Stockland’s Multi-Year Growth Engine Runs Low on Fuel. FVE Cut to AUD 4.00
Stockland’s first-half fiscal 2019 earnings on a funds from operations, or FFO, basis of AUD 16.8 cents per security, or cps, were down on the 18.0 cps in the previous corresponding period, or pcp, and consistent with expectations. The decline was mostly due to a decline in residential settlements to 2,096 lots compared with 3,159 in the pcp. Stockland is guiding for over 6,000 settlements for fiscal 2019, underpinning stronger second-half earnings. We continue to forecast fiscal 2019 FFO growth...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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