Scentre Group Sets Dividend at AUD 0.086 Per Security for H2 2024
Scentre Group has announced an estimated ordinary dividend of AUD 0.086 per security, payable in late February 2025, signaling steady returns ahead of its full-year financial results.
- Estimated ordinary dividend of AUD 0.086 per security
- Ex-dividend date set for 13 February 2025
- Payment date scheduled for 28 February 2025
- Dividend Reinvestment Plan (DRP) available with no discount
- Full-year 2024 financial results to be announced on 26 February 2025
Dividend Announcement Details
Scentre Group (ASX: SCG), the retail real estate giant managing Westfield shopping centres across Australia and New Zealand, has declared an estimated ordinary dividend of AUD 0.086 per fully paid stapled security. The announcement, made on 10 February 2025, sets the ex-dividend date for 13 February 2025, with the record date following on 14 February. Payment to securityholders is scheduled for 28 February 2025.
This dividend relates to the six-month period ending 31 December 2024 and is currently estimated, pending confirmation alongside the company’s full-year financial results due on 26 February 2025. Notably, the dividend is unfranked, reflecting the company’s distribution structure and tax considerations.
Dividend Reinvestment Plan and Currency Options
Scentre Group continues to offer a Dividend Reinvestment Plan (DRP) for this distribution, allowing eligible securityholders in Australia and New Zealand to reinvest their dividends into new stapled securities. The DRP carries no discount, and the reinvestment price will be calculated as the arithmetic average of the daily volume weighted average price over five trading days from 17 to 21 February 2025. The new securities issued under the DRP will rank pari passu from the issue date of 28 February 2025.
Securityholders can receive their dividend payments in Australian dollars by default, but those with a registered address in New Zealand may elect to receive distributions in New Zealand dollars, subject to registry notification by the record date. This currency flexibility underscores Scentre Group’s commitment to accommodating its trans-Tasman investor base.
Looking Ahead to Full-Year Results
The dividend announcement arrives just ahead of Scentre Group’s scheduled release of its full-year financial results for 2024 on 26 February 2025. Investors will be keen to assess the company’s operational performance amid ongoing challenges in the retail property sector, including evolving consumer behaviors and economic headwinds.
While the dividend payout signals confidence in cash flow stability, the unfranked nature of the distribution and the estimated status of the dividend invite close scrutiny of the upcoming earnings report. Market participants will watch for updates on occupancy rates, rental income, and capital management strategies that could influence future dividend policies.
Additionally, the company has confirmed that from 1 January 2025, dividend payments will be made exclusively via direct credit to nominated bank accounts in Australia or New Zealand, reflecting a modernization of payment processes.
Bottom Line?
As Scentre Group prepares to unveil its 2024 results, the declared dividend sets a cautious yet steady tone for investors watching retail property dynamics.
Questions in the middle?
- Will the final dividend amount differ from the current estimate of AUD 0.086 per security?
- How will Scentre Group’s 2024 financial results impact future dividend policies?
- What operational challenges or opportunities will the company highlight in its upcoming earnings report?
