26 February 2014
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 YEAR ENDED 31 DECEMBER 2013
Please find attached:
(a) ASX release; and
(b) investor presentation.
Yours faithfully WESTFIELD RETAIL TRUST
Katherine Grace Company Secretary
Encl.
For personal use only use personal For
2013 FULL YEAR RESULTS FUNDS FROM OPERATIONS UP 2.5% FULL YEAR DISTRIBUTION PER STAPLED SECURITY UP 5.9%
Westfield Retail Trust (ASX:WRT) today announced its financial results for the 12 month period to 31 December 2013 with A-IFRS profit after tax of $777.1 million or 25.85 cents per stapled security.
Funds from operations (FFO) were $596.8 million representing 19.85 cents per stapled security, up 2.5% and in line with forecast. The full year distribution of 19.85 cents per stapled security, up 5.9%, is also in line with forecast.
Managing Director Domenic Panaccio said “We are pleased with the performance of the Trust in 2013 which delivered solid results in line with forecast. Today our portfolio is well positioned with low vacancy and high sales productivity and we are encouraged by the improving retail sales growth in the December quarter, which continued into January.”
In December 2013 the Trust announced a proposal to merge its business with Westfield Group’s Australian and New Zealand business to create a new entity called Scentre Group.
Chairman Richard Warburton said “The proposed merger will deliver future growth with the Trust gaining an internalised retail property operating platform. The proposal has the unanimous support of the independent Directors and is expected to deliver 5.2% pro forma earnings accretion in 2014. It gives the Trust the ability to further strengthen its earnings potential while maintaining a strong financial position and enhancing the high quality of its portfolio.”
The securityholder booklet, including an independent expert’s report, will be provided to securityholders in April ahead of a securityholder meeting in May to consider the merger proposal.
Outlook
For the year ending 31 December 2014, the Trust is forecast to deliver FFO of 20.4 cents per stapled security representing a 2.8% increase on the prior year. The distribution payout for 2014 is forecast to be 100% of FFO, being 20.4 cents per stapled security.
The 2014 forecast assumes comparable net operating income growth of 2.0% to 2.5% for Australia and no material change in the current operating environment. It excludes the impact of the merger proposal or any future capital transactions.
Under the merger proposal the 2014 pro forma FFO forecast1 for Scentre Group is 21.5 cents per For personal use only use personal For stapled security which represents an increase of 5.2% on the Trust’s 2014 forecast.
1. Pro forma FFO forecast assumes implementation on 1 January 2014 as disclosed under the terms of the proposal on 4 December 2013.
Key highlights for the 12 months ended 31 December 2013 include:
Operating Performance
Comparable net operating income growth of 2.0% in Australia and 0.3% in New Zealand 2,395 lease deals completed covering 289,071 sqm of retail space Comparable retail sales growth of 1.7% in Australia and (0.7)% in New Zealand Comparable specialty sales growth of 3.0% in Australia and 0.6% in New Zealand for the December quarter Average specialty rental growth of 1.7% comprising growth of 1.8% in Australia and 0.4% in New Zealand High productivity with average specialty retail sales of $9,864 per square metre in Australia and NZ$8,542 per square metre in New Zealand High occupancy with the shopping centres over 99.5% leased
Redevelopment Activity
Investing in our portfolio through redevelopments enhances the quality and market position of our assets and creates significant value with targeted total returns of between 12% to 15%. In 2013 the Trust’s portfolio had more than $920 million (Trust share: $332 million) of redevelopment projects under construction. Currently two centres are under redevelopment at a total cost to the Trust of $309 million, both of which are expected to be substantially complete in late 2014.
The $400 million (Trust share: $200 million) redevelopment of Westfield Garden City (QLD) commenced in April 2013 and includes a new full line Myer, Target and over 100 new specialty retailers. The project will increase the gross lettable area of the centre by approximately 42% to 140,000 square metres and has an estimated yield on completion in the range of 6.75% to 7.25%. Westfield Garden City is already one of the strongest performing centres in Australia with retail sales of over $500 million in 2013 and on completion is expected to become one of Australia’s top 10 shopping centres.
In May 2013 the Trust commenced the $435 million (Trust share: $109 million) redevelopment of Westfield Miranda (NSW). The redevelopment will increase the gross lettable area of the centre by approximately 18% to 127,000 square metres and will deliver a new standard of retail including a comprehensive tenancy mix and a dynamic dining, leisure and entertainment precinct. The project has an estimated yield on completion in the range of 6.50% to 7.00%.
In October 2013, the Trust completed a $92 million (Trust share: $23 million) redevelopment of Westfield West Lakes in South Australia. The project expanded the centre to 72,800 square metres of gross lettable area and added a Target, 50 specialty retailers and additional parking.
For personal use only use personal For The Trust has a redevelopment pipeline over the next five to seven years of over $1 billion (Trust share) which includes redevelopments at Westfield Chermside (QLD), Westfield Marion (SA) and Westfield Warringah Mall (NSW), with predevelopment works progressing well.
Financial Position and Capital Management
The Trust has continued to meet its financial targets and capital management objectives whilst retaining a strong financial profile at 31 December 2013:
Interest in Karrinyup Shopping Centre (WA) sold for $123.3 million, at a 19% premium to book value; 75% of the $300 million on-market securities buy-back program completed; $2.0 billion bilateral bank facilities extended and/or established; €500 million (A$720 million) fixed rate senior guaranteed notes issued; Available liquidity of over $600 million; Net tangible assets of $3.52 per stapled security and gearing of 22.4%; and Total assets of $14.0 billion including $163.6 million of revaluation gains.
