Aspen Group (APZ) Investor presentation summary

Returns and earnings growth

• Average ROE was 23% over FY21–FY26, versus 10% for listed peers, while NAV grew 2.3x over five years and DPS also increased.

• Underlying pre-tax EPS and NAV per security recorded CAGRs of 23% and 14%, respectively, since FY19.

• FY27 guidance: underlying EBITDA of $66.0m, up 22%, and pre-tax EPS of 26.1 cents, up 20%.

Rental portfolio and operations

• Average gross rent increased 5% p.a. and average net rent 10% p.a.; NRI margin rose from 42% in FY20 to 56% in FY26, with 65% targeted as the portfolio mix shifts.

• Portfolio strategy favors residential and lifestyle leases through acquisitions, development, conversions, and sales of tourism-focused parks; residential assets are cited as typically trading at ~3% cap rates.

• Long-stay rentals were essentially fully leased, with typical annual rent increases of 3–5% and rents estimated ~10% below market; short-stay tourism and corporate demand held up better than expected.

Acquisitions and development pipeline

• Adelaide Villa Portfolio comprises 38 properties and 311 dwellings; combined cost was $99m, or $319k per dwelling, and settlement occurred on 8 September 2026.

• Hackney redevelopment is approved for 121 dwellings; current park book value is $21.5m and expected gross developed value exceeds $140m.

• Australind is approved for 409 residential and lifestyle dwellings/sites; purchase price was $32.25m and expected gross developed value exceeds $200m.

• Paralowie’s precinct remix is expected to release >$10m net cash while improving stabilized NRI; council-led rezoning is underway on 11ha of spare land.