Vicinity Accelerates Strategy of Out with the Old and In With the New
Vicinity Centres reported fiscal 2016 underlying earnings of AUD 19.1 cents per security, up 9.2% on the prior period. Key drivers of the AUD 66 million increase in underlying earnings were a AUD 27 million decline in corporate overheads, underlying rent growth of AUD 23 million (3.5% on a comparable basis), borrowing cost reductions of AUD 23 million, partly offset by rental income foregone of AUD 30 million from asset sales.Earnings will be volatile over the coming two years, with rents fall...
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