CANBERA (dpa-AFX) - Stockland Corp. Ltd. (SGP.AX, STKAF.PK), an Australian
property company, reported that its profit after tax attributable to
securityholders for the half year ended 31 December 2023 dropped to A$102
million from A$301 million in the prior year. Earnings per security were 4.2
cents compared to 12.6 cents last year.

Pre- and post-tax Funds From Operations or FFO was A$266 million, compared with
A$353 million in the prior year. FFO per security (pre-and post-tax) was 11.2
cents, down 24.7% from the prior year. The decline primarily reflects a more
material 2H skew for settlement volumes in Masterplanned Communities (MPC)
business, as we previously foreshadowed, along with a higher weighted average
cost of debt. No tax expense was recognized for the half.

A distribution of 8.0 cents per security was declared, reflecting a payout ratio
of 72% of FFO.

The company maintained its fiscal year 2024 Funds From Operations per security
guidance at a range of 34.5 to 35.5 cents on a pre-tax basis, with tax expense
expected to be a high single-digit percentage of pre-tax FFO.

Distribution per security is expected to be within Stockland's targeted payout
ratio of 75 to 85% of post-tax FFO.

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