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.