VCX +6.32%: the shopping centre owner popped today on the back of strong valuations and better guidance. The book value on their assets was increased by $245m ahead of the end of the financial year, largely on the back of tighter cap rates which fell to 5.31%, from 5.35% with 56% of their assets independently valued. Funds From Operations (FFO) guidance was also increased to at or above the top end....
VCX soared 11% yesterday after it posted an excellent half year result which saw a net profit after tax (NPAT) of $650mn. The countries 2nd largest Australian retail property manager illustrated people are still “going to the shops” and if Chatswood in Sydney is any indication that’s 100% on the money. The companies result was even more impressive after it previously delivered a loss...
VCX -2.26%: the metro shopping centre owner/operator hosted their AGM today which came with a softer than expected 1st quarter update. Occupancy remains strong at 98.1%, however rental collections came in at 74% in the first 3 months with missed payments largely contained to NSW & Victoria. Leases remain under pressure with average...
Shopping centre operator VCX is cheap in our opinion and it’s forecasted yield well above 6% is again clearly attractive but after raising capital at $1.48 there remains a lid on the stock through 2021.
Vicinity Centres is an Australia-based company that is primarily engaged in property investment, property management, property development, leasing and funds management. The Company operates through two segments: Property Investment and Strategic Partnerships. The Property Investment segment includes investment in retail property. The Strategic Partnership segment includes fee income from property management, development, leasing and management of wholesale property funds. Its properties include Bankstown Central, Bayside, Buranda Village, Chadstone, DFO Perth, Emporium Melbourne, Queen Victoria Building, QueensPlaza and The Glen. The Company operates approximately 60 retail assets under its management.
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