Stockland (SGP) Q1 2027 TU earnings summary

Executive summary

• End-to-end development and investment capabilities span logistics, essentials-based retail, residential, land lease, workplace and data centres.

• Development pipeline totals $61bn; investment, land lease and residential pipelines are $16.3bn, $8.0bn and $36.4bn, respectively, as at 30 June 2026.

• Data centre pipeline has 450MW of power secured, with initial FFO contribution expected in FY27 from land transfers or sales.

Outlook and guidance

• FY27 FFO per security guidance remains 38.0–39.0 cents; distribution expected at 25.2 cents, in line with FY26 and within a 60–80% FFO payout ratio.

• FFO is expected to be weighted to 2H, reflecting timing of data centre transactions and MPC settlements.

• FY27 targets unchanged: MPC settlements of 7,300–8,300 lots at ~20% development operating profit margin; LLC settlements of 850–950 homes at above 22%.

• Gearing expected within the 20–30% target range; guidance remains subject to no material change in market conditions.

Segment performance

• Logistics leasing spreads on new leases and renewals were 17.6%; portfolio was 8% under-rented. Q1 leases executed totalled 121,199 sqm, versus 66,244 sqm in 1Q26.

• Retail comparable MAT growth was 3.5%, specialty sales growth 4.3%, and occupancy 99%; leasing spreads were 7.9%, expected to moderate during the year.

• Workplace leasing spreads were 1.6%; occupancy was 84.2% and WALE 6.3 years. Disposal of 60–66 Waterloo Road, Macquarie Park, completed.

• MPC net sales were 1,506; 828 settlements in Q1 and 4,502 contracts on hand, at average pricing above FY26 settlements. Cancellation and default rates remained below long-run averages.

• LLC net sales were 206; 774 contracts on hand at average pricing above FY26 settlements. The established portfolio had 4,025 home sites and 100% occupancy.