August 4, 2017 / 5:15 AM / 4 months ago

BRIEF-Warehouses de Pauw Comm upgrades its 2017 guidance for EPRA earnings per share

Aug 4 (Reuters) - WAREHOUSES DE PAUW COMM VA:

* THE EPRA EARNINGS FOR H1 2017 AMOUNT TO 57.2 MILLION EUROS, AN INCREASE OF 18% COMPARED TO H1 2016.

* UPGRADES ITS GUIDANCE FOR AN EPRA EARNINGS PER SHARE FOR 2017 FROM ‘AT LEAST 5.35’ EUROS TO 5.50 EUROS‍​

* NET RESULT (IFRS) FOR H1 2017 AMOUNTS TO 137.0 MILLION EUROS, COMPARED TO 43.3 MILLION EUROS IN H1 2016.

* OCCUPANCY RATE WAS 97.1% ON 30 JUNE 2017, STABLE AT A HIGH LEVEL, VERSUS 97.0% ON 31 DECEMBER 2016

* EPRA NAV WAS 53.4 EUROS ON 30 JUNE 2017, COMPARED TO 51.2 EUROS ON 31 DECEMBER 2016

* INTENDS TO PROPOSE AN INCREASE OF THE GROSS DIVIDEND TO 4.50 EUROS FOR 2017, I.E. AN INCREASE OF 6% ‍​

* RAISES ITS AMBITION OF EPRA EARNINGS PER SHARE OF AT LEAST 6.50 EUROS AND A GROSS DIVIDEND OF 5.25 EUROS IN 2020

* WDP PROJECTS A MINIMUM AVERAGE OCCUPANCY RATE OF 97% FOR 2017

* STILL AIMS FOR A GEARING RATIO BETWEEN 55 AND 60% OVER THE MEDIUM TERM

* H1 OPERATING RESULT (BEFORE RESULT ON THE PORTFOLIO) EUR 69.1‍​ MILLION VERSUS EUR 63.4 MILLION YEAR AGO

* EXPECTED GROWTH IN 2017 TAKES INTO ACCOUNT PROJECTED GEARING RATIO OF AROUND 51%/52% (IFRS/PROPORTIONAL) AT 2017 YEAR-END AND AVERAGE COST OF DEBT OF 2.5% FOR H2

* H1 RENTAL INCOME (NET OF RENTAL-RELATED EXPENSES) EUR 70.0‍​ MILLION VERSUS EUR 64.6 MILLION YEAR AGO Source text for Eikon: bit.ly/2v2kkrg Further company coverage: (Gdynia Newsroom:)

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