Stock Analysis

• Ingenia signed a scheme implementation deed on 26 August 2026 to acquire Peet for about $993 million, as reported.

• At the midpoint of 39 cents, it would be about 16% above FY26's 33.7 cents, which is a meaningful step up that depends on the delivery of apartment settlements and construction volumes.

• The $200 million buy-back is the most visible change inCapitalpolicy.

• The report said 58% of supermarkets pay turnover rent, which links part of the income to tenants' sales, and comparable supermarket moving annual turnover rose 4.1%.

• Rent escalators built into leases provide predictable growth: average specialty rent escalations were 5.5%, and the group completed 1,401 leasing deals with average releasing spreads of 3.7%.

• Investors who focus on income should also note that guidance on distributions is management's intention, not a commitment, and that the 69%Payout Ratioleaves some retainedCapitalfor development.

• Gearing was 26.1% at June 2026 (26.5% pro forma), at the lower end of the target range, withInterest Coverof 4.1 times and a weighted average cost ofDebtof 4.98%.