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REAL ESTATE: SCentre (SCGAU A2/A/A): 1H24 Results

REAL ESTATE
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  • Solid results with continued expansion planned
  • Funds from Operations $568m (10.95c per share +2%)
  • Statutory Profit $404m (8.6c per share +4.2%)
  • Net Operating Income $1,006m +3.5%
  • Debt metrics:  ICR 3.8x; Debt/EBITDA 5.7x
  • Property valuation decrease of $120m.  Total portfolio $34.3b
  • Occupancy 99.3% up from 99.0% - similar to Vicinity – the sector seems very robust. The dip in 2021 was only to 98.5%
  • Pipeline of $4b future retail development.
  • Liquidity covers all debt maturities to end of 2025.
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  • Solid results with continued expansion planned
  • Funds from Operations $568m (10.95c per share +2%)
  • Statutory Profit $404m (8.6c per share +4.2%)
  • Net Operating Income $1,006m +3.5%
  • Debt metrics:  ICR 3.8x; Debt/EBITDA 5.7x
  • Property valuation decrease of $120m.  Total portfolio $34.3b
  • Occupancy 99.3% up from 99.0% - similar to Vicinity – the sector seems very robust. The dip in 2021 was only to 98.5%
  • Pipeline of $4b future retail development.
  • Liquidity covers all debt maturities to end of 2025.