CARINDALE PROPERTY TRUST REPORTS FULL YEAR RESULT POST DEVELOPMENT WITH NET PROPERTY INCOME OF $38.9 MILLION UP 7%
Carindale Property Trust (ASX: CDP) today announced its full year results to 30 June 2014 with net property income of $38.9 million up 7% which includes the full year contribution from the major redevelopment completed in August 2012. AIFRS profit for the full year was $71.8 million (2013: $25.1 million). Funds from operations, which excludes unrealised fair value adjustments of $50.1 million, was $21.7 million, an increase of 9% on the previous corresponding period.
Westfield Carindale is one of Australia’s top 3 shopping centres based on retail sales. The financial results of the Trust reflect the successful $310 million (CDP share $155 million) redevelopment of the centre which delivered over 120 new stores and increased the centre’s size by 22,000 square metres to approximately 136,000 square metres.
The centre was valued as of 30 June 2014 at $1,456.4 million (CDP share $728.2 million). The current year’s revaluation increment was $49.1 million.
At 30 June 2014, the centre was in excess of 99.5% leased. Total retail sales for the 12 months to 30 June 2014 were $914.7 million, up 7% on sales for the previous corresponding period.
The final distribution for the period is $11.1 million or 15.90 cents per unit. The final distribution is payable to members on 29 August 2014. The tax deferred component of this distribution is estimated to be approximately 52%.
As of 30 June 2014, the net tangible assets of the Trust were $7.17 per unit.