Carindale Property Trust : Full Year Results Announcement

ASX Announcement

19 August 2021

CARINDALE PROPERTY TRUST REPORTS FULL YEAR RESULTS WITH

FUNDS FROM OPERATIONS OF $23.6 MILLION

Carindale Property Trust (ASX: CDP) today announced its full year results to 30 June 2021 with Funds from Operations ("FFO") of $23.6 million, up 14.8% and Statutory Profit of $39.4 million.

The Trust collected $57.5 million of cash inflow, achieving a net operating cash surplus of $24.2 million for the financial year, up 47% on the prior year.

The distribution for the year ended 30 June 2021 is $16.1 million or 23.0 cents per unit, in line with guidance.

"These results are pleasing and reflect the underlying strength of Westfield Carindale. Our focus has been curating a great customer experience and destination. Major initiatives in the last two years have included David Jones reformatting and upgrading their store as well as the introduction of Kmart, the local customers most wanted brand, in September 2020.

"Westfield Carindale generated total retail sales of $896 million in the 12 months to 30 June 2021, an increase of 7.6% compared to 2020. The level of sales achieved for the 12 months to 30 June 2021 is the same as achieved in the year to 30 June 2019, notwithstanding the 2021 year was impacted by various Government mandated lockdowns and restrictions.

"Most noteworthy is that the total sales have been achieved even though cinemas and travel operators, which collectively represented 6.5% of sales in 2019, have been significantly impacted throughout 2021", Peter Allen, CEO of the Trust said.

Westfield Carindale has seen strong demand for space with 121 deals completed during the year, including the introduction of 40 new merchants.

As at 30 June 2021, the centre was 98% leased increasing from 97% as at 30 June 2020.

Westfield Carindale has remained open and trading throughout the pandemic, implementing the highest level of health and safety standards.

Customer visits for the year were 94% of June 2019 year volumes.

The property was valued as of 30 June 2021 at $1,500.2 million (CDP share $750.1 million).

As at 30 June 2021, the net tangible assets of the Trust were $6.66 per unit and gearing was 36.1%. The final distribution of 11.5 cents per unit is payable to members on 31 August 2021.

The pricing period for the Distribution Reinvestment Plan (DRP) ended on 17 August 2021. The issue price of units to be issued under the DRP is $4.338.

Subject to no material change in the operating environment, the Trust expects to distribute at least

25.0 cents per unit for the year ending 30 June 2022.

END

Authorised by the Board.

Scentre Management Limited
AFS Licence No: 230329 as responsible entity of
Carindale Property Trust	Level 30,	85 Castlereagh Street, Sydney NSW 2000 Australia
ABN 29 192 934 520 ARSN 093 261 744	GPO Box	4004, Sydney NSW 2001 Australia	carindalepropertytrust.com.au

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
AFS Licence No: 230329 as responsible entity of
Carindale Property Trust	Level 30,	85 Castlereagh Street, Sydney NSW 2000 Australia
ABN 29 192 934 520 ARSN 093 261 744	GPO Box	4004, Sydney NSW 2001 Australia	carindalepropertytrust.com.au