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05 Nov 2020

Scentre Group Operational Update

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Scentre Group (ASX: SCG) today announced an operational update.

  • All 42 Westfield Living Centres continue to remain open and trading with the highest level of health and safety standards implemented.
  • 92% of retailer stores are now open and trading (including Victoria), with more stores in Victoria to reopen over the coming weeks.
  • During the 10 months ended 31 October 2020, the Group has collected $1,621 million of rent, an increase of $746 million since 30 June 2020.
  • The Group has collected $187 million and $203 million of gross rental billings in the months of September and October respectively.
  • The Westfield Plus membership program now has more than 750,000 members (an increase of 250,000 members since 30 June 2020).
  • In September, the Group issued $4.1 billion of subordinated hybrid notes, further diversifying the Group’s sources of capital and strengthening the Group’s credit metrics.
  • In September, the Group announced the intention, subject to unforeseen circumstances, to pay a distribution in early 2021 from surplus net operating cash flows received during the 2020 year.

Customer visits during the September 2020 quarter were 90% of the same time last year across the portfolio (excluding Victoria).

Portfolio occupancy was 98.4% at the end of September 2020.

Year to date 2020, the Group has completed 1,395 lease deals (renewals and new leases), representing approximately 167,000 square metres of gross lettable area.

Additionally, the Group has reached agreement regarding COVID arrangements with a total of 3,187 retailers, representing 89% of the 3,600 retail brands across our portfolio. This includes agreements with 2,299 SME retailers under the Commercial Tenancies Code of Conduct.

Click here for the full Operational Update