Scentre Group's 2024 success

Scentre Group (ASX: SCG) announced a growth in customer visits, sales, and leasing activity for 2024. Customer visits reached 429 million, a 2.1% increase from 2023. Business partner sales rose to $20.2 billion, marking a 2.3% increase. Portfolio occupancy was strong at 99.4%, with improved rent collections.

Scentre Group's strategic outlook

Scentre Group's announcement highlights its robust performance in 2024, with increased customer visits and business partner sales. The company's development pipeline of $4 billion is progressing, focusing on key projects in Sydney, Melbourne, and Brisbane. Financial maneuvers have strengthened the capital base and lowered debt costs. The Group's commitment to community initiatives remains strong, with continued support through the Westfield Local Heroes program. Looking ahead, the Group forecasts Funds from Operations to grow between 3.0% to 5.4%, with distributions expected to increase by at least 3.6%. Scentre Group aims to enhance its retail and community presence, aligning with its strategic focus on creating extraordinary places.

CEO highlights growth and development

We have welcomed 429 million customer visits to our Westfield destinations, 2.1% more than the same period in 2023. Our business partners have achieved $20.2 billion of sales, 2.3% more than last year. The portfolio occupancy stood at 99.4%, demonstrating strong demand for our retail space. We have made significant progress on our $4 billion development pipeline, executing key projects that enhance our centers. Our financial performance remains robust, supported by strategic capital management. We continue to support the community through the Westfield Local Heroes program.