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 a total asset value of $14.0 billion at 31 December 2013. The Trust's principal investment is the joint venture ownership, alongside Westfield Group, in a high quality shopping centre portfolio comprising interests in 46 major shopping centres located predominantly in Australia with 9% 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. For personal use only use personal For
WESTFIELD RETAIL TRUST FULL YEAR RESULTS
FOR THE 12 MONTHS TO 31 DECEMBER 2013 For personal use only use personal For
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 2013 FULL YEAR RESULTS 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. For personal use only use personal For
Slide 2
2013 FULL YEAR RESULTS 2013 FINANCIAL RESULTS WRT DELIVERED SOLID FINANCIAL RESULTS IN 2013
Funds from operations (FFO) and distribution in line with forecast • FFO of $596.8 million, representing 19.85 cents per stapled security, up 2.5% • Distribution of $593.0 million, representing 19.85 cents per stapled security, up 5.9%
A-IFRS profit after tax of $777.1 million • Property revaluations of $163.6 million, supported by underlying income growth
Delivered solid operating results • Net operating income of $819.1 million with comparable growth of 2.0% in Australia and 0.3% in New Zealand • Comparable specialty sales growth of 3.0% in Australia and 0.6% in New Zealand for the December quarter • Average specialty rental growth of 1.7% comprising 1.8% in Australia and 0.4% in New Zealand
Strong balance sheet and credit profile at 31 December 2013 • Net tangible assets of $3.52 per stapled security • Gearing at 22.4% and interest cover of 4.2 times
• Available liquidity of over $600 million For personal use only use personal For
Slide 3
2013 FULL YEAR RESULTS SCENTRE GROUP MERGER PROPOSAL
Scentre Group will manage, develop and have an ownership interest in Westfield branded shopping centres in Australia and New Zealand including 15 of the top 20 centres in Australia.
The merger proposal has the unanimous support of the independent Directors.
Upon implementation, the merger proposal better positions the Trust for growth and is expected to create value by: • internalising Westfield Group’s Australia and New Zealand property management, development and funds management platform; • increasing ownership in the best shopping centre portfolio in Australia and New Zealand; • enhancing the Trust’s corporate structure and capital structure; and • delivering 5.2% earnings accretion in 20141.
Under the terms of the merger proposal WRT securityholders would hold 51.4% of Scentre Group and receive: • a cash payment of $285 for every 1,000 WRT stapled securities by way of a capital return; and • 918 Scentre Group securities for every 1,000 WRT stapled securities they currently hold.
The implementation of the merger proposal is dependent on satisfaction of certain conditions precedent. Further details on the merger proposal will be contained in a booklet to be provided to For personal use only use personal For securityholders in April 2014.
1. Pro forma FFO forecast assumes implementation on 1 January 2014 as disclosed under the terms of the merger proposal on 4 December 2013. Slide 4
2013 FULL YEAR RESULTS 2013 HIGHLIGHTS FOCUS ON MAXIMISING LONG TERM RETURNS FOR SECURITYHOLDERS
Owner of the best portfolio of retail assets in Australia and New Zealand • Interests in 46 shopping centres across Australia and New Zealand including 14 of Australia’s top 20 performing shopping centres by annual sales1 • Portfolio generated $21 billion of annual retail sales from 12,100 retail outlets • High productivity with average specialty retail sales of $9,864 psm in Australia and NZ$8,542 psm in New Zealand • High occupancy with the portfolio over 99.5% leased with 2,395 lease deals completed
Invested in the portfolio through redevelopments • $200 million2 redevelopment commenced at Westfield Garden City at Upper Mt Gravatt (QLD) with an estimated yield on completion of between 6.75% to 7.25% • $109 million2 redevelopment commenced at Westfield Miranda (NSW) with an estimated yield on completion of between 6.50% to 7.00% • Westfield West Lakes (SA) $23 million2 redevelopment completed in October
Enhanced long term returns through capital initiatives • Interest in Karrinyup Shopping Centre (WA) sold for $123.3 million2 at a 19% premium to book value • $300 million on-market securities buy-back program, with 75% completed at 31 December 2013 • $2.0 billion bilateral bank facilities extended / established • €500 million (A$720 million) fixed rate senior guaranteed notes issued For personal use only use personal For • Merger proposal to create Scentre Group announced in December
1. Source: Shopping Centre News – Volume 31, Number 1 – Big Guns 2013. 2. Represents WRT’s share. Slide 5
2013 FULL YEAR RESULTS OUTLOOK
2014 WRT full year FFO and distribution forecast1 of 20.4 cents per stapled security, up 2.8%
2014 full year forecast • WRT FFO and distribution forecast1 of 20.4 cents per stapled security, up 2.8% - Forecast growth in comparable net operating income of 2.0% to 2.5% for Australia and 1.5% to 2.0% for the portfolio • Scentre Group proforma FFO forecast2 of 21.5 cents per stapled security, up 5.2% on WRT’s 2014 forecast
WRT’s ongoing focus is to maximise long term returns for securityholders by: • Driving the operating performance of the portfolio; • Investing in the redevelopment of existing assets; and • Capital management initiatives including acquisitions and disposals with capital allocated to achieve appropriate risk adjusted long term returns.
1. FFO and distribution forecast assumes no material change in the current operating environment and excludes the impact of the merger proposal or any future capital transactions.
