Full Year 2024 Charter Hall Social Infrastructure REIT Earnings Call Transcript
Key Points
- CQE delivered operating earnings of $0.16 per unit, consistent with FY24 distribution guidance.
- The fund successfully divested 12 childcare properties for $40 million at a premium of 4.1% to the previous carrying value.
- CQE's portfolio boasts a strong WALE of 12.4 years and 99.8% occupancy.
- The fund is well-hedged with 86% of current drawn debt hedged, providing protection against interest rate volatility.
- CQE's portfolio is diversified with 355 properties across Australia, heavily weighted to metropolitan locations.
- NTA per unit decreased by 5.4% from $4.04 to $3.82 due to revaluation decrements.
- Finance costs increased, driven by a 0.4% rise in the weighted average cost of debt from 4.1% to 4.5%.
- The fund's distribution guidance for FY25 is lower at $0.15 per unit.
- The portfolio saw a like-for-like valuation decrease of 2.2%, with the average passing yield increasing from 5% to 5.2%.
- The fund temporarily suspended its distribution reinvestment plan due to trading at a discount to NTA.
Ladies and gentlemen, thank you for standing by, and welcome to Charter Hall Social Infrastructure REIT 2024 full year results briefing. (Operator Instructions) Please note that this conference is being recorded today, Wednesday, the 14 August 2024.
I would now like to hand the conference over to your host today, Mr. Travis Butcher, Fund Manager. Thank you. Sir, please go ahead.
Good morning, everyone, and welcome to CQE's results presentation for the full year ended 30 June 2024. Presenting with me today is Scott Martin, Head of Social Infrastructure REIT Finance. Lot to comment today's presentation with acknowledgment of country.
Charter Hall acknowledges the traditional custodians of the lands on which we work and gather. We pay our respects to elders past and present and recognize their continued care and contribution to country.
Turning now to Slide 4. Key highlights for the year are as follows. CQE delivered
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