Westfield Customers Return from Hibernation

12 May 2023

Scentre Group Chief Executive Officer Elliott Rusanow said: “Our strategy to attract more people to our destinations delivered strong operating performance in the early part of 2023.

“We welcomed 163 million customer visits in the first 17 weeks of the year, an increase of 20 million or 13.7% compared to the corresponding period in 2022. On a rolling 12-month basis customer visitations were 499 million, up 22.6% on the previous corresponding period.

“Our focus is providing people with more reasons to visit our destinations and so far this year, we have activated more than 3,300 events.

“Our business partners achieved $6.4 billion of sales in the quarter, up 14.4% compared to the corresponding quarter in 2022. On a rolling 12-month basis to 31 March 2023, our business partners achieved record sales of $27.5 billion.

“Cash collections for the first four months were $864 million, $64 million higher than the corresponding period for 2022 and in excess of 100% of gross billings. Portfolio occupancy is 98.9% as at 30 April 2023.

“Operating as a responsible, sustainable business underpins our strategy. During the period we released our 2022 Responsible Business Report and our first Climate Statement to provide stakeholders with a progress update on our objective to achieve net zero by 2030.”

The Group reconfirms, subject to no material change in conditions, that Funds from Operations will be in the range of 20.75 to 21.25 cents per security for 2023, representing 3.4% to 5.9% growth for the year.

Distributions are expected to be at least 16.50 cents per security for 2023, representing at least 4.8% growth for the year.