STONEWEG European Real Estate Investment Trust’s (SERT) distribution per unit for the second half ended Dec 31, 2024, fell 10.7 per cent to 7.056 euro cents, from 7.903 euro cents in the corresponding year-ago period.
Second-half revenue declined to 106.6 million euros, down 1.4 per cent from 108.1 million in the year-ago period.
Net property income for the period was down 0.2 per cent at 65.6 million euros, from 65.7 million euros in the second half of the prior year.
Distributable income for the second half fell 10.7 per cent to 39.7 million euros, from 44.4 million euros.
Chief executive officer of the manager Simon Garing said: “With our strengthened balance sheet, logistics sector-focused portfolio, experienced team and with the enthusiastic support of the new sponsor Stoneweg, SERT is well-positioned to take advantage of the next phase of the real estate cycle.
“We remain committed to delivering sustainable returns through disciplined capital management and accretive growth opportunities.”
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SERT was formerly known as Cromwell E-Reit, until its manager was acquired by alternative investment group Icona Capital and real estate investment group Stoneweg.
For the full year, the group posted a revenue of 212.9 million euros, down 1.6 per cent from 216.5 million euros.
Net property income came in at 131.1 million euros, a drop of 2.3 per cent from 134.3 million euros.
Distribution per unit for FY2024 stood at 14.106 euro cents, down 10.1 per cent from 15.693 euro cents in the previous year.
Looking ahead, SERT’s manager said: “With macroeconomic conditions stabilising and European real estate at a positive inflection point, SERT is well-placed to capitalise on selective acquisitions, rental growth and further asset enhancements.”
It recorded a high leasing success rate in 2024, securing 327,493 square metres in new and renewed leases at a 2.8 per cent rent reversion.
Tenant retention remained strong at 69.6 per cent, and overall portfolio occupancy was 93.5 per cent, reinforcing income stability and organic rental growth potential, its manager said.
Units of SERT closed down 0.4 per cent or S$0.01 at S$2.22.
