Eight Defensive Stocks – Should you pay a heed?

Growth in Funds from Operations: For H1FY17, Scentre Group reported 3.5% growth for Funds from Operations (FFO) at $638 million representing 12.01 cents per security (cps), and distribution of 10.86 cents per security, up 2%. Excluding the impact of transactions, FFO growth would have been approximately 5%. For the six months to 30 June 2017, profit for the group was $1.4 billion, including $929 million of revaluation gains driven primarily through continued growth in operating income across the portfolio and the completion of the Westfield Chermside redevelopment. Further, Scentre Group commenced $900 million (SCG share: $625 million) in developments with expected total returns of more than 15%. The group successfully completed the $355 million development at Westfield Chermside, setting a new benchmark in creating extraordinary retail and lifestyle destinations. Further, the group announced that it will extend its current practice to grow distributions at a lower rate than earnings growth until it reaches a payout ratio at 85% of FFO. The distribution is targeted to grow at 2% per annum until the target payout ratio of 85% is achieved.


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