Mirvac’s First-Quarter Update Reveals Business Mostly as Usual
As part of its first-quarter update, Mirvac Group reiterated fiscal 2017 earnings guidance of AUD 14.0 to 14.4 cents per security and distribution guidance of AUD 10.2 to 10.4 cents per security. Around 56% of Mirvac’s capital is allocated to office and this portfolio slightly weakened during the quarter with occupancy slipping from 96.5% to 95.2%. We are not concerned by this as the current vacancies and upcoming lease expiries are predominantly in the very strong Sydney market and relatively s...Mirvac Group is engaged in real estate investment, development, third party capital management and property asset management. Co. performs these activities across three primary segments: Office & Industrial, which manages the office and industrial property portfolio to produce rental income along with developing office and industrial projects; Retail, which manages the retail property portfolio, including shopping centers, to produce rental income; and Residential, which designs, develops, markets and sells residential properties to external customers including masterplanned communities and apartments in primary metropolitan markets in conjunction with strategic partners.
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