- Stoneweg REIT's DPU of €7.056/€14.106 cents for 2H24/FY24 was in line with our estimates, forming 50%/99% of our FY24e forecast. It was 10.7%/10.1% lower y-o-y due to asset sales, higher finance costs, and higher current tax expense from the absence of a one-off tax credit.
- - Read this at SGinvestors.io -
- Portfolio valuations rose 0.8% y-o-y on a like-for-like basis. Stoneweg REIT de-risked the balance sheet with the issuance of a new €500mil 6-year green bond in Jan 25 at a coupon rate of 4.25% to refinance the €450mil Nov 25 bond maturity.
- - Read this at SGinvestors.io -
The Positives
Maintained positive rent reversion (2H24/FY24: 1.3%/2.8%) with long WALE of 5.1 years.
- The logistics/light industrial portfolio (2H24/FY24: 4.9%/+4.7%) drove the positive rent reversion. Stoneweg REIT’s portfolio remains under-rented by ~8% compared to market rents, indicating the potential for positive rental reversions in the future.
Improved financial position with no loans due till 4Q26.
- Read more at SGinvestors.io.
Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.
Darren Chan Phillip Securities Research | https://www.poems.com.sg/ 2025-03-13
Previous report by Phillip:
2024-11-06 Cromwell European REIT - Secured Debt Facilities To Refinance Bond.
Price targets by other brokers at Stoneweg REIT Target Prices.
Listing of research reports at Stoneweg REIT Analyst Reports.
Relevant links:
Stoneweg REIT Share Price History,
Stoneweg REIT Announcements,
Stoneweg REIT Dividend Payout Dates & Corporate Actions,
Stoneweg REIT News
