Vicinity Centres share price drops on portfolio devaluation news

published 24.07.2020 04:14

The Vicinity Centres (ASX: VCX) share price is down by 2.49% to $1.37 at the time of writing, after the group announced a portfolio net valuation decline of 11.3%.

This resulted in a net valuation decline for its overall portfolio of 11.3% or $1.79 billion for the 6-month period to 30 June 2020.

While the overall portfolio net valuation decline was 11.3%, the results highlighted the resilience of our Flagship portfolio, affirming our strategy and weighting towards metropolitan markets with strong long-term fundamentals.”

Mr Kelly went on to say “We remain confident in our strategy of focusing on market-leading destinations, which we believe will deliver returns for investors over the medium to long term, and ensure our retailers have the best platform to reach consumers…” The company has advised that customer visitation to many of its centres, particularly those that are less reliant on office workers or tourists, is close to pre-COVID-19 levels.

Year to date, the Vicinity Centres share price is down by 44.98% and is currently selling at a price-to-earnings ratio of 4.38.

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