Vicinity Centres announced FY22 results and FY23 guidance

Vicinity Centres (ASX: VCX) announced its FY22 results for the period ended 30 June 2022:

• The company reported Statutory net profit after tax of AU$1,215 million, Funds from operations of AU$598 million or 13.1cps, and Adjusted-FFO of AU$496.8 million or 10.9cp.
• In FY22, Vicinity Centres has an NTA of AU$2.36, up 10.3% from the previous corresponding period, driven by strong FFO growth and a 3.9% uplift in asset valuations, supported by income growth and transaction evidence.
• In August 2022, the company’s Board and joint venture partners approved the development of the One Middle Road office and fresh food and dining projects at Chadstone.
• For FY23, the company anticipates FFO per share and AFFO per share to be in the range of 13.0 to 13.6 cents and 10.9 to 11.5 cents, respectively. The company also expects its full-year distribution payout to be within its target range of 95-100% of AFFO.

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