983 | 4,485,050 | 5,038,303 | 5,490,697 | 5,931,807 | 6,681,997 | 7,095,200 |
Gross rental yield (including vacancies)1 (in %) | 7.6 | 7.5 | 7.1 | 6.7 | 6.3 | 6.1 | 5.2 | 5.7 | 6.1 |
Average lease term (until first break)2(in years) | 6.5 | 6.3 | 6.2 | 5.8 | 6.0 | 5.9 | 5.8 | 5.5 | 5.3 |
Occupancy rate3(in %) | 97.5 | 97.0 | 97.4 | 97.5 | 98.1 | 98.6 | 98.6 | 99.1 | 98.5 |
Operating margin (in %) | 92.1 | 93.3 | 92.5 | 91.3 | 91.6 | 90.7 | 90.7 | 91.3 | 90.4 |
| Result (in million euros) | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Property result | 129.1 | 139.7 | 154.5 | 187.9 | 216.6 | 242.7 | 278.4 | 319.6 | 357.4 |
Operating result (before the result on the portfolio) | 119.0 | 130.2 | 142.8 | 171.6 | 198.3 | 220.1 | 252.6 | 291.8 | 323.0 |
Financial result (excluding change in the fair value of the financial instruments) | -27.1 | -30.3 | -25.7 | -33.0 | -40.2 | -38.7 | -39.9 | -43.4 | -41.4 |
EPRA Earnings | 90.9 | 100.8 | 121.4 | 134.4 | 152.4 | 174.5 | 201.2 | 236.3 | 289.0 |
Result on the portfolio (including share joint ventures) — Group share | 47.4 | 31.2 | 101.5 | 208.3 | 277.4 | 187.9 | 730.5 | -101.9 | -175.5 |
Change in the fair value of the financial instruments — Group share | 7.8 | 1.8 | 16.5 | -9.0 | -29.9 | -31.0 | 52.4 | 224.6 | -76.0 |
Depreciation and write-down on solar panels (including joint ventures) — Group share | -3.4 | -3.5 | -4.2 | -4.8 | -6.2 | -6.8 | -1.8 | -7.2 | -15.2 |
Net result (IFRS) — Group share | 142.7 | 130.2 | 235.2 | 328.8 | 393.7 | 324.6 | 982.3 | 351.7 | 22.3 |
| Financial | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Balance sheet total (in million euros) | 1,970.3 | 2,182.6 | 2,675.3 | 3,483.3 | 4,222.8 | 4,790.4 | 6,106.2 | 7,053.8 | 7,072.3 |
Shareholders’ equity (excluding the fair value of financial instruments) (in million euros) | 829.4 | 1,091.7 | 1,281.3 | 1,580.5 | 2,103.9 | 2,353.9 | 3,510.3 | 4,273.4 | 4,442.9 |
Net financial debt (in million euros) | 1,041.7 | 1,045.6 | 1,348.6 | 1,696.0 | 1,851.2 | 2,108.3 | 2,184.4 | 2,393.3 | 2,303.6 |
Loan-to-value (in %) | 55.2 | 48.4 | 51.3 | 50.0 | 45.0 | 45.0 | 36.7 | 35.4 | 33.7 |
Gearing ratio (proportional) (in line with the GVV/SIR Royal Decree) (in %) | 56.8 | 50.5 | 53.1 | 51.8 | 46.7 | 46.6 | 38.1 | 37.6 | 35.8 |
Net debt / EBITDA (adjusted) (in x) | 8.5 | 7.9 | 8.6 | 9.0 | 8.0 | 8.3 | 7.9 | 7.1 | 6.4 |
Average cost of debt (in %) | 2.9 | 2.8 | 2.6 | 2.4 | 2.2 | 2.1 | 2.0 | 2.0 | 1.9 |
Interest Coverage Ratio4 (in x) | 4.2 | 4.1 | 4.9 | 4.6 | 4.5 | 4.9 | 5.6 | 5.9 | 6.6 |
| Details per share (in euros) | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Gross dividend | 0.57 | 0.61 | 0.64 | 0.69 | 0.74 | 0.80 | 0.88 | 1.00 | 1.12 |
EPRA Earnings | 0.71 | 0.76 | 0.80 | 0.86 | 0.93 | 1.00 | 1.10 | 1.25 | 1.40 |
Result on the portfolio (including share joint ventures) — Group share | 0.37 | 0.23 | 0.67 | 1.33 | 1.69 | 1.08 | 4.00 | -0.54 | -0.85 |
Change in the fair value of financial instruments — Group share | 0.06 | 0.01 | 0.11 | -0.06 | -0.18 | -0.18 | 0.29 | 1.19 | -0.37 |
Depreciation and write-down on solar panels — Group share | -0.03 | -0.03 | -0.03 | -0.03 | -0.04 | -0.04 | -0.01 | -0.04 | -0.07 |
Net result (IFRS) — Group share | 1.12 | 0.98 | 1.55 | 2.10 | 2.40 | 1.87 | 5.38 | 1.86 | 0.11 |
EPRA NAV | 6.4 | 7.3 | 8.3 | 10.2 | 12.8 | 14.3 | 20.1 | 20.7 | 20.1 |
IFRS NAV5 | 5.9 | 6.9 | 8.0 | 9.8 | 12.2 | 13.5 | 19.0 | 20.9 | 20.2 |
Share price | 11.6 | 12.1 | 13.4 | 16.4 | 23.2 | 28.3 | 42.2 | 26.7 | 28.5 |
Some figures are rounded up or down, so totals in some tables may not represent exact arithmetical totals of the figures preceding them.
- Calculated by dividing annualised contractual gross (cash) rents by fair value. The fair value is the value of the property investments after deduction of transaction costs (mainly transfer tax).
- Including the solar panels, which are included in the remaining weighted average term of the Green Energy Certificates.
- Calculated based on the rental values of the leased properties and the non-leased surfaces, including the income from solar panels. Ongoing projects and/or renovation are not considered.
- Defined as operating result (before the result on the portfolio) divided by interest charges minus interest and dividends collection minus compensation for financial leasing and others.
- IFRS NAV: Net asset value before profit distribution of the current year in accordance with the IFRS balance sheet. The IFRS NAV is calculated as the shareholders’ equity a s per IFRS divided by the number of shares entitled to dividend on the balance sheet date. This refers to the net value in line with the GVV/SIR legislation.