Key Highlights

Australian property securities entered September 2026 in one of the most demanding macro settings of the past decade. The Reserve Bank of Australia left its cash rate at 4.35 per cent at its 11 August 2026 meeting and kept the door open to further tightening, warning that the Inflation fight was not over. Long bond yields have pushed higher still, with the Australian 10-year government Bond Yield trading around 5.37 per cent on 10 September 2026 — close to multi-year highs. For a sector whose valuations are anchored to the Risk-Free Rate and whose Earnings are geared through debt, that combination has separated the winners from the laggards with unusual clarity.

This article examines eight ASX-listed names across the property and property-adjacent spectrum: Goodman Group (ASX:GMG), the industrial and data-centre powerhouse; Charter Hall Group (ASX:CHC), a diversified funds manager; convenience-retail landlord HomeCo Daily Needs REIT (ASX:HDN); office-and-industrial owner Growthpoint Properties Australia (ASX:GOZ); fuel-and-convenience specialist Waypoint REIT (ASX:WPR); Brisbane industrial owner and emerging property lender GARDA Property Group (ASX:GDF); repositioning office manager Cromwell Property Group (ASX:CMW); and life insurer NobleOak Life Limited (ASX:NOL), a contrasting income-and-growth financial.

Most of the A-REITs here operate a 30 June financial year and reported their FY2026 full-year results in August 2026; Waypoint REIT runs a 31 December year-end and reported half-year results for the six months to 30 June 2026. Every figure below is labelled by its reporting period and distinguishes audited results from guidance and from market commentary.

The through-line across these names is the tug-of-war between resilient property fundamentals — high occupancy, positive leasing spreads, structural Demand for logistics and data centres — and a higher-for-longer rate curve that lifts Debt costs and pressures Capitalisation rates. Read together, the results show how differently each team is navigating that tension.

ASX Market Outlook for September 2026

The macro backdrop is the single most important variable for A-REIT pricing in September 2026, and it is not an easy one. The RBA held the cash rate at 4.35 per cent on 11 August 2026 and signalled it remained alert to upside inflation risks, having flagged that headline and underlying inflation were still too high. With policy on hold at a restrictive setting and little near-term relief priced in, the discount rate applied to long-duration property cash flows has stayed elevated.

Bond yields reinforce the point. The 10-year Commonwealth government bond yield sat near 5.37 per cent in early-to-mid September 2026, one of the highest readings in well over a decade. Higher risk-free rates raise the hurdle that property yields must clear, which is why several REITs recorded only modest net Tangible Asset uplifts this reporting season and why interest expense was the dominant swing Factor in earnings guidance. The Australian dollar's level also matters for offshore-exposed names — Goodman in particular translates a large slice of its Assets under management and development earnings from overseas markets.

Within the property complex, the dispersion is stark. Industrial and logistics assets continue to benefit from low vacancy, E-commerce penetration and, increasingly, the conversion of urban infill land into data-centre capacity. Convenience and daily-needs retail — the domain of HomeCo Daily Needs REIT and, in a fuel-and-convenience guise, Waypoint REIT — has proven defensive, with non-discretionary tenants and indexed rents supporting income even as consumer spending softened. Office remains the most challenged segment, though the FY2026 results from Growthpoint and Cromwell suggest the deepest valuation pain may be moderating, with leasing improving and values stabilising.

Data-centre demand is the sector's defining growth narrative. Surging requirements for artificial-intelligence and Cloud Computing capacity have created a multi-year build-out opportunity for landlords that control power and land — a position Goodman has moved aggressively to occupy. For funds managers such as Charter Hall and, on a smaller scale, Cromwell, the swing factor is institutional capital flows: after two subdued years, a return of wholesale inflows lifts assets under management, transaction and performance fees, and development activity.

