Westfield Group

Westfield Group today held its annual general meeting and announced its 1st quarter update (it has a calendar year end). Management reaffirmed  guidance for full year funds from operations (the company’s preferred performance measure) of 65 cents per security and distributions of 49.5 cents. This places Westfield on a forecast yield of 5.3%. Critically, the update highlighted improving retail conditions in the US where, despite a slight fall in occupancy to 91.6%, sales and rents rose a pleasing 8.2% and 6.3% respectively from the prior year. The UK similarly experienced sales and rent growth. Westfield’s flagship London centre grew...

Westfield Group today held its annual general meeting and announced its 1st quarter update (it has a calendar year end). Management reaffirmed  guidance for full year funds from operations (the company’s preferred performance measure) of 65 cents per security and distributions of 49.5 cents. This places Westfield on a forecast yield of 5.3%.

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