Region Group (RGN) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and introduction of board members and auditors.

• Chair and CEO delivered addresses covering financial performance, key priorities, and governance matters.

• Agenda included chair and CEO addresses, financial performance, priorities, governance, resolutions, formal business, and general questions.

Financial performance review

• Adjusted funds from operations (AFFO) per security fell 11.1% to AUD 0.136, down from 15.3 cents in FY23, due to higher debt costs.

• Distribution per security was 13.7 cents, totaling AUD 159.2 million.

• Statutory profit reached AUD 17.3 million for FY24, despite a portfolio revaluation loss of AUD 74 million.

• Portfolio occupancy increased to 98.1%, with 552 leasing deals and improved specialty vacancy rates.

• Weighted average cost of debt rose to 4.3% from 3.4% in FY23.

Board and executive committee updates

• Board search for a new director is well progressed, with an announcement expected soon.

• Belinda Robson will not stand for re-election at the next AGM.

• Chair addressed financial performance, value creation, growth opportunities, and governance.

• CEO highlighted FY24 results, portfolio overview, operational performance, sustainability, and outlook.