The August 2018 reporting season has kicked off with a number of results released in the property sector. Core Property has reviewed the initial set of results in our report Reporting Season Results – Aug 2018 – Weeks 1 and 2. Strong earnings growth was reported by Folkestone Education Trust (+8.6%) and Mirvac (+8.3%), whilst BWP Trust delivered lower growth of 1.7%. Expectations for FY19 so far have been generally subdued, with Boards remaining conservative in their guidance for growth in Earnings per unit – BWP (+1.7%), FET (+1.8%), SCP (+2%), CLW (0% - 0.7%), whilst MGR expects 2% -4% growth and IOF (which is currently under a takeover offer) is guiding -4.6% growth due to asset sales and refurbishments.
Reporting season momentum is expected to pick up further this week, with results from the likes of GPT Group (ASX: GPT), Propertylink (ASX: PLG), Dexus (ASX: DXS), Vicinity Centres (ASX: VCX), Charter Hall Retail REIT (ASX: CQR), Growthpoint Properties (ASX: GOZ), Goodman Group (ASX: GMG) and Abacus Property Group (ASX: ABP).