Softening Residential to Impact Abacus in Multiple Ways
No-moat-rated Abacus Property Group's fiscal 2018 earnings had been pre-released, so there were no surprises in the underlying earnings of AUD 183 million or AUD 31.7 cents per security, or cps. Under the stewardship of new CEO, Steven Sewell, Abacus will shed its higher-risk activities in its property ventures division over the next two to three years, thereafter resembling a more traditional REIT. The key focus areas will be self-storage and office, with minor exposures to retail. Funds manage...Abacus Property is a property group that operates predominantly in Australia. Co.'s operating segments include: property, which is engaged in the investment in and ownership of commercial, retail and industrial properties; funds management, which includes development, origination, co-investment and fund management activities; property ventures, which provides secured lending and related property financing solutions and is also responsible for Co.'s investment in joint venture developments and construction projects, as well as Co.'s investment in property securities; and storage, which is engaged in the investment in and ownership of self-storage facilities.
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