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 of the previous 11.8-12.6cps guidance that was reaffirmed last month, though distribution guidance was amended to the lower end of the 95-100% range. The update said that foot traffic had continued to improve and collections had followed as a result, with rental collections up to 91%.
MM sees deep value in VCX & property stocks generally
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