Scentre Continues to Upscale Virtuous Development Cycle. Fair Value Raised 6% to AUD 4.50
Scentre Group reported first-half fiscal 2016 funds from operations, or FFO, or AUD 617 million or AUD 11.61 cents per security and a distribution of AUD 10.65 cents per security. Contracted rental escalators drove the 2.5% growth in first-half net property income, or NPI, towards the lower end of the full-year guidance range of NPI growth of 2.5% to 3.0%. Full-year guidance for FFO of AUD 22.25 cents per security was maintained (implying growth of approximately 3%) and distributions of AUD 21.3...Scentre Group is engaged in the ownership, development, design, construction, asset management, leasing and marketing activities with respect to its Australian and New Zealand portfolio of retail properties. Co.'s operational segment comprises the property investments and property and project management segments. The property investments segment includes existing shopping centers and completed developments. The property and project management segment includes property management and development. As of Dec 31 2015, Co. had a portfolio of 34 centers in Australia and six centers in New Zealand.
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