Westfield 2017 Net Profit Rises, Board Still Supports Unibail-Rodamco Deal
21 Fevereiro 2018 - 8:45PM
Dow Jones News
By Mike Cherney
SYDNEY--Westfield Corp. (WFD.AU), the Australia-based operator
of shopping malls in the U.S. and Europe, said 2017 net profit rose
some 13% as the company continued to focus on developing
amenity-filled flagship malls to attract shoppers who may otherwise
go online.
Westfield, which late last year agreed to sell itself to
European mall operator Unibail-Rodamco (UL.AE), said 2017 net
profit was US$1.55 billion. Revenue rose by 17% to US$2.1 billion
and funds from operations were US$707 million, a roughly 2%
increase.
The company said full-year distributions would total 25.5 U.S.
cents per share, up 1.6% on the prior period.
"The performance of Westfield for the year was solid and we
remain confident with the strategy of developing and transforming
flagship assets," Westfield co-Chief Executives Peter Lowy and
Steven Lowy said in a statement.
Westfield said the transaction with Unibail-Rodamco, which would
create a US$73 billion portfolio comprising 104 assets, still has
the full support of the Lowy family and the Westfield board.
Concerns have risen lately about the deal given a drop in
Unibail-Rodamco's share price and currency movements since the
transaction was announced, impacting the value offered for
Westfield.
Documentation for the deal will be sent to shareholders in April
with a vote expected later in the first half of 2018, according to
Westfield.
Looking ahead, Westfield said the company's 2018 earnings would
be positively impacted by the stabilization of recently completed
projects like Century City in Los Angeles and UTC in San Diego, as
well as the completion of an expansion at Westfield London. No
forecasts for distributions or funds from operations were provided
given the pending deal with Unibail-Rodamco.
-Write to Mike Cherney at mike.cherney@wsj.com
(END) Dow Jones Newswires
February 21, 2018 18:30 ET (23:30 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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