Stockland keeps FY guidance after steady third quarter

The news: Property developer Stockland has maintained its full-year earnings guidance after a steady March quarter that saw an improvement in settlements.

The numbers: The company said it completed settlement of $260 million of non-core town centre disposals over the quarter, while net sales at its master planned communities (MPC) business also improved to 1,242 lots, up from 1,049 a year ago. It continues to expect more settlements in the second half of this fiscal.

The context: The developer reaffirmed its full-year guidance for pretax earnings of 34.5 to 35.5 cents per share, bolstered by strong leasing spreads in its commercial property portfolio and 3.4% sales growth in its town centres portfolio.

The company, which in December agreed to buy 12 Australian communities projects from Lendlease for $1.06 billion as part of reshaping its portfolio, said regulatory approvals for the deal were progressing.