2. Proforma FFO forecast assumes implementation on 1 January 2014 as disclosed under the terms of the merger proposal on 4 December 2013. For personal use only use personal For
Slide 6
2013 FULL YEAR RESULTS SHOPPING CENTRE PORTFOLIO1 AT 31 DECEMBER 2013
AUSTRALIA NEW ZEALAND TOTAL Centres 37 9 46 Retail outlets 10,712 1,409 12,121 Gross lettable area (million sqm) 3.3 0.4 3.7 Total annual sales (billion) A$19.3 NZ$2.0 A$21.0 Asset value (billion)2 A$12.4 NZ$1.4 A$13.6 Weighted average yield 5.9% 7.3% 6.0%
Retail sales of $21 billion generated in WRT’s centres in the 12 months to 31 December 2013
RETAIL SALES AVERAGE SPECIALTY GROWTH4 STORE RENT PORTFOLIO SPECIALTY SPECIALTY LEASE DEALS 12 3 AMOUNT GROWTH5 COMPARABLE LEASED OCCUPANCY RETAIL SALES3 COMPLETED MONTHS MONTHS NOI GROWTH3 COST (Number/Area) 2,395 Portfolio >99.5% 19.2% 1.7% 1.7% 289,071sqm Australia A$9,864 psm 1.4% 3.0% A$1,537 psm 1.8% 2.0%
New Zealand NZ$8,542 psm 0.4% 0.6% NZ$1,128 psm 0.4% 0.3% For personal use only use personal For 1. All disclosures exclude assets disposed of during the period. 2. WRT share of shopping centre assets excluding development projects and construction in progress of $247.0 million at 31 December 2013. 3. 12 months to 31 December 2013. 4. Comparable specialty shop sales. Slide 7 5. 31 December 2013 compared to 31 December 2012. 2013 FULL YEAR RESULTS REDEVELOPMENT ACTIVITY INVESTING IN THE PORTFOLIO
• 2013 development activity: – Westfield West Lakes (SA) $23 million1 redevelopment completed in October – $200 million1 redevelopment commenced at Westfield Garden City at Upper Mt Gravatt (QLD) – $109 million1 redevelopment commenced at Westfield Miranda (NSW)
• Identified redevelopment opportunities of over $1 billion1 in the next 5 to 7 years
AUSTRALIA NEW ZEALAND Carousel (WA) Plenty Valley (VIC) Albany (Auckland) Chermside (QLD) Tea Tree Plaza (SA) Newmarket (Auckland) Knox (VIC) Tuggerah (NSW) St Lukes (Auckland) Kotara (NSW) Warringah Mall (NSW) Marion (SA) Whitford City (WA) North Lakes (QLD)
• Target unlevered internal rate of return of between 12% and 15%
1. Represents WRT share. For personal use only use personal For
Slide 8 2013 FULL YEAR RESULTS WESTFIELD GARDEN CITY AT UPPER MT GRAVATT (QLD) UNDER REDEVELOPMENT
DEVELOPMENT PROJECT
Commenced April 2013 Anticipated completion Q4 2014 Total cost $400 million Trust share: $200 million Estimated yield 6.75% to 7.25% TOTAL TRADE AREA
Retail expenditure $7.2 billion Population 573,000
• Located in Upper Mt Gravatt, approximately 12 kilometres south of Brisbane’s CBD in Queensland.
• The redevelopment will include a new full line Myer, a PRE DEVELOPMENT POST DEVELOPMENT new Target, a new relocated Kmart and over 100 new Total retailers 313 430 specialty retailers as well as the creation of a dining, (approx.) entertainment and leisure precinct. Gross lettable area 98,600sqm 140,000sqm (approx.) Major stores David Jones, Harvey Existing majors plus Norman, Coles, a full line Myer and For personal use only use personal For Kmart, Big W, a Target Woolworths, Birch Carroll & Coyle cinema complex Slide 9 2013 FULL YEAR RESULTS WESTFIELD MIRANDA (NSW) UNDER REDEVELOPMENT
DEVELOPMENT PROJECT
Commenced May 2013 Anticipated completion 2014 / 2015 Total cost $435 million Trust share: $109 million Estimated yield 6.50% to 7.00% TOTAL TRADE AREA
Retail expenditure $7.1 billion Population 558,000
• Located in Miranda, approximately 30 kilometres south of Sydney’s CBD in New South Wales. PRE DEVELOPMENT POST DEVELOPMENT • The redevelopment will include a new Woolworths and Total retailers 397 490 (approx.) upgraded Big W, a fully refurbished Myer, 10 new mini- majors, and approximately 100 new specialty retailers. Gross lettable area 108,000sqm 127,000sqm It will also include a new dining, entertainment and (approx.) leisure precinct incorporating a 10-screen multiplex Major stores David Jones, Myer, Existing majors plus Event cinema. Target, Big W, a new Woolworths, For personal use only use personal For Woolworths, upgraded Big W, Franklins, Aldi, Toys fully refurbished R Us, Greater Union Myer cinema complex Slide 10 2013 FULL YEAR RESULTS FFO1 AND DISTRIBUTION
1 JANUARY 2013 - 1 JANUARY 2012 - $ MILLION 31 DECEMBER 2013 31 DECEMBER 2012 % CHANGE Property revenue2 1,121.9 1,098.4 2.1%
Property expenses (302.8) (289.7)
Net operating income 819.1 808.7 1.3%
Corporate costs (36.1) (37.1)
FFO before interest and tax 783.0 771.6 1.5%
Net interest expense3 (168.0) (163.5)
Realised currency derivatives3 (1.2) -
4 Tax expense (17.0) (16.7)
FFO for the period 596.8 591.4 0.9%
Less: amount retained (3.8) (19.5)
Distribution for the period 593.0 571.9 3.7%
Weighted average number of stapled securities (million) 3,006.7 3,053.6
FFO per stapled security (cents) 19.85 19.37 2.5%
Distribution per stapled security (cents) 19.85 18.75 5.9% For personal use only use personal For
1. FFO from operations have been prepared on a proportionate basis. The net contribution from equity accounted properties has been allocated to revenue and expenses. 2. Excludes amortisation of tenant incentives. 3. Excludes mark to market of derivatives. Slide 11 4. Excludes deferred tax expense. 2013 FULL YEAR RESULTS INCOME STATEMENT1
1 JANUARY 2013 - 1 JANUARY 2012 - $ MILLION 31 DECEMBER 2013 31 DECEMBER 2012 Property revenue 1,101.8 1,079.6
Property expenses (302.8) (289.7)
Net operating income 799.0 789.9
Corporate costs (36.1) (37.1)
EBIT 762.9 752.8
Net interest expense (168.0) (163.5)
Realised currency derivatives (1.2) -
Mark to market of derivatives and currency gain 23.5 (34.1)
Property revaluations 163.6 292.7
Tax expense (17.0) (16.7)
Deferred tax expense (6.3) (1.9)
Capital transactions and related costs 19.6 1.5
Profit after tax for the period 777.1 830.8
1. The income statement has been prepared on a proportionate basis. The net contribution from equity accounted properties has been allocated to revenue and expenses. For personal use only use personal For
Slide 12 2013 FULL YEAR RESULTS BALANCE SHEET1
$ MILLION 31 DECEMBER 2013 31 DECEMBER 2012 Cash 42.7 41.5 Receivables and trade debtors 46.2 34.8 Property investments - Shopping centres 13,632.0 13,296.8 - Development projects and construction in progress 247.0 144.4 Total property investments 13,879.0 13,441.2 Other assets 80.0 28.1 Total assets 14,047.9 13,545.6 Payables and trade creditors 253.5 205.2 Interest bearing liabilities 3,143.6 2,769.3 Finance lease liabilities 27.4 22.9 Deferred tax liabilities 106.2 87.2 Other liabilities 41.9 55.8 Total liabilities 3,572.6 3,140.4 Net assets 10,475.3 10,405.2 Number of stapled securities at period end (million) 2,979.2 3,046.1 Net tangible assets per stapled security $3.52 $3.42
For personal use only use personal For 1. The balance sheet has been prepared on a proportionate basis. The net investment in equity accounted entities at 31 December 2013 of $6,985.2 million (31 December 2012: $6,791.7 million) has been allocated to individual assets and liabilities.
