Stockland (SGP) Q1 2025 TU earnings summary

Executive summary

• ACCC cleared $1.06bn acquisition of 12 Masterplanned Communities; settlement expected 2Q25, subject to FIRB and other approvals.

• Named preferred proponent for Waterloo Renewal Project, NSW, with consortium partners.

• Achieved solid operational performance in 1Q25, building on prior momentum.

• Accelerated strategy execution and capital redeployment towards targeted growth areas.

• Maintained FY25 FFO per security guidance at 32.0-33.0 cents post-tax, excluding acquisition benefits.

Financial highlights

• FY25 FFO per security guidance held at 32.0-33.0 cents post-tax; distribution per security expected within 75%-85% payout ratio of FFO.

• Gearing expected to rise above 24.1% by 31 December 2024 but remain within the 20-30% target range.

Outlook and guidance

• FY25 guidance maintained, with updates to be provided after all MPC acquisition approvals are obtained.

• Ongoing capital deployment and a skew in MPC settlements to 2H25 expected to impact gearing but within target range.

• Eight new communities (three MPC, five LLC) expected to launch during FY25, supporting future growth.