Westfield's new Australian spin-off expects continued income growth from its shopping centres as specialty retailers boost their sales.
Scentre Group operates 47 Westfield shopping centres in Australia and New Zealand.
A $70 billion restructure in June saw it separated from Westfield Corporation, which owns the higher growth international business.
Scentre chief executive Peter Allen said the company's centres are at almost full occupancy, and sales from specialty retailers grew by 3.3 per cent during the six months to June.
That contributed to net operating income growth of 2.3 per cent in the half year to June 30.
The company expects income to grow at between two and 2.5 per cent in the second half of 2014.
Mr Allen said sales from specialty retailers, including fashion, jewellery and homewares stores, grew by five per cent in July, and the outlook was positive after some difficult years.
Specialty stores had now achieved stronger growth than overall sales for 13 consecutive months.
Fashion retailers such as Country Road and Cotton On were performing better than the likes of JB Hi-Fi and Dick Smith, Mr Allen said.
Scentre expects to pay a dividend of 10.2 cents per security for the six months to December 31.
Its securities dropped eight cents, or 2.25 per cent, to $3.47.
Morningstar analyst Tony Sherlock said the price fall could be due to investors wanting a stronger sales growth outlook for the rest of the year.
He also said there was a lack of detail around Scentre's review of its business, and what it might sell.
Mr Allen said Scentre was undertaking a strategic review of the new business, working out what assets would and would not be able to achieve sufficient returns.
"It is a pretty good result and it is better to under promise and over deliver than over promise," Mr Sherlock said.
Scentre said it wants to maintain a gearing target of 30-35 per cent, amid concerns it would be saddled with debt and the Lowy family would dump their stake of less than five per cent.
The group also said its $5 billion pipeline of future shopping centre projects was progressing well.
Projects worth $2 billion are underway, including development of its Miranda centre in Sydney and Mt Gravatt in Brisbane.
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