Carindale Property Trust (CDP) H1 2025 earnings summary

Executive summary

• Owns 50% of Westfield Carindale, a major Brisbane shopping centre; customer visitation reached 14 million in 2024, with annual retail sales of $1.09 billion, up 1.7% year-over-year.

• Occupancy increased to 99.9% after 61 leasing deals; property value rose 1.8% to $1,558 million (CDP share: $779 million) following completion of a dining precinct.

• Funds from operations (FFO) for the half-year were $14.6 million, up 8.6% year-over-year.

• Statutory profit was $19.1 million, including a $7.5 million unrealised property revaluation gain, reversing a prior loss.

• Net operating cash flow was $14.8 million, with gross rent collections of $34.3 million.

Financial highlights

• Property revenue rose to $30.2 million from $28.8 million year-over-year; net property income increased to $21.4 million from $20.3 million.

• Net profit attributable to members was $19.1 million, compared to a $3.1 million loss in the prior period.

• FFO per unit was 18.13 cents (up from 17.44 cents); distributable amount per unit was 14.230 cents (up from 13.551 cents).

• Net tangible assets per unit: $6.73 (up from $6.68 at 30 June 2024).

• Interim distribution of $11.5 million (14.230 cents per unit) to be paid 28 February 2025.

Outlook and guidance

• Distribution guidance for FY25 is at least 28.46 cents per unit, representing at least 5.0% growth, subject to no material change in the operating environment.