Vicinity Centres reaffirms guidance after 'positive' Q1
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The news: Shopping centre owner Vicinity Centres reaffirmed its full-year earnings guidance after seeing 'positive' leasing spreads during the September quarter, tracking in-line with the last financial year.
The numbers: Vicinity reiterated its FY25 guidance, with funds from operations expected to be between 14.5 cents and 14.8 cents, and adjusted funds from operations between 12.3 cents and 12.6 cents.
The company said that occupancy "remains robust" at 99.2%, down 10 basis points since June following the acquisition of Perth's Lakeside Joondalup shopping centre, which is trading at a lower occupancy than Vicinity's portfolio average.
The context: Vicinity group chief executive and managing director Peter Huddle will say at its annual general meeting later today that the first quarter was "very a much a continuation of FY24".
Retail sales growth continued to be "broadly flat" as Australian households contend with cost of living pressures, Huddle will say, while Vicinity's CBD and outlet assets "continue to outperform".
The source: ASX announcement
