Scentre Group — portfolio, operations and development record

Research form: source-led factual company, asset and project record; no valuation, target price, trading view or investment recommendation. Company / listing: Scentre Group, ASX: SCG. Reporting currency: Australian dollars unless a source expressly states otherwise. Fiscal-year basis: FY2021–FY2025; each period ended 31 December. Primary reporting cut-off: the FY2025 Annual Report, issued 24 February 2026, covering the year ended 31 December 2025. Later events are labelled as such, rather than folded into FY2025. Method: annual-report and Property Compendium sections were read across all five periods; information below is selected, compared and reorganised from the linked public issuer documents. AI-led preparation: AI was used actively for evidence extraction, comparison, drafting, translation preparation and explanatory organisation. The final record retains source links and disclosure limits; it is not a substitute for the underlying documents.

> Reading rule. Figures, labels and asset interests in Scentre reporting can use different perimeters. This report keeps those perimeters visible. A stated fact is not a valuation opinion, forecast, causal claim or recommendation.

Scentre Group is reported as a stapled group, not as a single ordinary-share property company. A quoted Scentre security comprises one share in Scentre Group Limited and one unit in each of Scentre Group Trusts 1, 2 and 3; the four interests trade together. The financial-reporting parent is Scentre Group Limited. This legal and accounting description is important, but it does not determine the economic interest in any individual Westfield destination.

For FY2021–FY2025 (each year ended 31 December), Scentre described its operating platform as an owner, operator, manager and developer of retail property assets in Australia and New Zealand. The terminology changed from “Westfield Living Centres” in the FY2021 material to “Westfield destinations” in later reporting; the disclosed estate count remained 42. FY2025’s annual report, issued on 24 February 2026, covers the 12 months to 31 December 2025, rather than activity in 2026.

Measures that must not be merged

The annual reports and Property Compendiums use several different portfolio boundaries. They are retained separately throughout this report.

The FY2025 annual report gives the following five-year AUM and SCG-share record. These are management presentation measures; they should not be read as a series of statutory total assets or a sum of individual property values.

At FY2021, Scentre separately described $16.0bn of third-party funds; at FY2022 it described $16.2bn of third-party funds alongside $35.0bn of Group investment. These disclosures illustrate why the Group’s share and the total managed platform must stay distinct. For FY2023, the annual report described $50.2bn AUM as a $34.3bn SCG investment and $15.9bn third-party funds. The FY2024 suite separately reported $50.2bn AUM, $34.7bn SCG share of AUM, $34.245bn Property Compendium total-portfolio value and, in its segment reconciliation, $31.610bn consolidated shopping-centre investments plus $2.635bn equity-accounted interests. At 31 December 2025, the Group reported 42 destinations, $51.2bn AUM and $34.0bn SCG share of AUM.

Estate scope and five-year continuity

The five Property Compendiums record 42 destinations at each 31 December reporting date: 37 in Australia and five in New Zealand. Inclusion in a yearly portfolio table records that a destination was part of Scentre’s reported estate at that date; it is not proof that the centre was wholly owned. The FY2025 portfolio schedule reports two ACT, 15 NSW, six Queensland, three South Australian, seven Victorian, four Western Australian and five New Zealand destinations.

At 31 December 2025, the Property Compendium reported 3.901m sqm retail GLA, 11,587 tenants, 540.1m annual visits and A$33.667bn total portfolio book value on its stated portfolio basis. The New Zealand rows in that schedule are denominated in NZD; the compendium supplies its own stated translation basis for the total. This total portfolio book value is not the Group’s $51.2bn AUM. The same FY2025 material reports more than 670 hectares of land holdings, including 169ha NSW, 179ha Victoria, 127ha Queensland, 78ha Western Australia, 65ha South Australia, 54ha New Zealand and 17ha ACT. Land holdings are not a measure of delivered development or retail GLA.

Complete destination register at 31 December 2025

Every row below was listed in the Property Compendium’s portfolio tables in FY2021, FY2022, FY2023, FY2024 and FY2025. “50%” and “51%” are the issuer’s reported economic-interest fields. They do not by themselves establish identical governance or accounting treatment. In particular, the FY2025 annual report identifies Mt Druitt, Southland and Tea Tree Plaza as equity-accounted Australian shopping-centre investments, while other 50%-owned interests can have different accounting treatment. Scentre’s disclosed property, leasing and development-management roles are also separate from ownership.

