Charter Hall Retail (CQR) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of country and respect for Traditional Custodians, and confirmation of quorum.

• Board members, executive team, auditor, and company secretaries introduced.

• The agenda included addresses from the Independent Chair and Retail CEO & Fund Manager, a Q&A session, and items of business.

Financial performance review

• Like-for-like net property income grew 3.6% in FY24; shopping centre NPI up 3.2%, net lease retail NPI up 5.5%.

• Net operating income per unit decreased 4.7% to AUD 0.274 due to higher interest costs; payout ratio at 90.3%.

• Operating earnings for FY24 were $159.0m, down 4.7% from FY23; distributions per unit decreased 4.3% to 24.7 cents.

• Portfolio value decreased by AUD 236 million to AUD 4.05 billion, reflecting asset sales, acquisitions, and devaluations.

• Portfolio occupancy reached a record 98.8%, with total occupancy above 99% and $408m investment capacity.

Strategic initiatives and plans

• Divested five non-core assets and recycled AUD 315 million into selective acquisitions and debt reduction.

• Acquired 20% of Eastgate Bondi Junction Shopping Centre and interests in Rye Hotel and HPI; $25m purchase in Eastgate and 7.5% stake in Hotel Property Investments Ltd.

• Joint takeover approach for remaining HPI securities with Hostplus; bid declared final.

• Completed developments at Carnes Hill, Swan View, and Arana Hills; active asset management and pad site development pipeline.

• Ongoing focus on portfolio curation, high-quality asset acquisition, and income growth, with strategy centered on non-discretionary convenience retail.