Carindale Property Trust (CDP) H2 2024 earnings summary

Executive summary

• Owns a 50% interest in Westfield Carindale, a major Brisbane retail centre, with 99.5% occupancy and $1,074.4 million in annual retail sales, up 2.8% year-over-year.

• Net profit (excluding unrealised fair value movements) rose 4.0% to $26.2 million; statutory profit fell 5.0% to $7.6 million due to property revaluation and derivative losses.

• Funds from operations (FFO) increased 4.4% to $27.5 million; FFO per unit was 35.39 cents, down 0.2%.

• Distribution for the year was 27.102 cents per unit, up 3.25%, with a final distribution payable on 30 August 2024.

Financial highlights

• Revenue grew 5.4% year-over-year to $57.9 million.

• Net property income increased 3.8% to $41.0 million.

• Net tangible asset backing per unit was $6.68, down from $6.98 last year.

• Gearing stood at 29.4% as of 30 June 2024.

• 76% of interest rate exposure was hedged at year-end.

Outlook and guidance

• Distribution guidance for FY2025 is at least 28.46 cents per unit, representing at least 5.0% growth.

• No material changes in conditions are expected; no significant post-year-end events reported.