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Australian shopping centre REIT owning major malls including a stake in Chadstone, Australia's largest shopping centre.
Australian shopping centre REIT owning major malls including a stake in Chadstone, Australia's largest shopping centre.
In one line: A smaller Australian mall REIT peer to Scentre.
Moat: narrow (scale, installed base). Owns prime, high-traffic mall real estate including a stake in Australia's highest-turnover shopping centre.
Headquarters: Melbourne, Australia · Founded: 2015
Size Vicinity Centres (VCX.AX) is an Australia Real Estate company (Real Estate Investment Trusts) with a market value of $8.01B, the 43rd largest of 316 Australia companies the cockpit tracks. Shares closed at A$2.47 on 6 Nov 2026.
Performance Over six months the shares gained 0.4%, against -1.3% for the median peer and +4.1% for the Australia market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 2.6% over the last twelve months (peer median +7.3%); the operating margin is 52.4% (peer median 38.8%).
Valuation It trades at 0.94× book value against a peer median of 1.68× (4th cheapest of 21).
Price implies The share price implies a return on equity of about 9.7%; Vicinity Centres delivers 12.0%, so the price asks less than the business earns today.
Credit Vicinity Centres has 2 bonds outstanding ($694M), rated A by the agencies and trading like BBB at a weighted spread of 119 bp.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$1.37B | A$1.37B | A$1.33B | A$1.33B | A$1.28B |
| Revenue growth | — | +3% | 0% | +4% | — |
| Gross profit | A$969M | A$969M | A$949M | A$944M | A$927M |
| EBITDA | A$720M | A$720M | A$983M | A$831M | A$864M |
| Net income | A$1.39B | A$1.39B | A$1.00B | A$547M | A$272M |
| Free cash flow | A$242M | A$242M | A$216M | A$690M | A$368M |
| Capital expenditure | A$432M | A$432M | A$440M | A$600,000 | A$335M |
| Total debt | n/a | A$4.95B | A$4.85B | A$4.62B | A$4.46B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Vicinity Centres VCX.AX | $8.01B | 0% | +3% | 12% | 0.94× | 9.7% |
| Scentre SCG.AX | $13.1B | -1% | -4% | 10% | 0.97× | 11.6% |
| Stockland SGP.AX | $7.74B | +15% | +15% | 10% | 1.04× | 11.7% |
| GPT GPT.AX | $6.88B | +11% | -8% | 10% | 0.92× | 11.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VCX.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.9% | +4.1% | 8th highest of 21 |
| 6-month return | +0.4% | -1.3% | 9th highest of 21 |
| Return on equity | 12.0% | 8.2% | 5th highest of 21 |
| Price / book | 0.94× | 1.68× | 4th cheapest of 21 |
| Trailing P/E | 8.2× | 21.8× | 2nd cheapest of 16 |
| ROE the price implies | 9.7% | 13.4% | 6th least demanding of 21 |
| ROE delivered | 12.0% | 8.2% | 5th highest of 21 |
| Bond spread | 119 bp | 97 bp | 2nd widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Vicinity Centres VCX.AX | Australia | $8.01B | 0% | +3% | 12% | 0.94× | 9.7% | 12.0% |
| Rexford Industrial Realty REXR | United States | $8.02B | +4% | -2% | -6% | 1.16× | 11.7% | -5.9% |
| MERLIN Properties SOCIMI MRL.MC | Spain | $8.05B | -23% | +13% | 10% | 0.77× | 8.0% | 9.9% |
| Choice Properties Real Estate Investment Trust CHP-UN.TO | Canada | $7.95B | -1% | +4% | -2% | 2.66× | 14.7% | -1.7% |
| NNN REIT NNN | United States | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% | 8.9% |
| Alexandria Real Estate Equities ARE | United States | $7.80B | -2% | -10% | -9% | 0.52× | 7.0% | -9.1% |
| Stockland SGP.AX | Australia | $7.74B | +15% | +15% | 10% | 1.04× | 11.7% | 9.5% |
| Land Securities LAND.L | United Kingdom | $7.51B | +20% | +7% | 5% | 0.77× | 11.9% | 5.3% |
| COPT Defense Properties CDP | United States | $7.43B | +4% | +7% | 11% | 2.42× | 17.3% | 11.2% |
| CapitaLand Ascendas REIT A17U.SI | Singapore | $8.83B | -9% | +7% | 7% | 0.99× | 5.2% | 7.0% |
| Charter Hall CHC.AX | Australia | $7.26B | +14% | -19% | 37% | 18.01× | 213.5% | 36.9% |
| Terreno Realty TRNO | United States | $7.24B | 0% | +18% | 9% | 1.61× | 14.0% | 9.2% |
| Lineage LINE | United States | $8.91B | -2% | +1% | -2% | 1.13× | 9.9% | -2.0% |
| First Industrial Realty Trust FR | United States | $7.13B | -14% | +9% | 13% | 2.57× | 20.9% | 13.2% |
| CareTrust REIT CTRE | United States | $9.03B | -8% | +53% | 9% | 2.01× | 14.7% | 9.1% |
| Agree Realty ADC | United States | $9.09B | -8% | +18% | 4% | 1.34× | 8.2% | 3.8% |
| STAG Industrial STAG | United States | $7.06B | -6% | +9% | 8% | 1.93× | 15.5% | 7.6% |
| Macerich MAC | United States | $7.04B | +14% | +9% | -14% | 2.50× | 33.9% | -14.5% |
| Ryman Hospitality Properties RHP | United States | $9.11B | +19% | +13% | 26% | 6.58× | 55.9% | 26.0% |
| Brixmor Property BRX | United States | $9.21B | +1% | +5% | 14% | 3.05× | 23.1% | 14.2% |
| CapitaLand Investment 9CI.SI | Singapore | $9.22B | -11% | -15% | 1% | 0.94× | 7.9% | 1.5% |
Vicinity Centres has 2 bonds outstanding with $694M face value. The agencies rate it A; its bonds trade like BBB. Weighted yield 4.15%, a spread of 119 bp over government bonds.