SYDNEY Feb 27 Australian shopping mall owner
Westfield Group, the world's second-largest listed
retail trust, said its funds from operations (FFO) were flat in
2012 and said new developments would boost results in 2013.
Westfield posted A$1.47 billion ($1.50 billion) in full-year
FFO, an industry measure of core operating profits, up 0.3
percent from a year earlier and in line with an average estimate
of A$1.50 billion by five analysts.
Westfield said it expected 66.5 Australian cents per share
of FFO for 2013, up from 65.0 Australian cents in 2012. In
November, it had forecast its 2013 FFO at 65.0 cents per share.
The company has been shuffling its portfolio to free up
capital and seek higher returns.
For 2013, Westfield said new developments worth between
A$1.25 billion to A$1.5 billion in total were expected to start
in Australia, the United Kingdom, and the United States. Of the
total, the company's share would be $300 million to A$500
Westfield operates 105 shopping malls in Australia, New
Zealand, the United States, Britain and Brazil, which generate
over A$40 billion in annual retail sales.
($1 = 0.9793 Australian dollars)
(Reporting by Maggie Lu Yueyang; Editing by John Mair)