Five-year changes and dated ownership boundaries

• FY2021: the 42-centre inventory used the name *Garden City* for the Queensland destination subsequently labelled Westfield Mt Gravatt. That is a reporting/name boundary, not evidence of an acquisition or disposal.
• FY2022: the Property Compendium used Westfield Mt Gravatt for the same destination; the estate remained at 42 destinations.
• FY2023: the estate remained at 42 destinations. The compendium continued to show the asset-level mix of 100%, 50% and New Zealand 51% interests. It recorded Carindale as a 50%-owned property-trust interest; the annual-report property note disclosed Scentre’s 65.17% interest in CPT at that date.
• FY2024: the 42-destination scope continued. The annual report described the June 2024 Tea Tree Opportunity Trust capital-partnership transaction; the 50% Tea Tree Plaza asset interest should be read with the related accounting and management disclosures rather than as a generic asset acquisition.
• FY2025: Scentre sold 25% interests in Westfield Chermside in July and December 2025, retaining 50% and the stated property, leasing and development-management roles. The annual report’s financial-statement note records $1,366.1m consideration for the 50% Chermside sale. Westfield Sydney was still shown at 100% at the 31 December 2025 balance date. Its 19.9% interest sale settled on 3 February 2026, so it is a subsequent-event update, not an FY2025 closing ownership percentage.

Five-year record and reporting boundaries

Scentre Group reports customer visits and business-partner sales across its Westfield destination platform. These are portfolio measures. Westfield membership, customer advocacy (NPS), centre-event activity, leasing activity and property income measures are related but separately reported measures; none is used here as proof that another caused it. All periods below are years ended 31 December.

Visit-count rounding and source treatment

The FY2022 Annual Financial Report presents 480m customer visits, while the FY2022 Property Compendium’s total-portfolio row gives 479.6m. The report uses 480m in the five-year comparison table because it is the Annual Financial Report’s rounded whole-platform annual figure; 479.6m is retained here as the Property Compendium’s one-decimal total-portfolio presentation rather than recast as a contradiction or silently substituted. A comparable formatting difference appears in FY2024: the Annual Report presents 526m visits and the Property Compendium gives 525.9m. The issuer materials reviewed do not state that these pairs use different scopes; the report therefore labels the document and precision used for each figure and does not derive an adjusted series.

FY2021: restrictions, operating continuity and platform activity

For FY2021, Scentre reported 413m visits and A$22.1bn annual sales. It described all Westfield Living Centres as remaining open under COVID-Safe protocols while also reporting the government-restricted trading days and the affected jurisdictions. Westfield Plus membership reached 2.2m, an increase of 1.6m in the year, and NPS was 38. The Group also reported that Westfield Direct had been launched across all 37 Australian centres in the fourth quarter: more than 150 business partners had joined, Australian centres operated as distribution hubs, and more than half of orders used click-and-collect. These are reported platform-rollout and customer-engagement facts, not a quantified contribution to sales or rent.

FY2022: annual traffic/sales record, membership and centre activity

The FY2022 Annual Financial Report reported 480m visits, 67m above FY2021, and A$26.7bn business-partner sales, 21.0% above FY2021. Westfield membership exceeded 3.2m after adding more than one million members. The reported NPS was 40; the issuer stated that this comparison excluded Westfield Knox while it was under development. The Group completed more than 15,400 centre events, including 3,500 cultural, community and sustainability engagement initiatives. It also reported an Auslan Santa pilot. Separately, it stated A$21m of community investment over the preceding four years; this is a four-year cumulative disclosure, not an FY2022-only expenditure.

FY2023: visits, sales, research and outlet mix

FY2023 reporting recorded 512m visits, 32m (6.7%) above FY2022, and A$28.4bn business-partner sales, A$1.7bn (6.4%) above FY2022. Westfield membership exceeded 3.8m, up 640,000, while NPS was reported at 46. The annual report describes customer feedback obtained through surveys, social channels and online reviews, as well as a 24,000-member research community. It also records the platform’s 3,700 businesses, approximately 12,000 outlets, and approximately 45% experience-based-store mix. These portfolio descriptions do not form a tenant-by-tenant register.

