1H21 Result: A solid result out from the property company this morning despite being somewhat interrupted by COVID19 restrictions. The result was above consensus at the earnings line with Funds From Operations (FFO’s) at $302m versus $290m expected and that filtered down to a better than expected dividend of 13.3cps. They talked about increasing their exposure to logistics assets plus they made 2 interesting comments on rents, essentially cash flow was better as they were being paid rents accrued but not paid in FY20 plus they said that retail leasing was tracking better than they expected. Shares were trading 3% higher leading into the close.
A solid property exposure
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