Half Year 2025 Charter Hall Retail REIT Earnings Call Transcript
Key Points
- Charter Hall Retail REIT (ASX:CQR) reported a strong operating earnings per security of $0.126 for the first half of FY25.
- The company achieved a high occupancy rate of 98.7% in its shopping center portfolio.
- CQR successfully launched a takeover offer for Hotel Property Investments (HPI), acquiring 85.4% of the units.
- The net lease convenience assets showed a robust same-property NPI growth of 4.5%, highlighting the strength of their diversification strategy.
- CQR's specialty tenant sales productivity reached a record high, with positive leasing spreads of 3.8%.
- Finance costs increased due to a rise in the weighted average cost of debt from 4.3% to 5%.
- The company's look-through gearing is relatively high at 37.9%, which may pose a risk if not managed carefully.
- MAT growth, while positive, showed signs of slowing, indicating potential challenges in maintaining momentum.
- The retail conditions showed a decline in discretionary tenant sales, particularly in apparel, which decreased by 4.2%.
- There is ongoing pressure to curate and improve the portfolio, particularly with the remaining Mosaic tenancies.
Ladies and gentlemen, thank you for standing by and welcome to the Charter Hall Retail REIT 2025 half-year results briefing. (Operator Instructions) Please note that this conference is being recorded today, Friday, February 14, 2025.
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's results presentation for the first half of FY25. My name is Ben Ellis, and I am the Retail CEO for Charter Hall and 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 the 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 the country.
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