Carindale Property Trust (CDP) H2 2024 earnings summary

Executive summary

• Funds From Operations (FFO) for the year ended 30 June 2024 reached $27.5 million, up 4.4% year-over-year.

• Statutory profit was $7.6 million, including an unrealised property valuation decrease of $15.7 million.

• Net operating cash flow totaled $26.4 million, with gross rent collections of $65.2 million.

• Customer visits reached 14 million, and annual retail sales grew 2.8% to $1,074.4 million.

Financial highlights

• Distribution for the year was $21.2 million or 27.102 cents per unit, up 3.25% and in line with guidance.

• Final distribution of 13.551 cents per unit payable on 30 August 2024.

• Net tangible assets per unit stood at $6.68 as of 30 June 2024.

Outlook and guidance

• Distribution guidance for FY25 is at least 28.46 cents per unit, representing growth of at least 5.0%.

• Guidance is subject to no material change in the operating environment.