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Stockland reaffirms FY'18 targets, suspends distribution reinvestment plan

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Stockland reaffirms FY'18 targets, suspends distribution reinvestment plan

Stockland maintained both of its guidance for funds from operations and per-security distribution for the 2018 financial year.

Together with its interim results for the 2018 fiscal year, Stockland said it is still expecting FFO to increase by 5% to 6.5% and full-year distribution to grow 4% year over year to 26.5 Australian cents per security. The company's forecasts for the two metrics were made on the assumption that there will be no material change in market condition during the reporting period.

Separately, Stockland said it canceled its distribution reinvestment plan for the half year ended Dec. 31, 2017, over concerns that security holders will be disadvantaged if the scheme is pursued. The Australian diversified property developer was initially planning to distribute A$4.03 per security, lower than the group's A$4.18 net tangible assets per-security value as of 2017-end.

Stockland said security holders who elected to participate in the distribution scheme for the period will instead receive cash distribution Feb. 28.