

WESTFIELD
CARINDALE
2 / Carindale Property Trust
Annual Report 2015
Year in Review
Financial Results
Carindale Property Trust has reported a net profit
of $55.6 million for the year ended 30 June 2015.
Funds from operations, which excludes unrealised
fair value adjustments of $31.1 million, was
$24.5 million, an increase of 12.6% on the
previous corresponding period.
The Trust’s net property income for the period
was $41.2 million representing a 6.1% increase
on the previous year, reflecting the impact of the
completion of the redevelopment.
Carindale Property Trust’s interest in Westfield
Carindale has been independently valued as at
30 June 2015. The value of Carindale Property
Trust's 50% interest in Westfield Carindale is
$765.1 million, representing a revaluation gain of
$31.0 million for the financial year.
Total assets of Carindale Property Trust increased
5.0% to $771.6 million as at 30 June 2015.
At year end, borrowings were $209.9 million with
gearing at 27.4%. Since 30 June 2015 the bank
loans have been renewed and extended to 2020
at lower cost.
Carindale Property Trust has also recently
increased its interest rate hedging. The interest
rate exposure was 71% hedged at 30 June 2015
and is 69% hedged on average for the next
three years.
Total unit holders' funds attributable to members
were $532.9 million representing an increase of
6.2% on the previous year.
The net tangible asset backing as at 30 June 2015
was $7.61 per unit, representing an increase of
6.2% on the previous year primarily as a result of
the property revaluation.
Trust distribution
The total amount to be distributed to members
for the financial year ended 30 June 2015 is
$24.5 million representing a full year distribution
of 34.97 cents per unit.
An interim distribution of 16.99 cents per unit was
paid on 27 February 2015 and the final distribution
of 17.98 cents per unit will be paid to members on
31 August 2015.
The full year distribution is approximately 47% tax
deferred which is due to depreciation and other
capital allowances.
Centre performance
As at 30 June 2015 the centre was in excess of
99.5% leased. Total retail sales for the 12 months
to 30 June 2015 were $913million including
specialty retail sales of $11,068 per square metre.
Directors’ Outlook
The Directors are pleased with the performance
of Westfield Carindale which has performed well
following the completion of the redevelopment
in 2012. Forecast FFO and distribution per unit is
expected to increase 12-14% for the financial year
ending 30 June 2016. This reflects growth in net
operating income and lower interest costs.