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09 May 2024

Scentre Group Operating Update

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

Scentre Group Chief Executive Officer Elliott Rusanow said: “Our operating results in the early
part of 2024 are pleasing.

“Customer visitation to our 42 Westfield destinations in the first 18 weeks to 5 May 2024 was
175 million, or 2.8 million more than the same period in 2023.

“Our business partners achieved $6.5 billion of sales in the 3 months ended 31 March 2024,
up 2.4% compared to the same period in 2023.

“On a rolling 12-month basis to 31 March 2024, our business partners have achieved sales of
$28.5 billion, $1.0 billion more than in the same period in 2023.

“Cash collections for the first four months were $902 million, $38 million higher than the
corresponding period for 2023. Portfolio occupancy is 99.2% at 30 April 2024.”

Westfield Bondi

On 13 April 2024, Westfield Bondi was the location of an attack that resulted in six innocent
people tragically losing their lives, including one of our security team members.

Mr Rusanow said: “On behalf of Scentre Group, we continue to extend our deepest
condolences to the families and loved ones of the victims of this tragedy.

“We continue to provide support, both financial and non-financial, to the victims’ families as
well as the victims injured during this attack.

“I thank the Westfield Bondi and broader Scentre Group team, together with our security and
cleaning teams, for their tireless efforts during this very difficult time.

“I also thank emergency services, our business partners and their teams, community leaders
and all levels of government for the support, guidance and understanding they have
extended to us throughout the past few weeks.

“Following a Community Reflection Day on 18 April, Westfield Bondi re-opened for trade on 19 April. Counselling and support services continue to be available to our people, customers and business partners.

“We are grateful for the support of our customers with visitation in the last week to Westfield
Bondi at similar levels to the same time in 2023.”

The Group continues to work closely with local police at all its Westfield destinations and is
operating with increased levels of security across the portfolio.

Outlook

Mr Rusanow said: "Our decision to increase security across the portfolio and provide financial
support to our business partners following the tragedy at Westfield Bondi will result in an
increase in operating expenses in 2024.

The Group reconfirms that subject to no material change in conditions, Funds From
Operations are expected to be in the range of 21.75 to 22.25 cents per security for 2024,
representing 3.0% to 5.4% growth for the year.

Distributions are expected to be at least 17.20 cents per security for 2024, representing at
least 3.6% growth for the year.

Authorised by the Chief Executive Officer.

We acknowledge the Traditional Owners and communities of the lands on which our business operates.

We pay our respect to Aboriginal and Torres Strait Islander cultures and to their Elders past and present.

We recognise the unique role of Māori as Tangata Whenua of Aotearoa/New Zealand.


Scentre Group

Looking for a shopping centre or store?
Westfield AU | Westfield NZ

ABN 66 001 671 496

85 Castlereagh St
Sydney NSW 2000

GPO BOX 4004
Sydney NSW 2001

Security Price

$3.20

Updated:
24 June 2024
5:28 PM AEST


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