Slide 13 2013 FULL YEAR RESULTS CHANGE IN VALUE OF PROPERTY INVESTMENTS1
Change in value of property investments1
$ MILLION
Property investments opening balance – 31 December 2012 13,441.2
Revaluations 163.6
Disposals (114.4)
Capital expenditure 209.3
Exchange rate impact 179.3
Property investments closing balance – 31 December 2013 13,879.0
Estimated yield for Australia and New Zealand
31 DECEMBER 2013 31 DECEMBER 2012 WEIGHTED WEIGHTED AVERAGE AVERAGE
Australia 5.9% 5.9%
New Zealand 7.3% 7.5%
1. The change in value of property investments has been prepared on a proportionate basis. For personal use only use personal For
Slide 14 2013 FULL YEAR RESULTS FACILITY MATURITY PROFILE AT 31 DECEMBER 2013
$ MILLION FACILITIES AMOUNT DRAWN AVAILABLE LIQUIDITY Cash --21 Commercial paper1 - 246 615 Bilateral bank facilities 1,907 1,046 Medium term notes 1,851 1,851 - 3,758 3,143 636
• Average maturity of facilities is 4.7 years • Interest rate exposure 86% hedged
$ MILLION 1,000 900
771 800
600 482 475
400 150
225 250 Bilateral bank facilities 200 150 125 200 A$ medium term notes 30 For personal use only use personal For 0 €medium term notes 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Slide 15
1. Commercial paper is supported by undrawn long term bilateral bank facilities. 2013 FULL YEAR RESULTS
APPENDIX For personal use only use personal For SHOPPING CENTRE PORTFOLIO OVERVIEW
• High quality portfolio of 46 retail assets in Australia and New Zealand • Strategy to improve the portfolio over time through active asset management, redevelopment/expansion opportunities, asset disposals and acquisition of high quality retail assets
GROSS LETTABLE AREA ASSET VALUE1 SHOPPING CENTRE PORTFOLIO OWNERSHIP2
New South Wales 40% New South Wales 50% WRT 38% Victoria 20% Victoria 15% WDC 38% Queensland 11% Queensland 12% DEXUS 7% South Australia 8% Western Australia 6% AMP 6% Western Australia 6% South Australia 4% GIC 3% Australian Capital Territory 5% Australian Capital Territory 4% GPT 2%
For personal use only use personal For New Zealand 10% New Zealand 9% Other 6%3
1. Based on WRT’s share of shopping centre assets excluding development projects and construction in progress at 31 December 2013. 2. Based on total share of shopping centre assets excluding development projects and construction in progress at 31 December 2013. Slide 17 3. Other includes APPF, Perron, Asia Property Fund, ISPT, and QIC. 2013 FULL YEAR RESULTS PROPERTY TABLE AUSTRALIA
CENTRE STATE WRT FAIR VALUE ESTIMATED YIELD INTEREST AT 31 DECEMBER AT 31 DECEMBER 2013 2013 Airport West Victoria 25.0% $86.3m 7.00%
Belconnen ACT 50.0% $404.0m 6.00%
Bondi Junction New South Wales 50.0% $1,126.9m 5.25%
Burwood New South Wales 50.0% $420.1m 6.00%
Carousel Western Australia 50.0% $495.0m 5.50%
Chatswood New South Wales 50.0% $452.9m 6.00%
Chermside Queensland 50.0% $824.3m 5.50%
Doncaster Victoria 25.0% $405.0m 5.50%
Figtree New South Wales 50.0% $77.5m 7.50%
Fountain Gate Victoria 50.0% $727.5m 5.75%
Geelong Victoria 25.0% $120.0m 6.25%
Helensvale Queensland 25.0% $97.5m 6.50%
Hornsby New South Wales 50.0% $447.2m 6.00%
Hurstville New South Wales 25.0% $135.0m 7.00%
Innaloo Western Australia 50.0% $137.0m 7.00%
Knox Victoria 25.0% $257.5m 6.50%
Kotara New South Wales 50.0% $355.0m 6.25%
Liverpool New South Wales 25.0% $225.0m 6.25%
Marion South Australia 25.0% $295.0m 5.90% For personal use only use personal For
Slide 18 2013 FULL YEAR RESULTS PROPERTY TABLE AUSTRALIA
CENTRE STATE WRT FAIR VALUE ESTIMATED YIELD INTEREST AT 31 DECEMBER AT 31 DECEMBER 2013 2013 Miranda New South Wales 25.0% $346.5m 5.75%
Mt Druitt New South Wales 25.0% $118.7m 7.00%
Mt Gravatt Queensland 50.0% $459.4m 6.00%
North Lakes Queensland 25.0% $116.3m 6.25%
North Rocks New South Wales 50.0% $61.5m 7.25%
Parramatta New South Wales 25.0% $404.5m 5.75%
Penrith New South Wales 25.0% $273.8m 6.00%
Plenty Valley Victoria 25.0% $78.8m 6.50%
Southland Victoria 25.0% $339.0m 5.85%
Strathpine Queensland 50.0% $137.5m 7.25%
Tea Tree Plaza South Australia 18.8% $128.2m 6.00%
Tuggerah New South Wales 50.0% $330.0m 6.25%
