Vicinity Centres has announced a substantial increase in its statutory net profit, reporting $805.6 million for the December half. This represents a notable rise from the $492.6 million recorded during the same period the previous year. Vicinity Centres specialises in the ownership and management of Australian shopping centres, striving to create engaging retail destinations. The company’s portfolio includes many well-known properties across the country.
Funds from operations (FFO) per security saw an increase, reaching 7.66 cents, a 1.3 per cent rise. After adjusting for one-off items and reduced lost rent, the increase was 4.1 per cent. The group has declared an interim distribution of 6.20 cents per security for its investors.
Comparable net property income also experienced positive growth, climbing by 3.7 per cent. This growth was underpinned by a high occupancy rate of 99.6 per cent across Vicinity’s properties. Furthermore, the company achieved leasing spreads of 4.6 per cent and benefited from average annual escalators of 4.7 per cent. This performance reflects the underlying strength of Vicinity Centres’ portfolio and its effective management strategies.
