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Australia's Stockland says earnings rise on strong home price growth
February 21, 2017 / 9:56 PM / 9 months ago

Australia's Stockland says earnings rise on strong home price growth

SYDNEY, Feb 22 (Reuters) - Australian diversified real estate investment trust Stockland Corp Ltd posted a 7.8 percent rise in underlying earnings after record turnover in its residential business, especially from the booming east coast.

Stockland said funds from operations rose 7.8 percent to A$369 million ($283.4 million). The company said it was tracking toward the upper end of its guidance for FFO growth per security of 5-7 percent.

The company said funds from operations replaces underlying profit as its primary earnings metric.

Stockland also announced an interim dividend of 12.6 cents, higher than 12.2 cents a year ago. ($1 = 1.3023 Australian dollars) (Reporting by Tom Westbrook; Editing by Hugh Lawson)

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