Shopping centre giant Westfield has reported a net income growth of 5.3% over 2014, with a 3.9% increase in retail sales.
Its portfolio of 40 shopping centres across the UK and United States is 96% leased, and strong performance has continued into the first quarter of this year.
As of 31 March, retail sales saw a 9.8% growth, and the portfolio was 94.3% leased, which is an increase of 40 basis points on the same period last year.
The portfolio is valued at $28bn (£18bn), and is home to 7,400 retailers, generating $17bn in annual sales.
Over the next year Westfield will decide on an offshore market listing, the decision of which will be announced at the next AGM early in 2016.
It has been reviewing possible listing locations since 2014 when it was spun off from Westfield’s Australia and New Zealand operations.
Chairman Frank Lowy defended the split at the AGM, and said that the restructure had generated significant value for shareholders.
Lowy said: “Since the restructure was announced in December 2013, the total investment return for Westfield Group securityholders has been 45%, almost three times the performance of the broader market. This outcome has reinforced my view that you should always be open to looking at new structures and new ideas to create value, and I’m proud that Westfield has always taken this approach.”
