Scentre Group, owner of the Westfield shopping centre portfolio, has upgraded its second-half distribution guidance following a solid interim performance. Funds From Operations (FFO) rose 3.2% to A$587 million, with FFO per security also up 3.2% to 11.28 cents. Distributions increased 2.5% to 8.815 cents per security.
The company reaffirmed its full-year 2025 FFO target of 22.75 cents per security, representing 4.3% growth. Distribution guidance for the second half has been lifted to 8.905 cents per security, 3.5% higher than the prior year, which equates to full-year distribution growth of 3%.
Scentre reported a half-year profit of A$782 million, which included an unrealised property valuation gain of A$177 million, bringing its portfolio valuation to A$34.7 billion.
Chief executive Elliott Rusanow highlighted customer engagement, with more than 340 million visits across 42 Westfield centres – 10 million more than last year. “Our business partners achieved record sales of A$29.3 billion in the 12 months to 30 June 2025, an increase of A$719 million on the same period in 2024,” he said.
Occupancy reached 99.7%, the highest since 2017, with specialty rent escalations up 4.5% and new lease spreads rising 3%. Rusanow also emphasised the group’s role in addressing housing needs, citing 670 hectares of strategic land holdings as a future opportunity for town centre and residential development.