Central Group (ASX:SCG)owner and operator of 42 Westfield centers across Australia and New Zealand, has provided an operational update for the current year. The company reported 429 million customer visits as of November 3, 2024, up 2.1% from the same period in 2023, while merchant partner sales reached $20.2 billion, marking an increase by 2.3% on an annual basis. Total annual sales reached a record $28.8 billion by September 30, 2024.
Portfolio occupancy stood at 99.4%, up 30 basis points compared to September 2023. Average leasing spreads for the first nine months of 2024 were positive at +1.7%, with increases in special rents average +5.5%. The group collected $2.073 billion in gross rent, an increase of $78 million from 2023.
The company has highlighted progress in its $4 billion commercial development pipeline, with significant projects in Sydney and Melbourne, including the Westfield Sydney expansion and reconfigurations at Westfield Bondi Junction and Southland.
Scentre issued A$900 million in subordinated notes in September, refinancing $656 million of existing debt to reduce costs. The group also co-founded the $175 million West Lakes Opportunity Trust, acquiring a 50% stake in Westfield West Lakes in South Australia.
Scentre reaffirmed its 2024 funds operating forecast of 21.75 to 22.25 cents per title and distribution growth of at least 3.6%, forecasting a low of 17.20 cents per title.