Carindale Property Trust (CDP) H2 2024 earnings summary

Executive summary

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

• FY24 funds from operations (FFO) rose 4.4% to $27.5m; statutory profit was $7.6m.

• Net tangible asset per unit was $6.68; gearing at 29.4%.

• Distribution for FY24 was 27.102 cents per unit, up 3.25%, with DRP in operation.

Financial highlights

• Revenue increased 5.4% to $57.9m compared to FY23.

• Net property income rose 3.8% to $41.0m; FFO per unit was 35.39 cents.

• Net profit (excluding fair value movements) up 4.0% to $26.2m; including fair value movements, net profit down 5.0% to $7.6m.

• Net property revaluation decrement of $15.7m, reflecting a 27bps increase in capitalisation rate.

• Cash from operations was $26.4m; final distribution of 13.551 cents per unit to be paid 30 August 2024.

Outlook and guidance

• FY25 distribution expected to be at least 28.46 cents per unit, representing growth of at least 5.0%.

• No material changes in conditions anticipated; food court redevelopment to complete in September 2024.