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Frasers acquires The Grove from Stockland for $202.5 million
www.insideretail.com.au/news/...land-for-202-5-million-201812
Frasers Property Australia last week acquired The Grove in Melbourne’s west from Stockland for $202.5 million, under deferred payment terms.
STOCKLAND 1H19RESULT
www.asx.com.au/asxpdf/20190220/pdf/442rv2h027tjgx.pdf
Financial results for the half year ended 31 December 2018
- Funds from operations (FFO) of $407million, down 6.7% on 1H18reflecting residential profitskew to 2H19
- FFO per security of 16.8cents, down6.7% on 1H18
- Adjusted funds from operations (AFFO) of $352million, down6.9%on 1H18
- AFFO per security of 14.6cents,down6.4%on 1H18
- Statutory profit of $300million, down 56.2%on 1H18, reflectinglosses on financial instruments, reduced commercial propertyvaluation increases relative to 1H18, retirement livingfair value changes and a tax expense (1H18 included a tax benefit)
- Return on equity (ROE) of 10.6%, down 60 basispoints on FY18, excluding workout projects
- Net tangibleassets (NTA) per security of $4.19, up 0.2%on FY18
- Distribution per security (DPS) of 13.5cents, up 3.8% from 1H18
Capital Management
- Gearing: 26.4%, and Covenant limit now 50%, from 45%
- Weighted average debt maturity: 5.3years, compared to 6.2years at FY18
- Weighted average cost of debt: 4.4%, compared to 5.2% in FY18
- Credit rating: A-/stable (S&P), A3 (Moody’s)
Commercial Property
- FFO: $314millionup 3.8%; comparable growth of 1.7%
- Retail FFO: $218millionup 4.3%, comparable growth down 1.1%
- Comparable specialty salesper square metregrowthof4.8%, total foot traffic up 4%
- Logistics FFO: $81million, comparable growth of 4.5%
- WorkplaceFFO: $24million, comparable growth of10.5%
Communities
- Residential: Operating profit: $142million, down21.8%, operating profit margin: 21.6% compared with20.9% for 1H18
- Retirement Living: Operating profit: $20 million, up 8.3%
Outlookfor FY19
- FFO per security growth for FY19 is expected to be around 5 per cent, at the lower end of our 5-7 per centguidance range, reflecting weaker market conditions.This assumes no material deterioration in current market conditions.
- Reaffirming an estimated full year DPS of 27.6cents, a 4% increase on FY18, assuming no material deterioration in the current market conditions.
Stockland puts three retirement villages on market
www.smh.com.au/business/companies/...&utm_source=rss_feed
Stockland has continued with its strategy of divestment from non-core assets with an agreement with the Qualitas Seniors Housing Fund No.1 (QSH) to sell three retirement villages in Victoria for a combined total of $59 million, which is broadly in line with book value.
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2 | 102 | Australien - STOCKLAND - Aktie | buran | MrTrillion3 | 06.03.24 22:08 |