For income-oriented REITs, the near-term reality is that distribution growth is being throttled by refinancing at higher rates. HomeCo Daily Needs, Growthpoint and Cromwell each pointed to rising interest costs as the key headwind to FY2027 earnings, even as underlying property metrics held firm. Investors screening ASX stocks to watch in the property space in September 2026 are therefore weighing defensive, well-let portfolios and conservative gearing against the drag of the rate cycle.

Goodman Group (ASX:GMG)

Company Business

It owns, develops and manages logistics and industrial real estate — and, increasingly, data centres — across Australia, Asia, Europe and the Americas, via a stapled structure combining property investment, development and a substantial funds-management platform. Its scale, land bank and access to power have made it a central player in the global build-out of digital infrastructure.

Latest ASX Announcements (exact dates)

20 August 2026 — FY2026 full-year results for the year ended 30 June 2026, reporting record operating profit and an enlarged data-centre pipeline.

20 August 2026 — confirmation of the final FY2026 distribution amount; tax-component details for the distribution followed on 24 August 2026.

26 August 2026 — payment of the FY2026 distribution (ex-distribution 29 June 2026; Record Date 30 June 2026).

FY2026 Financial Performance (year ended 30 June 2026)

Operating profit: AUD 2.675 billion, up 15.7 per cent on FY2025.

Operating earnings per security: 129.9 cents, up 10.1 per cent.

Statutory profit: AUD 2.779 billion.

Total portfolio value: AUD 89.0 billion (up about 4 per cent); external assets under management AUD 75.4 billion (up about 5 per cent).

Portfolio occupancy: 95.6 per cent.

Net tangible assets: AUD 11.79 per security, up around 7 per cent.

Gearing: 6.5 per cent on a balance-sheet basis, with look-through gearing of 19.5 per cent and Interest Cover of 25.4 times; group Liquidity of AUD 6.4 billion in cash plus AUD 12.4 billion across partnerships.

Key Business Developments

The defining feature of the FY2026 result was the scale and composition of the development book. Work in progress reached AUD 19.7 billion across 50 projects in 12 countries, with data centres accounting for around 78 per cent — approximately AUD 15 billion — of that pipeline. Goodman had roughly 0.5 gigawatts of data-centre capacity under construction across 10 projects in eight cities, and reported a total global 'power bank' of 6.4 gigawatts across 16 major cities. This marks a decisive shift in what GMG investors own: increasingly a developer and manager of power-enabled digital infrastructure rather than a traditional shed landlord.

Dividends and Income

Goodman declared distributions of 30.0 cents per security for FY2026. Consistent with its capital-retention strategy to fund development, the payout is modest relative to operating earnings, with retained Cash Flow directed into the workbook. The distribution was paid on 26 August 2026 (ex-distribution 29 June 2026, record date 30 June 2026) and was estimated to be unfranked.

Growth Drivers

Structural demand for data-centre capacity driven by AI and cloud computing, underpinned by Goodman's 6.4 GW power bank and infill land holdings.

A large, geographically diversified development pipeline that converts land and power into high-value completed assets.

A capital-light funds-management platform generating recurring management and development fees on external AUM of AUD 75.4 billion.

Risks to Consider

Execution and capital-intensity risk in scaling data-centre development, including power procurement, construction and leasing timelines.

Sensitivity of long-duration asset valuations to elevated bond yields near 5.37 per cent.

Currency translation risk on substantial offshore earnings and asset values.

September 2026 Outlook

Goodman guided to operating earnings-per-security growth of about 9 per cent for FY2027, extending its multi-year track record of double-digit-to-high-single-digit growth. The key watch-points into September 2026 are the pace of data-centre leasing and power delivery, the conversion of the AUD 19.7 billion workbook, and how a higher-for-longer rate environment is reflected in cap rates and NTA.

Charter Hall Group (ASX:CHC)

Company Business

Charter Hall Group is one of Australia's largest diversified property fund managers, investing across office, industrial and logistics, retail, social infrastructure and hospitality for wholesale, listed and direct investors. Its stapled model combines balance-sheet property ownership with a large, fee-generating funds-management platform.

