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WESTFIELD RETAIL TRUST (WRT)


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General Information
Company Name: Westfield Retail Trust
Stock Code: WRT
Website: www.westfieldretailtrust.com
GICS Sub-Industry: Retail Real Estate Investment Trusts
Market Cap ($M): 10,140
Equiv. Shares (M): 3,054

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 3.220 $ 3.310 $ 3.320 $ 3.210 $ 3.320 14,884,769 $ -0.100  -3.012 %

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 21st May 2013
12 Month Target Price (average): $3.381
Brokers Surveyed: 7

Company Overview

Business Description:
Westfield Retail Trust (WRT) is the domestic retail focused real estate investment trust, with a portfolio of retail assets in Australia and New Zealand. WRT's principal investment is the joint venture ownership, alongside Westfield Group, together with other third parties.

Strategy Analysis:
The strategy of the Trust is to invest in high quality retail assets in Australia and New Zealand and to maximize the long-term income and capital return from its investments.

Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F 622.8 20.5 3.0 16.2 20.1 6.0 0.0
2013  F 604.5 19.9 2.5 16.7 19.9 6.0 0.0
2012  A 591.4 19.4 7.8 14.4 18.8 6.7 0.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
Federation Centres (FDC) $3,826 M -- 0.6942 0.0398 29.1621 17.2126 16.5534 0.0243 0.0501 0.0535
Shopping Centres Australasia Property (SCP) $1,054 M -- -- 0.9312 -- 28.8000 14.9130 0.0000 0.0312 0.0578
Westfield Retail Trust (WRT) $10,323 M 0.2516 0.0405 0.0323 18.0267 17.3244 16.7825 0.0555 0.0590 0.0590

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
WRT 1.64 17.4 0.97 4.79
Market 1.10 12.9 0.91 2.56
Sector 1.47 16.1 1.04 2.30

Directors
Name Position Start Date
Mr Domenic Enio Panaccio Managing Director 01 November 2010
Mr Richard (Dick) Francis Egerton Warburton Non-Executive Chairman 21 December 2010
Mr Steven Mark Lowy Non-Executive Director 21 December 2010
Mr Michael (Mike) Francis Ihlein Non-Executive Director 21 December 2010
Mr Andrew William Harmos Non-Executive Director 21 December 2010
Mr Peter Kenneth Allen Non-Executive Director 12 August 2010
Ms Sandra Veronica McPhee Non-Executive Director 21 December 2010
Mr Laurence (Laurie) Ralph Brindle Non-Executive Director 21 December 2010

Management
Name Position
Brian J Mackrill Chief Financial Officer
Katherine Grace Company Secretary
Roy J Gruenpeter General Manager, Asset Management

Substantial Shareholders
Holding Name
154,097,168 (5.06%) AMP Limited
214,799,637 (7.05%) Members of the Lowy family and associates
156,497,409 (5.14%) National Nominees Ltd as Custodian for Unisuper Ltd
159,493,747 (5.24%) BlackRock Investment Management (Australia) Limited (formerly Barclays Global Investors Australia)
153,998,792 (5.05%) CBRE Clarion Securities LLC
176,041,877 (5.78%) Vanguard Investments Australia Ltd

Calendar of Events
Date Event
25 March 2014 Report (Annual)
26 February 2014 Report (Annual)
26 February 2014 Report (Prelim)
14 August 2013 Report (Interim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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