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.
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%.
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.
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.
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.
|As at 30 June 20161||Total|
|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