1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Abacus outdid our expectations in fiscal 2021. Funds from operations, or FFO, per security declined 5% to AUD 18.40 cents. We had expected a 15% decline, driven by a December 2020 equity raising that increased the number of securities on issue, challenging conditions in the commercial property portfolio, and soft conditions in storage. In the end, the strong performance in storage was the main reason for the stronger-than-expected group result in fiscal 2021.
Abacus Property Group is a diversified property group, with interests ranging from storage, office, retail, property lending, and residential development. However, Abacus is striving for a simpler and more conservative business, primarily as an owner of self-storage and office assets. It remains an active acquirer and developer of self-storage assets. Abacus is a stapled security comprising a share in each of Abacus Group Holdings and Abacus Group Projects and a unit in each of Abacus Trust and Abacus Income Trust, which can only be traded together.
