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Westfield Delivers Strong Results, Despite Tight Restrictions

Scentre Group, who operated 42 Westfield Malls in Australia and New Zealand, have reported a 12.7 per cent rise in its yearly earnings of 2021, doing so “even with more COVID-19 restrictions”, according to outgoing CEO Peter Allen.

“This demonstrates our proactive approach to generating long-term value for our security holders,” Allen said.

“We have positioned the group for growth for many years to come.”

Allen announced today he will be stepping down as CEO at the end of September, a position he held for eight years.

Scentre’s operating profit for 2021 was $845.8 million, up 10.9 per cent. Funds from operations were $862.5 million, up 12.7 per cent. Net Operating Cashflows were $913.6 million, an increase of 24.8 per cent.

The group collected $2,258 million in rent throughout the year, up $200 million from 2020, a year which was plagued in rent freezes and reductions for mall landlords.

Westfield Centres had 413 million customer visits during the year, ringing up $22.1 billion in sales across its approximately 12,000 stores

During 2021, Scentre did 2,497 lease deals, including 1,090 new merchants.

Westfield Centres currently have a 98.7 per cent occupancy rate.

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