Stockland Cuts Distribution Due to Drop in Values, CEO to Retire

  • Jun 22, 2020 AEST
  • Team Kalkine

Stockland (ASX:SGP) announced estimated distribution for the period ending 30 June 2020 and property valuation update.

  • As at 18 June 2020, preliminary draft revaluations indicate a reduction in the book value of the portfolio of roughly 6%, including devaluation in the retail portfolio of nearly 10%
  • Reduction in estimated 2H20 distribution against the original guidance of 14.1 cents due to COVID-19 impact
  • Estimated distribution of 10.6 cents for 6 months to June 2020 and full year distribution payment of 24.1 cents
  • Funds from operations and distribution guidance remained withdrawn for FY20 due to persistent uncertainty
  • New Enquiry levels in residential communities have recovered to above pre-COVID 19 levels due to government stimulus programs

Further, Mark Steinert shall retire as the CEO and Managing Director of the firm who held the job for more than 7.5 years.


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