Cash flow Vicinity Centres

Equities

VCX

AU000000VCX7

Commercial REITs

Market Closed - Australian S.E. Other stock markets 12:10:17 2026-01-23 am EST			5-day change	1st Jan Change
2.490 ^AUD	-1.19%		-1.97%	-2.73%

Jan. 15	ASX Most Active Stocks	MT
Dec. 03	Australian REITs Expected to Outperform Broader Equities, Says Jefferies	MT

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Published financial data: VICINITY CENTRES

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: June	2021	2022	2023	2024	2025
Rental Revenues	1.12B	1.12B	1.21B	1.25B	1.27B
Property Management Fee	48.8M	56.6M	64.8M	67.8M	52.4M
Interest and Investment Income, Total (Revenue Block)	1.7M	2.6M	6.8M	9.1M	8.2M
Other Revenues, Total	-34.2M	15.9M	-50.9M	-14.3M	49.4M
Total Revenues	1.14B	1.2B	1.23B	1.31B	1.38B
Property Expenses	299M	348M	350M	396M	400M
Selling General & Admin Expenses, Total	2.9M	6.1M	7.3M	7.6M	8.7M
Depreciation & Amortization - (IS) - (Collected)	6.1M	5.5M	4.9M	4.5M	4.2M
Amortization of Goodwill and Intangible Assets - (IS)	-	-	-	-	-
Provision for Bad Debts	88M	13.7M	-21.5M	-200K	-
Other Operating Expenses	135M	141M	150M	148M	143M
Total Operating Expenses	531M	515M	490M	556M	556M
Operating Income (REIT / Utility Template)	604M	684M	740M	756M	824M
Interest Expense, Total	-169M	-189M	-206M	-218M	-236M
Net Interest Expenses	-169M	-189M	-206M	-218M	-236M
Currency Exchange Gains (Loss)	77.5M	-10.3M	-140M	6.9M	-166M
Other Non Operating Income (Expenses)	-117M	89.9M	67.7M	37.8M	182M
EBT, Excl. Unusual Items	396M	574M	462M	583M	604M
Total Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-	-	-	-
Asset Writedown	-643M	633M	-196M	-38.9M	395M
EBT, Incl. Unusual Items	-247M	1.21B	266M	544M	999M
Income Tax Expense	10.9M	-7.6M	-5.4M	-2.9M	-5.3M
Earnings From Continuing Operations	-258M	1.22B	272M	547M	1B
Net Income to Company	-258M	1.22B	272M	547M	1B
Net Income - (IS)	-258M	1.22B	272M	547M	1B
Net Income to Common Incl Extra Items	-258M	1.22B	272M	547M	1B
Net Income to Common Excl. Extra Items	-258M	1.22B	272M	547M	1B
Per Share Items
Net EPS - Basic	-0.06	0.27	0.06	0.12	0.22
Basic EPS - Continuing Operations	-0.06	0.27	0.06	0.12	0.22
Basic Weighted Average Shares Outstanding	4.55B	4.55B	4.55B	4.55B	4.56B
Net EPS - Diluted	-0.06	0.27	0.06	0.12	0.22
Diluted EPS - Continuing Operations	-0.06	0.27	0.06	0.12	0.22
Diluted Weighted Average Shares Outstanding	4.56B	4.56B	4.56B	4.56B	4.57B
Normalized Basic EPS	0.05	0.08	0.06	0.08	0.08
Normalized Diluted EPS	0.05	0.08	0.06	0.08	0.08
Dividend Per Share	0.1	0.1	0.12	0.12	0.12
Payout Ratio	-60	42.32	192.01	100.68	51.37
Supplemental Items
EBITDA	610M	689M	745M	761M	828M
EBITA	604M	684M	740M	756M	824M
EBIT	604M	684M	740M	756M	824M
EBITDAR	624M	706M	763M	783M	852M
Total Revenues (As Reported)	1.17B	1.18B	1.28B	1.33B	1.33B
Effective Tax Rate - (Ratio)	-4.41	-0.63	-2.03	-0.53	-0.53
Current Domestic Taxes	9.1M	-	-	3.8M	3M
Total Current Taxes	9.1M	5.4M	3.6M	3.8M	3M
Deferred Domestic Taxes	1.8M	-	-	-6.7M	-8.3M
Total Deferred Taxes	1.8M	-13M	-9M	-6.7M	-8.3M
Normalized Net Income	247M	359M	289M	364M	378M
Interest Capitalized	400K	1.5M	3.4M	8.4M	18.1M
Interest on Long-Term Debt	33.3M	34.8M	34.8M	35.3M	36.2M
Supplemental Operating Expense Items
Net Rental Expense, Total	14.5M	16.4M	18.3M	21.9M	23.7M
Imputed Operating Lease Interest Expense	4.71M	6.25M	7.12M	8.73M	10.13M
Imputed Operating Lease Depreciation	9.79M	10.15M	11.18M	13.17M	13.57M
Stock-Based Comp., SG&A Exp. (Total)	2.9M	6.1M	7.3M	7.6M	8.7M
Total Stock-Based Compensation	2.9M	6.1M	7.3M	7.6M	8.7M

