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Stockland is Australia’s largest housing developer, and this division generates about a third of the group’s funds-from-operations. Nearly two thirds comes from commercial property, mostly retail, and a small amount comes from a retirement living business. The mix is evolving. Earnings from the residential development division are volatile and we expect growth to moderate there. In commercial property the group is trimming retail and adding office and industrial via acquisitions and developments. Stockland-stapled securities comprise one share in the corporation that largely operates developments and one unit in a trust that holds the property portfolio.
Sydney, NSW, 2000, Australia