Residential Sales Remain Robust, but Retail Performance Is Weakening; FVE Cut to AUD 4.50
Coinciding with its annual general meeting, Stockland provided an update for first-quarter 2017, where it reaffirmed guidance for fiscal 2017 growth in funds from operations per security of 5%-7%. Stockland’s comparable specialty retail sales for the year to June were below most peers at 2.2%, and this weakened further during first-quarter 2017, with sales up just 1.1%. We think this metric doesn’t do justice to the portfolio, as around a third of the portfolio is excluded from the calculation, ...Stockland is engaged in owning, managing and developing shopping centres, logistics centres and business parks, office assets, residential communities, and retirement living villages. As of June 30 2016, Co.'s Commercial Property portfolio included 42 retail centres, 27 properties of logistics and business parks portfolio, and nine assets of office portfolio; and it had approximately 76,800 lots in its residentialportfolio. Also, Co. is a retirement living operator in Australia, with over 9,600 established units across five states and the Australian Capital Territory, which includes a development pipeline of over 3,100 units.
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