Not sure what to make of this result. The market was expecting much worse judging by today's reaction. I dare say there were quite a few shorts out ahead of this and they are getting squeezed.
But with the split and separated results it's a bit of a mess. Hard to work out what is what.
FFO and cash is still good. Some write downs in office and commercial was expected and is probably a little light (circa 10%) to what is really going on in office valuations.
And the all important payouts are being cut. From 18.4 as a single entity to 14.5 combining the two for FY24 (8.5 and 6.0).
Will try and have a closer look next week. For now, i'm not inclined to do anything.
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