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Dividend policy

WDP’s dividend policy is to distribute 90 % of its operating profit as dividends.


At the end of 2010 the new Royal Decree on Real Estate Investment Trust (BEVAK/SICAFI) was approved, by which the latter were able to pay out an optional dividend. An optional dividend is a form of dividend payment where shareholders have the option to add monies due to them by virtue of dividends to the company’s capital in return for receiving newly issued shares (as well as the option of taking the dividend in cash). In other words, the shareholder has the choice of taking the dividend in cash or in shares. The dividend claim in relation to a determined number of existing shares will in that case give the right to a single new share at an issue price per share which may if required represent a discount from the quoted share price (or from the average share price over a given period).


WDP has brought its articles of association into line with the new Royal Decree after which the manager of WDP immediately has decided to pay out the dividend for the financial year 2010 as an optional dividend. The WDP shareholders chose for more than 70% of their shares for a contribution of their dividend rights in consideration for new shares instead of payment of the dividend in cash. This result leads to a capital increase of EUR 22.765 million for WDP by way of the creation of 650,437 new shares, as a result of which the total amount of WDP shares as of May 26 2011, amounts to 13,184,375. For the next financial years the manager of WDP will decide annually if it will pay out the dividend in the form of an optional dividend and if it will proceed to this, define the terms hereof.


* An optional dividend is a form of dividend payment where shareholders have the option to add monies due to them by virtue of dividends to the company’s capital in return for receiving newly issued shares (as well as the option of taking the dividend in cash). In other words, the shareholder has the choice of taking the dividend in cash or in shares. For an optional dividend the dividend claim in relation to a determined number of existing shares will give the right to a single new share at an issue price per share which may if required represent a discount from the quoted share price (or from the average share price over a given period). The issuing of shares as part of ab optional dividend is subject to general company law on capital increases. The special rules on contributions in kind to a property investment trust as defined in article 13, §2 of the royal decision of 7 December 2010 are however not applicable, as long as certain conditions are met.