Shopping centre owner Westfield Group
(ASX:WDC) says it is starting to see more positive signs emerging in the markets in which it operates with its first quarter of operations this year confirming this better outlook.
Chairman Frank Lowy told shareholders that the company is seeing improvement in retail sales performance in both the UK and the US.
Westfield recently announced its decision to expand its development program for the current year to around $1 billion of new project starts, reversing a decision made a year earlier to put new projects on hold.
The company says this will involve $800 million of new projects in Australia this year, and a number of smaller projects in the US valued at US$200 million.
Mr Lowy also reconfirmed the group’s 2010 distribution forecast of 64 cents a share, based on a payout level of between 70 and 75% of operational earnings.
In 2009 Westfield Group booked a loss of $457.8 million, a smaller loss than the year before.
