Westfield Corporation is a company that undertakes ownership, development, construction, design, funds/asset management, property management, and leasing for shopping centers. They’re an international company that has many destinations in England and the United States. When Westfield Group separated its Australian and New Zealand business from its international operations in 2014, it was created.
Westfield Corporation holds a shopping center portfolio that includes 40 investment interests across the United States and Europe and holds 7,500 retail outlets. They have about $28.5 billion in excess assets under management.
How Is It Doing So Far in 2016?
The year 2016 is more than halfway over and when companies and businesses like to look at their progress so far. Here is a look at how Westfield Corporations is doing in 2016:
- Assets Under Management: $29 Billion
- Development Program: $10.5 Billion
- Annual Retail Sales: $16 Billion
- 400 Million Customer Visits, Across 34 Assets
- 6,500 Retail Outlets
- Portfolio Annual Specialty sales: $726 PSF
- Assets Under Management: 82% Flagship, 18% Regional
- 16 Flagship Assets
- Value of Flagship Assets: $23.7 Billion
- Flagship Centers Annual Specialty Sales: $902 PSF
The Chairman, Frank Lowy, stated: “Westfield Corporation has delivered a strong financial and operating performance and made significant progress in its development program.”
In 2015, Westfield Corporation delivered an A- IFRS profit of $2.3 billion. Since its restructure, they have given a total return of 47.1% outperforming the ASX200 indent by 42.5%. Westfield Corporation has been ranked in the top 10 companies in the ASX50 in terms of total return to security holders.
Lowy also stated that over the past decades they have continued to transform their portfolio through landmark developments, strategic investments, and innovation They have also anticipated the future of retail. They want to combine both digital and physical together with customers’ retail experience. They put their centers in the best locations and also, create a vibrant and integrated digital experience for retailers, brands, and customers.
CEO’s, Steven Lowy and Peter Lowy, stated in the 2016 Shareholder Review : “We are committed to leading to industry, physically and digitally and to delivering best-in-class assets, the market leading operating and financial metrics as well as making a positive contribution to the social, environmental and economic well-being of the communities in which we operate.”