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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.