Westfield Says First-Half Comparable Operating Income Rose 5.3%

Westfield Corp. (WFD), the global mall operator spun off in the restructure of Westfield Group, said comparable net operating income climbed 5.3 percent in the first six months of 2014.

The company expects to pay a dividend of 12.3 cents a share for the six months ending Dec. 31, it said in a regulatory filing today. Westfield Corp. forecast funds from operations of 18.8 Australian cents a share in the second half, without providing a figure for the first six months.

Westfield Corp. shares have risen 12 percent since the owner of shopping centers outside Australia and New Zealand began trading on June 25. Billionaire Frank Lowy’s group split its operations into Westfield Corp. and Scentre Group (SCG), which owns the Australasian malls, to offer investors a clear choice between local and global businesses.

The performance of the U.S. and U.K. malls “remains strong, and in line with expectations, with significant progress being made on the A$11.6 billion pipeline of current and future development,” Peter and Steven Lowy, co-chief executive officers of Sydney-based Westfield Corp., said in the statement today.

Scentre said yesterday that funds from operations will be 10.88 Australian cents a share for the six months to Dec. 31. Scentre, which also didn’t report first-half funds from operations, said comparable net operating income grew 2.3 percent in the six months to June 30.

Frank Lowy, who remains chairman of both companies, is Australia’s fourth-richest person with a net worth of $5.5 billion, according to the Bloomberg Billionaires Index.

To contact the reporter on this story: Nichola Saminather in Sydney at nsaminather1@bloomberg.net

To contact the editors responsible for this story: Andreea Papuc at apapuc1@bloomberg.net Edward Johnson

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