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The first half of FY26 has been a period of steady progress for Cromwell. Our focus has remained on disciplined execution, maintaining a strong financial position, and advancing the priorities that support long-term value for investors. Operating profit increased to $55.9 million, supported by a $72 million uplift across the Investment Portfolio and continued high occupancy at 97.2%. Group NTA rose to $0.58 per security, and gearing remains low at 30.2%, providing flexibility as new opportunities emerge.

In this edition, Cromwell’s Research & Investment Strategy Manager, Colin Mackay, continues his analysis of the office recovery. Jordan Lipson, Phoenix Portfolio Manager, spotlights Alkane Resources in our Stock in Focus, and we share key insights from the latest quarterly results. Plus, discover how our Facilities Management team is driving excellence, and get the latest on the Cromwell Property Trust 12 vote. You can stay up to date with the latest Cromwell and market updates by signing up to receive Insight via email each month.

In this edition, we reveal the strategic asset enhancements underway at 400 George Street in collaboration with architect firm, Woods Bagot. We hear from Phoenix Portfolios’ Stuart Cartledge with our Stock in Focus – BWP Trust. Additionally, Jordan Lipson from Phoenix Portfolios examines our second Stock in Focus – Hammond Manufacturing. Looking forward, we also unveil a major milestone in our strategic phase with the entering into an agreement for lease with a Commonwealth Government entity.