Funds from operations climbed to 66.5 Australian cents a share, the Sydney-based company said in a statement to the Australian stock exchange, compared with an average estimate of 67.1 cents from six analysts surveyed by Bloomberg. Its managed Westfield Retail Trust said FFO increased 2.5 percent to 19.85 cents a share, in line with the average expectation of 19.8 cents from four analysts’ estimates compiled by Bloomberg.

Australia’s biggest shopping center operator in December proposed creating a company to own and manage its Australian and New Zealand properties, which are currently jointly held with Westfield Retail Trust. (WRT) The plan would enable Westfield Group to focus on expanding overseas, including in the U.S. and U.K. where comparable net operating income climbed 4.7 percent and 4.3 percent respectively in 2013, compared with a 2 percent rise in Australia.

“Our focus is on creating and owning world leading retail destinations,” co-Chief Executive Officers Peter and Steven Lowy said in today’s statement. “We believe that the restructure positions the new entities for better growth and thereby provides security-holders of both Westfield Group and Westfield Retail Trust with better long-term returns.”

Westfield Group, Australia’s biggest shopping center operator, in December proposed... Read More

Management, Development

Westfield Group shares slipped 2.1 percent to A$10.455 as of 10:48 a.m. in Sydney, narrowing gains this year to 3.5 percent. Westfield Retail securities fell 0.8 percent to A$3.125, shrinking this year’s increase to 5.4 percent.

The company will release an explanatory memorandum in April on its proposed restructure and hold a meeting in late May for shareholders to consider the plan, it said.

Westfield Group’s management income jumped 9 percent and project income rose 5 percent, the company said today. Westfield Group reported net income of A$1.6 billion in 2013, compared with A$1.76 billion a year ago. Westfield Retail’s profit was A$777.1 million, compared with A$830.8 million the previous year.

The parent company forecast net operating income growth of between 2 percent and 2.5 percent for Australia in 2014, as much as 5 percent in the U.S. and a maximum of 11 percent for the U.K.

Under the existing structure, the group’s funds from operations will rise 3.2 percent to 68.6 Australian cents this year and the dividend will climb 3 percent to 52.5 cents, it said.

Scentre Group, the new Australia and New Zealand company to be formed from the restructure, would see FFO of 21.5 cents a share in 2014, the company said. Westfield Corp., the new global company, would have FFO of 39.8 U.S. cents this year, it said.

To contact the reporter on this story: Nichola Saminather in Sydney at nsaminather1@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

http://www.bloomberg.com/news/2014-02-25/westfield-earnings-up-on-property-management-development-income.html

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