Stockland Corp Ltd

Analysis

Business Description

Stockland Corp Ltd (Stockland) is a real estate development company. It owns and manages shopping centers, office and industrial assets, residential communities and retirement villages. The company manages its properties in several Australian states such as New South Wales, Queensland, Victoria and Western Australia.

The company operates through four reportable business segments: Commercial Property, Residential Property, Retirement Living and Other.

Business Segments
Overview

Invests, develops and leases properties such as retail town centers, offices, and logistics and business parks.

Key Stats

As of June 2020,

-Operated 30 retail town centers, 31 logistics and four workplace properties with the respective asset value of AUD6.2 billion, AUD3.1 billion and AUD1 billion.

-Retail portfolio had gross lettable area (GLA) of 983,609 sq. m. with occupancy of 99%.

-Logistics portfolio had GLA of 1.3 million sq. m. with occupancy of 96.3%.

-Workplace portfolio had GLA of 88,005 sq. m. with occupancy of 93.6%.

-Development pipeline worth AUD5.5 billion as of August 2020.

Performance

Reported revenue of AUD763 million for FY2020, which decreased 3.8% YoY, and reported a negative CAGR of 3.1% during 2018-20. Accounted for 27.1% of the company's revenue in FY2020.

Reported EBIT of AUD523 million in FY2020, which decreased 13.8% YoY.

Inventore veritatis
Performance

Reported revenue of AUD3 million for FY2020.

-Accounted for 0.1% of the company's revenue in FY2020.

Overview

Develops and sells medium and large-scale master planned residential communities, townhomes and apartments in major urban growth markets.

Key Stats

As of June 2020,

-Owned 51 residential communities valued AUD19.8 billion with 74,000 lots.

In FY2020,

-Settled 5,319 unit lots. -Had 4,300 contracts on hand.

Performance

Reported revenue of AUD1,887 million for FY2020, which grew 3.2% YoY, and reported a CAGR of 1.3% during 2018-20. Accounted for 67.1% of the company's revenue in FY2020.

Reported EBIT of AUD500 million in FY2020, which grew 9.9% YoY.

Overview

Designs, develops and manages lifestyle communities and serviced apartments for retirees.

Key Stats

As of June 2020,

-Owned a portfolio of 63 villages with 9,400 established units and development portfolio of 3,300 units.

In FY2020,

-Settled 860 units.

Performance

Reported revenue of AUD159 million for FY2020, which grew 9.7% YoY, and reported a CAGR of 13.7% during 2018-20. Accounted for 5.7% of the company's revenue in FY2020.

Reported EBIT of AUD65 million in FY2020, which grew 4.8% YoY.

Geographical Segments
Performance

Reported revenue of AUD409 million for FY2020, which decreased 35.6% YoY, and reported a negative CAGR of 18.1% during 2018-20.

-Accounted for 14.5% of the company's revenue in FY2020.

Inventore veritatis
Performance

Reported revenue of AUD576 million for FY2020, which grew 7.1% YoY, and reported a negative CAGR of 0.9% during 2018-20.

-Accounted for 20.5% of the company's revenue in FY2020.

Performance

Reported revenue of AUD742 million for FY2020, which grew 50.8% YoY, and reported a CAGR of 30.3% during 2018-20.

-Accounted for 26.4% of the company's revenue in FY2020.

Performance

Reported revenue of AUD144 million for FY2020, which decreased 6.5% YoY, and reported a negative CAGR of 14.3% during 2018-20.

-Accounted for 5.1% of the company's revenue in FY2020.