A major listed shopping centre landlord has upgraded full-year distribution guidance, citing resilient foot traffic and stronger-than-expected specialty retailer sales across its portfolio.
Occupancy across the trust's flagship centres has climbed back above pre-pandemic levels, with leasing spreads turning positive for the first time in several years.
“Retail property was written off a few years back — the reports of its death were premature,” one property fund manager said.
Management flagged further capital expenditure on mixed-use redevelopment at several centres to capture additional foot traffic.