The Scentre Group Ltd (ASX: SCG) share price is in focus after the company reported customer visits at Westfield destinations grew 3.1% to 160 million in early 2026, with portfolio sales up by 5%.
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What did Scentre Group report?
- Customer visitation reached 160 million, up 3.1% or 4.9 million on the prior period.
- Total business partner sales for the March quarter rose 5.0% to $7.0 billion.
- Specialty sales increased 5.3% during the quarter.
- Portfolio occupancy improved to 99.8%, up 20 basis points from March 2025.
- 636 leasing deals completed, with specialty releasing spreads averaging +3.3%.
- Successfully settled a 19.9% divestment of Westfield Sydney for $864 million.
What else do investors need to know?
Scentre Group's leasing activity remains strong, with average specialty rent escalations of 5.3% in the March quarter. Recent leasing deals reflect confidence from business partners, while the group's redevelopment of Westfield Bondi continues, aiming to lift the centre to a world-class level.
On capital management, the group redeemed US$750 million in senior bonds and issued a $750 million 6-year senior note at a 1.20% margin, signalling a proactive approach to debt and liquidity. Scentre also exited its $50 million investment in a Dexus-managed fund tied to Westfield Chermside.
What's next for Scentre Group?
Scentre Group is sticking with its target for full-year funds from operations (FFO) of at least 23.73 cents per security in 2026, a 4% rise. Distributions are forecast to increase by 4% to 18.43 cents per security.
Management cautioned about the effect of geopolitical volatility and broader economic factors but confirmed the company continues to monitor these potential impacts closely and remains focused on delivering value for investors and communities.
Scentre Group share price snapshot
Over the past 12 months, Scentre Group shares have risen 4%, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 15% over the same period.
