Stockland Reports Solid Operational Metrics Across Commercial Property Portfolio In Q3

Stockland Corp. Ltd. (SGP.AX,STKAF.PK), an Australian property company, said that solid operational metrics across the Commercial Property portfolio, with 95%
rent collection for the third quarter of 2022 and high occupancy levels maintained. Commercial Property leasing spreads remained positive over the quarter.

In Residential, Masterplanned communities sales volumes of 1,562 in third-quarter were in line with expectations, reflecting the trade out of key projects in NSW
as well as the timing of new project launches skewed to the fourth quarter of 2022.

In Commercial Property, total comparable sales rose by 2.8% in third-quarter of 2022, while comparable Specialty sales rose by 1.5%.

The Logistics portfolio continued to deliver strong operational metrics in third quarter of 2022, with both rent collection and portfolio occupancy at 99.0%.

Stockland still expects fiscal year 2022 FFO per security to be in the range of 35.1-35.6 cents. The company said expects distribution per security to be within its target payout ratio of 75% to 85% of FFO.

The company noted that current market conditions remain uncertain. All forward looking statements, including fiscal year 2022 earnings guidance, remain subject to no material deterioration in current market conditions and the continued recovery from COVID-19 restrictions.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Covid vaccine makers Pfizer Inc. and BioNTech SE announced a new $3.2 billion vaccine supply deal with the U.S. Government, as the country is bracing for a Covid outbreak this fall. Under the deal, the U.S. government will receive 105 million doses (30 µg, 10 µg and 3 µg) of Pfizer -BioNTech covid vaccines initially. The order may include adult Omicron-adapted COVID-19 vaccines. Samsung Electronics Co. has started the initial mass production of 3-nanometer or nm chips, which is considered as the most advanced chip in the world. In its move, the South Korean tech major beats rival Taiwan Semiconductor Manufacturing Co., the world's largest chip manufacturer, which is reportedly in the process to build one. Bryant Ranch Prepack Inc. is recalling certain Morphine Sulfate Extended-Release Tablets citing incorrect labeling, the U.S. Food and Drug Administration said. The recall involves one lot of Morphine Sulfate 30 mg Extended-Release tablets, and one lot of Morphine Sulfate 60 mg Extended-Release tablets to the consumer level.
Follow RTT