The bulk of earnings come from rental income, with upside from opportunistic property development.
The over 50% increase in Abacus Property Group’s fiscal 2017 earnings to AUD 186.8 million, or AUD 32.7 cents per security, was not a surprise, with the firm having pre-released the results in late July. The exceptional growth was predominantly due to a stellar rise in transaction profits of AUD 61 million and was helped by strong rental growth across the storage portfolio. Our fair value estimate increases slightly to AUD 3.35 from 3.20, with no-moat-rated Abacus fairly valued at current levels...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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