Stockland Delivers Strong Half Year Performance

Sydney, Nsw Australia (PressExposure) February 09, 2011 --

  • Underlying Profit1 $380.3 million, up 14% on 1H10
  • Underlying Earnings per Security 16.0 cents, up 14% on 1H10
  • Distribution per security 11.8 cents, up 9% on 1H10
  • Statutory profit $425.1 million, up 99% on 1H10
  • Gearing (Net Debt / Total Tangible Assets) 20%

Managing Director Matthew Quinn said: "Our three operating businesses - Residential, Retirement Living and Commercial Property - all made good progress in the first half.

"Residential Communities continued to increase its geographic diversity, securing 19,150 future lots with an end value of around $6 billion. We've extended our marketleading position into new growth areas and we're now active in 20 of our 24 identified key growth corridors.

"The successful acquisition of Aevum has almost doubled our Retirement Living portfolio and will accelerate our development pipeline. The integration is progressing well and Aevum will deliver a mildly accretive earnings contribution in FY11.

"The roll out of our $2.4 billion Retail development pipeline is on track, with two retail projects completed in the first half, another five currently under construction and three new projects targeted to commence in FY12.

"We've maintained our conservative and disciplined approach to capital management; we have a strong balance sheet, good cash flows and long-dated debt," Mr Quinn said.

FY11 EPS growth guidance has been upgraded from 7% to 8.5% on FY10, reflecting stronger Commercial Property Net Operating Income (NOI) growth, a better-than expected contribution from Aevum and higher Retirement Living Deferred Management Fee (DMF) accrual.

This upgrade to 31.6 cents per security takes into account the Queensland floods, including a potential short-term slowdown in residential activity and an estimated $3 million adverse EBIT impact to the Commercial Property business in the second half, due primarily to Waterfront Place.

For media enquiries contact
Karyn Munsie
EGM - Corporate Affairs
Stockland
T +61 (0)2 9035 2180
M +61 (0)421 050 430

Katie Lennon
Media Relations Manager
Stockland
T +61 (0)2 9035 2552
M +61 (0)406 316 907 For investor enquiries contact
Karyn Munsie
EGM - Corporate Affairs
Stockland
T +61 (0)2 9035 2180
M +61 (0)421 050 430

Linda Assatoury
Senior Manager Investor Relations
Stockland
T +61 (0)2 9035 2553
M +61 (0)402 283 769

About Stockland

Stockland's home and land packages offer something for everyone, from golf courses, to shopping and beaches, to beautiful lakeside living and open parks.

Press Release Source: http://PressExposure.com/PR/Stockland.html

Press Release Submitted On: February 08, 2011 at 11:52 pm
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