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 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 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 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 WESTFIELD RETAIL TRUST FULL YEAR RESULTS FOR THE 12 MONTHS TO 31 DECEMBER 2013 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 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.