Annonce • 4h
Vicinity Centres Announce Board Changes Vicinity Centres announced that, after eleven years of distinguished service, independent non-executive Chairman, Trevor Gerber, intends to retire from Vicinity's Board at the 2026 Annual General Meeting (`AGM'), on 28 October 2026. The Board has appointed Patrick Allaway as a Non-executive Director and Chairman-elect, effective 15 June 2026. Mr. Allaway will succeed Mr. Gerber as Chairman at the conclusion of the AGM, subject to his election as a director by securityholders.
Mr Gerber was appointed to the Vicinity Board in June 2015 and became Chairman in 2019. During Mr. Gerber's tenure, Vicinity navigated the complexities of the COVID-19 pandemic and more recently, Mr. Gerber has overseen the execution of a disciplined, multi-year investment strategy involving active repositioning of Vicinity's portfolio toward premium, fortress-style retail assets that deliver superior and sustained income and value growth through cycles. Mr. Allaway brings over 30 years of experience in financial markets, capital markets, institutional banking and corporate advisory, together with more than 15 years of non-executive director experience. Mr. Allaway holds a Bachelor of Arts and Bachelor of Laws, from the University of Sydney. Mr. Allaway is currently a member of the Adobe International Advisory Board, having previously served as Chairman of Bank of Queensland, and as a non-executive director of Allianz Australia, Dexus Funds Management Limited, Macquarie Goodman Industrial Trust, Metcash Limited, Fairfax Media, David Jones, Country Road Group, Woolworths South Africa and Nine Entertainment Co. Buy Or Sell Opportunity • Jun 02
Now 21% undervalued Over the last 90 days, the stock has risen 3.0% to AU$2.42. The fair value is estimated to be AU$3.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has grown by 40%. For the next 3 years, revenue is forecast to decline by 4.1% per annum. Earnings are also forecast to decline by 16% per annum over the same time period. Actualités en direct • May 16
Vicinity Centres Expands Sydney Portfolio With A$400 Million Eastern Creek Quarter Deal Vicinity Centres has agreed to acquire the Eastern Creek Quarter retail centre in Western Sydney from Frasers Property Australia for A$400 million.
The asset is a hybrid retail centre with around 100 stores, combining outlet, traditional and large-format retail offerings.
The deal is expected to settle by 30 June 2026 and will be funded through existing debt facilities, with gearing forecast to rise by about 200 basis points.
This acquisition points to a continued focus on larger, premium and outlet-focused centres in high population growth corridors, particularly across metropolitan Sydney.
You should keep an eye on how the added gearing is managed over time and whether tenant demand and occupancy at Eastern Creek Quarter support the returns Vicinity is targeting from this asset. Buy Or Sell Opportunity • May 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.2% to AU$2.43. The fair value is estimated to be AU$3.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to decline by 22% in 2 years. Earnings are forecast to decline by 39% in the next 2 years. Board Change • Mar 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Non-Executive Director Angus McNaughton was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Feb 28
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at AU$2.45. The fair value is estimated to be AU$3.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has grown by 40%. For the next 3 years, revenue is forecast to decline by 4.8% per annum. Earnings are also forecast to decline by 14% per annum over the same time period. Major Estimate Revision • Feb 24
Consensus EPS estimates increase by 44% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from AU$0.151 to AU$0.218. Revenue forecast steady at AU$985.0m. Net income forecast to shrink 31% next year vs 11% decline forecast for Retail REITs industry in Australia. Consensus price target broadly unchanged at AU$2.60. Share price fell 4.3% to AU$2.46 over the past week. Reported Earnings • Feb 20
First half 2026 earnings released: FFO per share: AU$0.08 (vs AU$0.076 in 1H 2025) First half 2026 results: FFO per share: AU$0.08 (up from AU$0.076 in 1H 2025). Revenue: AU$710.8m (up 1.2% from 1H 2025). Funds from operations (FFO): AU$351.0m (up 2.0% from 1H 2025). FFO margin: 49% (in line with 1H 2025). Revenue is expected to fall by 4.8% p.a. on average during the next 3 years compared to a 3.1% decline forecast for the Retail REITs industry in Australia. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Annonce • Feb 18
