Scentre Group’s funds from operations up on more Westfield customer visits

Scentre Group’s fund from operations stood at $568.2 million in the first six months, up 2.1 per cent from the year-ago period.

The Westfield shopping centre owner and operator’s net operating income grew 3.5 per cent to $1.01 billion while the group’s portfolio was valued at $34.3 billion.

The group operates 42 Westfield destinations across Australia and New Zealand, which hosted 320 million customer visits, an increase of 1.9 per cent.

During the period, the group operated its shopping centres with increased levels of security following the stabbing attack at Westfield Bondi, which killed six people and impacted many others.

Moreover, the group started the reconfiguration of department store space at Westfield Bondi and Westfield Burwood in Sydney and Westfield Southland in Melbourne.

Meanwhile, Scentre Group said it continues to progress its $4 billion pipeline of future retail development opportunities.

It is also expanding Westfield Sydney on the corner of Market and Castlereagh Streets in Sydney CBD and constructing the adjoining commercial and residential tower on behalf of Cbus Property.

“Our portfolio includes 670 hectares of land holdings. These substantial land holdings, combined with our destinations’ strategic locations, has the potential to provide significant future long-term growth opportunities for the group,” said Elliott Rusanow, Scentre Group CEO.

For the full year, the company reaffirmed its forecasted fund from operations growth of 3 per cent to 5.4 per cent.

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