No Clear Catalyst for Rental Rebound; Charter Hall's FVE Declines to AUD 3.90
No-moat-rated Charter Hall Retail posted fiscal 2017 operating earnings of AUD 30.4 cents per security, or CPS, in line with the prior year and guidance. The flat fiscal 2017 earnings is due to organic rent increases and falling borrowing costs being offset by foregone rental income from a significant asset sales program. A challenging outlook for rents is behind the decline in our fair value estimate to AUD 3.90 from AUD 4.00, with the firm marginally overvalued at current levels. The distribut...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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