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10 May 2016 Westfield Corporation Level 29 The Manager 85 Castlereagh Street Company Announcements Office Sydney NSW 2000 ASX Limited GPO Box 4004 Sydney NSW 2001 Level 4, Exchange Centre Australia 20 Bridge Street Telephone 02 9273 2000 SYDNEY NSW 2000 Facsimile 02 9358 7241 Internet www.westfieldcorp.com Dear Sir/Madam WESTFIELD CORPORATION (ASX: WFD) SHAREHOLDER REVIEW 2016 Attached is Westfield Corporation’s 2016 Shareholder Review. An interactive version of the Shareholder Review is also available on the corporate website. Please click on the attached link to view the document - Westfield Corporation – Shareholder Review Yours faithfully WESTFIELD CORPORATION Simon Tuxen Company Secretary Encl. Westfield Corporation Limited ABN 12 166 995 197 Westfield America Management Limited ABN 66 072 780 619 AFS Licence 230324 as responsible entity of Westfield America Trust ABN 27 374 714 905 ARSN 092 058 449 and as responsible entity of WFD Trust ABN 50 598 857 938 ARSN 168 765 875 SHAREHOLDER REVIEW 2016 CREATING CONNECTIONS WWW.WESTFIELDCORP.COM Westfield Corporation Shareholder Review 2016 | 1 We create and operate flagship CONTENTS assets in leading markets 2 – 3 HIGHLIGHTS 4 – 5 CHAIRMAN’S LETTER that deliver great experiences 6 – 7 CO-CEO REVIEW 8 – 9 FINANCIAL HIGHLIGHTS 10 – 13 PORTFOLIO OVERVIEW for retailers and consumers. 14 – 15 DEVELOPMENT PROGRAM 16 – 17 CENTURY CITY 18 – 19 LONDON 20 – 27 WORLD TRADE CENTER 28 – 29 MILAN We are focused on creating 30 – 31 UTC 32 – 33 VALLEY FAIR 34 – 37 DIGITAL STRATEGY a digital platform to converge 36 WESTFIELD LABS 37 DATA ANALYTICS with our physical portfolio 38 – 39 PORTFOLIO DETAILS 40 – 45 BOARD & SENIOR MANAGEMENT 40– 43 BOARD OF DIRECTORS to better connect retailers, 44 – 47 SENIOR MANAGEMENT 48 CORPORATE DIRECTORY brands and consumers. 2 Westfield Corporation Shareholder Review 2016 | 3 HIGHLIGHTS All amounts in US dollars unless otherwise specified PSF means per square foot 82% FLAGSHIP 18% REGIONAL $29BASSETS UNDER MANAGEMENT $726 PSF 6,500 400M >$16B PORTFOLIO ANNUAL RETAIL CUSTOMER ANNUAL SPECIALTY SALES OUTLETS VISITS ACROSS RETAIL SALES 34 ASSETS FLAGSHIP ASSETS $3.7 BILLION CURRENTLY UNDER CONSTRUCTION $6.8 BILLION $10.5B FUTURE 16 $23.7B $902 PSF DEVELOPMENT DEVELOPMENT PROGRAM FLAGSHIP VALUE OF FLAGSHIP ANNUAL ASSETS FLAGSHIP SPECIALTY SALES ASSETS 4 Westfield Corporation Shareholder Review 2016 | 5 CHAIRMAN’S LETTER I am proud to present Westfield Corporation’s 2016 Shareholder Review. This is our second Shareholder Review Over the past decade we have continued following the restructure of Westfield Group to transform our portfolio through landmark in 2014 and I am pleased to report that in our developments, strategic divestments and first full financial year, Westfield Corporation innovation. Our evolution has anticipated has delivered a strong financial and operating the emerging demand by consumers for performance and made significant progress better designed buildings and improved on its development program. In 2015 we customer services and the demand by delivered A-IFRS profit of $2.3 billion, Funds retailers, especially international, luxury and from Operations (FFO) of $783 million (37.7 high street retailers, for space in high profile cents per security) and distributions of and prestigious locations in the world’s 25.1 cents per security – all in line with our leading cities. forecast. It has also anticipated the rapid rise of the Since the restructure Westfield Corporation role digital devices and technology play in our has delivered a total return of 47.1%, lives. We have already seen that the future outperforming the ASX200 Index by 42.5% of retail is not a choice between physical and the ASX200 REIT Index (excluding and digital. Rather, the choice is both – the Westfield Corporation) by 20.3% and has best centres in great locations, combined ranked in the top 10 companies in the ASX50 with a vibrant and totally integrated digital in terms of total return to security holders in experience for retailers, brands and shoppers. that period. That trend will accelerate in the years ahead Our strategy is to create and operate flagship and it is the integration of the best physical assets in leading markets that deliver assets with digital initiatives that will underpin great experiences for retailers, brands and our future success. consumers. We are focused on innovation Our continued success would not be possible and are creating a digital platform to converge without our team around the world and I with our physical portfolio to better connect want to formally acknowledge and thank retailers, brands and consumers. them for their efforts. I would also like to We have continued to evolve our assets into thank my fellow directors for their contribution vibrant, exciting places in densely populated to the success of Westfield Corporation. locations by integrating fashion, food, leisure Their strategic guidance and advice has and entertainment as well as focusing on been invaluable. digital technology and leveraging the data I am proud to be leading Westfield generated across our business. Corporation during this exciting period of Our aim is to connect the retailer with the growth and am confident we will continue to shopper more closely than ever and help improve further what is already the highest retailers and brands build a lasting and FRANK LOWY AC quality retail portfolio in the world. Chairman meaningful relationship with their customers. 