SYDNEY, Aug 17 (Reuters) - Australian diversified real estate investment trust Stockland Corp Ltd (SGP) posted an 8.5 percent rise in underlying annual profit on Wednesday, stoked by a booming property market in the country's most populous city, Sydney, and record low interest rates.
Underlying profit came in at A$660 million ($508 million) compared with A$608 million a year ago, in line with the A$661 mean estimate of nine analysts polled by Thomson Reuters.
Stockland said funds from operations rose 12.5 percent to A$740 million, beating guidance of 9 percent to 10 percent growth. It announced a final distribution of 12.3 cents, for a total distribution of 24.5 cents, in line with guidance.
($1 = 1.2999 Australian dollars)
News: MGR Stockland posts profit rise after Australian property surges
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