Warrawong New South Wales 50.0% $93.5m 8.00%
Warringah Mall New South Wales 25.0% $287.5m 6.00%
Westfield Sydney New South Wales 50.0% $1,679.1m1 5.29%2
West Lakes South Australia 25.0% $130.0m 6.25%
Whitford City Western Australia 25.0% $150.0m 6.75%
Woden Australian Capital Territory 25.0% $162.5m 6.25%
For personal use only use personal For Total Australian portfolio $12,385.5m 5.9%
1. Westfield Sydney comprises Sydney Central Plaza, the Sydney City retail complex and office towers. 2. The estimated yield on Westfield Sydney is 5.59%, comprising retail 5.29% (Sydney City 5.13% and Sydney Central Plaza 5.75%) and office 6.46%. Slide 19
2013 FULL YEAR RESULTS PROPERTY TABLE NEW ZEALAND
CENTRE CITY WRT FAIR VALUE ESTIMATED YIELD INTEREST AT 31 DECEMBER AT 31 DECEMBER 2013 2013 Albany Auckland 50% $217.0m 6.50% Chartwell Hamilton 50% $87.5m 8.25% Glenfield Auckland 50% $53.0m 8.38% Manukau Auckland 50% $167.8m 7.63% Newmarket Auckland 50% $124.5m 7.13% Queensgate Wellington 50% $156.0m 7.25% Riccarton Christchurch 50% $235.0m 7.50% St Lukes Auckland 50% $223.5m 6.88% WestCity Auckland 50% $90.5m 8.38% Total New Zealand portfolio in NZ$ $1,354.8m Exchange rate at 31 December 2013 1.0869
Total New Zealand portfolio in A$ $1,246.5m 7.3% For personal use only use personal For
Slide 20 2013 FULL YEAR RESULTS TENANT DIVERSIFICATION1 BY GROSS LETTABLE AREA
• Anchor tenants represent 54.7% of total portfolio GLA • Top 10 anchor tenants represent 46.9% of total portfolio GLA
TOP 10 ANCHOR STORES NUMBER OF ANCHOR STORES % TOTAL BY TOTAL PORTFOLIO GLA ANCHOR STORES GLA (‘000 SQM) PORTFOLIO GLA
Myer 21 392.9 11.4% Target 32 234.7 6.8% David Jones 15 220.9 6.4% Kmart 25 177.6 5.2% Big W 18 145.8 4.2% Coles 35 131.8 3.8%
Woolworths 30 123.7 3.6% Event Cinemas 14 84.2 2.4% Farmers 8 56.3 1.6% Hoyts 10 48.1 1.4% Total 208 1,615.9 46.9%
1. At 31 December 2013. For personal use only use personal For
Slide 21
2013 FULL YEAR RESULTS SPECIALTY RETAILER DIVERSIFICATION1 BY GROSS LETTABLE AREA
• Top 10 specialty store retailers represent 7.6% of total portfolio GLA2
TOP 10 SPECIALTY RETAILERS NUMBER OF SPECIALTY STORE % TOTAL BY SPECIALTY STORE GLA SPECIALTY STORES GLA (‘000 SQM) PORTFOLIO GLA
Super Retail Group3 31 44.0 1.3% Cotton On4 192 34.0 1.0% JB Hi-Fi 30 32.7 1.0% Just Group5 217 30.2 0.9% Best & Less6 26 24.1 0.7% Dick Smith7 34 22.5 0.7% Specialty Fashion Group8 135 20.7 0.6%
Australian Pharmaceutical Industries9 44 18.3 0.5% James Pascoe Group10 114 18.0 0.5% BB Retail Capital11 153 17.5 0.5%
Total 976 261.9 7.6%
1. At 31 December 2013. 2. By way of either common trading name or through their various operating divisions, the number of specialty stores leased, their specialty store GLA and their specialty store GLA as a percentage of total portfolio GLA. 3. Super Retail Group includes Rebel Sport, Ray’s Outdoors and Supercheap Auto. 4. Cotton On Group includes Cotton On, Cotton On Kids, Cotton On Body, Typo, Rubi Shoes, Factorie, T Bar and Supre. 5. Just Group includes Just Jeans, Jay Jays, Jacqui E, Peter Alexander, Portmans, Dotti and Smiggle. 6. Best & Less includes The Kidstore.
For personal use only use personal For 7. Dick Smith includes Dick Smith Electronics and Dick Smith Powerhouse. 8. Specialty Fashion Group includes Millers, Katies, Autograph, City Chic, Crossroads and Rivers. 9. Australian Pharmaceutical Industries includes Priceline, Priceline Pharmacy and Soul Pattinson. 10. James Pascoe Group includes Prouds Jewellers, Angus & Coote, Goldmark, Pascoes The Jewellers, Stevens, Stewart Dawsons, Kids By Farmers, Whitcoulls and Borders (NZ). 11. BB Retail Capital includes Diva, Bras N Things, Dusk, Adairs, Lovisa and Honey Birdette. Slide 22
2013 FULL YEAR RESULTS PORTFOLIO RETAIL SALES PERFORMANCE AND COMPARABLE CHANGE
PERIOD TO 31 DECEMBER 2013 MAT1 MAT1 COMPARABLE CHANGE2 GROWTH BY TENANT TYPE 12 MONTHS 3 MONTHS
Australia
Majors 2.7% 1.6%
Mini Majors (0.7)% (0.3)%
Specialties 1.4% 3.0%
Total $19.3 billion 1.8% 1.7% 2.1%
New Zealand
Majors (0.4)% 0.4%
Mini Majors (7.7)% (9.5)%
Specialties 0.4% 0.6%
Total NZ$2.0 billion (0.9)% (0.7)% (0.6%)