Vicinity Centres Announces Actual Ordinary Distribution for the Six Months Period Ended December 31, 2025, Payable on March 12, 2026 Vicinity Centres Announced actual, ordinary distribution of AUD 0.06200000 per share for the six months period ended December 31, 2025, payable on March 12, 2026. Record date is on February 24, 2026 with Ex date is on February 23, 2026. Buy Or Sell Opportunity • Feb 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.3% to AU$2.51. The fair value is estimated to be AU$3.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 5.2% per annum. Earnings are also forecast to decline by 3.7% per annum over the same time period. Buy Or Sell Opportunity • Jan 12
Now 20% undervalued Over the last 90 days, the stock has risen 2.4% to AU$2.60. The fair value is estimated to be AU$3.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 5.3% per annum. Earnings are also forecast to decline by 3.9% per annum over the same time period. Buy Or Sell Opportunity • Nov 13
Now 24% undervalued The stock has been flat over the last 90 days, currently trading at AU$2.50. The fair value is estimated to be AU$3.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 5.3% per annum. Earnings are also forecast to decline by 3.9% per annum over the same time period. Annonce • Oct 02
Vicinity Centres to Report Fiscal Year 2026 Results on Aug 19, 2026 Vicinity Centres announced that they will report fiscal year 2026 results on Aug 19, 2026 Buy Or Sell Opportunity • Sep 03
Now 20% undervalued Over the last 90 days, the stock has risen 1.6% to AU$2.49. The fair value is estimated to be AU$3.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 5.3% per annum. Earnings are also forecast to decline by 3.9% per annum over the same time period. Declared Dividend • Aug 22
Final dividend increased to AU$0.06 Dividend of AU$0.06 is 2.5% higher than last year. Ex-date: 25th August 2025 Payment date: 16th September 2025 Dividend yield will be 4.6%, which is lower than the industry average of 5.7%. Annonce • Aug 21
Vicinity Centres, Annual General Meeting, Nov 06, 2025 Vicinity Centres, Annual General Meeting, Nov 06, 2025. Reported Earnings • Aug 20
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: AU$0.22 (up from AU$0.12 in FY 2024). Revenue: AU$1.33b (up 1.4% from FY 2024). Net income: AU$1.00b (up 84% from FY 2024). Profit margin: 76% (up from 42% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 40%. Revenue is expected to fall by 4.6% p.a. on average during the next 3 years compared to a 3.5% decline forecast for the Retail REITs industry in Australia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Annonce • Aug 20
Vicinity Centres to Report First Half, 2026 Results on Feb 18, 2026 Vicinity Centres announced that they will report first half, 2026 results on Feb 18, 2026 New Risk • Jul 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Significant insider selling over the past 3 months (AU$1.4m sold). New Risk • May 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Significant insider selling over the past 3 months (AU$1.4m sold). Recent Insider Transactions • Apr 24
MD, CEO & Director recently sold AU$1.4m worth of stock On the 23rd of April, Peter Huddle sold around 625k shares on-market at roughly AU$2.29 per share. This transaction amounted to 34% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Peter's only on-market trade for the last 12 months. Declared Dividend • Feb 21
First half dividend of AU$0.059 announced Shareholders will receive a dividend of AU$0.059. Ex-date: 24th February 2025 Payment date: 13th March 2025 Dividend yield will be 5.2%, which is lower than the industry average of 5.7%. Reported Earnings • Feb 20
First half 2025 earnings released: FFO per share: AU$0.08 (vs AU$0.076 in 1H 2024) First half 2025 results: FFO per share: AU$0.08 (in line with 1H 2024). Revenue: AU$702.3m (up 9.4% from 1H 2024). Funds from operations (FFO): AU$344.1m (flat on 1H 2024). FFO margin: 49% (down from 54% in 1H 2024). Revenue is expected to fall by 8.8% p.a. on average during the next 3 years compared to a 3.4% decline forecast for the Retail REITs industry in Australia. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • Feb 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Buy Or Sell Opportunity • Feb 18
Now 20% undervalued Over the last 90 days, the stock has risen 6.6% to AU$2.26. The fair value is estimated to be AU$2.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 7.7% per annum. Earnings are forecast to grow by 5.9% per annum over the same time period. Annonce • Oct 16
Vicinity Centres to Report Fiscal Year 2025 Results on Aug 20, 2025 Vicinity Centres announced that they will report fiscal year 2025 results on Aug 20, 2025 Buy Or Sell Opportunity • Sep 20
