No more signs of recovery in the real estate sector from sector leaders Stockland and Dexus.
Mall developer and owner Stockland will hit its June half-year forecast with a payout of 13.2 cents per title, bringing the annual payout to 24.6 cents per title, in line with forecasts previously issued by the group.
The estimate comes two months before the payment is actually declared, with final numbers expected when the company announces its annual financial results on August 20.
The recording date of the right is June 30, with the dividend due on August 3.
There was no word on the other key metric for REITs – the Operating Funds (FFO) metric that investors use to assess the performance of the relevant company.
In its April update for the March quarter, Stockland said FFOs would be “in the range of 16.3 cents to 16.9 cents, offering FFOs per security for FY 21 between 32. 5 cents and 33.1 cents, in line with previous forecasts. It is important to note that the likely outcome is currently trending towards the upper end of the range. “
The distribution forecast for the year (which will be met) was at the “lower end of a range for our target distribution ratio of 75% to 85% of FFOs,” Stockland said in the update. April 20.
Meanwhile, Dexus says its portfolio value rose 2.3% in the six months ending June, thanks to strength in warehousing and industrial properties.
The group had 117 of its 128 assets valued externally, resulting in a $ 362 million increase in book values. This follows the increase of $ 160.8 million in the six months leading up to last December.
The 117 consisted of 41 office buildings, 75 industrial buildings and a healthcare building, Dexus told the market.
There was no FFO or distribution data for the year to June 30th.
The FFO for the middle of December was 30.1 cents per title on an underlying basis and the payout was 28.8 cents per title.
In the December biannual press release, Dexus said it “expects an annual distribution per security for FY21 which is in line with FY20, but which is subject to the lack of recovery of major bottlenecks. or unforeseen circumstances. The annual distribution amount per security for fiscal year 20 was 50.3 cents. “
CEO Darren Steinberg said on Wednesday that the real estate portfolio has been improved through a constant focus on leasing, acquisitions, divestitures and developments.
“Combined with continued investment demand, [that] contributed to the constant growth in the values of the underlying assets, ”he said.
The value of the Dexus office portfolio has increased slightly thanks to recent rental agreements, improving rental conditions and compression of capitalization rates.
The value of its industrial portfolio increased by 9.8% compared to previous book values. Dexus said the occupancy rate in the sector remains high, with several development projects completed.
Stockland stocks fell 1.5% to $ 4.73 and Dexus stocks fell 1.4% to $ 10.82.