Stoneweg Europe Stapled Trust H2 DPS dips 3.1% to 0.06837 euro

[SINGAPORE] Stoneweg Europe Stapled Trust’s (Sert) distribution per stapled security (DPS) for the second half ended Dec 31, 2025, fell 3.1 per cent to 0.06837 euro, from 0.07056 euro in the corresponding year-ago period.

Second-half revenue increased to 107.2 million euros (S$159.9 million), up 0.5 per cent from 106.6 million euros in the year-ago period, its manager said on Wednesday (Feb 25).

Net property income (NPI) for the period was up 2.7 per cent at 67.4 million euros, from 65.6 million euros the prior year.

Distributable income fell 4.1 per cent to 38 million euros, from 39.7 million euros.

Chief executive of the manager Simon Garing said: “We continue to see good momentum across the board, especially in our Western European logistics portfolio, driven by resilient tenant demand and positive operating fundamentals.”

For the full year, the group posted revenue of 214.6 million euros, up 0.8 per cent from 212.9 million euros.

NPI came in at 134.4 million euros, an increase of 2.5 per cent from 131.1 million euros.

Distribution per stapled security for FY2025 stood at 0.1339 euro, down 5.1 per cent from 0.14106 euro in the previous year.

Sert’s manager said: “The Sert board expects FY2026 DPS to be broadly in line with FY2025, implying an approximate 8.1 per cent distribution yield at the current Sert security price.”

It recorded a high leasing success rate in 2025, securing around 300,000 square metres in new and renewed leases at a “strong” 9.8 per cent rent reversion, the manager added.

Tenant retention for the office and logistics segments stood at 83.6 per cent and 48.2 per cent, respectively. Overall portfolio occupancy was 92.6 per cent, providing a diversified income base that supports sustainable distributions.

Stapled securities of Sert rose 0.6 per cent or 0.01 euro to close at 1.67 euros on Tuesday.