End of the round, page-56

unless the market catches up with a few issues relating to declining cash flows, property valuations and tenant instability

imo...Stockland seem to be in the midst of heavily discounting their residential properties, from houses, flats and retirement village developments due to cash flow problems?

The recent FY19 presentation showed very poor operating cash flows imo ... (reference P13), where it is also noted:

* Retail divestments of $505m1 , continuing to assess up to a further $500m non-core retail divestments over time in a disciplined way
* Target further divestment of non-core Retirement Living villages
* Operating cash flows declined due to land acquisitions and residential development expenditure to support future settlements in FY20 and beyond

Pages 17 and 18 also demonstrate that Commercial property investment is draining Stockland...specifically references to:

* Net valuation decline of $199m
* Rebased rents to deliver sustainable occupancy
* Incentives stable on longer leases
* Forecast negative rent reversion in FY20 largely reflects tenant remixing
* Tenant demand adversely impacted by SME business access to credit

There is also genuine concern about one housing development in particular proposed to be built on flood prone land contaminated with acid sulphate soils in Qld. Legal liability and risk management should be of paramount importance to shareholders, investors and the BOD"S. Insurance companies know this well as do legal firms when approached by individuals and groups discussing potential class actions. There is no community support for the development for obvious reasons.