Scentre Group maintains FY26 earnings guidance as Q1 sales hit $7b
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The news: Shopping centre operator Scentre Group has reiterated its guidance for funds from operations (FFO) to be at least 23.73 cents per security, representing a year-on-year growth of 4% for FY26, following strong sales growth and increased customer visitation in the third quarter of FY26.
The numbers: For the three months ended 31 March, total business partner sales reached $7 billion, a 5% increase over the prior corresponding period.
Scentre recorded a portfolio occupancy rate of 99.8%, up 20 basis points from a year ago. Customer visitation across its Westfields shopping centres saw a 3.1% uptick, representing 4.9 million more visits than last year.
The Group also completed 636 leasing deals during the quarter, achieving a positive releasing spread of 3.3.
The context: The Group said based on the stronger operating performance in the first quarter, it has maintained its FFO guidance, with distributions expected to grow by 4% to 18.43 cents per security.
During the period, Scentre confirmed it had settled the 19.9% divestment of Westfield Sydney to Australian Retirement Trust for $864 million at a capitalisation rate of 4.69% in February. The Group also issued a $750 million 6-year senior note in April with a credit margin of 1.20%.
What they said: "Customer visitation to our 42 Westfield destinations from the beginning of this year to 19 April is 160 million, up 3.1% or 4.9 million more than the same period in 2025,” Scentre Group CEO Elliot Rusanow said.
“Our strategy to grow the economic activity that occurs at each of our destinations continues to deliver, with customer visitation growing across all regions,” he added.
The source: ASX
