Vicinity Centres (VCX) AGM 2024 summary

Opening remarks and agenda

• Chairman welcomed security holders, directors, employees, and guests, acknowledged traditional custodians, and outlined the meeting agenda, including financial reflections, CEO address, Q&A, and formal business.

• Board members and key executives were introduced, with special mention of retiring director Clive Appleton and nominee Angus McNaughton.

• Housekeeping covered hybrid meeting format, voting procedures, and instructions for participation and technical support.

Financial performance review

• Statutory net profit for FY24 was AUD 547.1 million, up from AUD 271.5 million in FY23; FFO was AUD 665 million, up 3.2% after adjustments.

• FFO per security was AUD 0.146, exceeding guidance, with comparable net property income up 4.1%.

• Total shareholder return reached 34% since the previous AGM.

• Portfolio occupancy improved to 99.3% as of June 2024, with positive leasing spreads and robust retailer confidence.

• Emissions intensity reduced by 38% for the Net Zero portfolio compared to FY16.

Board and executive committee updates

• Clive Appleton retired from the Board; Angus McNaughton nominated as Gandel Group representative.

• New audit partner Kylie Bowden introduced, succeeding Michael Collins.

• Directors Tim Hammon and Janette Kendall stood for re-election, highlighting their governance, risk, and ESG experience.

• Board comprises Chairman Trevor Gerber, CEO and Managing Director Peter Huddle, and eight other directors.

• Angus McNaughton sought election, emphasizing alignment with major shareholder interests and deep sector experience.