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Feb 24 2017

Westfield Announces 2016 Full Year Results

Westfield Corporation (ASX: WFD) today announced its full year results with Funds from Operations (FFO) for the 12 months ended 31 December 2016 of $700 million, in-line with forecast.

Westfield Corporation (ASX: WFD) today announced its full year results with Funds from Operations (FFO) for the 12 months ended 31 December 2016 of $700 million, in-line with forecast. FFO per security was 33.7 cents, up 3.8% on a pro forma basis. The distribution for the 12 months ended 31 December 2016 is 25.1 cents per security, also in-line with forecast.

Westfield Corporation Co-CEOs, Peter Lowy and Steven Lowy said: “2016 was a significant year for Westfield, which saw the continued execution of our strategy to transform our assets into the pre-eminent global shopping centre portfolio.

“The operating performance for the year was solid. During the year we successfully opened Westfield World Trade Center and commenced the expansion at Valley Fair in San Jose. We continued to make good progress on the redevelopment of Century City in Los Angeles, the expansion at UTC in San Diego and the expansion at Westfield London.

“In 2016, over $1bn of revaluation gains were achieved, driven by the value created from completed developments. Our $9.5bn retail development program is creating significant long-term value and earnings accretion for security holders.

“Westfield is focused on creating great experiences for retailers, consumers and brands, and has significantly enhanced our resources and capability in the areas of events, entertainment, digital technology and data analytics. We are transforming our food, fashion, leisure and entertainment offer with a broader mix of uses including the introduction of many new concepts and brands.”

The press release, presentation and other materials are found here: