- Stoneweg European REIT (SGX:CWBU) reported a 2HFY24 DPU of €7.056 cents, marginally higher (+0.1% h-o-h) compared to 1HFY24 but down (-10.1% y-o-y) compared to FY23. The y-o-y decline was mainly due to asset sales and higher finance costs.
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- On a like-for-like basis, net property income (NPI) growth of +2.8% was underpinned by rental indexation and leasing momentum. NPI for logistics/light industrial segment was +1.5% y-o-y, while office segment was +5.0% y-o-y.
- Net interest costs were up 18.1% y-o-y, mainly due to higher average all-in interest rates of 3.2% in FY24, compared to 2.6% in FY23. This was partially offset by the lower average loan amounts in FY24 following the EUR50mil bond buyback in November and December 2023.
Portfolio occupancy rate of 93.5% was lower y-o-y.
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- For the logistics/light industrial portfolio, weaker occupancies were seen across France, Germany, and Denmark, partially offset by improved occupancy rates in the Netherlands, Italy, and the Czech Republic. For the office portfolio, slight improvements in occupancy rates in the Netherlands, France, and Italy helped offset the challenging leasing environment in Finland and Poland.
- Looking ahead, only 11.8% of portfolio leases are due to expire in FY25, and Stoneweg REIT currently boasts a long weighted average lease expiry (WALE) of ~5.1 years following proactive tenant engagement and early renewals.
Maintained positive rental reversions and leasing traction.
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