Customer visits across the Scentre portfolio rose 5.1 pct to 277 million in the 2022 first half and chief executive Peter Allen is confident the full-year tally will hit 500 million.
Westfield operator Scentre has outshone expectations in its 2022 interim earnings as property income from its $34 billion mall portfolio gets back on track sooner than expected and shoppers return in stronger numbers.
“When you’ve got the customer visitation improving, you have the right mix and what that drives is the demand for that space, and we’re seeing that occupancy has increased by 30 basis points to 98.8 per cent,” Mr Allen said.Scentre’s interim result was punctuated with positive metrics, not least its rental income rising 6 per cent to $883.6, which paved the way for an 18.3 per cent rise in funds from operations to $548.6 million. The interim distribution rose 7.1 per cent to 7.5¢.
It is one of a number of factors that makes Mr Allen relatively sanguine about resilience of Westfield’s 42-mall portfolio during a period of rising inflation, as he passes the baton to Mr Rusanow.“What our job is, is we have to continue to grow our market share. So even if there is no growth in retail sales, we still have an opportunity to grow our position in the market,” he said.
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