Abacus (ABP) +2.67%: another stock we own in the Income portfolio out today, first half funds from operations (FFO) fell 10% to $60.6m largely as a result of non-core assets. Abacus is repositioning itself away from retail to a self-storage and office property manager, now making up around 90% of assets. Office saw income fall 4% with occupancy running at 90%. Self-storage continues to ramp up – they have made a number of acquisitions, largely stemming from the relationship with Storage King. It’s cheap, trading at a ~20% discount to assets and a decent yield around 6%. The share price has been disappointing.
MM remains positive ABP
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