Top member reports
No meetings
Consensus community valuation
The consensus valuation is for members only and has been removed from this chart. Click for membership options.
Contributing Members
Content is delayed by one month. Upgrade your membership to unlock all content. Click for membership options.
#Financials
stale
Added 11 months ago

REIT's are getting a lot of negative press lately but I interpret the Stockland update in a positive light.

I hold this IRL for its diversified property holdings and cash flow from dividend payments.

I like the following about Stockland:

  1. Logistics portfolio growing in both m2 and rental rate.
  2. Town centre sales increasing 15.9% annually
  3. Masterplanned communities sales contracts have increased over the last 2 quarters to pre covid levels. Macro trend of long term support due to national housing shortage.
  4. Growth pipeline in Land Lease Communities (Retirement Living not aged care) with high margins of 22 to 27% and an aging population trend.

.

The 3rd QTR update has confirmed the half year guidance.

The market clearly likes the results with SP climbing ~16% over the last 6 weeks.

In summary (guidance) FFO 36.4 - 37.4 cents for FY23. Payout ratio 75% to 85% of FFO.

This puts the FY23 dividend at 27.3 to 31.8 cents less 11.8 cents paid at half year.

Final dividend 15.5 to 20 cents.


Read More