Shopping Centres Australia Property Group Ltd (ASX: SCP) (SCA Property) this morning reported its financial results for the 12 months to June 30th, 2018.
Here are the SCA Property’s highlights from its financial year:
- Funds from operations (FFO) rose 5.4% year over year to $114 million
- A distribution of 13.9 cents per unit/share, up 6% from a year earlier
- Statutory profit down 45% to $175 million
- 2019 distribution forecast at 14.3 cents per unit/share
“We are pleased to report another solid result for the twelve months to 30 June 2018,” CEO Anthony Mellowes said.
“Our anchor tenants continue to deliver sales growth and our specialty tenants continue to grow well.”
Mr Mellowes noted that SCA Property Group made $38 million of acquisitions in the first half of the year, which was below-average.
“The competition to acquire quality neighbourhood shopping centres remains elevated, and yields remain firm,” Mellowes added.
As we reported earlier this month SCA Property Group recently agreed to buy Wagga Wagga’s Sturt mall.
In the year ahead, the company expects to report a 2% increase in funds from operations (FFO) and a 2.9% increase in distributions to investors.
