Westfield has announced the start of A$2.5bn (£1.1bn) of projects by the end of the year as it posted a 4% growth in its funds from operations for the half year to the end of June.
In addition to the work expected to commence this year, the Australian retail developer has another A$5.1bn of development in the pipeline, including major projects in Croydon, Milan and California.
The fund from operations measure, equivalent to net asset value, was boosted to 37.7c per share by the impact of a joint venture project with O’Connor valued at A$925m, which completed in February.
The company’s A$29.3bn of assets under management generated an average annual rent of A$88.54 per sq ft. Income from property totalled A$300m.
In total, Westfield’s profit was A$466m for the half year to the end of June 2015.
The company carries A$10.1bn of financing facilities, having settled a bridge facility and raised A$600m in new finance over the half year.
Gearing stands at 36.5% of the total book value, with an average term of 3.9 years on the bank facilities.
