Charter Hall announces a 2nd major earnings uplift in less than 6 weeks

Charter Hall’s portfolio of listed and unlisted funds has grown by $3.5bn from revaluations in the last 6 months, taking the Groups’ FUM to $61.3bn and lifting forecast operating earnings 72% higher than FY21.

Charter Hall have also confirmed that the managed consortium comprising CLW and Hostplus now have unconditional ALE securityholder and Court approval to complete the Scheme of Arrangement on 17 December, 2021.

As a result of the valuation uplifts, the increase in FUM and the likely performance fees payable at testing dates during the fiscal year, the Group upgrades FY22 operating earnings per security guidance to no less than 105 cents per security.

The new guidance is 26% higher than the November 1 guidance which was 36% higher than FY21.

Group Managing Director and CEO David Harrison commented “it is pleasing to see the hard work we have put into curating and growing high quality portfolios for our fund investors over many years has delivered excellent financial returns, well above expectations and performance fee hurdles. The resultant performance fees, whilst positive for the Group, also highlights the outperformance delivered for investors given fund investors typically receive 80% of excess total returns above the hurdles established at inception of the funds and partnerships.”

FY22 distribution per security guidance remains unchanged and is for 6% growth over FY21 distributions per security.

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