Westfield Corporation came into existence on 30-Jun-14, with the separation from the Australian/NZ assets. Westfield operates on a financial year = calendar year basis.
Comparable net operating income from Westfield's property portfolio grew a respectable 4.2% in the 6 months to 30-Jun-15. The portfolio is 95% leased, with high sales productivity.
Westfield is progressing its development pipeline, with US$2.5bill of new projects to commence in 2015. US$3.8bill of developments are currently under construction and US$1.6bill of redevelopments have commenced in 2015 to date. New developments provide future rental income growth (and usually a development profit upon completion).
The half year distribution of 12.55 US cps was paid as 17.002 AU cps on 31-Aug-15. The lower AUD is a positive for Australian securityholders.
Westfield reconfirmed its underlying earnings forecast for the 2015 year of 37.7 US cps, representing proforma growth of 4%. The full year distribution is forecast to be 25.1 US cps.