Mirvac reaffirms FY EPS guidance

By a staff reporter

Mirvac Group Ltd has reaffirmed its full-year earnings per share (EPS) guidance, with the group's retail and office portfolio's both retaining strong occupancy in the third quarter.

In a third-quarter operational update, Mirvac maintained its operating EPS guidance range of 10.7 to 10.8 cents per stapled security.

"I am pleased to announce that we remain on track to deliver our FY13 guidance and our target of 10 per cent return on invested capital for the development division in FY14," Mirvac chief executive officer Susan Lloyd-Hurwitz said.

"Our investment portfolio continues to perform strongly, underpinning the group’s earnings and yield, and our development division is well positioned with further visibility of de-risked earnings into the future."

Ms Lloyd-Hurwitz said the "top down and bottom up analysis" of Mirvac and each business segment as part of the group's annual strategic review resulted in the establishment of targeted directional mandates, focused on delivering value to securityholders.

"What I found to be most compelling about the work that we undertook was the demonstrable value that is derived from Mirvac’s integrated model," she said.

"Our ability to create, own and manage assets is key to delivering focused growth and stable income to investors."

She said Mirvac regularly evaluates M&A opportunities including acquisitions of asset portfolios. 

"All growth opportunities will be consistent with our strategy and are value enhancing to our securityholders," Ms Lloyd-Hurwitz said.