Vicinity Centres

VCX: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Vicinity Centres Earnings: Resilient Retail Sales

Yingqi Tan , Jon Mills

Feb 19, 2025

Vicinity Centres’ first-half funds from operations of AUD 7.56 cents per security and adjusted FFO of AUD 6.98 cents per security met our expectations. Retailers’ performance was solid, with overall portfolio sales growing 2% in the past six months. Leasing demand remained strong, with near-full occupancy. As of December 2024, re-leasing spreads—the rent difference between new and expiring leases—were 4%, and new leases maintained average annual rent escalators of 5%.

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