However, I think a 46.8% year to date decline could present a buying opportunity for speculative investors. Shopping centre landlord Vicinity Centres will raise $1.4 billion and cancel its half-year distribution in a further sign of retail stress amid the coronavirus pandemic. Picture: David GeraghtyShopping mall owners Vicinity Centres has reported a massive financial haemorrhage as the economic downturn caused by COVID-19 has drastically reduced the value of its commercial property portfolio. Vicinity's approach to COVID-19 (Coronavirus) As the global situation around COVID-19 (Coronavirus) continues to evolve, we wanted to share with you the steps we are taking. A major shopping mall owner has warned the value of its property portfolio has been hit by COVID-19. The rapid spread of the virus that causes COVID-19 has sparked alarm worldwide. Picture: Asanka Ratnayake / Getty ImagesThe group said its flagship portfolio, which includes Chadstone, premium CBD retail and direct factory outlet centres, had only declined 8.8 per cent in value.Vicinity Centres chief executive Grant Kelley said the smaller devaluation of flagship portfolio affirmed the company’s long-term strategy of retaining more properties in metropolitan markets.“A portion of the valuation decline in the period relates to assistance in the form of rent waivers provided by Vicinity to retailers impacted by the COVID-19 pandemic,” he said.“It is important to note that retail property is one of the few industries where partial rent waivers, not just rent deferrals, are being offered to impacted businesses, notwithstanding legal obligations under leases.”Vicinity Centres’ main shopping centre in Brisbane, Queens Plaza. For the second half, Vicinity collected about two-thirds of the rent owed. Photo by Darrian Traynor/Getty ImagesThe group’s revenue for the period fell 5.4 per cent to $1.2 billion.Shopping centre owners have also been impacted by retail closures, which prompted rent relief negotiations between tenants and landlords.Vicinity said it had agreed to 1700 short-term lease variation agreements with retailers, with pandemic rental waivers impacting the group’s funds from operations.Funds from operations for financial year 2020 was $520.3 million, a $169 million decline compared to the previous corresponding period.Mr Kelley said the company was unable to give earnings and dividend guidance for the 2021 financial year due to continued uncertainty fuelled by the pandemic.The Galeries shopping centres in Sydney CBD. A major shopping mall owner has warned the value of its property portfolio has been hit by COVID-19.As the lockdowns strengthen amid the COVID-19 pandemic, several huge brands have had to close their doors and lay off thousands of workers.Vicinity Centres has been forced to the lower the value of its property portfolio due to COVID-19. The coronavirus pandemic continues to weigh on the Vicinity Centres share price given the restrictions on movement and store capacity. As a result, shopping centre landlord Vicinity Centres has downgraded its earnings forecast in the first sign the coronavirus outbreak is adding insult to injury for retailers. The co-owners of Melbourne’s iconic Chadstone shopping mall posted a net loss of $1.8 billion for the 12 months ending June 30, a 620.4 per cent decline from the recorded profit in financial year 2019.Chadstone Shopping Centre remains quiet as stage 4 lockdown continues in Melbourne. Shopping mall owners Vicinity Centres has reported a massive financial haemorrhage as the economic downturn caused by COVID-19 has drastically … Picture: Ian CurrieMajor shopping mall owner Vicinity Centres has warned the ongoing economic downturn sparked by COVID-19 has forced it to devalue the worth of its property portfolio.


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