Scentre talks tough as rent war flares up

Nick LenaghanProperty editor

Aug 25, 2020 – 9.45am

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Key Points

Revenue ($m) 1094.1, down -16.0%
FFO ($m) 361.9, down 46.0%
Net loss ($m) -3613.3 vs 740.0 profit
Interim dividend (c) nil vs 11.3

Westfield operator Scentre Group has issued a strong warning on its right to collect rent and its commitment to conventional retail leases after booking in an interim loss of $3.6 billion, brought lower by hefty write-downs on its malls portfolio.

Disputes over rent collection and the long-standing structure of retail leases flared into the open last week, when Scentre closed dozens of stores operated by Mosaic Brands and Strandbags in its Westfield malls.

Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts.