Region Group (RGN) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and introduction of board, management, 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, and Q&A.

• Formal business and general questions were included in the agenda.

Financial performance review

• Adjusted funds from operation (AFFO) was AUD 0.136 per security, down 11.1% from prior year due to higher debt costs.

• Distribution per security was 13.7 cents, with total distributions of AUD 159.2 million.

• Statutory profit reached AUD 17.3 million for FY24.

• Portfolio occupancy increased to 98.1%, with 552 leasing deals completed and specialty vacancy at a multi-year low.

• Weighted average cost of debt increased 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.

• Remuneration Committee reviewed and adjusted executive and director pay, benchmarking below peer group.

• Changes to STI and LTI frameworks for FY25 to better align with operational focus and market conditions.

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

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