Stockland reaffirms full-year distribution guidance

The news: Property developer Stockland has reaffirmed its full-year guidance after tying up plans for its $3 billion Waterloo renewal project in Sydney earlier this month.

The numbers: Stockland maintained its funds from operations (FFO) guidance of between 33 cents and 34 cents per share. It also kept its distribution per security guidance of around 75% of post-tax FFO.

The context: Stockland said its highlights from the quarter included finalising contractual negotiations to develop the Waterloo Renewal Project, alongside consortium partners, with the aim of delivering more than 3,000 new homes in central Sydney.