ASX real estate shares are in the green, with the S&P/ASX 200 A-REIT Index (ASX: XPJ) rising 0.66% while the S&P/ASX All Ordinaries Index (ASX: XAO) lifts 0.34% on Thursday.
Here are three property stocks that are outperforming their peers today.
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3 ASX real estate shares outperforming today
Servcorp Ltd (ASX: SRV) shares hit a 52-week high
The property sector's leader today is office-space solutions company Servcorp Ltd (ASX: SRV).
Servcorp shares are up by 11% to $4.84 apiece at the time of writing. The real estate stock lifted to a new 52-week high of $4.85 in earlier trading.
This followed the company releasing its FY24 results. Servcorp reported an underlying net profit before non-cash impairments and tax (NPBIT) of $56.6 million, up 18% from the prior corresponding period (pcp). The company also advised it had $72.5 million in underlying free cash, also up 18% from FY23.
The ASX real estate share will pay a final dividend of 13 cents per share with 20% franking on 2 October. This brings its full-year dividend to 25 cents per share, up 14% on FY23.
Servcorp said the FY25 dividend would be no less than 26 cents per share. Based on today's Servcorp share price of $4.84, this would equate to a dividend yield of 5.37%.
The ASX real estate share has risen 45.95% in the year to date.
Growthpoint Properties Australia Ltd (ASX: GOZ) lifts on FY24 results
Growthpoint is an Australian real estate investment trust (REIT) with a portfolio of office and industrial properties.
The ASX real estate share is up 5.2% on Thursday to $2.39 after the REIT released its full-year FY24 results.
Growthpoint reported funds from operations (FFO) of $180.4 million, equating to 23.9 cents per share, which is above the REIT's upgraded guidance. It recorded a statutory net loss of $298.2 million in FY24 compared to a loss of $245.6 million in FY23. This was largely due to lower property revaluations.
The ASX real estate share will pay a distribution of 19.3 cents per share, in line with guidance and representing a payout ratio of 80.7%. This is within the target payout ratio range of 75% to 85% of FFO.
The ASX 300 real estate stock has lifted 2.58% in the year to date.
Stockland Corporation Ltd (ASX: SGP) share price higher despite profit fall
Stockland is a diversified property group and one of Australia's largest residential land and housing developers.
The Stockland share price is firing on Thursday, up 4.24% to $4.80 per share. Investors appear impressed with the property giant's full-year FY24 results.
The company reported a statutory profit of $305 million for FY24, down from $440 million in FY23. This partly reflected $310 million of net asset devaluations vs. $250 million net devaluations in FY23.
Stockland reported a pre-tax FFO of $843 million, down 4.5% on FY23. Pre-tax FFO per security was 35.4 cents. This was at the top end of Stockland's guidance range of 34.5 to 35.5 cents.
The ASX 200 real estate stock will pay a distribution of 16.6 cents on 30 August. This brings the ASX real estate share's full-year distribution to 24.6 cents per security compared to 26.2 cents per share in FY23.
The Stockland share price has risen by 8.2% in the year to date.