Now 23% undervalued Over the last 90 days, the stock has risen 20% to AU$2.27. The fair value is estimated to be AU$2.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 7.9% per annum. Earnings are forecast to grow by 6.5% per annum over the same time period. Annonce • Sep 11
Vicinity Centres Announces Retirement of Clive Appleton from the Board, Effective 29 October 2024 Vicinity Centres announced the retirement of Mr. Clive Appleton from the Vicinity Board, having served as a representative of Gandel Group since 2018. Mr. Appleton's retirement from the Board will take effect from the conclusion of the AGM to be held on 29 October 2024. Annonce • Aug 22
Vicinity Centres Declares Distribution for the Six-Month Ended June 30, 2024, Payable on September 16, 2024 Vicinity Centres Declares Distribution of AUD 0.05900000 for the Six-Month Ended June 30, 2024, Payable on September 16, 2024. Ex date is August 23, 2024. Record date is August 26, 2024. Declared Dividend • Aug 22
Final dividend of AU$0.059 announced Shareholders will receive a dividend of AU$0.059. Ex-date: 23rd August 2024 Payment date: 16th September 2024 Dividend yield will be 5.3%, which is lower than the industry average of 5.7%. Annonce • Aug 22
Vicinity Centres (ASX:VCX) acquired 50% stake in Lakeside Joondalup Shopping City from Lend Lease Real Estate Investments Limited for AUD 420 million. Vicinity Centres (ASX:VCX) acquired 50% stake in Lakeside Joondalup Shopping City from Lend Lease Real Estate Investments Limited for AUD 420 million on August 19, 2024. The transaction is being funded by a mix of existing debt facilities and asset divestment proceeds.
For the period ending December 31, 2023, Lakeside Joondalup Shopping City reported total revenue of AUD 800 million. Simon Rooney of CBRE brokered the transaction.
Vicinity Centres (ASX:VCX) completed the acquisition of 50% stake in Lakeside Joondalup Shopping City from Lend Lease Real Estate Investments Limited on August 19, 2024. Reported Earnings • Aug 20
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: AU$0.12 (up from AU$0.06 in FY 2023). Revenue: AU$1.33b (up 7.8% from FY 2023). Net income: AU$547.1m (up 101% from FY 2023). Profit margin: 41% (up from 22% in FY 2023). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is expected to decline by 6.2% p.a. on average during the next 3 years, while revenues in the Retail REITs industry in Australia are expected to grow by 1.1%. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Annonce • Apr 24
Vicinity Centres to Report First Half, 2025 Results on Feb 18, 2025 Vicinity Centres announced that they will report first half, 2025 results on Feb 18, 2025 Declared Dividend • Feb 18
First half dividend increased to AU$0.059 Dividend of AU$0.059 is 1.7% higher than last year. Ex-date: 20th February 2024 Payment date: 7th March 2024 Dividend yield will be 5.9%, which is about the same as the industry average. Buy Or Sell Opportunity • Jan 25
Now 20% undervalued Over the last 90 days, the stock has risen 14% to AU$1.95. The fair value is estimated to be AU$2.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 1.8% per annum. Earnings are forecast to grow by 15% per annum over the same time period. Buying Opportunity • Jan 18
Now 21% undervalued Over the last 90 days, the stock is up 10.0%. The fair value is estimated to be AU$2.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 2.9% per annum. Earnings is forecast to grow by 15% per annum over the same time period. Annonce • Nov 01
Vicinity Centres, Annual General Meeting, Oct 29, 2024 Vicinity Centres, Annual General Meeting, Oct 29, 2024. Annonce • Sep 27
Vicinity Centres to Report Fiscal Year 2024 Results on Aug 20, 2024 Vicinity Centres announced that they will report fiscal year 2024 results on Aug 20, 2024 New Risk • Aug 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 22% Last year net profit margin: 101% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (22% net profit margin). Reported Earnings • Aug 17
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: FFO per share: AU$0.1 (up from AU$0.13 in FY 2022). Revenue: AU$1.23b (up 2.7% from FY 2022). Funds from operations (FFO): AU$684.8m (up 14% from FY 2022). FFO margin: 56% (up from 50% in FY 2022). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 60%. Revenue is forecast to decline by 5.1% p.a. on average during the next 3 years, while revenues in the Retail REITs industry in Australia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Annonce • Aug 16
Vicinity Centres to Report First Half, 2024 Results on Feb 15, 2024 Vicinity Centres announced that they will report first half, 2024 results on Feb 15, 2024 Annonce • Jun 02
