Stockland Reports Strong First Quarter Residential Sales; Supports FY22 orientation
(RTTNews) – Stockland Corp. Ltd. (SGP.AX, STKAF.PK), an Australian real estate company, maintained momentum in its residential and commercial sales in the first quarter, despite continued disruption from Covid-19. The company has reconfirmed its forecast for fiscal year 2022.
The company reported first quarter net residential sales of 1,947, which was in line with expectations and 8% higher than last year, reflecting consistent sales momentum after HomeBuilder was completed in March 2021 .
In commercial real estate, commercial downtowns recorded comparable total sales growth of 2.0% and total specialty sales growth of 3.9% in the first quarter.
75% of the rents contracted before any adjustment for reduction or postponement were received for the quarter in the entire Retail Town Center portfolio.
The occupancy rate of the Logistics, Life Sciences and Technology portfolio increased to 98.9%.
For fiscal 2022, the company still expects the FFO per security to be between 34.6 and 35.6 cents. Payout per security is expected to be within its target payout ratio of 75% to 85% of FFOs.
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