6 Westfield Corporation Shareholder Review 2016 | 7 CO-CEO REVIEW We are pleased to report on the significant progress made in implementing our strategy over the past 12 months. This involves delivering destinations with impressive architecture that incorporate embedded digital technologies and integrate the best in fashion, food, leisure and entertainment to create exceptional experiences. OUR PORTFOLIO & Our $10.5 billion development program For the 2016 financial year, we expect to – Launching Bespoke, a new dedicated space OUTLOOK DEVELOPMENT PROGRAM excludes residential opportunities on land deliver FFO of between 34.2 and 34.5 cents within our San Francisco centre that retail we currently own, adjacent to our centres, per security, after taking into account the technology businesses can use to develop, We are committed to leading our industry, We have $29 billion in Assets including approvals for 2,500 apartments dilution from our non-core asset divestments test and refine their initiatives within a physically and digitally and to delivering best- under Management and a $10.5 at Westfield London and Westfield Stratford in late 2015 and lost income from our shopping centre environment; and in-class assets, market leading operating and billion development program. City in the United Kingdom and the possibility Century City development. This represents financial metrics as well as making a positive – Establishing a new Data and Analytics unit During 2015, we: of several thousand apartments on existing pro-forma growth of 3%-4% on the previous contribution to the social, environmental and whose function it is to work with retailers to owned land adjacent to our US centres. corresponding period. Distributions are economic well-being of the communities in better understand the data generated in our – Completed over $1 billion in projects; We are currently evaluating the best way to forecast to be 25.1 cents per security. which we operate. centres and to utilise it to create relevant and proceed to leverage these opportunities and – Commenced $2.5 billion of projects compelling end-to-end retail innovations and create the most value for the Group. including Century City in Los Angeles, DIGITAL TECHNOLOGY experiences. UTC in San Diego and Westfield London; & INNOVATION OPERATING PERFORMANCE We are also leveraging our flagship assets and – Completed the $925 million joint venture The rapid uptake of mobile technology close relationships with global retailers and of three regional assets in the US; and Our portfolio achieved specialty sales of means that innovation and adaptation will brands to deliver new income streams. For $726 per square foot (psf), up 6.4% for the – Divested six non-core assets for continue to be crucial to our success. example, at the Westfield World Trade Center, STEVEN LOWY AM 12 months to 31 December 2015 and our we have concluded a number of multi-year $1.3 billion. We see the opportunity to create new Co-Chief Executive Officer (Left) flagship assets delivered specialty sales of sponsorships with major brands, including revenue streams and extract greater value Today our portfolio consists of 34 centres, $902 psf, up 8.0%. Chase and Ford, which will open its first from our portfolio by continuing to invest in of which 82% are flagship assets. Upon innovative concept called FordHub. In addition Comparable net operating income for our our digital platform which is focused on better completion of our current development to leasing stores these brands will participate in portfolio for the 12 month period was up connecting retailers and consumers both program we expect this percentage to be in media and event activation at Westfield World 3.9%, and our flagship portfolio was up 4.2%. physically and digitally. the range of 85% - 90%. Trade Center, similar to major sporting and Our portfolio was 95.9% leased as at Our development program comprises During 2015, we made significant progress in entertainment venues. We are actively pursuing PETER LOWY 31 December 2015. Co-Chief Executive Officer (Right) $3.7 billion of projects currently under the roll-out of our digital strategy including: similar opportunities across our portfolio. construction, including Westfield World – Successfully unifying all of our assets onto All of these activities underscore our view Trade Center in New York, Century City FINANCIAL PERFORMANCE a single digital platform; that the relationship between owners and in Los Angeles, UTC in San Diego and For the 2015 financial year, we reported developers of shopping centres and retailers Westfield London.
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