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Charter Hall

  •   14 February 2023
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Charter Hall Social Infrastructure REIT 1H FY23 Results

14 February 2023 - Charter Hall Social Infrastructure REIT (ASX: CQE) today announced its results for the half year ended 31 December 2022.

Key financial and operating highlights for the period are:

Financial highlights:

  • Statutory profit of $40.6 million;
  • Operating earnings of $29.6 million, or 8.1 cents per unit (“cpu”);
  • Distribution of 8.6 cpu, up 2.4% on prior corresponding period (“pcp”);
  • Gross assets of $2.3 billion, up 8.5% since June 2022; and
  • NTA of $4.09 per unit, up 0.2% since June 2022.

Operating highlights:

  • New acquisitions of $186.7 million in high quality social infrastructure assets including the Geoscience Australia life sciences complex in Canberra and Innovation Quarter (iQ), a newly constructed healthcare, medical research, education and training hub in Westmead, Sydney;
  • Property portfolio valuation increase of $16.31 million or 0.8% since June 2022, driven by income growth demonstrating the ongoing resilience of the portfolio; and
  • CQE inclusion in the S&P/ASX 200 index in September 2022.

Property portfolio performance:

  • Overall, CQE continued to achieve strong portfolio metrics through 1H FY23, as follows:Long WALE of 13.6 years;
  • 100% occupancy of CQE’s properties;
  • WARR of 4.0%2 forecast for the next 12 months;
  • 78% of lease income on fixed rent reviews (average 3.0%) and the balance CPI-linked;
  • 46% of rental income subject to market rent reviews in the next 5 years; and
  • Robust lease expiry profile with less than 5% of lease income expiring within the next five years.

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