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Feb 272013
 

Media Release from Westfield Management
CARINDALE PROPERTY TRUST REPORTS FIRST HALF YEAR RESULT POST DEVELOPMENT WITH NET PROPERTY INCOME OF $17.5 MILLION UP 43%

Carindale Property Trust (ASX: CDP) today announced its half year results to 31 December 2012 with net property income of $17.5 million up 43%, which includes the contribution from the major redevelopment completed in August 2012. The IFRS profit for the half year was $8.4 million (2011: $3.1 million). Distributable income, which excludes unrealised fair value adjustments of $1.2 million, was $9.6 million, an increase of 6.7% on the previous corresponding period.

Westfield Carindale is one of the top 10 shopping centres in Australia. The financial results of the Trust reflect the recent successful $310 million (CDP share $155 million) redevelopment of the centre which delivered 120 new stores and increased the centre’s size by 22,000 square metres to over 136,000 square metres.

The redevelopment included the opening of a new Coles supermarket, a new relocated Target and the “The Glasshouse” an indoor/outdoor leisure community and dining space.

Following completion of the development, the centre was valued as of 31 December 2012 at $1,343.6 million (CDP share $671.8 million).

At 31 December 2012, the centre was in excess of 99% leased. Total retail sales for the 12 months to 31 December 2012 were $762.4 million, up 15.3% on sales for the previous corresponding period.

Total distribution for the period is $9.7 million or 13.90 cents per unit. The distribution is payable to members on 28 February 2013. The tax deferred component of this distribution is estimated to be approximately 72%.

As of 31 December 2012, the net tangible assets of the Trust were $6.36 per unit, up 16.7% on the previous corresponding period.

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