Nikos Property Group Pty Ltd. agreed to acquire 50% stake in Broadmeadows Central from Vicinity Centres (ASX:VCX) for approximately AUD 130 million. Nikos Property Group Pty Ltd. agreed to acquire 50% stake in Broadmeadows Central from Vicinity Centres (ASX:VCX) for approximately AUD 130 million on June 1, 2023. Vicinity will continue to provide centre management and leasing services at Broadmeadows Central. The sale is expected to settle on 30 June 2023. Board Change • Mar 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. MD, CEO & Director Peter Huddle was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 16
First half 2023 earnings released: FFO per share: AU$0.08 (vs AU$0.063 in 1H 2022) First half 2023 results: FFO per share: AU$0.08 (up from AU$0.063 in 1H 2022). Revenue: AU$628.2m (up 4.9% from 1H 2022). Funds from operations (FFO): AU$357.1m (up 24% from 1H 2022). FFO margin: 57% (up from 48% in 1H 2022). Revenue is forecast to stay flat during the next 3 years compared to a 4.1% decline forecast for the REITs industry in Australia. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Annonce • Feb 15
Vicinity Centres Announces Dividend on VCX- Fully Paid Ordinary/Units Stapled Securities for the Financial Reporting or Payment Period Ended 31 December 2022, Payable on March 7, 2023 Vicinity Centres announced dividend of AUD 0.05750000 per security on VCX - Fully Paid Ordinary/Units Stapled Securities for the financial reporting or payment period ended 31 December 2022. Ex date on February 20, 2023. Record date on February 21, 2023. Payment date on March 7, 2023. Annonce • Feb 09
Vicinity Centres, Annual General Meeting, Nov 01, 2023 Vicinity Centres, Annual General Meeting, Nov 01, 2023. Annonce • Feb 03
Vicinity Centres Appoints Peter Charles Huddle to the Board Vicinity Centres appointed Peter Charles Huddle to the board. Date of appointment: 1 February 2023. Annonce • Feb 01
Vicinity Centres to Report Fiscal Year 2023 Results on Aug 16, 2023 Vicinity Centres announced that they will report fiscal year 2023 results on Aug 16, 2023 Annonce • Dec 02
Vicinity Centres Announces the Cessation of Grant Lewis Kelley as Director Vicinity Centres announced the cessation of Grant Lewis Kelley as director, effective 16 November 2022. Annonce • Nov 16
Vicinity Centres Announces Director Appointments Vicinity Centres announced ELECTION OF MS TIFFANY FULLER; MR MICHAEL HAWKER AM; MR DION WERBELOFF; MS GEORGINA LYNCH and MR TREVOR GERBER AS A DIRECTOR OF THE COMPANY. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. Non-Executive Director Clive Appleton was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Nov 15
Vicinity Centres Appoints Peter Huddle as Acting Chief Executive Officer Vicinity Centres announced that its Chief Operating Officer, Peter Huddle has been appointed Acting Chief Executive Officer. Mr. Huddle's appointment will be effective from the conclusion of Vicinity's 2022 Annual General Meeting. Vicinity is in the process of appointing executive search firm, Egon Zehnder to undertake a global search for the replacement of outgoing CEO, Mr. Grant Kelley. As noted previously, the search will comprise both internal and external candidates from Australia and internationally. Prior to joining Vicinity, Mr. Huddle had a long and distinguished career at Westfield in a variety of leadership roles in Australia, Brazil and the US. Notably, Mr. Huddle had management responsibility for some of the world's preeminent retail and mixed development projects including Westfield World Trade Centre in New York and Century City in Los Angeles. Following the acquisition of Westfield by Unibail Rodamco, which formed the largest global retail REIT in June 2018, Mr. Huddle was appointed COO of the extensive operations and development business in the United States and was the only ex-Westfield executive on the management board. Since joining Vicinity in March 2019, Mr. Huddle has been instrumental in bringing the Company's Property Management, Leasing, Operations, Development, and Marketing functions together and delivering a highly cohesive, integrated and customer-focused team. Annonce • Oct 28
Vicinity Centres to Report Q2, 2023 Results on Feb 14, 2023 Vicinity Centres announced that they will report Q2, 2023 results on Feb 14, 2023 Recent Insider Transactions Derivative • Sep 23
CEO, MD & Director exercised options to buy AU$144k worth of stock. On the 14th of September, Grant Lewis Kelley exercised options to buy 84k shares at a strike price of around AU$1.66, costing a total of AU$140k. This transaction amounted to 15% of their direct individual holding at the time of the trade. Since September 2021, Grant Lewis has owned 561.84k shares directly. This was the only transaction from an insider over the last 12 months. Annonce • Sep 07
