Residential Stars Line Up for Stockland; FVE Raised to AUD 4.65
Narrow-moat-rated Stockland reported fiscal 2017 funds from operations of AUD 33.4 cents per security, up 8.5% on the prior year and in line with guidance. Key changes to our outlook include reduced rental growth expectations for the retail assets but higher earnings across the residential business as Stockland captures price appreciation in Sydney and Melbourne. The creation of new product for the retirement business where residents own their units outright is a further long-term earnings drive...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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