Singapore · Delayed Price · Currency is SGD · Price in EUR Stoneweg Europe Stapled Trust Earnings Call Transcripts
Fiscal Year 2026
-
First half 2026 saw stable distributions, resilient operating performance, and a 1.1% portfolio valuation uplift, driven by logistics and data center growth. Gearing is slightly above target but expected to moderate, with ongoing strategic discussions on internalization and fee structure.
-
Portfolio delivered stable income and 1.5% DPS growth, driven by logistics and data center investments, with strong capital management and a focus on Western Europe. SERT maintains high occupancy, robust hedging, and expects FY 2026 distributions to match last year.
Fiscal Year 2025
-
Portfolio delivered strong like-for-like NPI growth, robust leasing, and a 41% uplift in data center investment value. Net gearing improved to 38%, with no debt maturities until 2030 and stable distributions expected for FY 2026.
-
Portfolio pivoted further to logistics and data centers, with strong Q3 NPI growth, improved occupancy, and successful asset sales at a premium. Gearing is set to drop to 39.1%, debt maturities are extended to 2030, and a major data center investment is underway, supporting future income and capital gains.
-
First half 2025 saw NAV per security rise to EUR 2.05 and a 7% year-over-year drop in DPU, mainly due to higher interest costs. Portfolio repositioning toward logistics and data centers, a major data center fund investment, and a stapled REIT structure underpin future growth and resilience.
-
First quarter saw higher NPI and major lease renewals, with logistics and light industrial assets driving growth. Debt profile strengthened via a green bond, and a unit buyback signals confidence. Portfolio is well-positioned for European onshoring and rental growth.
Fiscal Year 2024
-
Transition to Stoneweg as sponsor enabled a strategic shift to logistics and light industrial assets, now over 55% of the portfolio. FY24 DPU fell 10% year-over-year due to asset sales and higher interest costs, but the balance sheet is strong, with ample liquidity and a positive outlook for growth and value creation.
-
Q3 saw 7% NPI growth, strong logistics rent reversion, and improved credit outlook. Asset sales and higher interest costs weighed on distributable income, but liquidity and gearing remain robust. Focus is on refinancing, asset management, and leveraging market tailwinds.
-
Portfolio value exceeds €2.2 billion with 93.6% occupancy and a 10% DPU yield. H1 2024 saw a 9.5% DPU drop due to asset sales and higher finance costs, but portfolio valuations rose 0.6%. New sponsor Stoneweg supports current management and strategy.