Charter Hall's Focus on Smaller Malls Still Has Drawbacks
Charter Hall Retail's fiscal 2018 operating earnings of AUD 123.2 million or AUD 30.5 cents per security, or cps, were up 0.4% on the prior year as expected. The tepid growth reflects earnings dilution from selling 15 lower-growth, but higher yielding properties for AUD 309 million, partly offset by AUD 215 million of acquisition. Leasing outcomes for specialty tenants are turning around with new and renewed leases negotiated 1.3% above prior leases for the year. This is better than the 0.2% lea...Charter Hall Retail REIT is a real estate investment trust (REIT). The principal activity of the Company is property investment. The Company's segments include Freestanding supermarkets, Neighbourhood shopping centres, Sub-regional shopping centres and REIT operations. The Freestanding supermarkets segment consists of standalone supermarket with no specialty shops. The Neighbourhood shopping centres segment consists of local shopping centers with one supermarket and a gross lettable area (GLA) less than 10,000 square meters. The Sub-regional shopping centres segment consists of medium sized shopping centers typically incorporating over one full line discount department store and a supermarket with total GLA of approximately 40,000 square meters. The REIT operations segment includes all other income and expenses, which are not directly attributable to these shopping centers. The Company's subsidiary, Charter Hall Retail JV Trust, is engaged in the property investment.
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