Vicinity Centres Report 55.8% Decrease in H2 2020 DPS

February 17, 2021 – Vicinity Centres declared a distribution per security (DPS) for the half-year ended 31 December 2020 of 3.4 Australian cents, down more than half from the 7.7 Australian cents seen in the same half-year period in 2019.

Vicinity Centres said the reduced distribution payout ratio of 62.4% was conservatively positioned in light of continued uncertainty around full-year earnings and COVID-19 impacts.

Mr Grant Kelley, CEO and Managing Director, said: “Although the pandemic led to significant financial and operational challenges, Vicinity is well-positioned to benefit from improving economic conditions, with consumer and business confidence now approximating pre-pandemic levels, fuelled by fiscal stimulus measures, record low interest rates and robust COVID management nationally.”

“While the retail industry is showing continuing signs of recovery, we recognise that uncertainty remains, with the potential for further COVID-19 restrictions, the unwinding of temporary government support measures, and a prolonged recovery in CBDs on the eastern seaboard.”

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