(RTTNews) - Australian property company Stockland Corp. Ltd. (SGP.AX, STKAF.PK) reported Monday that its first-quarter portfolio continues to perform well.
Further, the company maintained fiscal 2025 FFO per security guidance at 32.0-33.0 cents post-tax, excluding any benefit from the acquisition of 12 Masterplanned Communities announced in December 2023.
In its trading update ahead of Annual General Meeting 2024, the company noted that in the Investment Management segment, Town Centre portfolio is benefiting from its essentials-based mix. Logistics assets recorded strong occupancy and rental growth.
In Town Centres, total comparable MAT growth was 2.8% and comparable MAT specialty sales growth was 1.5%.
In the Development segment, MPC business achieved 1,121 sales in line with expectations, and LLC business achieved net sales of 135 homes, reflecting the positive customer response to new project launches.
Managing Director and Chief Executive Officer, Tarun Gupta said: "Stockland's first quarter has continued to build on the positive momentum and the solid operational performance of the previous year.
For the year, distribution per security is expected within its targeted payout ratio of 75 percent to 85 percent of post-tax FFO on a full year basis.
Stockland will provide an update on its fiscal 2025 guidance once all approvals relating to the acquisition of the 12 MPC projects have been obtained.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
