Half Year 2026 Cromwell Property Group Earnings Call Transcript
Key Points
- Operating profit increased by 1.5% to $55.9 million compared to the prior period.
- Assets under management grew by 13.6% to $5 billion.
- The investment portfolio recorded a valuation uplift of $72 million, with a sector-leading occupancy rate of 97.2%.
- Net tangible assets increased by 3.6% to 58 cents per security.
- Cromwell's balance sheet remains strong with a gearing ratio of 30.2%, at the lower end of their target range, and $419 million in liquidity.
- Higher interest rates are making it difficult for new speculative projects to commence.
- Construction costs are expected to rise faster than inflation, particularly in Queensland.
- The net property income for 400 George Street decreased due to a gap between tenant leases.
- The leasing spreads for new tenants are only slightly positive at 4-5%.
- The company is still in the process of selling certain assets, indicating potential challenges in asset liquidation.
Thank you for standing by and welcome to the Cromwell Property Group half-year results. (Operator Instructions) I would now like to hand the conference over to Mr. Jonathan Callaghan, Chief Executive Officer. Please go ahead.
Good morning to everyone and thank you for joining us today for Commonwealth Property Group's results for the half year ending December 31, 2025. I open today's by acknowledging the traditional custodians of the land from where this call is being hosted, the Gadigal people of the Eora Nation, and pay our respects to their elders past and present.
On slide five, we outlined some highlights over the six month period. Seasons we have been able to deliver growth in key areas. Importantly, operating profit increased 1.5 % on the prior corresponding period to $55.9 million. Additionally, since June last year, we've been able to grow assets under management by 13.6 % to $5 billion. Cromwell's investment portfolio, which continues
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