Vicinity Centres Announces Board Changes Vicinity Centres announced that Dr. David Thurin AM has decided to step down from the Board on 15 November 2022 to focus on his otherbusiness commitments having served on the Vicinity Board as a representative of The Gandel Group since 2015, and previously on the board of predecessor entity, Novion Property Group (formerly, CFS Retail Property Group) since 2014. As previously announced on 26 May 2022, Ms Karen Penrose will depart the Vicinity Board on 15 September 2022. Ms Tiffany Fuller and Mr. Michael Hawker AM have been nominated to join the Vicinity Board as independent non-executive Directors. Ms Fuller's executive experience spans investment banking, private equity and corporate advisory acrossseveral sectors including retail, technology, financial services, infrastructure and resources. Ms Fuller is a qualified Chartered Accountant and brings considerable experience from her career as a non-executive Director across both listed and unlisted organizations including Computershare Limited, Washington H. Soul Pattinson and Co. Limited and Australian Venue Co. Mr. Hawker had an extensive executive career in financial services and insurance and is a proven leader of large organisations, having been Managing Director and Chief Executive Officer (`CEO') of Insurance Australia Group for seven years following a distinguished career with Westpac Banking Corporation (`Westpac') and Citibank Limited (Australia). Mr. Hawker currently serves on the boards of Westpac, Washington H. Soul Pattinson and Co. Limited, Allianz Australia, BUPA Global and BUPA Australia and has previously held a number of non-executive director roles with other prominent Australian and global companies. The Gandel Group's CEO, Mr. Dion Werbeloff, has been nominated to replace Dr. Thurin as a non-executive Director and Gandel Group representative. In addition to his eight years at The Gandel Group, three spent as CEO, Mr. Werbeloff brings extensive experience across property and investment banking, notably in mergers and acquisitions and corporate finance at Goldman Sachs, and has worked in Australia and United States. Reported Earnings • Aug 18
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: FFO per share: AU$0.1 (up from AU$0.12 in FY 2021). Revenue: AU$1.20b (up 5.6% from FY 2021). Funds from operations (FFO): AU$598.3m (up 7.1% from FY 2021). FFO margin: 50% (in line with FY 2021). Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) also surpassed analyst estimates by 89%. Over the next year, revenue is expected to shrink by 26% compared to a 13% decline forecast for the REITs industry in Australia. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Annonce • Aug 17
Vicinity Centres Declares Final Distribution, Payable on 12 September 2022 Vicinity Centres declared a final distribution of 5.7 cents per security, bringing the total FY22 distribution to 10.4 cents per security and representing a payout of 95.3% of Adjusted FFO (AFFO); within Vicinity's distribution payout range of 95%-100% of AFFO. change in distribution record date. With the change in record date from 30 June 2021 (for FY21) to 23 August 2022 (for FY22), there is no distribution payable as at 30 June 2022 (30 Jun 21: $300.4 million). The distribution for the six months to 30 June 2022 is expected to be paid on 12 September 2022. Annonce • May 27
Vicinity Centres Announces Resignation of Karen Penrose as Director, Effective from September 15, 2022 Vicinity Centres announced that Ms Karen Penrose intends to resign from Vicinity's Board (comprising the Boards of Vicinity Limited and Vicinity Centres RE Ltd. as responsible entity of Vicinity Centres Trust). Ms Penrose will remain on the Board until after Vicinity's FY22 result announcement on 17 August 2022, with her resignation to take effect on 15 September 2022. Ms. Penrose has been a Non-Executive Director at Vicinity since its formation in 2015, having previously served on the board of predecessor entity, Novion Property Group (formerly, CFS Retail Property Group) since 2014. Price Target Changed • Apr 27
Price target increased to AU$1.96 Up from AU$1.80, the current price target is an average from 9 analysts. New target price is 5.6% above last closing price of AU$1.86. Stock is up 15% over the past year. The company is forecast to post earnings per share of AU$0.17 next year compared to a net loss per share of AU$0.057 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 1 highly experienced director. Non-Executive Director Clive Appleton was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 16