Latest ASX Announcements (exact dates)

21 August 2026 — FY2026 full-year results for the year ended 30 June 2026, reporting a sharp rise in operating earnings and record gross Equity inflows. The security fell around 6–8 per cent on the day as the market digested the result and FY2027 assumptions.

29 June 2026 — ex-distribution date for the final FY2026 distribution; paid 31 August 2026.

FY2026 Financial Performance (year ended 30 June 2026)

Operating earnings: AUD 488.1 million, or 103.2 cents per security, up 26.8 per cent on FY2025.

Statutory earnings per security: approximately AUD 1.12 on a trailing basis (market commentary).

Funds under management: AUD 94.3 billion total, with property FUM of AUD 76.0 billion, up 13.8 per cent.

Gross equity inflows: a record AUD 6.7 billion across the platform.

Net tangible assets: AUD 5.95 per security; balance-sheet gearing 14.2 per cent; return on contributed equity 26.4 per cent.

Key Business Developments

The result marked a clear rebound in institutional appetite for Australian real estate, with record gross inflows of AUD 6.7 billion helping lift property funds under management 13.8 per cent to AUD 76.0 billion. The market's cautious reaction on 21 August 2026 reflected the quality of the FY2026 headline earnings — which included performance-related Revenue — against a more conservative FY2027 guidance base that explicitly assumes no performance-fee revenue.

Dividends and Income

Charter Hall increased its FY2026 distribution 6 per cent to 50.7 cents per security, implying a Payout Ratio near 69 per cent of operating earnings. The final distribution of 25.84 cents per security was franked at 80 per cent, went ex-distribution on 29 June 2026 and was paid on 31 August 2026.

Growth Drivers

Recovering wholesale capital flows lifting AUM, transaction and development fees.

A diversified, largely long-WALE property platform spanning defensive sectors such as social infrastructure and long-let logistics.

A conservatively geared Balance Sheet (14.2 per cent) providing capacity to co-invest and seed new funds.

Risks to Consider

Earnings sensitivity to transaction volumes and the presence or absence of performance fees, which FY2027 guidance assumes are nil.

Valuation pressure on managed office and other rate-sensitive assets.

Reliance on continued institutional inflows to sustain FUM growth.

September 2026 Outlook

Management provided FY2027 guidance of approximately 114.0 cents of operating earnings per security — around 10.5 per cent growth on FY2026 — on the explicit assumption of no performance-fee revenue, with distributions guided to grow about 6 per cent to roughly 53.7 cents per security. The September watch-points are the durability of wholesale inflows and transaction activity.

HomeCo Daily Needs REIT (ASX:HDN)

Company Business

HomeCo Daily Needs REIT owns a portfolio of convenience-based retail property — neighbourhood centres, large-format retail and health-and-services assets — anchored by non-discretionary tenants. Managed within the HMC Capital platform and capitalised at roughly AUD 2.34 billion in early September 2026, HDN is positioned as a defensive, daily-needs landlord with a high proportion of national retail tenants.

Latest ASX Announcements (exact dates)

13 August 2026 — FY2026 full-year results for the year ended 30 June 2026, alongside FY2027 guidance; the units fell around 5 per cent on the release as the market focused on rising debt costs.

11 February 2026 — 1H FY2026 results, reporting funds-from-operations growth of about 2.5 per cent and reaffirmed guidance.

FY2026 Financial Performance (year ended 30 June 2026)

Funds from operations: 9.0 cents per unit.

Distribution: 8.6 cents per unit.

Net tangible assets: AUD 1.56 per unit, up 6.1 per cent, supported by AUD 180 million of portfolio valuation gains.

Portfolio value: AUD 5.2 billion, up about 6 per cent.

