CANBERA (dpa-AFX) - Stockland Corp. Ltd. (SGP.AX, STKAF.PK), an Australian property company, maintained momentum in its residential and commercial sales in the first-quarter, despite ongoing Covid-19 disruptions. The company reconfirmed its fiscal year 2022 guidance.
The company reported net residential sales of 1,947 in the first quarter, was in line with its expectations and 8% higher than last year, reflecting consistent sales momentum following completion of HomeBuilder in March 2021.
In commercial property, retail town centres delivered comparable total sales growth of 2.0% and total speciality sales growth was 3.9% in the first-quarter.
75% of contracted rent before any adjustment for abatement or deferral was collected for the quarter across the Retail Town Centre portfolio.
Logistics, Life Sciences & Technology portfolio occupancy increased to 98.9%.
Looking ahead for fiscal year 2022, the company still expects FFO per security to be in the range of 34.6 to 35.6 cents. Distribution per security is forecast to be within its target payout ratio of 75% to 85% of FFO.
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