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Property developer Stockland has today announced the intention to buy back up to $350 million of its securities, on-market. The buy-back is scheduled for commencement on 21 September 2018 which is reported to be in place for about 24 months.
Stockland (ASX:SGP) Managing Director and CEO Mark Steinert stated that investing in the companyâs own securities is currently an accretive use of capital. He added Stockland securities continues trading in line with the stated Net Tangible Assets of $4.18 per security.
[optin-monster-shortcode id="wxhmli4jjedneglg1trq"]Stockland Chief Financial Officer Tiernan OâRourke indicated the sound financial position of the company to weigh this buy-back.
Further, the management has thrown light on previously announced results posting $335 million of non-core asset sales and the target of $400 million of retail town center sales over the next 12-24 months. Gearing was 22.2% of asset as at 30 June 2018. That means it was well within the target range of 20-30%.
Building on the success over communityâs building strategy the company has outlined further 5-7% growth expectation in FFO per security for the financial year 2019.
As per the report the company has placed its intention to fund the buy-back from existing facilities.
Stocklandâs stock has surged by 1.687% to $4.220 on 6 September 2018 (5:38 PM AEST). But the stock has observed performance change of -6.95% over the past one year.
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