Five Property Stocks in Focus Amid Earnings Season

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Last few months have seen many of the ASX-listed real estate companies turning the corner, having recovered from the negative impacts of COVID-19. Their stock prices have improved substantially, and the overall real estate sector also showed sharp signs of improvement. 

Amid the earnings season, let us glance at five ASX-listed property stocks that have released their financial results.  

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Cromwell Property Group

Property and funds manager Cromwell Property Group (ASX:CMW) yesterday reported half-year FY21 statutory profit of A$146.8 million for the period ending 31 December 2020. The real estate investor and manager noted that its resilient performance helped the company power through the global complexities of COVID-19. Cromwell reported the total value of investment properties in its kitty stood at A$3.8 billion, despite external market challenges, without any significant disruption. 

Meanwhile, the company’s hunt for a new permanent CEO is in progress, said Michael Wilde, the acting Cromwell CEO. The group remains focused on executing its 2021 priorities and maintaining its operational resilience. Cromwell also declared dividend of 3.75 Australian cents per security. 

Cromwell Property Group (ASX:CMW) share price closed 4.820% down at A$0.790 on Friday, February 26, 2020.

Also Read: Cromwell Property Reports 13.3% Growth  In Statutory Profit In FY2020

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Aventus Group

Fund and asset manager of large format retail centres, Aventus Group (ASX:AVN) yesterday announced its results for the half year ended 31 December and upgraded its guidance following the strong performance. The company said that its leasing strategy drove the notable income growth as the company negotiated 63 leases covering 41,000 sqm. The retailers’ demand across its centres remained high as occupancy rose 98.5%.

Its net tangible asset (NTA) per security was reported at A$2.24, which is an increase of 4.7%. Moreover, funds from operations (FFO) also increased 6.5% to hit A$56 million. Aventus declared dividend distributions of 8.2 Australian cents per security. Notably, the firm lifted its FY21 guidance to FFO of at least 19 cents per security, depending upon COVID-19 situation and ease of restrictions. It represents the growth of at least 4% from FY20. 

Aventus Group (ASX:AVN) closed 0.356% down at A$2.800 on Friday, February 26, 2020.

Good Read: Macquarie Agreed to Underwrite The DRP Offer Of Aventus

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Growthpoint Properties Australia Ltd

Real estate investment trust REIT company Growthpoint Properties Australia Ltd (ASX:GOZ) yesterday announced strong financial results for the six months ended 31 December 2020. The company highlighted that the coronavirus pandemic’s impacts had been relatively immaterial to its business. Its funds from operations (FFO) stood at A$12.7 cents per security, up 0.8% and net tangible assets grew 4.7% to hit A$3.82.

Growthpoint declared half-yearly distributions of 10.0 Australian cents per security, 15.3% lower than the previous corresponding period. The real estate company plans on maintaining a more conservative payout ratio going forward. Growthpoint has developed a robust capital position during the first half. In its FY21 guidance, the company estimated FFO of 25.2-25.5 Australian cents per security besides reaffirming the dividend distribution of 20.0 Australian cents per security. 

Growthpoint Properties Australia Ltd (ASX:GOZ) share price closed flat at A$3.130 on Friday, February 26, 2020.

Read Here: Growthpoint Properties Australia (ASX: GOZ) Continues Recovery in Rental Collections

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Goodman Group

Commercial and industrial property company Goodman Group (ASX:GMG) upgraded its operating profit for FY21 in the half-yearly results ended 31 December 2020. The group delivered an operating profit of A$614.9 million and operating earnings per share of 33.1 Australian cents. The statutory profit stood at A$1,041.5 million. Goodman released its distribution of 15.0 Australian cents per stapled security.

The logistics and warehousing sector is witnessing immense growth as it is playing a vital role in providing infrastructure to the digital economy. Goodman also experiences accelerated demand from the customers and the company is able to meet their requirements. However, as consumers' requirements are rapidly changing due to the trends in the digital economy, Goodman is focusing on supporting the increased demand. Goodman upgraded its operating profit for FY21 to A$1.2 billion. 

Goodman Group (ASX:GMG) share price closed 1.135% down at A$16.560 on Friday, February 26, 2020.

Did You Read: Goodman Group (ASX:GMG) upgrades profit guidance for FY21, courtesy logistics and warehousing sector

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Stockland Corporation Ltd

Diversified property developer Stockland Corporation Ltd (ASX:SGP) released its financial results for the six months ended 31 December 2020, which reflects the benefits of its diversified strategy. Its net operating cashflows of A$493 million demonstrate strong residential activity and improved retailer business. Its funds from operations (FFO) stands at A$386 million, an uptick of 0.4% over the first half of FY20.

Despite the pandemic impacting its business, operating profit has shot up compared to last year. Stockland announced its dividend distribution per security of 11.3 Australian cents, up 6.6% compared to the second half of FY20. It has reestablished the second half FY21 guidance, primarily because the company has gained certainty about the business performance and how the market is moving. 

Stockland Corporation Ltd (ASX:SGP) share price closed 5.012% down at A$4.170 on Friday, February 26, 2020.

Good Read: Stockland (ASX:SGP) partners with special purpose vehicle

 

 


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