Carindale Property Trust (CDP) H2 2025 earnings summary

Executive summary

• Owns a 50% interest in Westfield Carindale, a major Brisbane retail destination, 99.9% leased with $1,106.0 million in annual retail sales, up 2.9% year-over-year; customer visitation reached 14 million.

• Statutory profit for FY25 was $39.2 million, including a $15.7 million unrealised property valuation increase; funds from operations (FFO) rose 7.8% to $29.7 million.

• Net tangible assets per unit were $6.78, and gearing was 26.7% at year-end.

• Distribution for FY25 was 28.46 cents per unit, up 5.0%, with the DRP suspended from May 2025.

Financial highlights

• Revenue increased 6.4% to $61.6 million compared to FY24.

• Net property income rose 6.1% to $43.4 million.

• Net profit (including unrealised fair value movements) surged 413.6% to $39.2 million.

• FFO per unit was 36.53 cents, up 3.2% year-over-year.

• Basic and diluted EPS were 48.19 cents, up from 9.80 cents in FY24.

Outlook and guidance

• FY26 distribution guidance is 29.883 cents per unit, representing 5.0% growth, subject to no material changes in conditions.