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 prices on new leases down 7.2%, though this was an improvement of -12.7% in FY21. There are signs of a rebound with foot traffic picking up considerably since lockdowns have been lifted with visitations in Sydney centres now down just 10% from the same week last year. The company also noted shoppers were spending more per visit in another positive sign for retailers.
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