Charter Hall’s Specialty Rent Growth Underwhelms; Fair Value Estimate Unchanged
Charter Hall Retail’s operational update incorporating trading in the quarter ending 30 September supports our view that the portfolio will deliver relatively low rent growth over the coming years, with specialty rent growth of just 1.5% for the September quarter. We make no changes to our forecasts, with no-moat rated Charter Hall considered one of the most overvalued property stocks under coverage. Charter Hall securities are trading around AUD 4.20, a 5% premium to our AUD 4.00 fair value est...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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