• Completed Chadstone development with The Market Pavilion and One Middle Road office tower
• Acquired 50% of Lakeside Joondalup, WA
• Comparable NPI growth of 3.7% led by premium assets

Vicinity Centres reported a strong FY25 result, with statutory net profit after tax of $1,004.6 million. Funds from operations (FFO) increased by 1.4%, or 3.6% when adjusted for one-off items and higher loss of rent from developments. The company's comparable net property income (NPI) growth was 3.7%, benefiting from strong operating metrics, particularly across the premium portfolio, as well as stronger ancillary income growth. Vicinity continued to reposition its portfolio, with a focus on premium retail assets anchored by experience. This included the completion of the Chadstone development, with the opening of The Market Pavilion and the new One Middle Road office tower. The company also acquired a 50% interest in Lakeside Joondalup, further strengthening its premium asset portfolio. Leasing metrics remained positive, with a leasing spread of 2.5% and occupancy strengthening to 99.5%. The company's specialty occupancy cost ratio of 14.1% highlights the potential for continued rent growth. Vicinity's balance sheet remained strong, with gearing at 26.6% and ample liquidity to cover all FY26 debt expiries and committed development spend. The company issued $500 million of Australian dollar medium-term notes and negotiated $1 billion of new and extended bank debt facilities.Looking ahead, Vicinity is progressing a number of future mixed-use development opportunities, including the transformation of Chatswood Chase into Northern Sydney's luxury fashion capital and the redevelopment of Galleria.

Vicinity Centres expects to deliver FFO per security of 14.5 to 14.8 cents for the full year FY25.

Vicinity Centres remains cautiously optimistic about the retail sales outlook for FY26, with improving retail sales momentum throughout FY25, particularly in the second half and fourth quarter.