Carindale Property Trust (CDP) H2 2025 earnings summary

Executive summary

• Owns a 50% interest in Westfield Carindale, a major Brisbane shopping centre, 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 $23.3 million or 28.46 cents per unit, up 5.0% and in line with guidance.

Financial highlights

• Property revenue increased to $61.6 million from $57.9 million year-over-year.

• Net property income rose to $43.4 million from $41.0 million.

• Net profit attributable to members was $39.2 million, up from $7.6 million in FY24, driven by a positive property revaluation.

• Basic and diluted earnings per unit were 48.19 cents, up from 9.80 cents in FY24.

• Net operating cash flow was $30.5 million, up from $26.4 million.

Outlook and guidance

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