Fiscal Period: June	2021	2022	2023	2024	2025
Assets
Net Property Plant And Equipment	13.32B	14.4B	14.32B	14.8B	15.09B
Total Real Estate Assets	13.32B	14.4B	14.32B	14.8B	15.09B
Cash And Equivalents	47.2M	55.6M	193M	49.6M	80.7M
Accounts Receivable, Total	30M	60M	48.3M	32.1M	28.9M
Other Receivables	28.4M	6.5M	14.2M	8.2M	4.6M
Investment In Debt and Equity Securities	5.3M	135M	132M	107M	78.9M
Goodwill	-	-	-	-	-
Other Intangibles, Total	164M	164M	164M	164M	171M
Other Current Assets, Total	51M	50.6M	62M	269M	152M
Trading Asset Securities, Total	-	300K	39.1M	39.5M	23.7M
Deferred Tax Assets Long-Term (Collected)	61.7M	69.3M	74.7M	77.6M	82.9M
Other Long-Term Assets, Total	586M	614M	541M	178M	629M
Total Assets	14.3B	15.55B	15.58B	15.73B	16.34B
Liabilities
Current Portion of Long-Term Debt	-	41M	323M	488M	1.08B
Current Portion of Leases	34.1M	27.7M	5.4M	6M	6M
Long-Term Debt	3.46B	3.72B	3.75B	3.74B	3.4B
Long-Term Leases	354M	361M	382M	386M	390M
Accounts Payable, Total	97.1M	117M	110M	127M	114M
Accrued Expenses, Total	93.7M	96.1M	99.1M	105M	131M
Unearned Revenue, Current	22.6M	21.6M	29.2M	20.2M	22.4M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	315M	43.2M	94.1M	111M	58.6M
Pension & Other Post Retirement Benefits	-	-	-	-	-
Other Non Current Liabilities	42.8M	237M	153M	101M	10.3M
Total Liabilities	4.42B	4.67B	4.95B	5.09B	5.21B
Common Stock, Total	9.1B	9.1B	9.1B	9.1B	9.13B
Retained Earnings	776M	1.78B	1.53B	1.52B	1.99B
Comprehensive Income and Other	3.5M	6M	8.8M	13.3M	13.8M
Total Common Equity	9.88B	10.89B	10.64B	10.64B	11.13B
Total Equity	9.88B	10.89B	10.64B	10.64B	11.13B
Total Liabilities And Equity	14.3B	15.55B	15.58B	15.73B	16.34B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	4.55B	4.55B	4.55B	4.55B	4.56B
ECS Total Common Shares Outstanding	4.55B	4.55B	4.55B	4.55B	4.56B
Book Value / Share	2.17	2.39	2.34	2.34	2.44
Tangible Book Value	9.72B	10.72B	10.47B	10.47B	10.96B
Tangible Book Value Per Share	2.13	2.36	2.3	2.3	2.4
Total Debt	3.85B	4.15B	4.46B	4.62B	4.88B
Net Debt	3.8B	4.1B	4.23B	4.53B	4.77B
Debt Equivalent Oper. Leases	116M	131M	146M	175M	190M
Equity Method Investments, Total	479M	514M	438M	91.8M	541M
Account Code - Inventory Valuation	3	3	3	3	3
Full Time Employees	1.2K	1.27K	-	1.26K	1.25K
Part Time Employees	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	128M	75.4M	7.5M	6.2M	4.4M

