Mirvac reaffirms guidance and progresses buyback

• Mirvac Group reaffirmed its FY27 guidance and reported a 97% occupancy rate across its investment portfolio.
• The group completed 75% of its $200 million share buyback programme.
• Higher interest rates and tax changes slowed residential sales across key eastern state markets.

Mirvac Group (ASX:MGR) reaffirmed its full-year guidance and reported a 97% investment portfolio occupancy rate in its first-quarter operational update.

The group matched its portfolio occupancy from the prior year, while residential settlements rose to 291 units from 265.

“Our high-quality investment portfolio continued to perform well during the quarter, supported by high occupancy, positive leasing outcomes and new income from recently completed developments,” said Mirvac Group CEO & Managing Director Campbell Hanan.

Residential sales moderated to 429 net deposits during the period, leaving the business with approximately $1.4 billion of pre-sales on hand.

The group expects operating earnings of 13.2 to 13.4 cents per stapled security alongside a distribution of 9.9 cents per stapled security for FY27.

Following the announcement, the Mirvac Group share price was up at $1.82.

The property group progressed key commercial developments, including building topped-out milestones at Harbourside and 55 Pitt Street in Sydney.

Mirvac Wholesale Office Fund deployed $600 million into two new acquisitions, while LIV Mirvac Fund launched a capital raise to expand its build-to-rent pipeline.