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Westfield Retail Trust (Asx: Wrt) Half Year Results for Period Ended 30 June 2012

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Westfield Retail Trust (Asx: Wrt) Half Year Results for Period Ended 30 June 2012 Level 8 77 Castlereagh Street Sydney NSW 2000 GPO Box 4004 Sydney NSW 2001 Australia Telephone +61 2 9333 4800 Facsimile +61 2 9333 4848 Internet www.westfieldretailtrust.com 15 August 2012 The Manager Company Announcements Office ASX Limited Level 4, Exchange Centre 20 Bridge Street SYDNEY NSW 2000 Dear Sir/Madam WESTFIELD RETAIL TRUST (ASX: WRT) HALF YEAR RESULTS FOR PERIOD ENDED 30 JUNE 2012 Please find attached: (a) results announcement; and (b) investor presentation. Yours faithfully WESTFIELD RETAIL TRUST Katherine Grace Company Secretary Encl. For personal use only RE1 Limited ABN 80 145 743 862 AFS Licence 380202 as responsible entity for Westfield Retail Trust 1 ABN 66 744 282 872 ARSN 146 934 536 RE2 Limited ABN 41 145 744 065 AFS Licence 380203 as responsible entity for Westfield Retail Trust 2 ABN 11 517 229 138 ARSN 146 934 652 15 August 2012 2012 HALF YEAR RESULT IN LINE WITH FORECAST Westfield Retail Trust (ASX:WRT) today announced its financial results for the six month period to 30 June 2012 reporting A-IFRS profit after tax of $416.9 million or 13.65 cents per stapled security. Distributable earnings were $282.7 million or 9.26 cents per stapled security, up 2.8% on the previous corresponding period. The distribution for the period is 9.25 cents per stapled security. The distribution will be paid on 31 August 2012 and reflects the change to the Trust’s distribution policy to allow for a payout of up to 100% of distributable earnings. The Trust reconfirms its 2012 full year forecast distributable earnings and distribution of 18.75 cents per stapled security. Managing Director Domenic Panaccio said “We are pleased with the performance of the Trust in the past 6 months which was delivered in a challenging retail environment. The quality of, and demand for, retail space within the portfolio was evident with over 1,400 lease transactions completed during the period, the portfolio being 99.5% leased and strong growth in comparable net operating income of 3.3%.” Operating Performance The stability of the Trust’s cash flow is underpinned by the diversity of over 13,400 retail outlets across its 52 shopping centres which generate over $22 billion of retail sales annually. The portfolio continued to deliver high productivity generating specialty sales per square metre of $9,881 in Australia and NZ$8,268 in New Zealand. Comparable specialty sales growth for the 6 months to June 2012 was 0.8% in Australia and 1.1% in New Zealand. Total comparable retail sales growth for the same period was 0.9% in Australia and 2.7% in New Zealand. Development The Westfield Sydney development was successfully completed in April 2012. Westfield Sydney is the Trust’s flagship asset and represents a premium retail, office and lifestyle destination that is unique in Australia. The development is stabilising well with specialty retail sales productivity already the highest in the Trust’s portfolio. Stage 1 of the redevelopment at Westfield Fountain Gate successfully opened in May 2012 and is trading well. The final stage of the development is scheduled to complete in September 2012. For personal use only Mr Panaccio said “The Trust’s focus is to continue to enhance the quality of its portfolio and ensure that, where capital is allocated, appropriate risk adjusted long term total returns are achieved. Looking forward, redevelopments will be a key growth driver for the Trust with $1.3 billion of future development opportunities having been identified over the next 5 to 7 years with pre-development work being actively undertaken on this pipeline.” RE1 Limited ABN 80 145 743 862 AFS Licence 380202 as responsible entity for Westfield Retail Trust 1 ABN 66 744 282 872 ARSN 146 934 536 RE2 Limited ABN 41 145 744 065 AFS Licence 380203 as responsible entity for Westfield Retail Trust 2 ABN 11 517 229 138 ARSN 146 934 652 Financial Position at 30 June 2012 As at 30 June 2012 the Trust had total assets of over $13.5 billion which includes property revaluation gains of $157 million for the period. Net tangible assets per stapled security was $3.37. Financing activity during the past 6 months included the repayment of the $1.34 billion Westfield Sydney Facility in April 2012 and a $30 million 10 year medium term note issue which settled in July 2012. The Trust remains well-positioned to capitalise on growth opportunities with a strong balance sheet, gearing of 21.8% and an interest coverage ratio of 4.6 times. Disposals In June 2012, the Trust sold its 50% interest in Westfield Shore City located