Historical setup
What HY26 said to watch
From NTA per share fell 4.3% to $1.12 even as operating profit rose 11.5%
No forward distributable-earnings target is supplied in the release excerpts. Management has flagged FY26 priorities including balance-sheet management, and the post-period Sylvia Park Lifestyle sale provides ~$53m of capital; S&P has revised the credit outlook. The full-year dividend per share is 5.6cps versus 5.4cps prior, with management disclosing an 88% payout ratio on an AFFO basis.
Annualising current-half revenue gives $273.3m, modestly above FY25's $263.7m. The prior year was heavily second-half-weighted on NPAT (HY25 contributed 75.8% of FY25 NPAT), so any H2 NPAT recovery this year depends almost entirely on revaluation movements and the tax line normalising — neither of which the current release allows us to test.