1. The basis for the operating results in 2009
The operating results for 2009 will largely be determined by the performance achieved in 2008 and the preceding years*. These include the clearly excellent occupancy rate of the portfolio of 99% at the start of 2009 which has since edged down to 97% at end of June. In the latter part of the year some 50,000 m2 storage space will become vacant in the existing portfolio. WDP is currently engaged in talks with existing lessees on extension of the contracts, and with potential new lessees for various sites. This evidently depends to a significant extent on the economic situation of WDP’s customers.
In addition, there are projects in progress in 2009 worth EUR 120 million, of which 66% has already been pre-let. Consequently, another 48,000 m2 of storage space is to be let in Venlo, Nivelles and Courcelles.
In addition, the position in interest rate hedges built up in the past few years helps to ensure that financial costs can be kept under control.
* For more details on projects completed in 2008, see the annual financial report 2008 / strategy on p. 46 ff.