Westfield: Result 2012

The world's leading shopping centre owner has built an empire from Australia. Jason Prowd dissects the latest result.

Results for Westfield Group are largely known in advance. Long leases and fixed rent increases mean it’s a company that rarely misses guidance. Funds from operations – that is, excluding property revaluations – for the full year (it has a calendar year end) came in slightly lower at $1,474m, as asset sales reduced the current level of income. Helped along by the current buy back, earnings per security rose 0.3% to 65.0 cents and a 49.5 cent distribution was declared (unfranked, ex date already passed).

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