Westfield: Q3 result 2013

Westfield Group has released a modest third quarter update with the US operations continuing to outperform the Australian division. Sales from specialty stores, which pay about six times higher rent than anchor tenants, increased 4.5% in the US compared to a year earlier, while Australian specialty sales were flat. The US portfolio was 93.7% leased, up slightly on the previous period, and the Australia/New Zealand and UK properties remain virtually full. Specialty store rent increased 4% in the US, with new rental contracts being struck at 11% higher rates over the first nine months of 2013. This contrasts markedly...

Westfield Group has released a modest third quarter update with the US operations continuing to outperform the Australian division. Sales from specialty stores, which pay about six times higher rent than anchor tenants, increased 4.5% in the US compared to a year earlier, while Australian specialty sales were flat. The US portfolio was 93.7% leased, up slightly on the previous period, and the Australia/New Zealand and UK properties remain virtually full.

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