Westfield’s Regional Malls Hit a Glass Ceiling, But Are a Diminishing Part of the Business
Specialty sales across narrow moat-rated Westfield Corporation’s portfolio keep us on high alert, with the top assets Westfield denotes as flagship--83% of assets--up a respectable 3.2% for the year to September, but with nil growth for the "regional"malls. We’ve already got fairly low rental expectations for the regional malls, but we assume occupancy will be maintained around the current 91% for the longer term. However, if occupancy rates were to decrease as more tenants fall victim to the ch...Westfield is engaged in the ownership, development, design, construction, asset management, leasing and marketing activities with respect to its U.S. and U.K. portfolio. Co.'s operational segment comprises the property investment and the property and project management segments. Property investments segment includes activities related to existing shopping centres and completed developments. Property and project management segment includes property management and development for third parties.
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