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Scentre reports Q1 operational update

's moving annual turnover,including goods and services tax, in Australia and New Zealand amounted to A$22.5billion as at March 31.

The company'sspecialty store retail sales in both countries, including goods and services tax,reached A$10,946 per square meter. Specialty store occupancy cost, including goodsand services tax, increased 17.8% in the three-month period.

Comparablespecialty sales increased 4.5% in Australia to A$10,905 per square meter, and 6.3%in New Zealand to NZ$12,257 per square meter.

As ofDec. 31, 2015, the company has 34 centers in Australia and six in New Zealand. Thenumber of retail outlets reached 11,670, with its portfolio having 3.6 million squaremeters of gross lettable area.

Scentrerecorded assets under management worth A$42.1 billion, along with a 5.57% weightedaverage capitalization rate for its portfolio.

Duringthe first quarter, more than 99.5% of the group's portfolio was leased and the companycompleted 471 lease deals in the period.

The companyopened the Casey Central with84 new specialty stores in March after a A$155 million redevelopment. Scentre isalso building a new Woolworths supermarket at the mall, which is expected to becompleted in September.

Otherdevelopments include the A$355 million redevelopment at Westfield Chermside anda A$140 million renovationat Westfield North Lakes in Queensland, Australia. The A$310 million for the Westfield WarringahMall in Sydney is on track for completion in the last quarter of 2016.

In addition,Scentre affirmed its expectationof around 3% FFO growth for full year 2016, while comparable NOI growth of between2.5% and 3.0% is expected for the year. Distribution per security for 2016 is anticipatedto increase 2% to 21.3 Australian cents.

As of May 4, US$1 was equivalentto A$1.34 and NZ$1.45.