Vicinity Centres (ASX:VCX): How Are Shopping Centre Operations and Leasing Activity Developing?

Aditi Sarkar

29 October 2026 09:35 PM AEDT

Vicinity Centres (ASX:VCX): How Are Shopping Centre Operations and Leasing Activity Developing?

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Key Highlights

For the 29 October 2026 trading session, Vicinity Centres (ASX:VCX) recorded a 0.42% increase, with its quoted price at AUD 2.40.
As set out in the Notice of Meeting released to ASX on 24 September 2026, the AGM will be held in hybrid format.
On behalf of the Board, it is my pleasure to welcome you to the 2026 Annual General Meeting of Vicinity Limited and concurrent meeting of the unitholders of Vicinity Centres Trust.

Vicinity Centres (ASX:VCX) operates in the Australian property and real-assets sector, with its activities examined through the reporting periods covered in its financial disclosures. For the completed 29 October 2026 trading session, Vicinity Centres (ASX:VCX) was quoted at AUD 2.40, up 0.42% for the day. This article reviews the company’s reported operating performance, property portfolio activity, financial measures and management’s stated plans. Results are described by their specific reporting periods so that historical outcomes are not presented as new events.

Financial Results and Operating Measures

Slide 3 – Welcome , I will share my reflections on Vicinity’s performance and strategic progress during the 2026 financial year.

Over the past four years, premium assets have increased from 51% of portfolio value to approximately 67% on a pro forma basis, reflecting investment in opportunities with stronger growth potential.

During FY26, we added DFO Eastern Creek to our established Outlet platform and acquired the remaining interest in Uptown in the Brisbane CBD.

The $625 million transformation of Chatswood Chase in Sydney was another significant milestone, demonstrating the value created when Vicinity’s investment, development, leasing and asset management capabilities are harnessed.

Delivered in a difficult construction market while the centre continued to trade, the project is expected to generate more than $250 million in development profit, all this without adding incremental retail floorspace.

Property Portfolio and Tenant Activity

Galleria in Perth is largely complete, with its major opening occurring on November 5, and Uptown in Brisbane is now the next major milestone in our development program.

Funds From Operations increased to $700.1 million or 15.21 cents per security, which was at the top end of guidance.

Comparable Net Property Income grew by 4.2%, and the Board declared a full-year distribution of 12.40 cents per security.

On a full year basis, net portfolio valuation gains were $700 million, contributing to a 19 cent, or 7.7%, increase in Net Tangible Assets.

It was therefore not surprising to observe Vicinity’s employee engagement score increase to 8.0 in FY26.

Transactions and Capital Management

It continues to be my privilege to lead Vicinity, and I am pleased to update you on our performance in the first quarter of FY27.

Encouragingly, holdovers, excluding sites held for development, remain stable at 1.6% of income and broadly in line with June.

9 of 13 Our development program sustains portfolio performance and delivers income and value growth.

We are therefore pleased to reaffirm our FY27 guidance, with FFO per security expected to be between 16.0 and 16.2 cents and AFFO per security expected to be between 13.9 and 14.1 cents.

Together we navigated COVID-19, my appointment as CEO and the decision to commit capital and reposition the portfolio at pace.

Business Priorities and Operating Context

The Group has a Direct Portfolio with interests in 47 shopping centres (including the DFO Brisbane business) and manages 25 assets on behalf of Strategic Partners.

Vicinity Centres 2026 Annual General Meeting | 28 October 2026 Vicinity Centres acknowledges the Traditional Custodians of the land and pays respect to Elders past and present.

Represents headline gearing adjusted for the acquisition of the residual 75% interest in Uptown (settled August 2026) and divestment of Taigum Square (settled October 2026) and ancillary land at Ellenbrook Central (due to settle in November 2026).

Funds From Operations (FFO) and Adjusted FFO per security expected to be in the ranges of 16.0-16.2 and 13.9-14.1 cents, respectively.

It is to be read in conjunction with the June 2026 Annual Report lodged with the Australian Securities Exchange on 20 August 2026.

Outlook and Reported Measures

It continues to be my privilege to lead Vicinity, and I am pleased to update you on our performance in the first quarter of FY27.

Encouragingly, holdovers, excluding sites held for development, remain stable at 1.6% of income and broadly in line with June.

Key Insights

Vicinity Centres (ASX:VCX) is examined through its reported financial outcomes, property operations and development or capital-management activities. The figures in the article relate to the periods identified in the relevant sections; future objectives are distinct from completed transactions and historical results. Represents headline gearing adjusted for the acquisition of the residual 75% interest in Uptown (settled August 2026) and divestment of Taigum Square (settled October 2026) and ancillary land at Ellenbrook Central (due to settle in November 2026). Funds From Operations (FFO) and Adjusted FFO per security expected to be in the ranges of 16.0-16.2 and 13.9-14.1 cents, respectively.

FAQs

Q: What is the ASX ticker for Vicinity Centres?

A: The ticker is ASX:VCX.

Q: What share price was recorded for ASX:VCX on 29 October 2026?

A: AUD 2.40, with a daily movement of +0.42%.

Q: Which financial periods are discussed for ASX:VCX?

A: The article identifies the reporting periods alongside the relevant reported figures.

Q: What business activities are covered for Vicinity Centres (ASX:VCX)?

A: The discussion covers the reported asset portfolio, business operations and financial performance.

Q: How are prospective plans for ASX:VCX described?

A: Company-stated objectives and guidance are distinguished from completed operational results.

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