RETAIL SPENDING BOOSTS CARINDALE PROPERTY TRUST
Written on the 24 February 2015
CARINDALE Property Trust (ASX:CDP) has reported positive half year results, with a 5.6 per cent lift in net property income to $20.5 million.
Profit attributable to members of the Trust was up 45.6 per cent to $27.3 million, compared to $18.7 million in the previous corresponding period.
Carindale Property Trust owns a 50 per cent stake in Westfield Carindale shopping centre, managed by Scentre Management Limited.
The centre was leased in excess of 99.5 per cent at 31 December 2014, with total retail sales for the calendar year up 1.4 per cent at $913.6 million.
Funds from operations was $11.9 million, an increase of 12.5 per cent, which excludes unrealised fair value adjustments of $15.4 million.
CDP will pay a distribution of 16.99 cents per unit to members on February 27.