SYDNEY, AUSTRALIA-The Westfield Group currently has 21 projects under construction at a total cost of nearly $6.1 billion, according to the company's half-year financial report. Among the projects the company is working on in the US are the $460-million Downtown San Francisco Centre development with Forest City Enterprises, and renovations of Southern California malls in Los Angeles, at $170 million and Canoga Park, at $350 million.

The company announced during the period, which ended June 30, that it is buying 16 Federated Department Stores and 12 of its malls that could lead toward 18 projects costing a total of $2 billion. Westfield is also undertaking redevelopments in its home country an A$200 million, in Chermside and an A$205-million project in Liverpool.

Comparable-center net income growth was up 4.3% in the US, 5.9% in the United Kingdom and 4.8% in Australia and New Zealand. The US portfolio is currently 93.5% leased, about flat compared with the same period last year.

Overall, Westfield has interests in 120 shopping centers in its four operating countries. It owns 59 in the US, 54 in Australia and New Zealand and seven in the United Kingdom.

Over its six-month period Westfield's earnings came in at A$804 million, up 9.4% from the comparative period last year. Earnings per share wereA45.9 cents, an increase of 6.1%.