Key Highlights

  • FFO was $110.3 million, up 5.0%, equal to 4.2 cents per security.
  • Cromwell expects to pay an increased annual distribution of 3.1 cents per security in FY27.
  • Assets under management rose 11.4% to $4.7 billion, and gearing was 31.6%.
  • The approximate yield is near 9.5%, unfranked, with no reinvestment plan.

Cromwell Property Group (ASX:CMW) announced its results for the year ended 30 June 2026 on 27 August 2026, reporting funds from operations of $110.3 million and statutory profit of $135.8 million. Cromwell Property Group (ASX:CMW) is a real estate investor and manager with $4.7 billion of assets under management in Australia and New Zealand at 30 June 2026. It operates two connected businesses: an investment portfolio of about $2.2 billion of owned property, mainly offices, and an investment management platform that manages property for institutional and retail investors and earns fees.

In FY26 the group expanded its platform by establishing the Cromwell Industrial Partnership and a Brisbane office venture, and it adopted funds from operations as its main earnings measure. The investment portfolio had occupancy of 95.6% and a weighted average lease expiry of 4.6 years. Cromwell is positioning itself as a fund manager supported by a co-investment balance sheet, which explains why its distribution is lower, in cents per security, than that of many larger peers.

The Dividend Picture

CMW has an approximate yield of about 9.5% at a price near $0.32, with no franking and no reinvestment plan. The release says the group expects to pay an increased annual distribution of 3.1 cents per security in FY27. FFO per security was 4.2 cents, so a 3.1 cent distribution would be about 74% of FY26 FFO per security, a calculation from the stated figures. The release does not state the FY26 distribution amount in the extract used here, so the size of the increase should be checked in the full announcement. Cromwell has also changed its primary earnings measure to FFO from FY26, moving away from operating profit.

Understanding the Dividend Data for Cromwell Property Group

At a share price of approximately $0.32, the approximate yield is 9.4%. There is no franking, so the grossed-up yield is the same as the cash yield and no tax credits are attached to the payments. No distribution reinvestment plan is available, so payments are made in cash. As an illustration of the arithmetic only, a holding worth $10,000 at that price and yield would correspond to roughly $945 of cash distributions over a year before tax, calculated from the stated percentage. The guided 3.1 cents for FY27 is described as an increase, though the FY26 amount is not shown in the extract used here. Yields of this kind depend on the share price on the day and on which payments are counted, so they move as the share price changes and are not a forecast.

FY26 Results

FFO was $110.3 million, up 5.0% on a like-for-like basis, supported by stable investment portfolio earnings, growth in investment management earnings and improved co-investment contributions. Statutory profit was $135.8 million, equal to 5.2 cents per security. Net tangible assets were 57.5 cents per security.

Investment Management Growth

Assets under management grew 11.4% to $4.7 billion. The platform expanded with the establishment of the Cromwell Industrial Partnership and a Brisbane office venture, which added institutional mandates of about $748 million. The group says these strengthen sector capability, fee income and platform scale.

Portfolio and Balance Sheet

The investment portfolio had occupancy of 95.6%, a weighted average lease expiry of 4.6 years and a value of $2.2 billion. Gearing was 31.6% and liquidity was $370.8 million, which the group says positions the balance sheet to support growth initiatives.

Segment and Covenant Detail

Total continuing segment EBIT rose 2.7% to $171.0 million, with Investment Management EBIT rising to $14.7 million and Co-investment EBIT to $6.4 million. Cromwell held $1.5 billion of net assets at 30 June 2026, and its loan-to-value ratio of 36.8% compares with a 60% covenant, while its interest cover ratio of 4.3 times compares with a 2.0 times covenant. This headroom is relevant to distributions because lenders' covenants can limit payments when they are tight.

Investment Portfolio Activity

Occupancy was 95.6% with a weighted average lease expiry of 4.6 years, and 28,607 square metres of new or renegotiated leases were secured. Valuations rose 4.7% across seven stable assets, and the weighted average capitalisation rate was 7.20% against 7.07% a year earlier. The lobby upgrade at 400 George Street, Brisbane supported the Queensland Government's exercise of a three-year lease option, extending 20,800 square metres of FY27 expiries to 2030 and underpinning a $98 million valuation uplift to $450 million. The chief investment officer expects positive market momentum for most markets, supported by firming demand and constrained office supply.

How the Payout Measure Works

The measure that matters for this dividend is funds from operations (FFO). Cromwell moved to FFO as its primary earnings measure from FY26. FFO of 4.2 cents per security compares with a planned FY27 distribution of 3.1 cents, a payout near 74%. Investors comparing the figure with a yield should remember that the yield is calculated on a price, while the payout compares the dividend with the company's own earnings measure, so the two answer different questions. A high payout can leave little retained cash, while a low payout can leave room for growth or debt reduction, and the right balance depends on the business.

Key Dates and Timing

The results were released on 27 August 2026. The FY27 distribution is described as an increase, and the FY26 comparison amount is not in the extract used here. Dividend and distribution amounts can change from period to period, and the announcement is the source for amounts and dates. Anyone relying on a date should confirm it against the company's notice, because record dates and payment dates vary by security.