Carindale Property Trust (ASX:CDP) Lifts FY26 Funds From Operations 8.8% to $32.3 Million

Sonal Goyal

25 August 2026 02:28 PM AEST

Carindale Property Trust (ASX:CDP) Lifts FY26 Funds From Operations 8.8% to $32.3 Million

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Key Highlights

Carindale Property Trust reported FY26 Funds From Operations of $32.3 million, an increase of 8.8% on the prior year.
Statutory profit for the year was $59.0 million, including an unrealised property valuation increase of $25.6 million.
The FY26 distribution rose 5.0% to 29.883 cents per unit, with Business partners achieving record annual retail sales of $1,137.8 million, up 2.9%.
The property was independently valued at $1,628 million as at 30 June 2026, up 3.3%, with occupancy at 99.9% following 72 leasing deals completed during the year.

FY26 Financial Results

Carindale Property Trust (ASX:CDP), trading at $5.56 and unchanged on the day of its results announcement, reported Funds From Operations (FFO) of $32.3 million for the 12 months to 30 June 2026, an increase of 8.8% on the prior year. Statutory profit for the year was $59.0 million, which included an unrealised property valuation increase of $25.6 million.

The distribution for the year ended 30 June 2026 was $24.7 million, or 29.883 cents per unit, representing growth of 5.0% and in line with the trust's previously issued guidance. The final distribution of 14.9415 cents per unit is payable to unitholders on 31 August 2026.

As at 30 June 2026, the net tangible assets of the trust were $7.20 per unit. The trust's gearing stood at 25.3%, with Interest Rate hedging covering 83% of borrowings at an average Base Rate of 3.3%.

Property Performance and Valuation

Chief Executive Officer of Carindale Property Trust, Elliott Rusanow, said the results demonstrate continued strength in operating performance, with the trust's focus on providing customers with more reasons to visit the centre. Business partners at Westfield Carindale achieved record annual retail sales of $1,137.8 million, an increase of 2.9% compared with 2025.

The trust reported Demand for space remaining strong, with 72 leasing deals completed during the 12-month period, including 30 new merchants, and occupancy of 99.9% as at 30 June 2026. The property was independently valued as at 30 June 2026 at $1,628 million, with the trust's share being $814 million, an increase of 3.3% attributed largely to growth in net operating income.

Mr Rusanow said the strength of Westfield Carindale's operating performance reflects the initiatives and Investment undertaken by the trust over recent years and underpins its ability to continue delivering sustainable distribution growth for unitholders.

FY27 Distribution Guidance

Subject to no material change in the operating environment, the trust expects to distribute 31.38 cents per unit for the year ending 30 June 2027, representing further growth of 5.0% on the FY26 distribution.

Conclusion

Carindale Property Trust's FY26 results show growth across its key operating metrics, with Funds From Operations, distributions, and retail sales at Westfield Carindale all posting year-on-year increases. The independent valuation uplift and high occupancy level at 30 June 2026 reflect continued demand for space at the centre, while the trust's gearing and hedging position remain factors relevant to its financial structure heading into FY27. The trust's guidance for a further 5.0% increase in distributions for FY27 follows the pattern of growth reported for FY26.

FAQs

Q: What was Carindale Property Trust's Funds From Operations for FY26?

A: Carindale Property Trust reported FY26 Funds From Operations of $32.3 million, an increase of 8.8% on the prior year.

Q: What distribution did Carindale Property Trust declare for FY26?

A: The trust declared a distribution of $24.7 million, or 29.883 cents per unit, for FY26, representing growth of 5.0% and in line with guidance, including a final distribution of 14.9415 cents per unit payable on 31 August 2026.

Q: What was the occupancy rate at Westfield Carindale?

A: Occupancy at Westfield Carindale was 99.9% as at 30 June 2026, following 72 leasing deals completed during the 12-month period, including 30 new merchants.

Q: How was the Westfield Carindale property valued in FY26?

A: The property was independently valued at $1,628 million as at 30 June 2026, with the trust's share being $814 million, an increase of 3.3% largely due to growth in net operating income.

Q: What distribution guidance has Carindale Property Trust given for FY27?

A: Subject to no material change in the operating environment, the trust expects to distribute 31.38 cents per unit for the year ending 30 June 2027, representing growth of 5.0% on the FY26 distribution.

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