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Westfield FY'17 FFO up 2.3% YOY to US$707M

Westfield Corp. said its full-year 2017 funds from operations were US$707 million, or 34 cents per share, up 2.3% year over year compared to US$700 million, or 33.7 cents per share, in the year-earlier period.

Profit after tax rose on an annual basis to US$1.55 billion from about US$1.37 billion, and EBIT increased 10.3% on an annual basis to US$876 million from US$805 million. Total net property income totaled US$857 million, compared with US$795 million in the prior-year period.

As of 2017-end, Westfield's total investment property portfolio was worth about US$21.37 billion, up from US$18.78 billion in 2016-end. It had total assets of about US$23.64 billion as of Dec. 31, 2017, up from the US$21.11 billion recorded in the year-earlier period. With net assets in the reporting period rising to US$11.10 billion from about US$9.84 billion, net assets per security stood at US$5.20 in 2017 from US$4.60 in 2016.

In its earnings report, Westfield reiterated the Lowy family and board's support of Unibail-Rodamco SE's December 2017 bid to take over the company. It also said it will not provide forecasts for FFO or distribution for 2018, in light of the US$15.68 billion merger proposal.