Scentre Group Lifts Full-Year Guidance to 23.79 Cents on High Mall Occupancy

Scentre Group lifted its full-year earnings forecast after generating $612 million in first-half funds from operations across its Westfield shopping centres in Australia and New Zealand.

The Sydney-headquartered landlord now projects full-year funds from operations to rise at least 4.25 per cent to 23.79 cents per security, with distributions tracking the same percentage increase. Operating earnings reached 11.73 cents per security during the six months to June 30, while distributions rose 4.9 per cent to $481 million.

Sales and Footfall Gains

Customer traffic across the portfolio rose 3.5 per cent to 347 million visits during the first half. Westfield membership expanded to 5.2 million users, supporting higher transaction volumes across managed retail space.

Occupancy reached 99.8 per cent, gaining 10 basis points from the prior year and holding at its highest rate in more than a decade. Specialty retailer sales grew 5.1 per cent over the half, while total partner sales increased 3.7 per cent across the network.

Property Valuations and Portfolio Value

Statutory profit for the half finished at $975 million, supported by an unrealised property valuation increase of $478 million. Total portfolio assets stood at $33.7 billion at the close of June.

The performance reflects solid rental retention across primary retail hubs, matching the previous year’s 4.9 per cent earnings growth when operating funds reached $1.18 billion. Chief Executive Elliott Rusanow confirmed the group will focus on expanding land-use yield and commercial partnerships across its existing properties through the remainder of the fiscal year.