? EPRA Earnings for Q1 2017 amounts to 25.6 million euros, an increase of 15% compared to Q1 2016.
? The EPRA Earnings per share amounts to 1.20 euros, steady with respect to Q1 2016, including an increase of outstanding shares of 15% and a far lower gearing ratio (namely -7% year-on-year to around 50%).
? WDP affirms its ambition to achieve EPRA Earnings per share of at least 5.35 euros for 2017 and 5.85 euros in 2018, a cumulative increase of 10% according to the 2016-20 growth plan.
1. Summary
? EPRA Earnings1 for Q1 2017 amount to 25.6 million euros, an increase of 15.2% over Q1 2016 (22.2 million euros). The EPRA Earnings per share2 for Q1 2017 amount to 1.20 euros, steady with respect to 1.20 euros in Q1 2016, including an increase of outstanding shares of 15% and a far lower gearing ratio.
? The net result (IFRS) for Q1 2017 comes to 50.6 million euros, compared to 11.3 million euros in Q1 2016. The net result (IFRS) per share for Q1 2017 comes to 2.37 euros, compared to 0.61 euros in 2016.
? The occupancy rate3 was 97.2% on 31 March 2017, compared to 97.0% at 2016 year-end. The average term (until the first termination date) of the lease agreements in the WDP portfolio is 6.3 years (including solar panels).
? On 31 March 2017, the gearing ratio (IFRS4 and proportionate, respectively) amounted to 49.1% (50.3%), a decrease of more than 7% compared to 56,3% (57,6%) on 31 March 2016.

In accordance with the guidelines issued by ESMA (the European Securities and Markets Authority), applicable as at 3 July 2016, the Alternative Performance Measures (APM) used by WDP must now be defined in a footnote on their first mention in this press release. This definition will also be accompanied by a symbol (?) so the reader can easily recognise it as an APM definition. Chapters 7-8 of this press release also gives a reconciliation of these indicators.
1 ?EPRA Earnings: this is the underlying result of core activities and indicates the degree to which the current dividend payments are supported by the profit. This result is calculated as the net result (IFRS) exclusive of the result on the portfolio, the change in the fair value of financial instruments and depreciation and write-down on solar panels. See also www.epra.com.
2 ?The EPRA Earnings per share is the EPRA Earnings based on the weighted average number of shares.
3 The occupancy rate is calculated on the basis of the rental values of the leased buildings and the unleased space and includes income from solar panels. Projects under construction and/or renovations are not taken into account.
4 ?The gearing ratio (IFRS) is calculated in the same manner as the gearing ratio (proportionate) in accordance with the GVV/SIR KB, but based on a consolidated balance sheet in accordance with IFRS that incorporates joint ventures using the equity method.

? The EPRA NAV5 was 53.3 euros on 31 March 2017, compared to 51.2 euros on 31 December 2016. The IFRS NAV was 50.8 euros on 31 March 2017, compared to 48.4 euros on 31 December 2016.
? In late April 2017, the Board of Directors of WDP's statutory manager decided once again to offer an optional dividend to shareholders, with an issue price of 83.44 euros, which implies a discount of 5.2% compared to yesterday's closing price (2 May 2017). Shareholders are invited to make their choice and communicate this to their financial institution before 12 May 2017. The expected proceeds from the optional dividend will be used immediately to fund the projects under development.
? The total investment volume identified within the framework of the 2016-20 growth plan currently amounts to approx. 400 million euros. This is a package of complementary acquisitions (approx. one third) and pre-leased new developments for new and existing clients (approx. two thirds), resulting from the strong commercial platform in the Benelux region and Romania and WDP’s position as both a developer and long-term final investor.
? In line with the announcement in the publication of the 2016 annual results, WDP confirms EPRA Earnings of at least 5.35 euros per share for 2017, with respect to 5.30 euros in 2016, including an increase in the projected number of outstanding shares6, mainly due to the capital increase at the end of 2016. Based on the strong project development pipeline, which will yield full returns in 2018, and the projected portfolio growth, WDP aims for an EPRA Earnings per share of 5.85 euros in 2018.7
? Based on this outlook, WDP intends to set a gross dividend of 4.45 euros for 2017 and 4.70 euros for 2018, i.e. an increase of 5% per year.

5 ?EPRA NAV: this is the NAV that was adjusted to include properties and other investments at their fair value and exclude certain line items that are not expected to take shape in a business model with real estate investments over the long term. See also www.epra.com.
6 Including the expected optional dividend for 2017.
7 This profit forecast is based on the current situation, barring presently unforeseen circumstances (such as a material deterioration of the economic and financial climate), and a normal number of hours of sunshine.

2. Operating and financial activities during Q1 2017
2.1. Occupancy rate and leases
On 31 March 2017, the portfolio’s occupancy rate is at 97.2%. Out of the 13% lease agreements reaching their next expiry date in 2017, more than 70% are already extended.
2.2. Acquisitions and disposals
2.2.1. Acquisitions
Romania8
Bucharest (3): purchase of a site along the Ring Road - North West in Bucharest. This site comes with two existing warehouses (a building of approx. 7,400 m² and a building of approx. 5,500 m²). On the remaining land resources, a third building of over 6,000 m² is being constructed, with delivery slated in Q1 2018. The buildings are leased to Aquila under a fixed six-year lease agreement (with extension option). The investment budget amounts to a total of approx. 8 million euros.

