Mirvac (MGR) $2.40

MGR-0.83% reported a solid start to FY26, highlighting resilience across its residential, development, and investment divisions.

• 619 residential lot exchanges, up 79% year-on-year, with 265 settlements and $1.6bn in pre-sales.
• Build-to-rent and land-lease portfolios expanded the total “living” footprint to 8,400+ lots, reflecting ongoing demand for income-generating housing solutions.
• Progress at Harbourside (Sydney), where residential towers are 65% pre-sold, and 7 Spencer Street (Melbourne) has now topped out with 50% pre-leasing.
• Industrial and commercial assets remain robust, with Aspect North & South warehouses now 86% pre-leased.
• Strong occupancy across the investment portfolio: Office/Industrial 97%, Retail 98.8%, all showing positive leasing spreads.
• The Mirvac Wholesale Office Fund added $65m in new capital, bringing total raised since April to $415m.

They reaffirmed FY26 guidance for operating EPS of 12.8–13.3¢ and distributions of 9.5¢ per security. Overall, a good update that does not change our view on the stock.