Stoneweg Europe Stapled Trust sees lower DPS by 7% YoY in H1 2025

This is mainly due to higher interest costs from refinancing.

Stoneweg Europe Stapled Trust (SERT) has reported that its distribution per stapled security (DPS) was $9.8 Singapore cents (€6.553 Euro cents) in the first half of 2025 (H1 2025), within market expectations and 7% lower than the prior year, due primarily to higher interest cost from refinancing and partially offset by net property income growth.

The group’s gross revenue rose 1.1% year-on-year (YoY) to $160.99m (€107.43m) and its NPI also increased by 2.2% YoY to $100.29m (€66.94m) in H1 2025.

The increases were driven by income from the redeveloped Nervesa21 in Milan and strong like-for-like growth in the logistics/light industrial sector.

The distributable income for H1 2025 decreased by 7.3% YoY to $55m (€36.7m), mainly due to a 23.9% rise in net interest costs.

The higher net interest costs were due to higher coupon rates on the €500 million six-year green bond issued in January 2025. The increase in net interest costs was partly offset by lower interest on unhedged floating-rate borrowings.

SERT reported that, overall, the average all-in rate for H1 2025 was 3.86%, up from 3.23% a year earlier.

€1=$1.50

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