Scentre Group increases funds from operations to $612M

• Scentre Group generated $612 million in funds from operations for the first six months of 2026, representing a 4.4% increase.
• The property operator upgraded its full-year earnings and distribution guidance following higher operational performance.
• Customer visitation at Westfield destinations rose 3.3% year-on-year to 552 million annual visits.

Shopping centre operator Scentre Group (ASX:SCG) recorded a 4.4% increase in funds from operations to $612 million for the six months ended June 30.

The result compares with funds from operations of 11.73 cents per security for the period, up from the prior corresponding period.

"So far this year, we have welcomed 347 million customer visitations, an increase of 3.5%, or 12 million, on the prior comparable period. We have attracted 552 million customer visits to our 42 Westfield destinations over the past 12 months, which is a record for our business," said Scentre Group CEO Elliott Rusanow.

Statutory profit for the six-month period reached $975 million, supported by an unrealised property valuation increase of $478 million.

The company upgraded its second-half distribution guidance to 9.26 cents per security, taking expected full-year distributions to 18.47 cents per security.

The group's target for FFO has also been upgraded to at least 23.79 cents per security for 2026, representing at least 4.25% growth for the year.

Following the announcement, the Scentre Group share price was unchanged at $3.67.

The group's total property portfolio was valued at $33.7 billion as of June 30.

Rent escalations increased by 5.5% in the six months to June 30. The group completed 1,401 leasing deals, achieving average releasing spreads of +3.7%.