2.2.2. Disposals
Leuven, Vaart 25-35: anticipating the need for more housing in this part of the city, WDP entered into a partnership agreement with project developer L.I.F.E. to convert the existing Hungaria building into a residential tower block. I love Hungaria is slated for completion in late 2018. As part of this project, WDP along with L.I.F.E. will sell this site in phases.9 The percentage of space sold is currently 37%.
In addition, Q1 2017 also saw the sale of a building in Estaimpuis, at rue du Pont Bleu 21. The sale of this property shows a loss of 1.4 millio euros in the result on the portfolio, which has been compensated by a lease termination fee that was recognised in EPRA Earnings.
At this time, there are no Assets held for sale.
2.3. Projects completed during the first quarter of 2017
The Netherlands
Oosterhout, Denariusstraat: new development site of approx. 10,000 m² for Brand Masters, specialising in the development and distribution of chocolate and confectionery, under an eleven-year lease agreement. The investment budget amounts to approx. 7 million euros.

8 Based on 100% of the investment.
9 See press release dated 30 April 2015.

2.4. Projects under development
WDP expects the total projects under development of approx. 220 million euros to generate an initial gross rental yield of around 6.80%.
Belgium
Zellik, Z4 Broekooi 290: now that tenant Antalis has pulled out and moved into a smaller, more customised building, the space that became available is being redeveloped into a service centre tailored to the needs of Euro Pool System. In total, an area of 30,000 m² (ground floor and mezzanine) will be developed under a fixed fifteen-year lease agreement. Completion of this project is planned for the autumn of 2017. The investment for this redevelopment amounts to approx. 14 million euros for WDP.
WDPort of Ghent: during Q3 2017, logistics service provider Mainfreight will move into a new warehouse of 9,000 m² (with expansion potential to 30,000 m²) based on a long-term ten-year lease agreement (with first termination date after five years). The investment budget amounts to approx. 4 million euros.
The Netherlands
Barendrecht, Dierensteinweg 30: a new construction for the expansion of The Greenery's existing Retail DC. The new development will also accommodate the logistics activities of Hagé International, the import department of The Greenery. A second new development is underway for the existing Euro Pool System container washing plant, where The Greenery's crates are washed. Building B was delivered during Q3 2016 as planned. Building A is being delivered in phases in late 2016 and in the spring of 2017. Altogether this represents a surface of 40,000 m². The investment budget amounts to approx. 18 million euros.
Barendrecht, Dierensteinweg 30: in line with the purchase of building C-D, this site will be redeveloped with a future gross area of approx. 23,700 m², customised for tenant The Greenery, for a term of at least fifteen years (completion slated for Q4 2017 and Q4 2018, respectively). The investment budget amounts to approx. 10 million euros.
Bleiswijk, Maansteenweg/Spectrumlaan: in early 2016, WDP purchased a landholding of approx. 7 hectares on this site. For Mediq, a distribution centre of around 25,000 m² is being set up, with delivery slated for Q3 2017. Moreover, for Total Exotics, a tailored warehouse measuring 6,000 m² is being erected, with delivery slated for Q1 2018, based on a lease agreement of twelve years (with a first termination option after six years). The total investment budget for both projects amounts to approx. 17 million euros.
Heerlen, Earl Bakkenstraat: in Heerlen, near Maastricht, logistics service provider CEVA Logistics, along with WDP, will expand a pharma hub with growth potential. CEVA Logistics organises logistics for medical devices for Medtronic. The new development, fully GDP-compliant10, covers an area of over 33,000 m² in the first phase currently getting underway, with delivery slated for Q3 2017. CEVA Logistics is signing on to a basic five-year lease agreement. The investment budget for WDP amounts to approx. 32 million euros.
Veghel, Marshallweg 2: partial redevelopment of a strategic FMCG11 campus for Kuehne + Nagel, already property of WDP. This phased redevelopment involves replacing 31,000 m² in old storage space with a brand-new, state-of-the-art distribution centre totalling around 35,000 m². WDP expects final delivery of this site during Q2 2018. The investment budget amounts to approx. 22 million euros.
Venlo, Trade Port Noord: on a newly acquired land resource, WDP welcomes logistics service provider DB Schenker, already a WDP tenant in France, which plans to use this site to expand its operations within the Dutch Limburg region. WDP is fitting out its tenant with a new multi-user warehouse totalling some 50,000 m², with delivery slated in the course of Q3 2017. The investment budget for this project amounts to approx. 30 million euros.
Romania12
Bucharest (1): a distribution centre is being set up for Decathlon on a newly purchased parcel to the north of Bucharest. This warehouse offers around 22,000 m² in space and features a mezzanine of another 6,000 m² as well as a planned expansion for 10,000 m². Decathlon will provision its shops from this site and has signed on to a thirty-year lease agreement (with the first option to terminate after seven years). Delivery is slated for the first half of 2017. The investment budget amounts to approx. 15 million euros.
Bucharest (2): a second project on this site is underway for retailer Carrefour who, after delivery (scheduled for Q4 2017), will move into a distribution centre of around 11,000 m² with an expansion to 16,000 m² under a ten-year lease agreement. WDP projects an investment budget of some 8 million euros.
Timi?oara: international logistics service provider Kuehne + Nagel will move into a new distribution centre of approx. 5,000 m² and has signed on to a five-year lease agreement. The new site is being set up in Timi?oara, a new region in Western Romania where WDP wants to offer logistics storage space. WDP projects an investment budget of approx. 2 million euros for this new development project. Delivery of this project is slated for Q3 2017.
Cluj-Napoca (3): at this site, supermarket chain Profi is centralising its retail service for fruits and vegetables for the Transylvania region. In phases, WDP will custom-develop a refrigerated distribution centre, with offices, totalling over 15,000 m², with delivery slated for Q1 2018. Profi is signing on to a long-term ten-year lease agreement. The investment budget amounts to approx. 10 million euros.

10 Good Distribution Practice, primarily known by its abbreviation GDP, refers to the guidelines for proper distribution of medicine and related products for human use.

11 FMCG stands for Fast Moving Consumer Goods.
12 Based on 100% of the investment.

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