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Shopping Centres Are Back, As Vicinity Lifts Guidance

It’s been a rocky road for retail of late, but Vicinity has given a sure sign that people are returning to shopping malls, by lifting its FY22 guidance.

Vicinity Centres has announced a $245 million increase in its valuations for the six months ending June 30.

Vicinity controls 60 shopping malls, with roughly 7,000 retailers.┬áThe mall landlord now expects funds from operations in the financial year to be “at or above 12.6c per security” and adjusted funds from operations to be “at or above 10.3c per security.”

Full year distribution is expected to be “towards the lower end” of its 95-100 per cent of AFFP target range.

This is an improvement on guidance first provided in February, and reiterated just last month.

The guidance update “largely reflects the sustained strength of retail sales and improved negotiation outcomes with retailers, and therefore stronger than expected cash collections in respect to current and prior years,” Vicinity said in the update to investors this morning.

Vicinity closed at $1.74 per share.

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