• FFO/unit and DPU growth underpinned by strong comparable NOI growth
• Operational excellence driving revenue growth, while enhancing portfolio composition and maintaining a strong balance sheet
• Creating long term value through the development of daily needs community hubs

HomeCo Daily Needs REIT (HDN) has reported strong FY25 results, with FFO/unit and DPU growth underpinned by 4.0% comparable NOI growth. The company's operational excellence has driven revenue growth, while enhancing portfolio composition and maintaining a strong balance sheet. HDN has delivered an impressive 5-year scorecard since its IPO, with 6.7% FFO/unit CAGR, 10.5% NTA/unit growth, and $170m of value uplift on development capex. The company's investment strategy is focused on creating daily needs community hubs that support the growth strategies of Australia's leading retailers. HDN's $4.9bn portfolio is diversified by subsector, tenant, and geography, with a target of generating consistent and growing property income. The company has a $650m+ development pipeline targeting a >7% return on invested capital. Key active projects include the expansion of the Castle Hill and Tuggerah centres, and the repositioning of the Lutwyche asset. HDN has also made strategic investments in HMC Capital's unlisted retail funds, providing additional development and future acquisition opportunities.

FY26 FFO per unit of 9.0 cents (+2.3% vs FY25) and DPU of 8.6 cents (+1.2% vs FY25), with ~4.0% comparable NOI growth targeted.

HDN is targeting $80-120m of development commencements in FY26, with a focus on creating daily needs community hubs that support the growth strategies of Australia's leading retailers. The company is well-positioned to continue delivering FFO/unit and DPU growth despite interest rate headwinds.