Stoneweg European REIT (SGX:CWBU)’s 2H24 gross revenue and net property income (NPI) grew by 0.3% and 0.2% half-on-half (HoH) to EUR106.6m and EUR65.6m, respectively. Distributable income for 2H24 grew marginally at 0.1% h-o-h to EUR39.7m.
Stable set of operating performance after a pause in major divestments.
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In conjunction with a slow Eurozone economy, portfolio rental reversion has slowed in 2H24 to 1.3%, down from 5.2% in 1H24, bringing the FY24 rental reversion to 2.8%.
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Refinanced its ~2.1% EUR450m bond with a EUR500m bond at ~4.25%.
Although the bond was due in Nov 2025, management seized the opportunity to issue it early as spreads over the six-year swap rate tightened to a favourable level. Another reason for the earlier-than-expected refinancing was management's desire to eliminate the overhang for investors and stabilise returns moving forward (barring any economic shocks).
The all-in interest rate for 2025 is expected to rise from the 4Q24 rate of 3.05% to a low 4% range. Aggregate leverage has increased by 0.7ppt q-o-q to 41.2%.
Portfolio valuation increasing by 0.8% y-o-y .
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Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
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