Charter Hall Retail REIT has joined other REITS in announcing that due to the uncertain environment and potential extended duration of the COVID-19 pandemic, it is withdrawing its FY20 earnings and distribution guidance.
Charter Hall advised that the Trust remains well capitalised with no debt maturities until FY22, and over $150m in available liquidity through cash and undrawn bank lines and the ability to fully fund its future commitments. They also noted that Moody’s also recently re-affirmed its Baa1 credit rating.
Charter Hall Retail, CEO, Greg Chubb said: “Our priority at the current time is to ensure the safety of our customers, our tenants and our staff. We continue to partner with our tenants to ensure our convenience focused portfolio of supermarket anchored centres remain open and fulfil their important role as providers of every day and essential needs for our customers.
However, like other retail landlords, rental income to the trust will be under significant pressure as tenants will be unable to pay rent. The market will be looking to the major landlords for guidance on these matters as soon as possible.
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