Mirvac Group has reaffirmed its earnings forecast, saying it has a 97.8 per cent portfolio occupancy rate and had realised $127 million from its 2012 financial year asset sale program.

In its 2012 first quarter update on Wednesday, the Sydney-based property manager and developer said it still forecast operating earnings of 10.5 to 10.6 cents per stapled security.

Its 8.2 to 8.4 distribution guidance also remained, Mirvac said in the statement on Wednesday.

Leasing at its Bond Street, Sydney, building was almost 90 per cent committed “well ahead of target”, the company said.

“We have also realised $127 million from our FY12 (financial 2012) asset sale program at book value, reconfirming their underlying value.”

The company said it remained focused on “securing development returns via pre-sales and leveraging strategic relationships”.

“The group is well placed on both these objectives with over $925 million in residential exchanged pre-sales and the commencement of strategic relationships with K-REIT Asia and Aviva Investors.”

Highlights for the period included its sale of 50 per cent 8 Chifley Square, Sydney, and 50 per cent of Hoxton Distribution Park for $251.8 million, Mirvac said.

Mirvac managing director Nick Collishaw said: “Mirvac Property Trust has continued to perform well in the current environment with our retail centres recording positive sales growth and maintaining high occupancy levels”.

Stapled securities in Mirvac fell 2.5 cents, or two per cent, to close at $1.245.