Scentre Group, the owner of 42 Westfield shopping centres in Australia and New Zealand, reported a 4.9% increase in first-half distributions as portfolio performance strengthened.
Funds from operations rose 4.4% to A$612 million in the six months ended June 30, while distributions climbed to A$481 million, or 9.215 cents per security. The group’s statutory profit reached A$975 million, including an unrealized property valuation gain of A$478 million. Portfolio value stood at A$33.7 billion as of June 30.
Operational metrics showed further improvement, with portfolio occupancy hitting 99.8%, the highest level in more than a decade. Business partner sales rose 4.2% to a record A$30.3 billion over the 12 months to June.
Chief Executive Elliott Rusanow said the company remains focused on "generating long-term earnings growth from its Westfield business while unlocking additional value from its land holdings."
For the full year, Scentre Group raised its FFO guidance to at least 23.79 cents per security, implying growth of at least 4.25%. Distribution guidance was also lifted to 18.473 cents per security, matching the same growth target.
