How Did Carindale Property Trust (ASX:CDP) Generate AUD 32.3 Million of FFO?

Aditi Sarkar

28 October 2026 05:56 PM AEDT

How Did Carindale Property Trust (ASX:CDP) Generate AUD 32.3 Million of FFO?

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Highlights

FY26 funds from operations rose 8.8% to AUD 32.3 million, while retail sales at Westfield Carindale increased to AUD 1.14 billion.
Carindale Property Trust announced funds from operations of AUD 32.3 million for the year ended 30 June 2026, an 8.8% increase.
The property was independently valued at AUD 1.628 billion as at 30 June 2026, representing an attributable trust share of AUD 814 million.

Carindale Property Trust (ASX:CDP) was quoted at AUD 5.35, with no percentage change in the reported market trading figures. FY26 funds from operations rose 8.8% to AUD 32.3 million, while retail sales at Westfield Carindale increased to AUD 1.14 billion. The company’s published FY26 announcement presents its property, leasing, financial and capital-management information for the reported period. Figures below follow the announcement’s stated measures and reporting basis.

Funds From Operations and Profit

Carindale Property Trust announced funds from operations of AUD 32.3 million for the year ended 30 June 2026, an 8.8% increase. Statutory profit was AUD 59.0 million, including an unrealised property valuation uplift of AUD 25.6 million. The reported statutory result and FFO measure describe different accounting bases, and the valuation movement is included in the former.

Westfield Carindale Retail Activity

The trust reported annual retailer sales of AUD 1,137.8 million, a 2.9% increase compared with the preceding year. Leasing activity comprised 72 deals during the year, including agreements with 30 new merchants. Occupancy stood at 99.9% on 30 June 2026. These measures relate to the underlying Westfield Carindale property and its tenant operations, rather than direct trust revenue.

Property Valuation and Financing

The property was independently valued at AUD 1.628 billion as at 30 June 2026, representing an attributable trust share of AUD 814 million. The property valuation rose 3.3%, with net Operating Income growth cited in the announcement. The trust reported net tangible assets of AUD 7.20 per unit, gearing of 25.3%, and 83% interest-rate hedging at an average Base Rate of 3.3%.

Distribution and Guidance

Total FY26 distributions were AUD 24.7 million, or 29.883 cents per unit, representing 5.0% growth and matching guidance. The final distribution was 14.9415 cents per unit, with the announcement specifying payment on 31 August 2026. Management forecast FY27 distributions of 31.38 cents per unit, or 5.0% growth, conditional on no material change in the operating environment. The forward-looking amount is not a completed distribution.

Reported Position and Further Disclosures

The results distinguish operating metrics from statutory financial measures and, where applicable, adjusted or non-IFRS measures such as funds from operations. Occupancy, leasing, rental income and asset values describe different elements of Carindale Property Trust’s operations. Forward guidance and management targets are presented as stated company expectations rather than achieved financial outcomes. The figures in the attached release refer to their respective reporting dates and should not be treated as updated trading guidance unless subsequently confirmed by the company.

FAQs

Q: How much FFO did CDP report for FY26?

A: AUD 32.3 million, an increase of 8.8%.

Q: What was the focus of Carindale Property Trust’s published results?

A: The publication covered financial performance, property or operating metrics, and capital management for the reported financial period.

Q: Does Carindale Property Trust provide future targets in its announcement?

A: Where included, the company describes guidance or priorities subject to its stated assumptions; these are separate from completed-period results.

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