Highlights

  • Carindale Property Trust delivered FY26 FFO of $32.3 million, an 8.8% increase on the prior year, meeting guidance during FY26.
  • Distributions rose 5.0% to $24.7 million, consistent with the REIT's guidance issued at the start of the year during FY26.
  • Westfield Carindale achieved 99.9% occupancy at 30 June 2026, with annual retail sales growing 2.9% to $1.138 billion during FY26.
  • The property was independently valued at $1,628 million (CDP's 50% share: $814 million), up 3.3% over the year during FY26.

Carindale Property Trust (ASX:CDP) is a listed Australian real estate Investment trust that owns a 50% interest in Westfield Carindale — a major regional shopping centre located in Brisbane, Queensland with more than 14 million annual customer visits. On 25 August 2026, CDP reported its FY26 results, with Funds From Operations growing 8.8% to $32.3 million. Distributions totalled $24.7 million, up 5.0% from the prior year, in line with guidance provided at the start of FY26. Total comprehensive income rose 51% to $59.0 million, reflecting positive property revaluations during the period. CEO Elliott Rusanow described the results as a demonstration of the continued strength in operating performance, underpinned by a focus on providing customers with more reasons to visit the centre.

Westfield Carindale — Operational Highlights

Westfield Carindale continued to deliver exceptional operational metrics in FY26. Occupancy was 99.9% at 30 June 2026 — consistent with the prior year — reflecting the strong tenant Demand for space at one of Brisbane's leading retail destinations. Annual retail sales grew 2.9% to $1.138 billion, reflecting sustained consumer spending activity and an improving retail environment across south-east Queensland. The property benefited from population growth in Brisbane's eastern suburbs, infrastructure improvements linked to the 2032 Olympic and Paralympic Games preparation, and ongoing curation of the tenant mix to maximise foot traffic and specialty retail performance. The property was independently valued at $1,628 million (CDP's 50% share: $814 million) as at 30 June 2026, up 3.3% from the prior year.

Capital Structure and Trust Overview

Carindale Property Trust holds its single asset — a 50% co-ownership interest in Westfield Carindale — alongside Westfield Management Limited, which holds the remaining 50% interest in the property. Scentre Group (ASX:SCG), the operator of Westfield-branded shopping centres in Australasia, is the Responsible Entity for the trust and manages Westfield Carindale on behalf of CDP and its co-owner. The trust's concentrated, single-asset structure provides transparency and simplicity for investors seeking direct exposure to one of Brisbane's leading retail assets. Distributions of 29.88 cpu were declared for the year, comprising equal half-yearly payments of 14.94 cpu.

Outlook

Carindale Property Trust has not provided formal Earnings guidance for FY27, as is typical for the trust. The outlook for Westfield Carindale is underpinned by the continuing strength of retail conditions in south-east Queensland, ongoing population growth in Brisbane's eastern suburbs, and significant infrastructure investment in the region ahead of the 2032 Olympics. Management's focus on tenant mix curation, customer engagement and centre experience initiatives is expected to continue to support high occupancy and retail sales growth. The property's independently appraised value rising 3.3% in FY26 reflects improving cap rate conditions and strong income growth across the retail sector.

Stock Price Information

Carindale Property Trust (ASX:CDP) shares were trading at $5.400 on 6 November 2026, representing a decline of 1.82% for the day. The stock has risen approximately 5% over the past 12 months.