Occupancy: 99 per cent; WALE 4.9 years; comparable net Operating Income growth 4.0 per cent; leasing spreads 5.9 per cent; around 83 per cent national-retailer tenants.

Gearing: 35.7 per cent, within the 30–40 per cent target range.

Key Business Developments

HDN delivered resilient operating metrics in FY2026 — 99 per cent occupancy, 4.0 per cent comparable NOI growth and positive 5.9 per cent leasing spreads — reflecting the defensive nature of daily-needs tenancy, and portfolio valuation gains of AUD 180 million lifted NTA to AUD 1.56. The offsetting theme, and the reason for the soft market reaction, was the outlook for interest costs: FY2027 guidance implies flat-to-lower earnings as higher debt costs absorb the benefit of solid property performance, with development activity paused in the near term.

Dividends and Income

HDN paid distributions of 8.6 cents per unit for FY2026 and guided to a maintained 8.6 cents per unit for FY2027, typically paid quarterly. At an early-September 2026 unit price around AUD 1.11 that implied a reported yield in the high-7-per-cent range; investors should confirm current ex- and payment dates against ASX disclosures.

Growth Drivers

Defensive, non-discretionary tenant base with high occupancy and fixed or CPI-linked rent escalations.

Embedded development and remixing pipeline, once activity resumes, to add convenience and health-services floorspace.

Positive leasing spreads supporting comparable NOI growth of around 4 per cent.

Risks to Consider

Higher refinancing costs compressing FFO, with FY2027 guidance of 8.8 cents per unit below FY2026's 9.0 cents.

Cap-rate sensitivity to elevated bond yields, which could reverse recent valuation gains.

Exposure to discretionary large-format retail tenants in a soft consumer environment.

September 2026 Outlook

For FY2027, HDN guided to FFO of 8.8 cents per unit, a distribution of 8.6 cents per unit and comparable NOI growth of 4.0 per cent — a profile of steady property performance offset by rising interest expense. The September watch-points are debt-cost management and whether valuation momentum can be sustained.

Growthpoint Properties Australia (ASX:GOZ)

Company Business

Growthpoint Properties Australia owns and manages a portfolio of office and industrial property, complemented by a growing third-party funds-management business.

Latest ASX Announcements (exact dates)

17 August 2026 — FY2026 full-year results for the year ended 30 June 2026, reporting a return to statutory profit and record office leasing.

30 June 2026 — ex-date for the final FY2026 distribution of 9.2 cents per security; paid 28 August 2026.

FY2026 Financial Performance (year ended 30 June 2026)

Funds from operations: 23.5 cents per security (AUD 177.6 million), up 0.9 per cent — at the top of the guidance range.

Statutory net profit: AUD 90.1 million, versus a net loss of AUD 124.6 million in FY2025.

Distribution: 18.4 cents per security, unchanged; final distribution 9.2 cents, unfranked.

Net tangible assets: AUD 3.05 per security as at 30 June 2026 (down from AUD 3.09).

Gearing: 41.6 per cent, within the target range; weighted average cost of debt 5.1 per cent.

Occupancy and WALE: 96 per cent overall occupancy (office 95 per cent, industrial 98 per cent); WALE 6.1 years.

Key Business Developments

FY2026 marked a stabilisation for Growthpoint after a heavy FY2025 loss driven by office devaluations. The return to a AUD 90.1 million statutory profit reflected record leasing — around 81,000 square metres of office space across 48 transactions and 118,000 square metres of industrial space across 11 transactions — and a moderation in valuation declines (office values down 1.9 per cent, industrial down 0.9 per cent).

Dividends and Income

Growthpoint maintained its FY2026 distribution at 18.4 cents per security, with the 9.2-cent final distribution going ex on 30 June 2026 and paid on 28 August 2026. Neither the interim nor the final distribution carried franking. Management guided to a maintained 18.4 cents per security for FY2027.

Growth Drivers

Improving office leasing momentum and stabilising valuations after the FY2025 trough.

