Inspired by possibility and delivering change

08 March 2023
Our Interim Results for 1H23, demonstrates strength of our diversified platform, with Retail Town Centres delivering strong operational and financial performance.


For more than 70 years, we have been creating and curating connected and thriving communities where people live, shop and work. As we continue to build on our legacy, we’ve refreshed our brand to match our bold vision of a better future for people, cities and the planet. Our new brand captures what’s at the heart of our thinking – believing in better ways to live and imagining the possibilities when we work together.

Our new logo – our Possibility Symbol – expresses that possibility and our energy, optimism and drive for a better future. Our new brand also reflects how we think beyond traditional bricks and mortar to create and manage vibrant places and spaces full of energy and our 1H23 results signal the strength of this thinking.

We’ve started the year in a strong financial position and while there are challenges ahead in this uncertain environment, there are also big opportunities. At 21 February 2023, the Group’s funds from operations (FFO) were $353m, up 0.7%.

The work we’ve done in recent years to reposition and remix our portfolio has paid off with our towns centre portfolio delivering FFO growth of 5.0%. We posted total comparable sales growth of 10.6% and specialty sales growth of 11.9% compared to pre-COVID-19 results in 2019 and our specialty sales of $10,009 sqm is 13.6% above Urbis averages.

Market challenges will always be a factor but the confidence of our retailers in the quality and value of our town centre shows with positive leasing spreads of 2.5%, improved occupancy costs of 15.2%, and high levels of occupancy (99.4%).

We maintained our focus on putting sustainability front and centre with a 5-Star NABERS energy and 3.7-Star NABERS Water average rating and a 4-Star Greenstar Performance.

As interest rates and inflation continue to bite, our town centres are well positioned to weather the expected tightening of household budgets ahead this year.

We know that our customers’ desire for connection, belonging and excitement are all unchanged in 2023. It’s why we will continue to strengthen our essentials-based town centres portfolio with $0.7bn in future developments. By investing in tomorrow, we’re building a future-fit and resilient portfolio to better navigate the headwinds today.

In 2023/24, our focus will be on continued growth, collaboration and bold new ways to navigate uncertainty and change to drive better outcomes for our customers.

Find out more on our 1H23 Interim Results here.