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Scentre talks tough as rent war flares up

Nick Lenaghan
Nick LenaghanProperty editor

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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.

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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. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com

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    Original URL: https://www.afr.com/property/commercial/westfield-operator-scentre-posts-3-6b-loss-as-rent-war-flares-20200824-p55owk