1. MAT- moving annual turnover - sales on a rolling 12 month basis and excludes assets disposed during the period.
2. Comparable change is based on $psm. For personal use only use personal For
Slide 23
2013 FULL YEAR RESULTS SPECIALTY RETAIL SALES COMPARABLE CHANGE
PERIOD TO 31 DECEMBER 2013
COMPARABLE CHANGE1
BY REGION 12 MONTHS 3 MONTHS
NSW 2.3% 4.4%
QLD 0.5% 0.7%
VIC (0.2)% 2.3%
SA 2.6% 3.5%
WA 3.2% 1.5%
ACT (2.8)% 0.5%
Australia 1.4% 3.0%
New Zealand 0.4% 0.6%
1. Comparable change is based on $psm. For personal use only use personal For
Slide 24
2013 FULL YEAR RESULTS RETAIL SALES – AUSTRALIA COMPARABLE CHANGE
PERIOD TO 31 DECEMBER 2013 COMPARABLE CHANGE1
BY CATEGORY 12 MONTHS 3 MONTHS Majors – Total: 2.7% 1.6% • Department Stores (0.8)% 0.1% • Discount Department Stores (0.5)% (1.3)% • Supermarkets 7.5% 5.1% Cinemas (2.5)% (0.1)%
Mini Majors (0.7)% (0.3)%
Specialties - Total: 1.4% 3.0% • Fashion 0.0% 1.9% • Food Catering 2.4% 1.7% • Food Retail 0.4% 1.4% • Footwear 1.9% 5.9% • General Retail (0.1)% 1.5% • Homewares (0.6)% (2.5)% • Jewellery 5.5% 7.2% • Leisure 1.4% 8.0%
• Retail Services 2.3% 1.8% For personal use only use personal For
1. Comparable change is based on $psm.
Slide 25
2013 FULL YEAR RESULTS LEASE EXPIRY PROFILE AT 31 DECEMBER 2013
TOTAL PORTFOLIO UNEXPIRED WEIGHTED AVERAGE LEASE TERM AT 31 DECEMBER 2013
Anchor tenants 9.7 years
Specialty and Mini Major tenants 3.3 years
Weighted total 6.9 years
TOTAL PORTFOLIO SPECIALTY AND MINI MAJOR % LEASED AREA % LEASED AREA
18% 18% 17.2% 16.3% 16% 16% 15.4% 13.8% 14% 14% 13.3%
12% 12% 10.6% 10% 9.5% 9.7% 10% 8.4% 8.2% 8% 8% 6.7% 6.5% 6% 5.4% 6% 4.7% 3.6% 4% 3.4% 4% 3.4% 3.6% 1.9% 2% 2% 1.3%
0% 0% For personal use only use personal For 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 26 2013 FULL YEAR RESULTS AUSTRALIAN PORTFOLIO ANNUAL RETAIL SALES
ANNUAL SALES TO PROPORTION OF 31 DECEMBER 2013 $ MILLION AUSTRALIAN PORTFOLIO1 Bondi Junction $1,006.3 Fountain Gate $872.3 >$800m Westfield Sydney $885.8 Doncaster $855.6 38% Chermside $874.3
Marion $794.0 Knox $685.4 Southland $791.5 Hornsby $626.3 $600m - $800m 19% Warringah Mall $710.0 Miranda2 $614.1 Parramatta $705.7
Penrith $596.0 Tea Tree Plaza $478.1 Carousel $584.0 Tuggerah $474.9 Whitford City $517.6 Kotara $446.7 $400m - $600m Mt Gravatt2 $508.9 Burwood $430.8 32% Belconnen $507.7 Hurstville $413.6 Chatswood $493.4 North Lakes $408.8 Liverpool $484.8
Mount Druitt $392.7 Airport West $289.6 West Lakes3 $375.2 Geelong $278.8 Woden $369.0 Strathpine $267.2 <$400m 11% Helensvale $360.8 Warrawong $216.2 Plenty Valley $319.0 Figtree $180.2 Innaloo $308.4 North Rocks $147.1
1. Based on 31 December 2013 asset values (WRT share). 2. Under redevelopment.
3. Redevelopment completed October 2013. For personal use only use personal For
Slide 27
2013 FULL YEAR RESULTS AUSTRALIAN PORTFOLIO SPECIALTY RETAIL SALES $PSM
12 MONTHS TO 31 DECEMBER 2013
Westfield Sydney $16,482 Miranda1 $11,698 Chermside $13,434 Carousel $11,105 >$11,000 Bondi Junction $13,406 Marion $11,030 Doncaster $12,242 Helensvale $10,716 North Lakes $10,272 $10,000 - $11,000 Penrith $10,452 Parramatta $10,155 Tee Tree Plaza $10,298 West Lakes2 $9,688 Hurstville $9,529 $9,000 - $10,000 Warringah Mall $9,651 Kotara $9,264 Burwood $9,536 Chatswood $9,081
Mt Gravatt1 $8,915 Southland $8,516 Innaloo $8,820 Knox $8,452 Fountain Gate $8,816 Liverpool $8,372 $8,000 - $9,000 Figtree $8,795 Geelong $8,174 Whitford City $8,689 Strathpine $8,083 Woden $8,674
Tuggerah $7,962 Airport West $7,366 Hornsby $7,938 Plenty Valley $6,780 <$8,000 Belconnen $7,864 North Rocks $6,659 Mt Druitt $7,861 Warrawong $6,021