A resilient industrial portfolio with 98 per cent occupancy underpinning income.

Expansion of the third-party funds-management platform to diversify earnings.

Risks to Consider

Elevated gearing at 41.6 per cent leaves limited headroom if valuations soften further.

Office remains structurally challenged, with values still declining, if more slowly.

A weighted average cost of debt of 5.1 per cent, rising, constrains distribution growth.

September 2026 Outlook

For FY2027, Growthpoint guided to FFO of 22.6 to 23.5 cents per security and a maintained distribution of 18.4 cents per security. The September watch-points are the trajectory of office valuations, gearing management and leasing follow-through.

Waypoint REIT Limited (ASX:WPR)

Company Business

Waypoint REIT describes itself as Australia's largest listed REIT owning solely fuel-and-convenience retail property, with 394 assets nationally leased predominantly to substantial convenience-retail tenants on long, triple-net-style leases with contracted rent reviews. It operates a 31 December financial year and was capitalised at roughly AUD 1.53 billion in early September 2026. Because almost all of its rent is contracted and indexed, Waypoint is one of the more bond-like income vehicles on the ASX, making it especially sensitive to movements in long-term yields.

Latest ASX Announcements (exact dates)

27 August 2026 — half-year 2026 results for the six months to 30 June 2026, confirming distributable-earnings growth and reaffirming the FY2026 outlook.

26 February 2026 — full-year 2025 results (year ended 31 December 2025) and FY2026 guidance.

1H 2026 Financial Performance (six months to 30 June 2026)

Distributable earnings per security: up 3.4 per cent year-on-year.

Portfolio value: AUD 2,862.7 million across 394 properties; weighted average capitalisation rate 5.71 per cent; a AUD 10.7 million (0.4 per cent) Revaluation uplift.

Net tangible assets: approximately AUD 2.92 per security, up 0.7 per cent from 31 December 2025.

Gearing: reduced to about 32.4 per cent.

Lease profile: 372 of 394 properties subject to contracted annual rent reviews.

Key Business Developments

Waypoint's half-year to 30 June 2026 showed the defensive characteristics of its long-lease, indexed-rent model: a modest 0.4 per cent portfolio revaluation uplift, distributable-earnings growth of 3.4 per cent and gearing reduced to about 32.4 per cent, with 372 of 394 properties carrying contracted annual rent reviews. The trade-off is duration risk — with a portfolio capitalisation rate of 5.71 per cent against a 10-year bond yield near 5.37 per cent, the spread to risk-free rates is thin, and the unit price has been sensitive to higher yields, trading around AUD 2.34 in early September 2026, a discount to NTA.

Dividends and Income

Waypoint pays quarterly distributions and aims to distribute substantially all of its distributable earnings. Recent quarterly distributions were 4.20 and 4.25 cents per security, and the trailing twelve-month distribution was approximately 16.9 cents per security; distributions are unfranked trust distributions carrying no Australian franking credits. Waypoint reaffirmed its FY2026 (year-ending 31 December 2026) outlook at the August result, having previously guided to low-single-digit distributable-earnings growth. Investors should confirm the exact FY2026 guidance figure and forthcoming payment dates against ASX disclosures.

Growth Drivers

Long-WALE, triple-net Lease structure with contracted annual rent reviews providing highly visible, indexed income.

Active capital management, including gearing reduction and potential security buy-backs at a discount to NTA.

A defensive, non-discretionary fuel-and-convenience tenant base.

Risks to Consider

High sensitivity to long-term bond yields given the bond-like, single-sector income profile.

Tenant and sector concentration in fuel-and-convenience retail, with long-run structural questions around fuel demand.

A thin spread between the portfolio cap rate (5.71 per cent) and risk-free rates limiting valuation upside.

September 2026 Outlook

Waypoint enters the second half of its 2026 calendar year having reaffirmed guidance, with the key variables being the direction of long yields, the pace of any buy-back and further gearing reduction. As a December-year-end REIT, its next full-year result covers the twelve months to 31 December 2026.

