Stockland (SGP) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and explanation of hybrid meeting procedures, including voting and Q&A logistics.

• Security holders could participate in person or online, with questions moderated and voting available via electronic devices or the Lumi platform.

Financial performance review

• FY 2024 saw solid operational performance, with statutory profit at AUD 305 million, down from AUD 440 million in FY 2023, impacted by AUD 310 million in property devaluations.

• Funds from operations (FFO) reached AUD 843 million, or AUD 0.354 per security, at the top end of guidance; full-year distribution was AUD 0.246 per security, with a 75% payout ratio.

• Portfolio reshaped through acquisition of five land lease and 12 masterplanned communities, and disposal of AUD 690 million in non-core assets.

• Investment management segment FFO rose 4.5% to AUD 630 million, while development segment FFO was AUD 412 million, down from AUD 445 million.

• Gearing at year-end was 24.1%, providing strong investment capacity.

Board and executive committee updates

• Christine O'Reilly retired from the board; Bob Johnston joined as a new non-executive director.

• Board succession and diversity discussed, with ongoing focus on skills mix and gender representation.

• New CEO appointments for Investment Management and Development segments to support realignment.