Stronger-than-Expected Rent Growth in Storage Prompts Upgrade to Abacus’ FVE to AUD 3.20
Abacus Property Group reported an in line first-half fiscal 2017 underling EPS of AUD 12.2 cents per security, or cps, up 19% on the previous corresponding period, or pcp. Earnings guidance was not provided given the opportunistic nature of Abacus’ activities, the targeted fiscal 2017 distributions were maintained at AUD 17.5 cps. The key surprise was the like-for-like growth of 1.9% in self-storage rents. We had been expecting a decline, given indicators of aggressive pricing and promotional of...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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