Mirvac’s Property Trust Distribution Raises Questions on Dividend Strategy
Mirvac Group has announced a 4.7 cent per stapled security distribution from its Property Trust for the six months ending December 2025, payable in February 2026. Investors can choose to receive payments in Australian or New Zealand dollars.
- 4.7 cent ordinary distribution declared for H2 2025
- Distribution paid solely from Mirvac Property Trust, not Mirvac Limited
- Payment date set for 26 February 2026
- Unfranked distribution with currency choice between AUD and NZD
- Final distribution amount and exchange rates to be confirmed on 18 February 2026
Distribution Details and Timing
Mirvac Group has announced an ordinary distribution of 4.7 cents per stapled security, relating to the six-month period ending 31 December 2025. This distribution is scheduled for payment on 26 February 2026, with the record date set for 31 December 2025 and the ex-date on 30 December 2025. Importantly, this payment is a distribution from Mirvac Property Trust only; no dividend will be paid from Mirvac Limited.
Unfranked Distribution and Currency Options
The announced distribution is unfranked, meaning it does not carry any franking credits. This is typical for property trusts where income is often derived from rental streams and other non-corporate sources. Mirvac also offers securityholders the option to receive their distribution payments in either Australian dollars or New Zealand dollars. Securityholders with a registered address in New Zealand will default to NZD payments, but any investor can elect their preferred currency if their nominated bank account supports it. The exchange rate for NZD payments will be announced on 18 February 2026.
Dividend Reinvestment Plan and Tax Information
While Mirvac Group maintains a Dividend/Distribution Reinvestment Plan (DRP), it will not apply to this distribution. Investors looking for reinvestment options will need to await future announcements. Additionally, tax component details related to this distribution will be made available on Mirvac’s investor website around the payment date, providing clarity on any tax implications for securityholders.
Investor Considerations and Market Context
This distribution announcement comes amid a stable period for Mirvac’s property trust segment, reflecting ongoing income generation from its real estate portfolio. The unfranked nature and currency flexibility may appeal to a diverse investor base, including those in New Zealand. However, the distribution amount remains an estimate until finalized in February, which introduces a degree of uncertainty for income-focused investors planning their cash flows.
Looking Ahead
Investors will be watching closely for the final distribution amount and exchange rate announcement in mid-February, which will confirm the exact income they can expect. The absence of a dividend from Mirvac Limited also underscores the structural separation between the trust and the corporate entity, a factor that may influence investor sentiment and portfolio allocation decisions.
Bottom Line?
Mirvac’s upcoming final distribution figures and currency rates will be key to assessing its income appeal in early 2026.
Questions in the middle?
- Will the final distribution amount differ materially from the current estimate of 4.7 cents?
- How will currency fluctuations impact New Zealand dollar payments for investors?
- What are the implications of no dividend payment from Mirvac Limited alongside the trust distribution?