Fiscal Period: June	2021	2022	2023	2024	2025
Net Income	-258M	1.22B	272M	547M	1B
Depreciation, Depletion & Amortization	6.1M	5.5M	4.9M	4.5M	4.2M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Total Depreciation, Depletion & Amortization	6.1M	5.5M	4.9M	4.5M	4.2M
Amortization of Deferred Charges, Total	64.7M	62.5M	68.8M	72.6M	73.7M
Total Asset Writedown	643M	-633M	196M	38.9M	-395M
(Income) Loss On Equity Investments - (CF)	48.2M	-24M	50.9M	14.3M	-49.4M
Stock-Based Compensation (CF)	-	-	-	-	-
Change in Accounts Receivable	30.9M	-15M	26.2M	24.6M	21.8M
Change in Other Net Operating Assets (Collected)	58.1M	35.3M	600K	13.1M	-3.7M
Other Operating Activities	54.1M	-56.7M	83.4M	-25M	-5M
Cash from Operations	647M	590M	702M	690M	651M
Acquisition of Real Estate Assets, Total	-163M	-636M	-335M	-337M	-435M
Sale of Real Estate Assets, Total	37.2M	130M	134M	309M	684M
Net Sale / Acquisition of Real Estate Assets	-126M	-505M	-200M	-27.7M	249M
Cash Acquisitions	-	-	-	-325M	-
Divestitures	-	-	-	-	-
Purchase / Sale of Intangible Assets	-	-	-	-	-5M
Investment in Marketable and Equity Securities, Total	-	-7M	-3M	-82.8M	-421M
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-126M	-512M	-203M	-436M	-177M
Long-Term Debt Issued, Total	406M	1.37B	840M	1.54B	1.91B
Total Debt Issued	406M	1.37B	840M	1.54B	1.91B
Long-Term Debt Repaid, Total	-983M	-916M	-672M	-1.38B	-1.82B
Total Debt Repaid	-983M	-916M	-672M	-1.38B	-1.82B
Issuance of Common Stock	32.6M	-	-	-	-
Repurchase of Common Stock	-300K	-4.1M	-5M	-3.2M	-8.2M
Common Dividends Paid	-155M	-514M	-521M	-551M	-516M
Common & Preferred Stock Dividends Paid	-155M	-514M	-521M	-551M	-516M
Other Financing Activities, Total	-1.8M	-1.6M	-3.5M	-6M	-7M
Cash from Financing	-702M	-68.8M	-362M	-398M	-443M
Net Change in Cash	-180M	8.4M	137M	-143M	31.1M
Supplemental Items
Cash Interest Paid	161M	181M	194M	205M	228M
Net Debt Issued / Repaid	-577M	451M	168M	162M	88.2M
Levered Free Cash Flow	721M	124M	440M	266M	534M
Unlevered Free Cash Flow	821M	242M	569M	403M	681M
Change In Net Working Capital	-377M	258M	-26.4M	154M	-86.2M

