• Finalised contractual negotiations to undertake the Waterloo Renewal Project
• FY25 FFO per security guidance of 33.0c to 34.0c, distribution expected around 75% of post-tax FFO
• Gearing expected to move towards the midpoint of the 20-30% target range

Stockland has today released its operational update for the three months ended 31 March 2025. Key highlights include finalising contractual negotiations to undertake the Waterloo Renewal Project in NSW alongside consortium partners, maintaining FY25 FFO per security guidance of between 33.0c and 34.0c on a post-tax basis, and an expected FY25 distribution per security of around 75% of post-tax FFO. Stockland's gearing is expected to move towards the midpoint of the 20-30% target range by 30 June 2025. In its Masterplanned Communities business, Stockland reported net sales of 1,509 lots in line with expectations, with 6,232 contracts on hand providing good visibility of future settlements. In Land Lease Communities, net sales of 121 homes were impacted by Queensland weather events, with FY25 settlements now expected to be around 500 homes. Stockland's Logistics portfolio continued to deliver strong operating metrics, with positive re-leasing spreads of 26.0% and occupancy of 98.5%. The Town Centres portfolio also performed well, with the essentials-based portfolio achieving positive leasing spreads of 2.8% while maintaining sustainable occupancy cost and high occupancy levels.

FY25 FFO per security guidance of between 33.0c and 34.0c on a post-tax basis, and FY25 distribution per security expected to be around 75% of post-tax FFO.