Key Highlights

  • Cromwell will pay 0.775 cents per stapled security on 16 November 2026 for the September quarter.
  • The distribution is unfranked, with tax component details available from 11 November.
  • The payment is one quarter of FY27 guidance of 3.1 cents.
  • The directly owned portfolio was valued at $2.2 billion with 95.6% occupancy.

Cromwell Property Group (ASX:CMW) is due to pay its September quarter distribution of 0.775 cents per stapled security on Monday 16 November 2026, making it one of the property payments on the ASX Dividend calendar for the coming week. The distribution was confirmed in an Appendix 3A.1 lodged with the ASX on 23 September 2026. The securities went ex-distribution on 29 September 2026, with a Record Date of 30 September 2026, so eligibility has already been fixed. The payment is the first quarterly instalment towards Cromwell's FY27 distribution guidance of 3.1 cents per security.

The Key Dates for the September Quarter Payment

The Appendix 3A.1 sets out a distribution of AUD 0.00775 per security, marked as an actual rather than estimated amount, for the quarter ending 30 September 2026. The ex date was 29 September 2026 and the record date 30 September 2026. Investors who held Cromwell securities at the end of the record date are entitled to the payment on 16 November 2026.

The distribution is ordinary and 100 per cent unfranked, with no conduit foreign income component. Cromwell's notice said tax information for the distribution would be available on its website from 11 November 2026. Unfranked property trust distributions are generally made up of components such as taxable income, tax-deferred amounts and capital gains, which is why the tax breakdown is published separately.

The gap between the record date and payment date, about seven weeks, is typical for Australian property groups. It gives the group time to finalise the quarter's income and calculate the tax components before money is sent to holders.

How the Payment Fits FY27 Guidance

With its FY26 results on 27 August 2026, Cromwell said it expected FY27 distributions of 3.1 cents per security, paid quarterly. Four quarterly instalments of 0.775 cents add to exactly 3.1 cents, so the September quarter payment is in line with that guidance.

Cromwell has adopted funds from operations, or FFO, as its primary Earnings measure, replacing its previous operating profit measure. For FY26 it reported FFO of $110.3 million, or 4.2 cents per security, up 5.0 per cent. Statutory profit was $135.8 million, or 5.2 cents per security. The gap between FFO of 4.2 cents and guided distributions of 3.1 cents means distributions are planned to be covered by operating earnings, with the balance retained in the business.

The Balance Sheet Behind the Distribution

Distribution capacity for a property group depends on its Debt and the stability of its rental income. At 30 June 2026, Cromwell reported gearing of 31.6 per cent and Liquidity of $370.8 million. Its loan-to-value ratio was 36.8 per cent against a covenant of 60 per cent, and its Interest Cover ratio was 4.3 times against a covenant of 2.0 times. Net tangible Assets were 57.5 cents per security, and net assets totalled $1.5 billion.

The directly owned Investment portfolio was valued at $2.2 billion, with occupancy of 95.6 per cent and a weighted average Lease expiry of 4.6 years. Cromwell reported valuation gains of 4.7 per cent across seven stable assets and a weighted average Capitalisation rate of 7.20 per cent. It completed 28,607 square metres of new or renegotiated leases during the year. One notable Revaluation was 400 George Street in Brisbane, which rose by $98 million to $450 million after a lobby upgrade and the exercise of a lease option.

Funds Management and Development Activity

Cromwell has been building its investment management Business alongside its own portfolio. Assets under management reached $4.7 billion, up 11.4 per cent, after $748.0 million of new mandates. These included the $478 million Cromwell Industrial Partnership, $113 million of industrial mandates and the $157 million Creek Street venture. Three assets were sold from the Cromwell Direct Property Fund for $268 million, with proceeds being returned to investors as that fund winds up.

On the development side, Kilsyth Connect in Melbourne was completed in June 2026, and Stage 2 of Cavan Connect in Adelaide has started with a pre-commitment for more than 6,200 square metres. The 19,800 square metre office development at Barton in the ACT is fully pre-leased and is expected to be completed by the end of FY27.

Chief executive Jonathan Callaghan said Cromwell had delivered on its strategic priorities in FY26 by growing its investment management platform. Chief investment officer Rob Percy said positive market momentum was expected to continue in most markets through the next financial year, supported by constrained office supply.

Interest Rates and the Next Instalment

Higher interest rates affect property groups through borrowing costs and through the rates used to value buildings. Cromwell's interest cover of 4.3 times gives some headroom above its covenant, and its distribution guidance was set with knowledge of the rate environment at the time of the August result. The Reserve Bank has since lifted the cash rate further, which investors may weigh when considering how property valuations and financing costs evolve during FY27.

The next instalment on the Cromwell dividend calendar will relate to the December quarter. On the pattern of the September quarter, that period ends on 31 December 2026, but Cromwell has not yet announced the amount or the ex, record and payment dates for it. Investors can expect those details in a further Appendix 3A.1 lodged with the ASX.

Key Takeaways

Cromwell Property Group will pay 0.775 cents per stapled security on 16 November 2026 for the September quarter, after an ex date of 29 September and a record date of 30 September. The distribution is unfranked, and tax component details are available from 11 November. The payment is one quarter of FY27 guidance of 3.1 cents, which sits below FY26 FFO of 4.2 cents per security. Gearing of 31.6 per cent, interest cover of 4.3 times and occupancy of 95.6 per cent are the figures that support the distribution. For anyone using the ASX dividend calendar to plan income, the December quarter announcement is the next date to watch.