Full Year 2024 Charter Hall Retail REIT Earnings Call Transcript
Key Points
- Charter Hall Retail REIT (ASX:CQR) achieved a record high occupancy rate of 98.8% in its convenience shopping center portfolio.
- The REIT completed 313 leasing transactions with positive leasing spreads of 2.7%, indicating strong demand and successful lease negotiations.
- CQR's balance sheet capacity increased to over $400 million, providing significant investment flexibility.
- The acquisition of Eastgate Shopping Center in Bondi Junction enhances the portfolio with high-quality metro centers.
- CQR's portfolio benefits from 60% of total income growth being directly or indirectly linked to inflation, providing resilience against economic fluctuations.
- Finance costs increased due to a rise in interest rates, impacting overall financial performance.
- Net property income growth was partially offset by divestments, leading to a decrease in investment property value.
- The weighted average cost of debt increased from 3.4% to 4.4%, reflecting higher borrowing costs.
- The REIT's net tangible assets (NTA) decreased by 4.7% to $4.51 per unit, primarily due to valuation decreases.
- Higher pressure on insurance, security, and cleaning costs was noted, although offset by savings in electricity.
Ladies and gentlemen, thank you for standing by, and welcome to the Charter Hall Retail REIT 2024 full year results briefing. (Operator Instructions). Please note that this conference is being recorded today for our date 16th August 2024.
I would now like to hand the conference over to your host today, Mr. Ben Ellis, Retail CEO. Thank you, sir. Please go ahead.
Good morning, and welcome to the Charter Hall Retail REIT FY '24 full year results. My name is Ben Ellis. I'm the Retail CEO for Charter Hall and an Executive Director of CQR. Joining me this morning is Joanne Donovan, Head of Retail Finance at Charter Hall.
I'd like to commence today's presentation with an 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.
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