in Takapuna, Auckland, New Zealand of which the Trust’s share of proceeds was NZ$41.8 million. Proceeds from the sale have been used to repay New Zealand dollar denominated debt. Outlook The Trust reconfirms its forecast of distributable earnings and distribution in 2012 of 18.75 cents per stapled security. Mr Panaccio said “The strength of the portfolio, its underlying cash flows, and a strong balance sheet provide the Trust with the foundation and capacity to drive and achieve long term returns for securityholders. Maximising operating performance, reinvesting in the portfolio through redevelopments and capital management initiatives will drive future growth.” ENDS For further information please contact: Domenic Panaccio Brian Mackrill Managing Director Chief Financial Officer (+61 2) 9333 4800 (+61 2) 9333 4800 About Westfield Retail Trust Westfield Retail Trust (ASX Code: WRT) is Australia's largest listed real estate investment trust solely focused on Australian and New Zealand retail property, with total assets valued in excess of $13.5 billion as at 30 June 2012. The Trust's principal investment is the joint venture ownership, alongside Westfield Group, in a pre-eminent shopping centre portfolio comprising interests in 52 major shopping centres located predominantly in Australia with 8% of the Trust’s shopping centre assets located in New Zealand. This release contains forward-looking statements, including statements regarding future earnings and distributions. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this For personal use only release. You should not place undue reliance on these forward-looking statements. These forward-looking statements are based on information available to us as of the date of this release. Except as required by law or regulation (including the ASX Listing Rules) we undertake no obligation to update these forward-looking statements. Page 2 Westfield Retail Trust Half Year Results For the six months to 30 June 2012 For personal use only RE1 Limited ABN 80 145 743 862 AFS Licence 380202 as responsible entity for Westfield Retail Trust 1 ABN 66 744 282 872 ARSN 146 934 536 RE2 Limited ABN 41 145 744 065 AFS Licence 380203 as responsible entity for Westfield Retail Trust 2 ABN 11 517 229 138 ARSN 146 934 652 Disclaimer >This document is not an invitation, offer or recommendation (express or implied) to apply for or purchase or take any other action in respect of securities and is not a prospectus, product disclosure statement or disclosure document for the purposes of the Corporations Act 2001 (Cth) and has not been lodged with ASIC. >Distribution of this document outside Australia may be restricted by law. Persons who come into possession of this document who are not in Australia should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. No action has been taken to register securities outside Australia. >This document contains forward-looking statements and forecasts, including statements regarding future earnings and distributions. These forward- looking statements and forecasts are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance to differ materially from those expressed or implied by the forward-looking statements and forecasts contained in this document. No representation is made that any of these statements or forecasts will come to pass or that any forecast result will be achieved. Similarly, no representation is given that the assumptions upon which forward- looking statements and forecasts may be based are reasonable. These forward-looking statements and forecasts are based on information available to us as of the date of this document. Except as required by law or regulation (including the ASX Listing Rules) we undertake no obligation to update or revise these forward-looking statements or forecasts. For personal use only Note: All currency figures within this presentation are presented in Australian dollars unless otherwise stated. Highlights - 6 months ended 30 June 2012 > Distributable earnings and distribution • Distributable earnings of $282.7 million or 9.26 cents per stapled security, up 2.8% • Distribution of $282.5 million or 9.25 cents per stapled security, up 14.2% > A-IFRS profit after tax of $416.9 million • Property revaluations of $157.0 million (largely due to increases in income) > Financial position • Strong balance sheet, with low gearing at 21.8% and interest cover of 4.6 times - $1.34 billion Westfield Sydney Facility repaid in April 2012 - Net tangible assets of $3.37 per stapled security > Outlook • 2012 distributable earnings and distribution are forecast1 to be 18.75 cents per stapled security For personal use only 1. Forecast assuming no material change in market conditions and the A$/NZ$ exchange rate.
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