Stockland (ASX:SGP) has announced statutory profit rose 68.1 per cent to $504 million for the first half of 2020 when compared to the year earlier period. The rise comes on the back of $199 million of positive net revaluations.
Funds from operations (FFO) of $384 million fell 5.6 per cent on 1H19 due to the expected second half skew.
Stockland reaffirmed its full-year funds from operations (FFO) guidance of 37.4 cents per security, after reporting a 2 per cent lift in total FFO on a comparable basis.
Looking forward Stockland says assuming no material change in market conditions in FY20, it remains on track to deliver around one per cent comparable FFO growth across its Commercial Property business.
Shares in Stockland (ASX:SGP) are trading 0.49 per cent higher at $5.13