Shopping centre owner Westfield Group
(ASX:WDC) says its portfolio of shopping centres and retail space have shown resilience through the downturn.
According to the Sydney Morning Herald managing director Steven Lowy says there has been a continuation of solid performance in the company’s Australian portfolio while stabilising conditions continue in the US, UK, and New Zealand.
Retail sales in the company’s Australian centres rose 1.9 per cent in the third quarter from the previous quarter, to $21.4 billion.
New Zealand sales fell 0.2 per cent to $2.1 billion, UK sales rose 3.7 per cent and sales in the US declined 2.4 per cent from the previous quarter.
Westfield says 96.8 per cent of its shopping centre portfolio was leased at September 30, down 0.5 per cent on the same time last year.
Mr Lowy reconfirmed the company’s operating earnings and distribution guidance for 2009 of between 94 cents and 97 cents a share.
Westfield posted a loss of $2.196 billion in 2008.
