Stockland FY20 FFO Declines, Posts Net Loss; Stock Up

(RTTNews) - Stockland Corp. Ltd. (SGP.AX, STKAF.PK), an Australian property company, reported that its fiscal 2020 funds from operations or FFO was A$825 million, down 8 percent from last year, largely due to COVID-19 impacts on operations.

FFO per security was 34.7 cents, down 7.2 percent. The impacts from COVID-19 impacts were experienced particularly on Retail Town Centres, offset by growth in Communities, Workplace and Logistics.

Adjusted FFO or AFFO per security declined 4.6 percent to 31.0 cents.

Statutory loss was $14 million, compared to last year's profit of A$311 million. Net tangible assets or NTA of A$3.77 per security declined 6.7 percent from A$4.04 last year, primarily as a result of property devaluations.

Looking ahead, Stockland said it will not at this time be providing FFO and distribution guidance for fiscal 2021 due to ongoing uncertainty around the impacts of COVID-19 on business performance.

In Australia, Stockland shares were trading at A$3.86, up 6.34 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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