Charter Hall profits jump


Orange Central Shopping Centre 940x320Property landlord, Charter Hall Retail REIT, has recorded a 30.4 per cent jump in its half year profit.

Given the majority of the trust group’s portfolio consists of Australian shopping centres and foods sales continue to outperform discretionary spending, the REIT remains well positioned, the company’s fund manager Scott Dundas says.

REIT recorded a profit of $20.6 million in the six months to December 31, compared to $15.8 million for the corresponding period in 2012.

The shopping centre and office space landlord says the sale of its Polish and USA properties and the acquisition of investment properties in Australia also boosted its earnings.

It bought three supermarket anchored shopping centres in Western Australia, South Australia and Victoria for $193.2 million.

The trust has reaffirmed its 2014 guidance for operating earnings, at between 29.5 and 30 cents per unit, excluding its German operations, which are being prepared for sale.

The REIT’s shares rose by two cents to $3.66 during morning trade.



1 comment

  1. Richard Adams posted on February 18, 2014

    Good news for investors at Charter Hall but what about the losses on the sale of the Home HQ centre at Artarmon, how do they fit into this picture? Seems like not all shopping centre investments are well enough managed to provide a return. Similar story with AMP's divestment of the Auburn Homemaker centre - massive losses.

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