Is yesterday’s buyback announcement from Stockland one of the more significant announcements from a key company in the Australian property sector- especially residential, retail and other commercial areas?
Property developer and shopping centre owner, Stockland said its annual net profit rose by 34%, although its growth in funds from operations would likely ease this year partly due to higher energy costs.
Recent management changes have ignited speculation Stockland might be looking into selling some assets and Citi analysts are already looking forward to the May 10 Investor Day. No changes at this stage.
The company’s investor briefing in Queensland indicated management is comfortable with its overweight position in that state. Economic growth in Queensland is expected be the highest in Australia from 2018-2021.