Highlights

  • Cromwell Property Group (ASX:CMW) reported FY26 funds from operations of AUD 110.3 million.
  • Assets under management reached AUD 4.7 billion at 30 June 2026.
  • Investment Portfolio occupancy stood at 95.6%, with a 4.6-year weighted average Lease expiry.
  • The group expects FY27 annual distributions of 3.1 cents per security, paid quarterly.

Cromwell Property Group (ASX:CMW) invests in and manages Commercial Real Estate across Australia and New Zealand, including office, industrial and retail properties. Cromwell Property Group (ASX:CMW) securities closed at AUD 0.368 on 10 November 2026. Its FY26 reporting describes a Business combining an Investment property portfolio with a growing institutional investment management platform, supported by leasing, development and Capital management activity.

FY26 Earnings and Investment Management

For the year ended 30 June 2026, Cromwell Property Group (ASX:CMW) recorded Funds From Operations (FFO) of AUD 110.3 million, equivalent to 4.2 cents per security. The company reported a statutory profit of AUD 135.8 million, or 5.2 cents per security. Cromwell adopted FFO as its primary earnings measure in FY26, replacing operating profit for its principal performance reporting.

Continuing segment earnings before interest and tax reached AUD 171.0 million in FY26. Within that figure, Investment Management EBIT was AUD 14.7 million and Co-investment EBIT was AUD 6.4 million. Assets under management reached AUD 4.7 billion at 30 June 2026. The company attributed expansion of its investment management platform partly to the Cromwell Industrial Partnership and a Brisbane office venture, which together with associated mandates added AUD 748 million of institutional mandates.

Portfolio Occupancy, Leasing and Development

Cromwell Property Group (ASX:CMW) reported a directly held Investment Portfolio valued at AUD 2.2 billion at 30 June 2026. Occupancy was 95.6%, while the weighted average lease expiry stood at 4.6 years. During FY26, 28,607 square metres of new or renegotiated leases were secured.

At 400 George Street in Brisbane, completed lobby works supported a government tenant exercising a three-year lease option. 20,800 square metres of leases otherwise expiring in FY27 were extended to 2030. The asset was valued at AUD 450 million at 30 June 2026 following a reported AUD 98 million uplift.

The final stage of the Kilsyth Connect industrial project in Melbourne was completed in June 2026. Meanwhile, Stage 2 of Cavan Connect Logistics Park in Adelaide had commenced following a tenant pre-commitment exceeding 6,200 square metres. Cromwell also reported that its 19,800-square-metre Barton1 office project in the ACT was fully pre-leased under a 15-year agreement, with completion expected by the end of FY27.

Balance Sheet and FY27 Priorities

At 30 June 2026, Cromwell Property Group (ASX:CMW) reported gearing of 31.6%, Liquidity of AUD 370.8 million and net tangible assets of 57.5 cents per security. Its loan-to-value covenant measure was 36.8% against a 60% limit, while Interest Cover was 4.3 times against a 2.0-times covenant.

For FY27, Cromwell expects annual distributions of 3.1 cents per security, payable quarterly. The September 2026 quarter distribution was set at 0.775 cents per security, with a November payment date. Cromwell intends to expand capital partnerships and investment mandates while continuing leasing and asset improvements. Development execution and refinancing remain relevant to monitor.

Key Insights

Cromwell Property Group (ASX:CMW) entered FY27 with higher reported funds under management, substantial office exposure and a pipeline of property initiatives at different stages. FY26 FFO, occupancy and gearing provide a basis for assessing performance, while the FY27 distribution remains a company expectation rather than a guaranteed payment.