Westfield has solid operational quarter

Australian-owned shopping mall landlord Westfield Group has reported a positive result for the last quarter.

Westfield's operations have continued to perform well, with solid speciality store rental and high occupancy achieved in all markets during the September quarter.

The property group said it remained focused on its development programme, with 19 projects currently under construction at a forecast cost of A$6.9 billion ($7.5 billion), with Westfield's share at A$4.6 billion.

"These projects continue to allow the group to generate above average net operating income growth as well as provide strong capital appreciation," it said.

These developments include the recently completed centres of Innaloo in Perth, Mt Druitt in Sydney and Helensvale in Queensland, all three of which have opened fully leased.

Four new projects have also commenced in Chermside in Brisbane, Chartwell in New Zealand, Brandon in Florida and Capital in Washington.

Overall, Westfield said it had strong demand for existing centres and new projects throughout the September quarter, with almost full occupancy in Australia, NZ and the UK. The group's US portfolio was 93.8 per cent leased.

"The high quality of the group's shopping centre portfolio continues to support underlying strength and stability of the group's earnings, with the ongoing development activities further strengthening the platform for future income and capital growth," the company said.

- AAP