FY2024: customer activity and the dated Bondi safety record

For FY2024, Scentre reported 526m visits, A$29.0bn sales and 4.5m Westfield members. It reported an NPS of 49, more than 22,000 events, more than 4,000 community/cultural events, and more than 900,000 attendees at Olympic Live Sites/Fan Zones. The annual-report and property-compendium materials describe customer activations, including Disney, Live Nation and Australian/New Zealand Olympic and Paralympic Team partnerships. Those descriptions are company context; this report does not treat them as an independently demonstrated cause of changes in visits or sales.

On 13 April 2024, an attack occurred at Westfield Bondi. The FY2025 Annual Report records six deaths, including a member of the security team, and describes the first anniversary, support and counselling arrangements, and the Bondi Junction Inquest. The event is retained as a dated safety and community fact. The materials reviewed do not support turning it into a portfolio-wide assertion about FY2024 sales, valuations, distributions or net operating income.

FY2025: reported scale and engagement measures

FY2025 reporting gives 540m visits, A$30.0bn business-partner sales, five million registered customers and NPS of 56. The Annual Report identifies 3,700 business partners across 12,000 outlets, with 45% of outlets described as experience-based. It reports more than 21,000 cultural/community events and engagement initiatives, approximately 1,200 businesses entering through media and retail pop-ups, and approximately 40 moving to long-term stores. The Property Compendium additionally reports regional visit totals of 251.2m for NSW, 81.4m for Victoria, 74.6m for Queensland, 44.2m for New Zealand, 37.2m for Western Australia, 31.8m for South Australia and 19.7m for the ACT. Those rounded regional values are not recomputed into a different portfolio total here.

Five-year leasing and property-performance record

The table deliberately keeps occupancy, deal activity, specialty-lease terms, gross rent collections, property revenue, net operating income (NOI), business-partner sales and FFO separate. The issuer uses different measurement bases across these disclosures. In particular, where disclosed below, property revenue/expenses/NOI are the issuer’s proportionate presentation (including equity-accounted entities on a gross basis); gross rent collection is a cash-collection measure; and FY2025 like-for-like NOI growth has stated exclusions.

Occupancy, lease activity and contractual-rent disclosures

Portfolio occupancy rose in the reported year-end series from 98.7% in FY2021 to 99.8% in FY2025. The figure is portfolio occupancy at each 31 December date. It is neither a same-centre sales measure, a lease-expiry measure nor a property-valuation measure. Scentre reported 2,497 lease deals in FY2021, 3,409 in FY2022, 3,273 in FY2023, 3,253 in FY2024 and 3,090 in FY2025. Deal counts include different deal categories where separately disclosed; they must not be interpreted as a count of new outlets alone.

The annual reports expressly give specialty lease metrics in FY2023–FY2025. FY2023 reported +3.1% new specialty lease spreads and 7.5% average specialty-rent escalations; FY2024 reported 2.0% and 5.2%; FY2025 reported 3.2% and 4.5%. The evidence used here does not supply an equivalent historical metric for FY2021 or FY2022, so the table states “not separately captured” rather than manufacturing a five-year series. Nor are specialty-lease terms applied to all rent, tenants or individual destinations.

Property Compendium disclosures provide additional structural context. In FY2021, the Group said the portfolio had been more than 98% leased for more than 20 years and that 99% of rental income was contracted base rent. FY2024 and FY2025 compendiums also reported 99% contracted base rent. This describes the stated income composition for each year, not a forecast or guarantee of future occupancy, collections or rent escalation.

Gross rent collections versus revenue and NOI

Gross rent collections were reported as A$2.258bn in FY2021, A$2.592bn in FY2022, A$2.723bn in FY2023, A$2.821bn in FY2024 and A$2.905bn in FY2025. The FY2023 and FY2025 reports additionally described collection as 103% and 100.3% of billings respectively. This report keeps those cash-collection figures separate from property revenue, NOI, FFO and statutory profit.

For the issuer’s proportionate financial-performance bridge, FY2022 reported property revenue of A$2.3739bn, property expenses of A$581.0m and NOI of A$1.7929bn. FY2023 reported A$2.5284bn revenue, A$577.7m expenses and A$1.9507bn NOI. FY2024 reported A$2.6438bn revenue, A$614.3m expenses and A$2.0295bn NOI. The FY2024 bridge is explicitly a proportionate basis presentation including equity-accounted entities on a gross basis and is stated unaudited by the auditor. These values should not be mixed with a consolidated accounting property-revenue line, retail sales or cash collections.

