Vicinity Centres (VCX) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by and welcome to Vicinity Centre's FY26 interim results. All participants are in listen-only mode. There will be a presentation followed by a question and answer session. If you would like to ask a question, you will press the star key followed by the number one on your telephone keypad. I'll now let Dan the conference over to Mr Peter Huddle, CEO and Managing Director. Please go ahead. Good morning and thank you for joining us for Vicinity Centre's results call for the six months ended 31 December 2025. Joining me on today's call is Adrian Chai, our Chief Financial Officer. Before we begin, I'd like to acknowledge the traditional custodians on the lands on which we meet today and pay my respects to their elders past and present. I extend that respect to the Aboriginal and Torres Strait Islander peoples on the call today. I'll start today's presentation on slide five. Owing to the continued success of our strategic execution, disciplined focus on delivering our immediate, medium and long-term growth priorities, and amid a supportive retail property sector fundamentals, I am pleased to report that we have had a strong start to FY26. Touching on the results themselves. Vicinity delivered a net profit after tax of $805.6 million for the six months, up by more than 60%, reflecting growth from funds from operation, or FFO, and a meaningful uplift in portfolio valuations. A 3.7% comparable net property income growth reflects the continued strength of our portfolio metrics having increased portfolio occupancy and achieved a leasing spread of positive 4.6%, representing the highest leasing spread reported since Vicinity's inception in 2015. And of note, strong cash flows generated by our retail assets were augmented by a lowering of cap rates, which r...