Stockland (SGP) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and explanation of hybrid meeting procedures, including voting and Q&A logistics.

• Security holders could participate in person or online, with clear instructions for voting and submitting questions.

Financial performance review

• FY 2024 saw solid financial performance, with statutory profit at AUD 305 million, down from AUD 440 million in FY 2023, impacted by AUD 310 million in property devaluations.

• Funds from operations (FFO) reached AUD 843 million, or AUD 0.354 per security, at the top end of guidance.

• Full year distribution was AUD 0.246 per security, with a payout ratio of 75% of post-tax FFO.

• Total security return over 15 months to September was 44%, and trading at a 29% premium to net tangible assets.

• Portfolio reshaped with acquisition of five land lease and 12 masterplanned communities, and disposal of AUD 690 million in non-core assets.

Board and executive committee updates

• Christine O'Reilly retired from the board; Bob Johnston joined as a new non-executive director.

• Board succession and diversity discussed, with ongoing focus on skills mix and gender representation.

• Board transition plans include temporarily increasing the number of directors for knowledge transfer.