Price target increased to AU$1.96 Up from AU$1.80, the current price target is an average from 9 analysts. New target price is 8.5% above last closing price of AU$1.81. Stock is up 7.4% over the past year. The company is forecast to post earnings per share of AU$0.17 next year compared to a net loss per share of AU$0.057 last year. Board Change • Mar 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 1 highly experienced director. Non Executive Director Mark Bloom was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Feb 16
Vicinity Centres Announces Dividend for the Six Months Ended December 31, 2021, Payable on March 8, 2022 Vicinity Centres announced dividend of AUD 0.04700000 per security on VCX - Ordinary/Units Fully Paid Stapled Securities for the six months ended December 31, 2021. Ex date on February 21, 2022. Record date on February 22, 2022. Payment date on March 8, 2022. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 1 highly experienced director. Non Executive Director Mark Bloom was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 22
Full year 2021 earnings released: FFO AU$0.12 per share (vs AU$0.14 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$1.14b (up 3.9% from FY 2020). Funds from operations (FFO): AU$558.8m (up 7.4% from FY 2020). FFO margin: 49% (up from 48% in FY 2020). Net asset value (NAV) per share: AU$2.17 (down 6.9% from FY 2020). The current share price is 27% lower than NAV per share. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Executive Departure • Jul 14
Chief Financial Officer Nicholas Schiffer has left the company On the 1st of July, Nicholas Schiffer's tenure as Chief Financial Officer ended after 1.8 years in the role. We don't have any record of a personal shareholding under Nicholas' name. Nicholas is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.50 years. Annonce • Feb 18
Vicinity Centres Announces Not to Provide Earnings Guidance for the Full Year of 2021 Vicinity Centres announced that Despite the improvement in trading conditions there remains uncertainty due to the pandemic and as such full year earnings and distribution guidance for fiscal year 2021 will not be provided at this time. Annonce • Dec 15
Vicinity Centres to Report First Half, 2021 Results on Feb 17, 2021 Vicinity Centres announced that they will report first half, 2021 results on Feb 17, 2021 Is New 90 Day High Low • Dec 07
New 90-day high: AU$1.76 The company is up 23% from its price of AU$1.43 on 08 September 2020. The Australian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$2.27 per share. Is New 90 Day High Low • Oct 29
New 90-day low: AU$1.24 The company is down 5.0% from its price of AU$1.31 on 31 July 2020. The Australian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$2.42 per share. Is New 90 Day High Low • Oct 05
New 90-day high: AU$1.45 The company is up 6.0% from its price of AU$1.37 on 07 July 2020. The Australian market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$2.42 per share. Annonce • Aug 20
Vicinity Centres (ASX:VCX) acquired Galleria Shopping Centre. Vicinity Centres (ASX:VCX) acquired Galleria Shopping Centre in 2003.
Vicinity Centres (ASX:VCX) completed the acquisition of Galleria Shopping Centre in 2003. Annonce • Aug 19
An unknown buyer acquired three non-core assets from Vicinity Centres (ASX:VCX) for approximately AUD 230 million. An unknown buyer acquired three non-core assets from Vicinity Centres (ASX:VCX) for approximately AUD 230 million on February 19, 2020.
An unknown buyer completed the acquisition of three non-core assets from Vicinity Centres (ASX:VCX) on February 19, 2020. Annonce • Jul 30
Vicinity Centres (ASX:VCX) completed the acquisition of 50% interest in Uni Hill Factory Outlets from MAB Corporation Pty Ltd. Vicinity Centres (ASX:VCX) agreed to acquire 50% interest in Uni Hill Factory Outlets from MAB Corporation Pty Ltd. for AUD 67.8 million on December 23, 2019. MAB Corporation Pty Ltd. will retain a 50% interest in the asset. The acquisition is subject to ACCC approval, with settlement expected in the second quarter of 2020.
Vicinity Centres (ASX:VCX) completed the acquisition of 50% interest in Uni Hill Factory Outlets from MAB Corporation Pty Ltd. on April 6, 2020. Annonce • Jul 08
Vicinity Centres has completed a Follow-on Equity Offering in the amount of AUD 33.448 million. Vicinity Centres has completed a Follow-on Equity Offering in the amount of AUD 33.448 million.
Security Name: Units Stapled Securities
Security Type: Common Stock
Securities Offered: 22,600,000
Price\Range: AUD 1.48 
