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Westfield Posts Strong Results, But U.S. Operations Soft

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Westfield Group reported its results, which came through similar to what U.S. regional mall REITs have reported.

Sales from shops at the Australian malls rose 5.9 percent to A$20 billion ($19 billion) in the three months ended March 31, compared with the year-earlier period, Sydney-based Westfield said in a statement today. U.S. sales growth slowed to 0.7 percent from 4.7 percent a year earlier.

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The strongest growth at Australian malls was posted by leisure retailers, where sales rose 13 percent, and jewelers with a gain of 10 percent. Department store sales increased 3.9 percent and supermarkets advanced 3.4 percent, Westfield said.

The company's U.S. centers had sales of $7.2 billion with 92.8 percent of its malls leased. Occupancy at the U.S. malls fell 0.6 percentage point from a year earlier.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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