Fiscal Period: June	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.55	2.86	2.97	3.02	3.21
Return on Total Capital	2.62	2.97	3.07	3.11	3.29
Return On Equity %	-2.52	11.7	2.52	5.14	9.23
Return on Common Equity	-2.52	11.7	2.52	5.14	9.23
Margin Analysis
Gross Profit Margin %	73.66	70.96	71.58	69.86	71.04
SG&A Margin	8.6	8.8	8.99	8.83	8.38
EBITDA Margin %	53.72	57.51	60.55	58	60.01
EBITA Margin %	53.18	57.05	60.15	57.65	59.71
EBIT Margin %	53.18	57.05	60.15	57.65	59.71
Income From Continuing Operations Margin %	-22.73	101.41	22.06	41.7	72.82
Net Income Margin %	-22.73	101.41	22.06	41.7	72.82
Net Avail. For Common Margin %	-22.73	101.41	22.06	41.7	72.82
Normalized Net Income Margin	21.78	29.95	23.47	27.78	27.37
Levered Free Cash Flow Margin	63.57	10.31	35.79	20.31	38.71
Unlevered Free Cash Flow Margin	72.3	20.17	46.25	30.7	49.38
Asset Turnover
Asset Turnover	0.08	0.08	0.08	0.08	0.09
Fixed Assets Turnover	0.08	0.09	0.09	0.09	0.09
Receivables Turnover (Average Receivables)	29.33	26.22	23.54	32.77	43.34
Short Term Liquidity
Current Ratio	0.28	0.5	0.54	0.47	0.21
Quick Ratio	0.19	0.35	0.45	0.15	0.1
Operating Cash Flow to Current Liabilities	1.15	1.7	1.06	0.81	0.46
Days Sales Outstanding (Average Receivables)	12.44	13.92	15.51	11.17	8.42
Average Days Payable Outstanding	103.76	112.33	118.47	109.66	109.96
Long Term Solvency
Total Debt/Equity	38.91	38.15	41.94	43.45	43.84
Total Debt / Total Capital	28.01	27.61	29.55	30.29	30.48
LT Debt/Equity	38.57	37.52	38.85	38.81	34.05
Long-Term Debt / Total Capital	27.76	27.16	27.37	27.06	23.67
Total Liabilities / Total Assets	30.89	30.01	31.74	32.35	31.91
EBIT / Interest Expense	3.57	3.62	3.59	3.47	3.5
EBITDA / Interest Expense	3.65	3.68	3.64	3.51	3.53
(EBITDA - Capex) / Interest Expense	3.64	3.67	3.64	3.51	3.53
Total Debt / EBITDA	6.24	5.98	5.95	6.04	5.86
Net Debt / EBITDA	6.17	5.9	5.64	5.92	5.74
Total Debt / (EBITDA - Capex)	6.26	5.99	5.96	6.04	5.87
Net Debt / (EBITDA - Capex)	6.18	5.91	5.65	5.93	5.75
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	3.92	5.58	2.69	6.62	5.14
Gross Profit, 1 Yr. Growth %	7.59	1.71	3.59	4.05	6.91
EBITDA, 1 Yr. Growth %	21.16	13.02	8.13	2.12	8.81
EBITA, 1 Yr. Growth %	20.84	13.25	8.28	2.19	8.9
EBIT, 1 Yr. Growth %	20.84	13.25	8.28	2.19	8.9
Earnings From Cont. Operations, 1 Yr. Growth %	-85.67	-571.01	-77.66	101.51	83.62
Net Income, 1 Yr. Growth %	-85.67	-571.01	-77.66	101.51	83.62
Diluted EPS Before Extra, 1 Yr. Growth %	-88.01	-569.84	-77.67	101.51	83.4
Normalized Net Income, 1 Yr. Growth %	11.12	45.17	-19.55	26.21	3.6
Net Property, Plant and Equip., 1 Yr. Growth %	-3.71	8.05	-0.56	3.38	1.96
Accounts Receivable, 1 Yr. Growth %	-39.52	100	-19.5	-33.54	-9.97
Total Assets, 1 Yr. Growth %	-6.18	8.78	0.21	0.91	3.92
Common Equity, 1 Yr. Growth %	-6.42	10.16	-2.27	0.01	4.6
Tangible Book Value, 1 Yr. Growth %	-6.53	10.33	-2.3	0.01	4.6
Cash From Operations, 1 Yr. Growth %	37.03	-8.86	19.12	-2.21	-5.67
Capital Expenditures, 1 Yr. Growth %	0	33.33	-43.75	-33.33	133.33
Levered Free Cash Flow, 1 Yr. Growth %	-819.96	-82.74	205.63	-39.48	100.36
Unlevered Free Cash Flow, 1 Yr. Growth %	5.94K	-70.59	117.1	-29.23	69.14
Dividend Per Share, 1 Yr. Growth %	29.87	4	15.38	-2.08	2.13
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-6.76	4.74	4.12	4.64	5.88
Gross Profit, 2 Yr. CAGR %	-6.49	4.61	2.64	3.82	5.48
EBITDA, 2 Yr. CAGR %	-13.62	17.02	10.55	5.08	5.41