GARDA Property Group (ASX:GDF)

Company Business

GARDA Property Group is a Brisbane-focused owner and developer of industrial and commercial-office property that has, over FY2026, materially expanded into property lending — effectively adding a Credit business alongside its bricks-and-mortar portfolio. Capitalised at roughly AUD 206 million in early September 2026 and trading at a substantial discount to net tangible assets, GDF is one of the smaller, more specialised names on this list.

Latest ASX Announcements (exact dates)

30 July 2026 — FY2026 full-year results for the year ended 30 June 2026, reporting a 54 per cent surge in FFO and higher distributions.

Mid-FY2026 — the quarterly distribution was increased from 2.0 cents to 2.25 cents per security.

FY2026 Financial Performance (year ended 30 June 2026)

Funds from operations: 11.1 cents per security, up 54 per cent on FY2025 and about 24 per cent above the original FY2026 guidance.

Distribution: 8.5 cents per security, up 18 per cent, a payout of about 77 per cent of FFO.

Net tangible assets: AUD 1.64 per security, up 3.0 cents — the first NTA growth since 2022.

Business mix: property assets fell to about 70 per cent of total assets (from 83 per cent) as the lending portfolio grew to about 27 per cent of assets (from 7 per cent); revenue split roughly 49 per cent property and 49 per cent lending.

Note: the summaries reviewed did not headline a single group gearing figure for FY2026; readers should confirm balance-sheet Leverage against GARDA's ASX results pack.

Key Business Developments

The standout FY2026 story was GARDA's pivot toward property credit. The lending book expanded from around 7 per cent to about 27 per cent of assets and, with the property portfolio, drove FFO up 54 per cent to 11.1 cents per security — comfortably ahead of guidance. The core Brisbane industrial portfolio also delivered its first NTA uplift since 2022, rising to AUD 1.64, leaving the units, at around AUD 1.03, trading at a discount of roughly a third to NTA.

Dividends and Income

GARDA lifted its FY2026 distribution 18 per cent to 8.5 cents per security, with the quarterly rate raised from 2.0 to 2.25 cents during the year and a payout ratio of about 77 per cent of FFO. For FY2027, GARDA said it intended to generate sufficient FFO to support distributions equal to 7 per cent of NTA per security — equating to about 11.5 cents per security — a notable step-up, subject to execution.

Growth Drivers

Rapid scaling of the higher-yielding property-lending book, lifting group FFO.

A well-located Brisbane industrial portfolio benefiting from tight logistics vacancy.

A wide discount to NTA that could narrow if earnings growth is sustained.

Risks to Consider

Credit risk in the expanding lending portfolio, including borrower default and recovery risk in a higher-rate environment.

Concentration in a single geography (Brisbane) and small scale relative to peers.

A shift in earnings mix toward lending that changes the group's risk profile versus a pure landlord.

September 2026 Outlook

GARDA has guided FY2027 distributions toward about 11.5 cents per security, equivalent to 7 per cent of NTA, underpinned by the enlarged lending book and a recovering property portfolio. The September watch-points are the credit performance of the Loan book and whether the NTA discount narrows.

Cromwell Property Group (ASX:CMW)

Company Business

Cromwell Property Group is an Australian real-estate investor and manager, historically office-weighted, that has been repositioning after selling its European platform and divesting assets to cut debt and rebuild its funds-management business.

Latest ASX Announcements (exact dates)

27 August 2026 — FY2026 full-year results for the year ended 30 June 2026, reporting FFO growth and continued FUM expansion.

Earlier in 2026 — half-year FY2026 results, with management pointing to institutional-capital growth.

FY2026 Financial Performance (year ended 30 June 2026)

Funds from operations: up 5 per cent to AUD 110.3 million.

