Full Year 2025 Stoneweg Europe Stapled Trust Earnings Call Transcript
Key Points
- Stoneweg Europe Stapled Trust (SGX:SET) reported a like-for-like net property income (NPI) growth of 5% for 2025, driven by strong leasing success and a positive rent reversion of 10%.
- The trust completed EUR140 million of non-core asset sales at an 11% premium to valuations, and recycled EUR50 million into a data center development fund, AiOnX.
- Issued two long-term bonds totaling EUR800 million with no debt maturing until 2030, leading to a Fitch credit rating upgrade to BBB.
- The trust delivered a full-year dividend per security of EUR13.39, which was above market expectations despite being slightly down from the previous year.
- The investment in the data center development platform has already shown a 40% uplift in value, indicating strong growth potential in the sector.
- Distribution per security was 3.1% lower due to increased financing costs and divestments.
- Net interest costs increased by EUR8.3 million due to higher borrowings and interest rates, impacting overall financial performance.
- The trust's portfolio occupancy dropped slightly, with specific challenges in the French market affecting overall occupancy rates.
- The trust's net gearing remains at 38%, which, while improved, still indicates a significant level of leverage.
- The trust's shares continue to trade at a 20% discount to net asset value, reflecting market concerns or undervaluation.
Good morning and welcome to the Stoneweg Europe Stapled Trust's full year 2025 results briefing. We will begin with remarks from the CEO of the manager, Simon Garing, followed by a presentation from the management team. (Operator Instructions)
Now, I will hand across to the CEO of the manager of the Stoneberg Europe Stapled Trust, Simon Goering. Simon, over to you.
Thank you, Kiara, and good morning to everyone. Thank you very much for joining us today, for the Stoneweg Europe Stapled Trust a full year results briefing and outlook. To recap, the portfolio is predominantly Western Europe, freehold logistics and light industrial, assets underpinned by nearly 800 tenants, a very long whale of five years, and is currently valued at EUR2.2 billion. And we've also in the last 12 months, added a new growth engine in our investment in our sponsors, data center development fund.
If I can turn to slide 4, 2025 was an exceptionally active year and set cert up
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