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HomeCo Daily Needs (HDN) investor relations material

HomeCo Daily Needs H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary13 Aug, 2025

Executive summary

  • Achieved FY25 FFO per unit of 8.8¢ (up 2.3% YoY) and DPU of 8.5¢ (up 2.4% YoY), meeting guidance; FY26 guidance set at 9.0¢ FFO and 8.6¢ DPU, with a gradual shift to 100% AFFO payout ratio.

  • FFO per unit CAGR since IPO is 6.7%, with strong operational performance, 4% comp NOI growth, 6% leasing spreads, and >99% occupancy and rent collection.

  • Portfolio value increased to $4.92B, diversified by subsector, tenant, and geography, despite being a net seller.

  • Asset recycling and disciplined capital management, including active development pipeline, have supported growth without capital raises.

  • Sustainability initiatives achieved a 32% reduction in emissions since FY22 and 70% of feasible sites with solar.

Financial highlights

  • Property net income grew 6% to $288M in FY25; FFO reached $182.5M or 8.8¢ per unit, despite a 17% increase in net interest expense.

  • Distributions per unit increased to 8.5¢ from 8.3¢ YoY; NTA per unit rose 1% to $1.47 as of June 2025.

  • Gearing at 35.2%, within the 30–40% target range; liquidity at $108M with no debt expiries until FY27.

  • Maintenance CapEx and tenant incentives totaled $20M in FY25 ($5M maintenance, $15M incentives).

  • Weighted average cap rate at 5.56%; interest coverage ratio at 3.1x, well above covenant minimum.

Outlook and guidance

  • FY26 FFO guidance is 9¢ per unit, distributions at 8.6¢, with a gradual transition to a 100% AFFO payout ratio.

  • Comp NOI growth expected at 4%, supported by strong leasing spreads and OpEx management.

  • Development commencements targeted at $80–120M in FY26, with a $650M pipeline over 5–6 years.

  • Interest expense assumed at 3.4% for unhedged debt; ~50% of drawn debt hedged for FY26.

  • Focus on capital recycling to fund organic growth and increase exposure to defensive daily needs assets.

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Frequently asked questions

HomeCo Daily Needs REIT (HDN) is an Australian Real Estate Investment Trust (REIT) that specializes in the ownership, development, and management of convenience-based assets. Its investment focus includes neighbourhood retail, large format retail, and health and services sectors. The REIT aims to provide its unitholders with consistent and growing distributions. The company is headquartered in Sydney, New South Wales, and its shares are listed on the Australian Stock Exchange.

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