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ASX Announcement 24 February 2021 Carindale CARINDALE PROPERTY TRUST REPORTS HALF YEAR RESULTS WITH FUNDS FROM OPERATIONS OF $ 11.1 MILLION Carindale Property Trust ( ASX : CDP ) today announced its half year results to 31 December 2020 with Funds from Operations ( “ FFO ” ) of $ 11.1 million and Statutory Profit of $ 10.5 million . The property was valued as of 31 December 2020 at $ 1,470.6 million ( CDP share $ 735.3 million ) . The Trust collected $ 28.5 million of cash inflow , achieving a net operating cash surplus of $ 14.2 million for the 6 - month period . Gross rental collections for the first half of the year were more than 100 % of gross rental billings , which includes an $ 0.2 million improvement in trade debtors outstanding during the 6 - month period . As at 31 December 2020 , the net tangible assets of the Trust were $ 6.36 per unit and gearing was 37.2 % . The results are after expensing an Expected Credit Charge relating to COVID - 19 of $ 0.4 million . Westfield Carindale has remained open and trading throughout the pandemic , implementing the highest level of health and safety standards . Customer visits were at 97 % of normal volumes in December . As at 31 December 2020 , the centre was 97 % leased and annual retail sales were $ 840 million . In September 2020 , Kmart opened their new store at Westfield Carindale with customer feedback extremely positive . The distribution for the 6 - month period is $ 8.05 million or 11.5 cents per unit . The distribution is payable to members on 26 February 2021. Subject to no material change in conditions , the Trust expects to distribute 23.00 cents per unit for the year ending 30 June 2021 . Authorised by the Board . Contacts : Company Secretary Maureen McGrath +61 2 9358 7439 Investor Relations Andrew Clarke +61 2 9358 7612 Corporate Affairs / Media Alexis Lindsay +61 2 9358 7739 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 +61 2 9358 7000 www.carindalepropertytrust.com.au Page 1 of 1