Scentre Group, operator of Westfield shopping centres in Australia and New Zealand, has upgraded its full-year guidance after recording solid results for the fiscal first half.

The group now expects funds from operations (FFO) for FY26 to increase at least 4.25 per cent to 23.79 cents per security, and distribution to also increase approximately 4.25 per cent.

“Our strategy is to grow the economic activity at our Westfield destinations, broaden the businesses that partner with us and unlock growth from our strategic land holdings,” said CEO Elliott Rusanow. “This is expected to continue to deliver sustainable long-term growth in earnings and create significant long-term value.”

For the six months ended June 30, Scentre Group boosted its FFO by 4.4 per cent to $612 million, or 11.73 cents per security, while distribution was up 4.9 per cent to $481 million.

Westfield locations welcomed 347 million customer visitations, an increase of 3.5 per cent on the prior comparable period. Westfield membership grew to 5.2 million, driven by increased engagement through unique member benefits and experiences.

Occupancy remained at its highest level in more than a decade of 99.8 per cent, up 10bps year-on-year. Business partners achieved sales growth of 3.7 per cent, and specialty sales rose 5.1 per cent during the half. 

Statutory profit for the period was $975 million and includes an unrealised property valuation increase of $478 million. As at June 30, the group’s portfolio was valued at $33.7 billion.

“We are focused on attracting more people, more often and for longer to our destinations and continue to deliver strong performance.

“Our ability to create more reasons for customers to visit our destinations continues to enable a broader range of business partners to connect and transact with more customers,” Rusanow added.

Last year, Scentre Group recorded a 4.9 per cent increase in FFO to $1.18 billion.