Business
Rent rebound not enough to save Westfield mall owner from $3.7b loss – Sydney Morning Herald
Retail rents are bouncing back in Scentre Group’s Westfield malls but not enough to save Australia’s largest retail landlord from a $3.7 billion loss.
The jump in rental earnings came in a wave towards the end of last year and resulted in Scentre reporting a significant second-half boost in funds from operations (FFO) – an industry metric that excludes gains or losses from property valuations – to a total of $766 million for the year. In the year before the pandemic, the groups FFO was $1.3 billion.
Mr Allen said 2020 was a challenging year … and whilst uncertainty remains in 2021, subject to no material change in conditions, the group expects…
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