Scentre Group Operating Update

Scentre Group (ASX: SCG) today announced an operating update.

Scentre Group Chief Executive Officer Elliott Rusanow said: “Customer visitation to our 42 Westfield destinations in the 18 weeks to 4 May 2025 was 179 million, up 2.3% or 4.1 million more than the same period in 2024.

“Our business partners achieved $6.7 billion of sales in the 3 months ended 31 March 2025, up 2.8% compared to the same period in 2024.

“On a rolling 12-month basis to 31 March 2025, our business partners achieved record sales of $29.1 billion.

“We continue to see strong demand from businesses to lease space in our destinations. Portfolio occupancy is 99.6% at 31 March 2025. Average specialty rent escalations were 4.4% during the 3 months to 31 March 2025. The Group completed 635 leasing deals in the quarter, with an average leasing spread of +2.1%.”

Works have progressed on the staged redevelopment of Westfield Bondi in Sydney where the new Virgin Active lifestyle fitness offer and new rebel rCX concept store on Level 1 will open in June 2025.

The expansion of Westfield Sydney on the corner of Market and Castlereagh Streets in Sydney’s CBD continues, with new luxury brands to progressively open from May 2025.

The Group’s 42 Westfield destinations are located on more than 670 hectares of land holdings, close to where millions of people live and work, as well as existing and planned transport infrastructure. In March, following the new NSW Housing Delivery Authority process, Westfield Warringah was declared a state significant development with the potential to create up to 1,500 dwellings.

Mr Rusanow said: “This is a significant opportunity for our business and gives us the option to use an accelerated planning process to deliver growth. We continue to collaboratively participate in state and local planning processes to secure similar opportunities across many of our destinations during 2025 and beyond.”

In March, the Group completed the make-whole redemption of all the remaining Subordinated Non-Call 2026 Fixed Rate Reset Notes totalling $1.0 billion. This was funded through a combination of $350 million of undrawn bank facilities, and a new $650 million Subordinated Non-Call 2031 Note at a margin of 2.0%.

Westfield Bondi

On 13 April 2024, Westfield Bondi was the location of a random and devastating attack where six innocent people lost their lives. We again extend our deepest and most heartfelt condolences to the families and loved ones of the victims, and all those impacted by the attack. The Group observed the one year anniversary alongside the NSW Government, Waverley Council and the broader community.

The NSW State Coroner’s Bondi Junction Inquest commenced on 28 April 2025 and hearings are scheduled until the end of May. Our team continues to provide full assistance to the NSW Coroner.

Outlook

The Group reconfirms that subject to no material change in conditions, the Group’s target for FFO is 22.75 cents per security for 2025, representing 4.3% growth for the year.

Distributions are expected to grow by 2.5% for 2025 to 17.63 cents per security.

Authorised by the Chief Executive Officer.