Increased Westfield visitation drives full-year growth for Scentre Group

Westfield Hornsby. (Source: Scentre Group)

Scentre Group has reported funds from operations of $1.0942 billion for last year, a 5.2 per cent increase on 2022.

The group operates 42 Westfield destinations across Australia and New Zealand, which saw total customer visitation of 512 million, up 32 million or 6.7 per cent.

Net operating income rose 8.8 per cent to $1.951 billion, while the group’s portfolio was valued at $34.3 billion as of December 31.

Scentre Group CEO Elliott Rusanow said the group focused on creating the places and experiences that more people choose to come to, more often and for longer.

The group had multiple strategic partnerships with leading brands such as Disney, Live Nation and Netball Australia to attract more customers to its Westfield destinations, Rusanow added.

“As a result, our business partners achieved $28.4 billion in sales, an increase of $1.7 billion or 6.4 per cent compared to 2022 and representing a record across our Westfield platform.”  

Occupancy rate increased to 99.2 per cent at the end of 2023 compared to 98.9 per cent in 2022, resulting in $2723 million of gross rent.

The group also accelerated its Westfield membership program, with the number of members rose by 640,000 to 3.8 million during the year.

For 2024, Scentre Group expects funds from operations to grow by 3 to 5.4 per cent.

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