Carindale Property Trust : CDP Half-Year Results announcement

ASX Announcement

18 February 2020

CARINDALE PROPERTY TRUST REPORTS HALF YEAR RESULTS WITH

FUNDS FROM OPERATIONS OF $12.7 MILLION

Carindale Property Trust (ASX: CDP) today announced its half year results to 31 December 2019 with Funds from Operations ("FFO") of $12.7 million and Statutory Profit of $10.3 million. The property was valued as of 31 December 2019 at $1,706.5 million (CDP share $853.3 million).

The distribution for the period is $12.7 million or 18.1 cents per unit, in line with forecast. The distribution is payable to members on 28 February 2020.

As at 31 December 2019, the net tangible assets of the Trust were $8.01 per unit and gearing was 31.1%.

Westfield Carindale has the second highest sales of all centres in the Brisbane market with annual retail sales of $894.8 million and average sales per store of $1.7 million. As at 31 December 2019, the centre was 99% leased.

The new format David Jones store opened in November 2019 and is trading well. This is the first store to feature their new generation store design and beauty concept. Work is progressing well to enable the introduction of the new Kmart store that is scheduled to open in the 2nd half of 2020.

The forecast distribution for the year ending 30 June 2020 is 36.2 cents per unit.

Authorised by the Board.

Contacts:
Company Secretary	Investor Relations	Corporate Affairs / Media
Maureen McGrath	Andrew Clarke	Alexis Lindsay
[phone]	[phone]	[phone]

The financial information included in this release is based on the Trust's IFRS financial statements. Non IFRS financial information has not been audited or reviewed. This release contains forward looking statements, including statements regarding future earnings that are based on information and assumptions available to us as of the date of this presentation. Actual results, performance or achievements could be significantly different from those expressed in, or implied by, these forward looking statements. These forward looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this release. You should not place undue reliance on these forward looking statements. Except as required by law or regulation (including the ASX Listing Rules) we undertake no obligation to update these forward looking statements.

SCENTRE MANAGEMENT LIMITED ABN 41 001 670 579 AFS Licence No: 230329 as responsible entity of Carindale Property Trust

ABN 29 192 934 520 ARSN 093 261 744

Level 30, 85 Castlereagh Street, Sydney NSW 2000 Australia · GPO Box 4004 Sydney NSW 2001 Australia · T [phone]

www.carindalepropertytrust.com.au

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