Charter Hall Retail REIT

CQR: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Charter Hall Retail REIT Earnings: Inflation-Linked Leases Ease the Pain of Higher Finance Costs

Alexander Prineas

Aug 16, 2023

No-moat Charter Hall Retail REIT’s fiscal 2023 earnings were marginally below our expectations and guidance for fiscal 2024 was marginally ahead by a similar amount. Our fair value estimate rises 4% to AUD 4.30 due to the time value of money. Operating earnings per security, rose 1.1% to AUD 28.7 cents per security, and distributions were up 5.3% to AUD 25.8 cents. Management guidance is for operating earnings to decline in fiscal 2024 to AUD 27.4 cents per security. We assume a distribution of AUD 25.5 cents per security, around the midpoint of guidance of a 90%-95% payout ratio.

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