EBITA, 2 Yr. CAGR %	-14.06	16.99	10.74	5.19	5.49
EBIT, 2 Yr. CAGR %	-13.86	16.99	10.74	5.19	5.49
Earnings From Cont. Operations, 2 Yr. CAGR %	-13.66	-17.86	2.58	-32.9	92.36
Net Income, 2 Yr. CAGR %	-13.66	-17.86	2.58	-32.9	92.36
Diluted EPS Before Extra, 2 Yr. CAGR %	-20.72	-24.95	2.44	-32.91	92.24
Normalized Net Income, 2 Yr. CAGR %	-17.64	27.01	8.07	0.76	14.35
Net Property, Plant and Equip., 2 Yr. CAGR %	-6.87	2	3.66	1.39	2.67
Accounts Receivable, 2 Yr. CAGR %	-6.34	9.99	26.89	-26.86	-22.65
Total Assets, 2 Yr. CAGR %	-8.27	1.02	4.4	0.56	2.4
Common Equity, 2 Yr. CAGR %	-7.66	1.53	3.76	-1.14	2.28
Tangible Book Value, 2 Yr. CAGR %	-6	1.55	3.82	-1.15	2.28
Cash From Operations, 2 Yr. CAGR %	-1.16	11.76	4.19	8.2	-3.95
Capital Expenditures, 2 Yr. CAGR %	-10.56	15.47	-13.4	-38.76	24.72
Levered Free Cash Flow, 2 Yr. CAGR %	33.32	11.05	-21.59	36	10.11
Unlevered Free Cash Flow, 2 Yr. CAGR %	25.26	321.72	-16.78	23.95	9.41
Dividend Per Share, 2 Yr. CAGR %	-20.69	16.22	9.54	6.29	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-5.9	-2.82	4.05	4.95	4.81
Gross Profit, 3 Yr. CAGR %	-6.4	-3.83	4.27	3.11	4.85
EBITDA, 3 Yr. CAGR %	-9.31	-5.52	13.98	7.66	6.31
EBITA, 3 Yr. CAGR %	-9.61	-5.78	14.01	7.81	6.41
EBIT, 3 Yr. CAGR %	-9.45	-5.63	14.01	7.81	6.41
Earnings From Cont. Operations, 3 Yr. CAGR %	-40.4	51.99	-46.78	28.47	-6.15
Net Income, 3 Yr. CAGR %	-40.4	51.99	-46.78	28.47	-6.15
Diluted EPS Before Extra, 3 Yr. CAGR %	-43.39	43.47	-49.89	28.35	-6.19
Normalized Net Income, 3 Yr. CAGR %	-12.18	-0.51	9.08	13.81	1.7
Net Property, Plant and Equip., 3 Yr. CAGR %	-5.73	-2.14	1.14	3.57	1.58
Accounts Receivable, 3 Yr. CAGR %	51.66	20.61	-0.88	2.28	-21.61
Total Assets, 3 Yr. CAGR %	-6.48	-2.91	0.75	3.22	1.67
Common Equity, 3 Yr. CAGR %	-6.55	-2.07	0.25	2.49	0.74
Tangible Book Value, 3 Yr. CAGR %	-5.5	-0.85	0.25	2.53	0.73
Cash From Operations, 3 Yr. CAGR %	-2.88	-3.8	14.16	2.18	3.36
Capital Expenditures, 3 Yr. CAGR %	-39.43	2.17	-9.14	-20.63	-4.35
Levered Free Cash Flow, 3 Yr. CAGR %	23.14	-32.73	63.79	-28.07	54.75
Unlevered Free Cash Flow, 3 Yr. CAGR %	17.91	-22.69	247.29	-21.16	37.48
Dividend Per Share, 3 Yr. CAGR %	-15.03	-13.19	15.94	5.52	4.89
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-3.21	-2.06	-2.01	0.1	4.78
Gross Profit, 5 Yr. CAGR %	-3.76	-3.14	-2.88	-0.84	4.75
EBITDA, 5 Yr. CAGR %	-6.81	-4.24	-1.84	-1.42	10.47
EBITA, 5 Yr. CAGR %	-7	-4.4	-1.96	-1.53	10.52
EBIT, 5 Yr. CAGR %	-6.93	-4.33	-1.86	-1.44	10.52
Earnings From Cont. Operations, 5 Yr. CAGR %	-23.12	-5.16	-25.94	9.59	-11.02
Net Income, 5 Yr. CAGR %	-23.12	-5.16	-25.94	9.59	-11.02
Diluted EPS Before Extra, 5 Yr. CAGR %	-25.22	-7.78	-28.23	5.86	-14.2
Normalized Net Income, 5 Yr. CAGR %	-7.5	-3.98	-4.58	-0	11.16
Net Property, Plant and Equip., 5 Yr. CAGR %	-1.6	-1.65	-2.08	-0.74	1.75
Accounts Receivable, 5 Yr. CAGR %	18.57	46.8	41.22	-1.26	-10.24
Total Assets, 5 Yr. CAGR %	-2.04	-1.36	-2.27	-1.54	1.41
Common Equity, 5 Yr. CAGR %	-1.85	-1.51	-2.55	-1.7	1.05
Tangible Book Value, 5 Yr. CAGR %	-1.06	-0.78	-1.87	-0.97	1.06
Cash From Operations, 5 Yr. CAGR %	-2.7	-4.22	-0.11	0.83	6.64
Capital Expenditures, 5 Yr. CAGR %	-18.8	-24.68	-30.12	-16.74	3.13
Levered Free Cash Flow, 5 Yr. CAGR %	29.38	-28.23	2.65	-8.07	39.74
Unlevered Free Cash Flow, 5 Yr. CAGR %	21.72	-20.24	2.6	-5.09	118.79
Dividend Per Share, 5 Yr. CAGR %	-10.79	-9.68	-5.94	-5.87	9.28