Charter Hall Group today announces upgraded earnings guidance for FY21 as a result of higher fees from higher than planned capital inflows.
The Group’s previous FY21 guidance was for post-tax operating earnings per security of no less than 55 cents per security and distribution per security growth of 6% over FY20 (see chart below).
Charter Hall now expect to finish the year with operating earnings per security of no less than 57 cents per security. This does not include any accrual for performance fees from future periods that may subsequently be realised.
FY21 distribution per security guidance is unchanged at 6% growth over FY20.
Charter Hall’s Managing Director and Group CEO, David Harrison said “Our Direct business has continued to enjoy strong inflows reflecting the quality of these portfolios and the attractive returns they offer. This has resulted in capital deployment that exceeded our previous expectations.
A recent review of Charter Hall’s development pipeline, demonstrates how much growth the business has enjoyed as a result of development activity. The chart below shows the cumulated completion values in development by sector.
David Harrison said, “As we look towards FY22, we have significant investment capacity across the platform, a strong pipeline of deployment opportunities both off-market and from our development book, as well as uncrystallised performance fees embedded in many of our funds.”
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