The Carindale Property Trust (ASX: CDP) share price is in focus after reporting Funds From Operations of $32.3 million, up 8.8% in FY26, and a 5.0% rise in distributions to $24.7 million.
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What did Carindale Property Trust report?
- Funds From Operations (FFO) rose 8.8% to $32.3 million
- Statutory profit reached $59.0 million, inclusive of a $25.6 million property revaluation gain
- Distribution for FY26 totalled $24.7 million, or 29.883 cents per unit, up 5.0%
- Annual retail sales hit a record $1,137.8 million, up 2.9%
- Occupancy at Westfield Carindale was 99.9% as at 30 June 2026
- Property independently valued at $1,628 million (CDP share: $814 million), up 3.3%
What else do investors need to know?
The Trust completed 72 leasing deals during the year, including the addition of 30 new merchants, which contributed to the high occupancy rate. Net tangible assets sat at $7.20 per unit at the end of June 2026.
Gearing was a moderate 25.3%, and 83% of the Trust's interest rate exposure is hedged at an average base rate of 3.3%. The final distribution of 14.9415 cents per unit will be paid to unitholders on 31 August 2026.
What did Carindale Property Trust management say?
Chief Executive Officer Elliott Rusanow said:
These results demonstrate the continued strength in operating performance, with our focus on providing customers with more reasons to visit.
The strength of the operating performance of Westfield Carindale reflects the initiatives and investment we have undertaken over recent years and underpins the Trust's ability to continue to deliver sustainable distribution growth for unitholders.
What's next for Carindale Property Trust?
Looking ahead, Carindale Property Trust expects to distribute 31.38 cents per unit in the year ending 30 June 2027, representing another 5.0% year-on-year growth, subject to no material change in the operating environment.
Management says the ongoing investments and high occupancy rates should help drive further performance, supporting its objective to deliver sustainable income growth to unitholders over the long term.
Carindale Property Trust share price snapshot
Over the past 12 months, Cardinale Property Trust shares have risen 5%, slightly outperforming the All Ordinaries Index (ASX: XAO), which has risen 1% over the same period.