FY2025 reports 4.8% like-for-like NOI growth, but the CEO review specifies that this excludes the partial divestment of Westfield Chermside and the release of the Expected Credit Charge. The report retains those exclusions rather than treating 4.8% as an unqualified total-portfolio NOI growth rate. Likewise, the FY2022 expected COVID-19 credit charge of A$14.3m and FY2021 comparator of A$168.8m belong to the FFO bridge; they are neither rental income nor an occupancy metric.

Lease maturity, tenant and concentration measures

The property-compendium measures are an additional leasing-information lane and retain their stated basis. In FY2021, Scentre reported a portfolio WALE of 5.9 years and 393,498 sqm covered by lease deals. It reported that anchor retailers represented 50.3% of GLA and 17% of rental income, with 282 anchor stores, 1.8962m sqm GLA and an 8.2-year average lease term remaining. The same compendium said no single anchor tenant accounted for more than 3% of rental income and no specialty retailer more than 2%.

In FY2024, the Property Compendium reported a 5.3-year portfolio WALE and 503,191 sqm covered by completed deals. Its anchor table reported 286 stores, 1.873m sqm (49.9% of retail GLA) and a 7.1-year average lease term remaining. It separately reported 99% contracted base rent; its ten highest-valued retail centres represented 58% of the portfolio; no single anchor business partner contributed more than 3% of rental income and no specialty business partner more than 2%.

For FY2025, the compendium reported average specialty-store rent of A$1,933 per sqm, average specialty-store sales of A$1.904m, and specialty sales MAT of A$12,901 per sqm for stores under 400 sqm. It reported 288 anchor stores, 1.861m sqm and a 6.3-year average lease term remaining; anchors represented 49.5% of GLA and 15.5% of rental income. The same source states that the ten highest-valued centres represented 56% of the portfolio, with no single anchor business partner above 3% of rental income, no specialty business partner above 2%, and no parent group above 4%. These are stated concentration and operating metrics, not issuer or MII credit ratings.

Integration controls retained for assembly

1. The report’s five-year visit series uses the rounded Annual Financial Report figures: 413m, 480m, 512m, 526m and 540m. Property Compendium one-decimal totals (479.6m in FY2022 and 525.9m in FY2024) remain explicitly disclosed source presentations, not silently overwritten.
2. No inference connects COVID restrictions, the Westfield Bondi attack, centre events, membership, store mix, sales, occupancy, NOI, valuation or distributions. Where management describes an activation or customer strategy, it is presented as management description only.
3. “NOI” in the FY2022–FY2024 values is the issuer’s proportionate/non-IFRS financial-performance bridge. Gross rent collection, business-partner sales, statutory profit, FFO, tenant count, sales productivity, lease spread and occupancy have distinct definitions and must not be merged.
4. The FY2025 4.8% like-for-like NOI measure must carry its exclusions: partial Westfield Chermside divestment and release of the Expected Credit Charge. It must not be relabelled a total-portfolio or statutory measure.
5. FY2021–FY2022 specialty lease-spread / average-rent-escalation figures were not separately captured in the source lane used for this section. The absence must remain visible rather than being backfilled from later years.

Five-year record and status controls

Scentre Group's reports distinguish a completed destination work, a work under construction, a stated future pipeline, and a strategic-asset-planning process. Those states are retained below. In particular, the reported future-development pipeline was more than A$4.5bn in FY2022, more than A$4.0bn in FY2023 and FY2024, and A$4.0bn in FY2025. The reports describe it as future opportunity/pre-development work; it is not a schedule of approved, committed, or completed capital expenditure.

Complete named-project register from the five reviewed annual-report/compendium lanes

The register preserves named historic projects that appear in the five-year source set, including projects completed before FY2021 where later property profiles retain the historical record. It does not assert that this is a register of every maintenance or leasing work across 42 destinations.

Five-year planning record

The reports place the strategic-land lane alongside, rather than inside, retail redevelopment. FY2021 does not separately present a strategic-land portfolio; FY2022 describes Strategic Asset Planning and pre-development; FY2023 identifies more than 670 hectares and specific early planning; FY2024 reports rezoning at Hornsby and Belconnen; FY2025 adds planning-proposal and authority-process disclosures. Planning permissibility, a lodged proposal, a declared state-significant development and a delivered building are not treated as equivalent stages.

