Westfield Corp Ltd (ASX: WFD) has released its second-half earnings results today, reporting Funds From Operations (FFO) and distributions which were both in line with forecasts.
Westfield Corp was formed in June last year as part of the global restructure of the Westfield brand. The company owns and operates the brand's assets in the U.S. and the U.K., while Scentre Group Ltd (ASX: SCG) manages its Australian and New Zealand shopping malls.
The split has thus far created enormous shareholder value with Westfield Corp's stock up 44% since it started trading, while Scentre Group's shares are up 22%. In comparison, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has risen just 9.7%.
Source: Google Finance
So What: During the period, Westfield Corp reported FFO (which is a key measure of the group's operating performance) as being US$391 million, representing US 18.8 cents per security.
Meanwhile, the distribution per share was US 12.3 cents. In the 2015 year, the company expects FFO to hit US 37.7 cents per security (pro-forma growth of 4%), while distributions are tipped to hit US 25.1 cents per security.
As at 31 December 2014, the company had US$28.5 billion in assets under management with balance sheet assets of US$19.6 billion. Comparable net operating income grew 5.3% for the year, while it was 95.8% leased at year end. Meanwhile, Co-Chief Executive Officer Peter Lowy has decided to remain in the role at the request of the board, defying expectations that he would stand down.
Scentre Group's second-half results can be found here.
Now What: The company said strong progress had been made in its US$11.4 billion development pipeline which it still expects will create "significant long-term value for securityholders." I tend to agree and think Westfield Corp still presents as great value for prospective investors.
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