Abacus Group
ASX:ABG
Abacus Group
Abacus Group is a AU-based company operating in Office REITs industry. The company is headquartered in Sydney, New South Wales. The company went IPO on 2002-11-14. Abacus Property Group is a diversified investment portfolio across commercial and self-storage properties. The Company’s segments include Property Investment-Self-Storage and Property Development-Commercial. The Property Investments-Self-Storage segment is responsible for the management, operation and ownership of self-storage properties. This segment also includes the operating business Storage King, ownership of listed securities and equity accounting of co-investments. Property Development-Commercial segment is responsible for the management and ownership of commercial (office and other) properties. This segment also includes the equity accounting of co-investments in property entities and secured property loans. Its portfolio is located across key metropolitan markets primarily on Australia’s east coast and throughout New Zealand. Its portfolio includes 11 Bowden Street, Alexandria NSW, Market Central Lutwyche, QLD, 86 Nettlefold Street, Belconnen ACT and others.
Abacus Group is a AU-based company operating in Office REITs industry. The company is headquartered in Sydney, New South Wales. The company went IPO on 2002-11-14. Abacus Property Group is a diversified investment portfolio across commercial and self-storage properties. The Company’s segments include Property Investment-Self-Storage and Property Development-Commercial. The Property Investments-Self-Storage segment is responsible for the management, operation and ownership of self-storage properties. This segment also includes the operating business Storage King, ownership of listed securities and equity accounting of co-investments. Property Development-Commercial segment is responsible for the management and ownership of commercial (office and other) properties. This segment also includes the equity accounting of co-investments in property entities and secured property loans. Its portfolio is located across key metropolitan markets primarily on Australia’s east coast and throughout New Zealand. Its portfolio includes 11 Bowden Street, Alexandria NSW, Market Central Lutwyche, QLD, 86 Nettlefold Street, Belconnen ACT and others.
Portfolio Value: Abacus Group’s portfolio was valued at $2.6 billion as of December 31, 2025, with a weighted average cap rate of 6.81%.
Earnings & Expenses: Office operating earnings grew 5.8% year-on-year (excluding surrender fees), retail earnings were up 4.5%, and administrative expenses declined 8.1%.
Distribution: Declared HY '26 distribution of $0.0425 per security, in line with the prior year; full-year guidance of $0.085 per security affirmed.
Gearing: Gearing remains at 34.5%, below the 40% ceiling and expected to decrease by 2% after noncore asset sales settle.
Noncore Asset Sales: Contracts exchanged on 241 Adelaide Street (sold at book value) and Camellia Block (sold at a reduced value), together expected to raise around $75 million.
Office & Retail Performance: Office delivered 7.2% average leasing spreads (9.8% on new deals); retail assets maintained high occupancy with strong leasing and rent growth.
ASK Internalization: Discussions to internalize management functions of Abacus Storage King (ASK) are in early stages.
Cost of Debt: Average cost of debt decreased to 4.5% (from 5.1%) with 81% of debt hedged.
