Westfield (ASX:WDC), one of the world's biggest shopping mall landlords, said its combined operational segment earnings are expected to be 93 cents per security, comprising 74.6 cents for Westfield Group and 18.5 cents for Westfield Retail Trust.

The distribution per security for 2011 is projected to be 48.4 cents for Westfield Group and 16.5 cents for Westfield Retail Trust.

Westfield chairman Frank Lowy told shareholders the company's focus is to continue to improve return on equity, which will be achieved through restructuring, introducing further joint ventures in the US and reducing exposure to assets that do not meet return targets.

"Our aim is to position the Group to achieve medium to long term earnings growth in excess of 6 per cent per annum," Mr Lowy said.

According to him, the new Westfield Retail Trust - will become a 50 per cent joint venture owner in 54 of the Westfield Group's centres in Australia and New Zealand. It will have gross assets of $12.2 billion and will become one of the top three REITs in Australia.

The establishment of the new Trust will be effected through a distribution of $7.3 billion of capital to Westfield Group securityholders. The new Trust has also raised over $2 billion of new equity.

"We believe that this new structure will, over time, create value for shareholders. It will increase the Group's earnings potential and is expected to significantly improve our return on equity," Mr Lowy said.

" It will create a new joint venture partner reducing Westfield Group's future capital needs."

Shares in Westfield lifted1.05 per cent to $12.47 at noon.