Net tangible assets: AUD 0.575 per security, up 3.6 per cent from AUD 0.56 at FY2025.

Gearing and LVR: gearing 31.6 per cent (within the 30–40 per cent target); loan-to-value ratio 36.8 per cent against a 60 per cent covenant; interest cover 4.3 times.

Portfolio metrics: investment-portfolio occupancy 95.6 per cent (industrial Partnership 98.6 per cent); investment-portfolio WALE 4.6 years; portfolio valuations up 4.7 per cent — a third consecutive half-yearly increase.

Funds under management: up 11.4 per cent, including AUD 748 million from new institutional investors; liquidity AUD 370.8 million.

Key Business Developments

Cromwell's FY2026 result showed the repositioning gaining traction: FFO rose 5 per cent to AUD 110.3 million, portfolio valuations increased 4.7 per cent for a third consecutive half, funds under management grew 11.4 per cent on AUD 748 million of new institutional capital, and NTA edged up to AUD 0.575. Management, however, flagged FY2027 as a 'trough year' for FFO owing to the lease-expiry profile and capital-expenditure requirements — a candid signal that the recovery will not be linear.

Dividends and Income

Cromwell guided to an FY2027 distribution target of 3.1 cents per security. At an early-September 2026 unit price around AUD 0.38, that implied a reported yield near 8 per cent; investors should confirm the FY2026 distribution paid and forthcoming payment dates from ASX disclosures.

Growth Drivers

Rebuilding of the funds-management platform, evidenced by AUD 748 million of new institutional inflows.

Balance-sheet repair through asset sales, lowering gearing and rebuilding liquidity.

Stabilising and rising portfolio valuations after prior write-downs.

Risks to Consider

An FY2027 FFO 'trough' driven by lease expiries and capex, pressuring near-term earnings.

Continued office exposure in a challenged leasing market.

Execution risk in the ongoing strategic repositioning and capital recycling.

September 2026 Outlook

Cromwell enters September 2026 with a distribution target of 3.1 cents per security for FY2027 and management guidance that FFO will trough that year before improving. The watch-points are lease-up of expiries, further FUM wins and balance-sheet management.

NobleOak Life Limited (ASX:NOL)

Company Business

NobleOak Life is an Australian life insurer with roots dating to 1861, distributing products through a direct channel and through strategic partnerships (including relationships with nib and NEOS). It is included here as a contrasting income-and-growth financial rather than a property vehicle.

Latest ASX Announcements (exact dates)

28 August 2026 — FY2026 full-year results for the year ended 30 June 2026, reporting an in-force-premium milestone above AUD 500 million and substantial profit growth.

27 February 2026 — 1H FY2026 results, when NobleOak passed AUD 500 million of in-force premium.

FY2026 Financial Performance (year ended 30 June 2026)

In-force premium: AUD 549.2 million, up 18 per cent — comprising Direct of AUD 108.2 million (up 8 per cent) and Strategic Partnerships of AUD 440.9 million (up 21 per cent).

Underlying NPAT: AUD 21.1 million, up 15 per cent from AUD 18.3 million in FY2025.

Statutory NPAT: AUD 14.1 million, up 98 per cent from AUD 7.1 million in FY2025.

Embedded value: about AUD 2.34 per share, or AUD 217.7 million, up roughly 9–10 per cent.

Capital: a capital-adequacy multiple of around 183 per cent, within the 140–190 per cent target range.

Key Business Developments

NobleOak's FY2026 result extended its multi-year run of double-digit in-force premium growth, crossing AUD 549 million as the Strategic Partnerships channel grew 21 per cent. Underlying NPAT rose 15 per cent to AUD 21.1 million, statutory NPAT nearly doubled to AUD 14.1 million, and embedded value climbed to about AUD 2.34 per share. Management highlighted partnership expansion and adoption of artificial-intelligence tools as drivers of scale and market-share gains.

