Shopping Centres Australasia Property Group falls on disappointing forecast

Region Re

16/08/2022 04:09

** Shares of real estate investment trust Shopping Centres
Australasia Property Group  SCP.AX  fall as much as 3.73% to
A$2.84, eyeing their worst session since June 29
    ** SCP says increases in floating interest rates are
expected to negatively impact its FY23 earnings  urn:newsml:reuters.com:*:nASX8NXCFg
    ** Sees FY23 funds from operations (FFO) per unit of 17.0 AU
cents per unit (CPU) as compared to the 17.4 AU CPU recorded for
FY22  
    ** Likewise, adjusted funds from operations (AFFO) per unit
is expected to be 15.0 AU CPU, down from 15.3 AU CPU in FY22
    ** Shares hit their lowest levels since Aug. 8
    ** Stock down 0.67% this year as of last close

 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))