Charter Hall Retail Reit, the trans-Tasman owner of malls and retail properties, has reported $124.7 million in statutory tax-paid profits in interim results.
Charter Hall Retail Reit is managed by Charter Hall Group (CQR), one of Australia’s leading property groups.
For the six months to December 31, operating earnings were $83.4 million, up 1.6 per cent compared to the prior corresponding period.
Major tenants such as Woolworths, Coles, BP, Wesfarmers, Aldi, Ampol and Gull represented 56 per cent of rental income.
Shopping centre portfolio occupancy grew 98.6 per cent, up from 98.5 per cent compared to June last year.
Specialty leasing spreads rose 3 per cent with 112 specialty lease renewals and 82 new leases achieved over the period.
Charter Hall Retail’s CEO Ben Ellis said the result demonstrates the “resilience and underlying strength” of the CQR portfolio.
“CQR’s unique portfolio of long weighted average lease expiry (WALE) and convenience retail assets with 59 per cent of portfolio income growth linked to inflation continues to produce meaningful income growth for investors.”
Last August, the company acquired a 49 per cent stake in a portfolio of 51 long Wale convenience retail properties leased to Z Energy Limited in New Zealand.
The group expects positive leasing spreads, high occupancy levels and moving annual turnover growth to continue moving forward.
- Further reading: Charter Hall takes $840 million stake in BP sites
