By Expert Panel 30.08.2013
REPORTING SEASON: Westfield Retail Trust (WRT)
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Figure 1: Westfield Retail Trust 12 month chart
Westfield Retail Trust (ASX:WRT) focusses on domestic real estate investment in the retail sector.
The trust comprises of assets in Australia and New Zealand. WRT's main investment is joint venture ownership alongside the Westfield Group (WDC) in addition to other third parties.
WRT has reported a net profit of $402.1 million for the six months to June 30 2013, representing a decrease of 3.6% on the previous corresponding period. In the same period revenue was $549.6 million, 3.4% higher than the $531.7 million posted for the same period last year.
Funds from operations (FFO) rose by almost 3% to 300.5 million which was broadly in-line with market expectations.
The group reiterated its expectations to deliver full-year FFO of 19.85 cents per stapled security, representing a 2.5% increase on the prior year.
The record date for determining entitlements to the distribution is 5:00pm on 15 August 2013.
The interim distribution will be paid on 30 August 2013.
You can see all of CommSec's reporting season analysis by clicking here.
Tom Piotrowski, Market Analyst,