Highlights

  • Cromwell Property Group reported FY26 FFO of AUD 110.3 million, representing a 5% increase from the previous financial year overall.
  • Statutory profit reached AUD 135.8 million, reversing the AUD 22.6 million loss recorded in the previous annual reporting period overall.
  • Distributions totalled 3 cents per security for FY26, while the group guided FY27 distributions of 3.1 cents per security overall.
  • Net tangible Assets per security increased 3.6%, while expected rental reversion of 8.7% supported the group’s property outlook during FY26.

Cromwell Property Group (ASX:CMW), a real estate investor and manager with $4.7 billion of assets under management (AUM) in Australia and New Zealand at 30 June 2026, delivered its FY26 annual results on 27 August 2026. The group reported Funds From Operations (FFO) of $110.3 million, an increase of 5% on FY25's $105.0 million, while statutory profit swung decisively from a $22.6 million loss in the prior year to a $135.8 million profit. AUM grew 11.4% to $4.7 billion, reflecting the group's expanded Investment management platform alongside its direct property portfolio.

Portfolio Performance and Capital Position

Cromwell's investment portfolio is diversified across Australian office, retail, and industrial properties, with 234,000 square metres of net lettable area across 390 or more tenant-customers. Total assets increased 8% to $2.4 billion at 30 June 2026. The portfolio reported future rental reversion of 8.7%, indicating rents on expiring leases are below current market rates, providing an organic Earnings growth pathway as leases roll over. The group maintained strong covenant headroom, with a loan-to-value ratio of 36.8% against a 60% covenant and an interest coverage ratio of 4.3 times against a 2.0 times covenant. NTA per security increased 3.6% over the year. The group also completed three sizeable asset sales from its Direct Property Fund during FY26, all achieved above book value.

Funds Management Platform Growth

Cromwell's investment management platform — comprising its Australian and New Zealand funds management operations, including Subsidiary manager Oyster — saw AUM grow 11.4% to $4.7 billion, underpinned by platform growth, capital deployment into mandates and co-investments, and disciplined asset management. Cromwell adopted FFO as its primary earnings measure in FY26 to improve comparability with industry peers. Management highlighted that the group's funds management earnings provide a diversified income stream alongside direct property returns, while disciplined capital allocation was a focus in FY26. The group was also included in the S&P Global Sustainability Yearbook 2026 and maintained a Public Disclosure Rating of A.

FY27 Outlook and Distribution Guidance

Cromwell Property Group guided FY27 distributions of 3.1 cents per security, up from 3.0 cents paid in FY26 — representing a 3.3% increase and reflecting the group's confidence in its improving earnings trajectory. Management signalled expectations of stronger performance from the investment portfolio in FY27 as key vacancies are addressed, alongside continued disciplined capital deployment into mandates and co-investments to support sustainable earnings growth. The group's focus on the attractive re-leasing dynamics within its portfolio — with an 8.7% market rent reversion embedded in future Lease renewals — positions it to generate organic income growth through active asset management.

Stock Price Information

Cromwell Property Group (ASX:CMW) shares were trading at $0.405 on 6 November 2026, representing a decline of 1.22% for the day. The stock has declined approximately 5% over the past 12 months.