Strategic-land/project register and terminal non-disclosures

Reporting-basis controls

Scentre reports a mixture of wholly owned properties, joint operations and equity-accounted investments. A property-compendium ownership percentage, a gross book value, Group share of AUM, consolidated investment-property carrying value and an accounting equity-method balance are different measures. The tables below retain that separation. A change in ownership percentage is not presented as a valuation movement unless the report separately says so.

Five-year ownership and partnership record

Current estate ownership register: cross-reference

The complete 42-destination FY2025 ownership/co-owner register and FY2021–FY2025 continuity record appears once in Section 2. The transaction-specific changes—Tea Tree Plaza, West Lakes, Westfield Chermside and Westfield Sydney—are retained in the preceding table. This avoids duplicating asset rows while preserving the full register and every disclosed five-year ownership change.

Disclosure limits retained

• No reported A$4.0bn/A$4.5bn pipeline value has been converted into approved capital expenditure, project cost or construction status.
• Section 2 gives the complete 42-destination FY2025 ownership/co-owner list and FY2021–FY2025 compendium continuity. It does not convert a Property Compendium 50% interest into a uniform accounting conclusion.
• Where the annual-report review identifies no separately disclosed transaction, project cost, centre name, approval stage or delivery outcome, the text says so rather than estimating a value or completion date.

Reporting basis: measures that should not be merged

Scentre Group reports on a 31 December financial year and operates through a stapled security: one Scentre Group Limited share and one unit in each of Scentre Group Trusts 1, 2 and 3 trade together. A security distribution is therefore not interchangeable with a conventional company dividend. The Group’s annual-report presentation also separates three profit measures. Statutory profit/(loss) after tax includes unrealised fair-value movements; operating profit is a non-IFRS management measure; and Funds From Operations (FFO) is a non-IFRS measure. In FY2021 the issuer described FFO as NAREIT-based, adjusted to its reporting basis, and stated that the reconciliation was unaudited. The reported five-year tables contain restatements excluding rent straight-lining (FY2021 restated FY2017–FY2019; FY2022 restated FY2019–FY2021; FY2023 restated FY2019). The table below uses the issuer’s reported annual series rather than combining unreconciled earlier editions.

Earnings and security distributions

The series records FFO of A$862.5m in FY2021 and A$1,187.5m in FY2025. Its statutory-result column does not move on the same basis: each annual report says that the statutory measure includes unrealised fair-value movements. FY2021’s FFO reconciliation identified A$16.7m of project income after tax, while operating profit was A$845.8m; it also recorded an expected COVID-19 credit charge of A$168.8m in that reconciliation-period table. FY2022 reported FFO of A$1,039.9m, operating profit of A$1,022.0m and a A$300.6m statutory result; the report separately referred to A$79m of property-revaluation gains and mark-to-market financial-derivative adjustments. FY2023 reported FFO of A$1,094.2m and statutory profit of A$174.9m. In FY2024 and FY2025, the disclosed FFO figures were A$1,132.3m and A$1,187.5m respectively, with distributions of A$893m and A$923m.

Managed portfolio, Group share and accounting-property boundaries

AUM, Group share of AUM and the consolidated investment-property balance each use a different reporting boundary. Total AUM is the managed-portfolio measure; Group share of AUM represents the issuer’s stated share; consolidated investment properties are an accounting balance and exclude equity-accounted portfolio amounts. The residual column below is only a transparent subtraction of the two reported AUM measures. It should not be read as a separately identified asset pool, value movement or income stream.

The FY2021 portfolio was reported as A$50.4bn AUM, A$34.4bn Group share and A$16.0bn third-party funds. FY2022’s report made the same distinction explicitly. In later years the residual shown above is arithmetic, retained simply to make the managed/Group boundary visible. It is not labelled as third-party funds unless the cited report does so. At 31 December 2025, total AUM was A$51.2bn while the Group’s share was A$34.0bn; that presentation should not be equated with the A$31.3136bn consolidated investment-property amount.

Investment-property movements and the disclosed valuation process

The annual-report notes state that shopping-centre investment properties are initially measured at cost and subsequently carried at fair value. Directors assess carrying values at each reporting date using recent independent valuations, generally prepared annually and updated for changes in capitalisation rates, underlying income and comparable-centre evidence. This describes the issuer’s accounting process and inputs; it is not a view on present or future property values.

