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Highlights
- Vicinity Centres saw a 117.6% YoY increase in net income to AUD 549 million and a 4.2% increase in revenue to AUD 1,253.6 million in FY24.
- Portfolio occupancy stood at 3% in FY24, although slightly lower at 99.2% due to a recent acquisition.
- The company expects funds from operations (FFO) to range between 14.5 and 14.8 cents, with adjusted funds (AFFO) between 12.3 and 12.6 cents per share in FY25, supported by a positive retail sector outlook.
Vicinity Centres (ASX:VCX) is a retail REIT company in Australia with retail assets under management. The company offers variety of retail, residential, and office spaces. In the financial year 2024 (FY24), the company witnessed an 117.6% YoY increase in net income to AUD 549 million with a 4.2% YoY increase in revenue and income to AUD 1,253.6 million.
Leasing results have driven present and future income growth with portfolio occupancy touching 99.3%. The total portfolio recorded a 4.1% rise in comparable net property income (NPI).
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