Stockland (ASX: SGP) has today released its results for the half year to 31 December 2022. Stockland delivered Funds From Operations (FFO) of $353m and FFO per security of 14.8 cents in 1H23, both up by 0.7% relative to 1H22. Stockland expects FFO to be more heavily skewed to 2H in FY23 than in recent periods due to the timing of MPC settlements. Adjusted Funds From Operations (AFFO) was $310m and AFFO per security was 13.0 cents in 1H23, up by 5.7% compared with 1H22, primarily due to lower tenant incentives over the period. Statutory profit for 1H23 was $301m, down from $850m in 1H22. The statutory result for this period includes $30m of net commercial property revaluation gains, compared with a net uplift of $543m in the previous corresponding period, reflecting the high quality of Stockland's portfolio in an environment of softening capitalisation rates.