Scentre Group (OTCPK:STGPF)

$ 1.95 0 (0%) Market Cap: 11.91 Bil Enterprise Value: 22.26 Bil PE Ratio: 36.11 PB Ratio: 0.80 GF Score: 72/100

Half Year 2024 Scentre Group Earnings Call Transcript

Aug 20, 2024 / 11:00PM GMT

Release Date Price: $2.08

Transcript

Key Points

Positve

Funds from operations increased by 2% to $568 million for the first half of 2024.
Net operating income grew by 3.5% to $1.006 billion.
Portfolio occupancy increased to 99.3%, up from 99% a year ago.
The Westfield membership program saw a significant increase, now boasting over 4.1 million members.
Scentre Group (STGPF) has a $4 billion pipeline of future retail development opportunities.

Negative

Property expenses increased due to higher award rates for cleaning and security subcontractors.
The statutory result included an unrealized property revaluation decrease of $120 million.
Average specialty occupancy costs rose to 16.9%, up from 16.3% a year ago.
Project income decreased significantly from $10.6 million to $3 million.
The weighted average interest rate for the 6-month period was relatively high at 5.6%.

Operator

Thank you for standing by, and welcome to the Scentre Group 2024 half year results update.

(Operator Instructions) Please note that this conference is being recorded today, Wednesday, August 21, 2024 at 9:00 AM Australian Eastern Standard Time. I would now like to hand the conference over to Mr. Elliott Rusanow. Please go ahead.

Elliott Chaim Aaron Rusanow

Scentre Group - Chief Executive Officer, Managing Director, Director

Thank you, and good morning, everyone. Welcome to Scentre Group's Half Year 2024 Results Briefing. Before we begin, I would like to acknowledge the traditional custodians of the land I am on this morning and pay my respects to their elders past and present.

I am joined today on the call by our Chief Financial Officer, Andrew Clarke; together with Lillian Fadel, Group Director of Customer, Community and Destinations; John Papagiannis, Group Director of Businesses; and Stewart White, Director of Development, Design and Construction. Our focus on delivering on our purpose of connecting and enriching communities and

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