Creating extraordinary places

Highlights

$43.3bn
Assets under management
$617m
Funds from Operation (FFO)
11.61c
FFO per security
10.65c
Distribution per security
2.6%
Comparable NOI Growth
2.0%
GROWTH IN Distribution per security
$22.6bn
Total sales
$11,000
Average Specialty Store Sales (psm)

Overview

Scentre Group is the pre-eminent Australia & New Zealand focused shopping centre A-REIT. It owns and operates interests in 40 Westfield shopping centres, including 16 of the top 25 performing centres in Australia1 and has assets under management of $43.3bn.

Key highlights for the 6 months to 30 June 2016 include:

Earnings
For the half year FFO was $617m or 11.61 cents per security, representing growth of 2.0%.
The forecast FFO growth for the 12 months ending 31 December 2016 of approximately 5% and forecast distribution of 21.3 cents per security is reconfirmed.
Excluding the impact of transactions, underlying FFO is forecast to increase in excess of 5%.

Specialty Sales
The average specialty sales per square metre (psm) for the portfolio, reached a new benchmark of $11,000 psm.

Comparable NOI Growth
For the 6 months to 30 June 2016, comparable NOI increased by 2.6%. The forecast range of 2.5 – 3.0% growth for the full year is maintained.

Developments
Commenced $605m of developments (SCG share $480m);
Completed $855m of projects (SCG share $170m), including Casey Central, Westfield Marion Fresh Food, and the third party design and construction project at Pacific Fair.

Capital Management
Issued €500m ($745m) of 2023 bonds.
Redeemed $900m of bonds in July 2016.
Agreed to redeem $600m of Property Linked Notes. The remaining Notes of approximately $560m will remain outstanding and have future review dates of 31 December 2021, 2022 and 2023.


1. Source: Shopping Centre News Big Guns 2015. Based on total sales for the 12 months to 31 December 2015.

Our Operations

Australia
34 Centres
A$29.5BILLION1

New Zealand
6 Centres
NZ$1.4BILLION1

Portfolio Summary

As at 30 June 20161 Total
Centres 40
Number of Retail Outlets 11,657
Gross Lettable Area (m sqm) 3.6
SCG Interest (bn) $30.80
JV Partner Interests (bn) $12.50
Assets Under Management (bn) $43.30
Weighted Average Capitalisation Rate 5.54%

1. Includes construction in progress and assets held for development

portfolio by gla1

portfolio by asset value (SCG share)1