Carindale Property Trust Half Year Results Announcement

Carindale Property Trust (ASX: $CDP) has reported its half-year results to 31 December 2023, with Funds from Operations (FFO) amounting to $13.4 million, marking a 3.4% increase. The Trust's gross rent collection totaled $32.7 million, resulting in a net operating cash flow of $12.6 million for the 6-month period. The distribution for the same period stands at $10.5 million or 13.551 cents per unit, in line with the guidance for the financial year.

Executive Commentary on Half Year Results

These results were driven by a continued focus on delivering strong operating performance, including the introduction of key brands and activations. Customer visitation for the 12 months to 31 December 2023 was 14 million, and our business partners achieved annual retail sales of $1.07 billion, reflecting a 6.1% increase compared to 2022. Demand for space remains strong with 42 deals completed in the 6-month period, increasing occupancy to 99.7% as at 31 December 2023. The $20 million reconfiguration of the food court into a casual dining precinct commenced in September 2023, with the upgrade expected to enhance Westfield Carindale's food and beverage offering through the introduction of eight new specialty restaurants, which will begin trading in the third quarter of 2024.

Summary of Half Year Results and Outlook

Carindale Property Trust's half-year results reflect a 3.4% increase in Funds from Operations, driven by strong operating performance and strategic initiatives. The Trust's focus on introducing key brands and activations has contributed to robust customer visitation and a significant increase in annual retail sales. Additionally, the ongoing demand for space is evident from the completion of 42 deals in the 6-month period, resulting in an occupancy rate of 99.7% as of 31 December 2023. The commencement of the $20 million food court reconfiguration is expected to further enhance the Trust's offering. Looking ahead, subject to no material change in the operating environment, the Trust anticipates a distribution of 27.102 cents per unit for the year ending 30 June 2024, representing a growth of 3.25%.