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Westfield Loses $11.8 Million in 3rd Quarter

November 03, 1998|Bloomberg News

Westfield America Inc., the fourth-largest owner of shopping malls in the U.S., said it lost $11.8 million in the third quarter on an interest rate hedge. The loss was disclosed in the real estate investment trust's earnings report last week as a loss on the sale of investments, without elaboration. The loss stems from interest rate swaps on about $725 million in debt taken out by Westfield to finance its $1.4-billion purchase of 12 malls from the Canadian real estate company TrizecHahn. The company said the loss would not affect funds from operations, a measure of cash flow for REITs, because it will be paid out over several years. Shares of Los Angeles-based Westfield rose 6 cents to close at $17.25 on the NYSE.

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