(RTTNews) – Stockland Corp. ltd. (SGP.AX, STKAF.PK), an Australian property company, said strong operational metrics across the commercial property portfolio, with 95% rental recovery for the third quarter of 2022 and rental levels maintained high occupancy. Tertiary leasing spreads remained positive over the quarter.
In the residential sector, sales volumes for 1,562 planned communities in the third quarter were in line with expectations, reflecting the abandonment of key projects in New South Wales as well as the timing of new project launches shifted to the fourth quarter of 2022 .
In Commercial Real Estate, total comparable store sales increased by 2.8% in the third quarter of 2022, while Specialty comparable store sales increased by 1.5%.
The Logistics portfolio continued to provide strong operational metrics in Q3 2022, with both rental collection and portfolio occupancy at 99.0%.
Stockland still expects FFO per security in fiscal 2022 to be between 35.1 and 35.6 cents. The company said it expects the payout 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 the full-year 2022 earnings forecast, are not subject to any material deterioration in current market conditions and the continued resumption of COVID-19 related restrictions.
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