Charter Hall Retail REIT (CQR) today announced its financial results for the full year ended 30 June 2024.
The REIT reported a strong performance, with operating earnings reaching $159 million and a record shopping centre portfolio occupancy of 98.8%. Despite a challenging economic environment, CQR successfully executed its portfolio strategy, divesting $315 million in assets to fund reinvestment in higher-growth opportunities.
Key financial highlights include:
Revenue: AUD 285.7 million, up from AUD 255.2 million in the previous year.
Net income: AUD 17.2 million, compared to AUD 37.8 million in FY23.
Basic and diluted EPS: AUD 0.0296, down from AUD 0.065 in FY23.
CQR maintained a robust balance sheet with $408 million in available liquidity, providing the company with financial flexibility to pursue growth opportunities.
While the portfolio value experienced a slight decline, strategic asset management initiatives contributed to a 3.7% increase in total MAT growth. Additionally, the REIT’s strong tenant relationships supported solid income growth.
Looking ahead, CQR remains optimistic about the long-term prospects of the retail property sector and is well-positioned to capitalise on growth opportunities.
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