Carindale Property Trust : Appendix 4E and 2021 Annual Financial Report

CARINDALE PROPERTY TRUST: Appendix 4E

(ASX Code: CDP) ARSN 093 261 744

Preliminary Final Report under ASX listing rule 4.3A

For the year ended 30 June 2021

(previous corresponding period being the year ended 30 June 2020)

Results for Announcement to the Market:

			30 Jun 21	30 Jun 20
Net property revenue ($'000) (i)	up	6.8%	49,746	46,567
Revenue ($'000)	down	3.0%	50,107	51,657
Unrealised movements in property valuation (non-cash) ($'000)			12,663	(124,394)
Profit/(loss) attributable to members of the Trust ($'000)	up	136.6%	39,416	(107,706)
Funds from operations (FFO) attributable to members
of the Trust ($'000)	up	14.8%	23,559	20,517
FFO per unit attributable to members of the Trust
(cents per unit) (ii)	up	14.8%	33.66	29.31

1. Comprises property revenue of $50,107,000 (30 June 2020: $51,657,000) reduced by expected charge relating to COVID-19 of $361,000 (30 June 2020: $5,090,000).
2. In calculating the FFO per unit 70,000,000 (30 June 2020: 70,000,000) weighted average units was used.

Distributions for Carindale Property Trust

	Cents per unit
Distributions for the year ended 30 June 2021	23.00
Final distribution to be paid on 31 August 2021 (iii)	11.50
Interim distribution paid on 26 February 2021	11.50

1. The number of units entitled to distributions on the record date, 30 June 2021 was 70,000,000.

The record date for determining entitlement to the distribution was 30 June 2021. This distribution is payable on 31 August 2021.

On 24 June 2021, the Trust announced that a DRP will be in operation for the six-month distribution payable for the period to 30 June 2021 which will be paid on 31 August 2021 (the August 2021 Distribution). An election to participate in the DRP for the August 2021 Distribution must be received by 5.00pm (Sydney time) on 23 August 2021.

The price of units to be issued under the DRP is $4.338.

Units issued under the DRP for the August 2021 Distribution will rank equally with existing units on issue. The issue date will be 31 August 2021.

Details of the full year components of distributions will be provided in the Annual Tax Statements which will be sent to members in September 2021.

Additional information

Commentary on the results is contained in the announcement released to the ASX. The additional information requiring disclosure to comply with listing rule 4.3A is contained in the attached Annual Financial Report which includes the audited financial report.

Creating extraordinary places, connecting and enriching communities

30 June 2021

Scentre Management Limited ABN 41 001 670 579 AFS License 230329 As Responsible Entity of Carindale Property Trust ARSN 093 261 744

Carindale PROPERTY TRUST

2021 Annual Financial Report

Annual Financial Report 2021

Contents

Statement of Comprehensive Income	2
Balance Sheet				3
Statement of Changes in Equity			4
Cash Flow Statement			5
Notes to the Financial Statements			6
Directors' Declaration		22
Independent Auditor's Report		23
Directors' Report		28
Corporate Governance Statement		38
Investor Relations		48
Members' Information		49
Directory		50

www.carindalepropertytrust.com.au

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Carindale PROPERTY TRUST

Financial Statements

Statement of Comprehensive Income

For the year ended 30 June 2021

			30 Jun 21	30 Jun 20
		Note	$'000	$'000
Revenue
Property revenue	2	50,107	51,657
Expenses
Property expenses and outgoings		(14,612)	(14,268)
Expected credit charge relating to COVID-19	4	(361)	(5,090)
			(14,973)	(19,358)
Net property income		35,134	32,299
Other expenses
Manager's service charge		(4,532)	(4,463)
Other costs		(371)	(347)
			(4,903)	(4,810)
Interest income		14	29
Financing costs	10	(3,492)	(10,830)
Property revaluation		12,663	(124,394)
Net profit/(loss) attributable to members of the Trust		39,416	(107,706)
Total comprehensive income/(loss) attributable to members of the Trust		39,416	(107,706)
			cents	cents
	Basic earnings/(loss) per unit	9	56.31	(153.87)
	Diluted earnings/(loss) per unit	9	56.31	(153.87)

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Creating extraordinary places, connecting and enriching communities