Disclosed is a waterproofing membrane that comprises a carrier sheet, a pressure sensitive adhesive layer on one surface of the carrier sheet, and a protective coating layer on the adhesive layer. The protective coating layer comprises a highly reflective protective coating layer operative to bond to concrete cast against it, particularly one that is produced from an aqueous coating comprising an acrylic emulsion, a filler, and a white pigment. The pigment volume concentration of the filler plus white pigment is greater than or equal to 40% by volume. The protective coating layer protects the membrane against weather exposure, tolerates foot traffic and strongly adheres to concrete cast against it. The protective coating comprises an acrylic polymer with a unique multi-domain morphology (i.e., at least two distinct polymer domains).