Scentre Group (ASX:SCG) has reaffirmed its full-year earnings guidance following a robust first quarter, underpinned by an increase in consumer activity across its Westfield portfolio.
The group maintained its forecast for funds from operations to reach at least 23.73 cents per security, targeting a 4% year-on-year growth for FY26.
The outlook follows a quarter where total business partner sales hit a record $7 billion, marking a 5% increase over the previous corresponding period.
The group’s operational metrics remain exceptionally tight, with portfolio occupancy climbing to 99.8%, a 20-basis-point improvement from last year.
The demand was mirrored in leasing activity, with 636 deals completed during the quarter at a positive leasing spread of 3.3%.
Foot traffic continues to be a primary driver of this momentum; customer visitation across 42 Westfield destinations rose by 3.1%, totalling 160 million visits by mid-April—an addition of 4.9 million visits compared to 2025.
Beyond floor performance, Scentre Group strengthened its balance sheet through strategic capital management.
The period saw the settlement of a 19.9% divestment of Westfield Sydney to the Australian Retirement Trust for $864 million, alongside a $750 million senior note issuance in April.
CEO Elliot Rusanow attributed the results to a deliberate strategy of enhancing economic activity at each destination, noting that growth is being realised across all geographic regions.
Distributions are expected to grow by 4%, reaching 18.43 cents per security for the full year.
At the time of reporting, Scentre Group’s share price was $3.60.