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Home / Noticeboard 2021

Charter Hall

15 February 2021

Charter Hall Retail REIT 1H FY21 Results

15 February 2021 - Charter Hall Retail REIT (ASX:CQR) (CQR or the REIT) today announces its 1H FY21 results for the period ended 31 December 2020.

Key financial results:

Operating earnings of $75.2 million up $5 million or 7.1% on 1H FY20 of $70.2 million
Operating earnings of 13.17 cents per unit (cpu) down 17.1% on 1H FY20 of 15.88 cpu
Statutory profit of $82.8 million, up $16.1 million or 24.1% on 1H FY20 of $66.7 million
Net cashflow from operating activities of $75.7 million up $6.5 million or 9.4% on 1H FY20 of $69.2 million
Net cashflow from operating activities of 13.26 cpu down 15.4% on 1H FY20 of 15.67 cpu
Distribution of 10.7cpu up 7.0% from 10.0 cpu on 2H FY20
COVID-19 tenant support of $5.8 million provided during the period down from $10.7 million for 2H FY20
Portfolio look-through gearing of 34.6%¹ up from 32.3% at 30 June 2020
Weighted average debt maturity of 3.8 years, no debt maturing until FY22
Moody’s affirmed Baa1 issuer rating with stable outlook
Liquidity of $304 million consisting of cash and undrawn debt facilities

Operating highlights:

8.2% Supermarket MAT growth, up from 5.2% at June 2020
Supermarkets in turnover increased to 65%², up from 61% at June 2020
Total MAT growth³ of 7.1%, up from 3.9% at June 2020
Contribution from major tenants to portfolio income 54.1%, up from 51.4% at June 2020
Shopping centre portfolio occupancy of 97.8%, up from 97.3% at June 2020
Specialty leasing spreads of +2.5% with 119 specialty lease renewals (+0.6% leasing spread) and 105 new leases (+5.9% leasing spreads)
Specialty tenant retention rate normalised to 82%, up from 72% at June 2020
Portfolio cap rate of 6.03%, unchanged from June 2020
Expansion of bp partnership with acquisition of 70 Long WALE convenience retail properties leased to bp in New Zealand

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