In the 20 months since the establishment of the Westfield Retail Trust, we have implemented this plan through a number of transactions, and our results today highlight its benefits. Over the period, we have raised approximately $10 billion of capital for redeployment into our higher-return opportunities. We have successfully completed and opened $3.7 billion of development and expansions, including Stratford in London and Sydney in Australia.We have expanded our business with the World Trade Center development in New York, our entry into Brazil and the development opportunity in Milan, Italy. We have completed a number of joint ventures, including Sydney, Stratford and the 12-asset joint venture in the United States and have disposed of 14 non-core assets globally, 8 in the United States, 4 in the United Kingdom, 1 in Australia and 1 in New Zealand. In the first 6 months of this year, we have also bought back 48.5 million WDC securities for $440 million and raised $3.3 billion of debt facilities, including our recent issuance of GBP 450 million of public bonds in the U.K. Our business and balance sheet is in a strong position. Since June of 2010, we have reduced our invested capital from $47 billion to $32 billion, whilst maintaining the same $61.7 billion of assets under management. We have also reduced our debt from $19 billion to $11 billion and our gearing ratio, from 37.4% to 31.9% today. We have substantially improved our return on contributed equity, which was around 9% in 2010 and is now 11.4%. In summary, in just over 18 months, we have moved the group to a stronger financial position, higher return on contributed equity and improved the long-term earnings profile. We will continue to allocate our capital efficiently to create value for our shareholders. We are well-positioned to grow our business, particularly through the investment in our $11 billion pipeline and potential new opportunities. Importantly, we will be able to do all this without the need for additional share capital.
For the first half of this year, funds from operations were $751 million or $0.328 per security, up 3.1% for the year. Distribution for the first half of the year was $558 million, or $0.2475 per security, representing 50% of our announced full year distribution forecast of $0.495. Statutory net profit for the half year was $800 million, up 31% on the previous year. For 2012, we forecast to achieve funds from operations of $0.65 per security.I'd now like to hand over to Steven, who'll take you through the business review. Steven Mark Lowy Thanks, Peter, and good morning, ladies and gentlemen. Our strategy is to invest in and develop world-class iconic retail destinations in major global cities. We are focused on these assets because they are highly productive, create strong franchise value and are resilient through economic cycles. The benefits of this strategy are evident today through the operating performance of our business, and in particular, centers like Westfield London, Stratford and Sydney. We are pleased with the operations in the first half of 2012, which has seen solid performances in all markets. We are on track to achieve comparable net operating income growth for the 2012 full year in the range of 2.5% to 3% in both the United States and the Australia and New Zealand portfolios. At the end of June, the global portfolio was 97.5% leased, up 80 basis points from the same time last year, with the Australia and New Zealand portfolio at over 99.5%, the United States portfolio at 92.7% leased, up 70 basis points on last year, the United Kingdom at 99.2% and Brazil at 95.8%. We have also seen solid demand for our new projects, as highlighted by the successful completion of our expansion at Carindale in Brisbane and the progress being made at Fountain Gate in Melbourne and UTC in San Diego. Tenant receivables across the portfolio remain low and in line with previous periods, at approximately 1% of annual billings and bad debts at 30 basis points. Read the rest of this transcript for free on seekingalpha.com