Focus on Better-Quality Assets Should Deliver Superior Long-Term Returns for Vicinity Centres
Narrow-moat-rated Vicinity Centres reported first-half fiscal 2017 underlying earnings of AUD 9.5 cents per security, down 0.4% on the prior corresponding period. The result is in line with expectations, with comparable income growth of 3.0% offset by the dilutive effect of the sale of AUD 1.4 billion of shopping centres over the past 14 months, including eight retail assets for AUD 511 million in the six months to December. Our earnings forecasts are largely unchanged and are at the lower end o...Vicinity Centres is engaged in property investment, property management, property development, leasing and funds management.Co.'s operating segments include: Property Investment, which is involved in investment in retail property; and Strategic Partnerships, which is involved in property management, development, leasing and management of wholesale property funds. Co.'s portfolio is comprised of Australian retail assets. As of June 30 2016, Co. had 91 retail assets under management. Co. had an ownership interest in 81 of these assets.
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