1. Under redevelopment.
2. Redevelopment completed October 2013. For personal use only use personal For
Slide 28
2013 FULL YEAR RESULTS NEW ZEALAND PORTFOLIO RETAIL SALES METRICS
ANNUAL RETAIL SALES PROPORTION OF TO 31 DECEMBER 2013 NZ$ MILLION NEW ZEALAND PORTFOLIO1
>$300m Riccarton $432.9 33% Albany $313.5 St Lukes $270.9 $200m - $300m Queensgate $226.5 41% Manukau $212.3
West City $150.3 Glenfield $134.5 $100m - $200m 26% Newmarket $130.3 Chartwell $127.6
SPECIALTY RETAIL SALES $PSM 12 MONTHS TO 31 DECEMBER 2013 Riccarton $11,539 >NZ$10,000 Newmarket $10,971 St Lukes $10,473 Albany $9,978 NZ$8,000 - NZ$10,000 Manukau $8,065
Queensgate $7,180 NZ$6,000 - NZ$8,000 West City $6,310
Chartwell $5,913 Glenfield $4,914 For personal use only use personal For 1. Based on 31 December 2013 asset values (WRT share). Slide 29 2013 FULL YEAR RESULTS A-IFRS INCOME STATEMENT 1 JANUARY 2013 - 1 JANUARY 2012 - $ MILLION 31 DECEMBER 2013 31 DECEMBER 2012 Property revenue 534.3 514.6 Total revenue 534.3 514.6 Share of equity accounted entities 567.5 565.0 - Property revenue 59.8 207.8 - Property revaluations (155.2) (150.1) - Property expenses, outgoings and other costs 19.6 1.5 - Capital transactions and related costs 0.2 (1.3) - Net interest expense (20.9) (16.8) - Tax expense Share of after tax profit of equity accounted entities 471.0 606.1 Property expenses, outgoings and other costs (147.6) (139.6) Corporate costs (36.1) (37.1) Total expenses (183.7) (176.7) Interest income 1.3 1.1 Financing costs (147.1) (197.4) Currency loss (0.1) - Property revaluations 103.8 84.9 Profit before tax 779.5 832.6 Tax expense (2.4) (1.8) Profit after tax 777.1 830.8 For personal use only use personal For Slide 30 2013 FULL YEAR RESULTS PROPORTIONATE INCOME STATEMENT AND RECONCILIATION TO FFO 1 JANUARY 2013 - 31 DECEMBER 2013 1 JANUARY 2012 - 31 DECEMBER 2012 EQUITY EQUITY $ MILLION CONSOLIDATED ACCOUNTED TOTAL CONSOLIDATED ACCOUNTED TOTAL Property revenue 534.3 567.5 1,101.8 514.6 565.0 1,079.6 Property expenses (147.6) (155.2) (302.8) (139.6) (150.1) (289.7) Net operating income 386.7 412.3 799.0 375.0 414.9 789.9 Corporate costs (36.1) - (36.1) (37.1) - (37.1) EBIT 350.6 412.3 762.9 337.9 414.9 752.8 Net interest expense (168.2) 0.2 (168.0) (162.4) (1.1) (163.5) Realised currency derivatives (1.2) - (1.2) - - - Mark to market of derivatives and 23.5 - 23.5 (33.9) (0.2) (34.1) currency gain Property revaluations 103.8 59.8 163.6 84.9 207.8 292.7 Tax expense (2.4) (14.6) (17.0) (1.8) (14.9) (16.7) Deferred tax expense - (6.3) (6.3) - (1.9) (1.9) Capital transactions and related costs - 19.6 19.6 - 1.5 1.5 Profit after tax 306.1 471.0 777.1 224.7 606.1 830.8 Adjusted for: - Amortisation of tenant allowances 9.1 11.0 20.1 8.2 10.6 18.8 - Property revaluations (103.8) (59.8) (163.6) (84.9) (207.8) (292.7) - Mark to market of derivatives and (23.5) - (23.5) 33.9 0.2 34.1 currency gain - Deferred tax expense - 6.3 6.3 - 1.9 1.9 - Capital transactions and related costs - (19.6) (19.6) - (1.5) (1.5) For personal use only use personal For Funds from operations 187.9 408.9 596.8 181.9 409.5 591.4 Slide 31 2013 FULL YEAR RESULTS PROPORTIONATE FFO 1 JANUARY 2013 - 31 DECEMBER 2013 1 JANUARY 2012 - 31 DECEMBER 2012 EQUITY EQUITY $ MILLION CONSOLIDATED ACCOUNTED TOTAL CONSOLIDATED ACCOUNTED TOTAL Property revenue1 543.4 578.5 1,121.9 522.8 575.6 1,098.4 Property expenses (147.6) (155.2) (302.8) (139.6) (150.1) (289.7) Net operating income 395.8 423.3 819.1 383.2 425.5 808.7 Corporate costs (36.1) - (36.1) (37.1) - (37.1) Funds from operations before interest and tax 359.7 423.3 783.0 346.1 425.5 771.6 Net interest expense2 (168.2) 0.2 (168.0) (162.4) (1.1) (163.5) Realised currency derivatives2 (1.2) - (1.2) - - - Tax expense3 (2.4) (14.6) (17.0) (1.8) (14.9) (16.7) Funds from operations 187.9 408.9 596.8 181.9 409.5 591.4 1. Excludes amortisation of tenant incentives. 2. Excludes mark to market of derivatives. 3. Excludes deferred tax expense. For personal use only use personal For Slide 32 2013 FULL YEAR RESULTS CASH FLOW RECONCILIATION TO FFO 1 JANUARY 2013 TO 31 DECEMBER 2013 EQUITY $ MILLION CONSOLIDATED ACCOUNTED ELIMINATIONS TOTAL Receipts in the course of operations (including GST) 608.6 637.1 - 1,245.7 Payments in the course of operations (including GST) (195.6) (160.7) - (356.3) Settlement of income hedging currency derivatives (1.2) - - (1.2) Distributions received from equity accounted entities 346.4 - (346.4) - Interest received from equity accounted entities 19.5 - (19.5) - Income and withholding taxes paid (3.0) (16.4) - (19.4) GST paid (40.3) (47.9) - (88.2) Net cash flows from operating activities 734.4 412.1 (365.9) 780.6 Net cash flows from operating activities 780.6 Financing costs paid (172.5) Interest income received 1.3 Other (12.6) Funds from operations 596.8 For personal use only use personal For Slide 33 2013 FULL YEAR RESULTS PROPORTIONATE