Stoneweg European REIT - OCBC Investment Research 2025-04-29: Waiting For The Dust To Settle

• Stoneweg REIT (SGX:CWBU)’s 1Q25 gross revenue nudged up 0.5% y-o-y to EUR53.6m, while net property income (NPI) improved by a larger margin, up 2.4% y-o-y to EUR33.5m due in part to a reversal of bad debt provisions from two tenants.

Indicative 1Q25 DPU exceeded our expectations.

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A tale of two cities: logistics up, office shaky.

• Operationally, Stoneweg REIT’s occupancy dipped 1.5 percentage points (ppt) q-o-q to 92%, with the decline being steeper for the office properties (-5.2 ppt q-o-q to 85.7%), while L&I assets remained stable (-0.2 ppt q-o-q to 94%).
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• We also note that Stoneweg REIT has announced a 20-year lease renewal with NN Group NV, which includes a cooperation agreement to upgrade Haagse Port in The Hague, Netherlands.

Aggregate leverage rose to 42.9%.

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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/.

Previous report by OCBC:
2025-02-28 Stoneweg European REIT - Clearing The Decks; Steady Path From Here..

Price targets by 2 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