Mirvac maintains outlook8 February 2024
Mirvac released its interim results for the half year to deliver $201 million in statutory loss, which was driven by the devaluations of property.
The Group’s portfolio maintained a high occupancy rate of 96.9% across the investment portfolio, with a WALE of 5.2 years across office, industrial and retail. The portfolio underwent strong leasing activity, with 198 deals completed across approximately 90,000 sqm. These results were achieved whilst settling more than 1,000 residential lots and a residential pipeline of approximately 8,400 lots.
Mirvac’s Group CEO & Managing Director, Campbell Hanan, said: “We delivered a solid first-half result, executing our key strategic objectives. This included progressing our $1.2bn non-core asset sales program, expanding into the land lease sector through the acquisition of Serenitas, and increasing our industrial exposure with the completion of Switchyard in Sydney.
“Our high-quality investment portfolio remains resilient, with a particularly strong period of leasing, high occupancy of 97 per cent, continued like-for-like NOI growth, and positive momentum across our build to rent assets, with LIV Munro 92 per cent leased at the end of January and LIV Indigo 98 per cent occupied.
“We settled 1,131 residential lots and continued to see good levels of enquiry at our projects, indicating strong underlying demand. While residential sales activity remained subdued during the first half, we have a flexible launch program with well-located product that is ready to benefit from improved buyer sentiment.
“Our focus on growing our relationships with aligned capital partners and selectively deploying capital across our development pipeline will deliver growth and balance sheet resilience over time.”
Mr Hanan added, “Subject to no material change in the operating environment and to delivering on key initiatives, we have reaffirmed guidance of operating earnings per security of 14.0-14.3 cents in FY24 and distribution per security of at least 10.5 cents.”