Arena REIT (ARF) AGM 2024 summary

Opening remarks and agenda

• Meeting agenda included presentations on FY24 performance, FY25 outlook, Q&A, and voting on seven resolutions, with acknowledgement of traditional custodians.

• Meeting was held physically with a live webcast for remote stakeholders.

Financial performance review

• Statutory net profit for FY24 was AUD 57.5 million, down 22.5% due to lower revaluation gains.

• Underlying net operating profit rose 4.7% to AUD 62 million, driven by rent growth, acquisitions, and development completions.

• Earnings per security increased 3.2% to AUD 17.65; full year distribution per security up 3.6% to AUD 17.40.

• NAV per security stable at AUD 3.41; gearing ratio increased to 22.6%; total assets grew 3% to AUD 1.62 billion.

• Average like-for-like rent increased by 4.9%; portfolio occupancy at 99.7%.

Board and executive committee updates

• Dennis Wildenburg retired as director after over a decade of service, supporting board renewal and succession.

• Adam Tindall elected as Independent Non-Executive Director, effective 1 November 2024, bringing investment management and real estate expertise.

• Grant of deferred STI and LTI performance rights to Managing Director Rob de Vos and CFO Gareth Winter approved.

• Board maintained gender balance target using the 40:40:20 model and emphasized diversity and renewal.