Morningstar

Morningstar, Inc.

Equity Bottom-Up

<p>Specialty sales across narrow moat-rated Westfield Corporation’s portfolio keep us on high alert, with the top assets Westfield denotes as flagship--83% of assets--up a respectable 3.2% for the year to September, but with nil growth for the "regional" malls. We’ve already got fairly low rental expectations for the regional malls, but we assume occupancy will be maintained around the current 91% for the longer term. However, if occupancy rates were to decrease as more tenants fall victim to the…</p>

<p>Westfield Corporation’s 2016 funds from operations, or FFO, of USD 33.7 cents per security, cps, were exactly as guided. The firm continues to actively progress its rotation towards shopping centres that dominate local trade areas, with the weighting to its so-called "flagship assets," increasing from 80.4% to 82.4% over the course of 2016. The completion of major development projects should see this rising to 90% in late 2020. Delivery on this strategy to re-weight towards higher-quality assets…</p>

Australia

Westfield Corp is a property trust that invests in, leases and manages over retail shopping centers in Australia, New Zealand, the United States and the United Kingdom.  The Group's operations also include funds and asset management and property development and construction.

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