- Stoneweg REIT delivered a resilient 1QFY25, with gross revenues edging up 0.5ppt y-o-y to EUR53.6mil and NPI growing by 2.4ppts to EUR33.5mil. This was supported by stable leasing activity across its logistics and light industrial assets, as well as higher income from Nervesa 21 and reversal of provisions that were recovered.
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Lower distributable income due to higher financing cost.
- Despite the uplift in revenues, financing costs also surged as maturing loans were refinanced and interest rate swaps expired. Interest expenses spiked by more than 18ppts y-o-y due to higher all-in borrowing costs.
- In January 2025, Stoneweg REIT issued a EUR500mil green bond carrying a 4.25% coupon rate to refinance the bond tranche maturing in FY25 and partially repay loans due in FY26. Stoneweg REIT also entered into EUR150mil of new interest rate hedges during the quarter, and all-in financing cost is expected to rise by 111bps q-o-q to 4.16%.
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Resilience of logistics and light industrial portfolio as office portfolio softens.
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