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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.
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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