Vicinity Centres

F:C98

Profit Surge: Vicinity Centres reported net profit after tax of $805.6 million for the half, up more than 60%, driven by portfolio valuation uplift and strong funds from operations.

Portfolio Strength: Comparable net property income grew 3.7%, with occupancy at a high 99.6% and leasing spreads at a record 4.6%.

Asset Repositioning: The group secured full ownership of Uptown in Brisbane and executed $327 million in divestments at an 18.2% premium to book value.

Guidance Raised: Management lifted FY '26 comparable NPI growth guidance to 3.5% and now expects FFO and AFFO per security near the top of prior ranges.

Development Progress: Stage 1 of Chatswood Chase opened, with 95% expected to be operating by June; Stage 2 luxury precinct remains on track for late FY '26.

Balance Sheet: Gearing is low at 26.3% (pro forma 25.8%), with strong credit ratings and $1 billion in undrawn facilities.

Robust Sales: Retail sales were up 4.2% in the half, with specialty and mini majors growing 5.1% and every category and state showing positive growth.