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27 February 2013 the Manager Company 27 February 2013 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) FULL YEAR RESULTS FOR PERIOD ENDED 31 DECEMBER 2012 Please find attached: (a) media release; and (b) investor presentation. Yours faithfully WESTFIELD RETAIL TRUST Katherine Grace Company Secretary Encl. 2012 DISTRIBUTABLE EARNINGS UP 2% IN LINE WITH FORECAST AND INCREASE TO DISTRIBUTION FROM 2013 Westfield Retail Trust (ASX:WRT) today announced its financial results for the 12 month period to 31 December 2012 with A-IFRS profit after tax of $830.8 million or 27.21 cents per stapled security. Distributable earnings were $572.6 million or 18.75 cents per stapled security, up 2.0% and in line with forecast. Distribution for the 12 months to 31 December 2012 was 18.75 cents per stapled security. The final distribution of 9.50 cents per stapled security will be paid to securityholders on 28 February 2013. Funds from operations (FFO) were $591.4 million or 19.37 cents per stapled security, up 1.9%. From August 2013, the Trust will report earnings on a FFO basis bringing the Trust in line with its global peers. From August 2013 distributions of the Trust will be based on FFO, resulting in higher cash returns for securityholders. Managing Director Domenic Panaccio said “Over the past 12 months the Trust has continued its strategy of maximising operating performance, adding value through redevelopments and capital management initiatives to deliver long term returns for securityholders. This full year result was delivered in an operating environment that continues to present challenges and highlights the quality and strength of our portfolio and underlying cash flows.” Operating Performance The Trust’s portfolio of 47 shopping centres delivered comparable net operating income growth of 2.9% in 2012. The portfolio generates over $20 billion of annual retail sales and continues to be over 99.5% leased, highlighting strong demand for quality retail space. Total comparable retail sales growth for the same period was 0.7% in Australia and New Zealand with specialty sales per square metre of $9,852 in Australia and NZ$8,520 in New Zealand. Comparable specialty sales growth for the 12 months to 31 December 2012 was 0.5% in Australia and 0.1% in New Zealand. Development During the year the developments at Westfield Sydney and Westfield Fountain Gate were successfully completed with Westfield Sydney generating the highest specialty sales productivity in the portfolio. In September 2012, the redevelopment at Westfield Fountain Gate was opened fully leased and ahead of schedule with the centre’s trade and customer traffic building strongly. Mr Panaccio said “Redevelopments are a key growth driver for the Trust. The Westfield Fountain Gate development has generated over $100 million of value for securityholders, and we remain confident that significant value will be created over the next five to seven years, through our $1.2 billion redevelopment pipeline. We are undertaking pre-development work on a number of centres and anticipate commencing the redevelopment of Westfield Miranda and Westfield Mt Gravatt during 2013.” Capital Management Capital management initiatives during the period included the restructure of seven jointly owned assets with AMP Capital and Westfield Group, with the Trust acquiring approximately $367 million of assets and disposing of $547 million of assets. The Trust also sold its interests in three centres in New Zealand for a total of NZ$128 million. These transactions provided capital for an on market securities buy-back program of up to $200 million which commenced in October 2012 of which $24 million has been completed. The Trust has announced a change to its distribution policy which will now allow a payout of up to 100% of its FFO in each year, subject to general business and financial conditions, working capital requirements, capital expenditure considerations and other factors considered relevant by the Board. Mr Panaccio said “The Trust’s strong financial position was the catalyst for the change in the distribution policy. The strength of the portfolio and balance sheet ensures the Trust also continues to have the capacity to pursue growth opportunities such as redevelopments and acquisitions.” At 31 December 2012 the Trust had total assets of $13.5 billion, net tangible assets of $3.42 per stapled security and gearing of 20.7%. Outlook FFO for 2013 are forecast to be 19.85 cents per stapled security, representing a 2.5% increase on the prior year. The 2013 distribution, based on a payout of 100% of FFO, is also forecast to be 19.85 cents per stapled security, representing a 5.9% increase on the 2012 distribution. Mr Panaccio said “While we anticipate that the retail environment will continue to present challenges over the next 12 months, the quality of our portfolio and underlying strong cash flows, together with the value generated by our redevelopment program, ensures that the Trust is well positioned to create value for securityholders over the long term.” ENDS For further information please contact: Domenic Panaccio Brian Mackrill Managing Director Chief Financial Officer (+61 2) 9333 4800 (+61 2) 9333 4803 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 31 December 2012. The Trust's principal investment is the joint venture ownership, alongside Westfield Group, in a high quality shopping centre portfolio comprising interests in 47 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 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 presentation. Except as required by law or regulation (including the ASX Listing Rules) we undertake no obligation to update these forward-looking statements. WESTFIELD RETAIL TRUST FULL YEAR RESULTS FOR THE 12 MONTHS TO 31 DECEMBER 2012 27 FEBRUARY 2013 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. Note: All currency figures within this presentation are presented in Australian dollars unless otherwise stated. Slide 2 Full Year Results 2012 RESULTS 12 MONTHS TO 31 DECEMBER 2012 Distributable earnings and distribution in line with forecast • Distributable earnings of $572.6 million or 18.75 cents per stapled security, up 2.0% • Distribution of 18.75 cents per stapled security Funds from operations of $591.4 million or 19.37 cents per stapled security, up 1.9% A-IFRS profit after tax of $830.8 million • Property revaluations of $292.7 million, supported by underlying income growth – Westfield Fountain Gate $107.0 million valuation uplift following development completion Operating metrics remained strong in a challenging retail environment • Comparable specialty sales growth of 0.5% in Australia and 0.1% in
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