2353 GMT - Region's 3Q update was relatively strong, featuring continued positive operational momentum backed by improving sales and leasing spreads, says Citi. Leasing spreads rose to 4% in 3Q, from 2.1% in 1H, which highlights Region's improving negotiating power as a landlord. Citi analyst Howard Penny emphasises that Region's malls are largely anchored by supermarkets, which reduces the risk from any slowdown in Australia's economy. "Region currently trades at a circa 8% discount to latest reported net tangible assets at reported cap rates of 6.08%," says Citi, which retains a buy call on the stock. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
April 21, 2025 19:53 ET (23:53 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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