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Carindale Property Trust (ASX: $CDP) announces February 2024 distribution

Carindale Property Trust February 2024 Distribution Announcement


Carindale Property Trust (ASX: $CDP) has announced the details of its February 2024 Distribution. The record date for entitlements to the distribution was 31 December 2023, with 77,543,411 units eligible for distributions. The distribution per unit has been set, and the payment is scheduled for 29 February 2024. Additionally, the Trust's distribution reinvestment plan (DRP) will be in operation for this distribution, with an election deadline of 22 February 2024. The price of units to be issued under the DRP is $4.388, and they will rank equally with existing units on issue.

Executive Commentary on February 2024 Distribution


The Trust's half-year report for the period ended 31 December 2023 reflects a positive operating environment, with strong customer visitation and retail sales at Westfield Carindale. The reconfiguration of the food court into a casual dining precinct is expected to enhance the property's offering. Financially, the Trust's funds from operations (FFO) for the period increased by 3.4%, and the net tangible assets were reported at $6.73 per unit. The Trust's outlook includes an expected distribution of 27.102 cents per unit for the year ending 30 June 2024, representing a growth of 3.25%.

Summary of February 2024 Distribution and Outlook


Carindale Property Trust (ASX: $CDP) has announced the details of its February 2024 Distribution, with a strong focus on the positive operating environment and financial performance. The Trust's half-year report highlighted an increase in funds from operations (FFO) and a steady net tangible asset value per unit. Looking ahead, the Trust anticipates a 3.25% growth in distribution for the year ending 30 June 2024. The reconfiguration of the food court at Westfield Carindale is expected to further enhance the property's offering, reflecting the Trust's commitment to providing an attractive retail experience. The Trust's financial position and outlook demonstrate its resilience and strategic approach to delivering value to its unitholders.

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