BALANCE SHEET AT 31 DECEMBER 2013 AT 31 DECEMBER 2012 EQUITY EQUITY $ MILLION CONSOLIDATED TOTAL CONSOLIDATED TOTAL ACCOUNTED ACCOUNTED Cash 21.4 21.3 42.7 17.1 24.4 41.5 Receivables and trade debtors 32.2 14.0 46.2 26.7 8.1 34.8 Property investments - Shopping centres 6,571.7 7,060.3 13,632.0 6,405.4 6,891.4 13,296.8 - Development projects and construction 104.9 142.1 247.0 76.7 67.7 144.4 in progress Total property investments 6,676.6 7,202.4 13,879.0 6,482.1 6,959.1 13,441.2 Other assets 77.1 2.9 80.0 21.5 6.6 28.1 Total assets 6,807.3 7,240.6 14,047.9 6,547.4 6,998.2 13,545.6 Payables and trade creditors 133.0 120.5 253.5 111.3 93.9 205.2 Interest bearing liabilities 3,143.6 - 3,143.6 2,769.3 - 2,769.3 Finance lease liabilities 5.2 22.2 27.4 3.1 19.8 22.9 Deferred tax liabilities - 106.2 106.2 - 87.2 87.2 Other liabilities 35.4 6.5 41.9 50.2 5.6 55.8 Total liabilities 3,317.2 255.4 3,572.6 2,933.9 206.5 3,140.4 Net assets 3,490.1 6,985.2 10,475.3 3,613.5 6,791.7 10,405.2 For personal use only use personal For Slide 34 2013 FULL YEAR RESULTS MEDIUM TERM NOTES - KEY FINANCIAL RATIOS COVENANT AT 31 DECEMBER 2013 Leverage (net debt to net assets) Not greater than 65% 22.4% Secured debt (secured debt to total assets) Not greater than 45% 0% Interest coverage (EBITDA to interest expense) At least 1.5 times 4.2 times Unencumbered leverage Not less than 125% 443% (ratio of unencumbered assets to unsecured debt) For personal use only use personal For Slide 35 2013 FULL YEAR RESULTS INTEREST RATE HEDGING PROFILE AT 31 DECEMBER 2013 FIXED RATE DEBT INTEREST RATE SWAPS A$ INTEREST € INTEREST A$ INTEREST A$ INTEREST NZ$ INTEREST € INTEREST PAYABLE PAYABLE PAYABLE3 RECEIVABLE PAYABLE RECEIVABLE OUTSTANDING FIXED FIXED FIXED FIXED FIXED FIXED AT 31 DECEMBER A$M €M A$M A$M NZ$M €M RATE1 RATE1,4 RATE2 RATE2 RATE2 RATE1,4 2013 (980.0) 6.61% (500.0) 3.21% (1,428.0) 3.79% 150.0 3.05% (425.0) 3.99% 500.0 3.21% 2014 (980.0) 6.61% (500.0) 3.21% (1,278.0) 3.86% 150.0 3.05% (310.0) 4.07% 500.0 3.21% 2015 (980.0) 6.61% (500.0) 3.21% (988.0) 3.81% 150.0 3.05% (210.0) 4.25% 500.0 3.21% 2016 (180.0) 5.13% (500.0) 3.21% (938.0) 3.85% 150.0 3.05% (115.0) 4.45% 500.0 3.21% 2017 (180.0) 5.13% (500.0) 3.21% (690.0) 3.96% 150.0 3.05% (60.0) 4.26% 500.0 3.21% 2018 (180.0) 5.13% (500.0) 3.21% (240.0) 4.94% 150.0 3.05% - - 500.0 3.21% 2019 (30.0) 5.96% (500.0) 3.21% (240.0) 4.94% - - - - 500.0 3.21% 2020 (30.0) 5.96% (500.0) 3.21% (240.0) 4.94% - - - - 500.0 3.21% 2021 (30.0) 5.96% (500.0) 3.21% ------500.0 3.21% 2022 - - (500.0) 3.21% ------500.0 3.21% 1. Average rate including margin. 2. Average rate excluding margin. 3. Excludes callable swaps: $50 million at a fixed rate of 2.24% with maturity in April 2018 which may be terminated by the counterparty at zero cost each month until maturity. 4. The €500.0 million notes have been swapped to A$ floating payable. For personal use only use personal For Slide 36 2013 FULL YEAR RESULTS INTEREST RATE HEDGING PROFILE1,2 FIXED RATE DEBT AND DERIVATIVES Average term of interest rate hedging is 3.1 years Interest rate exposure 86% hedged A$ MILLION 3,000 2,500 2,000 1,500 1,000 500 NZ$ Interest rate swaps A$ Interest rate swaps 3,4 A$ Fixed rate debt 0 DEC DEC DEC DEC DEC DEC DEC DEC DEC 2013 2014 2015 20162017 2018 2019 2020 2021 For personal use only use personal For 1. At 31 December 2013. 2. Excludes the € bond which is matched with the € fixed receivable of the cross currency swap. 3. Excludes callable swaps: $50 million at a fixed rate of 2.24% with maturity in April 2018 which may be terminated by the counterparty at zero cost each month until maturity. 4. Fixed rate payable swaps net of fixed rate receivable swaps. Slide 37 2013 FULL YEAR RESULTS EXCHANGE RATES AND CURRENCY DERIVATIVES 1 JANUARY 2013 - 1 JANUARY 2012 - INCOME STATEMENT 31 DECEMBER 2013 31 DECEMBER 2012 A$/NZ$ average exchange rate 1.1795 1.2787 BALANCE SHEET AT 31 DECEMBER 2013 AT 31 DECEMBER 2012 A$/NZ$ period end exchange rate 1.0869 1.2613 FORWARD EXCHANGE CONTRACTS MATURING DURING PERIOD ENDED DECEMBER SELL NZ$M / BUY A$M CONTRACT RATE 2014 NZ$(20.0) 1.1996 CROSS CURRENCY RECEIVABLE / (PAYABLE) MATURING DURING PERIOD ENDED DECEMBER €M $M For personal use only use personal For 2023 €500 (719.5) Slide 38 2013 FULL YEAR RESULTS FURTHER INFORMATION For further information please contact: Brian Mackrill Melanie Buffier Chief Financial Officer Head of Investor Relations Phone: +61 2 9333 4800 Phone: +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 a total asset value at 31 December 2013 of $14 billion. WRT’s principal investment is the joint venture ownership, alongside Westfield Group, in a high quality shopping centre portfolio comprising interests in 46 major shopping centres located predominantly in Australia with 9% of WRT’s shopping centre assets located in New Zealand. For personal use only use personal For Slide 39 2013 FULL YEAR RESULTS