The FY2023 movement table separately records a A$65.0m disposal and a A$981.9m net revaluation decrement. The disposal was the sale of development rights for the retail element of Central Barangaroo; it is not the same item as the revaluation entry. FY2025 records a A$462.8m net revaluation increment and A$1.3685bn of disposals. The FY2025 financial note says the disposal line includes the sale of a 50% interest in Westfield Chermside to Dexus-managed funds, completed in two 25% tranches on 31 July and 23 December 2025. The A$863.7m held-for-sale balance relates to the later sale of a 19.9% Westfield Sydney interest, which completed on 3 February 2026; it was held for sale at the 31 December 2025 balance date and is not treated here as FY2025 operating activity.

Debt, liquidity, hedging and ratings

The financing disclosures use several different measures. Senior borrowings and subordinated notes below are accounting liability categories; liquidity and gearing are issuer-presented measures. Consequently, a number from one column should not be substituted for another. In particular, FY2021’s A$9.5bn “borrowings” capital-management-panel figure reflects an adjusted presentation and is not interchangeable with the A$10.6082bn total-senior-borrowings amount in the financial-statement note.

For FY2021, the annual report also listed facility covenant thresholds of net debt/net assets no greater than 65%, secured debt/total assets no greater than 40% (45% for certain facilities), interest cover at least 1.5 times and unencumbered leverage at least 150% (125% for certain facilities), and stated compliance in FY2021 and FY2020. These are facility terms, not performance targets. A single, comparable five-year covenant-headroom series was not identified in the reviewed disclosures and is therefore not inferred. The FY2024 94% hedge figure is dated January 2025 rather than 31 December 2024, which is retained in the table.

Capital partnerships and transaction timing affecting the financial boundary

Financial comparability also changed with selected destination co-ownership transactions. In June 2024, a Tea Tree Plaza opportunity trust purchased 50% for A$310m and SCG retained 50%; in September 2024, a West Lakes opportunity trust acquired 50% for A$175m and SCG retained 50%. In FY2025, two Dexus-managed funds acquired two 25% interests in Westfield Chermside, totalling 50% by 23 December 2025. The first interest was A$683m; the issuer stated that the combined transaction was approximately A$1.3bn, represented SCG book value at 30 June 2025 and used a 5.00% capitalisation rate. SCG said it remained property, leasing and development manager. The 19.9% Westfield Sydney interest sale to Australian Retirement Trust completed after the FY2025 balance date, on 3 February 2026, for A$864m at a 4.69% valuation capitalisation rate; SCG also said it remained property, leasing and development manager.

The FY2025 finance narrative referred to approximately A$2.2bn of new capital introduced through destination joint ventures. That aggregate is retained as an issuer-reported total; it is not substituted for individual transaction consideration, nor treated as an AUM movement without a reconciled AUM disclosure.

These sections cover the five financial years ended 31 December 2021–2025. They retain the reporting boundary used by Scentre Group: a target applicable to wholly owned Westfield destinations is not presented as a result for every destination, and a portfolio-wide measure is not treated as an individual-centre outcome. Figures, targets and process descriptions below are company disclosures, organised chronologically; they are not an assessment of effectiveness or future performance.

Scentre’s five annual-report narratives describe responsible business through community, people/talent, environmental impact and economic performance. The form of the reporting suite became more explicit over the period: FY2021–FY2024 referred readers to supplementary Responsible Business, climate and modern-slavery materials, while FY2025 incorporated a Sustainability Report into the annual report. That change in presentation does not make early-year supplementary information comparable with a later annual-report metric unless the issuer stated the same basis.

Five-year climate, resource and community record

Comparability notes

1. Emissions boundary changes matter. FY2021–FY2024 distinguish whole/total-portfolio measures from a 2030 target directed to the wholly owned portfolio. FY2025 presents a 57% market-based reduction for wholly owned destinations and recasts the FY2024 comparator to that FY2025 basis. The series should therefore be read as issuer-reported progress under explicitly different disclosed bases, not as an unqualified annual emissions series for every centre.
2. Target, action and result are separate. Renewable-energy contracts, solar installations, exposure assessment, adaptation-plan development, waste plans and water plans are reported actions or arrangements. They are not treated as proof that a net-zero or resource target was completed.
3. Programme totals are not annual profit-and-loss items. The FY2022 $21m and FY2023 $27m community figures cover stated multi-year periods. The FY2025 $10.6m figure is an annual disclosed community-investment measure. These values should not be added as a like-for-like annual sequence.

