Stockland’s FY24 results – decoding our data
FY24 was a pivotal year for Stockland with dynamic new partnerships and an energising evolution of our business to help us deliver at scale against our healthy and thriving workplace vision.
Poised for future growth
With a strong balance sheet and a focus on an accelerated execution of strategy, Stockland is well-positioned for future growth across several sectors.
The majority of Stockland’s ~$1.7bn Workplace portfolio is currently being positioned for future development, including mixed-use opportunities.
- Stockland’s exposure to strategic, well-located Workplace sites provides the Group with a value-add potential pipeline of longer-dated mixed-use developments.
- Stage 1 of the MPark development, in partnership with Ivanhoé Cambridge, is progressing well, with completion of the first two buildings in 1H24 and the final two currently under construction.
- The mixed-use MPark Stage 2 development is progressing through the masterplanning process.
Progress against decarbonisation pathway
We have made progress against our decarbonisation targets with a variety of innovative, scalable, and commercially sustainable solutions including:
- Established a market-leading renewables partnership with Energy Bay; and
- Established and explored access to lower-carbon materials at commercially sustainable rates including lower- carbon concrete, lower-carbon structural steel in logistics and the substitution of steel to timber in our land lease communities.
Looking to the future
As leaders in the creation of thriving workplaces we’re always looking for new and innovative opportunities to go further and do more for business owners and employees.
We have redesigned our business to better deliver on our targets, with a new purpose-driven, integrated platform supporting increased activity across Stockland, and now look to extend our program of tenant and employee engagement across the portfolio.
Additionally, a number of digitally enabled innovative solutions will be implemented to enhance scalability and efficiency to support our production and growth ambitions including;
- Streamlining site acquisition by integrating machine learning into our bespoke geospatial application, Terra
- Product and pricing optimisation using machine learning techniques and customer insights to match product and pricing and deliver efficiencies
- Assessing customer experience and insights through advanced analytics to create value for our tenants and drive brand advocacy
We look forward to the future with excitement, as always, we are inspired by possibility and pushing the boundaries of what's possible.
1. Includes comparable assets, excluding acquisitions, divestments and assets under development.
2&3. Excludes Walker Street Complex and 601 Pacific Highway in NSW. 3. Reflects new leases and renewals negotiated over the period. Re-leasing spreads of +3.7% in FY24, excluding deals at Durack Centre, WA that were rebased to market rent.
4. By Income.
Roadmap for achieving our ESG targets and the material assumptions, uncertainties and dependencies associated with those targets, are set out in Stockland’s Climate Transition Action Plan (CTAP) 2023, available on our website. Our CTAP has been developed with reference to the Science Based Targets Initiative (SBTi) criteria and in response to the Task Force on Climate Related Financial Disclosures (TCFD).