Vicinity lifts earnings, gives guidance as omicron wanes

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The shopping mall landlord – whose biggest investor is Rich Lister John Gandel – has posted a turnaround profit of $650.2 million after recovering from hefty portfolio writedowns at the height of the pandemic.

The bottomline turnaround passed $1 billion, after Vicinity lodged a $394.1 million statutory interim loss a year earlier. Its interim distribution for 2022 was 4.7¢, up from 3.4¢ a year earlier.

“However, despite continued COVID-related disruptions and a greater proportion of our assets being in lockdown this period, our disciplined approach to cash collection and retailer support, together with higher than anticipated tenant retention and resilient ancillary income underpinned our significantly improved result.

Of all new leasing deals struck over the first half, 72 per cent were negotiated with fixed annual increases of 5 per cent. Cumulatively, 91 per cent of all new deals were negotiated with fixed annual increases of at least 4 per cent.due to the uncertainty, Vicinity has issued guidance for the full year of FFO per security to be in the range of 11.8¢ to 12.6¢. The 2021 result was 12.28¢.

 

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