Scentre Group year-to-date rent, traffic up; keeps FY guidance
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The news: Westfield-owner Scentre Group has reported higher rent collections and traffic at its Westfield shopping centres for the first nine months of 2024 and reaffirmed its full-year guidance.
The numbers: The mall owner said total customer visitor numbers for the nine months to 30 September were up 2.1% from a year ago to 429 million. Store sales rose 2.3% in the period to $20.2 billion, while portfolio occupancy was at 99.4% at September-end.
Gross rent collections were $78 million higher from a year ago to $2.07 billion.
The context: Chief executive Elliott Rusanow said demand for space from a diverse range of business partners remained strong.
The group has continued to progress its $4 billion pipeline of future retail development opportunities including reconfiguration of department store space at Westfield Bondi and Westfield Burwood in Sydney and Westfield Southland in Melbourne.
The group has reiterated its guidance for funds from operations to grow between 3% and 5.4% for the full year, and for distributions to be at least 17.20 cents per security, representing a 3.6% growth from a year ago.
The source: ASX announcement
