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Charter Hall Retail REIT CQR

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Morningstar’s Analysis

Currency in AUD
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Economic Moat


Capital Allocation


Another Acquisition for Charter Hall Retail REIT; AUD 3.85 FVE Maintained.

Alexander Prineas Equity Analyst

Analyst Note

| Alexander Prineas |

We marginally reduce our fiscal 2021 distribution forecast for no-moat Charter Hall Retail REIT following updated management guidance. We previously expected the REIT to marginally beat guidance, but management recently reiterated its previous guidance. Given we've reached fiscal year-end, we amend our estimate. Our model now incorporates a full year of distributions at AUD 23 cents per unit, down from 23.9 cents.

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Company Profile

Business Description

Charter Hall Retail REIT, or CQR, owns and manages a portfolio of convenience focused retail properties, including neighbourhood and subregional shopping centres, service stations, and some retail logistics properties. The REIT is managed by Charter Hall, a listed, diversified fund manager and developer, which owns a minority stake in CQR, and frequently partners with it on acquisitions and developments. More than half of rental income comes from major tenants Woolworths, Coles, Wesfarmers, Aldi and BP (the latter occupies service station assets). The portfolio is more seasoned than some convenience rivals, with approximately two thirds of supermarket tenants at or near thresholds for paying turnover-linked rent.

No.1 Martin Place, Level 20
Sydney, NSW, 2000, Australia
T +61 286519000
Sector Real Estate
Industry REIT - Retail
Most Recent Earnings
Fiscal Year End Jun 30, 2021
Stock Type

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