Stockland shares fell nearly 5% in early trading on Wednesday, despite a 140% surge in first-half statutory profit to A$245 million.
The decline followed a weaker funds from operations (FFO), which dropped 5.6% to A$251 million, or 10.5 cents per share — 7% below consensus estimates.
Citi analysts maintained a Buy rating on Stockland, which last traded at A$5.13, down 4.6%.