August 21, 2024 06:36 GMT
REAL ESTATE: SCentre (SCGAU A2/A/A): 1H24 Results
REAL ESTATE
- 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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