The annual reports describe workforce measures and risk-management arrangements over five periods. They do not present those arrangements as a guarantee that an incident will not occur, and this record does not make that inference. Similarly, the dated Westfield Bondi record is retained as a safety, community and response disclosure; it is not used to assert a causal effect on sales, value, rent, financing or future operating results.

Workforce and engagement measures disclosed by year

Westfield Bondi: dated incident and report-disclosed response sequence

Material risk lanes: five-year disclosure boundary

This section maps the annual-report and governance boundary needed to read the rest of the record. It does not reproduce policy boilerplate, describe individual remuneration outcomes, or assess Board effectiveness. References to planned director changes remain prospective where the issuer described them that way.

Annual-report suite and governance chronology

Reporting and stewardship boundary used in this report

• Annual reporting period: FY2021–FY2025 each cover the year ended 31 December; publication dates in the following February do not shift the operating period.
• Supplementary documents: Property Compendiums provide the detailed destination/operating register; Responsible Business, Climate, Corporate Governance and Modern Slavery publications are parts of the issuer’s reporting suite. Where this report cites an annual-report claim, it names the annual report and printed page rather than implying that an uncited suite document was read.
• Governance versus operating evidence: committee structures, policy lists, appointments, planned elections and anticipated retirements provide governance context only. They do not establish portfolio performance, safety effectiveness, financial outcomes or future Board composition beyond the dates and status stated.

Disclosure limits retained

1. Public source notes use Scentre Group’s issuer-hosted report PDFs and printed pages only. Every cited document is issuer-hosted; this public report contains only reader-accessible source links and printed-page references.
2. The Responsible Business, Climate, Modern Slavery and Corporate Governance components of early-year reporting suites are referenced only as suite components unless an underlying claim is explicitly sourced above. A separate source pass is required before adding claims unique to those documents.
3. The annual reports disclose risk frameworks, targets, management actions and selected results. They do not support an assertion that safety, security, cyber, climate, financing or supply-chain risks are eliminated, or a causal/financial conclusion from the Westfield Bondi incident or inquest process.

Primary issuer source set

All links below are issuer-hosted documents from Scentre Group’s investor reporting suite. The section-end source notes above identify the documents and printed pages used for the relevant facts; issuer-hosted workbooks are identified by worksheet and row where no printed page exists.

• Scentre Group Annual Reporting Suite
• FY2021 Annual Financial Report and FY2021 Property Compendium
• FY2022 Annual Financial Report and FY2022 Property Compendium
• FY2023 Annual Financial Report and FY2023 Property Compendium
• FY2024 Annual Report and FY2024 Property Compendium
• FY2025 Annual Report and FY2025 Property Compendium

Method and AI use

MII Research actively used AI in locating evidence within the selected issuer records, comparing annual-period disclosures, organising factual material, drafting and preparing explanatory presentation. Human review is applied before publication, but neither AI processing nor review can ensure that every source item has been captured or interpreted without error. Material factual claims are linked to public issuer sources, and AI-generated images, if used in a published presentation, are identified as such.

Important limitations and factual disclaimer

This is general, factual research for information and education only. It does not provide financial, investment, legal, tax or other professional advice; it does not recommend buying, selling, holding or avoiding any security, and it does not state a target price or valuation conclusion. Information is drawn from publicly available issuer sources believed reliable as of the stated cut-off, but its accuracy, completeness, currency, translation and interpretation are not guaranteed. Source documents, definitions, estimates, reporting boundaries and circumstances can change. Errors, omissions, inconsistencies or differences between documents may remain despite reasonable review, including because AI tools were used actively in preparation. Readers must verify material information directly against the linked issuer documents and obtain independent professional advice before acting on any information.

To the maximum extent permitted by law, MII Research and its contributors disclaim liability for loss or damage arising from reliance on, use of, or inability to use this report. Nothing in this notice excludes, restricts or modifies liability that cannot lawfully be excluded.

Copyright and corrections

This is a transformative factual analysis and index of public source material. It does not reproduce source documents as a substitute for them; titles, links, limited factual figures and short descriptors are used for attribution and verification. Copyright in the underlying issuer documents remains with the relevant rights holders. If a rights holder or reader identifies an attribution, factual, translation or presentation issue, contact MII Research with the document, page and proposed correction so the record can be reviewed and corrected.