By David Winning

SYDNEY--Scentre Group said a forecast distribution of 14 Australian cents (US$0.10) per security is the minimum that investors can expect at the conclusion of its financial year.

Scentre updated its guidance to say it expects a distribution of "at least" A$0.14/security payout for the 12 months through December after an end to lockdowns in New South Wales and Victoria states led shoppers to return to malls. In August, it had only targeted a payout of A$0.14/security.

"Following the significant easing of restrictions and strong operating conditions, the group is returning to the original distribution guidance provided in February 2021," said Chief Executive Peter Allen.

Scentre said it had collected A$1.8 billion in gross rent during the 10 months through October, up A$607 million since the end of June. Collections were also A$187 million than achieved during the same period of 2020.

The company said portfolio occupancy remains strong at 98.5% at the end of September.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

11-08-21 1659ET