Dividends and Income

No Dividend was identified in the available FY2026 disclosures reviewed for this article; consistent with its growth profile, NobleOak has historically Retained Earnings to fund in-force growth and maintain regulatory capital. Investors should confirm the company's current dividend policy and any declared dividend against its FY2026 results announcement and ASX disclosures. As a life insurer, NOL's 'income' story is better read through in-force premium and embedded-value growth than through distributions.

Growth Drivers

Rapid Strategic Partnerships growth (in-force up 21 per cent), leveraging relationships such as nib and NEOS.

Rising embedded value (about AUD 2.34 per share) reflecting the value of the in-force book.

Operating-leverage and technology (AI) initiatives supporting Margin and market-share gains.

Risks to Consider

Claims experience, lapse rates and Reinsurance terms can materially affect life-insurer profitability.

Capital-adequacy and regulatory requirements constrain distributions and may require capital management.

Concentration and counterparty risk within the partnership distribution channel.

September 2026 Outlook

For FY2027, NobleOak guided to in-force premium growth of more than 12 per cent and underlying NPAT growth of more than 10 per cent. The September watch-points are partnership momentum, claims experience and the capital position.

Comparison of the Eight Stocks

The table below summarises verified metrics as at the most recent reporting period for each company. Figures are labelled by period in the notes above, and 'n/a' denotes data not reliably verifiable as at 11 September 2026.

Operating EPS, FFO, profit and distribution figures are for the periods labelled in each company section (FY2026 = year ended 30 June 2026 for the A-REITs; 1H 2026 = six months to 30 June 2026 for Waypoint).

Conclusion

Taken together, the FY2026 reporting season painted a property sector defined by substantial operating fundamentals fighting a stiff macro headwind. With the RBA holding at 4.35 per cent, inflation still described as too high, and the 10-year bond yield near 5.37 per cent in September, the cost of debt — not vacancy or leasing — was the decisive earnings variable across almost every name reviewed here.

The clearest structural growth story remains Goodman Group, whose AUD 19.7 billion development workbook is now roughly 78 per cent data centres and whose 6.4-gigawatt power bank has repositioned GMG as much as a digital-infrastructure developer as a shed landlord; its FY2027 guidance of about 9 per cent operating-EPS growth extends a long record, albeit with execution risk. Charter Hall demonstrated the leverage of a recovering funds-management platform, lifting operating earnings 26.8 per cent to AUD 488.1 million on record AUD 6.7 billion inflows, while flagging a more conservative FY2027 base that assumes no performance fees.

Among the income-focused REITs, HomeCo Daily Needs and Growthpoint both delivered resilient property metrics — 99 per cent and 96 per cent occupancy respectively — yet guided to flat-to-lower FY2027 earnings as higher interest costs absorbed the benefit. Waypoint REIT's long-lease, indexed-rent model offered highly visible income and a reduced 32.4 per cent gearing, but its thin spread over risk-free rates left it sensitive to the bond market. Cromwell showed tangible repositioning progress — FFO up 5 per cent, FUM up 11.4 per cent — while candidly guiding to an FY2027 FFO trough.

At the smaller end, GARDA Property Group stood out for the scale of its FY2026 FFO growth (up 54 per cent to 11.1 cents) as it built out a property-lending business, trading at roughly a one-third discount to its AUD 1.64 NTA — a profile carrying both re-rating potential and new credit risk. NobleOak Life, the sole non-property name, offered a differentiated growth engine in life insurance, with in-force premium up 18 per cent to AUD 549.2 million and underlying NPAT up 15 per cent.

For anyone monitoring the top ASX REIT stocks and top ASX property stocks in September 2026, the common thread is discernment: the market is rewarding structural demand (logistics, data centres and long-lease convenience), funds-management optionality and conservative balance sheets, while penalising rate-sensitive, higher-geared exposures. These eight ASX property shares and financials span that spectrum, and each faces a distinct set of milestones and risks into the remainder of 2026.