Scentre talks tough as rent war flares up
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.
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