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Abacus Property Group ABP

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Morningstar’s Analysis

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Currency in AUD
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Self-Storage Recovery Arrives Sooner Than Expected; Abacus FVE Up 7% to AUD 3.10.

Alexander Prineas Equity Analyst

Analyst Note

| Alexander Prineas |

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.

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Company Profile

Business Description

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.

Contact
264-278 George Street, Level 34, Australia Square
Sydney, NSW, 2000, Australia
T +61 292538600
Sector Real Estate
Industry REIT - Diversified
Most Recent Earnings
Fiscal Year End Jun 30, 2022
Stock Type
Employees 51